What is an escrow? Do I really need to go through an escrow if I'm buying a house? For those who are new to Real Estate, the escrow process can often be a mysterious and misunderstood one. But, in Episode 011 of the podcast, we're going to do all we can to remove all of that confusion and stigma in order to make it easy to understand! We talk with Veto Ruiz, an Escrow Officer at Glen Oaks Escrow -- and an expert in all things having to do with escrows. But first, as usual, we start with a little news -- and this week's item is a doozy. Within an hour of being inaugurated, Donald Trump dismantles a program started by Barack Obama to reduce the Mortgage Insurance Premium on FHA loans. Ron and Tom discuss the impact that this could have on the housing market and what it means in the general scheme of a Trump Administration. The conversation then turns to our guest, Veto, and his incredible know-how of the steps needed to complete a valid escrow, the role of the escrow company as a neutral third party to the transaction, and the need for confidentiality between the escrow company and the buyer and seller. We then go step-by-step through the process (i.e.: tips for wiring a deposit, creation of escrow instructions and deeds, the role of title and vesting). We end up at the close of the process and recording of the deeds -- as well as some items that may come up after everyone thinks the escrow is closed. We also go in-depth into how escrows can go "bad" and be cancelled if necessary --  along warnings directed towards For Sale By Owners (FSBOs) about why it's always better to get a Real Estate Agent involved. It's another great episode, chock-filled with easy to understand information to help with your home sale or purchase. Please give it a listen!     

We’ve made it to episode 10 -- hurrah!!! In this episode, we delve deep into the all important intersection of schools and real estate with our incredible guest Evelyn Alexander of Magellan College Counseling. Before things get started, though — Ron has the news and he’s got a whopper of a headline. It seems that Wall Street Investment Firms and Hedge Funds, the nation’s largest investors in rental properties, are evicting people at a higher rate than ever before. Taking this into account, we discuss how Millennials who prefer to rent (even if they could buy) could be at the mercy of these corporate landlords and at considerable risk. After that, Evelyn starts off our informative talk with a conversation about what she does as a Certified Education Planner and the services she provides. We then go into detail about the types of schools: Public, Private, Charter, and Magnet. We discuss their pros and cons along with how they are different. There is also a conversation about how much more home purchasing power a buyer can gain by going to a public school, rather than having to pay tuition at a private school. Then, Evelyn has some excellent advice about a little known document that goes along with every transcript when a potential student applies at a college. We then wrap up by going over some various things a potential buyer should look for in a good school and a good school district — as well as some really helpful ideas for how to make up for it if the home you can afford doesn’t belong to one. This is an incredible, informative episode covering one of the most important things people are usually looking for when buying a home. We definitely think it’s worth a listen.

In today’s episode, we go right to the news and Tom and Ron are already salty about something they’ve read — something the “journalist” is calling Shadow Banks. Ron takes issue with how deceptive the term is and how they are throwing around the label onto mortgage institutions that don’t necessarily deserve it. Tom chimes in to take the financial journalism to task for how everyone wants to call “first” to claim that Real Estate is in a bubble or headed to catastrophe in a desperate grab for “clicks” on their website — when nothing could be further from the truth (or at least a very long ways away). Tom then introduces us to the concept of “What is a Natural Hazard Disclosure?” along with our guest, Jon Wax of American West N.H.D.. Jon and Tom discuss what the N.H.D. covers and how it can instill confidence by providing information of material facts and helps the buyer sidestep surprises. Jon then briefly discusses the difference between the N.H.D. and the T.D.S. (Transfer Disclosure Statement). After that, Tom and Jon talk about the importance of getting the N.H.D. delivered from the seller to the buyer as soon as possible in order to avoid potential delays in the escrow process. We then discuss Mello Roos fees and how it is the N.H.D. company’s responsibility to report them. Jon also let’s us know about the various things a seller should be looking for when choosing a competent Natural Hazard Disclosure company and how the companies compile all the hazard information they receive. We close up by discussing if there is anything like the N.H.D. in any of the other states. There’s a lot of great, often overlooked information in this episode! We hope you’ll us know what you think in the comments!  

Happy New Year! And if your resolution was to save up for a down payment for a new home -- this is the episode for you! We interview Tim Denton from Capstone Partners and get financial guidance on how you can put money into your pocket in 2017 and then keep it. We start off by talking about how timeframes and temperament and how that should dictate how aggressive a financial strategy will be. We then chat about doing a spending audit and how different potential sources of income, fixed costs, and discretionary spending affect a specific plan. Ron talks to us about how money that is already invested is discounted by underwriters and will apply as less towards qualifying for the loan. We then talk about the role that real estate can have in someone's wealth portfolio. This leads to a conversation with Ron about the common misconception that you need 20% down in order to buy a house. There are programs (FHA, Down Payment Assistance Programs) where you can put down as low as 3%. All this and a whole lot more great information and advice to help you save up for a down payment for your new home in 2017!