User profile

Status:
Name: Joe Beitey
Nickname: Joe Beitey
Member since: 2007-04-06 19:06:11
Website URL:
About me:
 

User comments

Utilities: Avoid post-closing disputes

October 1st, 2007 at 3:59 pm

Hi Lynlee,

Great post. Thanks for explaining these subtle nuances to us!! :)

A Seller's Guide to FHA

October 1st, 2007 at 3:35 pm

Rhonda, I think that would be great. To me (and I believe most people), figuring out all the nit-picky financing rules are the most difficult part to a R/E transaction. I’m sure anything you can help us with would be very useful.

A Seller's Guide to FHA

October 1st, 2007 at 3:20 pm

Hi Rhonda,

Thanks for another meaningful and informative post!! :)

Autumn season always one to savor

October 1st, 2007 at 10:16 am

Hi Karen,

It’s good to hear you’re enjoying your move to Seattle…Puget Sound really is one of the most gorgeous places on earth…particularly on a clear day!! :)

As you know, Windy City winters are absolutely brutal. “Rain City” winters, by comparison, are tepid little affairs. Usually, a couple weeks of potentially freezing weather in January are about all we have. I’d suggest that you avoid driving if at all possible when it’s icy…too many hills w. too many people who don’t know how to drive on ice in Seattle…a recipe for trouble. My only complaint on our winter weather is that we never see the sun…try slipping away to CA, Vegas, or Mexico about February…our constantly grey skies can really get you down. :(

It’s also good to hear you discovered Victoria, BC!! :) I’ve always considered Victoria my London-away-from-London-city. I see you had High Tea at the Empress, which is always fun. Hmmm…did you see the Madam Tusseau’s (sp?) Wax Museum, see the Royal BC Museum, buy a book at Mundo’s Book Store, have a bitter shandy at the Irish Pub, or take the evening Ghost Walk tour? A great B & B to stay at is the English Inn & Resort (formerly the Olde English Inn); http://www.englishinnresort.com/. Regrettably, I have to say this place has changed quite a bit in the last couple years. It used to have LOTS of character…it was originally built to be a Tudor-style mansion, and was fitted out with lots of medievil and Victorian-era goodies…a suit of armor inside the main door, large copper shroud over the main fire place, crossed swords over the fire place, uneven creaky floors, 4-poster beds, stockade in the back courtyard, along with a full-scale replica of Anne Hathoway’s Cottage (Shakespeare’s wife, I’m told). Now, unfortunately, it’s been completely remodelled, and many of these things are gone…it’s quite “corporate” and “sterile”. :( Last year when I was there, I was told by their staff that the new owners were planning to install a state-of-the-art Japanese-style parking garage (which I’m certain will clash with the character of the place…ugh). :( Nonetheless, although I lament the changes, it’s still something cool to see, even if only to enjoy a quiet picnic lunch in their courtyard. :)

Have you had a chance to compare which state has the prettiest coastline…OR or WA? If not, that’s something fun to do too…bring your camera!! :)

September 11, Neighborhood Round-up begins with a West Seattle Tribute to Freedom....

September 11th, 2007 at 8:35 am

Hi Deborah,

As always, thanks for a great post summarizing current events in the Emerald City! :)

How do consumers find ethical help?

July 17th, 2007 at 3:13 pm

Hi Tim,

I’m a little late getting in on this thread; but I’ll add my $0.02 anyway.

You’ve brought to light several bad points of the dark, seedy underside of our R/E industry. Your examples speak to our profound need to have more legitimate LEADERS in our industry, and also our country as a whole (on both the micro- and macro-levels too). I certainly don’t have all the answers; but It should go w/out saying that our Insurance Commissioner should boom-down on the title companies’ violations. Furthermore, allowing one person to be both a real estate agent AND LO should be prohibited…too much power & info vested in one person…the consumer is at a profound disadvantage in this situation. Finally, consumers need to demand a higher standard of conduct from their leaders…get rid of selfish, ding-a-ling agents too busy golfing to write up an addendum to a PSA (could be grounds for a lawsuit, depending on circumstances).

