Short sales have become a popular way for lenders to unload unwanted properties as foreclosures soar. For many title agents, this has become the majority of work coming their way. While this is a growing revenue source, there are many facets to this transaction title agents must keep in mind before jumping head first into these deals.
What you will learn:
- What is a short sale and what’s the title agent’s role
- What to expect
- Who are the parties involved
- Who does a title agent need to call
- Who can do short sales
- What are the special lien issues
- What about pending foreclosure
- What about tax certificates, homeowner’s associations
- What are some of the complicating factors
- What’s the timeline involved in a short sale
Thomas W. Cronkright II
Owner & CEO
Sun Title Agency
Thomas W. Cronkright II is a founding member of Sun Title Agency and serves as its Chief Executive Officer. He is a licensed title producer in multiple states. Tom is an attorney admitted to practice in the State of Michigan and holds a real estate broker's license. His primary responsibilities include marketing, strategic planning, business development and oversight of the company's commercial property division.
Tom was previously an attorney in the business and corporate practice groups of Warner Norcross & Judd LLP and Miller, Canfield, Paddock & Stone, P.L.C. In 2004, Tom formed Corporate Advisors PLC, a private law firm that specializes in legal and corporate strategy services for businesses and business owners. Tom received his B.A. degree in finance from Western Michigan University and his law degree from Wayne State University.
Tom is a member of the American Land Title Association (ALTA), National Realtor's Association, Michigan Realtor's Association, American Bar Association, Michigan Bar Association and the Downtown Development Authority of the City of Rockford.
Lawrence R. Duthler
Owner and President
Sun Title Agency
Lawrence R. Duthler is a founding member of Sun Title Agency and serves as its president. He is a licensed title producer in multiple states. Lawrence is an attorney admitted to practice in the state of Michigan, a certified public accountant and a licensed real estate broker. His primary responsibilities include finance, strategic planning, business development and operations. Lawrence was a member of the business practice group of Warner Norcross & Judd LLP and is currently Of Counsel in the business practice group of Barnes & Thornburg, LLP. Lawrence received his B.A. in accounting and Masters in Taxation from Grand Valley State University and his law degree from Wayne State University.
Lawrence is a member of the National Realtor's Association, Michigan Realtor's Association, Michigan Bar Association and the Michigan Association of Certified Public Accountants.
Sun Title Agency, LLC
Tracie McRae is the Operations Manager for Sun Title Agency and brings over 25 years of title experience. Since 1983, Tracie has had a hand in various aspects of the title process including serving as Michigan Production Manager for Chicago Title of Michigan, Vice President Agency Manager for Independent Title Services, Inc. and Production Manager for The Title Office, Inc. Prior to that, she was the sole proprietor of a title company in Massechusetts and worked with a law firm there. Tracie holds a bachelor’s degree in pre-law, which she earned from Michigan State University.
The Title Report
Jeremy Yohe is the editor of The Title Report, which provides business news and analysis for the settlement services industry. Prior to joining October Research, Jeremy was the managing editor of The Massillon Independent, a daily newspaper in Northeastern Ohio. He has 15 years experience as a journalist and has won several Associated Press awards for writing and design while working for several newspapers in Ohio and Indiana.