Disorganization, undisciplined technology, too many devices requiring repetitive updates, spam, tweets and emails from those that “Can’t Do” telling you “How To” make millions; it all adds up to hundreds of lost hours and thousands of dollars wasted per year.

If you’re still working hard to be successful in real estate despite the recession, you have no doubt embraced the critical importance of having a strong on-line presence. We have smart phones, iPads, Laptops and bluetooth devises that allow us to respond to external customers (clients) and our internal customers (escrow, office staff etc.) within seconds, e-keys, personal and professional websites and of course the dreaded “blog”.

Granted, on occasion, I do find some useful tidbits of information in blogs, most of the time, they consist of recycled, rehashed, regurgitated and plagiarized material resulting in a complete waste of time (and money). All of the “masters of the universe” out there marketing themselves as internet marketing geniuses have warned us about not maintaining a high visibility through blogging. Unfortunately, most of us just don’t have that much to say that is considered interesting to others, this results in the internet and Realtor® sites being flooded with garbage just so we can see our names pop up on Google searches. If it’s not new and it’s not generating money for you why write about it? And please learn to use spell check!

Another pet peeve of mine is websites like Trulia and Zillow. Most real estate agents fail to recognize these sites are not so much lead generators as much as they are profit centers for the website owners. These sites contain outdated data and incorrect information, often misleading buyers to invalid assumptions. Questions from so called “buyers and sellers” appear in our inbox regularly, inspiring agents to provide an instant response so they can “impress the potential client”. Much to our dismay, some of these questions are months, and in some cases, years old! Newer and or desperate agents, or just those with hours of time on their hands respond to these in an attempt to “win the prize” of the new client. But, if you are like 99% of agents, this exercise has been to no avail.

Linked-In is a fabulous tool to network with colleagues. But, many agents think this is an effective way to market individual properties. Unfortunately, all they are doing is flooding the in boxes of their competitors, not potential buyers! Did they forget that we already have access to the MLS?

Often I have heard disparaging remarks about real estate agents as a whole. As a broker I find them to be insulting. I know the educational background of my team and myself. We comprise an informed, well trained and proficient group. When interviewing agents who are interested in working with us we ask some basic questions regarding proficiency and knowledge base. Roughly two thirds can’t answer basic questions about fiduciary requirements because they have never had basic competency training. They cannot name closing techniques or explain Public Reports etc., yet when we check, most of these people have blogs and are self-professed experts on Trulia, Zillow and Active Rain.

My point is this; as an industry we need to get back to basics. We need recurring in-house sales training in addition to DRE required continuing education, we (agents) need to stop wasting time marketing to each other and start marketing to Buyers. You need a plan to stay ahead of your competition. Learn how to spot a client’s buying signals and learn how to “close” the buyer and get the deal signed.  Hour for hour, you will fare far better by reaching out to the public in person rather than sitting in front of your computer for 5-8 hours a day.

Sitting at your computer day after day isn’t really working and it’s not going to produce the desired results! It may feel like work, but, it really isn’t!

Yes, I said it! It needed to be said!

And most importantly, stop reading my blog and go sell a house! I warmly accept that no one cares what I have to say!

www.guyfoxwell.com                            

The comments contained herein are the opinion of the author and not necessarily those of Real Estate Resource Services.

Definition of a “Robo-Signer”

An “employee or subcontractor” of a mortgage servicing company that signs foreclosure documents without reviewing them or having any actual knowledge of the matter. Rather than actually reviewing the individual details of each case, robo-signers fraudulently certify that the financial institution has the correct and required legal documentation to foreclose on the property. Unfortunately, the signers have often used fraudulent and fictitious names and obtained invalid notarizations on documents recorded throughout the United States.

