The closing meeting is where ownership of the home is officially transferred from the seller to the buyer. The closing agent coordinates all of the document signing and the collection and disbursement of funds. The main role of the buyer and seller at the closing is to review and sign the numerous documents related to the sale and the mortgage loan and to pay the closing costs.Most of the people involved with the transfer of the property will attend the loan closing. The closing is a formal meeting typically attended by the buyer(s) and the seller(s) (and their attorneys if they have them), both real estate sales professionals, a representative of the lender, and, of course, the closer from University Title Company. The meeting takes about one hour and is usually held at the office of University Title Company. In some situations it is held at the office of an attorney representing the buyer or the seller.

The steps below explain what happens during and after the closing meeting:

1. First, the closing agent reviews the settlement sheet with the buyer and the seller and answers any questions. Both the buyer and the seller sign the settlement sheet.

2. The closing agent then asks the buyer to sign the other loan documents, such as the mortgage note and Truth-in-Lending statement. Evidence of required insurance and inspections is also presented (if it wasnt previously given to the lender).

3. If everyone agrees that the papers are in order, the buyer (and possibly the seller) submits a certified or cashiers check to cover the closing costs and the balance of funds due (if applicable). And, the check from the lender covering the mortgage amount is submitted to the closing agent.

4. If the lender will be paying the annual property taxes and homeowners insurance for the buyer, a new escrow account (or reserve) is established at this point.

5. Once the transaction has funded, the keys will be given to the buyer.

6. After the meeting, University Title Company officially records the mortgage and deed at the county clerks office. This legal transfer of the property may take a few days after closing.

7. University Title Company will not disburse the funds to everyone who is owed money from the sale (including the seller, real estate professionals, and the lender) until the transaction is ready to be recorded. It is at the point of deed recording that ownership transfers.

Your broker knows how to handle counter-offers, prices, cash down payments, settlement dates, financing, and other important details.

Brokers have done it before, so they know what to do. Your broker will either have an answer or know where to find one.

When it comes to real estate commissions, it is important to remember this – the more money your broker earned, the more money you made on the sale

A real estate broker will screen prospective buyers in order to show your home to interested buyers with the ability to buy. Your home will be shown with advance notice to you. Plus, brokers have clients who are looking for homes like yours.

Advertising your home is an art. Brokers know where to advertise, how often to advertise and how to word advertisements for effect. This knowledge can sell your home more quickly.

Real estate brokers can continue selling your home, even if you are at work or out of town, by using lock boxes and other proven techniques.

People’s attitudes should surely be altered by new data from the National Association of Home Builders (NAHB). Their survey released on Thursday revealed four record highs hit by home building in 2011. The average size of new homes bumped up to a record 2,522 square feet, a record-high 42% of new homes had at least four bedrooms, 28% had atleast three bathrooms and 30% included finished basements, all numbers up substantially over 2010. Countering this, there were a record low429,000 single-family housing starts for the year.

But there’s hope. The NAHB’s chief economist forecast a 16% increase for new-home sales and single-family starts for 2012. He cited NAHB estimates of a pent-up demand for 2 million homes coming from households that are doubled-up or waiting to buy a home. Another NAHB sponsored survey revealed 78%of Americans likely to vote in the presidential election said owning ahome was one of the most important things in their lives. They feel homeownership is about family and remains part of the American dream. Freddie Mac’s chief economist chimed in, “The desire forhomeownership long-term is still there.”

Trent Pride ’00
Sr. Loan Officer, Prime Lending
PH: (979) 220-9135

“The Federal Reserve surprised the market last week by indicating that short-term rates were likely to stay at their current low levels until the end of 2014, “according to the Mortgage Bankers Association chief economist. He added, “Longer-term Treasury rates dropped… and mortgage rates for the week were down slightly.”

Freddie Mac’s chief economist felt rates had eased because “fourth-quarter growth in the economy fell short of market projections.” He did see “one bright spot…residential construction spending rebounded in December, rising 0.7%.” For the year, housing starts in fact rose 25%! Maybe that’s why the National Association of Home Builders’ Market Index rose from 14 in September to 25 in January, a 4-year high. Both new and existing homes are now very affordable, with prices at post-recession lows. Yet the home price decline since the end of the recession in mid-2009 has been a modest 3%-7%.

Trent Pride ’00
Sr. Loan Officer, Prime Lending
PH: (979) 220-9135

Getting ready for a recovery could be the theme of last week’s housing reports. Pending Home Sales, after hitting a 19-month high in November, dipped a bit for December, yet came in 5.6% above where they were a year ago. The National Association of Realtors chief economist observed, “Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period.”

Thursday saw December New Home Sales drop 2.2%, to a lower-than-expected307,000 annual rate. Yet sales remain in the narrow range they’ve occupied since May 2010.And the best news was that new home inventories dropped to 157,000, the lowest level on record, since 1963.Unsold new homes under construction and unsold completed new homes are at or near record lows. Experts say this is what’s needed to get ready for a sustained housing recovery. Finally, the FHFA price index for homes bought with conforming mortgages was UP 1% in November.

Trent Pride ’00
Sr. Loan Officer, Prime Lending
PH: (979) 220-9135

Well, we can all make our way with a bit of a smile on our faces, courtesy of the latest Housing Stats numbers. At first blush, the December report seemed disappointing, down 4% for the month. But starts overall are UP 24.9% from a year ago and December’s drop was all from multi-family starts, very volatile month-to-month. Single-family starts were UP 4.4% for the month and UP 11.6% for the year. No wonder the National Association of Home Builders confidence index went to 25, its highest reading since 2007.

For those who still couldn’t put on a happy face, Friday’s data should have done the trick. Existing Home Sales were UP 5% in December, their third consecutive gain, to their highest level since January 2011. The inventory of existing homes is down 21% from last year and the months’ supply dropped to 6.2, the lowest level since April 2006. For all of 2011, sales of single-family homes, townhomes, condos and co-ops rose 1.7%, to 4.26 million units.

Trent Pride ’00
Sr. Loan Officer, Prime Lending
PH: (979) 220-9135

The latest opportunity in real estate came December 28, when the Federal Housing Administration extended the waiver of its “anti-flipping” rule through the end of 2012. This lets homebuyers, who need FHA-insured financing, purchase homes that were bought by the seller in the last 90 days. And it gives investors looking to rehab and flip properties an expanded market, including first-time homebuyers and others without large down payments, who need FHA-backed loans.

The Mortgage Bankers Association (MBA) reported that during 2011, near-record-low mortgage rates drove more homeowners to seek refinancing, moving that MBA index up more than 60%. But demand for purchase loans fell versus 2010, although that year’s activity was boosted by the homebuyer tax credit incentives.

Trent Pride ’00
Sr. Loan Officer, Prime Lending
PH: (979) 220-9135

It’s good to show your best face to the world as the new year begins and that just got easier to do. Last week’s Pending Home Sales index from the National Association of Realtors (NAR) went UP 7.3% in November, hitting its highest level since April 2010! And that earlier reading was artificially boosted, as buyers rushed to beat the deadline for last year’s home buyer tax credit.

The NAR’s chief economist commented, “Housing affordability conditions are at a record high and there is pent-up demand from buyers who’ve been on the sidelines…. The sustained rise in contract activity suggests that closed existing-home sales…should continue to improve n the months ahead.” The S&P Case-Shiller index for October showed minor price drops in 19 of the 20 surveyed metro areas, but the index was UP 1.9% from its post-crisis low in March 2011.

Trent Pride ’00
Sr. Loan Officer, Prime Lending
PH: (979) 220-9135