As 2017 comes to a close, we reflect on a year of growth, challenge, and success. We are very grateful for our clients and partners and we look forward to continued success together in the coming year. We enter 2018 with the vision, focus, team, and resources to be the leaders in our industry.
Cheers to a new year, new heights, good health, and strong relationships!
Leanne S., AVP Branch Manager of one of our sister offices, had a closing at 10:00 a.m. The buyer was obtaining a new loan to purchase the home. The buyer had not yet wired in the closing funds so she could not disburse the proceeds to the sellers.
Leanne made arrangements with the sellers at the closing to pick up the proceeds check later that day. The sellers indicated they were going to use the funds to pay off the home equity loan on their primary residence with Navy Federal Credit Union®.
Within 10 minutes after the buyer and sellers left her office she received the following email:
Thank you so much for assisting with the closing. But regarding our disbursement can you assist with changing disbursing to our Sun Trust bank account. Please note that this is very important. Kindly get back to me so I can send you wire instructions.
Thanks
Mr. and Mrs. Marty G.”
Leanne was confused. She just spoke to the sellers about the fact they bank at Navy Federal Credit Union. They never mentioned anything about SunTrust℠ being their bank. Plus, Marty was very specific about picking up his check.
Leanne replied to the email explaining she would not be able to accommodate his request unless he came back to her office to complete and sign her wire out instructions, and provide a copy of a voided check from his SunTrust account. She never received a reply to her email and Marty confirmed he never sent that email.
Online banking fraud is on the rise. If you receive an email containing WIRE TRANSFER INSTRUCTIONS call your escrow officer immediately to verify the information prior to sending funds.
Leanne was confident she knew the email was a scam. She spoke in detail to the sellers about when their proceeds would be available, she knew their plans for the money and where they banked.
Leanne was particularly unnerved about the fact the hacker seemed to know exactly when the closing was scheduled for and when the sellers had left her office. It is scary how savvy the hackers were.
The proceeds were in excess of $355,000. Had Leanne not paid attention to the details, she could have fallen for the scheme. Instead, she is being rewarded and recognized for thwarting a loss the Company could have suffered.
We are pleased to announce the availability of the 2018 Recorder’s Office Holiday Closure schedules for the Puget Sound and Spokane areas. These calendars assist in planning the timing of escrow closings at a glance, and each conveniently shows the following:
At Ticor Title, we’ve been insuring the home ownership dream for over a century. With a rich Pacific Northwest history and industry-leading financial strength, we provide the peace of mind and the personalized service that make the closing experience excellent for our clients and partners. If you have questions about the role of escrow or title insurance in your real estate transaction, our team of experts are here to help.
For most of us, purchasing a home is an event that happens only a few times in our lifetime. Today’s homeowner stays in their home an average of 11-15 years. So it’s understandable that the typical home buyer may be unfamiliar with how escrow operates, what protection title insurance provides, and how to be ready for the escrow process when the time comes to make a real estate purchase.
We’ve assembled a series of brief videos here that provide an overview of escrow & title insurance as well as insights into what to look for in a title insurance company and how to be prepared for escrow closing.
We are pleased to welcome Jen Evans to our University Place Escrow team. Jen brings over 13 years of escrow closing experience and is excited to advance her career with Ticor Title. Her expertise, insights, and personal care will bring great value to our clients and partners.
Please join us in welcoming Jen Evans to the team!
253-620-1396
jen.evans@ticortitle.com
3929 Bridgeport Way W #202
University Place, WA 98466
Born and raised in Tacoma, Jen began her career as an Escrow Assistant in 2004 and progressed on to beccome an Escrow Closer in 2012. She is excited for her new venture as an Escrow Closer in the University Place office and her goal is to earn the LPO certification in 2018. She strives to provide clear communication, personalized service and consistency to her clients and goes above and beyond to make every transaction as smooth as possible. Jen looks forward to reconnecting with past clients and the challenge of expanding her book of business in the Puget Sound area.
Teri D., Closing Officer at one of our agencies, was processing a sale of a vacant, waterfront lot. The sales price was $205,000; a cash purchase. The purchaser paid $5,000 as earnest money and was working with a builder on plans to build a home on the lot.
Since the property was a vacant lot Teri realized the seller’s mailing address would be different than the property address; her office has an added precaution in place where the address provided is compared with the address for the tax bill on the tax assessor’s website.
Teri discovered the vacant property address was different than the tax bill address. She sent a letter to the seller at the address listed on the tax bill introducing herself, her company and asking the seller to contact her to confirm the sale of the lot. The buyer was not obtaining a new loan so about a week later they were ready to close. Teri prepared the closing documents on Friday, March 31, 2017. She contacted the listing agent to find out where and how she should send the closing documents. The listing agent advised her to email the closing documents to the seller. Once again, in an effort to ensure there was no funny business going on, Teri also sent the documents via overnight delivery to the address on the tax bill. Everything was sent on Monday, April 3, 2017.
“They told him they were not selling their lot…”
On April 5, 2017, the real owners of the vacant lot called the Agency and asked to speak with the President. Brice C. took their call. The owners explained to Brice they received a letter and overnight package from his company. They told him they were not selling their lot and did not have it listed for sale. Further, they stated they already explained this to the listing agent on March 24, 2017. That was twelve days ago. Teri wondered why the listing agent did not tell her that when she called on March 31, 2017?
Brice called Teri into his office to share what he learned. She immediately called the listing agent to notify him the real owners just called her company’s president. She asked him why he did not tell her he spoke to them on March 24, 2017. The listing agent explained after receiving the email about the property, unbeknownst to him, he asked the fake sellers for identification. They showed him their passports. He asked for copies and they gave him copies. It never occurred to him they were false.
