CV Escrow

Loan Documents are in Escrow. We’re Ready to Close Then, Right? Not Necessarily…

CV Escrow — Thu, 01 Jul 2010 13:00:48 +0000

As the close of escrow date draws near, the buyer and seller are usually eager to close. And, loan documents arriving in escrow represent a big step towards the completion of the escrow and the transition of the property to the new owner. However, it is often mis-understood that the close will occur immediately after loan documents are received at escrow and signed. That is not always the case. There are many details (such as lender conditions) that escrow must still verify, and depending on the lender, the funding process may take several days after the signing. This post is designed to educate the buyer as to the steps that escrow goes through in dealing with loan documents that are received in escrow. As you will see, there are several items that have to happen once loan documents are received at escrow before a transaction can close. Understanding this process can help to set the proper expectations about the closing process and help buyers be better prepared to work with both their lender and escrow to facilitate a smoother escrow process.

1. Once your loan has been approved and all prior to loan document conditions have been received and approved by the Lender, the Lender will prepare loan document and send them to escrow for signing.

2. Escrow reviews the loan documents to comply with the Lender’s requirements and reviews the escrow file for any outstanding conditions.

3. Escrow will prepare the buyer’s estimated HUD1/closing statement and put together any required paperwork needing the buyer’s signature. Escrow will make arrangements for signatures on these papers.

4. Escrow will prepare the seller’s estimated HUD1/closing statement and put together any required paperwork needing seller signature. Escrow will make arrangements for signatures on these papers.

5. In some instances the Lender may have documents that may also need signatures from the listing agent, selling agent or loan agent, so escrow will also make arrangements for these items to be signed.

6. If still needed, escrow will order insurance, closing protection letter, etc as required by the lender.

7. Once the buyer’s loan documents have been signed and/or received back into escrow, escrow will package the documents to be returned to the funding Lender. This package of documents is referred to as the loan package. Ideally, by this time, all paperwork that has been sent for signature to the seller, listing agent, selling agent and loan agent have been signed and returned to escrow to include in this package. Lender’s work differently, and some will be prepared to fund the loan when they receive the loan package, others will require 24-72 hours after the loan package is received by the lender to review the package prior to advising if there are any additional requirements/conditions to fund the loan (this is the most common scenario we run across on the West coast). Buyers are advised to understand the timeframe associated with funding the loan from the lender that they are working with. This timeframe is outside the control of escrow.

8. Escrow will request funds from the lender. It is important to note, that although the loan package has been completed and received by the lender, there may be other issues/conditions related to the transaction (for example, outstanding termite repairs) that will hold up the request of loan funding from escrow. In other words, escrow has to be in a position to close escrow, meaning all conditions of the escrow have been met and all the Buyer’s closing funds have been received.

As you can see there is more to getting the Escrow closed once loan documents are in escrow than just signing, so coordinating and getting conditions cleared with your loan officer in an efficient manner is very important for a timely closing. It is important to reiterate that all loan documents are time sensitive and each Lender works differently.

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The Short Sell Process: Escrow Explains What You Need to Know

CV Escrow — Thu, 10 Jun 2010 13:00:02 +0000

In a prior post we explain the terminology associated with Short Sales. In order to further clarify the short sale process, this post explains the process a seller must go through if they find themselves facing a short sale.

A Short Sale comes in to play when a seller must sell their home and the value of the property is just not sufficient to cover the balance owed to the existing lender. In order to accomplish this the seller must work with their existing lender(s), and any other existing lien holders, to request approval of the sales price, the sale terms, and payoff of their loan to be at a reduced amount.

The Short Sale process is as follows:

The owner or their agent/negotiator must contact the existing lender.
The lender will direct them to their website, or will advise how, to obtain specific forms, instructions and lender requirements.
This group of documents, along with the lender’s financial forms (Short Sale Package*) is then sent to the lender as per the lender’s instructions.
After the lender receives the package it is then assigned to a contact person in the lender’s Loss Mitigation Department. This process can take anywhere from two weeks to two months and sometimes even longer.
At this point the Loss Mitigation Dept then reviews the package and will contact the homeowner to request any additional items that may be required by the lender. This request is usually made verbally to the homeowner or negotiator but can sometimes be found via the lender’s website.
The lender will then request a Broker’s Price Opinion (BPO) from an agent chosen by the lender.
Once the lender has received the BPO as well as the Short Sale Package they submit it for final review. Once the lender has completed their final review they may give approval as is or their approval may be subject to changes such as sales price changes. Or the lender, at this time may decide that the seller did not have ample reason for the short sale and therefore deny the request for the short sale.

*Short Sale Package can consist of 100 to 200 pages including, but not limited to, the following items:

1. Listing Agreement

2. Short Sale Addendum

3. Offer to Purchase

4. Proof of Buyer’s funds

5. Owner’s Tax returns

6. Paystubs

7. Owner’s Bank Statements

8. Hardship letter from owner (explaining why the short sale is needed)

Remember that every lender and every situation is a different story so it will help to keep a handle on each request by staying in touch with the lender constantly through the process.

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What Buyers Need to Be Aware of After Close Of Escrow – Part 1: Taxes

CV Escrow — Thu, 03 Jun 2010 13:00:14 +0000

As Escrow Holders we often get inquiries from Buyers and Sellers well after the close of an escrow. It is a common belief that our responsibility as Escrow Holder continues after the close of escrow, when, in fact, escrow no longer has any connection with the transaction once it is officially closed. As a neutral third party in the transaction, escrow may not always have all the answers but your escrow officer can guide you to a source that can help you.

In this series of posts, we will address some of the most common questions asked by new home owners after the close of escrow. This first post addresses the issue of taxes.

TAXES

Almost always, we get calls from Buyers after the close of escrow, asking about property taxes. As a new home owner it is important to remember the following dates:

The fiscal year begins July 1 and ends June 30 of the following year.
The first installment of taxes is due November 1 and is delinquent December 10.
The second installment is due February 1 and is delinquent April 10.

It is the Homeowner’s responsibility to make tax payments on time. Keep in mind the County Tax Collector will not waive tax penalties, regardless of the reason. To avoid paying any penalties, make sure to pay the bill on time. If you have not received a bill as the due date approaches, contact your County Tax Collector and request for a duplicate bill.

Keep an eye out for our next post where we will explain what a home buyer needs to know about the Residential Property Report.

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What is the Foreclosure Process? Escrow Explains.

CV Escrow — Thu, 20 May 2010 13:00:22 +0000

With the increased amount of foreclosures on the market today, escrow officers are often asked about the foreclosure process. The first thing to know is the foreclosure terminology, which we discussed in a prior post. What is important for homebuyers and sellers to understand is that foreclosures happen to loans not properties therefore it is a process that is handled between the lender and the lender’s trustee company. In an effort to answer the many foreclosure questions that we get following is a simplified breakdown of the steps that lead to and complete the foreclosure process.

The borrower fails to make more than one monthly mortgage payment
The lender would have their trustee company prepare, record and send the borrower a Notice of Default (NOD)
The borrower now has 90 days to bring the loan current (reinstatement period)
If the borrower is still unable to bring the loan current the trustee company will set a sale date approx. 4 weeks out
The trustee will prepare, record and send to the lender and borrower a Notice of Trustee Sale (NTS)
The NTS will also be posted at the property in a conspicuous place and published in a local newspaper (publication period)
This Notice will contain the date, time and place where the Trustee Sale will take place
During the publication period the borrower can still bring the loan current up to 5 days prior to the sale date
The sale is held at the courthouse in the county where the property is located
The lender sets an opening bid that would cover the loan balance, interest, attorney fees and any other accrued fees and costs
The property is then sold to the person with the highest bid over the opening bid set by the lender
If no one bids over the opening bid then the lender retains the property as a banked owned property (REO)- Real Estate Owned

During the foreclosure process there are several stages in which the homeowner has the opportunity to bring the loan current and avoid foreclosure. Foreclosures contain many nuances and affect each party involved differently. Don’t hesitate to ask your agent for information about foreclosures and your situation or for further information see the links below.

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Per Diem: Two Little Words that Can Impact a Buyer in an REO Sale

CV Escrow — Thu, 13 May 2010 13:00:56 +0000

Buyer’s of a “bank owned” property, or REO sale as they are often referred to, may come across some verbiage in the Banks Addendum to the Real Estate Purchase Contract that catches their eye: Per Diem Penalty. Escrow Officers are often asked, what does this mean?

Latin for “per day”, per diem has many uses. What per diem is referring to in this instance is in the event escrow does not close by the date set forth in the contract, the Seller can impose a daily penalty to the Buyer for each day beyond the initial agreed upon closing date until the day the escrow officially closes.

The amount of this penalty differs depending on terms of the contract. It can be a percentage of the purchase price or a set daily amount (ie $100 per day). It is important to note, agreements can be made between the Buyer and Seller to waive the penalty when applicable.

One way a Buyer can strive to close escrow on time and avoid penalties is to complete escrow and mortgage paperwork and provide requested documents in a timely manner. However, circumstances may still arise that are beyond the Buyer’s control. In this event, a Buyer should ask their agent to renegotiate the terms of the contract to extend the closing date or to waive the penalty with the Seller and Seller’s agent.

In REO transactions, as with any real estate transaction, it is very important to be sensitive to all time frames in order to alleviate unnecessary charges.

If you have further questions about the Per Diem Penalty, do not hesitate to contact your escrow officer for further clarification or leave us a note in the comments.

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Life of an Escrow – Buyer’s Perspective

CV Escrow — Thu, 06 May 2010 13:00:28 +0000

When purchasing a home the escrow process can appear to be complex, especially for a first time home buyer. Following is an overview of the escrow process from the buyers perspective:

Escrow is officially “open” once the Escrow Holder receives a purchase contract signed by both the Buyer and Seller. Escrow holder then assigns an escrow number, opens a title order and follows up on the Buyer’s initial deposit. The initial deposit must be received by the Escrow Holder within 3 business days after acceptance. Now that escrow is open – what happens next?

Like anything else – things usually have a beginning, a middle and an ending. Escrow is no different and we will attempt to demystify the Buyer’s escrow process by breaking it down into three distinct parts:

1) Opening
2) Processing
3) Closing

Opening: The opening phase is the information gathering segment of the escrow. It allows the Escrow Holder to gather the necessary information from the Buyer and to communicate with all applicable parties. In order for the Escrow Holder to do this effectively, it is very important for the Buyer to complete and expediently return all documents in the initial escrow package.

Opening escrow packages for the Buyer will typically contain the following:

1) Escrow Instructions
2) Statement of Identity
3) Vesting Form
4) New Lender Info
5) Fire Insurance Info
6) PCOR
7) Buyer’s Affidavit

This may appear to be a mountain of paperwork, but it’s purpose is designed to let the Escrow Holder know who their Buyers are, which lender is in need of an escrow lender package, how the Buyer(s) are taking title and who will be insuring the subject property.

Processing: The second phase of escrow is commonly referred to as the processing phase. In this segment, the Escrow Holder gathers and distributes reports and disclosures to applicable parties. Depending on the specific terms of the purchase contract, reports and disclosures may include all or some of the following:

1) Preliminary Title Report / CC&Rs / Plotted Easements
2) Natural Hazard Disclosures
3) Termite Report – Inspection/Completion
4) Homeowner’s Association Documents
5) City Report
6) Rent Statement

These reports provide information regarding various aspects of the subject property such as title, taxes, liens, hazardous zone determinations, pest infestation assessment and rental amounts to name a few. These disclosures may be information overload but are necessary and mandatory to provide full disclosure to Buyers. Buyers are asked to review all reports/disclosures provided and acknowledge receipt of same via signature within the time frames specified in the purchase contract.

Closing: In the final phase of the escrow process, the Escrow Holder gathers information in the opening and processing segments and incorporates same with terms of either lender financing or an all cash closing.

In the case of lender financing, Escrow Holder will contact Buyers as soon as loan documents have been received and schedule a time for signing with a notary public. Signing of loan documents will take approximately 30-45 minutes and ideally should occur several business days prior to the scheduled close of escrow to allow ample time for the following:

1) Signing of Loan Documents
2) Lender Review of Loan Documents
3) Lender Release of Loan Funds

Upon signing of loan documents, Buyers will review an estimated closing statement prepared by the Escrow Holder. The estimated closing statement provides an accounting of all applicable fees, closing costs, credits and prorations pertinent and particular to the transaction such as lender fees, title and escrow fees, property taxes, HOA dues, and Seller credits etc. The estimated closing statement also provides Buyers with the dollar amount required to close the transaction. Note: all closing funds must be certified and received by Escrow Holder via wire transfer or cashier’s check 2 business days prior to close of escrow.

In an all cash closing, the estimated closing statement and final escrow amendments are also be presented to Buyers for review and signatures. Funds will then be requested from Buyers and the escrow will be considered “funded” upon Escrow Holder’s receipt of Buyer’s certified closing funds.

Upon Escrow Holder’s confirmation that loan funds have been released, Buyer’s certified closing funds received, receipt of signed documents from both Buyer and Seller, and all terms of the purchase contract fulfilled – the transaction is now ready to close/record. Recording typically takes place 1 business day after all of the above has occurred. The term “close” refers to the day on which the transfer deed (grant deed) is stamped and recorded by the County Recorder’s Office. This is the official date on which transfer of ownership occurs and the Buyer becomes the new owner of the subject property.

Upon Escrow Holder’s notification from the title company that the recording has been confirmed – escrow has officially “closed”. The Escrow Holder will then prepare the final accounting of the file and disburse funds and documents accordingly, normally by the next business day.

Escrow is closed – congratulations!

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Escrow 101: Foreclosure and Short Sale Terminology Explained

CV Escrow — Thu, 29 Apr 2010 13:00:33 +0000

Short sales and foreclosures are the current hot topic in real estate with many of these types of transactions coming across the Escrow Officers desk. Foreclosures and short sales are often confused but they are two distinct processes supported by their own individual terminology. Following is a summary of many of the most common terms that a buyer and seller will experience in purchasing/selling either a foreclosure or short sale property.

Foreclosures

Pre-foreclosure: The period beginning with initial mortgage default up to when the distressed property is sold
Notice of Default (NOD): official notice from the lender that the Borrower has defaulted. The NOD formally starts the foreclosure process and it outlines the reinstatement period.
Reinstatement Period: The time frame stipulated in the NOD that the borrower has to reinstate the loan by making payments and bringing account back to good standing.
Trustee Sale: if after the reinstatement period has expired the loan is still in default the lender can then sell the property as soon as 21 days after the Notice of Trustee Sale is recorded.
Publication Period: begins once the redemption period has expired and must be at least 21 Days prior to trustee Sale. A notice is published once a week for three weeks in the local newspaper.
Notice of Trustee Sale (NTS): Recorded document explaining when and where the foreclose sale will be held.
Redemption Period: The time period that the distressed borrower has to redeem the loan after the NOD is recorded. In California, that time period is 90 days. (not to be confused with statutory right of redemption)
Statutory Right of Redemption: One year after the Trustee Sale the borrower can make payment of loan in full plus costs to redeem.
Real Estate Owned (REO): the status of the property when the ownership is transferred involuntarily from the homeowner to the bank.

Short Sales

Short Sale: When a lender agrees to accept less then what is owed on the mortgage and release its lien on the property.
The Property is “upside down”: This phrase is commonly used to describe a situation where the amount due on the existing loan is higher than what the property is appraised for or will sell for.
Loss Mitigation Department: The department at the lender that is responsible for reviewing all short sale documentation, ordering a BPO, and approving or denying short sale.
BPO: Brokers Price Opinion (BPO), typically ordered by lender, is a property valuation report to help determine what the property might sell for.

This list of terms serves as a foundation for future posts where we will further describe the process of a foreclosure and short sale as well as compare and contrast the differences between the two. Stay tuned!

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We Can’t Make the Scheduled Escrow Closing Date? Why Not?

Julie Ekstrom — Thu, 08 Apr 2010 13:00:23 +0000

If there is one thing that seems to create intense panic during the course of escrow, it is when the contract closing date draws near, and the Buyer’s loan is not quite ready to go.

In this age of new and changing loan regulations and requirements, it is important to give your transaction time to accommodate the process. A 30 day escrow with new financing, although may be possible, is generally not probable. Lender’s rely on a host of information, from the buyer, escrow, title, appraisers, etc. Also, chances are that once the loan is submitted, additional supporting documents will be requested from the buyer.

All of us involved in the transaction – agents, escrow, lenders, etc., want our customers to be happy with our services. We all rely on repeat business and referrals, so why would we want it any other way! In my years of experience, I have learned that remaining calm and refraining from finger pointing will show my customers that I am in control and empathize with their frustration.

If you want your clients to remain calm, prepare them in the beginning – when the contract is presented. Explain that the closing date may change in the event financing takes a little longer than expected. Keep them updated along the way, so they can plan accordingly.

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Pros and Pitfalls of the Buyer’s Choice Act

CV Escrow — Thu, 11 Mar 2010 13:00:09 +0000

The Buyer’s Choice Act (AB 957) was established to protect the buyer’s right in an REO transaction in having a choice as to which Escrow Company and Title Company is used. This sounds great, although in many cases it can be a benefit to the buyer to choose the companies that the REO Bank use on a regular basis for the following reasons:

The REO Banks require the settlement companies to use their online systems (only the companies selected by the REO Banks are given authorization to log onto the online systems) in order to obtain necessary documentation for your transaction. Without access to the online systems there may be delays in the closing process.
The REO Banks have special internal requirements that must be completed before they can move forward to closing. The Escrow Companies and Title Companies used by the REO Banks know the requirements and are able to provide the seller with the necessary items in advance therefore getting the job done quicker and more efficiently.
The Title Companies that work with the REO Banks have documentation already in place that is necessary to clear the title on the properties. Using Title Companies that work with the REO Banks creates a much smoother transaction process for you.
The REO Banks must approve an estimated HUD settlement statement prior to authorizing the close of escrow. In order to accomplish this each REO Bank has special requirements for certain items they need prior to approving said settlement statement. All these items again must be sent to the seller via their online systems. Using the companies that know the REO Bank’s requirements helps to get your transaction completed much quicker and smoother.
Each REO Bank is different and has different requirements. Using an Escrow Company and Title Company that has experience with that particular Bank’s requirements will inevitably make your transaction smoother.

