Affiliate Updates for May 2020
JOHN ADAMS/FRONT STREET MORTGAGE
We want to congratulate Bill Holmes, our Vice President of Northern Michigan Sales, for being the Affiliate of the Month for TAAR (Traverse Area Association of Realtors).
Bill has been keeping active during the stay-at-home order by hosting virtual webinars, attending committee meetings , WCR Virtual Tour meetings and co-hosting a weekly virtual education update. Congratulations, Bill! We are lucky you are a part of our team!!
$300 John Adams/Front Street Bucks!
We want to introduce you to a newly updated incentive called the $300 John Adams/Front Street Bucks, which are for our returning customers as well as all employees and Realtors of the Real Estate One Family of Companies.
There are two ways you can apply the $300 coupon:
If purchasing a home, we'll apply your $300 coupon to the closing costs of your new home when you work with John Adams/Front Street.
If refinancing, we'll apply your $300 coupon to the closing costs of your refinance when you work with John Adams/Front Street.
Realtors, you have one $300 coupon to offer to a client who is purchasing a home through John Adams/Front Street. You also have an unlimited amount of $300 coupons you can offer to your clients who are refinancing through John Adams/Front Street.
To apply your incentive, reach out to your John Adams/Front Street loan officer prior to submitting your application. Please note that some of the incentives listed in our menu cannot apply to MSHDA loans. Your loan officer can help walk you through all of the details!
CAPITAL TITLE
HERE ARE A FEW UPDATES YOU SHOULD KNOW!
Avon Closings Extended!
On Wednesday, June 24th, Governor Whitmer extended Executive Order 2020-131, that temporarily allowed Remote Notary via audiovisual assistance. It was set to expire on June 30 and now is permitted through July 31st, 2020. This is great news, as this option has become a very popular option for Sellers and Cash Buyers. This type of closing allows for documents to be ink-signed (wet signatures), overnighted back to the closer/notary for their ink-signed notarial signature and stamped seal.
Wire Fraud Heats Up
With unemployment at record highs and people working from home using unsecured wireless internet, it seems that fraudsters have found an opportunity to scam buyers and sellers via wire fraud. Important reminders to both Realtors and clients are:
You will NEVER receive write instructions from a general email. It will either be sent through a lender’s secure portal or a title company’s encrypted email.
Wire instructions NEVER change.
A title company in Michigan rarely needs money wired more than 1 to 2 days before a closing.
INSURANCE ONE
WHEN IS IT A GOOD TIME TO CONSIDER LIFE INSURANCE?
Life insurance ensures that you and your loved ones are taken care of in the future. When applied, life insurance can act as an income replacement. If anyone is dependent on you for your income, life insurance is encouraged.
As your life changes, your life insurance coverage may need to change. too. Some life events that may require a policy update include:
You recently married or divorced
You have a new child or grandchild
You have opened or expanded a business
Your or your spouse’s health has deteriorated
You are providing care or financial help for a parent
You recently bought a new home
You are planning for a child or grandchild’s education
Your child or grandchild needs assistance or long-term care
You're concerned about retirement income
You have refinanced your home mortgage in the past six months
You or your spouse recently received an inheritance
You have a sizable estate
Insurance One can help you with choosing or updating your life insurance policy. This is also great information to share with your clients! Give us a call!
RENTAL MANAGEMENT ONE
An Update on the Extended Eviction Ban
Once again, the eviction ban has been extended. This update will provide you with some information for your clients or if you yourself own rental properties. As of Friday, Governor Whitmer extended her eviction moratorium through July 15th. That means that no nonpayment demands, suits, or writs can be done until after that date.
However, her most recent extension does say that the moratorium will end after July 15th, and a new process for evictions will be administered starting on July 16th that will give landlords and tenants the opportunity to enter into agreements through the courts to allow for rental assistance to qualifying tenants. This is a voluntary program, yet some courts may strongly encourage its use as opposed to issuing judgments.
As of now nonpayment demands, suits, and writs can commence on July 16th. Please note the following though:
The Governor may change her mind at any time. Thus, although as of now she is indicating that she will allow the court system to address nonpayment issues after July 15th, she can issue a new order prior to then, which would extend the moratorium.
Once nonpayment cases are filed again, they will still be subject to the restrictive Supreme Court Order (addressed in my June 11th email). That Order remains in effect until at least any cases that arose from debts incurred during the moratorium are addressed.
There will still be a lot of uncertainty on the courts end on how landlord-tenant procedures will be conducted after July 15th, and individual courts will likely vary significantly in how they handle cases.
If you or one of your clients has an FHA mortgage on their home, then you can’t seek eviction until after August 31st, 2020. The CARES Act moratorium on multifamily federally backed mortgages goes through July 25th, 2020 as of now.
This email is for reference only and not to be used in lieu of legal advice. As always, you should speak with your attorney for answers to any specific legal questions you may have. Rental Management One is currently accepting new clients and would be happy to help you or your clients with their property management needs.
If you are interested in speaking to a property manager regarding our services please click here.