Three events to attend to take you to the next level: C.A.R. Expo, Tech Tuesday, and REBarCamp SV

Tuesdays, here at the Glen Oaks Escrow website, we post Technology Tips designed to help you, the REALTOR®, grow your business, keep up to date on the latest technologies, and move you forward into the new era of real estate.

The first week in October is rich with development opportunities and events for California REALTORS.  The CAR Expo, Tech Tuesday, and RE BarCamp SV are all being held in San Jose from October 5^th-October 9^th.  Here are further details on all of these great business opportunities:

California REALTOR Expo 2009:

The California Association of Realtors Annual Trade Show and educational summit (CAR Expo 2009) runs from Wednesday, October 7^th – Friday October 9^th at the San Jose Convention Center.  The event is California’s largest real estate trade show and draws “thousands of California’s key franchise executives, top producers and movers and shakers every year for educational networking, and professional development opportunities”.  The Expo website If you are interested in learning, getting a pulse on the trends impacting real estate today, and networking with agents and real estate influentials from all over the state, the CAR Expo is the place to be.

• Conference Website:  http://expo.car.org
• Dates:  October 6-8, 2009
• Registration:   http://expo.car.org/register.html
• Twitter Account:  @CAREALTORS
• Twitter Event Hashtag:  #CARExpo

Tech Tuesday:

This is a CAR sponsored, day long technology training preceding the official CAR Expo and is chalk full of technology training and tips to help REALTORS in their business.  Tech Tuesday sessions include:

• Text, Tweet, and Sell:  A Dialogue on Tech’s Possibilities for Today’s Agents
• The Benefits of Blogging
• Media is the New Marketing:  How to Attract the Right Attention
• Best Practices for Building an Online Presence
• Social Media and Social Networking:  A Guide for REALTORS

Further details on Tech Tuesday can be found here:

• Conference Website: Tech Tuesday
• Date:  Tuesday, October 6^th, 2009
• Registration:  http://expo.car.org/register.html
• Twitter Event Hashtag:  #TTCarExpo

If you are attending Tech Tuesday, be sure to join in on the Tweetup (a meet-up promoted on Twitter) at Tanq Bar (San Jose Marriott – within walking distance of the San Jose Convention Center) starting at 5:15 pm.  Come mingle with fellow Tech Tuesday attendees over a drink (everyone is responsible for their own food/drinks).  It’s free to attend and Tech Tuesday attendance is not required to join the Tweetup.  More info and RSVP list is here at Twtvite.

RE BarCamp Silicon Valley:

On Monday, October 5^th in downtown San Jose, there is a free, day-long event, that attracts the most progressive of Realtors.  RE Bar Camp was born from the desire for people to share and learn in an open environment.  There is no set schedule or topics.  Instead, the day is shaped by the passionate real estate professionals who gather and discuss how technology and social media can benefit the real estate business.  Any forward thinking Realtor who is interested in applying technology to their business should attend.  It is an outstanding way to network with industry elite and become engaged in discussions that can truly transform your business.  The event is free, but you do have to RSVP here to attend.

• Conference Website:  www.rebarcamp.com/siliconvalley
• Date:  Monday, October 5, 2009 8:30 am-4:30 pm
• Registration:  http://rebarcamp.com/siliconvalley/?page_id=6
• Twitter Hashtag:  #REBCSV

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$8000 Tax Credit Assists First Time Homebuyers: Tax NOT Deducted at Escrow

The Federal Government, in an effort to stimulate the economy, enacted a first time home buyer tax credit earlier this year that would give homebuyers up to $8,000 to help offset the costs of purchasing a home.  Many REALTORS and homebuyers alike, have asked for the refund to be “given back” during the close of escrow. Since the program is a “tax credit” the money comes back from the government when the new homeowner files their income tax return as opposed to receiving the money at the close of escrow. Escrow officers want their clients to know this ahead of time to help avoid frustration when a buyer thinks they will receive an additional $8000 to help them close their escrow.

To help avoid confusion, here is more information about the tax credit and the form that needs to be filled out in order to apply for the tax credit.

