Sunday, February 16, 2014

You really have to watch your mail...

After you purchase your new home your mail box will fill up with ads and letters from all sorts of vendors.  Many of them will try to make you think that your Realtor, Lender, Inspector, Title person, Mother, Father and Great Uncle wanted you to use their service.  Everything from flooring, window coverings, loan insurance, home insurance, cable tv, home security, and more -- Each of them want you to use them and try to use our names to show they are a reliable source. 

Texas is a Non-Disclosure state.  The official deed shows that for "Ten Dollars and other consideration" you purchased the property at 123 Main Street.  The other consideration is $150,000 other dollars but no one records that in the Deed.  Now, the Note the creates the lien against the property does show the amount of the lien and sometimes you can play the percentages and guess what the sales price was.  But it's only a guess.

Here are some samples that my client sent me recently.  You'll notice they have the correct name of the lender but little else is accurate.  And they show in the little highlighted box that they are not from the lender at all.   I've tried to remove any personal information.  You'll see that it appears to be from the Lender or the Title Company.

This last one wants the buyer to pay over $80 for a copy of their deed.  The Title Company should send you this after closing for free but certainly you should never pay $80 for a document you can get for less than $5.

If you ever have questions, the best bet is to contact your real estate professional directly to find out what is real and what is fake.

-- Bob McCranie
Texas Pride Realty

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