For further information on the Buyer’s Choice Act you can read the following article: AB 957 “The Buyers Choice Act” Passes

When making your choice or accepting the seller’s choice of escrow or title companies, consider asking the following questions to the prospective companies:

Do they retain an Errors & Omissions Insurance Policy and a Fidelity Bond each with a minimum of $2,000,000 which protects your transaction to the fullest value?
Do they conduct background checks on all new hires through the Department of Justice including stockholders, officers, directors and managers?
Are Potential employees barred if they have drug convictions, moral turpitude or theft of any type on their record?
Do they have set minimum financial requirements by their licensing entity?
Are their trust funds and processing of files audited by their licensing entity, or in-house auditors and CPA?
Are their trust funds balanced every day?
Is their computer systems capable of handling the paperless file required for processing an REO transaction?
Are they proficient in a variety of REO software platforms?
Do they have an extensive back up computer systems, which includes a disaster preparedness plan?
Can they handle all transactions in a professional, honest and diligent manner?

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Revised HUD Forms Has Buyers Best Interests in Mind

CV Escrow — Thu, 04 Mar 2010 13:00:38 +0000

The New Year is here, you are ready to purchase a new home, what’s new?? The biggest and most significant industry change in years, maybe even decades, has come from the US Department of Housing and Urban Development (HUD). HUD has revised the Good Faith Estimate (GFE) and the HUD-1 Settlement Statement to try and make it simpler and easier for the consumer to make responsible and informed decisions before purchasing a home.

As a consumer, most of the changes and revised forms have been made with your best interests in mind. HUD has tried to prepare a simpler more direct way to help you understand your options and fees up front so that you have as much information as early as possible to be able to make the best decision for you and your family. The new rules and forms have been put in place to help provide a loan shopping tool that accurately discloses terms and fees, and prevents last minute changes to either at closing.

In anticipation of the new rules, HUD has released a publication to help guide you, the consumer, through the loan decision process: Shopping For Your Home Loan: HUD’s Settlement Cost Booklet. Real Estate Settlement Procedures Act (RESPA) requires that loan originators provide consumers with the booklet within three days of a loan application. This booklet, albeit lengthy, provides a basic overview of the home buying and mortgage lending process. It also explains in detail each part of the new GFE and the new HUD-1 Settlement Statement.

The intention of the new GFE is to encourage consumers to shop and compare fees from various lenders before choosing a mortgage. It shows what services are lender chosen (and thus cannot change), and also what services the consumer can go out and shop for. It clearly states important dates, loan terms, and settlement charges should you decide to move forward with the loan.

The new HUD-1 Settlement Statement then allows borrowers to easily compare those quoted fees to their final costs before closing on a loan. A new page has also been added to the HUD-1 Settlement Statement that contains a chart which shows the actual fees charged compared to those fees that were listed on the GFE. The chart identifies charges that should not have increased at all compared to the GFE, those that should not have increased by more than 10% compared to the GFE, and those that can fluctuate.

Origination charge: cannot increase.
Transfer taxes: cannot increase.
Appraisal fees: can only increase up to 10%.
Government recording fees: can only increase up to 10%.
Title insurance: can only increase up to 10% if borrower uses the title insurer selected by the lender

It also shows whether the consumer’s monthly payment will increase and, if so, when. This gives the borrower a very clear picture of what the closing expenses will be compared to what was shown on the GFE, so he or she can note any discrepancies and ask about them up front and prior to closing –preventing surprise fees and delays at the time of signing.

With these new tools now available and with a clearer disclosure of fees and terms, hopefully consumers will be able to make informed and responsible decisions that will help them and their families achieve financial success and home ownership.

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Understanding the Statement of Information Form From Escrow

CV Escrow — Thu, 25 Feb 2010 13:00:30 +0000

What is the Statement of Information?

Upon the opening of escrow, Buyers and Sellers receive their initial escrow package – the Statement of Information (also known as the Statement of Identity) is included in this package for completion and return to the escrow holder.

The statement of information is a one page document which requests the party’s name, date of birth, social security number, current and previous addresses etc.

Who requires the Statement of Information?

The Title Company of record requires this completed form to ensure successful and expedient transfer of title. This document assists in eliminating untimely delays in closing of real estate transactions.

How does the Statement of Information work?

The Statement of Identity establishes and confirms identity. Confirming identity will assist the Title Company to eliminate/resolve matters that affect real property such as child support liens, judgments, bankruptcies etc., filed against persons who have the same or similar names.

This is important as such liens and judgments are recorded against real property and against individuals on a daily basis.

Why Should Buyers/Sellers Complete the Statement of Information?

Consider these scenarios:

Scenario #1: Seller is Robert Smith. The title company runs a name check on Robert Smith. Title company finds recorded liens and judgments filed against a Robert Smith that must be paid.

How will title eliminate our Seller, Robert Smith against these potential liens? Title will compare social security numbers, previous address, etc. (as per Statement of Identity) to determine which Robert Smith is liable for payment of said liens/judgments.

As result, our Seller Robert Smith has been eliminated as the potential party owing thousands of dollars due to liens.

Scenario #2: Buyer/Borrower is John Williams. Once again, title runs a name check and discovers that a John Williams has defaulted on his child support payments. Upon further investigation it has been determined that YES this is our Buyer/Borrower. Now escrow has the heads up to advise their Buyer/Borrower to bring his account current and also escrow can then secure an updated statement that will be sufficient for title transfer.

In conclusion:

The title company requires that buyers/borrowers and sellers fill out the Statement of Information to be able to complete their fiduciary duty to return clear title for the real estate transaction. The documents the title company requires comes from the escrow company after it has been completed by the Buyer or Seller, so your Escrow Officer can discuss the Statement of Information with you. Each transaction is case specific. Your Escrow Officer can clarify the points that are needed to finalize the transaction.

If the Statement of Information requirements give you cause for discomfort, talk to your Escrow Officer about the specific needs of your escrow. Your Escrow Officer will be able to explain the Privacy Act Notice with which CV Escrow is in compliance.

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Using Google’s Real Estate Tools for Lead Generation

Stacey Harmon — Tue, 23 Feb 2010 13:00:28 +0000

Tuesdays, here at the CV 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.

Google is used by millions of people every day to search for everything, including real estate. The buzz at the recent Inman Connect Conference in New York City, was the importance of search and being found on Google by your potential customers. To help Realtor’s do that, Google has created “Google for Real Estate Professionals”, a special section just for agents looking for the tools and tips to harness real estate search capabilities. Go to Google.com/realestatetools and there you will find Google’s suggestions for utilizing Google Maps, AdWords and YouTube to connect to your potential customers.

As Google states on the site:

“The majority of home buyers use the Internet to research properties. Google makes it easier for real estate professionals to connect with home buyers and renters at every stage – while they’re looking for properties, checking out locations and selecting their agent. It’s how you reach more sellers, attract more buyers and sell more homes.”

Here is a summary of the real estate lead generation options Google highlights:

Google Maps puts all parts of the property picture together. It’s a free service and one that makes your listings easier for home buyers to find. Are you uploading your listings to Google? Get more information on how to best do this at Google’s FAQ for Real Estate Agents and Brokers. Also, agents should not overlook services like Real Estate Shows where as part of your membership, you can create a property flyer via a simple, templated process, and have that flyer syndicated not only to Google, but also Trulia, Zillow, and other top listing sites.
AdWords (Google’s paid search results program, also know as pay per click advertising) provides effective and efficient lead generation for real estate professionals. Set whatever budget you are comfortable with, target your ads by demographics and geography, and reach potential buyers and sellers at the precise moment they are looking for properties or agents.
YouTube: Are you showcasing your listings in video, on your own branded YouTube channel? YouTube isn’t another TV screen, but a window into your business through which viewers can learn about your properties, your people and your ideas. For real estate professionals, it means your listings can sell themselves and home buyers can do a virtual walk-through of potential homes before they contact you.

The site also provides excellent information about using Google Analytics and Insights for Search. The tutorials are well written and easy to understand.

Learning how to best position yourself and your real estate business on Google is fast becoming the critical business skill of the modern Realtor. Google has just made understanding it all a bit easier for the industry with this portal. It’s worth a look.

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Knowledge of the Escrow Duties and Responsibilities Can Lead To An Easier Transaction

CV Escrow — Thu, 14 Jan 2010 13:00:06 +0000

The escrow process can be a complicated and often technical necessity of buying and selling real estate. The escrow company and its officer have many duties to juggle on behalf of the Realtor, Seller, and Buyer during the real estate transaction. Understanding the various duties and functions of the escrow can assist all parties in ensuring a successful and timely transaction, as everyone involved has a part to play.

The escrow officer’s main duty is to remain as a neutral third party between buyer and seller in a real estate purchase transaction at all times. The escrow officer is not to be involved in negotiations between buyer, seller and/or lender.

Additional escrow officer duties and responsibilities are as follows:

1. Receive and hold buyer’s funds in a non interest paying trust account during escrow

2. Read and comply with all agreements as detailed in the Purchase Contract and Joint Escrow Instructions as it pertains to the escrow process

3. Follow mutually signed, written instructions agreed upon by buyer and seller during escrow

4. Prepare Escrow Instructions/General Provisions, Amendments, Grant Deed (for seller’s signature), Estimated Closing Statement and any additional documents required to clear title or as required by the new lender

5. Although in many cases reports are ordered by the buyer, seller or agents outside of escrow in some cases the escrow officer will obtain reports as required by the purchase contract and provide same to the buyer during escrow for their review

6. Make sure escrow is in receipt of buyer and seller signatures on Purchase Agreement and Joint Escrow Instructions, Escrow Instructions/General Provisions, Grant Deed, any Amendments, Estimated Closing Statements and any other documents required during escrow

7. Receive loan documents from the buyer’s new lender (IF APPLICABLE) and prepare amendments and estimated closing statements as required by the lender on their lender’s instructions

8. Order the evidence of insurance from the buyer insurance agent as per the requirement of the new lender

9. Send the signed loan documents and all lender required items to the new lender for funding

10. Send original recordable documents along with any releases required to clear title to the title company for recording at the close of escrow

11. Make sure that escrow is in receipt of all funds necessary to pay the seller their proceeds as well as all invoices agreed upon by buyer and seller during escrow

12. Make sure the seller has sufficient equity in the property to cover all costs, payoff of liens and any invoices agreed upon by buyer and seller during the escrow

13. Make sure that all the proper paperwork is in escrow to provide the buyer with clear title to the property

14. Make sure that all the conditions agreed upon by the buyer and seller on the purchase agreement and in writing through escrow have been satisfied prior to closing the escrow and transferring the property into the buyer’s name

The Buyer and Seller should also be aware that they will be receiving many additional items that may require their signatures from their agents and lenders directly.

Happy Holidays from CV Escrow

CV Escrow — Thu, 24 Dec 2009 13:00:45 +0000

Wishing you seasons’ greetings and good wishes. Thank you for your continued readership of our blog.

May your holidays and new year be filled with Hope, Joy, and Peace.

Virtual REBarCamp | January 4th | Live Social Media Webinar for Realtors

Stacey Harmon — Tue, 22 Dec 2009 13:00:51 +0000

Every Tuesday, here at the CV 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 one of your New Year’s resolutions is to jump on an opportunity to learn more about how social media can grow your business in 2010, then save the date for January 4th to get started on your goal. Virtual Real Estate Barcamp is back and all you need to attend is a computer and an internet connection. This webinar is free for you to participate in and is pulling some of the best national trainers on the real estate social media scene:

Brad Andersohn, Active Rain, “Blogging for Beginners”

Jay Thompson, aka Pheonix Real Estate Guy, “Write Right, Right Now: Get Your Blog On”

Reggie and Nicole Nicolay, My Tech Opinion, “Twitter Essentials for 2010″

Pango Group, the parent brand of Coachella Valley Escrow, is a sponsor of Virtual REBarCamp and I have been invited to present during the webinar. I’ll be available after my webinar session entitled, “Facebook Tools and Tricks: Separating Personal from Professional”, to field questions in the live chat room. Hope to “see” you there!

Event Details are as follows:

When: Monday, January 4th, 2010, 9:00 am – 4:00 pm PST
Where: Online Webinar
How to Attend: Information Here
Cost: Free
Registration: Participate by registering here
Schedule: Calendar of Sessions
Presenter Bios

Become a fan of CV Escrow on Facebook and follow us on Twitter.

Foreign Investors Need To Wire Funds To Expedite Escrow

Cindy Mozingo — Thu, 03 Dec 2009 13:00:47 +0000

Do you have a foreign investor or buyer looking to purchase a home in California? Our experience has been that if the client writes a personal check drawn on a foreign bank, it may take several weeks to be able to verify that the check has actually cleared. On the other hand, deposit checks we take from a customer drawn on a U.S. bank typically clear within 3-4 days.

Wire Transfers Expedite Process
There are steps you can take to ensure the escrow closes on time by working with your buyer to understand the need for a wire transfer to expedite the closing process. When you write an offer and are presented with a check drawn on a foreign bank, write on the first page of the purchase agreement that the buyer will arrange to wire transfer the deposit to the escrow company upon acceptance of the offer. Sometimes Realtors will go so far as to actually take the check to present with the offer, but state that the check will be replaced with a wire transfer upon acceptance. Either way works. Please keep in mind, that some escrow companies may require a wire from a foreign buyer (and not accept a check at all) due to the possibilities of delay. Contact the escrow company directly to inquire what the required procedures are.

There are problems that could arise if a check drawn on a foreign bank IS deposited into escrow:

Buyer could call his bank to put a stop-payment order on the check and escrow may not even be notified of this for 6 to 8 weeks. Our escrow officers have experienced buyers who decided against the purchase of the property and placed a stop payment on the check and then were unaware the stop-payment had been done.
Costs are being incurred on the strength of the buyers’ earnest money deposit. If the Sellers are holding their property off the market, they deserve to be assured that the buyer has “good funds” in escrow to back up the offer they have made to purchase
If the escrow is scheduled to close rather quickly, for example 14 days, and the initial deposit check drawn on a foreign bank is deposited into escrow, the escrow company may not be able to verify clearance of the check as a way of guaranteeing that there are “good funds” in the escrow and allowing the escrow to close.

Our experience has been that there has been little resistance from the buyer to following these suggestions. We have seen that if a buyer is told up-front by the Realtor that any funds coming into escrow must be made by wire transfer, it conveys to the client that we are all on the same page and have the same goal: closing the escrow successfully.

Here is an example of a wire transfer request

Reflect Your Real Estate Brand on Twitter – Customize Your Background

Stacey Harmon — Tue, 01 Dec 2009 13:00:21 +0000

Which image is more interesting?

The image on the left is reflective of the default look for a Twitter profile. It’s not unattractive, but it is also overused, and not customized to the personality or brand of the twitter user. The image on the right is the exact same Twitter profile – the only difference is that it has a custom background applied to it. This is a very simple, and free process that any Twitter user can do.

When you are utilizing Twitter for your business, you want to make sure that you project a persona reflective of who you are. And, when using social media for real estate business purposes, your presence in social communities should reinforce your status as a trusted advisor. How your Twitter profile looks is an element in that.

I’m going to assume that if you are utilizing Twitter, you have already made sure that your profile is filled out and includes you location, links to a business URL, and you have a bio that mentions your profession and gives some personality insight as to who you are. Realtor Elaine Hanson (@ElaineHanson on Twitter) provides a great example of this:

With these details in place, the next step is to make sure that your background is also reflective of your professionalism and personality. There are several great resources out there designed to do just that. Here are two of my favorite:

Twitrounds: This site offers hundreds of free, beautiful and creative Twitter backgrounds and has a 1 click, automated process for installing your selected background on your twitter profile. It doesn’t get easier than that!

TwitterImage: Fantastic photographic images as well as creative professional backgrounds can be found here (also for free). This site does not have an automated installation script like Twitrounds does, so you have to go through the manual process of uplaoding the Twitter background to your profile. This is a fairly easy process and the site offers a 4 minute video and step by step directions on how to do this here.

In addition to the free Twitter backgrounds that these sites offer, they also both have the option to pay for a customized Twitter background (between $79-$99 per background). If you want to have a background that is unique to you, this is a very affordable option and a great marketing investment for the Realtor interested in representing their brand on Twitter.

If you install a custom background on your Twitter profile tell us about it by putting a link to your profile in the comments!

If you are unfamiliar with why you might want to use Twitter for real estate, these earlier posts will help to introduce you to Twitter for Realtors:

Happy Thanksgiving From CV Escrow!

CV Escrow — Thu, 26 Nov 2009 13:00:32 +0000

A special greeting at this Thanksgiving from CV 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!

Tighter RESPA Rules To Take Effect in 2010

CV Escrow — Fri, 20 Nov 2009 13:00:34 +0000

To help consumers more easily understand settlement costs and prevent big price discrepancies between the preliminary Good Faith Estimate and the HUD-1 settlement statement, the U.S. Department of Housing and Urban Development (HUD) has created stricter Real Estate Settlement Procedures Act (RESPA) regulations are scheduled to take effect by April, 2010. (The regulations originally were to take full effect on January 1, but HUD provided a four month respite for compliance to the industry.)

For a review of what RESPA is, see our prior blog post.

