The Reality of Realty Tourâ„¢

The Reality of Realty Tour travels to the Farmington Hills Public Library THIS WEDNESDAY from 7-9pmLocal real estate experts discuss ‘Reality of Realty'By Christa Buchanan C & G Staff WriterTo help keep consumers abreast of the ever-changing real estate industry and market, Keith Stonehouse, vice president of Franklin Title Agency, has organized monthly "Reality of Realty" seminars.They feature real estate professionals from every aspect of the field - U. S. Bank mortgage loan officer Ted Edginton, TJT Financial Services credit specialist Tim Thrift, Keller Williams Realtor and foreclosure expert Richard Kallabat, Glenn Maas Agency insurance rep David Haugk and licensed appraiser Dante King of All Good Appraisals and Stonehouse - discussing the trends in each speaker's particular niche and answering audience questions."The idea is basically kind of a laid-back educational seminar about what's going on in the real estate market," said Stonehouse during the March 3 seminar in Royal Oak.Designed to resemble the actual process that one looking to buy a home would go through, each presenter spoke in the order that a potential homebuyer would see them, detailing the home buying process.Essentially, said Stonehouse, the first person a potential homebuyer should talk to is a mortgage broker (Edginton) to see if they qualify for a loan; if not, then the person should consult a credit specialist (Thrift) to find out how to improve their credit so that they can get a loan. After that, he said, the person needs to find a Realtor (Kallabat) to aid in the search of the home. Once a home is found, the person will need to look into obtaining homeowners insurance (Haugk) and have the home appraised (King) to find out its true value. The last step, said Stonehouse, is with him, getting the title insurance and all the paperwork in order for closing.Each presenter spoke on how the current market has affected changes in each presenter's aspect of the real estate industry.To start, Edginton discussed changes in the mortgage industry, including the relatively new concept of "risk-based pricing," in which one's credit score plays a big factor in interest rates, making it important to improve one's credit before seeking mortgage approval."The process starts with me - if I don't think there's a place for you under my umbrella ... I'm going to tell you to clean your credit up," said Edginton.To that end, Thrift spoke on the increasing importance good credit plays in obtaining favorable interest rates, how to obtain a credit report, the three national credit reporting agencies - Experian, Equifax and Transunion - and ways to go about disputing discrepancies in a credit report.If there are negatives on a credit report, Thrift said, consumers should take advantage of the Fair Credit Reporting Act and file a dispute, because the credit agencies "often can't validate things such as collections" and will have to remove the item. Another way to increase a credit score, said Thrift, is to not close credit cards that have been paid off - this leaves more available credit, which in turn can increase a credit score.To obtain a free credit report, visit annualcreditreport.com or call (877) 322-8228. For those inundated by pre-approved credit cards, Thrift said, there is an opt-out service."You can go to the FTC.gov Web site or call 1-888-5-opt-out. It's similar to the do-not-call registry. It's good for five years and within about 30 days the mail should cease," he said.Kallabat began by discussing the movement toward "going back to the way home buying used to be.""It used to be commonplace where people would save their money, work hard, have 20 percent down and pay off their home in 30 years. ... Everything has escalated to the point now where you're able to purchase a home that you really can't afford," he said.As "a lot of things are difficult to comprehend, and each story is different," he suggested consumers meet with a consultant for professional advice no matter their situation.King then gave insight on the appraisal process, which involves understanding all the market dynamics, from housing stock, values and sales to mortgage, title and insurance policies.Now, said King, appraisers have to find a home's "true value" in a market that has, among other issues, three levels of sales: foreclosures, which are selling far below true market value; investment properties in which foreclosed houses are bought, fixed up and sold slightly below value; and real property being sold by the homeowner at value.He also discussed how foreclosures are affecting housing values, including the difference