escrow: Requesting Signatures AFTER Close of Escrow...What's YOUR Protocol? - 03/01/15 11:48 PM

Requesting Signatures AFTER Close of Escrow. What’s YOUR Protocol?
 
I had a buyer’s agent (non-represented side) deliver a final walkthrough form (Verification of Property Condition) to our office several days after close of escrow. Not only was it delivered after close, but the buyer’s signed the document after close at well. We did not return a seller signed copy back and the Transaction Coordinator for the buyer side asked, “Why not?”
 
The more I tried to type out a simple response, the more I realized that it’s complicated! It was a GREAT question!  So after much thought … (2 comments)

escrow: Transaction Management Classes Available next week! - 10/12/13 01:13 AM
Are you looking for information on Transaction Management? Have an assistant you want to train, or just want to improve your skills?
I'm teaching my 4 hour power-packed class next week at several locations and I would love to see you there! 
BayEast Association of REALTORS in Pleasanton, CA Oct. 14
Citrus Valley Association of REALTORS, in Glendora, CA Oct. 15
Santa Clara County Association of REALTORS in Santa Clara, CA Oct. 16
 
Outstanding Agents and Coordinators do more than push paperwork-They lead, encourage teamwork, use efficient systems, and understand ALL areas of the pending sale.
Diana Turnbloom, … (0 comments)

escrow: The 3 Secrets to Successfully Coordinating Sales! - 09/27/13 07:57 AM
Pending sales are complicated and require professionals who know what's going on with the transaction. A great Transaction Coordinator or Agent will act as an "air traffic controller" to guide the team to a successful close.
Effective communication between the team members (buyer/seller/agents/ escrow-title officer/lender) is imperative. Numerous questions and challenges must be addressed quickly and efficiently to facilitate a smooth and speedy close.
After closing thousands of transactions, I have learned there are three things you must monitor at all times;
What are the terms of the transaction (Who pays for what)? Where are the documents and are they fully executed? … (4 comments)

escrow: Preparing Your Clients for Closing and Occupancy - 09/05/13 12:16 AM
Andrea Swiedler recently wrote a post Unintended Consequences with New Normal in Real Estate
It brought to mind something my hubby and I always practice with our clients. PREPARE THEM FOR POTENTIAL PROBLEMS! When your clients are prepared early for potential problems, they are better able to handle it  with less objection when the issue comes up later on during the transaction.
I've closed well over one thousand transactions and I can say it's rare that we don't have some sort of problem during the pending sale period. From the loan, to title to the buyer and seller negotiating repairs...it ain't … (2 comments)

escrow: What's YOUR Red Flags of Potential Deal Killers? - 05/12/10 05:17 AM
I read a fellow AR member's post regarding an issue that came up and killed a deal while under contract.
After 13 years in the biz, I've got a radar sense when a transaction is in trouble. Identifying these problems can help avoid delays and wasting everyone's time. Believe me, it's rare when I DON'T have some sort of problem associated with it.
So for the agent who has not closed a lot of transactions, I'm going to share with you my Top 5 Red Flags of Potential Problems. I welcome you to add your red flags as well!
1-Loan officer doesn't call you … (4 comments)

escrow: Saving Emails for your Files - 11/05/08 07:29 AM
Most of us are using email as a method of communication between team members. I wanted to discuss simple steps to saving this important documentation for your records.
 The first thing I do when an escrow is opened is I'll create a folder in my outlook program. By right clicking on "Inbox," select New Folder, then type in the street name of the property, and your finished. You should see a little picture of a folder under your inbox with the property street name.
 Now it's easy to drag and drop any emails relating to the transaction into this folder.
 Would … (7 comments)

escrow: What's with the Kinder, Gentler FHA Loan? - 05/28/08 07:31 AM
Am I missing something here?
 I work in an area that up till now rarely dealt with FHA loans due to the high home sales prices and low FHA loan caps.
 I just started working on a pending sale transaction where the buyer is going with an FHA loan. Horror of Horrors! My first thought was to load up extra heavy on the old Prozac until the transaction fell apart, then finish up with heavy drinking and deep resentment.
 But wait! Something has changed here since my last FHA transaction (about 7 years ago).
 When I called the loan officer and … (9 comments)

escrow: The Mysterious Loan Contingency - 05/15/08 06:24 AM

This post is Part 2 of my Contingency Removal lesson and research I'm doing for my upcoming one hour webinar Understanding Contingency Removals
 I actually went through the California Association of Realtor's purchase agreement contract and could not find anything specific other than the buyer has "obtained a loan." But what does this mean? When has the buyer actually obtained a loan?
 First let's try and define a loan contingency removal. Most buyers and sellers agree that when the buyer has loan approval from a bank with acceptable terms, the buyer then removes the loan contingency. In essence, the buyer … (4 comments)