Great post, btw!! :)

HowTo: Create an Online Community

July 17th, 2007 at 10:04 am

Hi Dustin,

As always, another great post about blogging! :)

I’ve been so impressed with what you’ve done with RCG. I’m trying to get a group of fellow illustrators/artists/authors I know into blogging to better promote ourselves; and your various posts about blogging have been very helpful in that regard. I’m making slow but steady progress on that front (I think :) )….jeesh, trying to get people out of their old comfort zone can be very difficult.

7 reasons to make sure your agent can read well...

July 17th, 2007 at 9:45 am

Hi Reba,

Great job covering a few of the “basics” of the job.

You focused on the “reading” part of the old-time “3-R’s” of education: Reading, Writing & Arithmetic. Focusing on the “writing” part of the “3-R’s”, and thinking just off the top of my head, I’d also add: (1) Write legibly; (2) Write in a complete sentence; (3) When modifying a term to a pre-printed form, strike one line through the parts to be removed, write in the new terms, and get the initials from all parties to the agreement as to the modification; and (4) Review your own work and the work of your assistants before you send your documents out (this last item is more of a common sense issue; but worth repeating).

I, like everyone else, am not perfect. We all make mistakes. However, as you imply, a good handle on the basics, along with a little common sense will take you a long way.

In Seattle and lovin' it!

June 22nd, 2007 at 4:22 pm

Hi Galen,

Actually, no I haven’t been with them (I take it you have though?). However, I can’t help but think that being the only man on “ladies night out” is asking for more trouble than any man should have to endure (particularly, since Ardell is already suggesting you wear a wig, while they get you an “outfit”…jeesh, what’s that going to look like! Also, they’re active bloggers so you may have a long time living down whatever indignities they force upon you!).

However, maybe there’s an angle you can work here. Hmmm…have to think about that one. Any ideas, Galen?

P.S. I gotta’ run…I’ll be back on Monday. This sounds like something we men should stick together on…let me know what you come up with. Talk to you soon!! :)

In Seattle and lovin' it!

June 22nd, 2007 at 3:42 pm

Watch out Galen! These girls may have you looking like Mrs. Doubtfire on a bad hair day in no time! :)

In Seattle and lovin' it!

June 22nd, 2007 at 3:32 pm

Hi Karen,

Welcome to “Rain City”!! :)

Obviously, you’re already discovering some of the differences between “Rain City” and the “Windy City”. Here’s a few more: (1) We don’t have lake-effect snow, thankfully (but, on the rare occasion we do get snow, stay home…everyone else does. Don’t risk your life & limb driving these hills); (2) We have a rather pathetic St. Patrick’s Day celebration by comparison (certainly no Chicago River to turn green); (3) We only have 1, count ‘em 1, pro-baseball team, so no cross-town rivalries, and no Wrigley Field; and finally, (4) We don’t have any “cool” gangsters/crime bosses/mayors in our history to give us that certain “character” you may be familiar with. Of course, there are plenty of other differences, and I hope you enjoy discovering them. I’ll go on to say, we’re a fun & happy lot, and we’re glad to have you with us! :)

Neighborhood Round-up: Introducing Deborah!

June 21st, 2007 at 10:13 am

‘ello Moneypenny, :)

‘ard at work I see…”M” called for me, did she now? Sure as Bob’s your uncle, I’ll be mucking about in the service of God, Queen & Country in no time. Simply no rest for a double-O, you know. :)

BTW…I dare say a most splendid post! Very happy indeed to see your bright smiling face on RCG! Keep up the good work! :)

James Bond :)

Banker, Broker, Consumer Lender or Credit Union?