One glaring example of fraud is the case of fictitious signings using the name of “Linda Green” a VP of multiple banks. Linda Green’s name was actually used by multiple employees, often part-time high school students with no banking experience. One company named DOC’s, a subcontractor of  LPS, a subsidiary of Fidelity National Title, signed over 4000 documents per day, per employee. The documents were then fraudulently notarized and recorded for foreclosure. These documents were subsequently presented as evidence in court where required by law.

http://www.cbsnews.com/video/watch/?id=7361572n&tag=contentMain;contentAux

In the third and fourth quarters of 2010, the robo-signing scandal emerged in the United States involving GMAC Mortgage, B of A, Chase and a number of major U.S banks. Banks had to halt thousands of foreclosures in numerous states when it became known that the paperwork was illegitimate because the signers certifying that documents had been reviewed had never actually reviewed anything. While some robo-signers were middle managers, most were temporary workers with virtually no understanding of the work they were doing, the documents they were reviewing or that what they were doing was in fact a felony.

This past month a $25 billion “robo-signing” settlement was reached with the federal government that requires mortgage servicers to implement changes to protect consumers and to halt the widespread pattern of improper foreclosures and document signings that helped spark the housing crisis. The settlement, announced on February 9, also leaves open the possibility of further civil penalties, lawsuits and criminal prosecutions.

Compliance with the agreement will be overseen by an independent monitor appointed by the government negotiators. Banks may be fined up $1 million per violation of the terms of the agreement, or up to $5 million for certain repeat violations.

The “robo-signing” scandal revolved around massive abuses of notarization, including forged signatures, lack of screening for awareness and misuse of Notary seals by non-Notaries, among other violations

The Obama Administration and 49 state Attorneys General— excluding Oklahoma, which negotiated a separate agreement — are requiring the nation’s five largest mortgage servicers to ensure legal and ethical notarizations and foreclosure practices, implement training programs, and comply with Notary laws, among other vital terms. Those provisions extend to third-party vendors that perform various servicing functions, such as processing foreclosure filings.

At the same time, the settlement permits law enforcement agencies to pursue criminal cases related to “robo-signing” abuses, such as those filed in Nevada and Missouri. The banks also may have to defend themselves against consumer lawsuits over improper foreclosure document practices

Here in California,  Attorney General Kamala Harris has announced legislation  known as the “California Homeowner Bill of Rights” — that would protect homeowners against illegal foreclosure acts and predatory lending. If the package becomes law, all lenders who do business in the state would have to meet a set of specific requirements before instituting a foreclosure process or face legal action and fines that could overturn the foreclosure.

The legislation is designed to strengthen loan servicing reforms mandated by the National Mortgage Settlement in the Golden State at a time when financial institutions across the nation are working to correct “robo-signing” issues.

The legislation includes a provision that would impose a $10,000 civil penalty for recording or filing “robo-signed” documents that contain improperly-performed or illegal notarizations. Additionally, the “bill of rights” codifies the agreements that were put into place in the national settlement, and expands them to all mortgage servicers operating in California.

On the national level, major financial institutions claim to be working to comply with mandates made by the Federal Reserve Board to correct “robo-signing” issues. The financial institutions have issued preliminary action plans in response to reports issued by the Fed and two other bank regulators which revealed that “the majority of (mortgage) servicers had failed to conform to state legal requirements.”

For more information please contact me at www.guyfoxwell.com.

While I think the inability to be in instant contact with my clients and my office is the “kiss of death”, the one thing we know for sure is that almost every mobile phone service package comes with text messaging. When discussing alternatives like the benefits of communication through SMS text messaging, the negative feedback centers on having difficulty typing a text message on an annoyingly small cell phone key pad. Many agents and brokers are not aware of the availability of SMS Text messaging which can be sent as an email from any computer and received as a text message on the recipient’s cell phone.

In the spirit of conducting good business and in mutual cooperation with our fellow real estate practitioners, below you will find the email format for SMS text messaging for the major cell phone service providers. The person sending the email will need to identify the recipient’s service provider, which can be done at www.http://fonefinder.net/. Insert the recipient’s phone number as shown below and send your message! You can then easily be in instant communication with the less tech savvy agents or office personnel.

It will save you much time and frustration, especially if you have stubby fingers like me!

Cingular: phonenumber@cingularme.com

T-Mobile: phonenumber@tmomail.net
Virgin Mobile: phonenumber@vmobl.com
AT&T: phonenumber@text.att.com

Sprint: phonenumber@messaging.sprintpcs.com
Verizon: phonenumber@vtext.com
Nextel: phonenumber@messaging.nextel.com

Good Selling!

