By Dennis Norman, on June 22nd, 2024 
Selling a home can be a complex process, especially when recent work has been done by contractors. One way Missouri home sellers can simplify their sale and protect themselves is by filing a Notice of Intent to Sell (NOIS). While not required by Missouri law, a NOIS can significantly benefit property owners. Filing this notice shortens the period contractors and material suppliers have to file a mechanics lien from six months to just 45 days after the notice is filed. This can reduce the risk of unexpected liens popping up after the sale.
M&I Title Company, a local Continue Reading →
By Dennis Norman, on March 9th, 2024 
In the St. Louis real estate market, ‘split closings’—where buyers and sellers close at different title companies—are a common practice. This is in contrast to most parts of the country, where a single title insurance company manages the closing for both parties. Although rare nationally, split closings have become a hallmark of the St. Louis real estate scene.
In a split closing, each title company plays a distinct role. The buyer’s title company is typically responsible for producing the title insurance commitment, ordering buyer-related items (like surveys), and coordinating with the new lender on figures and requirements. Conversely, Continue Reading →
By Dennis Norman, on November 10th, 2023 In the ever-evolving landscape of real estate transactions, the threat of fraud has become increasingly sophisticated and pervasive. Recent alerts from Westcor and other title insurance underwriters highlight a worrying trend in real estate fraud, impacting not just foreign-owned unimproved lots but also residential and commercial properties across the board. As a leading voice in the St. Louis real estate market, it’s crucial to address these concerns and reinforce the importance of vigilance among our agents and clients.
Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES
The Escalating Threat of Real Estate Fraud
Seller Impersonation: Continue Reading →
By Dennis Norman, on March 25th, 2019 Some new home buyers believe that if they buy a new home directly from the builder or the builder’s sales person, they will get a better price. But is this true? Do you get a better deal buying a new home directly from the builder?
First, we should address a “better deal” and what constitutes a good “deal”. If it is strictly price, then, while I think it is somewhat short-sided on the part of the buyer and falls in that “penny-wise, dollar-foolish” category, in some instances, with some builders, the builder will save some cost by you buying from Continue Reading →
By Dennis Norman, on February 9th, 2017 As a real estate broker and former real estate developer and builder, I’m surprised how many transactions I see in which a new home buyer forgoes a private building inspection thinking, since the home is new, an inspection is not necessary. Continue Reading →
By Dennis Norman, on August 8th, 2013
That’s right, along with very affordable home prices, Missouri also has almost the lowest closing costs in the nation at an average of $2,188 for lenders’ origination fees and third party fees, second only to the state of Wisconsin with average closing costs of $2,119, according to the 2013 closing cost survey by Bankrate.
See table below for survey results for all states:
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By Diana Davis, on March 21st, 2013 Making Sense of Confusing Real Estate Terms
If you are buying, selling or refinancing a home you will come across real estate terms and industry lingo that may sound foreign to you. To help address this issue, below you will find definitions for the most common real estate terms that you are likely to come across when buying, selling or refinancing a home. If you have other questions about title insurance, or the role of the title company in these transactions, please contact me and I’ll be happy to help.
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By Robert Fishel, on November 16th, 2012 Determine your “mortgage goals.” What are your expectations? If everything falls into place, what mortgage payment “range” you would be comfortable with? Review your credit history and sources of income. How much money are you willing to commit to buying a home; do you have money set aside for a down payment? Will you get a gift from a family member? Continue Reading →
By Dennis Norman, on September 17th, 2012 Maybe you’re a seller that has found yourself faced with the reality that you can’t sell your house or condo for a price today that will yield enough to pay off your loan, and you are not a candidate for, or don’t want to do, a short-sale? Or, maybe you are a seller with a house or condo that, for one reason or another, there is very limited demand for and, in fact, it seems that perhaps no one wants to buy what you have to sell? If so, maybe someone suggested, or you have considered, using a lease/option or a lease purchase to sell your home? After-all, there is a large demand for lease-options and lease-purchases by buyers but, you are just not sure if it is right for you? Continue Reading →
By Dennis Norman, on February 6th, 2012 In most parts of the country, when a home is sold, the closing is handled by one title insurance company at which both the buyer and seller close at. In St Louis, “split-closings” are common, meaning that the buyer and seller close at different title companies. Is this bad, or a risky move for them? To answer this, I turned to Wendy Cromer, Vice-President of Marketing for Security Title Insurance Agency, LLC and the current President of the Missouri Land Title Association for her perspective. Continue Reading →
By Wendy R. Cromer, on November 15th, 2011 As a member of the title industry, I often see buyers decline to purchase a survey on their new home in an effort to save money. This decision may be penny wise but pound foolish! Buyers should understand that unless they purchase a boundary survey (also referred to as a stake survey) they are not receiving coverage from the title company that the house and its improvements are sitting within the boundaries of the property they are purchasing. Continue Reading →
By Robert Fishel, on July 14th, 2011 The home-buying process can be a little intimidating for not only first-time home-buyers but also repeat home-buyers. Here is a basic outline of the home-buying process as well as recommendations of how to approach each task which I hope will help you with this process:
Get pre-qualified for a loan: talk with your mortgage banker.
