Generation Y?

People born before 1946 were called The Silent generation
People born between 1946 and 1964 are called The Baby Boomers
People born between 1965 and 1979 are called Generation X
And people born between 1980 and 2010 are called Generation Y

Why do we call the last group Generation Y?

Y should I get a job?
Y should I leave home and find my own place?
Y should I get a car when I can borrow yours?
Y should I clean my room?
Y should I wash and iron my own clothes?
Y should I buy any food?

　
 
We need not worry so much about what man descends from-
-it's what he descends to that shames the human race..  

Most common mistakes on short sale packages that may cause delays, or worse, rejection

Wells Fargo/Wachovia sent a letter to short sale agents about the most often seen mistakes that seem to hold up the approvals. It’s a good reminder to review the short sale package  before sending it.

Here are the most often found mistakes on submitted short sale packages:

1. Can’t read the contract and other paperwork. Be sure all pages sent are legible
2. Page 1 of purchase contract missing APN (Assessor Parcel Number) and/or zip code or property
3. All other pages of contract missing full property address at top including zip code
4. All other pages of contract missing DATE of contract
5. Contract missing DATE next to ALL signatures where date is required
6. Signatures of buyers and sellers missing PRINTED NAMES under them (not Owner of Record)
7. Names of seller do not match what is on the bank’s deed of trust. (Example, buyer was unmarried when she bought property, and switched to married name when signing documents)
8. If buyer is a Corporation or LLC, signature must be of the person given the authorization to sign, and the printed name under the signature must include the company name, printed name of the person signing, the person’s position with the company. This is a new requirement. This must also have full Articles of Incorporation AND operating agreement showing names and percentage ownership of all members
9. Listing and selling agents must fill in all appropriate DRE (Department of Real Estate) numbers, and must date the contract
10. Short sale addendum missing date of contract at the top, and the name of the Seller.  Be sure dates are filled in and printed names are under signatures.
11. Banks don’t need other advisories, but if agents send them, be sure they are complete: printed names, signatures, dates, property address.
12. HUD must have all sellers and buyers names spelled correctly on the first page.
13. HUD must have settlement date anticipated. Include address of settlement.
14. Listing agreement not complete with full address, missing sellers’ signatures and dates of contract
15. Hardship letter is outdated. Must be dated within 90 days at approval time
16. Submission form must come with the file as cover sheet. Must include on cover sheet any incentives requested and on the HUD statement to be considered

Many short sale agents may have experienced delays when the bank’s set up specialist reviews the documents with a fine-toothed comb. Best that we spend time checking and double-checking the package.  We know that if we miss any one thing, it gets bounced back to us. And then the bank gives us only 72 hours to make the corrections.

Remember, it takes less time to do it right the first time than to do it over.

Related post

Why do short sales fail?

When advertising your listing ---- what words should you stay away from?

In a recent post on Active Rain, I noticed that the agent advertised the listing as “Walking distance to...”

It reminded me of certain rules in our MLS about certain words we should avoid.

Even Craigslist is very specific about their terms of use, their rules -- follow them or get flagged and have your post deleted, to wit:

CONDUCT  You agree not to post, email, or otherwise make available Content:

d) that violates the Fair Housing Act by stating, in any notice or ad for
the sale or rental of any dwelling, a discriminatory preference based on
race, color, national origin, religion, sex, familial status or handicap
(or violates any state or local law prohibiting discrimination on the
basis of these or other characteristics);

Our local MLS is very strict about observing these rules. It helps to have transaction coordinators and assistants to keep us straight. As such, we as agents have to be very creative when describing properties and their marketable features in our advertising materials --- on the MLS, in print, online, etc.

Searching for examples, I found:

• Here's FAIR HOUSING ADVERTISING MANUAL  www.fairhousingadvocates.com/advertising.pdf

• Equal Housing Opportunity Fair Housing Advertising Guidelines HERE
• SEE Housing /Rental Ads - Watch List(W) "walk to...or walking distance to.."(Close To, or (X) Blocks From)

• And Miami Valley (Ohio) Fair Housing Center provided an advertising guideline -- Click HERE
• Southern California MLS provides this guideline published in 2001
• According to this 1998 article aboutThe Growing Farce of Fair Housing  "Real-estate companies in the Maryland suburbs of Washington have been prohibited from including the phrase "walking distance to the subway" in home ads because it is considered discriminatory against people in wheelchairs."
• A Manhattan blogger inUrbanDigs.com writes in 2009  "Then there becomes 'walking distance,' which we can no longer use. By saying ‘walking distance,’ I would be discriminating against those who are unable to walk. Hopefully I can still use ‘close proximity’ to public transportation."

So we err on the side of caution.

