Thanks for listening to episode 23 of From the Nest Podcast. :)
This week has been full of not so fun surprises! Which really, should be expected with any home renovation project
We had to replace the flat roof off the back of the house that was leaking and discovered that many of the joists needed to be replaced since they had rotted from the water intrusion.
While replacing the joists, an electrical line was accidentally cut in the same room and had to get an electrician over to fix before drywall can be installed
We ran into additional plumbing issues and had to finally call a plumbing company to complete plumbing and finally get the water turned on. We have to fix one clog and then we will be good to go on plumbing, wahoo!
and FINALLYYY the big kicker was that our water heater is not working properly and we need a new one - cool, cool, cool.
Fingers crossed that drywall will be going in the first half of this week - we have carpet cleaners and house cleaners scheduled for Thursday and Friday and we will be in the home stretch of this house!
Final items on the punch list - paint the kitchen, install appliances, take pictures and get this cutie up on Zillow to find some renters!
My goal is to get this house ready for online in the next 10 days
Over at our new home, we have also encountered some setbacks:
We tore up the carpet and are prepping for the new floors
The main floor has 2 subfloors and we had planned to remove one of them until we discovered that it had been glued to the floor and will essentially be impossible to remove. We have 2 options: pull up both subfloors and replace with one, or, remove all baseboards, lay the floor and install new baseboards on top. Both options will be a lot of work.
In the kitchen, we finalized the design and then discovered that one of the soffits was not, in fact, hollow but has a support beam running through it. This is a BIG issue in terms of our design. We are currently looking to get a structural engineer to look at the beam and tell us our options and if we can move it. If we can’t move it we will need to redesign a part of the kitchen since the beam is going right through the spot where we planned to put cabinets.
Property Title with Olivia Sohnly of Barristers of Ohio:
Olivia Sohnly is a Settlement Closer at Barristers of Ohio that offers Title and Escrow Services.
Barristers of Ohio has offices in five states: Ohio, Pennsylvania, Virginia, New York & Michigan
They are the national leader in title insurance and are well versed in the home buying and selling process.
As a settlement closer, Olivia handles all of the closings in the area. She is a remote closer, Olivia can perform closings where ever the client prefers which is a huge benefit! She can do a closing at your house, at a nursing home, at a hospital, anywhere the client wants to provide that additional convenience factor.
Property Titles 101:
A title is a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. The rights in the bundle may be separated and held by different parties. It may also refer to a formal document, such as a deed, that serves as evidence of ownership.
What does a title company check for?
A title company makes sure that the title to a piece of real estate is legitimate and then issues title insurance for that property. Title insurance protects the lender and/or owner against lawsuits or claims against the property that result from disputes over the title.
The title company checks liens on the home, chain of defects, delinquencies, payoffs and who needs to sign the documents
How long does title work take?
It typically takes 30-90 days
What is an escrow agent?
Escrow Agents will typically serve as an impartial party for the home buyer, seller, and lender, which entails carrying out the title search, issuing the insurance policies, facilitating closing, and recording and filing all paperwork
They will typically request the following information:
The identification of the property and the parties involved
The purchase price
A signed copy of the purchase agreement
And will gather additional information for your file:
Loan payoff statements
Hazard and other insurances
What is an underwriter?
The underwriter checks the title to the property to ensure ownership and rights. One common issue is an incorrect legal description.
A title search is also performed where the underwriter reviews the home’s county records.
If there are no issues in the title report (liens, title defects, etc), then it is considered a clean title and the title insurance company can move forward and issue a commitment to the lender and home buyer.
If it does not come back as a “clean” title, it is said to have clouds on the title that need to be cleared up.
Closing Disclosure (CD):
When the title is clear, the home buyer’s mortgage lender will provide the closing disclosure for review at LEAST 3 days prior to closing.
At this time the closing can be scheduled
What to avoid as a buyer once you go under contract:
Your debt to income ratio is VERY important, so anything you do that may affect it should be avoided - this means opening up any credit cards, making any big purchases, changing jobs, depositing large sums of money into your account (ex: inheritance)
If any of these things happen, you must discuss with your lender right away and let them know what is going on.
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