The Southern Nevada Real Estate Show

Speaker 1 0:00
This is a Kun V studios original program. You're listening to special programming brought to you by raganna COVID Henry of Coldwell, banker, Premier Realty. The content of this program does not reflect the views or opinions of 91.5 jazz and more the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education. You

Regana Kooman Henry 0:37
welcome to the Southern Nevada real estate Show. I'm your host, regonna. I am a real estate agent and broker, associate with COVID, banker, Premier Realty. I have been a licensed real estate professional since 1991 I am also a full time licensed real estate professional. Some of my accomplishments are, I am a quality service award winner. I am a member of the Veterans Association of real estate professionals and I have assisted in all types of real estate transaction over the years, from first time buyers to experienced sellers, and also corporate buyers and sellers transferring in and out of Southern Nevada. Today, I have a very special repeat guest on my show, Ryan Pulliam, who is a manager with tycore title company. Ryan has many, many years of experience with all types of Title and Escrow situations. Welcome back to my show, Ryan,

Speaker 2 1:34
we're gonna thank you so much for having me back. You know, I had such a great time the first time we met and had a chance to talk, and I was hoping I got invited back, and here we are,

Regana Kooman Henry 1:42
and here you are, and here I am, and I'm so thrilled that you're here today. So let's get started. So I have a series of questions for you, and I know you have a series of answers for me. So let's get started now, Ryan, can you explain what title insurance is and why it's important for both buyers and sellers in a real estate transaction,

Speaker 2 2:03
title insurance is simply a an insurance policy that protects against loss, if for the actual title of the home, yes. So if there's any defect in the title, meaning a break in the chain unpaid, unpaid liens on the property, title insurance will protect against loss for both buyers and sellers, if anything does arise out of an erroneous title search, okay,

Regana Kooman Henry 2:27
and what are the main responsibilities of an escrow officer, and how do they facilitate the real estate closing process?

Speaker 2 2:35
So an escrow officer is a neutral third party involved in a real estate transaction, they interact with both buyer and the seller, and then buyer and seller's agents and lender, if applicable, and they act upon written instruction Sure. So they will get the contract to purchase a piece of real estate, and they will just make sure that everyone adheres to what they agreed to. They'll collect all the money. They will make sure everybody who is supposed to get paid, gets paid, they will prepare the necessary documents, and they will actually record the documents with the

Regana Kooman Henry 3:06
county, okay and Ryan. How does the escrow process work? From the moment an offer is accepted, until the deal is closed, once the

Speaker 2 3:15
escrow officer receives the contract, they will work with both buyer and seller to get information from both parties. When we get the information from the buyer, we'll go ahead and reach out to them to wire in their earnest money. Once the earnest money is wired in, we have all the information. The escrow officer will then order a preliminary title report from our title department, and they will wait until that report gets back. Once the report gets back, that kind of acts as our roadmap of what we'll need to do in order to close the transaction, because, again, we want to make sure the new buyer has clear and marketable title, and they'll be free of any other interest or leads on the property, so the escrow officer goes through and makes sure that all that is taken care

Regana Kooman Henry 3:54
of. Wonderful explanation, Ryan and Ryan, what, what common issues can arise during the title search, and how are they typically resolved?

Speaker 2 4:04
Sometimes things arise on the title search because there was an old deed of trust or mortgage on the property that was never reconveyed, so it may have been paid off, but was just never taken off title. So we'll search out the legal description and we'll see if any of those items pop up so those may appear on the preliminary title report. But as well as just searching out the legal description of the property, we'll also do what we call a GI search, which is a general information search, and we'll search out both parties names, both buyer and seller. If a buyer or seller has a common name like John Smith or Jane Jones, they may have child support liens, bankruptcies, other liens that pop up that are filed under their name, but during the curative process, we can remove those from the preliminary title report, and that's what the escrow officer does.

Regana Kooman Henry 4:51
Okay? And can you discuss the different types of title insurance policies available and who should consider purchasing them?

Speaker 2 5:01
Um, typically, on every transaction there is an owner's policy of title insurance issued, as well as a lender policy of title insurance issued. If there is a loan involved, the owner, policy of title insurance protects the new owner against anything that has happened prior to them taking title so, as opposed to car insurance, what protects against today into the future. Title insurance protects against today into the past, so that will protect against the new property owner, to ensure that no one else has a vested interest or financial interest in the property, whereas on the lender side, the lender policy, they're ensuring they're that they're in what we call first position, meaning nobody else is owed any money on that property before them, so they have the right to come in and foreclose if need be, and they won't get wiped out in any of the process. So the owner policy pays for, excuse me, protects the new owner, the lender. Policy protects the lender. And we've seen with what's going on recently. We advise everybody in a real estate transaction to purchase title insurance. Okay?

