Glen Oaks Escrow

Happy Thanksgiving from Glen Oaks Escrow!

A special greeting at this Thanksgiving from Glen Oaks Escrow to express our sincere gratitude for reading our blog and the feedback you provide.   We are thankful and would like to extend our best wishes from our family to yours.  Happy Thanksgiving!

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Twitter 101-What is it and Should you be on it?

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.

A year ago, when I would introduce “Twitter” to a group of agents, it would be the first time Realtors had heard the word.  Today, thanks to an explosion of Twitter users in the media and entertainment world, most have at least heard the term.  But, I still usually get the question, “What is Twitter anyways?”.  And, once I explain Twitter, many are left trying to figure out if it is relevant for use in their real estate business.  This post is designed to define what Twitter is.  Future posts will discuss what the value is in Twitter and investigate if there is any value for real estate agents.

What is Twitter:

I like to explain Twitter as “broadcast texting”.  Basically, you type a short message, and when you hit send, it broadcasts out that message to everyone who chooses to “follow you” (people can choose to receive your Twitter updates).  So, if you have 200 people following you, that one message will simultaneously go to all 200 people.

Some important details to understand about Twitter:

• Twitter is a social network
• Messages are called “tweets”
• Messages/Tweets are limited to 140 characters (Twitter is often defined as “micro-blogging.  For a better understanding of blogging, check out our post on What is a Blog & How Does it Relate to Real Estate)
• Tweets answer the question “What is happening?” (Twitter asks this on the website)
• You can use Twitter from both the web and from your cell phone.
• The service is free.  Note however, that if you use the service via text from your cell phone, you may have charges associated with it depending on the texting plan you have with your carrier.  Once I started really getting into Twitter, I invested in an unlimited texting plan on my cell phone.

If you are still not clear about what Twitter is, other’s have done a great job explaining Twitter.  Here are some links to others explanations:

• Common Craft has a video explanation of Twitter that appears on the Twitter website.
• About.com answers “I just don’t understand Twitter“
• Tweeternet answers “What is Twitter and Why Does it Keep Following Me Around“
• Real-Tech Guy does a nice job of explaining how to get started with Twitter

Also, Nicole Nicolay of MyTechOpinon.com has written the definitive guide on using Twitter for real estate.  It is a free ebook you can download and it is outstanding.  If you are ready to get started with Twitter, or already have an account and want to learn how to best use it for real estate, you won’t find a better source.

This post lays out a definition of what Twitter is.  I can tell you that Twitter is my absolute favorite social network.  Twitter provides me a new form of communication I didn’t know I needed and it has transformed my business communication and networking activities.  Future posts will expand on the value that Twitter provides and introduce strategies to successfully use it in real estate.  For now though, if you want to get started with Twitter, go to Twitter.com and sign up for an account (it is very easy and requires minimal information from you).  Then, follow me (my twitter id is @staceyharmon).  By watching my Twitter account, you’ll start to get a feel for what Twitter is all about!

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REO Overview: When the Bank Is the Owner, Escrow Is Impacted

Recent headlines have proclaimed that California’s foreclosure crisis is a long way from over. First time home buyers, predicted to make up 55% of the market in 2010, are looking at REO’s as an affordable way to get into the market. That makes REO or ‘Real Estate Owned’ properties the hot ticket right now. These are homes that fell into foreclosure and then didn’t sell at auction. So now, the bank or lender owns the property and wants to get it off their books ASAP.

Buying an REO property is almost the same as a regular home purchase. You still view the home and write an offer; the big difference is that you go into escrow with the bank- not a private seller. Dealing with the bank makes for a different negotiation process, and has some impact on the escrow process, as well.

In terms of negotiation, let’s say you make the bank of offer. They may sit on it for a while and mull it over. Depending on how close your number is to what they need to recoup their losses, they might agree right away, or wait for other offers to come in before they accept or decline yours. They may not counter you the way a traditional homeowner might…instead, they may just accept another offer. However, if they do accept, you will enter into an escrow agreement with the bank.

When you’re in escrow with a bank the process is different from a traditional home purchase. A REO sale has very strict time constraints and deadlines built into the escrow agreement. Banks are absolutely set on meeting those deadlines and because they are an institution not an individual, they can charge hefty fines if you fail to meet their deadlines. The upside – you can close fast. The downside – the bank can take back the offer without returning your earnest money (escrow deposit) if they feel the terms of the escrow will not be met on their timetable.

Don’t get discouraged though. People are purchasing REO properties in droves because they are saving between 10-30% on their purchase. It’s a fantastic way to get into a first home or buy investment property. So, if you’re ready to plunge in feet first, talk to your Realtor about testing the waters on an REO property. The market continues to have a high percentage of them, so your options are plentiful. Happy home buying!

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Virtual Real Estate BarCamp on November 17th – Learn from wherever you are!

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.