The credit:

• Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
• Applies only to homes used as a taxpayer’s principal residence.
• Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
• The credit is claimed using Form 5405.

This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000 or $150,000 for joint filers.
For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase.

The IRS has a new YouTube video about the tax credit and other resources that explain the credit in detail.

This is not intended as legal or tax advice. To fully understand the tax credit and apply successfully for the refund, please consult a tax professional.

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Find the Answer to Anything – Remember that Google is Your Friend!

Tuesdays, here at the Glen Oaks Escrow website, we post Technology Tips designed to help you, the REALTOR®, grow your business, keep up to date on the latest technologies, and move you forward into the new era of real estate.

It is very common for REALTORS® to find the world of Web 2.0, social networking, and technology overwhelming.  There is so much new terminology and  new information and the technical landscape seems to move so fast.  The news talks about the latest “thing” be it blogging, Facebook, or Twitter.  How does one keep up?

This post is to remind you that the most obvious forum for finding the answer to your questions is right under your nose and is often overlooked: Google.  Google tends to have the answer to anything.  Not sure what that text acronym TTYL is that your client (or niece) is using?  Type “TTYL” into Google and you’ll have an instant answer.  Wondering what this Twitter thing is and if it is something you should know about?  Type in “Twitter for Realtors” into Google and you’ll get plenty of perspectives on how to decide if Twitter is for you.

Do you feel you get too many results or don’t seem to find what you are looking for when you search for a topic on the web?  Common Craft did a great video explaining Web Search Strategies in Plain English.  Invest 3 minutes of your time and watch the video to learn some basic tips that will help you find exactly the content you are looking for when you search the web.  It will not only save you time, but it will also open the door to answering any question you might have regarding technology, your real estate business, and this world of Web 2.0.

You might also want to consider Google-ing the name of the clients you are working with.  In a previous post, I discussed the merits of Google-ing yourself and how to set up a Google alert to track what is being said about you on the web.  With the proliferation of social networks and the boom in participation in them, many of your clients are out there and searchable on the web.  You may learn a thing or two about your clients that will help you to connect with them as you help them with their real estate needs.  Give Google a try!

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Tips To Help Your REO Escrow Go Smoothly

Want to make your REO (Real Estate Owned) escrow go as smoothly as possible? Here are a few tips:

Fact:

The REO escrow must close on time.

Fact:

The escrow cannot be opened until the purchase agreement is uploaded to the sellers (banks) online REO system and made available to escrow to download. This can occur as late as 1-2 weeks after acceptance, which delays the escrow opening and in turn may delay the escrow closing.

Tip #1:

Upon acceptance, provide the escrow holder a copy of the signed contract. This way, escrow is able to order the reports prior to the opening of the escrow and while everyone is waiting for the signed contract to be uploaded into the seller’s system. This could be essential to the escrow closing on time.

Tip #2:

Although escrow is conducted in accordance with the terms of the contract and governed by state law, the seller controls the manner in which the escrow is processed. This is the reason that agents may not be able to choose their escrow companies when the property is bank owned. You will most likely be using an escrow company (like ours) who has been selected and approved by the seller/lender to handle REO’s. Bank approved escrow companies are required to undergo extensive training on the seller’s individualized REO system.

Tip #3:

Is anyone out there still not using email to conduct their transaction? If so, you must embrace email. Email is a basic survival skill for REO escrows. The escrow is conducted via email due to time limitations, and as stated above, the REO escrow must close on time. Therefore, time is of the essence! Email is an essential tool in support of a timely transaction.

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Clients looking for you online? What do they see? Google yourself to find out.

Tuesdays, here at the Glen Oaks Escrow website, we post Technology Tips designed to help you, the REALTOR®, grow your business, keep up to date on the latest technologies, and move you forward into the new era of real estate.

As the internet becomes an ever increasing part of the business of selling real estate, it is important for Realtors to keep an eye on how they are being perceived online.  With at least 84% of real estate clients using the internet (according to NAR), it is a safe bet that the people you are working with look for you online.  I’d go as far as to say that every client you are working with Google’s you.  What do they see?

Google yourself and find out.