Regana Kooman Henry 6:02
And what are the risks Ryan involved if someone decides not to get title insurance

Speaker 2 6:07
regardless? It's a great question, because we get asked that a lot at the closing table. It seems to be a fee that no one really understands. But when we see the claims that our company's paying out or the lawsuits that pop up, we do our very best to ensure that we don't miss anything during the title curative process, during the searching process, and when that individual obtains that new property, they have clear and marketable title. If something happens where something is missed, something wasn't handled correctly, and you don't have a policy of title insurance in place, you are then the new owner, then is responsible for going to court, fighting that, making sure if there's any, any, any, any damages that are they're paying that. Whereas with the title insurance policy, that's exactly what it what it's there for is it insures against loss. So if anything does pop up, you file a claim with the title company, and they'll they'll start that process for you. Okay? And

Regana Kooman Henry 7:04
what are some common types of fraud, Ryan, that can occur during the Title and Escrow process, and how can buyers and sellers protect themselves?

Speaker 2 7:16
Regarding the biggest thing that we're seeing in our industry right now is fraud, and it's unfortunate that so much effort and energy is being used to combat fraud, as opposed to just working on the closing process. But for the last few years, wire fraud has been our biggest challenge in the industry, buyers obtaining fraudulent wiring instructions from villains and wiring off. You know, their their closing proceeds that they want to come in and buy the new house with wiring that to a fraudulent account and losing it forever. Very scary. And now we're seeing a rise in vacant land seller fraud, meaning that somebody contacts us saying that they are selling their vacant land. They have, they have a buyer, and it's not actually the seller, the actual owner of the property, and they're trying to sell the property out from under the current owner, pocket the cash, and then the new buyer is left with a loss, because, again, they didn't actually purchase the property from the actual owner.

Regana Kooman Henry 8:12
Wow, that's some scary stuff, right? I'm sure you could write a book on this stuff. But anyway, for the 30 minutes to show here we go for the next question, have there been any recent trends or cases involved title, involving title or escrow fraud that listeners should be aware of? Brian, yeah.

Speaker 2 8:30
So going back to the vacant land fraud, that's seeming to be our big issue now, the wire fraud, we've really tried to hit home that you are never supposed to wire funds that you receive wire instructions off of a an email your your real estate agent, your lender, your title company, will never just email you wire instructions, and you should always say inquire before you wire call someone to make sure and verify that the wiring instructions that you have that you're about to send the money to are actually the the Title company's account, and you want to verify that with the seller fraud on the vacant land, we've implemented a third party system that will essentially act as like a face time or a video call so we can see the person who is supposedly selling the property. We have a verification system on their ID that will allow them to verify that that isn't, in fact, the person, but they're still trying to find ways around that. We just had saw a video a couple of weeks ago of title company, I believe it was in the Midwest, and they were doing a video conference to verify that the seller was, in fact, who it was supposed to be. There was just something a little weird about it, and they couldn't have the woman talk. She wasn't really responding to the request from the escrow officer, and they found out that it was an AI generated video, so it looked like the woman that was supposed to be the seller. It had all of her characteristics, but they created the villains, created this artificial intelligence video, and we're trying to pass her off. As the actual seller. Fortunately, they questioned it, and they stopped the fraud from happening.

Regana Kooman Henry 10:03
That is wild. Ryan, with all technology, technology can be good, and then it can be bad. Just how the wrong if it gets in the wrong hand, that is interesting and very scary. How do Ryan? How do escrow accounts help protect both the buyer and the seller during a real estate transaction,

Speaker 2 10:22
the escrow account simply just you feel safe putting your money in there. If you're a buyer and you're coming in with earnest money, and you're also going to come through with your closing funds. A lender is going to fund the transaction with their their portion of the funds. The escrow account is, again, just a neutral third party that will keep the funds, make sure that everybody who's supposed to get paid gets paid, and everybody who is supposed to pay for something pays for it. So all the money funnels into our escrow account. So we can, we could keep track of it. We operate off of a system of debits and credits. We make sure that everybody is paid. And so therefore, if you have a reputable title company with their escrow account, when you deposit money into escrow, you know that it's safe and it will be there till the close of the transaction. Okay?