Our “Tech Tuesday” tip is being posted a day early this week in order to get the word out that tomorrow (November 17, 2009) a great online event is being held that any Realtor interested in learning more about technology and social media for their career can attend.  It’s Virtual RE BarCamp and all you need to attend is a computer and an internet connection.   If you are interested in any of the following topics, then Virtual RE BarCamp is for you:

• You Tube for Real Estate
• Using Flickr for Real Estate
• Making Real Estate Sales with New Media
• The Brand of “You” in Social Media
• WordPress for Real Estate
• Social Media Trends for 2010
• Search Engine Optimization (SEO) 101
• Linked In for Real Estate
• Must Have Word Press Plugins

As the event website states:

The REBarCamp phenomenon has exploded over the last year with dozens of in-real-life gatherings where the real estate community comes together to discuss and demystify the current trends in technology and marketing. The goal of VirtualREBarCamp is to bring this experience to you as opposed to having to bring yourself to it.

Event Details are as follows:

• When:  November 17, 2009, 9:00 am – 4:00 pm PST
• Where:  Online Webinar
• How to Attend:  Links and Call In Information Here
• Cost:  Free
• Registration: Participate by registering here
• Schedule:  Calendar of Sessions
• Speaker Bios

Interested in what you are reading? To automatically receive these Tuesday Technology Tips in your email box, subscribe to these articles at the top right corner of this site (Glen Oaks Escrow) in the box titled “Subscribe via Email”.

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Title Binders: A Money Saving Tool If You Plan On Owning A Short Time

What is a title binder? No, it’s not the binder you take to keep your notes in concerning your title and escrow proceedings. It IS something that you should know about to save money if plan on selling your home within 2 years after its purchase. A title binder, also known as an interim binder, is not a title insurance policy, but is, instead, a commitment to issue a title policy. The key to the title binder is asking yourself, “How long do I plan to keep this property?”

The title binder is a cost saving tool for people (i.e. investors) who intend to “flip” a home or for those who are subject to frequent relocation or who just find themselves not wishing to remain in a specific home for more than two years. Every time you sell and buy a home, you incur costs to have the title searched. Title insurance protects the buyer of a property or the lender for the property against unknown defects in the title. For a one-time premium, the title insurance company, which is in the business of examining public records, preparing title abstracts, and selling title insurance, issues the insurance after doing a title search on the property.

By purchasing a title binder up front, you can save hundreds of dollars in title fees because it allows the purchaser of real property to resell the same property and have a policy of title issued to his/her buyer at fraction of the cost. For example, if an investor purchases a “fixer upper” they would purchase a title binder as soon as they bought the property, knowing they plan on fixing up the property and selling it within a year. When they go to sell the property, they use the same title company they originally used and avoid having to incur the costs of having the title searched again for the new buyer. The binder was designed for a special purpose and cannot be used in every real estate transaction. The standard term for a title binder is two years. However, some title companies do offer an extension for another year at an additional cost of another 10% of the Owners Policy Cost. It is very important to note, the same title company that issued the title binder must be used when the property is sold.

Sometimes, the listing agent for the former buyer (now the seller) was not aware of the title binder purchased at the time the property was purchased. Under normal circumstances in California, the seller of real property pays for the buyer’s title insurance. The interim binder provides a method to avoid duplicative costs. An Interim Binder gives its holder the option to obtain coverage during the period set forth in the Interim Binder, sell the property, and provide a title insurance policy for the new buyer, all at the cost of a single owner’s policy plus a “binder fee”, usually 10% of the premium for the owner’s policy. Accordingly, where a buyer or developer intends to resell the property within a defined time period (usually two years), an interim binder may constitute a useful and cost effective alternative. It is important to repeat, however, that an interim binder is not insurance, it is a commitment to issue an insurance policy.

However, if a claim arises during the interim binder period, the person to whom the interim binder was issued may convert the interim binder to an owner’s policy of title insurance naming him as insured and tender that claim pursuant to the policy. Title binders are only for buyers, not lenders and are issued in lieu of an Owner’s Policy. More information about the legalities of title binders can be found here.

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Realtors Doing It Right In Social Media| Look and Learn!

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.

This week we are going to take a look at several Realtors who are succeeding by incorporating social media and web 2.0 principles into their real estate businesses. Social media provides an array of opportunities to develop relationships with clients – for some the diversity of options can seem overwhelming. With so many opportunities to apply web 2.0 practices to your business, the following agents have been selected as examples because they exploit one strategy particularly well. The lesson is to pick and choose what works best for you. Focus. By doing so, you too can grow your business by applying social media techniques. Let’s learn from others who are leading the way!

Video

Mike Lefebvre | Hallmark Sotheby’s International Realty – Suburban Boston, Massachusetts

Particularly outstanding is Mike’s use of video on his blog…specifically, this one which he submitted to www.MyTechOpinion.com answering the question “What technology has had the most impact on your real estate business”.

• Blog

Listing Information

Kris & Steve Berg | San Diego Castles Realty – San Diego, California

Both the website and blog do an excellent job of presenting dynamic information that consumers want, particularly in regards to listing information and market trends. On the home page of both their sites, the visitor is presented with a map showing active inventory in the San Diego market and the blog has the ability to let visitors search home listings from their cell phone.