What is a HUD 1, and why is my lender always saying they need this HUD1 before they can order Docs???  The HUD 1 is the document that summarizes all the costs from the lender to generate the loan, this includes what your closing costs will be and will show any credits or contributions from the Seller, if any, and Escrow costs. This is the final document that needs to be signed off (approved) by the Seller and delivered back to Escrow before the docs can be ordered by the lender!

What happens and what does it mean when my lender tells me they have ordered Docs?  This means that they have requested your final loan documents and are waiting for all the loan documentation to be compiled and emailed to them from their internal loan document department. When the documents arrive they will typically be reviewed by the loan officer or processor and escrow to verify that everything is correct. Once Escrow has received the Lender Documents, they typically require 24-48 hours to review the documentation and prepare all of the additional documentation required internally by the Escrow.  Escrow will then call you to schedule an appointment for you to come in to their office and sign all of the required paperwork.  Feel free to call Escrow to get your appointment scheduled so they know you are in a rush to sign! They may not schedule you at the time you call, but they will have you on top of the list to call and schedule you in the time-frames you have provided them when they are ready!  Typically, loan documents are signed at the Escrow office, however sometimes a signing may be scheduled at your lender’s office or another location of your choosing – when this occurs the services of a mobile notary are required and there is typically an additional expense for their services.  

What happens after I sign my loan documents, and how much longer do I have to wait?  You must make arrangements to wire your funds to close after you sign your loan documents, if you have not done so already.  Once the documents are signed, they are sent back to the funding department for review.  This typically takes 24 to 48 for review and the satisfaction of any prior to funding conditions – these can include a verbal verification of employment and proof of homeowners’ insurance. Once all conditions are satisfied and signed off,  your lender can set up the file for Funding! Once Escrow gets confirmation of the funding then Escrow can set your file up for Recording.  Both of these processes can take 24 to 48 hours.

What do you mean Funding and Recording – I just want my Keys!  Once the Lender receives the loan documents back from Escrow  they must Fund the loan, which means that the money you are borrowing is electronically transferred to Escrow.  When they have confirmed receipt of all of the money required to complete your purchase they will arrange with the Title company to record title to your new home in your name.  This will typically occur the following day. In Riverside County the county recorder’s office only records documents once per day – in the morning – on Monday through Thursday.  On Fridays and the last day of the month, the recorder’s office records documents a second time – in the afternoon.  This allows for properties that fund in the morning on those days to record in the afternoon – as long as all of the paperwork is prepared and Escrow knows that you are requesting a “Special Recording”.  You may not receive your keys until everyone has confirmation from Escrow that everything was finalized and Recorded properly. No Funding or Recordings will occur on the weekend because escrow and the County Recorder’s office are closed.

Why should I change the locks on all the doors, it’s expensive and I have spent enough money purchasing the home?  This is to protect your new home and your belongings.  Homes listed for sale, particularly REO properties, have a lot of agents and contractors in and out of your home many with their own key, the previous owner and/or tenant may still have a key to the home as well.  Once you close escrow you want to control who has access to your home, changing the locks guarantees that you control who has access to your home.

Congratulations on purchasing a new home and remember closing escrow is only the end of the beginning of your life in your new home!

Both sexes also clearly prefer it when there’s no roommate in the picture; 62% of survey respondents, men and women, prefer to date singles who live alone.

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1. Does the agent require you to prequalify? Some prospective buyers view this crucial step as a hindrance or unnecessary, but an agent that doesn’t require a prequalification isn’t doing their job. A prequalification determines your price range, loan program and can uncover any number of credit issues that need to be dealt with before you find your dream home and start the mortgage process. A thorough prequalification now will prevent a mortgage decline later on. Your real estate agent is going to invest his time and money in assisting you in finding the right home for you and without a prequalification this is a risky investment. Don’t you want to work with someone who values their own time and will therefore value yours as well?

2. Does your agent ask questions and then listen to your answers? A good agent will ask you several questions – not just about bedroom and bathroom counts, but about how you live and your lifestyle – and then follow up those questions with clarifiers to fully understand what your needs and desires are in a home. An agent who doesn’t understand what you are looking for is going to have a much harder time identifying the home of your dreams.