escrow: No! Not Pain in the Rear! - 04/09/08 08:10 AM
This is part 2 of my Title Issues posting. As I mentioned in my earlier post, I'm teaching a Comprehensive Title Issues class next Thursday, April 17th. In researching for this class, I came across some interesting information that I thought you would like to know about.
Most of the escrow officers I interviewed said the top misunderstandings clients have is mortgage payments and payments in arrears.
Let's start by identifying what happens when a buyer closes escrow on a property. If the date of close is April 10th, then the first payment will be scheduled on May 1st. That payment … (0 comments)

escrow: Termite Goodies Typically Found in Homes - 03/12/08 12:06 PM
This post is Part 2 of Holy Termites Batman!
Last week, I talked about the different types of termite reports you may see on a property. Today, my little winged friends, we are going to talk about the different types of damage you may see in a report. I cannot stress enough how important it is to get yourself and your client educated on these matters to help reduce frustration and seller's writing "blank checks."
But before we start, I wanted to give y'all a tip when ordering a termite inspection. Make sure the termite company is aware the inspection is for … (3 comments)

escrow: Holy Termites, Batman! - 03/06/08 07:15 AM
I would have to say that for most of our clients, one of the biggest concerns is the
Pest inspection report and cost of Section 1 repairs.
Cost can quickly spiral into the 10K + category especially if the home is older with wood siding or has a lot of attached decking.
I'm the termite queen in my office! I schedule and sometimes attend inspections and work, review reports and have many fascinating conversations about bugs and dry rot with various inspectors.
Today I want to talk about the different types of termite reports you may find yourself reading. It's important to understand whether … (5 comments)

escrow: Who determines value in this market? - 12/20/07 10:46 AM
In my office in Pleasant Hill California we've noticed the appraisers are really clamping down on comps. And, lenders are requiring review appraisals on nearly all pending sales (Uggh!)
It appears the banks just don't want to do any more loans for the rest of the year. I wish they would just admit it and stop blaming it on "low comps" that don't support the sales price.
We had a property listed for sale that went pending with a sales price that was easily supported by the last 6 months of MLS comps! The appraiser adjusted one comp for time by reducing the sales price by 16% … (11 comments)

escrow: Request for Repairs-When should you submit? - 11/14/07 05:06 AM
 
I have a beef with the California Association of Realtors. I wish they would allow agents to add in a deadline for the request for repairs. With the hit list of repairs getting longer and longer, I find it frustrating when agents submit repair requests the day the inspection contingency is due. There is little time for negotiations much less time for the seller to obtain bids. Before you know it, the buyer is out of contract with the inspection contingency because the seller has not responded yet to the repair list. An extension must be drafted and I HATE TRACKING EXTRA PAPERWORK! (sorry!) … (2 comments)

escrow: Psychology 101 for Real Estate Agents - 11/13/07 03:55 AM
I wanted to include this comment I made to another AR member on my blog because I think the concept here is important!
Real estate is an EMOTIONAL business. You know that list of top 10 most stressful things in a persons life? One of them is MOVING! For most folks the biggest investment of their life is purchasing a home and frequently it's scary! You cannot ignore this aspect of real estate. Some people respond to stress inappropriately through poor coping skills. My suggestion is to have good control of your clients. How do you do this? Through education. Well educated clients are less … (7 comments)

escrow: Calling Dr....Stat estimated hud1ectomy! - 11/09/07 07:54 AM
I teach real estate professionals about working as a team. Here's an example of how to solve problems.
I received a call yesterday from a bank requesting a HUD1 on a pending sale NOW! Oh, you know this type of phone call. One that could have been made to me days ago to give me more time to respond! Anyway, I explained to "Lisa Lender", we can't get her a final HUD until the property closes. Her response was to melt down and tell me she was going to close the file. I started thinking about a plan B, and asked her if she would accept … (0 comments)

escrow: Plan B for Short Sale Sellers Creates Win-Win Transactions! - 11/09/07 04:28 AM
Here's an excellent example of creating a win-win short sale transaction for the seller, buyer and bank!
Seller has 3 loans on a property. An offer comes in for less than the total loan amounts. The seller has great credit and has continued to pay mortgage payments on time, but must move due to change in employment. The seller asks the bank in 3rd position to release the recorded lien on the property so that it can be sold, THEN creates an UNSECURED lien with the seller to pay back for a period of time AFTER close.
The seller wins because their … (0 comments)

escrow: Deadly Sentences to look for in a pest inspection report! - 10/29/07 08:03 AM
Many of us in the real estate industry read pest inspection reports by checking out the back (bid) page for the total amount of Section 1 items that were called. We all want to know what's the dollar amount required for certification!
However, knowing the dollar amount does not necessarily indicate how much it's going to cost to obtain a certification! Be sure to read each item description and look for the following;
1.)  If further damage is found, a supplemental report and bid will be issued.
2.)  Homeowner to contact the appropriate tradesperson.
3.)  T&M (Time and materials).
Also, look for "further unknown" items in the report. … (2 comments)