The real owners had forwarded their email exchange with the listing agent to Brice, where they confirmed they were the owners of the lot and were not interested in selling. Teri also asked the listing agent why he provided her with a different email address for the seller than the one he received from the real owners who communicated with him. He simply huffed at her. Was he really going to let this deal close knowing all of this? She will never know.
Fortunately for Teri this agent does not usually do business with her. It was the selling agent who encouraged the buyers to select her as their closing agent. The company resigned from the transaction.
Teri recognized the risks associated with sales where the property owner is absentee. Simply checking the tax bill and sending a notice to the address listed on the bill saved the agency and the underwriter from a potential claim.
TicorExpress.com provides property profile data, owner information, transfer history, recorded documents, plat maps, demographics, and school information.
If you already have a TicorExpress.com account, you’re ready to go. If you are a new user, please contact your Ticor Title Sales Executive for exclusive access to this powerful time-saving research tool!
Searching for property information is now quicker and easier because of predictive search and interactive aerial map features. Finding property information is now a more intuitive and visual experience.
The interactive map search makes researching adjacent or nearby properties easy! Click any property within view to access basic information or a complete property profile. Move or zoom the map to to explore and search.
The new TicorExpress.com provides a better property search experience in the office or on the go because is optimized for mobile, tablet, and desktop!
Save time accessing previous searches with the “Recent Searches” feature. Properties that you last searched are available in one click.
Use the advanced search feature to search by address, owner name, parcel number, or street look-up.
We are proud to announce that Aimee Rado has made the choice to join the Ticor Title sales team in our Seattle/lake Union location. She brings over 10 years experience in marketing and customer service to our clients and partners.
206-418-9311
aimee.rado@ticortitle.com
1505 Westlake Ave N, Suite 150
Seattle, WA 98109
Aimee began her career in title and escrow sales when she moved to Seattle from Dallas, Texas in 2016. She has had a love for real estate and architecture her whole life. Her extensive background in marketing, design and customer service has given her the knowledge to help real estate professionals grow their business and have smooth and successful transactions. She is a go-getter and will make sure each of her clients are happy with their experience working with her and her team. Aimee has spent the last year focusing on how to help real estate professionals reach their goals and gain more business.
She is passionate about helping people, great design, outdoor adventures and finding new restaurants.
Ticor Title is proud to be recognized as a leader in our industry as a member of the FNF Family of companies. We celebrate that in 2017 our rank has improved to the position of #293 from our previous position of #311 on the Fortune 500.
This year’s Fortune 500 marks the 63rd running of the list. In total, Fortune 500 companies represent two-thirds of the U.S. GDP with $12 trillion in revenues, $890 billion in profits, $19 trillion in market value, and employ 28.2 million people worldwide.
At Ticor Title, we believe that every transaction begins with a great team. Our team of professionals are committed to personalized service, clear communication, consistency, and the highest standards of conduct to ensure that our clients and partners have a best-in-class closing experience with every transaction.
We would like to thank you for your continuous patronage and support. We look forward to many years of innovation, growth, and successful closings together!
Each year, approximately 20% of homebuyers fail to protect themselves by not getting owner’s title insurance. Unfortunately, this leaves them exposed to serious financial risk—causing endless worry and regret.
If you’re thinking of buying a home, here’s what you need to know to protect yourself and your property rights, so you can rest assured once you’ve purchased your home.
During the home-closing process, your title professional will help transition the home from the seller to you, the homebuyer, by examining public records. Generally, if a problem is discovered, the title professional works to resolve them before you purchase the home.
However, even after a title search is performed and you purchase your home, problems could arise that threaten your ownership rights. Examples include:
Getting owner’s title insurance protects your property rights from threats like these. Here’s a real-life example of how it works.
A family in Missouri unknowingly purchased their home from a seller who had taken out a separate $419,000 loan on the property. But this fact was not discovered during the closing process, and the family’s lender paid the seller directly instead of paying off the existing loan.
Soon, the family faced foreclosure because someone else had claim against their title. Fortunately, the family had owner’s title insurance. So the title company paid the debt and the family kept their home—and peace of mind.
This story has a positive ending, but without owner’s title insurance, the family could have faced serious costs, and even eviction.
There are two types of title insurance: lender’s title insurance and owner’s title insurance.
Lender’s title insurance is required by most lenders and banks because it protects their loan investments. Usually, you purchase this policy as the homebuyer. If you only have a lender’s policy, where the outstanding loan is covered, your equity is not protected. Therefore, you could have your property rights taken away if someone else has claim to your home.
Owner’s title insurance is the policy that protects your property rights from legal and financial threats like those mentioned in the story you just read. That’s why millions of homebuyers each year make the smart decision to get owner’s title insurance. It’s a low, one-time fee that provides the peace of mind that every homebuyer deserves, for as long as you or your family* own your home. In many areas, the seller purchases the policy for you. Ask your title professional how it’s handled in your area.
To buy your home with confidence, you need to work with a trusted title professional. They’re the experts who will help you throughout the home closing process. They will also advise you on how to protect your property rights and avoid costly problems by getting owner’s title insurance.
For more information, please contact us.
*This article offers a brief description of insurance coverages, products and services and is meant for informational purposes only. Actual coverages may vary by state, company or locality. You may not be eligible for all of the insurance products, coverages or services described in this article. For exact terms, conditions, exclusions, and limitations, please contact a Ticor Title representative.
View or download the Puget Sound Area Recorder’s Office Holiday Closures calendar here.
View or download the Spokane Area Recorder’s Office Holiday Closures calendar here.