in value of a "warm house," which is lived in and cared for, and a "cold house," which is vacant.Haugk started by discussing the "three key terms" that determine the cost of residential insurance: mortgage indemnification, which is essentially protection for the amount needed to pay off the loan; the market value, or what the house is currently worth; and replacement cost, or how much it would cost to rebuild.A lot of people, said Haugk, especially with changing market values, do not have enough coverage on their homes.Stonehouse spoke on the legal end of things, discussing title insurance and the closing process: checking to see if taxes are paid, the owners are legit, there are no liens on the property, etc., and "from there, the fun part - waiting for approval.""I pull the background check on the property. ... We get everything lined up legally and get all the paperwork ready," Stonehouse said.Meanwhile, said Stonehouse, he is dealing with the bank, the mortgage broker and the Realtor and getting all the paperwork in order for closing."Now it's time to do the closing and sign all the paperwork. ... Then we cut the checks," he said, to the mortgage company, real estate agents, for any back taxes and to pay off the old mortgage. "Then, we take the mortgage or deed and make sure it's recorded," ending the buying process.The "Reality of Realty" seminars, held the first Monday of every month, not only give consumers the latest information on the ever-changing real estate market, but also contribute to local charities. Half of the $20 admission fee, which includes refreshments, goes to a local charity - the March 3 event benefited the Boys and Girls Club of Southeast Michigan. The next event is 6:30 p.m. April 7 in the Washington Building, above D'Amato's, 222 Sherman in downtown Royal Oak. For more information, contact Stonehouse at (248) 894-4785.COME OUT AND VISIT US AT:Gain That Competitive Edge! Come to learn, come to networkThe 2008 South Oakland Business Expo (SOBE), formerly the Royal Oak Business Expo, will once again bring together the brightest business leaders from the most dynamic companies throughout South Oakland County. The event will be held on Wednesday, March 12 from 1-6p at the Royal Oak Farmer’s Market located at 316 E. Eleven Mile Rd. The Expo will be open to the public. Admission is $5. Coupons will be available at all Chamber offices, all Chamber sponsored events, Chamber websites, and various email correspondence from the Chambers.The 2008 SOBE is presented by Citizens Bank and brought to you by five of the area Chambers - Berkley, Clawson, Ferndale, Madison Heights/Hazel Park, and Royal Oak. Attendees will be able to visit over 100 area businesses showcasing products and services that will appeal to both business customers and residents alike. Door prizes, courtesy of all six Chambers will be drawn throughout the Expo. There will also be a special Business After Hours at a local restaurant following the event. ____________________________________________________________ April 7th 2008 - The Reality of Realty Seminar Tour Royal Oak is kicking off at the Washington Building on the 2nd floor above D'Amato's at 222 Sherman at Washington and 4th streets at 7pm – I have designed a laid back, fun, educational, yet non-sales atmosphere educating the public on what’s really going on with the Michigan Real Estate and Finance world today! ____________________________________________________________ There is going to be great food and 6 panel speakers who are experts in the fields of Real Estate, Mortgages, Title Insurance, Home Owners Insurance, Home Appraisals, and Credit. $20.00 at the door to attend and proceeds go to the Boys & Girls Clubs! Let me know if you are interested in attending and or sponsoring the event! *Sponsored by Franklin Title Agency, US Bank. Keller Williams Realty, Glenn Maas Insurance, All Good Appraisals, and TJT Credit Specialists! For more info click on my keithstonehouse.com profile. ___________________________________________________________I am here to take your questions on anything from who should I get a mortgage from and how to get a approved to what should I do to sell my house For Sale By Owner? or finding a Realtor - to how an appraisal works?Join us Tuesday December 4th at 6:30 for our next WCRT Detroit Event, Success by Association. __________________________________________________________ The WCRT Detroit Presents: Keith Stonehouse - Vice President of Franklin Title Agency __________________________________________________________ Coming from Franklin Title Agency, the Founder of Tempus Business Networking, and The Reality