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3 Things You Should Know About Land Surveys

November 14, 2018 by Kay Monigold

3 Things You Should Know About Land SurveysOne thing to think about when purchasing a home or parcel of land is to have an updated land survey conducted. While property deeds generally include detailed information, many are outdated for a variety of reasons that include nature, weather conditions, and adjustments in floodplain maps among others.

Even when the information about the property is spot-on at the closing, human perception of where your property begins and ends can lead to some unenviable outcomes. Given that buying real estate ranks among the largest personal investments for most people, these are three things you may want consider about land surveys.

Good Fences Make Good Neighbors

The old Robert Frost poem “Mending Wall” ponders the reasons that people erect property line fences and why they fix them each spring. The reason is a simple one, setting boundaries avoids unnecessary disagreements and allows people to get along.

Land disputes can turn otherwise friendly neighbors into hostile abutters because there is a pervasive sense that someone is stealing from you. Good fences are the product of clearly identified boundary markers and professional surveyors are the people who measure and certify them. If you plan on buying or recently purchased a parcel of land, updating the land survey may be in you and your neighbor’s best interest.  

Squatters Can Take Your Land Through Adverse Possession

Many states continue to allow the practice of adverse possession. In some places, it’s known as “squatters rights.” If someone who does not rightfully own a piece of land can maintain or utilize it for a period of time, they may be able to put in a claim.

Although many people consider this an outdated and unfair practice, it remains too common in rural and suburban areas. Misplaced fences are often the basis of such claims. When abutters work your land or use it to access their own, that can be the basis of a claim to get a permanent easement or take it from you.

Land Surveys Can Be Used For Insurance Purposes

The severe weather storms that struck communities across the country have prompted organizations to update their floodplain maps. Property owners who were not previously required to purchase flood insurance may now find themselves considered “at risk.”

But that designation can be considerably more complex than just owning a home or residential property inside the flood zone. These updated maps do not necessarily consider the elevation of each and every property. In order to be properly listed, you may need to have an elevation certificate to petition FEMA and others that your property is not at risk. That means having a professional land survey conducted.

There are numerous reasons why current land surveys can prove valuable to real estate buyers and sellers. Without one, you are operating without critical information about a significant investment.  Your trusted home mortgage professional can refer you to appraisers and land surveyors in your area. Be sure to rely on this valuable resource during your new home purchase.

Filed Under: Real Estate Tagged With: Floodplain Maps, Land Surveys, Real Estate

What’s Ahead For Mortgage Rates This Week – November 13th, 2018

November 13, 2018 by Kay Monigold

What’s Ahead For Mortgage Rates This Week – November 13th, 2018Last week’s scheduled economic news was slim last week. The Federal Open Market Committee of the Federal Reserve issued its post-meeting statement, weekly readings on average mortgage rates and first-time jobless claims were also issued.

FOMC: Fed Target Rate Unchanged, but Expected to Rise in December

The Federal Open Market Committee of the Federal Reserve announced that it did not raise the target federal funds rate but set the stage for raising the benchmark rate n coming months. The current range for the Fed rate us 2.00 percent to 2.00 to 2.25 percent. The Fed expects to increase rates three times in 2019 provided that strong economic conditions prevail.

FOMC members watch inflation, financial markets and domestic and global news to determine how or if to adjust the Federal Reserve’s target interest rates range.

Although FOMC releases projections based on current events and financial developments, changes to financial markets or global events could cause the Fed to hold off on raising interest rates.

Mortgage Rates, Hit Seven-Year High, New Jobless Claims Fall

Freddie Mac reported higher average mortgage rates that pushed current mortgage rates to their highest levels in seven years. Rates for a 30-year fixed rate mortgages rose 11 basis points to an average of 4.94 percent; 15-year fixed rate mortgage rates averaged 4.33 percent, which was ten basis points higher than the prior week.

Rates for a 5/1 adjustable rate rose by 10 basis points to an average of 4.14 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

First-time jobless claims fell by 1000 new claims to 214,000 new claims filed. Analysts expected 210,000 new claims filed based on the prior week’s reading of 215,000 first-time jobless claims filed.

What‘s Ahead

Next week’s economic reports include readings on inflation, retail sales and weekly reports on mortgage rates and mortgage rates.

Filed Under: Financial Reports Tagged With: Financial Reports, Interest Rates, Mortgage Rates

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Our Team

Kay MonigoldKay Monigold
Owner/Mortgage Broker/Residential Mortgage Loan Originator
NMLS#1086176

Steven LoweSteven P Lowe, Sr
Residential Mortgage Loan Originator
NMLS #1085638

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