Google Alerts

Now that you know what is out there about you, would you like to be able to automatically keep up with what is being said about you on the internet?  Google has a simple (and free) tool called Google Alerts that let’s you monitor yourself (or anything else of interest to you) on the internet.

You can set up Google alerts so that any time your name appears on the internet, you get an email.  It’s easy.  Here is how:

1.  Go to Google Alerts:  www.google.com/alerts
2.  Fill in the Form to tell Google what you want to track:

In this example, I’m telling Google to search the internet for:

• Search Term:  My name “stacey harmon”.  VERY IMPORTANT DETAIL THAT MATTERS - You want to put your name in quotes.  This way, Google will only send you alerts when your full name appears, otherwise, it will send you an alert any time either your first name OR your last name appears on the web (and this can become very annoying).
• Type:  “Comprehensive” vs. a simple search of my name in blogs, or web pages, or videos.  Comprehensive means I want to receive an alert any time my name shows up in any of those places.
• How often:  You can choose to receive an email alert “once a day”, “once a week” or “as-it-happens”.  I’ve chosen “as-it-happens” because I want to know as soon as something is posted on the internet about me.
• Your Email:  Enter the email address you want to have the alert sent to.  It doesn’t have to be a gmail account, although if you have a gmail account, it makes it simpler to manage multiple Google alerts that you set up.

3.   Select “Create Alert” and you will see this message:

4.  Go to your email and click on the blue link after “Verify this Google Alert request” in the verification email that was sent to you:

You are now confirmed and will receive an email anytime your name (as you typed it in the Google alert) appears on the internet.

Google Alert Considerations:

• You Have a Common Name: If you have a common name, you will receive alerts anytime that your name appears on the internet and it might not be content related to you.  For example, there is a woman named Stacey Harmon Deckard who lives in Indiana.  Sometimes her name will appear on the web and I will receive an alert with information about her because my Google alert searches for the term “Stacey harmon”.
• Name Commonly Misspelled? If your name is hard to spell, or commonly misspelled, consider setting up a separate Google alert for the misspelling of your name as well.  For example, people commonly spell my name “stacy” (without the “e”) so I also have a Google alert for “Stacy Harmon” so that if people reference me in a blog and spell my name incorrectly, it will come up in my google alerts.

Google alerts are a simple and easy way to follow the conversation about yourself online and in social media.  Go set one up today and start tracking how you appear on the web!

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Understanding The Terms and Timelines of Foreclosure

If you are either in the process of buying or selling a foreclosure property, understanding the basic terms associated with the process will help you ask appropriate questions of your REALTOR, the escrow officer, the lender and/or other parties involved in the transaction. This can expedite the timeframe of the process for everyone involved.

Below are the most common terms used in connection with the foreclosure process:

A Deed of Trust:

A Deed of Trust is the security for your loan. It is the document that is recorded in the public records.

A deed of trust contains three parties:

• The Trustor, which is the borrower
• The Trustee, which is an entity that holds “bare or legal” title
• The Beneficiary, which is the lender

The deed of trust is an instrument that identifies the following:

• Original loan amount
• Legal description of the property being used as security for the mortgage
• The parties
• Inception and maturity date of the loan
• Provisions of the mortgage and requirements
• Late fees
• Legal procedures
• Acceleration and alienation clauses
• Riders, if any, regarding such clauses as prepayment penalties or terms of an adjustable rate mortgage

Notice of Default:

Lenders file in the public records where the property is located a public notice called the Notice of Default. It states that the borrower is in default, behind in the mortgage payments, and if the payments are not paid up, the lender will seize the home. In California, lenders typically do not file a Notice of Default until the borrower is at least 60 days behind in making payments. Lenders must then wait 90 days. During that 90-day period, the borrower has the right to make up the back payments and reinstate the loan. After 90 days, the lender is required to publish a notice in the newspaper for 20 days and then may sell the property to the highest acceptable bidder on the courthouse steps. If no acceptable bid is received, the trustee then conveys the property to the lender.

Deed-in-Lieu of Foreclosure:

A potential option taken by a mortgagor (a borrower) to avoid foreclosure under which the mortgagor deeds the collateral property (the home) back to the mortgagee (the lender) in exchange for the release of all obligations under the mortgage.

