real estate: Pending Sale. What's Your Focus? - 03/13/18 08:57 AM
Oh boy! So many things to worry about when your client is under contract! What’s the most important stuff to focus on? Put the following on your calendar:
1.    Deposit Due Date. Buyer is out of contract if funds are not placed into the escrow account.
Buyer’s agents-Get the deposit in there ASAP! This shows the buyer’s “good faith” and seriousness about purchasing.
Seller’s agents-No deposit in escrow? Contact the buyer’s agent immediately. Buyer may not have the money, is thinking about backing out, or their agent isn’t aware of the timeline.
2.    Inspection Contingency Removal Due Date. Buyer is out of contract, if not … (0 comments)

real estate: CAR Contingency Removal Form-Gaming the Transaction - 05/11/16 02:50 AM

Recently, I had a lively debate with one of my very sharp brokers (my hubby) regarding the removal of the inspection contingency on the CAR-CR form.
His argument was, if the inspection contingency is removed but the disclosures, reports, HOA docs, title report are not, then the buyer COULD cancel the contract if these documents do not meet approval and retain their deposit. He is correct but there is another angle to it.
As one of the original authors of the Contingency Removal form, I do understand the intent and how it’s to be used.
When the contract committee first created the architecture of … (3 comments)

real estate: Last Minute Term Changes Could Effect Closing Date! - 03/25/16 01:49 AM
It happens…buyer and seller re-negotiate the sales price or add credits after inspections have been completed.
Just a year ago, we would address these changes on an addendum, send to the escrow office and lender (hopefully before the loan docs have been prepared) and we were good to go!
Now, every change must be approved by the buyer FIRST before loan docs can be ordered. Here is the tricky part. They must be allowed 3 days (Sundays and holidays excluded) from receipt of the Closing Disclosure (CD) to review the change before anything can happen.
This is a result of a new lending law … (4 comments)

real estate: Emails...The Ticket to Peace of Mind - 03/04/16 02:05 AM
If you’re ready to close out a file and thinking about purging emails related to the transaction, think again!
Emails are the simplest method of documenting what happened during a transaction. For most of us, communication is now performed via email. (Yes, I’m old enough to remember when we used phones and FAX’s!).
Documentation, in the event of a transaction related lawsuit, provides written evidence of activities and events. Although many challenging transactions feel like you’ll never forget what happened, all of us tend to lose the details of the story after time. And you never know when a seemingly easy transaction turns … (2 comments)

real estate: Is your Association Always Right? - 02/15/16 10:54 PM

A recent change in the California Association of REALTORS (CAR) Representative Capacity Signature Disclosure and resulting confusion on how it’s to be used prompted me to write about Standard Forms Advisory Committee (SFAC) and how disclosures/contracts are created.
Years ago, l had the privilege of sitting in on a contract committee for the Inspection Contingency Removal contract. The old original was too open ended and required the buyer’s agent to type/write out removals increasing errors in the process.
A roundtable of real estate agents, brokers, attorneys, employees of the California Association of REALTORS and I hashed out an amazing form that is still … (0 comments)

real estate: Probate Sales-Steps to Selling/Buying - 11/19/15 07:07 AM
A probate sale we are preparing to close reminds me how complex they can be and the importance of using team members with expertise in this area!
A probate sale occurs when a homeowner passes away without a joint tenancy (spouse or domestic partner). If a will identifies an Executor, this individual must still obtain court approval to act as a representative of the estate.
The homeowner’s estate is assigned to an “Executor” or an “Administrator” by a Probate Court who has the authority to negotiate and sign documents related to the sale. This individual can be a family member.
To determine if you … (0 comments)

real estate: CLUE Reports-Did You REALLY Need One? - 11/11/15 10:21 PM
The era of CLUE reports has finally ended. Disclosure Source, JCP and other discloure companies will soon no longer offer these reports. How will it affect those agents who order them as part of their disclosure package? Not much really!
A CLUE report was a little add-on report to the Natural Hazard Disclosure (required for all California properties) that identified any insurance claims. The cost was around $25.00 and as of late required wet signatures on a request form from the seller (a real pain in the you-know-what!). 
When a buyer purchases fire insurance for their new home (a requirement for all lenders), the first thing … (1 comments)

real estate: How to Survive an Unexpected Move to a New Transaction Coordinator - 10/20/15 03:40 AM
NIGHTMARE! Your TC suddenly quit and you need to find someone NOW who can take the ball and run with it, especially if you have multiple files under contract! Don’t panic…take a deep breath and follow the emergency instructions below;
 