New RESPA Rules

The upcoming Real Estate Settlement Procedures Act (RESPA) Reform requirements aim to provide customers with the essential information and adequate time to understand their home purchase and refinance options. HUD is requiring that loan originators provide borrowers with a standardized Good Faith Estimate (GFE) which clearly discloses key loan terms and closing costs.

The loan industry, in an effort to dissuade consumers from shopping for a loan, created separate Good Faith Estimates for each company, so that consumers could not equally compare costs. With the new standardized GFE, consumers now will have a chance to compare “apples to apples” when looking at competitive loan products.

In a busy year of reforming the mortgage industry, there are new federal governmental regulations called the Mortgage Disclosure Improvement Act (MDIA) (see below) which went into effect in July of this year. To clarify why RESPA and MDIA are related, if a lender is out of compliance with the MDIA, they are subject to a RESPA violation. The new standardized GFE, the MDIA, and stricter RESPA laws will all assist consumers in understanding the complexities of the mortgage process.

While HUD requires the RESPA Reform regulations to take effect in 2010, many lenders have begun implementing the required changes early. We, at CV Escrow, have experienced that interpretations of the RESPA Reform requirements vary from lender to lender and as a result have caused delays in closing. Below is information about the MDIA from an attorney that specializes in RESPA law to help clarify the new requirements which will assist in closing transactions on time.

Compliance with Mortgage Disclosure Improvement Act/RESPA Requirements:

1.The 3/7/3 Rule requires a seven business day waiting period once the initial disclosure is provided before closing a home loan (business days are everyday except Sundays and Holidays). This means that before a borrower can close on a transaction the borrower must receive the initial Good Faith Estimate (GFE) and initial Truth in Lending (TIL) statement disclosing the final Annual Percentage Rate (APR) seven days prior to closing.

2. If the final annual percentage rate is off by more than .125% for a fixed rate loan or .25% for an ARM loan, from the initial GFE disclosure, then the lender must re-disclose and wait yet another three business days before closing on the transaction. Note: If the rate fluctuates EITHER WAY, up or down, more than .125% on a fixed or .25% on an ARM, the re-disclosure takes effect.

3. Lenders are forbidden from collecting money for appraisals, loan applications, etc. prior to the delivery of the truth in lending statement. Lenders can only collect the credit report fees from the borrower at the time of prior delivery of the final TIL. No other fees are permitted to be collected at the time of the application. If the TIL is sent by mail, additional charges can occur after the 3rd business day after the borrower receives the TIL in the mail.

4. The following language must be clearly written on the initial and final TIL: “You are not required to complete this agreement merely because you have received these disclosures or signed a loan application.”

5. Any Lender or Settlement Service Provider found in violation of the new RESPA regulations will have 30 days after the close of escrow to correct any errors and compensate the consumer for any overage.

What do these new MDIA/RESPA regulations mean to a Realtor?

Plenty. These rules help the buyer make sure that their lender does not say one thing and then do another. Here is how Realtors can help their clients:

* Make sure to check the initial Good Faith Estimate and Truth In Lending form for a buyer and look for discrepancies in charges. The new rules were put in place to protect consumers from being low balled one figure by a loan officer only to find out at the closing table that the fees charged were much higher. The new MDIA rules will absolutely delay closings if these steps are not followed carefully.

* Buyers, sellers, and real estate professionals should not schedule a closing until the borrower has completed the seven day waiting period as required in the initial Truth In Lending statement.

* Contact your Escrow Officer for an Estimated Settlement Statement as soon as the Good Faith Estimate is available. Many lenders do not contact escrow for fees and/or recurring closing costs.

To learn more, go here for the new RESPA rule FAQ’s and here for the RESPA final rule.

Go here to learn more about the 120-day delay in the RESPA regulation enactment.

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

Stacey Harmon — Mon, 16 Nov 2009 19:02:25 +0000

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

Become a fan of CV Escrow on Facebook and follow us on Twitter.

What is RESPA And What Affect Does It Have On The Real Estate Transaction?

CV Escrow — Thu, 12 Nov 2009 13:00:32 +0000

How would you react if you had a limited amount of funds in the bank to pay for closing costs and then were hit with hundreds of dollars in extra “unexpected” closing costs? This is a problem that the Real Estate Settlement Procedures Act (RESPA) was enacted to eliminate. The goal of RESPA is stop hidden fees and charges by settlement service providers and to stop kickbacks to ensure the integrity of the real estate transaction for the consumer.

In 1974, RESPA was enacted by Congress. Its intent was consumer protection by regulating the disclosure of all costs and business arrangements in a real estate transaction settlement process.

Enforced by the U.S. Department of Housing and Urban Development (HUD), RESPA requires that consumers receive disclosures at various times in the transaction and outlaws “kickbacks” that increase the cost of settlement services.

Specifically, Section 8 of RESPA prohibits a person from giving or accepting a referral fee, kickback, or anything of value in exchange for the referral of settlement-service business.
An example of an illegal “kickback” was when title companies would pay for rounds of golf, provide free administrative services, or sponsor educational classes for Realtors and lenders to encourage referral business.

A common RESPA violation, with direct impediment to consumers, occurred with lenders during the housing boom. Consumers would apply for a loan, receive a Good Faith Estimate providing the cost to obtain that loan, and then, they would go search for a new home. After making an offer on the home, they would get the final loan documents to sign at close of escrow. When they sat down to sign the final loan documents (HUD 1 settlement statement), they were oftentimes surprised to find extra and ambiguous closing costs and fees that had come up during the escrow process, sometimes along with higher interest rates. These fees were added by lenders who lured consumers with promises of low cost loans.

RESPA has done away with many of these types of unsavory business practices, as well as leveled the playing field between lenders and others in the real estate industry.

To help consumers more easily understand settlement costs and prevent big price discrepancies between the preliminary Good Faith Estimate and the HUD-1 settlement statement, HUD has created stricter RESPA laws, which take effect in January 2010. HUD has published a Frequently Asked Questions about RESPA which is a good resource for further information.

Mello-Roos: What it is and How it Affects Your Property Taxes

CV Escrow — Thu, 29 Oct 2009 13:00:41 +0000

When purchasing real property in California you may discover that the property is subject to Mello-Roos. Mello-Roos is the common verbiage used to describe a tax that is imposed upon real property that falls within a Mello-Roos District. This tax or fee, which is a form of financing, can be used by cities, counties, and special districts (such as school districts) to help pay for major improvements and services within the district which might include schools, roads, libraries, police and fire protection services. Mello-Roos taxes are imposed in addition to the normal tax base applied to the real property for that area or development.

The tax was initially developed due to the limited ability of local governments to use property taxes to construct public facilities and services. The taxes usually are levied on a specific development for approximately 10-15 years or until the infrastructure bonds are paid off. You will need to check with your County Assessor’s office for the fees for your particular property.

It is important to know about this long-term additional expense when buying a home within a Mello-Roos District due to the costs added to the property’s tax base.

The California Land Title Association has written an in-depth description of Mello-Roos. You can read the full article. Below are key points from that article:

What is a Mello-Roos District?

A Mello-Roos District is an area where a special tax is imposed on those real property owners within a Community Facilities District. This district has chosen to seek public financing through the sale of bonds for the purpose of financing certain public improvements and services. These services may include streets, water, sewage and drainage, electricity, infrastructure, schools, parks and police protection to newly developing areas. The tax you pay is used to make the payments of principal and interest on the bonds.

What are my Mello-Roos taxes paying for?
Your taxes may be paying for both services and facilities. The services may be financed only to the extent of new growth, and services include: Police protection, fire protection, ambulance and paramedic services, recreation program services, library services, the operation and maintenance of parks, parkways and open space, museums, cultural facilities, flood and storm protection, and services for the removal of any threatening hazardous substance. Facilities which may be financed under the Act include: Property with an estimated useful life of five years or longer, parks, recreation facilities, parkway facilities, open-space facilities, elementary and secondary school sites and structures, libraries, child care facilities, natural gas pipeline facilities, telephone lines, facilities to transmit and distribute electrical energy, cable television lines, and others.

When do I pay these taxes?
By purchasing an interest in a subdivision within a Community Facilities District you can expect to be assessed for a Mello-Roos tax which will typically be collected with your general property tax bill. These special tax payments are subject to the same penalties that apply to regular property taxes.

How much will the Mello-Roos payment be?
The amount of tax may vary from year-to-year, but may not exceed the maximum amount specified when the district was created. In the case of the purchase of a new house within a subdivision, the maximum amount of the tax will be specified in the public report. The Resolution of Formation must specify the rate, method of apportionment, and manner of collection of the special tax in sufficient detail to allow each landowner or resident within the proposed district to estimate the maximum amount that he or she will have to pay.

How are Mello-Roos taxes affected when the property is sold?
The Mello-Roos tax is assessed against the land, but is not based upon the value of the property, therefore, the possible increased value of the property does not affect the amount of the tax when property is sold. The amount of the tax may not exceed the original maximum amount stated in the Resolution of Formation. Any delinquent payments must be satisfied before the sale of the real property, since the unpaid amounts are a lien against the property.

When purchasing a home in California, buyers should be proactive in ascertaining if the home falls within a Mello-Roos District so they are knowledgeable about the additional tax on the home. Here are some avenues to obtain more information about the precise amount of taxes that will affect the property you are considering purchasing:

Inquire with your Realtor who has the resources to investigate if the property has a Mello-Roos tax associated with it.
The information can be found on the Seller’s transfer disclosure statement disclosing if the property is in a Mello-Roos District.
The information is in the Mandatory Natural Hazard Disclosure report that the seller is required to provide to the buyer during the escrow process.

Reappraisal Exclusion Program–Tax Savings For Sellers 55 And Over

CV Escrow — Thu, 22 Oct 2009 13:00:42 +0000

To help homeowners over the age of 55 be able to afford to move to a different home in California or purchase a “move down” home and not suffer an increase in property taxes, Propositions 60 and 90 were passed. The Propositions, also known as the Reappraisal Exclusion Program, provide a one-time property tax relief by preventing a property valuation increase when someone over the age of 55 sells their home and purchases another home of equal or lesser value, effectively saving the seller thousands of dollars each year.

Both Sellers and REALTORS need to understand that there are specific timelines to apply for the exclusion, they need to know which counties in California allow the transfer, and what are the qualifications for the exclusion. Let’s start by defining Proposition 60, 90 and 110.

What are Propositions 60 and 90?
Propositions 60 and 90 are constitutional amendments passed by California voters that provides property tax relief for persons aged 55 and over. it allows these persons, under certain conditions, to transfer a property’s factored base year value from an existing residence to a replacement residence. ?Typically the property tax of a newly purchased or constructed residence is based on its current market value upon change of ownership. However, the provisions of Propositions 60 and 90 may result in substantial tax savings since it allows the property tax of the original (sold) property to be transferred to the newly purchased or constructed home if eligibility requirements are met.
Proposition 110 allows the transfer of a base year value for severely and permanently disabled persons. Except for the disability factor, the qualifications for Propositions 60/90 are same as Proposition 110.
What is the difference between Proposition 60 and Proposition 90?
Proposition 60 allows transfers of base year values within the same county (intracounty). Proposition 90 allows transfers from one county to another county in California (intercounty) and it is the discretion of each county to authorize such transfers. As of January 2007, only seven counties have passed an ordinance authorizing intercounty transfers; however, it is recommended that you call your assessor for verification as it could change at any time.

Here are the counties currently allowing the Exclusion Program:
Alameda, Orange, San Mateo, Los Angeles, San Diego, Santa Clara and Ventura.

Here is a list of counties that have rejected Prop 90:

Butte, Calaveras, El Dorado, Fresno, Lake Madera, Mendocino, Merced, Mono, Monterey, Napa, Nevada, Placer, Sacramento, San Benito, San Bernardino, San Luis Obispo, Santa Barbara, Santa Cruz, Shasta, Siskiyou, Solano, Sonoma, Stanislaus, Tulare, Trinity and Yolo.

What does “equal or lesser value” mean?

Sellers are able to take advantage of the Reappraisal Exclusion Program when they sell a home and purchase another home of equal or lesser value. What does that entail?

Equal or lesser value means that the fair market value of the replacement property does not exceed one of the following:

100% of the market value of the original property as of the date of the sale if the replacement property is purchased before an original property is sold.

105% of the market value of the original property as of its date of sale if the replacement property is purchased within 1 year after the sale of the original property.

110% of the market value of the original property as of its date of sale, if the replacement property is purchased within the 2nd year after the sale of the original property.

If you purchase a property of greater value than the original sale property, there will be no exclusion.

Timeline:

You must buy the replacement property within two years of selling the original property in order to qualify. You have three years following the purchase date or new construction completion date of the replacement property to file an application for the exclusion. As of the date the original property sold, the seller or the spouse of the seller must be 55 years or older or be permanently disabled.

Proposition 110 creates an exception to the one-time-only limitation for anyone who becomes permanently disabled after having received a reappraisal exclusion as a claimant over the age of 55 years. If a person over the age of 55 years transferred the base year value from an original property to a replacement property and subsequently becomes disabled, then that person may now transfer his or her base value a second time.

A seller may apply for this exclusion in the county of the replacement property by completing and submitting the necessary application form. Contact the County Assessor or download the application directly from the County Assessor’s website.

For more information about the Propositions, frequently asked questions and more, go here.

Docusign | Digital Signatures for Tech Savvy Realtors

Stacey Harmon — Tue, 20 Oct 2009 13:00:33 +0000

Last week’s Tech Tuesday post featured a video from Albert Tran of the California Association of Realtors discussing the latest version of zipForm’s, which allows Realtors to type their contracts. One of the great features for California Realtors in zipForms is that it is DocuSign compatible, meaning that Realtors can have their contracts electronically signed, securely and legally, by all parties in the transaction. While at the CAR Expo in San Jose this year, I stopped by the DocuSign booth to and spoke with DocuSigns An Bui. Here is a video of our conversation with her explaining a little bit more about the DocuSign product.

Docusign also has a great blog that answers many of the common questions about their product such as the legality of electronic signatures, illustrates why DocuSign Electronic Signature might be a Realtor’s best friend, and discusses new features of the DocuSign product such as their new iPhone application.

DocuSign and zipForms are two technologies that are a huge step in the right direction for Realtors who are interested in making the real estate transaction as seamless and efficient as possible. I suggest you check them out.

Become a fan of CV Escrow on Facebook and follow us on Twitter.

What is a Title Binder? If You Plan On Owning A Home A Short Time, It’s For YOU!

CV Escrow — Thu, 15 Oct 2009 13:00:27 +0000

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

Winforms Update Coming November 16th | Now Mac & PC Compatible!

Stacey Harmon — Tue, 13 Oct 2009 13:00:53 +0000

Last week while at the California Association of Realtors Expo in San Jose, I had the opportunity to chat with Albert Tran, the Director of Training and Technology Services for CAR who talked to me about the new release of Zipform 6 (the re-branded, and improved Winforms) on November 16^th. If you are part of the 30% of CAR membership who is still hand writing your contracts, the new release of Zipform 6 is the perfect opportunity to take your contract generation digital. Take a look at this video interview with Albert to learn more.

Albert’s key points include:

November 16^th is the release date and CAR members can choose to optionally update at this time. The update will become mandatory early next year (February or March 2010)
Winforms is being rebranded to “zipForm 6″ – all the functionality you are used to with Winforms, but a new name along with some added features.
zipForm 6 is both PC & Macintosh compatible
zipForm 6 will have the same user interface for both the desktop and web versions of the software
zipForm 6 is compatible with DocuSign electronic signatures
More information can be found here: http://www.car.org/winforms/

If you are new to ziForms and WinForms software, there are several upcoming zipForm 6 webinars that are free for CAR members. The webinar training schedule and registration links can be found here on the CAR website.

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Exclusion from Reassessment of Property Tax Can Save Homeowners Money

CV Escrow — Fri, 09 Oct 2009 03:38:53 +0000

Did you know that in several counties in California, Propositions 58 and 193 can save homeowners money in the transfer of property between parents and children and even grandchildren? These propositions are geared towards keeping property “in the family” and both propositions help avoid a forced sale if the home is reappraised and the taxes go up exponentially making it too difficult for the family member to make the payments on the home.

Proposition 58 provides property tax relief by preventing an increase in property taxes when real property is transferred between parents and their children.

Proposition 193 broadens the tax relief to include transfers between grandparent and grandchildren, or from grandchildren to grandparents. This transfer is only exempt in cases where both parents of the grandchild are deceased.

The Parent-Child Exclusion applies to any real property purchases or transfers between parents and children, which occurred on or after November 6, 1986.

The exclusion applies to natural children, children adopted before the age of 18, stepchildren (as long as the parents are still married), and sons- and daughters-in-law are considered children under this exclusion program.

What most homeowners do not know is that the claim must be filed within three years after the date of the purchase/transfer or prior to the transfer of the property to a third party, whichever is earlier or within six months after mailing of the notice of supplemental assessment.

What type of property can be transferred without a tax increase?

A parent may transfer their principal residence and any other property valued up to $1,000,000 to their children. The properties will not be reappraised providing that the proper Claim for Exclusion from Reappraisal form is filed and approved by the Assessor’s Office.

An inheritance or transfer to children within a trust may qualify for this exclusion. The trust documents must be provided with the claim.

You may request a Parent-Child or Grandparent-Grandchild Exclusion claim form by contacting your local County Assessor/Recorder/Clerk office. You may ask your Escrow Officer for the contact information for your local Assessor’s office, too.

The Los Angeles County Office of the Assessor did a great writeup on this topic, as well, and included links to the forms that are used in exclusion claims. Their summary can be found here.

The points presented here are meant as an informational summary and are not inclusive of all of the nuances of the propositions. For full definitions of Prop. 58 & 193, please view Revenue and Taxation (R & T) Code Section 63.1 online at www.leginfo.ca.gov and consult with your tax or legal professional.