Foreclosure:

Legal proceeding by which a borrower’s rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. The lender may then declare the entire debt due and owing and may seek to satisfy it by foreclosing. Foreclosure is commonly by a court-decreed sale of the property to the highest bidder, who is often the lender.

As we all know, foreclosures continue to be in the news and continue to dominate the market. This means that REALTORS, struggling homeowners, and potential buyers need to have information about the process and terms of foreclosure in order to make important decisions about the sale or purchase of a property. Knowing the terminology is an important step in that process.

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Text Messaging Basics For REALTORS

Tuesdays, here at the Glen Oaks Escrow website, we post Technology Tips designed to help you, the REALTOR®, grow your business, keep up to date on the latest technologies, and move you forward into the new era of real estate.

Are you texting yet?  If not, it’s time to get on board!

Why Text Message?

Text messaging provides a great, and increasingly common way for you to communicate with your clients and for them to communicate with you.  Maybe you want to confirm a showing with them, send them a quick message about a listing, or they want to let you know they are running late.

Texting can be very beneficial.  Here are a few reasons why:

• Time saver:  Texting tends to get right to the point (who wants to type out a bunch of pleasantries and small talk?).  A simple “be there soon” gets the message across quickly and succinctly alleviating the need to call and explain the situation.  Text messaging can also eliminate the need to carry on a long-winded conversation with someone.
• It’s Easier:  It is easier to simply read a message on their phone rather than have to call into a voice mail system to retrieve messages.
• Less Intrusive:  Texting can be a discreet form of communication especially when you or your client are in a situation where phone calls are inappropriate.  Texting provides a more subtle, less intrusive option than talking on the phone or in person.
• Not a Harsh Interruption:  Texting is far more subtle than a phone ringing (which would you rather have happen in a movie theater, for example).  The phone can be set to silent and the person can still read a new text message that comes in without the need to have the phone ring, or call into voice mail to hear what you are trying to communicate.

Considerations:

• Texting isn’t free.  Check with your cell phone provider for how much texting you have on your plan.  Do you have a limited number of text messages per month?  What is the charge if you go over your limit?  Generally it is about .10 – .15 cents per text which may not seem like a lot, but can add up quickly.  It may be more cost effective to switch to an unlimited texting plan with your cell phone provider.  Either way, it is something to watch out for.
• It is against the law to text while driving in California.  Don’t do it.
• Understanding texting will help you to understand Twitter.  Twitter is basically broadcast texting (you send one message, and multiple people can see it).  If you are comfortable with texting, you will be more likely to understand and be comfortable with Twitter.  And Twitter is starting to make a splash in the real estate world (more information on this coming in future posts).

Texting Vocabulary

You aren’t the only one who wonders what all those abbreviated words mean.  Texting has, in essence, a language of its own.  Brevity reigns in the texting world and in order to be able to decipher messages and send quick replies, you should know the common shorthand.  Here is a guide to some of the most common you will find in the texting and Twitter world:

2gtbt – too good to be true
2nite – tonight
b4n – bye for now
btw -  by the way
cu -  see you (as in cu l8r)
eod – end of day
f2f  -  face to face
ftr -  for the record
ftw – for the win
fwiw -  for what its worth
fyi – for your information
gtg – got to go
imo/imho – in my opinion/in my humble opinion
irl – in real life (often used in Twitter to reference meeting someone irl)
jk – just kidding
l8r – later
lmao/lmfao – laugh my a** off/laugh my f*** a** off (not the most charming of text abbreviations but very commonly used in conversational social media)
lol – laughing out loud
nbd – no big deal
oh – overheard
omg – oh my god
pls  – please
rotfl – rolling on the floor laughing
re – regarding.  Can also mean “real estate” depending on context.
thx – thanks
ttyl – talk to you later
ty – thank you
wOOt – hooray/congratulations
ur – your
yw – your welcome

:)  -  happy face for humor, laughter, friendliness, sarcasm
:D  – super happy/toothy smile, broad smile, etc.
:(  -  sad face for sadness, anger, upset
;)  – wink
:/  – wry face
:P  – tongue out for just kidding
((hug)) -  a hug
{{{{hug}}}}  – really big hug
<g> – grin
<3   – heart on its side to show love.  Ex: I <3 re = I love real estate

ALL CAPS = Yelling

Also remember that Google is your friend.  If you run across a text shorthand that you don’t know, just put it into Google and you are certain to get an answer.  You can also check out this Lingo 2 Word Translator.