June 18th, 2007 at 10:27 am

Hi Jillayne,

Great post! One thing you might consider to complement your posts in this series is a chart (spreadsheet) listing what features each type of financial institution offers or doesn’t offer (if it won’t fit on RCG, perhaps put it on your website, and give us a link to it from here?). We hear so much “spin” these days that as a consumer it’s often hard to sort out meaningful info from meaningless sales dribble. A chart may give a person a quick summary reference of your important points.

The Summer Solstice Parade in Fremont

June 15th, 2007 at 3:06 pm

On Guard, Lassy!!

My oh my, that is amazing, Deborah, truly amazing. Honestly, Love with a real live dashing pink parrot to chat you up, and carry on your shoulder, you simply MUST dress as a pirate! Remember now lassy, for the well-dressed pirate it’s all about “accessories”…plenty o’ bling…bright red sash, gold jewelry, and of course, a flint-lock pistol tucked into your belt. But honestly, Love, you should really consider exchanging your foil for a cutlass…much the better for slashing the troll with, if necessary (psst…given the reputation trolls have, don’t expect this creature to play by the Queen’s Rules…they’re tricky buggers them trolls is). And for goodness sake, lay off the rum…do I have to say that again! Sweet Mary and Joseph, you must be ready at a moments notice to battle the troll.

Alas, Lassy, I may or may not see thee this weekend. Tis the art festival at Edmonds, I’m told, and I’ve got but a couple o’ me wee friends that want to make that merry trip to the northern hinterlands to partake of the festivities. If we should but pass as two ships in the night, you may seek me here thereafter.

Ta, Ta!!

Mrs. Doubtfire :)

Welcome to the jungle – eBay vs Google

June 15th, 2007 at 11:02 am

Hi Robbie,

Great post!! Thanks for bringing this “cat fight” to our attention. You’ll have to tell us what, if anything, develops.

The Summer Solstice Parade in Fremont

June 15th, 2007 at 10:44 am

…And the Rest of the Day to You, Deborah, Lassy!! :)

So Lassy, you’re on speaking terms with this troll, then…and he’s feeling great, is he now? Oh Mother Mary intercede for us, you even got pictures o’ the creature, no less?!! My oh my, you are such a brave soul. Oh, but you have your foil, I see…hmmm…you could “foil” the troll’s efforts to scare or hurt your friends. Ha, ha, ha!! :)

Psst…now Deborah, darling, you really must be more careful with that VW-eating troll lurking about. If you won’t bring your wand, do at least bring your foil, won’t you Love? Your friends may need your skillful protection…especially after dark, the time trolls like best to prowl around. Wait…oh, that’s it…why didn’t I think of that before…bring your foil dressed as a pirate!! Why, with ostrich feather-plumed hat cocked over one ear, your eye patch, and foil at the ready you could be ever-vigilant for the troll, yet blend in perfectly with the natives. Oh wonderful [sigh]!!

Well, it’s settled then…that’s grand. Off you go..Ta, Ta!!

Mrs. Doubtfire :)

The Summer Solstice Parade in Fremont

June 14th, 2007 at 11:29 am

Top O’ The Morn’ To You, Deborah, Lassy!!

So the Emerald City Troll lives under the Aurora Bridge, does he now? Sweet Mother Mary and Joseph, with recent crashing waves and driving winds so fierce, even St. Peter himself would seek the shore, I thought for sure he was causing mischief under the 520 Bridge. No matter, Love.

So the troll is a wee bit shy now is he? Be careful, lassy, he may be a wee bit shy now; but remember trolls aren’t known for their grand wisdom and intelligence. The sight of all humanity waving pretty banners, laughing, dancing and caring on…not to mention the smell of freshly cooked meat, may lure him out into the open. Although the sight of half of King County scrambling over the rusted pipes & boilers of Gas Works Park to avoid the troll may make good news at 11; your muggle friends, Rhonda, Ardell & the others, may need your protection, so be sure to pack your wand, Love…and don’t be drinkin’ too much o’ the Guinness…remember the trouble Ron, Hermione and Harry Potter had with the troll that got loose in Hogwarts…Oh, I shudder to think about it…do take care now won’t you?!! God’s speed to you, Love!