Understanding The Timeline To Foreclosure

CV Escrow — Thu, 01 Oct 2009 13:00:09 +0000

Whether you are a REALTOR considering getting into the niche business of dealing with REO’s, a buyer looking to find a deal on a home by seeking a foreclosed property or a seller looking for information on what happens when a foreclosure proceeding is started, you need to know and understand the foreclosure process. By understanding this process, you will know how long the process may take, which entities are involved, and when the proceedings can be halted. Below is a simplified version of the process.

Defaulting on one’s loan causes the start of foreclosure, the process by which the lender takes over the home in order to recover their principal investment. Once the house is either sold on the steps of the title company or the court house at the Trustee’s Sale or “repossessed” by the lender, it is sold and the former owner must vacate at the discretion of the new owner. When there is a power of sale clause in the deed of trust the non-judicial process of foreclosure is used.

Notice of Default:

In California, the timeline of non-judicial foreclosure begins when the trustee files a notice of default. This is a letter that is sent to the owner/trustor notifying him or her of their default of the loan. This notifies the owner of the intent of the lender to follow through on their right to collect on the debt. The copy of the notice, which is recorded at the County Recorders Office of the appropriate county, is mailed to the address of notice as per the deed of trust.

Notice of Trustee’s Sale

No sooner than ninety (90) days after the trustee records the Notice of Default, the Trustee must publish a notice of trustee’s sale in the local paper and simultaneously file that notice with the county recorder’s office. No sooner than twenty days (20) after the notice of trustee sale is filed, the home may be sold at public auction for the amount of the debt plus foreclosure costs. If no one bids at the auction, the lender assumes ownership of the property, and may dispose of that property to recover their cash investment.

CAR Expo, Tech Tuesday, and RE BarCamp SV – 3 Events to Attend to be a REALTOR “In The Know”

Stacey Harmon — Tue, 29 Sep 2009 13:00:24 +0000

Every Tuesday, here at the CV 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. Coachella Valley Escrow will be at all of them. Will you be there? 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 chalked 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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Federal Tax Credit Helps First Time Homebuyers: Tax NOT Deducted at Escrow

Vickie Donati — Thu, 24 Sep 2009 13:00:54 +0000

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 $8000 Tax Credit Explained and other resources that provide details about the tax credit.

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.

REALTORS: Learn How To Change Your Internet Browser Home Page to Something Useful

Stacey Harmon — Tue, 22 Sep 2009 13:00:42 +0000

When you open your internet browser window, wouldn’t it be nice to see something useful? Is there a site you visit every time you browse the web? If so, wouldn’t it be helpful to have that set as your home page on your browser? It’s very simple to change and this week’s tech tip is designed to show you how to do that.

Some suggestions of sites that might be relevant to a REALTOR to set as your default home page:

Your MLS login screen (are you at the computer mostly to check the MLS?)
CVEscrowBlog.com (new tech tips and escrow posts will automatically appear on your homepage!)
AgentGenius.com (real estate magazine)
MyTechOpinion.com (tech magazine for the real estate industry)
Google.com (the search engine – good one to choose because it loads quickly)
WSJ.com (leading business and financial news)
InmanNews.com (real estate news)
Realtor.org (NAR’s REALTOR site)

First step is to pick a default home page. Select one from the list above or select your own (ANY website will work).

Once you decide what site you want, follow these step by step directions on how to change your default home page to something useful.

Most of our readers are on PC’s and using Internet Explorer, so these directions are geared towards them. If you are on a Mac and in Safari, directions can be found here and if you are using Firefox, you can find directions here.

To change your homepage in Internet Explorer (example is for version 7…other versions might vary slightly):

Open Internet Explorer
Go to the page you want to set as your home page (for this example, I’m using Agent Genius as my desired homepage)

On the Tools menu, click Internet Options

Confirm you are on the General tab, Choose the Use Current button, then Click OK

That’s it. You’re done. Next time you open up your browser, you will see the site you selected. I’m curious to hear what site you choose as your home page. Leave me a comment and let me know!

The Advantages and Disadvantages of an All Inclusive Trust Deed and Note

CV Escrow — Thu, 17 Sep 2009 13:00:08 +0000

In these tough economic times, many homes have been languishing on the market, making it difficult for Sellers to move on to other homes and locations. In order to make a sale, a Seller can offer to do a “carryback”. A carryback loan, also known as a “seller carryback” or “seller’s second”, is a loan which is financed by the Seller of a property to help a Buyer purchase the house. Normally, this aids in the completion of the sale of the property. It could also refer to the part of the purchase price the Seller is able and willing to finance for the buyer.

For instance, the typical seller carry back situation is 10% down, 10% seller carry back and 80% first mortgage. This is a percentage of the purchase price. An example is a $1,000,000 house would have a $100,000 down payment, a $100,000 seller carry back and a $800,000 conventional first mortgage deed. Another scenario for a seller carry back is if the seller owns the property free and clear and the seller carries a first mortgage or trust deed. Sometimes there is a first trust deed which the buyer can take over and the seller carries a second mortgage.

Utilizing a seller carryback works well when the Buyer cannot come up with a big down payment or they may not fit into the “conventional” loan process because of their career or past credit history. Understanding the potential pitfalls of doing a seller carryback, but also knowing the rewards, is crucial to this type of sale. In a seller carryback scenario, both parties need to exucute an All Inclusive Trust Deed.

An “All Inclusive Trust Deed” or AITD is a “Seller Carry” that “wraps” or includes an underlying loan or loans of record. It is usually recorded at the close of escrow with a Grant Deed conveying full to title to Buyer and Title Insurance is issued. The AITD’s face amount includes the unpaid balance(s) on underlying encumbrances, plus the remaining unpaid balance of the Sellers equity.

Sellers remain responsible for the payment on the underlying loan(s) or until they are paid in full. The Sellers equity position in the note is always the difference between what is owed to the Seller and what the Seller owes the underlying lender.

The AITD becomes a junior trust deed, subordinate to the underlying trust deed(s). The inputed interest rate (9% or applicable Federal securities rate, which ever is lower) is the minimum interest rate allowed for Seller financed transactions. The Documentary Transfer Tax on the grant deed is based on the purchase price LESS the liens of record.

Advantages:
The Buyer does not need to qualify for a loan with a lender and closing costs are minimal. The Seller has advantage of installment sales income tax recording method, so long as payments are received in more than one tax year. The Seller, by agreement in writing with buyer, may prohibit prepayment of up to a 12 month period following the sale.

Because the underlying loan(s) may have a lower interest rate, or may have been paid down considerably, the Seller’s effective interest rate yield may be higher than the actual note rate. The Seller benefits from the “Interest Override” which is the difference between the interest rate on the existing loans of record and the rate negotiated on the AITD.

Disadvantages:
Recording may alert an underlying lender to enforce the “Acceleration Clause” or “Due on Sale Clause” and require the underlying loan to paid in full. At this time, the underlying loan would be considered in default and said lender could start foreclosure proceedings.

Paying off an AITD:

There are two types of AITD payoffs: Equity Payoff and Full Payoff.

The AITD should not be reconveyed until such time as any equity of the seller and the existing deed(s) of trust have been paid in full. At all times the seller is responsible for the underlying loan(s) of record, since there has been no release of liability given by the existing lien holder(s). Any late payments and/or default, will reflect on the Seller’s credit accordingly.

Being able to sell a house quickly by not having to wait for a mortgage company to approve a buyer or having to rely upon an appraiser to come in with the “right” price can sometimes make this type of an arrangement attractive. However, be sure to consult a real estate attorney and professional tax advisor on the implications (or benefits) before entering into a transaction.

What’s a Gravatar and Why Every Modern Realtor Should Have One

Stacey Harmon — Tue, 15 Sep 2009 13:00:33 +0000

The picture below is a screen shot of multiple comments that were left on a blog post that was promoting a happy hour gathering at a social media conference that happened earlier this year.

Quick, take a look at the image and tell me at first glance which of the people commenting:

Did you look at first?
Do you think is the most professional?
Do you think is the most technically proficient?
Seems the most like a real person?
Are you most drawn to?

I’m willing to bet that the people who have images next to their comment (me, CWaterhouse, and Colleen Truax) were the answers you gave. If I ask you which people appear to be the least professional and least technically proficient, which would you answer? The one’s without a photo? Probably so. Which camp would you rather be in?

In an earlier post, I explained what an Avatar is (your visual image of yourself online – usually your photo), and how it is an essential consideration of the brand image for any modern Realtor. This post expands upon that and introduce you to Gravatar.com, a service that will make including your avatar in your blog comments, simple and easy. Here is a brief video which clearly explains the service:

As the video mentions, once you sign up for a gravatar account, you can associate ALL the email addresses that you have with your account (your brokerage email, your gmail account, your home account, your college alumni account, etc). And, then when you go to comment on a blog or forum, no matter what email address you use, your photo is automatically included when you make a comment (assuming the site supports gravatars…which many blogs and forums do).

A gravatar is a great way for a Realtor who participates in blog commenting to be positioned with a professional, consistent brand image across many sites. It also centralizes and automates the posting of your photo when you comment on the web. By using a gravatar, you are more effectively branding yourself with the image you choose and you are more likely to be perceived as more professional and technically proficient. So why not continue the brand image you have created off-line to on-line and sign up with Gravatar.com?

Understanding the Terms of Foreclosure

CV Escrow — Thu, 10 Sep 2009 13:00:25 +0000

If you are either in the process of buying or selling a foreclosure property, understanding the basic terms will help you ask appropriate questions of your REALTOR, the escrow officer, the lender 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.

Realtor Download | Facebook 3.0 for the iPhone

Stacey Harmon — Tue, 01 Sep 2009 13:00:41 +0000

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!

The Easiest Way for ANY Realtor to Start Blogging | Posterous.com

Stacey Harmon — Tue, 25 Aug 2009 13:00:10 +0000

I love Posterous. It’s my new favorite must-have application for the modern Realtor. If you are a Realtor, and you want to have a personalized, real time web presence for your real estate business, but don’t know how to get started, Posterous is your solution. Before I get into why, let me introduce what Posterous is.

Posterous describes itself as “The dead simple place to post anything.” By creating a Posterous account, you instantly create a web presence for yourself that lets you post anything to it – photos, articles, videos, MP3’s, files (such as word documents, pdf’s, etc). There is no easier way to create a blog for yourself and your real estate business (if you’d like some background as to why this might be valuable for your real estate business, check out my earlier posts on social media, web 2.o, and social networking for real estate). And posting is EASY, making Posterous the most attractive blogging option to the novice user, while still being an outstanding and powerful resource for the techiest of agents.

Why do I love Posterous so?

First: It’s easy. It’s simple. (You can do this. Really. You Can.)

If you can email, you can use Posterous. In its simplest form, all you have to do is email whatever you want to post to post@posterous.com, and it is done. Doesn’t get much easier than that.

Simply tell Posterous what your email account is, and it will know that when you send an email to them, the content is to appear on your Posterous blog. And, if you have multiple email accounts (for example, a brokerage account, a personal account, a gmail account, etc.) you can tell Posterous all your email addresses and it will post to your site no matter which email account you send from.

In addition, there are multiple ways to update your Posterous site from both your PDA cell phone and from your computer. This makes Posterous easy to use whether you are in the office checking out the MLS, or out in the field working an open house or showing property. Here are the options for how to update your Posterous Page:

1. From your PDA cell phone:

Email whatever you want to post to Posterous and it will automatically post to your site.
Text in your post via SMS (maximum post size is 110 characters…even a busy Realtor can manage that!)
PicPosterous: If you have an iPhone, you can download the free PicPosterous application which further simplifies the process of posting photos to your site, and organizes the pictures on the site into photo-galleries allowing the user to preview multiple thumbnail images and select the one they want to view larger (see an example on my site here).

2. From your computer:

At your Posterous.com website: Simply create a new post and type in what you want to say.
From your email: Email whatever you want (including file attachments) to Posterous and it will post to your site.
Use the Posterous Bookmarklet: This is a Posterous application that will let you grab photos, video, audio and text right out of the web pages you’re looking at, comment, and post it to your posterous blog.

Second: Posterous looks good.

Social media is really a brand building opportunity for Realtors. And, part of that opportunity is the visual design of how you are represented online. Posterous has a simple, elegant, and clean design that is professional and will display you and your content in an attractive manner that is good for your business image.

Third: It’s Free.

There is no charge to use Posterous. By creating a Posterous account, you create a free website for yourself. And everyone like free, right?! Over time, Posterous will be adding premium features, but they state in their FAQ “…there will always be a useful free version you can use.”

Fourth: It’s branded to you.

When you sign up for a Posterous account, you will select a vanity URL that can be branded to you. So, for example, my Posterous URL is: staceyharmon.posterous.com. Assuming it’s available, you can have YourName.posterous.com or PalmDesertProperties.posterous.com or WhateverYouCallYourBusiness.posterous.com.

Fifth: Posterous integrates with other social media sites.

One of the most powerful features of Posterous is the ability to auto-post to ALL of the social media sites that are most relevant to Realtors, all at the same time. This includes:

Facebook
Twitter
Flickr
Wordpress
Blogger

So, for example, if I take a photo of a listing that I am holding open and want to send that to Posterous with a note that says “I’m holding open 123 Main Street from 12-4 today…come on by and say hello!”, I can choose to have that photo and message sent (with one email) to Posterous, and concurrently to Facebook, Twitter, Flickr, and my Wordpress blog. This is powerful and efficient stuff!

How to Use Posterous For Your Real Estate Business:

Posterous is the best way for Realtors to get started in social media and in blogging. The possibilities for using Posterous for your business are only limited by your creativity. The goal is to give people a glimpse inside your life as a working Realtor, in real-time. Here are a few ideas to get you started. At the minimum, your Posterous site is an outstanding place to post photos…of your neighborhood, of your listings, of your life as you experience it (why not post photos of your office, or of your team as they are out showing listings?). Position yourself as a trusted real estate advisor by sharing with people relevant information related to real estate in your market. Post market reports for your farm (simply scan what you get a hard copy of at your sales meeting and email it to Posterous, or post a PDF of one that is emailed to you).

Check out my Posterous account here (which I use primarily as a photo blog site) and then sign up for your own. Give it a try. And let me know what creative ways you come up with to build your real estate business with Posterous. I want to hear your great ideas!

Mobile Twitter Tools For Realtors

Stacey Harmon — Tue, 18 Aug 2009 14:00:45 +0000

In two previous posts (Why Twitter and 10 Ways a Realtor Can Use It and What is this Twitter thing everyone is talking about?) we explained to you the power of Twitter and some direct applications to the field of real estate.

However, one of the most powerful ways to interact on Twitter is through mobile applications on your cell phone. Twitter even asks you right in the main line “What are you doing?”. Why not answer that question from the field, when you are away from your computer? Below we cover some tools that allow you to do that and their application to real estate.

Twitter Clients

A mobile Twitter client is a program that runs on your phone which allows you to send and receive Twitter messages. Some offer the ability to search twitter for terms. However, you can use Twitter on any phone with a data plan without a client by simply visiting http://m.Twitter.com on your mobile phone internet browser.

Although the website is one way to access Twitter from you phone, for Blackberry, iPhone, Palm Pre, and Windows Mobile users, there are also application options which make Twitter easier to use from your pda.

For Blackberry Users: TwitterBerry and UberTwitter

While TwitterBerry is currently the dominant player and has a clean interface, UberTwitter is gaining traction. The service offers an interesting auto update feature that always keeps your Twitter stream up to date without waiting for it to load.

For iPhone Users: TweetDeck, TwitterFon and Tweetie (search for these in the app store)

TweetDeck, one of the most dominant desktop Twitter applications, has recently become available on the iPhone. The service now offers the ability to synchronize your columns. (Be careful about leaving this application open on your phone it’s a big battery drain.) TwitterFon and Tweetie each offer fairly similar features with the ability to see your @Replies, DMs, and Twitter Stream. My personal choice is TwitterFon. The software comes in a free version and a Pro (paid) version. The free version is excellent but if you want to have an ad free experience and manage more than one twitter account, you’ll want to upgrade to the paid version.

For Palm Pre Users: Tweed (search in PreApps)

The new Palm Pre phone has a slick interface and Tweed doesn’t dissapoint. The service will keep your stream updated and allow you with just a few clicks to share photos on Twitter as well as posting to Flickr at the same time.

For Windows Mobile: TwitToday

There aren’t many choices yet for Twitter on Windows Mobile, but one of the better options available is TwitToday. It offers basic Twitter interaction potential right from your Windows Mobile home screen.

Other Tools

Posterous – Sign up for a Posterous account and you suddently have the ability to post photos, video, music file, or most other types of documents to your Twitter stream by simply emailing Posterous from your phone or computer. Imagine doing a video walk through of a great new listing and within seconds sharing it with your followers or taking a photo of your community and showing potential buyers why it’s such a great place to live. Or perhaps you have an document you’ve created on market stats for your area. Now everyone can have access in seconds.

TwitPic and YFrog – Specific to just photos, TwitPic and YFrog allow you to email any photo from your phone and have it post to your Twitter stream automatically.

Using Twitter when out and about really opens up your ability to interact with the public. You can take a few moments while waiting in line or sitting idly to just catch up with those you follow. You can also check to see if anyone is Twittering about real estate topics in your area offering you that first contact ability.

You’ve Heard the Term, But, Really, What is IDX?

Stacey Harmon — Tue, 28 Jul 2009 15:26:30 +0000

Realtors often ask about IDX, the method and rules that allows for Realtors and brokerages to display the MLS inventory on their websites. It’s one of the more complex terms in real estate technology and probably one of the least understood. Why? First, to most Realtors, the terminology is foreign and vague. Then each MLS has their own IDX rules that can range from archaic to progressive. Finally, there are hundreds of choices for IDX vendors whose offerings vary as wildly as their prices. These variables make it a complex and confusing topic.