Now that you have the benefits and terminology to successfully text, it’s time to give it a try. TTYL! :)

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Key Details That Impact the REO Escrow and Closing Process

Buying an REO (or Real Estate Owned) property is a little different escrow process than your standard home sale. REALTORS and buyers need to remember that they are in escrow with a bank/lender (the “seller”) and that the bank/lender has strict procedures in place to follow during the process. Here’s a glimpse into details to look out for if you’re in an REO transaction and Glen Oaks Escrow is your escrow provider:

1. Escrow isn’t officially open until the seller has uploaded the contract into the seller’s online systems, it’s been signed by both the buyer and seller, and it shows as a “task” in the seller’s online system to open escrow.
2. Escrow instructions, preliminary title and commission orders will be e-mailed 48 hours from the receipt of the seller’s fully executed contract.
3. Loan documents must be received 24 hours before the buyer’s appointment to sign.
4. Expect to wait up to 5 days from the buyer’s signing date for escrow to receive the estimated HUD approval from the seller.
5. Once approval is obtained, the file is set to record the following business day after the lender’s funds have been received.
6. Funds are usually distributed 24-72 hours after recording.  This timing is subject to seller’s approval of the final HUD statement.

Also important to keep in mind is that communication with Glen Oaks Escrow regarding your transaction is generally most efficient via email.  Email communication provides a written record and time stamp of the communication and allows your escrow officer to respond in a timely manner.

Understanding these details can help to set the proper expectations with buyers and help ensure that your next REO escrow goes as smooth as possible.

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REALTOR Download | Facebook 3.0 for the iPhone

Tuesdays, here at the Glen Oaks Escrow website, we post Technology Tips designed to help you, the REALTOR®, grow your business, keep up to date on the latest technologies, and move you forward into the new era of real estate.

If you are one of the 250 Million Facebook users, and you also have an iPhone, then last Thursday’s release of the Facebook 3.0 application for iPhone was an event you should pay attention to.  Apple approved the long awaited update to the Facebook application for the iPhone, giving users huge functionality improvements over the prior Facebook application.

For those who are using Facebook from your computer, this updated iPhone application extends the functionality you experience on your computer to your iPhone so you can keep current, interact, and connect from the field. And, as we all all know, the busy Realtor has a hard time finding the time to sit in front of their computer.  Now it is easier than ever to keep up from the road.

A full list of functionality improvements are available here at Facebook.com.  Some of the more functional ones for REALTORS on the go who are interested in using social media to build their business include:

• See your friends birthdays: For years, the personal touch of sending a birthday card has been a successful relationship building strategy. With the new iPhone application, you can easily see upcoming birthdays of your Facebook friends (have you friended any of your clients or prospects yet?) and wish them a happy birthday from the road.
• Call your friends from within the Facebook application: If your friend has their phone number in their profile, you can tap the number to call them without having to type in the number or look them up in contacts.
• Make friend requests: Are you at a party and meet someone who you want to friend on Facebook? No need to take their card and wait until you get home, now you you can look them up and send a friend request from the party.
• Like posts and photos: A cornerstone of social media success is engaging others. The new Facebook application makes it as simple to “like” posts and photos from your phone as it is from your computer. This allows you to effectively give quick feedback to your friends posts without having to be back at your office or home computer.
• Create shortcuts to your favorite friends and pages: If you are interested in keeping up with a particular client who is your friend on Facebook, you can now create a shortcut button that takes you directly to that individual users profile.

This list just scratches the surface of enhanced features.  So, head to the App Store from your iPhone and download the Facebook 3.0 application (by the way, the application is free), or download it here from your computer and synchronize your iPhone with your computer.  It is a huge improvement in functionality and usability.  Give it a try!

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