transaction coordination: 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)

transaction coordination: 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)

transaction coordination: 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)

transaction coordination: 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)

transaction coordination: WANTED: Experienced Transaction Coordinator - 01/04/16 07:47 AM

EscrowCoord.com, a virtual real estate transaction coordination company is looking an experienced Transaction Coordinator who has a home office and is able to work independently with a virtual team.
Team leader Diana Turnbloom is a 30 year veteran who will teach you systems that save time and earn more money. YOU choose who you want to work with and how many transactions you want to close!
Our company is rapidly growing and we are looking for talented individuals who have worked a minimum of 2 years as a TC and personally closed 100+ transactions. We are a paperless company so you must … (0 comments)

transaction coordination: 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)

transaction coordination: 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)

transaction coordination: Inspection Contingencies with a "Subject To" Clause - 08/28/15 05:42 AM
In an effort to save time and show good intentions, a few agents are now removing the inspection contingency subject to a repair list.
As someone who sat on the CAR contract committee for the contingency removal, I’m well versed in its intent and why you should never remove a contingency in this manner!
The Inspection Contingency Removal and Request for Repairs are two separate issues.
The Request for Repairs is simply a request to the seller. NOT a demand. The seller has a right to accept/reject/counter the request.
By making the inspection contingency “Subject To,” the buyer is then demanding the seller complete the repairs … (6 comments)

transaction coordination: "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)

transaction coordination: 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)

transaction coordination: Termite Inspections-Quick Rules to Identify Type of Report - 08/13/13 02:13 AM
One of my personal favorite topics- TERMITES! Agents are sometimes confused when multiple reports have been generated. Keep these quick rules in mind when perusing the front page of a report....
1-Right Property Address
2-Look at the report # to make sure all pages of the report you receive have the same number.
3-Note the boxes checked. Remember there is a specific order to the type of report you receive-You cannot have one without another one preceding it! Check it out...
Complete Report-Ideally you want your termite report to be this. Means the termite inspector was able to visually inspect the … (0 comments)

transaction coordination: Where, Oh Where Have the Short Sale CLOSINGS All Gone? - 06/25/10 05:33 AM
Anyone else out there in real estate land who thought they would have a million dollar year this year working on short sale transactions?
OK, I was duped. I heard the rumors about the next big trend in real estate, got ready to gear up for short sales and even started to include the new laws to help push short sale offers into acceptance faster into my Escrow Coordination Secrets seminar. But it seems the "loan police" are not doing as good of a job of enforcing as I expected!
So what happened? I don't see any significant change in the … (165 comments)

transaction coordination: 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)

transaction coordination: Easy Tips to Avoid Appraisal Delays - 05/05/10 10:43 AM
 Are you wondering why it takes so darn long to get an appraisal report completed lately? This information will give you the secret tools needed to punt kick the process into high efficiency gear!
New lending laws have put a cog in the wheels in Real Estate Land. Back in the good ole' days, as soon as a contract was consummated, the loan officer would order an appraisal.
No can do anymore! The loan officer must now obtain the borrowers approval of a good faith estimate prior to ordering an appraisal. So what does this have to do with you?
Before … (26 comments)

transaction coordination: 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)

transaction coordination: 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)

transaction coordination: Cleanin' Out My Closet - 08/07/08 03:47 AM
I'm back after my month long reprieve from work (yeah right!).  I actually felt my days were longer and more complicated than working! The month of July for me was catch up time...doing the things I haven't gotten around to in the last, oh 19 years!
One of my many projects goals was to organize some of the rooms, drawers, etc. in my house. This is something I actually do at work every couple of months, but I just don't seem to get around to it at home.
When business suddenly gets busy (and in real estate it's feast or famine), … (23 comments)

transaction coordination: What's with the Kinder, Gentler FHA Loan? (Part 3) - 06/11/08 06:09 AM
Well, I cannot believe it! After only one extension on the FHA loan approval, the buyers have approval today! Right on time, too! Maybe my perception of FHA needs to change....a lot! I'll keep you posted to the end. Although, it ain't over till it's over, I'm starting to feel better about this transction!
… (2 comments)

transaction coordination: Careful when you number addendums - 10/19/07 12:28 PM
As a Transaction Coordinator, I review a lot of contracts before applying them to my systems. I've noticed lately buyers and sellers are negotiating more and agents are using a number of addendums to counter terms. Remember to be consistent wih numbering or lettering! I've had addendums with no numbers identifying them or use of the same number or letter. It becomes difficult to track the addendums not to mention understand which addendum supercedes or counters the previous! Welcome to my world!- Diana
… (9 comments)