pending sale: Stuff a Buyer Should Sign Off on a Title Report - 03/11/14 02:12 AM
Stuff a Buyer Should  Sign Off on a Title ReportI just had an email conversation with one of my TC's that work with me regarding title report items and thought I'd share it with you.
If you've read my blogs or taken my class, then you know I always encourage EVERYONE on the team to read the title report.
What we look for are unusual liens, easements, road maintenance agreements and future development. Once these are identified, we ask the escrow/title officer to pull up the fully recorded document for the buyer to review and sign off on.
This is important! It's not … (0 comments)

pending sale: 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)

pending sale: 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)

pending sale: Angry Team Members-What to Do? - 08/15/13 01:27 AM
One of my agents called me in a panic because the listing agent refused to talk to him.
He was angry because of the multiple requests we sent requesting documents (Incomplete TDS, missing signatures, etc.).       
The listing agent kept promising he would return them, but never did. So when my agent called him and point blank asked him, the listing agent got defensive and said he did not want my agent to communicate with him anymore.
What was my advice?
Most of the time, the transaction team is all on board to getting the transaction closed with minimal … (69 comments)

pending sale: Disclosure Updates for California - 01/24/11 05:07 AM
WooHoo! CAR has released their 2011 disclosure requirements. Here
are several items I'm paying attention to for this year;
Smoke Detector and Water Heater Statement of Compliance
Hooray for California Association of REALTORS® for incorporating the smoke detector and water heater statements of compliance into the Real Estate Transfer Disclosure! As a result CAR has indicated if the RETDS is used, a separate disclosure is not necessary. This means one less disclosure to track and obtain signatures!
I have just one teeny, tiny concern though. For the newer real estate agent, they may not know what the compliance law is and … (0 comments)

pending sale: What's your experience with a short sale processor? - 05/27/10 06:07 AM
I'm looking for feedback on short sale processors that have their own attorney. If you have used the service, would you share with others your experience please?
… (1 comments)

pending sale: Brain Teaser! Disclosure Requirements on Highest Legal Use Properties - 03/30/10 06:57 AM

OK, here's a brain teaser.
Say you have listed a building that consists of two commercial units downstairs and 2 residential units upstairs.
What disclosures should you use-commercial/residential or both?
This question came up on a transaction one of my TC's was working on. Upon asking the broker, his answer was, "We go by highest legal use then prepare disclosures accordingly". In this case, he believed the highest legal use was the commercial portion of the property therefore commercial disclosures should be used (Legal description of the property is commercial mixed use).
But when the use is split 50/50 how … (0 comments)

pending sale: What Would Judge Judy Say? - 05/08/08 06:08 AM
I'm teaching a class in a couple of weeks on Contingency Removals. I would have to say one of my biggest challenges is to get the buyer's agents to properly remove a contingency!
I want to share with you who your contingency removal should measure up to.
That would be Judge Judy. Heaven forbid should you have to go to court because of a misunderstanding about the removal and Judge Judy shows up in the courtroom. YOU ARE TOAST-unless you have used the right verbiage!
Here is a list of some INCORRECT ways to remove an inspection contingency and Judge Judy's … (5 comments)

pending sale: Loan Officer Requires Review of Seller Disclosures??!! - 03/26/08 07:49 AM
Made with free image tools @ TXT2PIC.com As the transaction coordinator for my office, I am working on a pending real estate sale we opened a week ago. When I emailed the loan officer to find out if she had ordered the appraisal yet, she replied she was waiting for the buyer's signature on the seller disclosures!
Well, this is a new one for me! Perhaps a new "Prior to Appraisal Condition?"  Being cautious of banks now days, I immediately responded back asking her if this was a new bank condition OR if the buyers simply wanted to wait to order and pay … (3 comments)

pending sale: What's the difference between licensed and unlicensed Transaction Coordinators? - 12/10/07 06:31 AM
 Not much! I'm going to give you a general rule we use in our office.
Coordinators (licensed and unlicensed) can do everything except explain contracts and negotiate terms.
For those of you not in the know, a Transaction Coordinator is someone who is hired by the broker or agent to manage a pending sale transaction. This individual organizes the file, tracks contracts, reminds team members when contractual obligations are due, etc. A good Transaction Coordinator is knowledgeable on contracts, state/county/city requirements and an excellent problem solver!
Let's say you have a Coordinator and you ask her to meet with your clients and help … (28 comments)

pending sale: 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)

pending sale: 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)

pending sale: 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)