• Blog: The San Diego Home Blog
• Website: www.SanDiegoCastles.com

Networking & Niche Marketing

Andy Kaufman| Keller Williams – Berkeley, California

Andy personifies the definition of networking in a web 2.0 world…and it isn’t only the social media networking he does. Supported by an informative, data rich blog, a niche focused on the foreclosure, REO, and investment market in the East Bay of California, the real power in Andy’s strategy comes in his outstanding use of blending social media and “in real life” (IRL) interactions to network for business. Andy is everywhere – networking at conferences that draw the real estate, the social media, and/or the technology scene – events such as the REOMAC conference, the REBarCamp Conferences (Andy is the founder of this successful series of social media conferences focused on Real Estate), and SXSW (South By Southwest). The power of his networking activities has resulted in no less than 7,000 followers on Twitter and 1,100+ friends on Facebook.

• Blog: MyEastBayAgent.com

Photos

Teresa Boardman | Saint Paul Home Realty – Saint Paul, Minnesota

Photos are Teresa’s thing, and her use of the social community Flickr for her real estate business, in conjunction with her blog, is an example for all. Photos are so paramount to her web presence they not only have their own navigation section on both her blog and website, but also to warrant an entire blog of their own. She also has thousands of photos representing the St. Paul area in her Flickr account and truly gives a consumer an outstanding feel for the area.

• Blog: StPaulRealEstateBlog.com
• St. Paul, MN Photo Blog: StPaulPhotos.com
• Website: www.TwasHere.com

Active Rain:

Rich Jacobson | Windermere Real Estate – Kitsap Peninsula, Washington

Active Rain is the largest real estate social network with over 170,000 members. And, if you are a member of Active Rain, you probably know the name Rich Jacobson. He is a Community Builder there and a brilliant example of how to utilize this great resource to not only promote yourself and your business, but to learn and participate in the social media real estate community. He also expresses his personality and interests by having a blog dedicated to his personal interest in Crabbing which results in a niche marketing effort based around a Pacific Northwest activity that he loves.

• Active Rain Blog: Rich Jacobson
• Website: KitsapLife.com
• Western Washington Real Estate Blog: Sound Bite Blog
• Personal Interest Blog on Crabbing: CrabbingInTheHood.com

Consumer Focused: Clear and Effective

Kristal Kraft | The Berkshire Group Realtors – Denver, Colorado

An excellent example an agent who combines her website and blogging efforts into one site online, Kristal’s blog is simply one section of her web presence and surrounded by a website which illustrates her professionalism, market knowledge, and answers the most pressing buyer and seller questions. No one tool overpowers others in this site – its success is more about an overall strategy of providing content that consumers care about and establishing herself as the trusted adviser in the consumers mind.

• Website/Blog: KristalSellsDenver.com

Please send us who you think is doing it right in real estate and social media and we can do a follow up post in the near future!

Interested in what you are reading? To automatically receive these Tuesday Technology Tips in your email box, subscribe to these articles at the top right corner of this site (Glen Oaks Escrow) in the box titled “Subscribe via Email”.

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What Day Is Best To Negotiate Close of Escrow?

What day should you negotiate to close escrow in order to meet the needs of the buyer and seller?  When negotiating a contract, the actual day of the week that the close is on is not often considered.  More typically, contracts call for 30 or 45 or “x” day escrows.  But, considering that:

1. Most buyers prefer to move into their new home on the weekend, and
2. Most sellers want to get their funds as soon as their sale closes,

we at Glen Oaks Escrow suggest taking a look at the specific day that you are projecting to close with your “x” day escrow, and attempt to avoid a Friday close.  Thursday or earlier is often best.  This is because you allow for a day from the recording of the sale for a seller to receive their money and a day of wiggle room for the buyer in case any part of the process encounters a snag.  In the case that a hiccup with any part of the closing process does occur, this leaves at least an extra business day to close before the weekend.

Other considerations:

Should we close at the end of the month?

Some people are concerned with closing at the end of the month. The benefit of closing at the end of the month is that the buyer does not have to come in with as much money to pay for outstanding interest that may be due. Closing at the end of the month is generally not a problem if all the documents are turned in on time. However, buyers and sellers should be aware that generally the county recorder’s office has more volume on the last day of the month.  Confirmations of recording tend to come later in the day as a result, and the risk of delays in proceed disbursements can increase as a result.  Of more common concern to most buyers and sellers is to avoid closing on a Friday and perhaps facing a delay that would force the buyer and seller to wait until after the weekend to close.

Holidays

Be sure to take holidays into account when negotiating a closing date as well.  The county recorders office, banks, and often escrow are closed for all public holidays and this can impact your closing date.  If for example, you plan to close on a Thursday, but the next day is a holiday, you might prefer to target a Wednesday close in order to best plan for the property closing before the long holiday weekend.

The escrow agent will present all the details of your closing to you and explain the process step by step. Keeping in mind the best day to close however will help your escrow go more seamlessly.

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Google: The Universal "Go To Find Out Anything" Site

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.  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!

Interested in what you are reading? To automatically receive these Tuesday Technology Tips in your email box, subscribe to these articles at the top right corner of this site (Glen Oaks Escrow) in the box titled “Subscribe via Email”.

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