Regana Kooman Henry 11:03
And can you outline what fees are typically associated with escrow and title services, and who is responsible for paying them with

Speaker 2 11:13
our company, there's really three fees that we charge on virtually every transaction. There is an escrow fee, which customarily, in Clark County, is split between the buyer and the seller evenly. But that's everything's negotiable. We're gonna like, like, I'm sure you talk about a lot sure there is a owner policy of title insurance, and typically, again, customarily, in Clark County, the seller provides the buyer the owner policy of title insurance. So the seller pays for that owner policy is kind of a goodwill of, hey, I'm giving you clear and marketable title Sure. And then, if there is a lender involved, the lender policy of title insurance is paid for by the buyer, because they are ensuring that their lender is in first position, and they typically pay that fee. So escrow fee customarily split 5050 owner policy customarily paid for by the seller and the lender policy customarily paid for by the buyer. Okay?

Regana Kooman Henry 12:04
And what advice would you give to first time buyer home buyers about navigating the Title and Escrow process

Speaker 2 12:11
regarding the first thing I would say to a first time home buyer is use a licensed real estate professional. I can't I can't tell you when we have to do a deal without a realtor involved, it sometimes just doesn't go as smooth as as possible. So my my advice would be, this is a very complex and it's a tough process, and so one, work with a licensed real estate professional to help navigate and and advocate for your your rights and interest. Secondly, if you were a first time buyer, do not ever, ever, ever, in a million years, act upon any wiring instruction from anybody, aside from your escrow company, with either a call to verify or through a secure portal that gives you those wire instructions. We can't tell you we understand how tough it is for first time home buyers right now, they may be scraping together every cent they have right to buy that property, and it just breaks our heart when we hear stories about people they're either first time home buyers or experienced home buyers wiring their earnest money and closing funds to fraudulent account and losing it forever.

Regana Kooman Henry 13:19
Yes, that is really good advice. And Ryan, are there any recent changes or trends in the Title and Escrow industry that buyers and sellers should be aware of?

Speaker 2 13:30
Again, regarding, going back to the fraud, we have been a little bit more we ask more questions. We may ask for more information, but it is just to make sure that all parties on the transaction are the ones that are supposed to be involved. So the recent changes, I would say we may be a little bit more more curious about some things. We may be asking some more questions, really wanting to get to the bottom of who the people are. So sometimes, when people are asked for a lot of information, they feel it's too invasive, and they don't want to share that with a company that they're really not familiar with. They've been working with their their buyer agent or sell a listing agent, but they don't really know who we are, and we're calling and asking them a lot of information that may be a little too personal. What I can say is that we're not going to ask for any information that we don't need in order to close the transaction. So again, another suggestion, if you're a first time buyer, or if you're an experienced home buyer seller, if we do ask for information, if you can get it back to us in a timely manner that will help us facilitate and close the transaction on time. Okay,

Regana Kooman Henry 14:32
okay, that's really very clarifying for the audience. And Ryan, for example, if someone purchased a home before they were married, and now that person is now married after the fact of purchasing the home, and that person wants to sell that home. Does the spouse of that person have to sign anything at the title company when getting ready to close escrow on the home? And why do.

Speaker 2 15:00
Yeah, so this is something that we get asked about a lot, because if somebody acquires a property, as you said, as a single individual, and then they end up getting married, Nevada is a community property state, meaning that there is community property involved. And again, since we're a title company and we're issuing a policy of Title Insurance, our job is to mitigate as much risk as possible. So we would require what we call spousal deed, where that spouse would sign deed off their interest to the property. And the reason we do that is, again, mitigating the loss, mitigating the risk of anyone claiming to have an interest in the property, as well as if somebody says, well, we've been married for 10 years, my salary or my income was going towards the house, so I should get some money somehow. And if they have a claim to that, that could very well be a claim, and it could cause a lawsuit. So we at our company, we will, we will make that individual sign a quick claim deed or a spousal deed in order to close the transaction.