3. Does your agent take notes? Most agents will take notes on their initial meeting with a client to get background information, prequalification status, etc., but the best agents continue to take notes throughout the sales process. They are going to note what you like about the homes you see and what you don’t like and the lifestyle discoveries that will come up while touring homes, but that you may not have mentioned at your initial meeting. Almost every buyer experiences an evolution in what they are looking for in their desired home during the home buying process, an experienced real estate agent tracks these changes and will find you a home or homes that meet your evolving needs.

4. Does your agent show you a manageable number of homes? Some agents become so excited they overwhelm their client with options. It is the agents job to preview the homes and only show you homes that fit your criteria. Your agent should not be seeing a home for the first time when he shows it to you. A good agent previews the homes he finds for you and eliminates the ones that may sound good on paper, but don’t fit your evolving list of needs that he has detailed in his client notes. Again, a good agent values time – both yours and his own. A good agent should show you no more than 7 homes in one day. More than that and neither of you will be able to fully differentiate and recall the homes you toured and your time will have been wasted. Or, worse yet, you will have a nagging “memory” of the perfect home which actually doesn’t exist, but is a combination of several of the homes you toured and you will spend even more time trying to “find” it.

5. Are you comfortable with your agent? The most important intangible measure of a real estate agent’s job performance is that their buyers are comfortable with them and can be honest and truthful in their feedback. A prospective buyer that “likes” every home they see, but doesn’t find one to buy is not helping themselves or their agent. The agent needs feedback on what isn’t working for the buyer with the homes shown. Without feedback, he is blindly guessing at the buyer’s wants and needs and wasting both his own and his client’s time showing homes that don’t measure up to the buyer’s criteria.

Buying a home is a big investment in time and money and you will live with your decision for years to come, spend the time now to choose the right agent who will ensure that the home you buy is the right home for you and your lifestyle.

Ever since foreclosure rates hit record levels, many homeowners, like you, are turning to short sales as a way to avoid losing their homes and crippling their credit for up to 10 years. In fact, CoreLogic a company that tracks real estate trends reports that short sales have tripled in the last 2 years and now account for nearly 20% of all transactions.  You are not alone in this crisis. You can get help. The earlier you get started, the easier the whole process will be for you and your family.

What is a Short Sale?

A short sale is when the bank agrees to accept less than what is owed on a mortgage  that is secured by real estate.  It benefits you, the seller, by avoiding the stress of foreclosure and has no out of pocket expenses to you. When a short sale is handled correctly you can walk away with your debt paid in full, without doing the bank any special favors. You are able to stay in your home longer, while the sale is negotiated with the lender(s), and you may even be eligible for monetary relocation assistance through the HAFA program. Also, if you are worried about repercussions you can get a signed agreement from the bank that guarantees they will not come after you for more payments (permanently removing your liability). In many cases, the lender can benefit as well because they can recover a greater percentage of the debt owed instead of paying for a costly foreclosure.  It is important to remember, that this is not always the case and the lender can refuse your request for a short sale.

You may be eligible for a cash incentive!!

For more information regarding cash incentives, please visit www.makinghomeaffordable.gov.

Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following will give you a pretty good idea of what to expect.

RERS can help with your short sale transaction and answer any questions you may have.  We will provide you with a courtesy consultation with one of our short sale agents outlining the step-by-step short sale process.  To set up a consultation you can contact us at 800/274-2129 or info@rers.org.

Take two hours of your day and learn the CORRECT way to SELL and CLOSE HUD Homes. If you don’t, you will struggle with these transactions!

“How to Successfully Sell HUD Homes”

This is an invitation to a FREE “on-line” HUD-Pemco Training Seminar

Date: Wednesday January 25, 2012

Time: 10:00am-12:30pm

1.  Click the link below to join the training meeting.

https://www1.gotomeeting.com/join/454539961

AND………………………

2.  Join the conference call:

Conference Dial-in Number: (308) 344-6400 (Long Distance Charges Apply)
Participant Access Code: 484683#