🏡 Real Estate News: April 2024

Title Elimination

Interest in mobile home living is on the rise. Buyers and investors are seeing this as an opportunity to secure housing at a more affordable price. 

Most all mobile homes that are in a park on leased land have a vehicular title. A mobile home that sits on a piece of vacant land whose same owner also owns the mobile, may or may not have a vehicular title. The process that takes a mobile home with a vehicular title and makes it real property is called title elimination. This process turns the mobile home into real property. This real property becomes part of the land improvement as a residential structure. Why is this important? It matters to lenders, specifically in relationship to the lendability of a home and property, and takes into account what type of loan is used to finance the purchase. There are lenders out there that will lend on a mobile in a park and on land whether or not title has been eliminated. Why does this matter? There are different loan programs that require higher down payments for buyers entering into a purchase agreement for such asset. Looking for more information on this topic. Give us a call! 

Mindy Hibbard

Tom Hibbard

Plan Ahead and Stay in Front of the Curve

Looking to make a move? If you are contemplating the idea of moving out of area and need a trusted resource in real estate, we’ve got you covered. At RE/MAX we have a global referral network at our fingertips. Our team is happy to personally place you with an agent in the area you are interested in. Taking the step to relocate is a big leap. Who you trust to manage the sale of an asset such as your home, is an important decision. Need a referral? We are here for you! 

Real Estate Commissions

Despite news media outlets, buyer’s agency commissions are not going away. How buyer’s agents/brokers are paid and by whom is what was revised in our local multiple listing service. In 2024, you may see that buyer’s agency commissions in different states across the country that subscribe to various multiple  listing services, will no longer be posting a sales office commission in their MLS systems. In our area, this doesn’t mean that a seller won’t be offering a buyers agency commission. This means that buyers brokerage agreements/buyers representation agreements, will need to be clearly outlined, defined, and signed, prior to agency services entering the field to shop for a home with representation by an agent/broker. The purchase and sale agreement between seller and buyer, has specific line items that will direct how much commission is being paid by the seller, if any, and any balance due by the buyer for their agent/broker at closing. The buyer’s representation agreement covers overages and shortages on this topic in detail. 

Want more information? Call us today! 

Audrey Kull

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NWMLS March 2024 Housing Snapshot

In @FortuneMagazine [TAG], @National Association of REALTORS’® [TAG] REALTOR® Party Community Engagement Liaison addresses the misinformation surrounding NAR’s recent settlement and reiterates the value real estate professionals provide to consumers. Read more here: https://fortune.com/2024/04/03/homebuyers-real-estate-agent-broker-why-national-association-of-realtors-settlement-commissions/

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