Slainte’!! :)

The Summer Solstice Parade in Fremont

June 14th, 2007 at 10:14 am

Hi Rhonda,

Although I’ve lived in Puget Sound for 10 years now, I’ve never been to this event either. If I get caught up on my “Honey-do list” this weekend; maybe I’ll stop by.

I hear there is quite a cross section of humanity at this event. Hmmm…I wonder…even though the event isn’t technically falling on the exact day of the solstice; do you think we may see some druids, fairys, pixies, leprechauns, elves, trolls, or maybe even a Celtic warlord to two setting up a scale model of Stonehenge properly oriented to catch the 1st rays of the morning sun? :)

Latent Landmine #1: Due on Transfer Clauses

June 12th, 2007 at 3:39 pm

Hi Chris,

Your experience seems to be similar to mine. As a practical matter, the banks really don’t seem to care what happens with their collateral so long as the loan is paid on time.

However, this “turning a blind eye” attitude may not last forever. If interest rates continue to climb, as we’re told they are from several of our dedicated RCG bloggers, there is probably some tipping point at which the banks will begin policing up these other non-payment-based loan violations. I can easily imagine some jr. bank exec wanting to become a sr. bank exec, coming up with the idea to use these due on transfer violations (or some other non-payment based loan violation) as leverage over the borrower to force them into either refi’g the property at the higher rate, or face foreclosure.

The borrower is supposed to fully comply with all loan terms, including their anti-alienation terms if they have them. Hopefully our RCG readers will look before they leap when doing their real estate deals! :)

Latent Landmine #1: Due on Transfer Clauses

June 12th, 2007 at 1:03 pm

Hi Ardell,

I answered some of what you’re talking about in my reply to Craig (please see my comments there). My big concern is with banks getting too broad in their limitations as to what borrowers can subsequently do with their property…it’s overreaching in my opinion.

As I said originally, I agree the bank has a right to preserve it’s rights in the collateral; but too often these due on transfer clauses cast too broad a net, and capture the good with the bad. The whole jist of my argument comes down to this: If the bank isn’t taking on any new risk by the subsequent transfer of property, it shouldn’t be limiting the transfer.

The bank, typically in 1st position on the property, can already foreclose if the loan defaults for non-payment. In many instances, having the loan default because of a subsequent transfer of property doesn’t harm the bank, and shouldn’t be precluded by the bank. In fact, the subsequent transfer of property may even benefit the bank to reduce risk to the borrower.

Latent Landmine #1: Due on Transfer Clauses

June 12th, 2007 at 12:46 pm

Hi Craig,

You’re right, “land trusts” seem to be sort of a ghost-like creature that doesn’t seem to formally exist; but I’ve seen Land Trust Agreements, as I’m sure you have. Compounding the problem is that many people use the term “land trust”, when they mean something else. Also, late night infomercials and some get rich quick real estate seminars push these things too (along with plenty of misinformation; but that’s another story).

The land trusts I’ve seen were simply a form of fully revocable, fully amendable, grantor trust, similar to a living trust used in estate planning. In my experience, the people setting them up were all motivated by the desire to remain anonymous in the land holdings as much as possible…an asset protection strategy (whether they were quickly flipping property, or holding it longer term varied with the person in my experience). If a person were dealing in debt-free real estate, I can see how a person may pick up some stealth; othewise, I question whether they’re worth the effort…hmmm, maybe that’s a subject for another post. :)

As to your 2nd issue of whether mortgaged property subsequently transferred into a biz entity is “innocent” or not…I’m not ready to simply give the bank a pass on this.