Step 1-If able-go over the files with the exiting TC or locate the information below yourself;
A-Priority-Where are the documents (online, in a file, in a bonfire in the corner of the office)?
B-Priority-List of closing dates for each property (helps the new TC understand which are priority files).
 C-Optional-Audit sheet of what documents are complete/incomplete for each file.
 D-Optional-List of activities completed on each … (0 comments)

real estate: "Loan Approval's Been Delayed." 4 Questions to Ask... - 08/06/15 08:55 AM
Oh, the dreaded statement I shudder to hear from a loan officer!
If you've been given this notice, immediately ask these 4 questions;
1-What specifically is the problem?
This is important because the problem could be minor (Need a document from the buyer) or major (Loan was denied and they are looking at other loan options)! Knowing what the problem is helps you determine A-how serious it is and B-if it will delay your closing date. If you don’t understand, tell the loan officer! This is not the time to soft-step the issue. You need to know what’s going on so you can explain it to … (2 comments)

real estate: 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)

real estate: NOT using your In-House Transaction Coordinator? - 01/26/15 05:02 AM

 
We have many agents who use our Transaction Coordination (TC) services even though an in-house Coordinator is provided through their broker.
 
Why?
 
We offer more comprehensive services so busy agents can focus on what they do best…showing properties, listing homes and writing offers.
 
Let’s face it, there’s a lot of activities to accomplish during a pending sale! If you’re a top producing agent with 10 or more pending sales, you don’t have time to waste chasing down paperwork and performing administrative duties.
 
 EscrowCoord.com systems by-pass agents’ involvement. Because of our extensive knowledge and experience, we … (0 comments)

real estate: Paperless Files for a Real Estate Office Class-May 21st - 03/13/14 08:33 AM
I'll be teaching my popular Paperless File class at the Inland Gateway Association of REALTORS in Corona on Wednesday May 21st. from 1-3 pm. 
CREATING PAPERLESS FILES FOR A REAL ESTATE OFFICE
More and more real estate professionals and their clients are using internet technology to communicate and deliver information. Faster and more efficient than phone calls, FAXING or hand delivery you will appear more professional and be able to provide high-quality customer service.
Printing out and storing files is not only time consuming, but the excessive cost in paper, toner and storing the file is unnecessary with today's amazing technology.
In only … (1 comments)

real estate: 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)

real estate: 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)

real estate: Holding Paperwork Hostage-The Right Time to Do it! - 09/27/13 08:51 AM
I recently closed a transaction that was challenging to say the least. We repeatedly asked the other agent for documents to be signed and returned to us and she either gave vague answers that she would do it or ignored our requests.
I was going to chalk her up to being a "D+" agent, however as soon as we received confirmation that the loan had funded, suddenly we received a bankroll of documents.
I can't help but thinking that she was holding the paperwork hostage until the loan funded.
I don't like holding paperwork hostage. I do it ONLY AS A LAST RESORT.
Let me … (4 comments)

real estate: 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)

real estate: 30 second test to determine if you are an efficient agent - 09/16/13 05:17 AM
1-Do you spend more time working on paperwork then marketing/prospecting to clients?
2-Are you exhausted from trying to keep up with work/family/personal time?
3-Do you print out and store your files and paperwork as hard copies?
4-Are you spending too much time preparing files for your broker's review?
5-Are you wasting time trying to locate documents you "thought" you received?
If you answered "yes" to any of these questions, you might want to consider changing a key part of your business operations to create an office that requires no paperwork, is accessible from most portable devices, and saves you time and … (1 comments)

real estate: 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)

real estate: Good Morning Real Estate Team-You are AWESOME! - 08/22/13 01:04 AM
Just sent this to my sons Brian and Brad who are 26 and 23. Thought you might enjoy it...
YOU are... Awesome!
YOU are... Incredible!
YOU.... Rock!
I AM proud of YOU!
Stay EXTREME and LOVE life! YOU ARE A LEGEND!
Now Go Out There and Sell Some Real Estate!

(1 comments)

real estate: Ready to Go Paperless, But Don't Know Where to Start? - 08/21/13 03:02 AM
I recently wrote a post about Angry Team Members that many ActiveRain participants responded to. A few of were surprised that one of the transaction team member (6 team members total- The buyer, seller, listing agent, selling agent, loan officer and escrow officer) was having challenges with electronic documents.
Having worked with thousands of real estate agents throughout California as a Transaction Coordinator, I know there are those who are still struggling with the technology of computer, email and electronic documents (my hubby is one of them!).
There's information about the benefits of going paperless, but no specific steps on how … (0 comments)

 
Diana Turnbloom, The Leading Expert in TC Services & Education (Escrowcoord.com) Rainmaker large

Diana Turnbloom

The Leading Expert in TC Services & Education

Martinez, CA

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Escrowcoord.com

Office: (925) 305-9625

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