Q & A with Dottie Herman

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Q1 - What is Title insurance?

A - This is an insurance policy that insures against errors in the title search, essentially guaranteeing you and your lender's financial interest in the property. It checks for any defects, liens or encumbrances on the property that may affect the rights of ownership, possession or use of the property. It is issued after a complete examination of the public records. It also insures against such things as forgery, fraud, missing heirs or divorce actions. Keep in mind that the required title insurance protects the lender. You may want to take out an owner's title insurance to protect yourself. You should consult with a competent, experienced real estate attorney regarding this.

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Q2 - What should I watch out for in the beginning stages of my real estate career? What is the best way to build a steady relationship with clients so that my name spreads throughout the city of Chicago?

A - Welcome to our profession and congratulations on being so thoughtful about the launch of what will hopefully be a very successful career path for you. As ours is a relationship business, it is most important for you to reach out to your spheres of influence and establish yourself as their resource for everything real estate. It is very important for you to learn your product and keep on top of the data. The more information you have, the better. Once you have established credibility and start selling, you're on your way to creating customer loyalty that will  most likely spread. Remember, you have to ask for business and produce results. Keep investing in yourself and in your business. Good luck and keep in touch to let us know how you're progressing.

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Q3 - I own a condo in Midtown Manhattan and I am relocating abroad for a few years and need to rent out my apartment. How do I go about doing this?

A - Quality condos in Midtown Manhattan are in great demand. If you plan to do the leasing on your own, you should request the Leasing Package Requirements from your building's Managing Agent. Check to see if there are any special House Rules for Renters and what fees are involved. Alternatively, hiring a Real Estate Professional may prove to be more expeditious. Your Broker should be well acquainted with your condo and can help you procure a creditworthy, qualified tenant in a timely fashion. If you need our help in finding a Midtown Rental Specialist, we can assist you.

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Q4 - What is the right credit score to order before buying real estate?

A - Most mortgage banks use a Fico score.  This score can be purchased at myfico.  Consumers can buy their Trans Union and Equifax Fico scores but cannot buy an Experian Fico score.  Experian does not allow myfico to use the information updated on their bureau reports in the sale of scores to consumers.  If both the Trans Union and Equifax Fico scores are above a 740 the consumer should be able to enjoy the best rates based on the credit score qualification of loan approval.  Pulling your own credit reports at myfico will not hurt your credit scores.

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If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com