Regana Kooman Henry 15:57
Okay, and Ryan does a cash buyer have to have wet signatures at closing? Or can they sign remotely from their computer? And why? If

Speaker 2 16:10
you are buying a property cash, and you are taking the property as either an individual or a married couple, then no, they wouldn't have to have anything wet signature, because the only thing that we would require a wet signature on is something that would need to be notarized. And so if the buyer is purchasing a property in a trust, we do have to have the trust agreement notarized. So we would ask for that. So they could very well be asked to sign come into the wet signature with that, just because it needs to be notarized. But if you're purchasing a property all cash as an individual or a married couple, or tenants in common, anything that doesn't need to be notarized, you can sign everything via DocuSign, because we don't need to notarize any signatures on the buyer's end. Okay,

Regana Kooman Henry 16:52
sounds like cash buyers. It's a convenience for them if they are cash in many situations. So that's great, Ryan, if a buyer or seller, for example, is overseas, not here in the United States, but are overseas and not near an American embassy to be able to sign closing papers. Are there any exceptions for that buyer or seller to sign with the online with an online mobile notary, with digital, digital signatures? And how would that process work?

Speaker 2 17:20
So I'm really excited that I get an opportunity to talk about this, because our national companies, we call it the DCS, the digital closing services is in my building, so I get to see this up close and personal, first hand. And yeah, it's it's really cool. It's called Remote online notary or Iran, and if you were an American citizen with established credit, because we go through a third party to verify that it's actually it's actually you. If you're an American citizen with credit and you can verify your information as a seller or spousal deed, you could sign the deed via Ron remote, online notary. If you are a buyer and you're receiving a loan, some lenders, in fact, most lenders do not, will not accept a Ron signing or signature for their loan package. They have to have, for compliance, a couple wet signatures in that package. So 99% of all of our Ron signings are typically either spousal deeds or they are deeds from the seller. And if you're a buyer obtaining a loan, you have to check with your lender to see if that's even a possibility. Okay, well, that's

Regana Kooman Henry 18:21
good to know, just in case it works for them and Ryan, what are the main items within the title insurance policy for what's covered with the title insurance policy?

Speaker 2 18:34
So there is others, two major policies that you issue. It's either an Alta, that's the American Land Title Association, or a California Land Title Association that CLTA and the policy jackets will explain everything that is is really, you know, covered by that policy. But for the most part, what you want to make sure covered on your title insurance policy is anyone who has an interest in the property that may not have deeded off. It was a fraudulent deed, or they didn't find a spouse, and that spouse still has an interest, or anybody with a financial interest in the property, we have seen recently that mortgages maybe weren't found on the title search, and so therefore they weren't paid off, and all of a sudden a new buyer is just coming home to a foreclosure Notice on their property because nobody had paid off the the previous mortgage, they had closed on the transaction, and now their property is getting foreclosed. So it does happen, and unfortunately for if you're working with a reputable title company, that policy will kick in and you won't lose your home because somebody didn't pay a mortgage. Okay, that

Regana Kooman Henry 19:37
makes a lot of sense, Ryan, that's great information. And Ryan, please give the listeners your name, company name, phone number and email tries so that if anyone listening is able to reach you with any title and escrow questions that they may have. Yeah,

Speaker 2 19:57
I'd love to help out anybody who has questions that I may be able. Answer. But My name, again, is Ryan Pulliam. I'm with tycore title company. My phone number is 702-528-2410 once again, that's 702-528-2410 my email is just my initials, R, P, at tycore, that's t, I, C, O, R, title, T, L, e.com,