of Realty Seminar Tour Keith Stonehouse brings a wealth of experience and great insight into our market and real estate in general. What is our market like now and how can we capitalize on it? What has changed recently with closings? Keith will be coming to answer these questions and more. He will be speaking to us on what he has encountered in the Real Estate world here in Michigan in dealing with Mortgage and Real Estate Transactions. Encountering of course from the title and closing end of the transaction over the last 8 years. Utilizing his experience in title work and closings over the past 8 years, he will be speaking to us on the nature of our business today vs 2 years ago and what we have to look forward to. We will be diving into everything from foreclosures to subprime, from fha to cash deals in yesterdays market vs. today! ___________________________________________________________ You can find Keith's articles published in Crains Detroit Business, RealView Detroit Real Estate Review, and most recently The New York Times Real Estate Section. Google Crains Detroit Business Keith Stonehouse and Google New York Times Keith Stonehouse. ____________________________________________________________ Title firm uses name identity, Web to grow Seminars, fundraisers, online networking and e-mail help the agency expand to second office. ____________________________________________________________ Maureen McDonald / Special to The Detroit News ROCHESTER HILLS -- Nearly every Monday, Keith Stonehouse, co-owner of Franklin Title Agency, pours himself a coffee from the office pot by 8:30 a.m., dials up Frank Sinatra on his iPod and cruises his Motor City network for a weekly listing of networking events and charitable fundraisers.Within an hour Stonehouse, 28, will identify functions from a networking class at the Sterling Heights, Utica, Shelby Chamber of Commerce to a seminar on raising money at the Birmingham Community House. He sends the list out to more than 1,000 e-mail recipients, embellished with his advertising message."Five years ago business came to you. Today you must lock down leads wherever possible," Stonehouse said, noting name identity helps because people can select their own title agent for any real estate or mortgage closing. He'll travel to Flint, Farmington, Lansing or Rochester Hills to close a deal.While financial numbers are held close to the vest, the firm -- aided by majority owner Susan Pierucci and taking several people from title companies that downsized, expanded to 13 employees. It is opening a second office in Northville this spring. Growth comes from name recognition and referrals.Stonehouse tosses martini parties through Tempus Networking, a charitable group. He runs networking events at Mongolian Barbecue in downtown Royal Oak, organizes steak and burger fundraisers for the Boys and Girls Clubs and encourages blood donations for the American Red Cross after seminars on sales success.Aiming at young condo buyers and the active online scene, Stonehouse installed four pages for his agency on MySpace.com, added introductory pages on ActiveRain.com, NetworkPods.com, WannaNetwork.com/Stonehouse and LinkedIn.com."People know I'm out there plugging, that's what drives me," Stonehouse said.The agency's interactive software facilitates same-day turnover times on title orders. He found a competitive edge by offering real estate agents free, one-year paid home warranties on home purchases and set a flat $150 rate to customers for title work on refinancing a home.This month he began assembling a group of loan officers, mortgage brokers, real estate brokers and investors to conduct seminars in 10 Michigan cities in 2008 called The Reality of Realty Tour."We're picking up guys that flip one to 100 houses a month. I'm looking to get the title insurance on the deals."Networking online is the hottest trend in the business, according to Ka Luo, director of corporate communications for the Palo Alto, Calif.