Buying or Selling a Home/title

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Expert: John Hendricks - 9/20/2007


Question
I own some land in Wisconsin , for the past 4 years I have been building a log home on the property. I used a home equity load on my first home to finance the second. I would like to take out a 1st mortgage on my second home to pay off the home equity loan. The question is, how is a title or proof of ownership or proof of the buildings existence obtained? Or is that created when I get a mortgage? The township does not have a building inspection program, I did have to pull a land use permit with the county and they are now taxing the land to the description of the permit  Is the tax record proof that a building exists?, am I going to have problems getting a mortgage on this property?  Thanks  john

Answer
Dear John;

Thank you for your request for information regarding obtaining a mortgage on your second property and title questions…

First of all I am a California Realtor not familiar with Wisconsin requirements, so please forgive me if some of the following information does not pertain to your situation.

I would recommend for you to contact a Mortgage Broker, not a banker such as Bank of America or Wells Fargo. Mortgage Brokers can shop your loan around to get you the best rates possible. One problem that may occur, at least in California it is a problem is the log cabin. Many lenders will not loan on log cabin homes, as for dome homes for some reason. A good mortgage broker will advise you accordingly to what lender you may want to use.

In regards to the title question, your question will be answered once you apply for your loan and a title search is completed. This will bring to light any of the concerns you mentioned in your note to me. Any potential problems will have to be taken care of before the loan is funded on your second property.

I would recommend first making contact with a mortgage broker in your township who is recommended by a friend, business associate, or family member. The mortgage broker will answer many of your questions prior to you applying for your home loan. Make sure though, if you are in a position to get the loan, that you get a written proposal signed by the mortgage broker with all the charges, before pursuing the loan.

One other note, if the mortgage broker wants to pull a credit report on you, be aware that each credit report that is asked for is a ding on your credit. One credit report should be all you need to get your FICO score which you can tell any other mortgage brokers in order to give you the information you need to compare rates and charges. Once you select your mortgage broker, another credit report can be completed if necessary.

I hope this is of some help to you… Good Luck!

Warmest Regards;
John Hendricks

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John Hendricks

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As a California Realtor for 23 years practicing in Marin and Sonoma Counties, it is now time to provide counsel through AllExperts.com to those who need advise in real estate. My knowledge and experience includes a wide range of resale residential real estate purchases, new home sales, income related investment properties involved in 1031 exchanges, and land. Let me help you in any of these areas...

Experience

John Hendricks has established himself as one of Marin & Sonoma Counties premier Realtors. A native Californian, John is a well-known and respected Realtor in both Marin & Sonoma Counties who has resided in the Northbay since 1976. John began his real estate career in 1986, and since then has distinguished himself as one or Northern California's top producing Realtors. Before joining Frank Howard Allen Realtors, John was an associate of the Prudential California Realty from 1990-1992 where his outstanding sales achievements earned him one of the company's highest honors, the prestigious "President's Circle Membership", presented to the top 2% of associates for sales and earning excellence. Since his association with the highly regarded Frank Howard Allen Realtors in 1992, John has once again established himself as one of his company's Top 10 Producing Realtors in Marin & Sonoma Counties for the years 1993 through 2007 and now in 2008. Five continuous years of outstanding performance has now allowed John to join 15 other Realtors in the prestigious "Lifetime Hall of Fame" for Frank Howard Allen Realtors. John established a group of professional individuals who specialize in a variety of areas in real estate called, 'Lundmark-Hendricks Fine Homes' This group of professionals are dedicated to the success of representing clients with the greatest amount of care and service when either buying or selling real estate.

Organizations
California Association of Realtors National Association of Realtors

Education/Credentials
Upon Request...

Awards and Honors
Frank Howard Allen Realtors "Hall of Fame Member" Chairman's Circle for 10 consecutive years

Past/Present Clients
Joe Louis & Sharon Sigurdson We want to thank you again for your excellent representation of interests during the recent purchase of our home in Petaluma as well as the sell of our home in Mill Valley. We had the unusual pleasure of working with you during the last year both as sellers and buyers. We felt that our interests were always paramount and that we received a very fair price for the sale of the Mill Valley house as well as our purchase of our new home. This speaks particularly well of you, because of the recent unstable and chaotic real estate market. Will Finke "Quite frankly, we came out of a very difficult situation, which time does not allow elaborating on. This was one of the greatest experiences of our lives as clients. John Hendricks is one of the top businessmen I have ever met." Bruce & Nancy Rosentreter "I chose John Hendricks to sell my house. I picked him because I thought he was professional, aggressive, and that he could get top dollar for my house. He fulfilled my expectations completely." Joy Schuelke "Since we were trying to sell a high end home in a very tough market, and in the middle of a very rainy winter, the prospects seemed quite bleak. I was convinced at the time, and am even more so now, that without John's tenure, patience, and tenacity, we would have not been able to move the property." Lynn McCarthy "I cannot stress strongly enough how impressed I was with the service provided to me by John and his group. Throughout the entire transaction, John was always available, always forthcoming with excellent advice based on his years of experience, and always willing to put in the extra effort to make this a positive experience for me. I feel lucky to have had the experience of working with him." Lea Lieurance-Turk "Thank you John for your outstanding real estate services for the past 5 years I have known you. You have made my dreams come true as far as selling and buying property."
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