Regana Kooman Henry 20:18
okay, thanks so much, Ryan and Ryan, please stick around to give your contact information again at the end of the show one more time. Now, I would like to talk a little bit about the real vitalized program for sellers. For anyone thinking of selling their home, however, may be feeling stuck because the home needs repairs or updating, and you may not have the funds in order for your home to show at its best. In order to get the top market price for your home with the revitalized program, you're able to have the necessary repairs and improvements done up front on the home, and do not have to worry about the cost for the work done on your home until the home is actually sold. For more information on this program that can take the load off your shoulders. If you are thinking, How in the world am I going to be able to afford the repair costs that my home so desperately needs in order to get the top market dollar for my home to get more information, my number is 702-596-1267, that, 702-596-1267. Now on a different note, I would like to talk to the listeners out there about transparency. Now I know, for the listeners out there that listened to my show last month, you are aware of how I mentioned how very important transparency is with all your relationships, whether it is a business relationship or a personal relationship, either type of relationship will definitely not last. If there is not complete transparency, I'm extremely, very transparent. When dealing with all of my clients, I will tell my clients the truth, even if it's something that you do not want to hear. For example, when you hire me to sell your home, I will not be the one to tell you your home is worth a price that is not realistic in the current real estate market, just because another realtor is telling you that your home's market value is higher, just to get you to hire them over me. Because what will happen eventually is, in time, that same realtor is going to suggest to lower your asking price as time goes by, on the market without any offers. Now, by this time, your home is showing a history of too many days on the market without selling, and now potential buyers will want to offer you extremely low offers to see if you would accept because of the home being on the market so long, it's always best to price the home correctly, to avoid these types of selling situations and to get the highest market price offers for your home. For anyone listening that is thinking about purchasing a home, knowledge is power, and having an experienced real estate professional such as myself in your corner to be as transparent with you about everything you need to know about purchasing a home is most important in this ever changing real estate market. For example, I will let you know if the home is priced correctly by sharing with you a market report for the home you want to purchase before you even make an offer. This will consist of sold homes in the surrounding area that are as close to the same size features and condition as possible within the last few months, this is so very important to know all this information in order for you to make an informed decision regarding the most expensive purchase that you will ever make, which is a home. And now I'm going to switch gears and talk about the real estate stats for Southern Nevada for October. These stats are from the Las Vegas road to board and our stats for resale homes only. So here goes with the stats for October, 1900 18 single family homes sold. $475,531 was the median price of a single family home sold. 499,999 was the median price of new available listings on the market. There were 2867 new single family home listings. 540,000 was the median asking price of all single family homes available, both new and not new on the market, excluding offers, 58.9% of all single family homes went from available to under contract with the buyer in 30 days or less. Now let's switch gears to condos and townhouses. There were 540 condos and townhomes combined that were sold. $315,000 was the median price of all the condos and townhomes sold combined. There were 830 new condo and townhome listings. $301,500 was the median price of all new condo and townhome listings combined. $290,000 was the median Available list price of all the condos and townhomes combined both new and not new. Two on the market, excluding offers. Now 59.4% of all the condos and townhomes sold combined sold in 30 days or less. Now, if you missed any part of these stats, you can reach me at 702-596-1267, that's 702-596-1267. And I would like to get some feedback from the listeners out there, just like I did last month. I would like to ask the question the listeners out there, a very important question, a very straightforward question, and that question is, what qualities do you look for in a real estate professional when you're ready to sell or purchase a home, since a home is normally the most expensive transaction a person will ever do in their lifetime, and who you hire to represent you with that most expensive transaction really, really does matter. It does matter also who you hire for your title and escrow needs matter. A real estate professional and a great title company with highly professional title and escrow people are some of the most important key people to a successful real estate transaction, and are some of the major people involved that will either make or break your transaction. Experience matters, transparency matters, integrity matters, honesty matters, I would like to know what you the listeners find most important when choosing a real estate professional and also a title and escrow professional. You can reach me at 702-596-1267, that's 702-596-1267 now, on another note, if you're seriously thinking of selling a home. Our low on funds however you want your home to show at its best. Don't forget earlier I mentioned the real vitalized program that will allow you to have the work done on the home, and you don't have to worry about the cost of the work done on the home until the home is sold. I number again, it's 702-596-1267, 25961267, that's 702-596-1267, now remember, I can help you no matter what state of the United States you're looking to buy or sell, I can do what we call a professional outbound referral. Even though I'm not licensed in another state other than Nevada, I can find you someone, and again, if you are wanting to purchase or sell my number in another state, 702-596-1267,

and you know, we're getting ready for Thanksgiving, and I just want to say I'm so grateful for All my past, present and future clients. I am also extremely grateful for all the support and business the listeners have given me since the year of 2022, of having my show known as the Southern Nevada real estate show, my number again, and I'm so grateful. Thank you to all of my listeners, all my loyal listeners. And again, my number is 702-590-6126. 25961267, and now for the listeners out there with any questions regarding title and escrow, here is Ryan Pulliam of tycore title company again to give out his contact information. Thank

Speaker 2 28:14
you again for having me. We're gone. It's always a good time. You can reach me at 702-528-2410 once again, that's 702-528-2410, Ryan Pulliam ticore, title,

Regana Kooman Henry 28:24
thank you so much for being on my show, Ryan. It's a pleasure, and I am ragana Cooman, Henry with Coldwell Banker Premier Realty, your host for the Southern Nevada real estate show that airs every third Sunday of the month at 8:30am my number is 702-596-1267 that's 702-596-1267 and my license number is B, s2, 7880, you can follow me on Facebook, Instagram, tick tock and YouTube. Thank you so much for listening to my show today, and I wish everyone listening a great Sunday and a great week.

Speaker 1 29:14
You can catch ragana Coumadin Henry Every Third Thursday at 220 in the afternoon with Rita live in her new time slot right here on 91.5 FM, jazz and more.

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