Yes, you’re correct that formal forms of biz, like corp’s & LLC’s, are their own seperate legal entities, and can sue, be sued, file BR…even “marry”, “divorce” and have “kids” (ie. merge, divest & spin-off :) ), and transfers to these entities are a “new person” in the eyes of the bank. However, I don’t see where there is additional risk to the bank by having a borrower transfer mortgaged property into a fromal form of biz, like and LLC or corp; particularly if it’s a biz entity wholly owned by the borrower. If the loan isn’t repaid, simply foreclose…which the bank can already do w/out the due on transfer clause. In fact, in today’s litigation-oriented society there is a strong argument to be made that NOT putting your biz property into a formal form of biz, like an LLC or corp, is itself very risky/negligent, and banks should want this risk reduced by encouraging its biz customers to transfer their biz property into a formal form of biz. Thus, I believe the bank shouldn’t be using such broad anti-alienation terms in their loans that prevent this from happening. Furthermore, and this is what really gets my goat, I know there are instances in which the bank knows ahead of time the borrower will soon be transferring the property into something like a trust, LLC, etc, as part of other things the borrower is doing, and they still put a due on transfer clause into the loan for crying out loud!

As far as bankruptcy is concerned, I feel the banks (and other creditors) are already protected enough by the bankruptcy statutes which already have anit-fraud provisions in place to allow for such things as preferential transfers to be set aside by the BR Trustee.

I still think it’s good advice that if you know you’re going to be transferring your property sometime after getting your loan, check to make sure something like a due on transfer clause isn’t in your loan that’s going to prevent your anticipated property transfer…don’t risk a foreclosure to something like this…you need your property more than the bank does.

Latent Landmine Survey: Due On Transfer Clauses?

May 29th, 2007 at 11:00 am

Hi Elizabeth,

I suspect banks would more typically use the broader anti-alienation term, as opposed to the narrower term (but I wasn’t sure what others were experiencing, so that’s why I made this post). So long as rates are relatively low, lenders may not want to get aggressive calling loans due for violations of anti-alienation clauses; particularly if competing lenders have low/lower rates for these borrowers. However, if rates go up, this may change.

You’re getting ahead of me…this is in my 2nd post…it’s coming asap…

Thanks again for your input!! :)

Latent Landmine Survey: Due On Transfer Clauses?

May 29th, 2007 at 10:41 am

Hi Chris,

Over the last several years, I’ve met several real estate investors doing just what you describe…simply ignoring due on sale/transfer clauses in their deals, often while also taking back an unrecorded QC Deed from the current owner. Clearly, these R/E investors risk trouble from the lender doing this. Unfortunately, so can many other people who do subsequent transferes of their property (which I’ll discuss in my 2nd post on this). So far, my experience has been the same as yours…the banks don’t seem to care about subsequent transfers of the collateral so long as the debt gets paid by someone, anyone. However, let rates go up, and we may be playing a whole different game…

…Hold it, I’m getting ahead of myself…that’s in my follow-up post.

Latent Landmine Survey: Due On Transfer Clauses?

May 29th, 2007 at 10:19 am

Hi Elizabeth,

Sorry for the delay in responding to you. I had to run right at 5pm last Fri to make my weekend connection.

OK, thanks, that’s what I wanted to know…all new loans have anti-alienation terms. However, do you know if lenders are frequently using broad anti-anlienation terms, like due-on-transfer clauses; or are they more commonly using narrower anti-alienation terms, like due-on-sale terms?

Latent Landmine Survey: Due On Transfer Clauses?

May 25th, 2007 at 9:44 am

Hi Jillayne,

Thanks for replying. A deed of trust, since it matches with a promissory note, may often carry the same provisions as the note it goes with (it’s actually better draftsmanship if terms match on both instruments).

If you don’t mind me asking, since I’m trying to get a sense for how widespread the use of these terms currently are, is this a relatively “new” loan…say w/in the last year?