• Instead of saying “walking distance” say “near” or “close to” or even state measurable distance like “a hundred yards” or “quarter of a mile”
• We don’t say “family” but refer to them as “households”.  For example, we can lavish praise on a home, but never refer to it as a home for a “family”
• Even “in-law” units are described as “au pair” quarters ("mother-in-law suite" is allowed...but we err on the side of caution. See  Agent Duties: What a REALTOR can or cannot do for you)
  
• We don’t mention children or parents …. but we work around that by mentioning  “playgrounds” or play areas
• We don’t mention that a property is in a specific school district (we mention the city, but not the school). Although we can mention a home is NEAR a certain school, we don’t say it’s IN that specific school boundary. To play safe, simply enter “Call School District”

UPDATE FROM OUR RISK MANAGEMENT ATTORNEY
As indicated, that phrase ("walking distance") does not violate HUD Fair Housing guidelines and HUD has indicated that they will not pursue any such use.

However, there could be a private individual who feels offended by this, and there are advocate attorneys who pursue all sorts of perceived fair housing violations.

So, while it is likely safe to use that term, as a risk management suggestion I would  stay  away from that phrase, and instead state something like "nearby" "4 blocks away" "convenient access to.."

There must be other examples of what to avoid and how to get around them. If so, please share :)

When advertising your listing ---- what words should you stay away from?

ZERO days on market of real estate listings in Alameda County CA

I was curious to see how many days properties stayed on the market before offers were accepted. This chart shows the cities in Alameda County, CA.

It was surprising to see how many cities had zero days on market which suggest pocket listings, and unbelievably quick action on the agents' parts to get offers accepted.

Most of the properties that stayed the longest on the market were short sales and overpriced listings --- and that’s to no one’s surprise.

The third number, Average Days on Market, more or less shows what kind of market these cities are having. Except for one, all the cities had less than 60 days average which indicates a seller’s market. This is perhaps attributable to low housing inventory, and a time when eager buyers are eager to take advantage of declining prices of homes and low interest rates.

How would you advise your friend whose tenant wants to buy her house?

Your friend says she is looking at these options ---- and asks for your opinion

• She and her tenant will work directly to complete the sale transaction, and engage a real estate attorney or title company to handle the paperwork
• She and her tenant will have you handle the sale transaction which necessitates a pocket listing
  
• She has you represent her, and  her tenant gets her own agent 

There's another option..... 

List it, put it on the MLS, and see if there are other buyers who may be interested in buying the property at perhaps higher price with better terms than what the tenant is willing to offer.

You look for measured words, carefully chosen so that your friend can see you sincerely want to provide good information to guide her in her decision making. 

If you advise her to list, you want to avoid the perception that it's only because you want the sales commission.

Problematic and riskiest option

The biggest and perhaps the most problematic and riskiest is when the seller and buyer handle the sale on their own:

• Who sets the sales price? Sellers generally think their property’s value is higher than what the market will bear. Will buyer agree to pay more?
• Does either party have negotiating experience?
• How can the seller be sure that she provides all the disclosures required in a real estate sale transaction, and protect herself from risks of errors, omission or misrepresentation?
• How will they decide who will draw up the paperwork for the sale, and will they have individual representation or adviser when completing the contract?
• How will they handle monitoring action items and deadlines, and exacting performance from either party who fails to meet them?
• Will they know how to draft the terms and conditions as they pertain to escrow period,  initial deposit, buyer investigation, appraisal and loan approval, city/county transfer taxes, point of sale compliance with local/state government ordinances, etc?

This is an open question ---- what would you do?

Since a computer is practically an appendage, it is naturally and critically important that all matters pertaining to its being in working condition is addressed promptly.

In Gail's case --- she has done what she needed to do. And still no resolution. Worse, no computer!

Help Gail get her computer back. If not, ASUS is going to get a hell of an online reputation for poor service, if it isn't already.

Make this viral. Reblog it!

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Alain Pinel Realtors has a unique ability to reach global luxury consumers as a result of our affiliation with Leading Real Estate Companies of the World®, a 48-year-old global network of the best independent real estate brokers in 30 countries, and its luxury division, Luxury Portfolio International™. We link to LuxuryPortfolio.com directly from www.apr.com to introduce clients in the Bay Area to this powerful program.

Luxury Portfolio is unmatched in the global arena, with properties in over 45 states and 27 countries, website visitors from over 200 countries/territories every month, site translation in nine languages, conversion to multiple currencies and a total inventory of available properties totaling almost $40 billion.

As members of Luxury Portfolio, Alain Pinel Realtors automatically sends listings that meet our standards (see here for price requirements)to LuxuryPortfolio.com on your behalf.

For example, see the active luxury properties for sale in Alameda County CA, and Contra Costa County CA.

Alain Pinel currently has 272 luxury properties featured on Luxury Portfolio. To take a look, click on this picture or click  here.

Some other facts and stats sellers of luxury properties should have at your fingertips:

• LuxuryPortfolio.com markets 25,000-plus properties each year
• The site receives over 1.2 million high-net-worth visitors a year
• All listings on the site are translated into nine languages and more than 60 currencies
• The site attracts consumers from almost every country on the planet each month
• A typical visitor:
• has a household income of $1.32 million
• owns a primary home valued at more than $3.8 million
• owns a secondary home valued at more than $5 million

The statistics are powerful. Get to know this resource by visiting www.LuxuryPortfolio.com.

Information provided by, and are found on www.Luxury Portfolio by Luxury Portfolio International

This story made the rounds before...and it's circulating again because it's election year. Thought this deserves another look.

