Author Archives: Alisia Leyva

Title Insurance Q&A

For most of us, a home is the largest investment we’ll make in our lives. Title insurance is the smart way to protect your property from legal claims.

To help you understand how owner’s title insurance works, here are answers to common questions:

WHAT IS TITLE INSURANCE?

If you’re buying a home, title insurance is a policy that protects your investment and property rights.

There are two different types of title insurance: an owner’s policy and a lender’s policy.

An owner’s policy is the best way to protect your property rights. Either the buyer or seller may pay for this policy.
A lender’s policy is usually required by the lender and only protects the lender’s financial interests. The buyer typically pays for this policy, but that varies depending on state.

WHAT DOES OWNER’S TITLE INSURANCE COST?

The one-time payment for owner’s title insurance costs around 0.5% of the home’s purchase price.

WHAT HAPPENS AT CLOSING?

Closing is the final step in executing the transaction. Upon completion of the closing process, you get the keys to your home!

Reach out to your local AmeriTitle office to start your transaction today!

3D-Printed Homes Might be the Answer

We all know the real estate market has been tight on inventory – although construction has seemed to pick up and ease buyer tension, there are still labor shortages and rising costs of materials.

So, what could be a possible solution to this growing problem?

3D Printing!

Companies are coming out of the woodwork to offer a new printing technology to help transform the way we build houses and currently see the real estate market.

Mighty Buildings, a construction technology company based in Oakland, is doing just that. They’re printing homes with a synthetic stone that the company invented, called Light Stone Material. Their printer creates 3D panels that are applied to a steel frame. Robots then add insulation and interior woodwork, while finishes that appear to look like siding or brick can be applied to the outside. Features that might be too complicated for a robot to assemble, like cabinets, air conditioning, and appliances, are than added by workers.

The company can print a 350-square foot home in under 24 hours with almost zero waste, since the printer only creates what is necessary.

Other companies in Texas and New York are following suit.

What does this mean for the wider spectrum of construction within real estate?

Experts are agreeing that we’d be looking at more of a hybrid approach when it comes to building. With the technology still being relatively new, there’s a lot to discuss in terms of where it will fall in the cycle of construction.

But the one thing many builders and real estate experts agree on: it is faster and cheaper to build – which may just help alleviate contractors’ burden as of late.

For more real estate news, stop by AmeriTitle’s blog.

AmeriTitle Super Star – Janice Maldonado

“I never try anything; I just do it.”

It is this spirit and enthusiasm that led Janice to organize her family’s move from Oklahoma to Oregon in 2017. Janice takes great delight in exploring her new home – especially along the coast!

Janice Maldonado is AmeriTitle’s Title Assistant and Recorder for our Salem, Oregon branch.

Janice has a long work history in customer service, honing her skills in time management, data entry, and effective listening. Her attention to detail and slightly obsessive organizational skills enables Janice to enjoy her work at AmeriTitle, especially during hectic, end of month madness.

Title Department Manager, Candice Gibbons, explains Janice’s work ethic: “Janice works as a recorder for our Five-County Title Department in Salem. She’s a fast learner and a hard worker. I appreciate her ability to multi-task and how she takes ownership of her job. She’s a very important part of our team, and we’re lucky to have her!”

Her passion for helping others combined with her sense of responsibility to her community propelled Janice to serve for a term as a member of the Community Emergency Response Team (CERT), a Court Appointed Special Advocate for Marion County (CASA), and board member of the Family Promise of the Mid-Willamette Valley. Currently, she enjoys helping her husband with his work for the non-profit, Youth Era’s Salem Drop.

When not working, Janice enjoys hiking, reading, crafting, and practicing instruments (currently the electric guitar and glockenspiel). Her favorite part of the day is being home to enjoy a fabulous meal prepared by her husband.

Contact AmeriTitle Salem if you’re purchasing or selling property in the local area. Janice would be happy to put her experience and superior service skills to work for your transaction. Give them a shout out on AmeriTitle’s Salem FB Page!

Janice Maldonado – Title Assistant and Recorder AmeriTitle Salem Branch
janice.maldonado@amerititle.com

Cyber Attack on Title Service

We’ve published many articles on the seriousness of cyber attacks in the title industry – to read on about how you can protect your investment, check out our articles, here.

Recently, cyber attackers infiltrated a major title industry cloud service provider, Cloudstar. Cloudstar is still, currently, offline following the attack.

According to the American Land Title Association (ALTA), Cloudstar operates six data centers throughout the United States and has more than 42,000 users (Alliance Title currently has not used Cloudstar in the past or presently).

Cloudstar immediately brought in third-party experts to assist in recovery efforts and law enforcement.

Anne Neuberger, Deputy National Security Advisor for Cyber and Emerging Technology, wrote to business leaders under the Biden administration this past June on the importance of stopping and punishing ransomware attacks. The letter explains the Biden administration’s urgency to seek to disrupt cyber attacks and holding “countries that harbor ransomware actors accountable.”

The Cybersecurity and Infrastructure Security Agency (CISA) has developed a ransomeware guide that includes best practices and a response checklist. Review here.

For more real estate industry news, stop by AmeriTitle’s Blog.

Saving More: Home Shoppers Misjudge Down Payment

For years and years, consumers have held on to the belief that a 20% down payment is required to purchase a home.

And that 20% becomes a deterrent for many would-be homeowners.

According to the National Association of Realtors’® recent survey, the average down payment among all buyers is actually much, much lower – it’s just 12%.

So where did potential homebuyers get the idea that 20% is the requirement? Financial experts agree that a 20% down payment is ideal, because it helps homeowners avoid extra costs, like private mortgage insurance. Obviously, if a 20% down payment is something in your wheelhouse, then it’s the favorable opinion to put that much down.

But is a 20% down payment reasonable, or even possible for most?

NAR’s example of almost unreachable 20% down payments points to the Los Angeles area, where a 20% down payment could be between $200,000 to $400,000 – and that’s just an entry-level, single-family home.

So clear the idea that you need 20% to even enter the arena of becoming a homeowner – because it’s just not true. Younger buyers (those aged between 22-30) tend to put down the least, at an average of 6%. Those between the ages of 31 and 40 make an average 10% down payment.

But that’s not even the lowest a potential homeowner can go when it comes to making a down payment. Some lenders allow buyers to purchase a home with a down payment as low as 3%, and even some government programs allow no money down (VA issue loans).

If you’re sweating at a 20% down payment, you’re not alone. There are other options for you to reach your goal – as long as you talk with your lender and real estate agent to better understand your finances and where you’re at.

For more real estate news, stop by AmeriTitle’s Blog.