However, giving potential clients access to IDX listing search on your website is an absolute must for any modern brokerage or agent. So wading through the waters of the process is a necessity. This post is designed to make it easier to understand.

What does IDX mean?

IDX stands for Internet Data Exchange. It’s the rules and procedures that allow real estate brokers and agents to display listings from other companies on their website. Most IDX rules require the broker or agent displaying the listing on their site to display the name of the listing brokerage with the listing.

A key point to remember is that IDX and the underlying rules only apply to brokerages and agent websites. For example, Zillow does not fall under IDX rules since Zillow is not a brokerage. Therefore, on non-brokerage and non-agents site such as Zillow, only the listing agent would be able to advertise their property (vs. all listings appearing on Zillow as part of an IDX feed if they were a brokerage).

Vendor Selection:

As an agent there are options on how to present listings on your site, and there are a variety of vendors who offer different IDX solutions. The different options yield different benefits. If you listen to real estate search engine consultants speak, you’ll hear terms like Drop-in vs. Built-in.

Drop-In vs. Built-in IDX:

A drop-in IDX solution means that the code to run the search and display any of the listings actually occurs on a different website. In other words, the code does not live on your site. The benefits of a drop-in IDX solution include that they are readily available, generally affordable, easy to implement, and can display listing data in a way that is appealing and easy for consumer to use. However, this solution offers no search engine optimization benefit for your site. However, for many agents, drop-in IDX solutions can be suitable solutions to displaying listings for the benefits listed above (and search engine benefits can be gained from other web strategies – blogging, for example). Examples of a drop-in IDX providers are Diverse Solutions and iHomeFinder.

With Built-In IDX, all the listings display right on the agent or brokerage website. This means that if a search engine finds the page, it will see all the listings and potentially make them searchable. The more pages that a search engine finds on your site, the easier it is for potential clients to find you on the web. Very few practical options currently exist for agents right now in regards to built-in IDX (the current leading option is a custom coded website built by a vendor which requires a coder with a specific skill set, and a large sum of money on your part). However, if you have a Wordpress based blog or website, Listing Press is a new option to consider and more options are in the works.

Map Based Search:

An important question to ask a potential IDX vendor is whether they offer map-based search. Up until recently most vendors offered IDX search that was based upon the user making selections such as 3 beds, 2 baths, $500,000-$600,000 and a list of options would display. Now that list can be used in correlation with a map. So when a potential client sees their options they can also get a good idea of where the home is located, how close it is to parks, schools, the freeway, etc.

Lead Capture System:

The most important item to look at when considering an IDX vendor is their lead capture system. What’s the point of running a website and paying money to have all the listings on there if you don’t get clients from it? A good lead capture system will allow a potential client to request information or schedule a showing on every listing. Also check to see if the vendor offers the ability for users to save listings, receive listing email alerts, and track what has been viewed.

Pricing

IDX pricing can run from $20 / month to more than $100 depending on which solution you choose. Also make sure to ask your MLS if they charge any fees for gaining access to the IDX data.

Google Voice | A Phone Service That Will Change Your Real Estate Business

Stacey Harmon — Tue, 21 Jul 2009 13:00:02 +0000

Ring Ring, Ring Ring – Do you hear that? That is the sound of change coming to the way Realtors interact with their clients. If you haven’t heard, Google is about to launch a new service called simply Voice.

Google Voice will give you a new phone number that allows you to aggregate all your calls to one place. The system allows you to pick a number in almost any area code in the United States. As soon as your friends, family, and clients begin to use this number instead of your old number, the capabilities of this new line will match that of the highest end phone systems in offices today.

A few interesting features of the product:

Find Me - Your clients can dial one number and any phone you select can ring
Voicemail Transcription - All voicemails will be converted to text and emailed to you. If you’re in the middle of an important meeting but can view your email, you’ll be able to read what the caller said.
Call From Your Cell - Blackberry and Google Android phones are already enabled and more are coming soon allowing you to access your Google Voice account from a program running on your phone.
Ability to Label Calls Spam – Any future time they call they will be sent to voicemail and the message will be marked spam in your Voicemail box
ListenIn - This feature allows you to screen calls by hearing what a caller is leaving a voicemail about. If you feel the message is worth responding to immediately, you may at that point pick up the call in the middle of the message.
Call Record – Allows you to keep a recording of the conversation to remember for the future. If a client calls and speaks to you about a home they are looking for and you can’t write the info down, just click one button and the whole conversation is there when you get back to the office (callers are notified that you are recording the call).
Custom Greetings – You can set your Google Voice number to answer with different messages based on if the caller is a client, family member, or friend
Switch Phones - With one button you can switch the call off your cell and onto your landline to reduce your cell minutes.
ClickToCall – Don’t want to dial that number in your contact list? Just hit one button on your computer and the program will dial out to your phone and connect you automatically with the person you are trying to reach.
Text / SMS - Google Voice numbers are also SMS enabled. This means your clients can send you text messages even if you don’t have a text plan from your provider. The messages will be stored in your inbox as a message. Alternatively you can have the SMS messages forwarded to any number of cell phones you choose.
Free US Calling - call out to any US number for free.
Low Cost International Calling - If you have international clients, you can now call them from your cell phone without exorbinant fees (See Here For Rates)

Ready for the best feature? It’s all free! There is a waiting period before being able to sign up right as the service is still in its final testing phases. Just sign up by going over to the Google Voice Invite Page.

Escrow Terminology Explained, Part 2

CV Escrow — Thu, 16 Jul 2009 19:17:39 +0000

This is the second article (see the first one here) in our series on the specific terms and phrases you can encounter during a real estate transaction. The language of escrow and the real estate transaction doesn’t need to be a stumbling block; once you know the terms, these words become what they are meant to be – valuable tools to help smooth the road to a successful transaction.

Contingency

This is a clause in the sales contract that says something must happen before the sale goes through. The sale is contingent on this event, in other words. Common contingencies are the arrangement of financing, a successful home inspection or wood pest inspection, or a roofing or sewer report. Negotiate contingencies carefully, as they can cause the failure of a deal.

FIRPTA

The Foreign Investment in Real Property Tax Act of 1980 is important if you are buying a property from a person or corporation that is not US-resident. It is up to you to find out if the seller is a foreigner. FIRPTA rules state that the buyer must withhold 10% of the realized sale price for tax purposes. A common exception is if you are buying a personal residence for under $300,000. Talk to your broker or escrow officer, who will know all the details.

Cal-FIRPTA

The California version of FIRPTA, this legislation requires the withholding of a percentage of the sales price for most California real estate transactions. Talk to your realtor or escrow officer to get a full explanation of how this law affects your transaction.

Easement

An easement is an allowance, written into the property’s title, for another person or company to have access to a portion of the land for some purpose. Often an easement allows access to power lines or utilities running through the property. A registered easement gives the other party legal access, and restricts what the owner can do on that piece of the property.

Encroachment

An encroachment is any structure or physical thing that intrudes on somebody else’s space. This could be a neighbour’s building or fence encroaching on your land, your building or other structure encroaching on your neighbour, or your structure encroaching on city or state property. Encroachments must be agreed upon before building, resolved if discovered, or removed if objected to.

Watch for more terminology posts in the months ahead.

Should You Be a Blogging Realtor?

Stacey Harmon — Tue, 14 Jul 2009 13:00:50 +0000

Blogging is the cornerstone of the new media marketing movement, and the promise of business for the Realtor who embraces it is tempting. This post is designed to give the pros and cons of blogging, and help you decide if blogging is something that you should incorporate into your real estate business.

First, what is blogging?

In February, I did a detailed post answering this very question. Basically blogging is an on-line journal. It consists of posts, or articles, that the blog author writes and adds on a regular basis to the blog. The most current post resides at the top of the blog, and the prior posts move down the page.

Success in blogging results from two things:

Providing content of value to your target audience
Frequency

What content is of value in real estate?

I view the following topics as good topics for Realtor blogs:

Market Data: Answer the question, how is the market? This is likely the most common question in real estate and makes for excellent blog post fodder.
Neighborhood Info: Talking specifically about different neighborhoods and farms will help build your credibility, establish your expertise in an area, and help you with what is called the “long tail” search in Google. When it comes to buying decisions, people are very interested in the nuances of a particular neighborhood. You discuss this in the car with prospects, and you work to show sellers your neighborhood expertise with post cards mailings, and in your listing presentations. Take this information to the web in the form of blog posts.
Lifestyle Information: Every buyer wants to know what the lifestyle is like in various cities, communities, and neighborhoods, and you as a Realtor are selling not only the houses in a particular area, but you are also selling the lifestyle. Blogging about the events, people, restaurants, schools, and area information are all great topics for a blog and paint a picture about the local lifestyle in the area.
Transaction Education: For most people, the process of buying a home is complicated and overwhelming. As the Realtor, part of your job is to navigate buyers and sellers through that process. By discussing the process and providing an education on the nuances of the transaction, you have the opportunity to establish your professional credibility and attract buyers and sellers who appreciate the education you are providing them on the process of home buying and selling.
Competent Advice/Perspective/Interpretation: No doubt about it, there is access these days to almost any information someone could want. The problem is that the amount of information is overwhelming. This presents a blogging opportunity for the Realtor who can provide an interpretation of all the data. From all the stats, what is the most important piece of information for today’s buyer to know? Why is it important for them to know? What is meaningful about that?

And what about frequency of blogging?

How often you blog is going to vary for each Realtor. I suggest that blogging once or twice a week is a good target. The key is to do it on a regular basis. This keeps your blog fresh, reminds people that you are active and current in the market, and helps you with Google.

Blogging has several advantages for the Realtor.

Blogging Pros:

Establish Your Expertise: Keep in mind that when you are positioned in the mind of the buyer or seller as THE trusted advisor, you have a client. There is no better way in social media to establish yourself as a trusted advisor than with blogging. Blogging provides you a golden opportunity to establish your real estate expertise. It allows you to express your perspective, your professionalism, and you market knowledge in a way that reflects your tone and personality.
Google Friendly (Search Engine Optimization – SEO): By definition, blogging is Google friendly. The platform of blogging is designed to be indexed by Google and if you are blogging using words that are relevant to your market (key words), you are helping yourself naturally appear in search results when people search Google for terms that match what you are blogging about. So, for example, if you are frequently blogging about items related to La Quinta real estate, when someone types in “La Quinta real estate” into Google, you are more likely to rise to the top or be on page one.
Subscribe Feature: Blogs have the ability to have people subscribe to them so that any content you post is automatically distributed to the reader (vs. them having to come to the site to see new content). When this channel is properly respected (and not abused, which would result in the reader “unsubscribing”), the blogger creates a drip marketing opportunity to all of the readers who are “reminded” of you ever time you post a new blog post.
Brand Building Opportunity: Through blog subscribers (as described above) and in the visual design of your blog, you have the opportunity to establish, and extend, your personal brand. What you say on your blog, and how it looks, is a reflection of your professionalism and your personality and gives people an impression about you.
“Long Tail” Opportunity: This benefit relates to the opportunity to reach people who are searching for specific terms in Google, vs. broader terms. For example, “La Quinta Real Estate” is a very general term that yields about 1.6 Million results in Google. Compare this to “The Hideaway La Quinta Real Estate” which yields about 8,000 results and you can see that there is a much greater opportunity to be found on the long tail search. Another benefit is that people who search long tail terms tend to be closer to a purchase or sale decision as they have gotten specific in what they are looking for.
Can be a Lead Generator: Blogs can generate great leads. When you are effective in articulating your real estate knowledge, answering the questions of your target market, and positioning yourself as a trusted advisor, people will contact you through your blog. Those that do contact you are generally attracted to your perspective and generally stronger leads than you may get off of an ad or other form of marketing. People tend to watch a blog for a while. They will get a feel for you. When they do contact you, it is because they have a feel for who you are and they are interested in working with you.

Blogging Cons:

Time Consuming: No doubt about it, blogging is a time consuming endeavor. It takes a commitment from the Realtor. Keeping in mind that frequency is a key element to successful blogging, you really need to view blogging as a strategy that you have a plan for. It takes time to generate good content.
You Need Average, or Above Average Writing Skills. Blogging is a content driven marketing vehicle. If you are not generating good content, you are not going to get good results. If you do not have the ability to articulate your perspective easily with the written word, blogging will be a challenge for you. There is an alternative – video blogging. With a very affordable piece of equipment called a Flip Video Camera, you can post a video blog instead of writing one. A video blog doesn’t carry the same SEO benefits that the written word does, but it can be a very effective way to articulate your perspective, or actually show your market area. A video blog can also be an efficient use of your time (maybe video tape yourself while you are sitting at an open house and waiting for traffic).
Several Nuances to Learn: Although the actual process of posting a blog is not much more difficult than sending an email, to succeed in blogging over time, there are many nuances to learn about the blogging platform. For example, there are better (vs. worse) ways to title your posts so that you rank well in Google and/or capture the attention of your readership. There are best practices to follow in terms of naming your images and inserting links into your posts. Although none of these items are particularly challenging, all of these little items tend to present a learning curve for the Realtor just getting into blogging.
Becoming Competitive: Blogging has been popular in real estate for several years now, and in some markets, there are some very established real estate blogs. In these areas, the landscape for blogging is very competitive. You should survey the blogging competition for your market and determine if there is a great opportunity for you there. Even in markets where blogging is very established, there are still ample blogging opportunities on a hyper-local level. You don’t have to blog about Palm Springs. You can blog specifically about Rancho Las Palmas. This would be a hyper-local topic and one where you have a strong chance to stand out and dominate a niche area. Alternatively, you could also define a niche market – maybe foreign buyers or sellers for your area. Or , seniors. Or, first time home buyers. Think about segments that may be under-represented by blogs that are focused on larger areas and geographies and you will find some great blogging opportunities.

I’ve pointed out the reality of the challenges of blogging in an effort to give you a realistic view on what it takes to succeed in blogging. Blogging may or may not be for you. But, if you are searching for a new strategy, or you actively farm a geographic area or demographic niche, and plan to be in business for 5 years or more, I suggest you seriously consider establishing a blogging presence. There is just so much to be gained. In a future post, I will lay out the leading blogging options for those who would like to pursue a blogging strategy for their real estate business.

New CV Escrow Office Opens In Palm Springs

Scott Akerley — Thu, 09 Jul 2009 17:41:01 +0000

CV Escrow continues our strong commitment to the Desert. On behalf of everyone in the company I am pleased and proud to announce the opening of a new Palm Springs office. This addition to our service locations enhances our ability to provide personal service to the area’s real estate community.

Our Office Manager and Escrow Officer is Julie Eckstrom. She is a SoCal native who has lived and worked in the Coachella Valley since 1985, where she has built many outstanding relationships with area Realtors. Working in escrow since 1976, her strong skills in project management, in team management and in the technical details of escrow put her in a great position to help Realtors with all of their escrow needs. “Throughout my career”, Julie noted, “I’ve been fortunate to work on projects and develop expertise in many kinds of escrows including sales, commercial, Indian lease land, loan, REO and short sale transactions.”

Please feel welcome to stop by to see Julie and to share with her your thoughts on how she can help you. She can be reached at:

CV Escrow, Palm Springs Office (map)
850 N. Palm Canyon Drive
Palm Springs, CA 92262

Phone: 760.325.7314
Fax: 760.325.7324

Email: jekstrom@coachellavalleyescrow.com

Concurrent Closings – A Complex Escrow Challenge

CV Escrow — Thu, 02 Jul 2009 13:00:53 +0000

Concurrent closings are a common escrow situation where a client is conducting two real estate deals, and wants them both to close on the same day. It sounds like a simple, straightforward matter of timing; in reality, the request for a concurrent close can be a difficult and stressful affair for all concerned. It’s like trying to line up two flocks of ducks at the same time.

Reasons For Concurrent Closings

A client may ask for concurrent closings for several reasons. Perhaps they are buying a new house, and using the proceeds from selling their current house to pay for it. Perhaps it’s a business deal with a need for close timing. Perhaps they are involved in a 1031 exchange, and the timing of the closings has strong financial implications. For whatever reason, the less time between the closing of the two deals, the more the client benefits.

The challenge in executing a concurrent closing arises because any real estate transaction involves a multitude of agencies and stakeholders. Title agencies must work through the process of transferring title; spouses, business partners, or other parties with an interest in the property need to be consulted; lenders have approval processes that depend on other paperwork being completed in a timely manner. In short, the escrow officer works an impressive feat of organization and coordination in a concurrent close.

It May Be Out Of Escrow’s Hands

The escrow officer is the director of the two transactions. The escrow officer makes sure people have the right information and forms at the right times, follows up to ensure timely completion of the paperwork, and does whatever is necessary to keep things on track. The plain fact is, however, that a concurrent close runs across many desks besides the escrow officer.

There are ways that a buyer can streamline the process, and help bring the timing of two concurrent transactions closer together. The two biggest considerations would be to have the same title company and the same escrow agency handling both transactions. This opens the possibility for workers in the same office to coordinate their efforts, to the buyer’s benefit. Having the same lender will help, too. Keeping the sale and escrow considerations as simple as possible give the transactions a better chance of coming to a concurrent close.

These are some ways to help make two related transactions close on the same day, or close together. However, because of a real estate sale’s inherent complexity and the number of agencies involved, no timing of a concurrent closing can be totally guaranteed. Dealing with a professional, experienced and skilled escrow company can however help to effectively manage the transaction and meet the closing goals of all involved.

