Carbon Monoxide Detectors
Per SB 183 “As of July 1, 2011, Carbon Monoxide detectors will be REQUIRED in houses that are being sold if they have any of the following:
Any gas appliances such as a gas stove, gas furnace, gas fireplace, gas water heater, etc.
A fireplace (even if it only burns wood, pellets, or any other material).
An attached garage (even if there are no gas appliances in the house!). Cars continue to emit CO even after they are shut off.
ANY rental dwelling that meets the criteria listed above. Yes this means that if you own a house, condo, or townhouse that you rent to another human being, you are REQUIRED to install Carbon Monoxide detectors.”
Expect to see this new inspection item in your home inspection report. Home inspectors will be required to report on the presence or absence of a working Carbon Monoxide detector just like they report on Smoke Detectors, and water heater strapping.”
To read more click on the following:
http://sdinspections.com/new-law-regarding-carbon-monoxide-detectors
Now You Can Substitute a New Buyer for One Who Walked Without Restart
As an example of our commitment to improving the short sale process, Bank of America now allows real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale. This means you will no longer have to initiate a new short sale; instead, you can continue with the original transaction in Equator and still work with your same short sale specialist. This change will save you time by not having to repeat a number of process steps.
When a Backup Offer Is Ready
You should send a message to your short sale specialist via Equator when the original buyer is no longer interested in the property. Your short sale specialist will then respond to you within two business days and ask if you have a backup offer ready to submit. If you have another buyer prepared to make an offer, the short sale can proceed without having to repeat the short sale initiation steps. The short sale status in Equator will change to "Marketing," and you will be directed to complete the following tasks within 14 business days:
· Complete the "Listing Data" task.
· Provide the marketing description.
· Review the marketing plan.
· Upload the offer. (To do this in Equator, locate "My Properties," then "Offers" and select "Place New Offer.")
If the "Listing Data" task is not completed and the new offer is not uploaded within 14 business days, the file will be closed.
When No Backup Offer Is Ready
This new process applies only if there's an available backup offer when a buyer walks. If you do not have a backup offer ready to be submitted, the short sale will be declined. In that case, you should return to marketing the property and initiate a new short sale in Equator once you receive another offer.
A new educational guide, How and When to Submit a Short Sale Backup Offer, is available to explain the backup offer process. If you have any questions, please contact your short sale specialist via Equator or call Customer Care at 1.866.880.1232.
Visit the Real Estate Agent Resource Center at www.bankofamerica.com/realestateagent for additional educational guides, news and resources to help you complete short sales at Bank of America.
If You Serve VA Buyers
USAA Mortgage has some exciting updates that impact the Movers Advantage® network:
· The formation of Pods for all of USAA Mortgage Fulfillment. A Pod is a mortgage team that hasco-located processors/underwriters/closers on the same team in order to deliver an exceptional member experience USAAPods Concept.
· We have right-sized processor pipelines to ensure an improved member experience.
· We have selected 35 high performing processors assigned exclusively to Movers Advantage® mortgage transactions. Mortgage processing-locations: San Antonio, Phoenix and Tampa.
· All MoversAdvantage®agents will receive an introductory call from a processor on USAA Mortgage transactions in order toform a partnership to provide an exceptional experience to our member.
· We are building the Movers Advantage® skill into our processor career path.
· The agreed upon closing date is very important to all involved with a Movers Advantage® transaction. A closing date cannot be changed on a MoversAdvantage®USAA Mortgage transaction without manager approval. Our USAA Mortgage Executive team will be monitoring this report.
· All Movers Advantage®transactions within USAA Mortgage will only be assigned to USAA employees, not surge partners(contractors).
· USAA Mortgage now has an FHA product offering that is now available in all 50 states (since February 1, 2011).
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