An economics professor  said he never failed a single student before, but that he recently failed an entire class.

That class had insisted that "Socialism worked and that no one would be poor and no one would be rich, a great equalizer."

The professor then said, "OK, we will have an experiment in this class on socialism. All grades will be averaged and everyone will receive the same grade so no one will fail and no one will receive an A.” (Substituting grades for dollars - something closer to home and more readily understood by all).

After the first test, the grades were averaged and everyone got a B.

The students who studied hard were upset and the students who studied little were happy.

As the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied little.  

The second test average was a D! No one was happy. 

When the 3rd test rolled around, the average was an F.  

As the tests proceeded, the scores never increased as bickering, blame and name-calling all resulted in hard feelings and no one would study for the benefit of anyone else.  

To their great surprise, ALL FAILED and the professor told them that socialism would also ultimately fail because when the reward is great, the effort to succeed is great, but when government takes all the reward away, no one will try or want to succeed.  It could not be any simpler than that.

These are possibly the 5 best sentences you'll ever read and all applicable to this experiment:

• You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity.
• What one person receives without working for, another person must work for without receiving.
• The government cannot give to anybody anything that the government does not first take from somebody else.
• You cannot multiply wealth by dividing it.
• When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that is the beginning of the end of any nation.

According to Snopes.com, this story may be at least 15 years old older than when it first came out in 2009....and others have added on to this "illustrative" story. And if you google this using specific phrases, you'll see a lot of versions, including a re-write such as this one by the DailyKos

Success Story: CHASE (2 loans) Short Sale Duplex Closed Escrow in Alameda CA

Happy to report the successful close of escrow for this fabulous Victorian duplex in Alameda CA.

RESTORED
Victorian duplex was beautifully restored, remodeled and upgraded by the right person: a forensic engineer specializing in construction. Located just blocks from downtown Park Street shops, restaurants and theater.

The property was literally gutted down to the studs and was given new life. New sewer lateral line, new and upgraded electrical service, new water heaters, new copper wiring, new foundation, re-sided exterior, new double-pane windows, new exterior trim, new entrance doors, improved railing and pickets at stairs, new concrete driveways, new gates, new gas lines, new wiring, new sheetrock, new insulation, new sub floor, new central heating, new baths and fixtures, new kitchens and appliances, new blinds, new carpet, new marble and tile entrances, new downspouts, new skylight and new 2-car detached garage.

MULTIPLE OFFERS
Within days of putting the property on the MLS, we received multiple offers. The winning bidder agreed to a significant initial deposit and to immediately open escrow upon acceptance of offer and before receipt of short sale approval  from the short sale lender, Chase.

INFO

• Chase held both 1st and 2nd loans. 
  
• Challenges:
  
• Tracked file when it was transferred from one negotiator to another.
  
• HAFA documents not sent to Seller until we followed up. And then they send 28 copies of the same documents in one day
• Escalated to Executive Resolution Team.
• HAFA (Home Affordabile Foreclosure Alternative program) approved.
• Listed at $525,000, Sold for $540,000
• Closed escrow January 31, 2012.
• Buyer bought property for two sons to live in as owner-occupants.
  

RELATED POSTS

• Short Sellers: What you should NOT do

• Dear Short Sale Seller...please understand and help us help you

• Short sale primer for sellers --- setting the groundwork and expectations

• We can't sell the short sale property if the seller doesn't want to sell as much as we do

• How can you tell when a short sale buyer is serious about his offer?

• Is your buyer thinking of buying a short sale? What your buyer needs to know.

• Dear Short Sale Buyer, how could you, and why did you back out?

• Why do short sales fail?

NEW real estate laws, and proposal to do away with California Department of Real Estate. Huh?

Bye-bye, DRE?

During the 2011 session of the California Legislature, Governor Jerry Brown proposed to dissolve the California Department of Real Estate and move it into the Department of Consumer Affairs.  

The Legislature passed SB 706 – which Changed the DRE’s Purposes and Procedures. The new law mandates that the DRE’s highest priority is the "protection of the public".

It's worth noting that Jerry Brown, when he was an Attorney General, was extremely active in matters pertaining to the real estate melt down. In one of his press releases in 2010, it said that Attorney General Edmund G. Brown Jr. joined the California Department of Real Estate (DRE) and the State Bar of California in warning Californians to avoid forensic loan audits.Press Release 2/22/2010)

If you're visiting the Governor's website, make sure you click on the icon on Keep Your Home

So doing away with the DRE is his solution?

New California real estate laws

See 2012 Real Estate Laws on the California Department of Real Estate’s website. Click here
And for the Real Property Law on the State Bar of California, click here.

Some of the new laws affecting California real estate

• SB 837 Disclosure of Water Conserving Plumbing Fixtures - requires water conserving ( such as low-flow toilets) plumbing fixtures in 2014 and 2017

• SB 53 DRE Ability to Issue Citations - to licensees and non-licensees for violations of real estate law or regulations with a maximum fine of $2,500.  Even if real estate agent resigns his license, he can’t escape being cited.

To see what bills passed in 2011, click to the Official California Legislative Information