Why Twitter and 10 Ways a Realtor Can Use It

Stacey Harmon — Tue, 23 Jun 2009 13:00:32 +0000

Earlier in the month, I did a post called “What is This Twitter Thing Everyone is Talking About? which defined Twitter and explained what it is. This post is designed to express the value of twitter, and explore some of the potential uses for twitter for the real estate professional.

I’m often asked, why Twitter? What is the benefit? Furthermore, how is this relevant to the Realtor?

Let’s start with the benefits of Twitter that I see and experience:

Twitter is real time. Twitter provides the opportunity for me to get an immediate pulse on news and events, often before the mainstream media can report on it. For example, last month, there was an earthquake in Southern California. The twitter conversation about the earthquake occurred within seconds of the earthquake. It took several minutes before it appeared on the internet, and about a ½ hour before I could find the news reporting on it.
I learn from Twitter...a lot. People I choose to follow on Twitter often send out links to things that I’m interested in (blog posts, news stories, photos). When they send out a link, it is a basically a referral from them, and I’m often interested. It helps me to stay current and informed.
Trend watching: By watching Twitter conversations, I stay current on the pulse of what is hot…current events, technology, public opinion, rates, weather, etc.
Exposes me to a larger community: Realtors reach with traditional media is generally restricted by geographic distribution. Because anyone can follow you on Twitter (it doesn’t require mutual agreement to “connect” as Facebook does), who you connect with is not limited by geography.
I keep up with a geographically dispersed group of people, easily, and in real time.
Twitter is easy to use and it doesn’t have to take a lot of time. 140 characters (the maximum allowable length of a tweet) is a pretty low commitment. With the right technology, you can tweet from almost anywhere. Real estate is a business of hurry up and wait. If you have a client that is running late for a showing, why not send a tweet from your cell phone. It can be an efficient use of downtime.
Twitter is fun. There are some funny things on Twitter. I’m constantly amused. It is a great way to be entertained and connect with others through humor.
It’s a new communication channel I didn’t know I needed. I suggest that Twitter is akin to email in this regard. We were all living quite happily without email at one time. Clearly, email is now a mainstream communication channel. Twitter has the potential to be the same. As a note, I’ve also noticed that as my twitter usage goes up, my email usage has gone down (not a scientific study, but a personal observation).

So then, given these benefits, how can the Realtor can use Twitter? Here are 10 potential uses I see that, properly executed, could lead to expanded business for a Realtor.

Network & Make New Friends: Use 3^rd party sites and applications such as Twitter Search to find and watch for conversations related to things you are interested in. Add active users that are saying things that are interesting to you. Engage with them. A Twitter acquaintance can be developed into a long lasting friendship. And, in the immensely social business of real estate, where the adage “its all who you know” certainly holds true, we know that the more friends you have, the better.
Read News: Keep up with the industry in real time. Follow industry news sources such as Inman News as well as lenders who tweet about mortgage rates. Learn about events industry events designed to teach you about social media and real estate like REBarCamp Orange County.
Attend, or Organize, Face-to-Face Meetings (aka Tweetups): Use Twtvite to find or organize events with like minded individuals, or those who are interested in what you have to share (for example, you could host a first time homebuyers seminar and promote it via Twitter). Use Twitter as a catalyst to meet people in real life.
Build Your Referral Network. One of the key benefits of twitter is the ease at which you can keep in touch with a geographical dispersed group of people. There are LOTS of Realtors from all over the United States and the world on Twitter. Connect and engage with them. Think about the possible referrals!
Prospecting: I see twitter as the new-media equivalent of cold calling. Because you don’t have to have mutual agreement to connect with people on Twitter, it is easy to make connections with complete strangers. Unlike Facebook, where interacting with people you don’t know can be perceived as creepy, Twitter is set up to engage with anyone. It is culturally acceptable. And, there ARE clients to be found on twitter. Take this example from Gary McNich, a Realtor in the Seattle, WA area:

Follow Local Discussions: Use 3^rd party sites like TwitterLocal to search out discussions about your area and watch those discussions. Gain a pulse on what the hot topics are in your area. Use this as an information source for blog posts or general conversations with clients.
Get Feedback: Twitter is a great medium for asking a question, and getting answers. Want to know what people think about why buyers are sitting on the fence, or what they think of the new website you just put up for you listing? Maybe you want some feedback about a vendor you are considering hiring. Ask the twitter-sphere and you will get all kinds of answers.
Direct Traffic to Your Blog or Website: A very powerful part of twitter is in the links that you can include in your tweets. When you send out a link, it is a referral to somewhere. And, if you have built a network of people on twitter who trust you, you have a great chance that your followers will view your link, which will effectively drive traffic to your website and/or your blog.
Extend Your Personal Brand: Your profile page, and the content you tweet, says something about you. Twitter provides a great opportunity to extend the brand that you have built in off-line marketing materials onto the web and into a social network. If done properly, you will position yourself as a trusted advisor and have an easier time utilizing twitter to enhance your business opportunities.
To Broadcast: This is my least favorite Twitter usage suggestion, but if done in moderation, after building a following that trusts you, Twitter can be a way to promote your services or your listings. However, WORD OF CAUTION, if not done properly, using Twitter as a strictly broadcast medium will be perceived as spam and you will not only loose followers, but damage your credibility and reputation in this social network. It is really about tone and frequency and this strategy is not the first you should embark upon when joining Twitter. I’ll discuss more about this in a future post.

Curious enough to give Twitter a try? If so, start by following me (@staceyharmon) and CV Escrow (@CVEscrow). Watch how we use twitter and start interacting with us. We look forward to the Twitter conversation with you!

An Explanation of Property Tax Prorations in Escrow

CV Escrow — Thu, 18 Jun 2009 13:00:39 +0000

One of an escrow officer’s simpler jobs is calculating the amount of property tax that is payable by the buyer and the seller on any given real estate transaction. One of the agent’s tougher jobs can be explaining to the buyer why they may get an official property tax adjustment bill months after the sale is done. Let’s wade into the arithmetic and explain the situation.

Property Tax Defined

Every property gets assessed by the county assessment office every year, establishing the amount of tax due on that property. At the time of a sale, it’s a simple matter for the escrow agent to find out the property’s tax for the full year, and apportion the correct amount to the seller for the year to that date, and the right amount to the buyer for the remainder of the year.

Say, for example, the property tax of the year is $1200, and the transaction closes on May 1. The seller pays $400 for the first 4 months, and the buyer pays $800 for the last 8 months. These numbers show up on the closing statements.

Sale Triggers Assessment

The complication arises because a property sale triggers a new assessment. This assessment happens according to the schedule and timetable of the county assessment office; this means it could happen months after the transaction has closed, when the buyer has long since thought the sale over and done with.

When it eventually occurs, the property has a new assessed value – and a new tax burden – retroactive to the date of the sale. It might be more or less than what the buyer paid on the closing statement, but chances are good that it will be different. Therefore, the assessment office will issue an adjustment notice. If it’s a tax increase, the buyer needs to pay more. If it’s a decrease, each county handles the situation differently. Check with the links below for your own area’s procedures.

Escrow Works With The Numbers

The escrow officer’s job with prorating property tax is just to work with the existing numbers. They use the property tax amount provided to them by title at the time of the escrow (the current property tax amount). They take this current tax information and allocate the charges to the parties accordingly.

That’s why, in an appreciating market, a buyer can get an additional tax bill, months after the sale, when they thought it had already been covered. And that is why, in a depreciating market, the potentially reduced taxes on the home cannot be determined and applied at escrow. For specific tax questions related to a particular parcel, further information can be gained by contacting your county’s tax recorders office:

Did You Claim Your Facebook Vanity URL?

Stacey Harmon — Tue, 16 Jun 2009 13:00:35 +0000

You may have noticed that when you log into Facebook this week you see this message at the top of the page:

Have you claimed your username yet? If not, you should do so! It makes it easier for friends, family, and clients to connect with you on Facebook.

Last Friday night, Facebook gave users the opportunity to claim a “vanity URL” that represents their profile on Facebook. Over 6 million people have already registered their username (as of Sunday). This optional process gives Facebook users a distinct web address for their profile and makes it much easier to share and promote your Facebook presense with others. If you haven’t registered your username, the URL for your profile looks like the before picture below. After you register your username, the URL for your profile will look something far more friendly (see the after image below).

To claim your username, go to http://www.facebook.com/username and follow the simple process that Facebook has set up. You can select a username that Facebook suggests or create your own. Select “Check availability” to check for available usernames. If the desired username is available, click “Set Username” in order to confirm your choice.

A few notes:

Facebook usernames are permanent. In other words, they cannot be changed or transferred! This is an important consideration. How are you branding yourself? Are you using facebook for business or personal use, or maybe for both? Should your username be your full name or something more tailored to business (staceyharmon vs. RealtorStacey). Only you can make that decision. But, keep in mind that it cannot be changed. So choose wisely and make sure it is a username that will represent you over time.
Your username must be at least five characters in length and only include alphanumeric characters (A-Z, 0-9), or a period or full stop (“.”)
Once you have your new friendly “vanity URL”, consider adding it to your email signature to encourage those you deal with to interact with you on Facebook.
It is possible to also have a vanity URL for a fanpage, but you must have over 1,000 fans and have registered your page before May 31, 2009 in order to qualify. More details can be found here.

Escrow Terminology Defined

CV Escrow — Fri, 12 Jun 2009 18:27:38 +0000

Real estate transactions, and the escrow processes that make then happen, sometimes have a level of industry jargon that can be confusing or intimidating to buyers and sellers who aren’t familiar with the meaning behind the words.

This is the first in a series of definitional posts designed to better inform buyers and sellers about the escrow process and the terminology used during the course of a transaction.

Escrow

The escrow procedure, at its core, is where a neutral, trusted third party holds onto an item for sale until something happens, usually until the buyer pays the seller. As real estate transactions have grown in complexity, so has the business of escrow. Now an escrow agent watches over all the details of the sales agreement, facilitates the transaction paperwork, and coordinates the interests of many different parties with an interest in the sale. They also make sure that the seller gets their proceeds, and the buyer gets their title, when all is said and done. For a detailed explanation of escrow, see this earlier post.

Deed of Trust

In many states, including California, this document takes the place of a mortgage. The Deed of Trust places a property’s title in the hands of a Trustee, usually a title company, along with the specifics of the buyer’s loan and repayment provisions. If the owner defaults on the loan, the Trustee has the legal right to foreclose, and give the lender the proceeds. When the loan is paid off, the Trustee reconveys the title to the owner.

Lien

This is a legal claim on a property by someone the owner owes money to. In real estate transactions, the lender will attach a lien to the property title, saying any money from sale of the property will first be used to pay off the loan.

Prorations

In a real estate deal, the escrow agent will need to figure out the buyer’s and seller’s portions of expenses that get paid according to a certain date – eg taxes, interest or utility bills. The agent will pro-rate the expense, doing the arithmetic based on the transaction’s closing date.

Grant Deed

This is the actual document of the real estate sale. It states that the seller, or Grantor, is selling the property to the buyer, or Grantee. It states the specifics of the property, and that the seller has revealed any liens or encumbrances. The Grant Deed is usually notarized and recorded.

HUD-1 Statement

This is the Department of Housing and Urban Development’s official settlement form, used in most real estate transactions to detail exactly what settlement costs occur in the sale, and whether the buyer or the seller is paying them. You get this form at or shortly before the closing. It represents a complete accounting of every cost of the transaction.

Title Insurance

This is an insurance policy for buyers that protects them against unanticipated defects in the property title. These could be anything from hidden liens, ex-spouses, unrevealed heirs, or recording errors, to forgery. Title insurance policies carry different specifics and exceptions, so examine yours carefully.

Additional terminology will be defined in future posts. If you have a term you would like clarified or definied, leave us a note in the comments section of this post.

Realtor Resource: Technology for Your Business at MyTechOpinion.com

Stacey Harmon — Tue, 09 Jun 2009 21:26:54 +0000

In today’s post, I wanted to bring to your attention one of the most outstanding resources out there for Realtors who are looking to stay informed on all things technology in our industry: MyTechOpinion.com.

Their tagline says it all “Technology for Real Estate”. Topics covered range from Blogging, to Hardware, to Marketing, to Software, to Social Media and beyond. In their own words:

At MyTechOpinion we dig through ALL those technology offerings to identify key products and services to benefit your real estate business. Let us be your real estate technology knowledge base.

Some of my favorite posts include (and ones that I think are particularly useful for today’s Realtor):

10 Social Media Lifeskills for Real Estate Professionals
4 Ways to Access Your Files Remotely (having trouble getting all your files in one spot?)
A Real Estate Presentation in the Palm of Your Hand (highlights small, hand held projectors – digital listing presentation anyone?)
How Neat Are Your Receipts? (discusses a product called Neat Receipts which helps you stay organized – think write offs!)
Some Like it Hot [But Your Laptop Doesn't] (think an inexpensive laptop cooling pad might be helpful with that Desert heat?)

They also have a great resource list for those who are ready to get started in social media marketing. Make life easy on yourself…they’ve already done the hard work for you and presented the best social media sites and technologies in an easy to understand list which sifts through the junk and highlights the best.

The authors of MyTechOpinion (Nicole Nicolay, Reggie Nicolay, and Chad Johnson) are recognized social media pioneers and respected industry professionals. In my opinion, this is one site that should be on the radar of any Realtor looking to keep up with technology today.

Demystifying the Closing Statement: Line Item Escrow Fees Explained

Administrator — Thu, 04 Jun 2009 14:36:53 +0000

Closing fees are a prickly part of any real estate deal. This is where everybody involved in the sale and transfer – lenders, lawyers, government agencies, and the escrow company – add their numbers to the bottom line. Perhaps the worst thing about closing fees is that they often seem to come as a surprise. This can lead to anger and frustration for the buyer and seller, and inconvenience and headache for agents.

Escrow fees are part of a deal’s closing costs. Let’s explore the typical fees that can show up on a buyer’s closing statement, and help to avoid future cases of sticker shock.

Buyer’s Escrow Costs

Escrow Fees

This is the fee for the escrow service itself, usually a certain amount per $1000 of the sale price. With the escrow fee you are paying to make sure:

The escrow agent is properly licensed in your state
They have the knowledge, training and expertise to handle supplemental and unusual escrow situations
Your escrow process follows all applicable laws, and the sale will be legal and valid
The escrow agent is an independent third party, competent and trustworthy to caretake and disburse your money.

Loan Tie-in Fee

This fee provides for the escrow company’s time and supplies to print out lender documentation, comply with various lender requirements, and fill out and submit the forms and applications requested by lenders to facilitate the transaction.

E-Document Fee

More and more documents are being sent to escrow companies over the Internet, however they still need to be printed out in order to be archiveable and useful. This fee helps to defray document printing costs.

Processing Fee

Very few escrow situations come without any supplemental or unusual needs. Spouses, ex-spouses, grantees, trustees, business partners, extra government agencies or authorities, all may need to be dealt with in order to facilitate the escrow. All of these contacts take time and documentation. Most escrow companies include one or two added contacts in their escrow fee; a significant number of added contacts will result in a processing fee.

Archive Fee

Legal escrow documents need to be stored by the escrow company for a minimum of five years. This fee helps with the storage and retrieval of the large volume of paperwork involved.

Seller’s Escrow Costs

The seller’s closing statement contains escrow costs as well. The seller will have the same Escrow fee as the buyer, the same Processing and E-Document fees, and an Archive fee.

Closing costs from the escrow company are not a mystery, and don’t need to be a surprise, either. With a little bit of preparation and a phone call or two, both buyers and sellers can know in advance what their closing costs will be, and clear a potential obstruction on the way to a completed sale.

What is This Twitter Thing Everyone is Talking About?

Stacey Harmon — Tue, 02 Jun 2009 19:08:17 +0000

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 a 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 are you doing” (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) and follow CV Escrow (@CVEscrow). By watching our twitter accounts, you’ll start to get a feel for what twitter is all about!

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

Stacey Harmon — Tue, 26 May 2009 14:52:54 +0000

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!

Realtor Technology Tool | The Flip Video

Stacey Harmon — Tue, 19 May 2009 14:50:06 +0000

To many Realtors, the concept of using video in their business is limited to the use of a virtual tour to market their listings. But, the technology of today busts the door wide open for agents to incorporate video into their business like never before. And, video is powerful stuff. Take a look at this video by Mike Mueller discussing the merits of video for real estate. He recorded this as part of a contest on MyTechOpinion.com answering the question “What technology product or service has made the biggest impact on your business? And why?”. (see all the finalists submissions here)

It is so easy and very affordable to get started with video. I carry around in my purse a Flip Video camera. You can buy one on Amazon.com for $60-$130 (depending on features like duration of recording and color ). I have this one:

My Flip Video is the size of a box of cigarettes, runs on two AA batteries, and is SIMPLE to use (you just push a red button to record, and the same button to stop the recording). And, the video is all pre-compressed and ready to be uploaded to YouTube or other video sharing site such as Viddler. The camera comes with a USB connector built into it so you just pop the Flip Video into your computer and go!

And, did you know that CV Escrow has Flip Video’s of our Escrow Officers, Escrow Assistants, and Business Development Directors on our site? People like to know who they are working with, and a brief video shows them so much more in 30 seconds than a bio that lists their professional background. Often buyers and sellers never meet the escrow officer until the end of the transaction when documents need to be signed. And for out of town buyers and sellers, they may never meet the escrow officer. We have several agents who forward on to their clients the link to the video of the escrow officer that is handling their transaction. Through the video introduction, clients get a better familiarity with the people they are dealing with on the phone. Check out videos of our team by following these links:

Escrow Officers:
Escrow Assistants:
Business Development
- Jan Whishaw
- Ellen Kardashian

Indian Leased Land Escrows | Part 2 – You Need Extra Time

Julie Ekstrom — Thu, 14 May 2009 15:51:41 +0000

As you learned in Part 1 of our series on Indian Leased Land Escrows, when you’re dealing with Indian Leased Land, it’s just that: a lease. The person leasing the property is the Lessee. Most of the properties on Indian Leased Land are owned individually by tribal members who are considered to be the Lessors. The lease is managed by the Bureau of Indian Affairs (BIA) and the Lessors work with an Agent to formulate the lease. The lease pays for long-term legal use of the land for the duration of the lease contract.