Determine your “mortgage goals.” What are your expectations? If everything falls into place, what mortgage payment “range” you would be comfortable with? Review your credit history and sources of income. How much money are you willing to commit to buying a home; do you have Continue Reading →
By Robert Fishel, on September 29th, 2010 There are so many different charges involved in buying a home, it is important to know what to expect at the settlement. Your lender is required to give you a Good Faith Estimate (GFE) of your settlement costs within three business days of your loan application. Once you get it, review the charges below to avoid any surprises when you sit down to close on your loan.
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By Robert Fishel, on August 26th, 2010
STEP 1 Get pre-qualified for a loan: talk with your mortgage banker.
Determine your “mortgage goals.” Review your credit history and sources of income. Do you have money set aside for a down payment? Do you have an “ideal payment range” you would be comfortable with? What are your expectations.
Continue Reading →
By Dennis Norman, on July 19th, 2010 Dennis Norman
Next month St. Louis County and St. Charles County will hold their annual collector’s real property tax sale. The City of St. Louis holds their property tax sale on five separate dates beginning in May and running through October.
The general perception among many people is that at these sales property is sold for back-taxes owed, which is not entirely accurate. Under tax sales the property owner may in fact lose ownership of their property to the purchaser at the tax sale but, in St. Charles and St. Louis County, not until after a “redemption” period Continue Reading →
By Dennis Norman, on May 27th, 2010 Dennis Norman
Earlier this month I did a post about important legislation in Missouri, specifically HB 2058, which would make badly needed changes to the Missouri Mechanic’s Lien Statute, because if it didn’t pass purchasers of new homes would face hurdles obtaining long-term fixed-rate mortgages as title companies have threatened to stop providing mechanic’s lien coverage.
On May 17th I was happy to update the post with the news that the bill had passed the House and Senate and was just awaiting the signature of Governor Nixon to become effective.
Herein the problem lies…
Word is Governor Nixon Continue Reading →
By Dennis Norman, on May 11th, 2010 Dennis Norman
UPDATE – May 17, 2010 – THANKS TO MISSOURI LAWMAKERS (and the efforts of the Missouri Association of REALTORS and St. Louis Home Builders Association, readers of this post that responded, and others) THE MECHANICS LIEN LAW PASSED! ASSUMING THE GOVERNOR SIGNS IT INTO LAW FINANCING ON NEW HOMES AS WE KNOW IT HAS BEEN PRESERVED!
This week, which is the last week of the legislative session in Jefferson City, the Missouri Senate will probably take up debate on HB 2058, which is a bill that makes needed changes to the Mechanic’s Lien Statute in Missouri Continue Reading →
By Dennis Norman, on March 12th, 2010 Dennis Norman
Update: March 23, 2010: In spite of the concern of many organizations including the St. Louis Association of REALTORS, the Mortgage Bankers Association and the Title Insurance folks, the Board of Alderman passed the vacant property ordinance on March 12th – Now that lenders and title companies are aware of potential title and lien issues with this bill I have no doubt investors, and even homeowners, are going to run into some roadblocks when trying to finance property in the City of St. Louis – 2/3 of the Alderman voted in favor of the bill:
The Continue Reading →
By Dennis Norman, on January 6th, 2010 Dennis Norman
In the past I think closing costs associated with the purchase of a home were pretty much a mystery to many, if not most, home buyers with many not even being sure what they were paying for. Most buyers simply went through the process, paying for closing fees, notary fees, title examination, title insurance, survey, flood letters, courier fees, recording fees, etc. without ever realizing that these fees and costs may vary with other vendors.
January 1st changes went into effect in the RESPA (Real Estate Settlement Procedures Act) which will require lenders to fully disclose all Continue Reading →
By Dennis Norman, on September 5th, 2009 Dennis Norman
By: Dennis Norman
Over the past two days I published the first part and second part of my E-View TMwith Wendy Cromer, Vice-President of Marketing for Security Title Insurance Agency, LLC about title insurance, the new laws affecting it and things consumers should know.
Wendy Cromer, Vice-President of Marketing, Security Title Insurance Agency LLC
Today were going to do the final part of our E-View TM with Wendy:
Dennis-Wendy, title insurance seems to be one of those things that is a mystery to most homeowners. Can you please explain what title insurance is and Continue Reading →
By Dennis Norman, on September 4th, 2009 Dennis Norman
By: Dennis Norman
Yesterday I published the first part of my E-View TM with Wendy Cromer, Vice-President of Marketing for Security Title Insurance Agency, LLC about title insurance, the new laws affecting it and things consumers should know.
Wendy Cromer, Vice-President of Marketing, Security Title Insurance Agency LLC
Today we’ll pick up where we left off yesterday in our E-View TM:
Dennis-Wendy, here in St. Louis we have “split-closings” which I think are viewed by many in the title insurance industry as a bad thing, and in fact the new laws we discussed yesterday Continue Reading →
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