-based Linked In. The service has more than 102,000 members in Metro Detroit, 18 million nationally."So many people are scared. They don't know how to go out and get business. We do positive things and we promote our businesses," Stonehouse said. ____________________________________________________________ Tempus Business Networking Holiday Event YOU AND EVERYONE YOU NETWORK WITH ARE INVITED Thursday 29th... _________________________________________________________ To the Holiday Business Networking Event with Great Food & Drinks with 60-100 Local Metro Detroit Business Owners, Sales Execs, and Entrepenuers looking to meet the best of the best in every field (literally)!!! _________________________________________________________ Come out and join the festivities all for only $10.00 at the door including wonderful food, silent auction, cash bar, and the potential to meet the contacts that can bring your business to the NEXT LEVEL in a laid back, social - relationship building atmosphere! _________________________________________________________ Hosted by: Keith Stonehouse w/ Franklin Title Agency & Liz Martinez w/ My V.I.P. Events _________________________________________________________ Main Sponsor: Radiance Spa of Birmingham - radiancebirmingham.com _________________________________________________________ Location: D'Amato's in Downtown Royal Oak - 222 Sherman Time: 5:30 - when you give up! Date: Thursday, November 29th __________________________________________________________ Please R.S.V.P. to Keith Stonehouse at [email protected] __________________________________________________________ Tempus Business Networking Event is all about the laid back social approach to business networking. Building relationships with people you want to work with and work for. Come join us at one of our networking events dedicated to introducing Metro Detroit's best of the best business owners & sales execs. ____________________________________________________ Let me know if your interested in sponsoring future events! _______________________________________________________DID YOU KNOW YOU CAN CHOOSE YOUR OWN TITLE COMPANY WHEN BUYING / SELLING OR REFINANCING YOUR HOME? CHOOSE FRANKLIN TITLE AGENCY! FREE - USE ME FOR MY DATABASE FOR FREE - COME TO ME FIRST FOR WHATEVER YOU NEED FROM A PLUMBER TO AN ATTORNEY - FROM A PHOTOGRAPHER TO A MORTGAGE - FROM A REALTOR TO AN ELECTRICIAN, ANYTHING! LET ME BE YOUR SOURCE! __________________________________________________________ I am looking for the following to put in a third office I am opening next month in NOVI with some colleagues:1. A Great Realtor to rent some space 2. A Mortgage Admin. 3. A Mortgage Loan Officer or 2 at 100% commission!!! 4. A Mortgage ProcessorFor more info - Please contact me TODAY!- Thanks, Keith Stonehouse Unlike any time in recent memory, the topic of real estate has been making its way to water coolers, coffee shops and online discussion groups and blogs just in the same way as the latest celebrity arrest or last weekend’s big game. Unfortunately, by the time a story or topic gets told and retold, it comes out something like the commercial that starts out with “Bobby’s got an Oreo Cakester” and ends up with “Billy got his first chest hair.”That bugs Keith Stonehouse, vice president of Franklin Title Agency in Rochester Hills. “There are so many myths and rumors about what’s really going on in the market. People think only people in the City of Detroit are having their homes foreclosed and you can’t get refinanced. People want straight answers,” he said.So he figured, why not get the right answers out in the public the same way they’re getting wrong answers by coordinating a series of meetings, the Reality of Realty, which he calls “a laid-back educational seminar about what’s really going on in real estate.”“What we’re doing is getting together a group of real estate professionals – real estate agents, loan officers, appraisers – to talk about what’s really going on in the market and be on hand for anyone who’s looking for help,” Stonehouse said.The first Reality of Realty meeting will take place from 6:30-8:30 p.m. on Tuesday, Nov. 13, at Dave & Buster’s at 45511 Park Ave. in Utica. Other meetings are scheduled for Royal Oak, Southfield, Utica and Ferndale. To register or for more information, call (800) 532-3332 or visit http://activerain.com/blogs/stonehouse.Here is the article that is in the New York Times within a much larger article talking about Real Estate issues across The United States, Keith Schnieder - Writer for the NYT called me last week to interview me after getting my name thrown at his desk a couple few times along with crossing over my name online numerous times doing a search for michigan real estate, networking, and title insurance............ “People in this business much older than me say they’ve never seen anything like it,” said Keith Stonehouse, a vice president with the Franklin Title Agency who teaches professional development seminars, like the “Reality of Realty,” in the region. “I saw a guy buy a house for $2.1 million in Bloomfield last year — a brand-new house,” Mr. Stonehouse said. “He got hit by the economy and never moved in. Now the house is on the market for $950,000, and it might not sell for that much.” - Google: New York Times Keith Stonehouse