It’s important to remember that additional procedures and processes may be required when selling or representing leasehold property. These procedures can extend the time needed for escrow.

You might need additional time if:

The Lessor, or Agent for the Lessor, is out of town. Escrow is often at the mercy of the Lessor/Agents day to day schedule and/or other obligations. Executing the necessary documents that are required may not be a priority.
Several Lessors use either Fey’s Canyon Financial or Joanne Allen & Associates to act as agents for their transactions. Each of these leases, and thereby the Agents who manage them, have many requirements, including reviewing and approving specific loan documentation, title report, contract, insurance, etc.. Fulfilling all of these additional requirements will add at least 3-5 days to your process, no matter how organized you are.
If you are obtaining a loan, it may be more complicated than a non-lease land transaction. In a standard transaction, the loan itself is the most complicated part of the process. In an Indian Leased Land transaction, there may be loan restrictions imposed by the lease, which may dictate how much down payment is required, the length of the loan, and insurance liability requirements. Their protocol may or may not require signing additional documents which will then be returned for the Lessor to review and approve. Obviously, this can add days onto the process.
The Buyer resides, or is presently located, outside of the country. In this instance, the timing can be delayed due to notary, going through the U.S. Consulates office, etc. Other issues may be present. What’s most important to know is that in this situation, even if it is an all cash deal, you won’t be able to have a rapid closing (5 days, for example) you won’t be able to within 5 days.
If the property is in foreclosure and owned by a Bank, the Bureau of Indian Affairs has additional requirements that can delay the process.

In subsequent posts, we’ll address the specific items or situations – rather than simply the process itself – that add more time to your escrow transaction time.

CV Escrow on Your Cell Phone – How Cool is This?!

Stacey Harmon — Tue, 12 May 2009 13:00:43 +0000

Do you have an iPhone, Blackberry, Treo, or other internet enabled cell phone? If you do (and have a data plan through your cell phone provider), you now have the ability to view the CV Escrow website and blog right from your phone.

Last week, CV Escrow released the mobile version of our site so that you have the ability to surf our site and our blog right from your PDA. Depending on what phone you have will determine the level of graphic sophistication you see. So, for example, if you have an iPhone, the site will be very graphically pleasing on your phone. If you have an older Blackberry, the site isn’t going to render as pretty, but it still will function great and get you access to the information you are looking for. Simply go to www.CoachellaValleyEscrow.com from your PDA’s browser to view the site on your own phone.

Here are some samples of how the CV Escrow home page looks on various PDA phones:

So what can you now do on the CV Escrow website from your web-enabled phone?

Search and view any article that has been posted on the blog. (Are you with a client who has a question about escrow that we answered in a post? Now you can search for the post right from your phone.)
Get our address, phone number, and email (Trying to tell a client where the escrow office is, or need to call us with a question?)
Get contact information for your Sales Representative, Escrow Officer, or Escrow Assistant (In the field and need a check delivered to escrow, or are you with a client and have a question about your deal? Find the contact information for the person you need to reach)
View our Twitter stream and follow us (CV Escrow is on Twitter – you can access our profile from the home page of our mobile website and see what we are talking about)

And, if you have an iPhone, you have this additional functionality:

View a video introduction for each of our escrow officers (show your client who they are dealing with by watching a video of their escrow officer and team members.
Google Map directions to our office from your current location

So, check out our site on your PDA. Our goal is to give you the information you want, where you are, and when you need it. Let us know what you think! We’d love to hear stories about how you use this new functionality in the field.

Indian Leased Land Escrows | Part 1

Julie Ekstrom — Thu, 07 May 2009 13:00:40 +0000

In the Coachella Valley, we often handle real estate escrows for property that is located on Indian Leased Land. The Bureau of Indian Affairs-Palm Springs Agency, has federal jurisdiction over the land on the Agua Caliente Indian Reservation. This reservation encompasses approximately 28,000 acres in the western Coachella Valley, including portions of Palm Springs, Cathedral City, Rancho Mirage and unincorporated Riverside County.

It’s important to realize that additional procedures are required when handling transactions on Indian Leased Land. We will go into further details on these procedures in future posts. For now, we want to define aspects of these unique transactions so you can understand what is involved and how it can affect the escrow process.

When you’re dealing with Indian Leased Land, it’s just that: a lease. The person leasing the property is the Lessee. Most of the properties on Indian Leased Land are owned individually by tribal members. They are considered to be the Lessors. All the leases are administered by the Bureau of Indian Affairs (BIA) which is part of the US Department of the Interior. The lease pays for long-term legal use of the land for the duration of the lease contract.

According to the BIA (which provided the information and details that follow) , there are more than 11,000 leases on land within the reservation boundaries. The leases generally fall into one of two categories:

Residential Leasing

Master Lease
Residential Sublease

Commercial Leasing

Master Lease
Commercial Sublease

Most of the leasing on the Agua Caliente Indian Reservation falls into the category of residential leasing.

Residential master leases are typically negotiated by developers on large tracts of land. After building single family residences or condominiums, developers then sublease the land to the individual homeowners.

If you are an individual homeowner leasing land from a developer you would hold what is commonly referred to as a Residential Sublease, whereas the developer who leased the land from the landowner would hold the Master Lease.

What’s the difference between “Trust” land and “Fee” land?

The term “Trust Land” refers to land held in trust by the United States for the beneficial use of an individual Indian landowner or Tribe. In contrast, “Fee” land is land not held in trust by the United States. Typically, when you buy real estate, you are buying the house and the land it sits upon. This is called “Fee” land. In contrast, “Trust” land is where you own the house, but lease the land underneath that is in Trust.

The U.S. Department of the Interior holds thousands of acres of land in “Trust” on behalf of the Agua Caliente Indian Tribe and the individual Indians of the Agua Caliente Band of Cahuilla Indians.

The U.S. Department of the Interior, through the BIA, has been designated by federal law as the “Trustee” of all Indian lands. As trustee, the BIA has a fiduciary responsibility to ensure Indian landowners receive fair consideration for the use of their land.

We’re often asked, if you have a residential sublease, does that mean the land is in “Trust”? The answer is: Not necessarily. Residential leasing is not exclusive to Indian Trust lands. In fact, developers in the Coachella Valley and elsewhere have purchased land in Fee, developed the property, and then leased the property to the landowners. When property is leased on Fee land the BIA does not have jurisdiction.

What is the role of the BIA?

The BIA-Palm Springs Agency provides technical assistance to Indian landowners on matters of real property management. The BIA also holds approval authority for leasing of Trust land on the Agua Caliente Indian Reservation.

The BIA does not represent developers, homeowners, or those who lease the land; however the Palm Springs Agency staff is available to answer questions regarding the leasing of federal trust lands on the Agua Caliente Indian Reservation. It’s important to realize that Indian Lease Land is a multifaceted topic whose intricate details cannot be fully explained in one blog post. You should definitely consult with the BIA and an escrow officer – like one of ours – whose experience and expertise focuses specifically on Indian Lease Land transactions.

In future posts, we’ll inform you of the different title and lease options, as well as how to prepare for the different situations that may require more transaction time. With these posts, Leesees will become more informed on the process of buying and selling with Indian Land Leasing Agents and Lessors.

Texting 101 for Realtors

Stacey Harmon — Tue, 05 May 2009 13:00:51 +0000

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 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
– 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! :)

Dealing with a Foreign Seller in Your Transaction? Prevent Escrow Delays by Understanding the Process.

Julie Ekstrom — Thu, 30 Apr 2009 15:06:43 +0000

When you’re dealing with a Seller who is not a U.S. citizen and is considered by the government as a non-resident alien for purposes of United States income taxation, you can avoid escrow delays and minimize the Seller’s frustrations by knowing and understanding the basic process that all Foreign Sellers have to go through when selling property in the United States.

First of all, the U.S. government will get its taxes when a property is sold, no matter who the Seller is. While you should always advise your clients to consult with their CPA or tax consultant for specific information for their transaction, the following information should lay the groundwork to let you know how unique the Foreign Sellers process can be. Hopefully with this information, and advice from the Sellers CPA, Sellers can get everything in order ahead of time to keep the escrow process on a reasonable timeline.

Apply for a SSN or Tax ID Number

Begin by checking whether the foreign seller who is transferring U.S. real estate has a Social Security number and/or Tax ID number. If they don’t, start the selling process by submitting an application for IRS Individual Taxpayer Identification Number Form W-7. Married sellers need to submit one for each spouse. The application must be notarized and include a current, certified U.S. passport. The process of obtaining a Tax ID number will take at least seven to eight weeks and the Seller should seek the guidance of a Tax consultant or CPA for the proper forms and further assistance.

Early Submission Ensures Proper Tax Withholding

Any non-resident of the US who sells real estate in the US will have 10% federal withholding as well as 3 1/3% California withholding. If the sellers do not start the Tax ID application process early, it delay any refund and/or reduction due to them.

Request a Reduction of Withholding

If your sellers feel that the 10% withholding exceeds their capital gains, they can submit a Form 8288-B Application for Withholding Certificate for Disposition by Foreign Persons of US Real Estate Interests. This document will be provided by the Escrow holder and should be submitted to the IRS requesting Reduction of Withholding upon receipt of the document. This document needs to be approved early so the Escrow holder processing the sale has time to obtain approval to submit less than the 10% U.S. withholding. This process takes several weeks as well.

In summary, it’s important to remember:

It takes seven to eight weeks to submit IRS Individual Taxpayer Identification number Form W-7. Married sellers must submit one notarized application for each spouse with a current, certified U.S. passport.

Any nonresident who sells U.S. real estate will have 10% federal withholding and 3 1/3% California withholding. Not having a Tax ID delays any tax refunds or reductions.

The Seller might be able to reduce their withholding but must allocate several weeks to be approved before submitting less than the 10% U.S. withholding.

For further information and forms, seller’s should consult their CPA or tax adviser and can visit:

IRS: http://www.irs.gov/pub/irs-pdf/p515.pdf
Tax ID Number: http://www.irs.gov/businesses/small/international/article/0,,id=96696,00.html
Withholding Reduction: http://www.irs.gov/pub/irs-pdf/f8288.pdf

What do your clients see when they look for you on line? Google yourself to find out. Also, track yourself with Google Alerts.

Stacey Harmon — Tue, 28 Apr 2009 15:02:02 +0000

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 on line. 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 on line. 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 on line and in social media. Go set one up today and start tracking how you appear on the web!

Register as Domestic Partners in California to Expedite Escrow

Vickie Donati — Thu, 23 Apr 2009 17:58:49 +0000

Across California, as we process escrows for same-sex buyers and non-married couples over the age of 62 who are buying permanent residences or vacation homes, the topic of registered domestic partnerships arises. It’s important when choosing how to hold title to know how California law defines a Domestic Partnership, as outlined below. Buyers who meet these qualifications must register with the State of California to receive their Rights of Survivorship. Any other Domestic Partnership registration or out-of-state same-sex marriage will not be accepted by the State and can delay the escrow process.

California law states that in order to hold title as Community Property with or without Rights of Survivorship you must be either Husband and Wife or Registered Domestic Partners. Why are Buyers interested in Rights of Survivorship? Rights of Survivorship defines co-owners as having equal possession and interest in the property, so if, for example, one of the partners were to pass away, the property simply transfers to the surviving partner.

Sometimes, same-sex couples, as well as opposite-sex couples who are not married and over 62, will begin the escrow process assuming that because they’re registered as Domestic Partners in their home state (or perhaps were married in Canada) that they qualify as Domestic Partners in California. This is false and can result in the buyers having to vest title as single persons. It may be an option for the buyers to go through the process of registering as Domestic Partners with the State during escrow in order to hold title as community property, but this can run the risk of delaying escrow as there is time and hassle associated with appearing in court to file the appropriate papers, etc. If buyers are aware of the facts surrounding Domestic Partnership ahead of time, they can register on their own time and save everyone involved stress and delays in order to take title as community property.

By clarifying California’s Domestic Partnership rules and regulations to your Buyers, you will help them create a lasting financial arrangement that properly and legally reflects their relationship.

To be registered Domestic Partners in California, both persons must:

Have a common residence;
Agree to be responsible for each other’s basic living expenses;
Neither be married, nor a member of another domestic partnership;
Not be related by blood;
Be at least 18;
a: Be members of the same sex, or
b: If at least one is over age 62, be of opposite genders;
File a Declaration of Domestic Partnership with the California Secretary of State wherein each partner must consent to California court jurisdiction if the couple seeks a dissolution or nullity of their relationship.

It’s also important to consider certain clarifications to these stipulations:

Legislators limited domestic partnership for opposite-sex couples to only those where one partner is over aged 62 in order to protect benefits like Social Security.
To be eligible for the rights and responsibilities of domestic partnership, under California law you must be registered with California’s statewide registry. The state of California does not recognize same-sex marriages performed in Canada or Domestic Partnerships registered in other states in the U.S., nor does it offer the benefits to couples registered as domestic partners by cities within California.

It is important to keep in mind that there are potential tax and other legal implications to how you take title in the purchase of property. The implications are generally unique to the specific situation at hand and we at CV Escrow advise buyers and sellers to consult with their CPA and/or attorney for advice pertinent to their specific situation.

What is RSS? (Hint…it’s good stuff for the Realtor!) | A Cornerstone of Your Social Media Education

Stacey Harmon — Tue, 21 Apr 2009 13:00:11 +0000

Have you ever noticed that little orange icon that appears on web pages and blogs everywhere? (If you haven’t, after reading this post, you will – trust me!). Are you curious what it is? That icon is the symbol the cornerstone technology that has enabled the explosion of blogging and transformed how information is consumed in a web 2.0 world. And, it is called RSS. My personal journey into social media started the day I discovered RSS. Understanding RSS is what allowed all kinds of doors to open for me in social media and the web 2.0 world. My hope is that it will for you too.

The stage has been set for this post. In previous weeks I have defined “blog”, and discussed in detail the concepts of web 2.0 and social media, and discussed how these pertain to real estate. If these concepts are still new to you, it will be helpful to review my post on blogs as a basis for learning the power of RSS.

So then, what is RSS?

Most literally, RSS is an acronym for Really Simple Syndication. But, this is such a bland definition, and one that is generally irrelevant to understanding the true meaning of RSS. Following are 3 different (outstanding) sources who have a slightly different take on how to describe and understand RSS. Go with the one that resonates best for you:

If you are a visual learner, here is the Common Craft video explaining RSS in plain english and points out that RSS is “like Netflix compared to the video store”:

Interested in a straightforward, practical explanation of RSS? A great working explanation of RSS is provided by ProBlogger Darren Rowse who explains RSS as:

RSS is a technology that is being used by millions of web users around the world to keep track of their favorite websites.

In the ‘old days’ of the web to keep track of updates on a website you had to ‘bookmark’ websites in your browser and manually return to them on a regular basis to see what had been added.

The problems with bookmarking

You as the web surfer had to do all the work

It can get complicated when you are trying to track many websites at once

You miss information when you forget to check your bookmarks

You end up seeing the same information over and over again on sites that don’t update very often

RSS Changes Everything

What if you could tell a website to let you know every time that they update? In a sense, this is what RSS does for you.

RSS flips things around a little and is a technology that provides you with a method of getting relevant and up to date information sent to you for you to read in your own time. It saves you time and helps you to get the information you want quickly after it was published.

I find the ’subscription’ description helpful. It’s like subscribing to a magazine that is delivered to you periodically but instead of it coming in your physical mail box each month when the magazine is published it is delivered to your ‘RSS Reader’ every time your favorite website updates.

Let me say right up front that I’m not the most technically savvy guy going around – but even I can use RSS. At first I found it a little strange to make the change from bookmarking to RSS but I found that when I started that I just couldn’t stop.

Still a little foggy on RSS? Here is “The Oprah Way” of explaining RSS, courtesy of Stephanie Quilao who explains RSS “The Oprah Way” in her great, non-technical post (read her full article here):

So, to make RSS much easier to understand, in Oprah speak, RSS stands for: I’m “Ready for Some Stories”. It is a way online for you to get a quick list of the latest story headlines from all your favorite websites and blogs all in one place. How cool is that?

Suppose you have 50 sites and blogs that you like to visit regularly. Going to visit each website and blog everyday could take you hours. With RSS, you can “subscribe” to a website or blog, and get “fed” all the new headlines from all of these 50 sites and blogs in one list, and see what’s going on in minutes instead of hours. What a time saver!

So, how does this all relate to real estate?

Are you interested in offering creative ways to gain more exposure for your clients? Or maybe you are you interested in simply expanding your knowledge base of what you can do for your clients. How about syndicating your listings information out to the internet? Maybe you just want to stay on top of what is going on, or learn from others. As Keller Williams Simi Valley, California agent Ted Mackel points out in the following video, these are just some of the benefits that RSS has afforded his real estate business. Ted created this video as part of a 2008 MyTechOpinion.com contest asking for submissions from real estate folks about which technology has impacted your business the most. Take a look:

You too can benefit from the power of RSS. As a first step, I suggest signing up for a Google account (if you don’t already have one) and sign up for their feed reader. Then, every time you see that RSS logo out on the web on a site that interests you, add that site to your reader. It will open all kinds of doors for you in this internet and social media world and help you to better serve your clients as social media becomes an ever increasing part of real estate.

Buying or Selling a Lennar Home in the Coachella Valley? It’s a Detail that Matters in Escrow.

Cindy Mozingo — Thu, 16 Apr 2009 14:39:26 +0000

For years here in California, the Lennar Charitable Housing Endowment (part of the Lennar Family of Homebuilders) has been helping the transitionally homeless – those made homeless because of domestic violence, unemployment, a catastrophic illness – by supporting charities that help people get back on their feet.

Each time a Lennar home is purchased and resold, a mandatory fee of 1/20^th of one percent of the gross sale price is collected from the Buyer and paid to the Foundation.

Our local Lennar developments include:

The Bridge @ Jefferson
Escena
Esperanza @ Desert River Estates
Cala Rosa
Vista Serena
La Morada
La Quinta del Oro
Las Plumas
San Milan @ Paradiso
Tapestry @ Esplanade
Terra Lago
Cordoba
Marquesa

How does this affect your escrow?

If you’re working with properties from these communities, it’s important that Realtors and Buyers know that the listing is a Lennar home so they can account for this fee during their escrow transaction.

Many times the original Buyer (whom we now know as the Seller) may not remember paying the endowment when they acquired the property from Lennar. When you take a listing on a Lennar home, the Seller must disclose to the potential Buyer that paying this fee is part of selling the property and that this fee will affect the new Buyer when they go to sell the property in the future.

Who pays the fee is negotiable, except when the property is first transferred from Lennar to the purchaser when the Buyer pays on the first sale out.

It’s important to disclose the endowment on the MLS when you take the listing. The agent representing the Buyer can take advantage of line items eight or nine on page two of the Residential Purchase Contract. If you get a contract that does not address the endowment, be sure to list it on the counter offer.

As Escrow Officers, our first clue concerning this endowment would be disclosed to us only through the Preliminary Title Report. Therefore, it could take some time before we discover the issue through title. Our responsibility as escrow holders is to obtain the proper demand through Lennar and pay the endowment at closing, just as we would a Trust Deed or any Lien that encumbers.

Remembering these important points will make your escrow with a Lennar property go smoothly and successfully:

A mandatory fee of 1/20^th of one percent of the gross sale price is paid to the Lennar Foundation each time a Lennar home is purchased and resold.
The Seller must disclose to the potential Buyer that paying this fee is part of selling the property. This fee will affect the new Buyer when they go to sell the property in the future.
It’s important that Realtors and Buyers know if the listing is a Lennar home so they can account for this fee during their escrow transaction.
The Buyer’s agent can take advantage of line items eight or nine on page two of the Residential Purchase Contract. If you get a contract that does not address the endowment, list it on the counter offer.
Our responsibility as escrow holders is to obtain the proper demand through Lennar and pay the endowment at closing.

For more information about calculating a Lennar donation, or how escrow is affected by the Lennar Charitable Housing Foundation, please visit: http://www.lchf.org/escrow_title.htm

Realtors Doing it Right | Agents Who Effectively Use Web 2.0 in Their Business

Stacey Harmon — Tue, 14 Apr 2009 20:27:17 +0000

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!

Patience Is Key for a Successful REO Escrow

Joyce Cooper — Fri, 10 Apr 2009 23:37:42 +0000

In a recent post, the nuts-and-bolts differences between REO (Real Estate Owned) escrows and standard escrows were discussed. This post is designed to highlight a significant psychological difference that can help you and your clients successfully navigate the REO terrain: patience.

For a number of reasons, the process for an REO escrow can take longer than a standard escrow:

The Seller of an REO is a Bank or Lending Institution who may have many properties in escrow at once. This means that what may seem like a simple response to a question can take days to be considered, much less answered.

An accepted offer or contract may take several days to be uploaded onto the Seller’s online system where it will only then be listed as a “task” to open escrow.

Banks must follow specific, strict procedures that can take longer than a standard escrow.

Finally, the HUD process takes approximately five days after the Buyer has signed the loan.

Realtors: Realizing these differences and delays can help you keep your Buyer calm and confident while working through an REO escrow.

Buyers: Knowing it can take longer to work through an REO escrow can help make the process much less stressful.

When all parties understand how these differences add time to the process, they can sit tight and allow the escrow officers to focus their time on processing the transaction. Ultimately, your patience can lead to a successful (and less stressful) transaction for everyone.

Connect with CV Escrow on Facebook

Stacey Harmon — Tue, 07 Apr 2009 13:00:48 +0000

Every Tuesday, here at the CV 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 on Facebook? If not, and you are a sphere of influence (or social) farmer, you probably should be. Facebook is a Web 2.0 site that is one of the greatest ways for Realtors to create a social networking strategy. Facebook currently has over 175 million users and makes it so easy to connect with people you already know from all parts of your life. It is a great way to let those who already know you, what you are currently up to (for example, that you are a Realtor and have a particular expertise in real estate in the Coachella Valley – think of the potential for referrals!). Find and connect with friends from high school, college, your company, or others in the industry, like CV Escrow. CV Escrow has a new “fan page” (Facebook terminology). By becoming a fan of CV Escrow on Facebook, you have an easy way to stay connected to all of the training and event opportunities that we offer and support. In addition, by connecting with CV Escrow on our fan page, you have a way to subtly remind your other Facebook friends that you are in real estate, as they will see you interacting with other professional organizations in the industry. So become a fan! Here is how:

Step 1:

Login to Facebook. (If you aren’t yet on Facebook, it is easy to create an account. Simply fill in the Sign Up section on the homepage and follow the directions to get started)

Step 2:

Search for “CV Escrow” in the Search box in the upper right hand corner of the Facebook screen .

You will get this as your search result:

Step 3:

Click “Become a Fan”

That is it! Once you click “Become a Fan” the wording will change to “You are a Fan” and you will be connected to CV Escrow on Facebook.

Step 4:

Check out our fan page. You can now click “View Page” and see the details of the CV Escrow fan page where we will keep current all of our training opportunities (stay tuned…a training session on Facebook for Realtors is coming soon!) and you can keep up with the latest events and announcements from CV Escrow. You can even send us a message on our fan page.

Just another great way to build your social network and establish yourself as a working Realtor who is keeping up with the latest trends and opportunities in the industry. We look forward to seeing you on our fan page!

CV Escrow Welcomes Escrow Officer Joyce “Ms. Dixie” Cooper

Scott Akerley — Thu, 02 Apr 2009 13:00:59 +0000

I am lucky enough to announce that a long-time representative of the escrow industry in the Coachella Valley, Joyce “Ms Dixie” Cooper, has decided to join us at CV Escrow. Her assistant for the past ten years, Lois King, will also be joining our team.

From her first job out of high school in an escrow office, to owning and operating Dixie Escrow here in the Coachella Valley since the 1980s, Joyce has been helping buyers and sellers fulfill their real estate dreams for over 40 years. She believes, as all of us do here at CV Escrow, that the key to successful transactions is the knowledgeable, warm people who give everything a personal touch.

During her time in the industry, Joyce has helped perpetuate the high standards of our field as a Certified Senior Escrow Officer, a Director for the CEA (California Escrow Association), a three-time president of the Desert Escrow Association and an escrow instructor at both the College of the Desert and the Desert Cities Real Estate School.

Joyce’s sweet demeanor and drive to help people extends beyond her work in escrow and into the greater Coachella Valley community where she’s active in her church and the Soroptomists. We’re proud to have Joyce and Lois’s expertise and years of experience here at CV Escrow and ask that you please join me in welcoming them to our team!

Joyce Cooper
Escrow Officer
Phone: 760.568.2521
Email: jcooper@coachellavalleyescrow.com

How to Email Articles (Posts) to Your Clients

Stacey Harmon — Tue, 31 Mar 2009 15:38:22 +0000

You may have noticed that we’ve been providing some escrow education and answering a lot of great questions here on our blog (even though you may be getting this in your inbox, the article is still also part of the CV Escrow Blog and permanently archived/available there). Topics like Options for How to Hold Title – The Vesting Form Explained and What Day Should You Negotiate Close of Escrow? Although there is new topics/articles on our site every week, the old topics remain on the site and are available for you and your clients anytime. And, it is simple to share these articles via email with your clients. Here’s how:

Step 1:

Go to the site and find the post you are looking for.

Say you want to email the article Notary Choices When it Comes to Signing Your Escrow Documents to your Client. Go to the site and locate the post so that it appears in the main area on the left of the site:

Step 2:

Scroll to the bottom of the post and locate and click on the “Share This” icon.

Step 3:

Click on the Share This link and select the Email option under Send.

Step 4:

Fill in the form and select the Send button.

That’s it! Your client will now receive an email from you that links them to the post and includes your message.

It works for any of the posts we do. Share away!

Notary Choices When it Comes to Signing Your Escrow Documents

Karen Guess — Thu, 26 Mar 2009 22:48:35 +0000

The typical real estate escrow requires the buyer to sign 70 – 120 pages of documents, several of which require notarization. The seller also will have to notarize, at the minimum, the grant deed. Notarization, or the act of an uninvolved witness (the Notary) verifying that the signor (the buyer or seller) is indeed who they say they are, is an essential part of the escrow process. And, if notarization is not properly done, it can cause delays which can impact the closing of the escrow. When it comes to notarizing documents during escrow, clients can choose to go to the escrow office or hire an outside notary.

Option 1: Notarize and sign at the escrow office

Escrow offices all have a notary on staff. Therefore, a common option for notarizing documents is to have the parties go to the escrow office to sign documents. With customer satisfaction as our highest priority, at CV Escrow we prefer that our clients physically come to our office to sign closing documents. This not only ensures that buyers and sellers feel they are receiving the highest level of service, but also we can personally correct any errors that may have been overlooked by the many parties involved in the transaction as well as answer any questions that may arise.

However, circumstances do not always allow for clients to sign at the escrow office (for example, in the case of an out of town buyer). When this occurs, working with an outside notary is the alternate solution.

Option 2. Notarize and sign with an outside notary

If you are to hire an outside notary, you have two options: A Certified Document Signor or a Mobile Notary.

Both Certified Document Signors and Mobile Notaries are certified by the State of California to verify signatures. However, a Certified Document Signor also undergoes regular continuing education training specific to real estate transactions. They are familiar with the documents that are signed in the transaction. Mobile Notaries are not required to have this specific training and as a result, are not always familiar with the documents that are being signed.

A Certified Document Signor will cost more, but clients should be aware that our most common reason for the delay of a transaction is due to the incorrect signing of closing documents. With the amount of paperwork that needs to be signed and notarized, it is easy to see how someone without the proper training could overlook a detail here or there. As a result, Certified Document Signors are our preferred option if the client is not able to sign in person at the escrow office. That said, it is possible to have an accurate and successful closing with a mobile notary. The choice is really up to the client and will be impacted by many factors specific to the transaction.

So when choosing, ask yourself what is more valuable in a real estate transaction, your time or your money? If time is not of paramount concern, a mobile notary may be a great choice for you. If it is imperative you close on time, your risk of signing issues will decrease by going with a certified document signor. And, if you have the ability to sign at your escrow office, you will run the lowest risk of delays.

Answering the Realtor Question: What is a Widget Anyways?

Stacey Harmon — Tue, 24 Mar 2009 13:00:37 +0000

As I speak with Realtors I am reminded that technology is bringing to agents a whole new vocabulary. In my constant endeavor to discuss the opportunities that technology provides the modern Realtor, I have written on many basic technology terminology which Realtors need to understand in order to put together a strategy for success in today’s market. Terms such as: Web 2.0, Social Media, Social Networking, and Blog. Today I’m adding another terminology to the list – Widgets. Many have heard the term, but most don’t have an understanding of what a widget is or how a widget can help them. This post is designed to clarify a thing or two.

A widget is a piece of code that can be embedded within a web page. Basically, it is a mini-application provided by a 3^rd party that you choose to install on your website or blog. Why would a Realtor do this? Well, because there is lots of information out there that consumers want and this is a good way to give it to them. Many 3^rd party vendors are offering a no-maintenance way for you, the Realtor, to provide valuable information on your site. If you are interested in providing the consumer what they want on your website (and why wouldn’t you…this is how you get traffic and have people come back to your site), you should look into the myriad of real estate widgets that are available out there. Many of them are even free.

Lets look at a great application of widgets by a Realtor:

Heather Elias of Century 21 in Ashburn Virginia incorporates widgets into her website www.HeatherElias.com:

Heather has included a widget on the left hand side that provides consumers with a customized market snapshot. This is a widget that she uses from Top Producer that not only provides a customized, detailed market snap shot to visitors of her site, but also provides her leads. And, because it is provided by Top Producer, it is also maintained by Top Producer. Once Heather has added the widget to her site, there is nothing she needs to do to update it. The market information is kept current, and delivered, all by Top Producer on behalf of Heather. She just gets the lead when it comes in.

She carries over her effective use of widgets to her blog at www.locomusings.com:

As you can see, on the right hand column, she has repeated her use of the Top Producer widget which asks the compelling question “Are you Curious what your home is worth?”. She also has a Chat widget that invites the visitor to “Chat with Heather Elias”. At the moment of this screen capture, Heather was busy, but when she is online and available, visitors have the ability to simply type her a question and have her respond in real time. Talk about rapid feedback and being available to the consumer! There are several chat widgets that are out there such as the one provided by Meebo.

Another perspective and great article on additional widgets for the Real Estate world was authored by Nicole Nicolay of MyTechOpinion.com. In it, she points out that there are great real estate widgets out there that provide helpful information for visitors in a variety of categories such as Property Search, Home Valuation, Industry News, Information and Statistics, and Calculators. The article was written last year so things have evolved (for example, check out some of the neat free real estate widgets that Trulia now offers Realtors here), but her article still gives a great list of useful real estate widgets by functional category.

Think widgets might be for your website or blog? Great. Widget-away. BUT, a word of caution – plan your widgets carefully. There is a thing as too many widgets on a site! It is very easy to add too many widgets to your website and the result can not only be disruptive to the visual integrity of your site, but also cause your site to load slowly. I’d say a good rule of thumb is to add 1-3 widgets to your site. Heather Elias is an outstanding example of an effective use of widgets. Her use of widgets is useful to consumers, not overwhelming, and maintains the attractiveness of her site and blog.

So, widget sparingly and appropriately, and you too can effectively extend the value of your website and/or blog.

Explaining Probate and Understanding its Escrow Implications

Administrator — Thu, 19 Mar 2009 15:00:23 +0000

A probate sale is defined as the sale of a property where the owner is deceased and the sale is being conduced by the deceased estate. An Administrator or Executor signs on behalf of the deceased person with either full or limited authority. Sometimes the deceased has a will. Sometimes they don’t. Although the escrow process is fairly similar for both scenarios, the time frames associated with the two situations can vary dramatically. Understanding the core differences between the two can assist agents and clients in successfully closing a transaction.

Situation #1 – The Deceased Left a Will:

From the standpoint of escrow and most buyers, this situation is a far preferable probate sale due to the predictable time frames this situation provides. When the deceased leaves a will, the property falls under the Independent Testamentary Act and the court designates an Administrator or Executor of with full authority over the estate. Typically this person will be a close remaining relative. It then becomes the responsibility of this person to decide the future of the property. Because this person has full authority, the process from an escrow perspective is very similar to that of a standard sale. However, there is one additional document that will be required by title in order to close the transaction. They will need certified copy of the “Decree of Distribution of Letters of Testamentary”. This is official paperwork issued by the court that designates the Administrator of Executor and is required by title in order to insure the transfer of the property. CV Escrow also will want to receive a copy of this document in order to proactively review it for potential hiccups in the transaction.

Situation #2 – The Deceased Did Not Leave a Will:

In the event that the deceased did not leave a will, the property sale will have to go through the court probate process. The court will approve and assign an Executor or Administrator for the Estate of the Deceased. This Executor will be an independent court representative. The court will also issue an Order Confirming Sale which basically stating that the listing price is at fair market value and it authorizes the sale of the property. A certified copy of this document will be required by title in order to close the transaction.

The challenge for escrows on Probate Sale listings in this situation where the deceased did not leave a will is that the time frame for the court probate process can vary from 60 days to 6 months or beyond. This creates a challenge in negotiating escrow times. Agents should be prepared to properly set buyer expectations about the time it can take to close a court appointed probate sale. It is not uncommon to require an extension of escrow. And, unfortunately, sometimes the extended escrow duration can become a deal breaker.

If you’re ever in a probate property sale transaction, understanding the process and what you must do to transfer the property can affect the success you have in closing the deal. Your escrow officer can be an excellent resource to inform you of the paperwork and time frames that will be required to complete the transaction. In addition, consulting your family attorney or estate planner is your best course for answering specific and legal questions in these types of transactions.

More Learning Opportunities for Realtors | Web 2.0 and Social Media

Stacey Harmon — Tue, 17 Mar 2009 14:00:46 +0000

If you have been finding value from any of the Technology Tuesday post we have been doing here at CV Escrow such as:

and you’d like to further educate yourself on how applying technology to your business can help you to grow your business, I wanted to bring two events to your attention that present great opportunities for Realtors to learn more.

The first is called Real Estate Bar Camp (REBarCamp). REBarCamp is a one-day, free, social media marketing conference for the Real Estate Industry. It is held in various cities throughout the country and the one closest to the Coachella Valley (REBarCamp Los Angeles) is taking place on Thursday, April 2nd, 2009 at the Pasadena Hilton from 9:00 am – 5:00 pm. Approximately 200 people are expected to attend. As mentioned, it is free to attend, but you do still have to register.

If you are interested in learning from others in the real estate industry about new ways to build your business, market yourself and your properties, I would advocate attending Real Estate BarCamp Los Angeles. I’ve been to several of these conferences (they started as a pre-cursor to the Inman Real Estate Connect Conference in San Francisco last year and have since expanded to be in 10 cities across the nation) and it is my favorite place to learn. The conference is great if you are thinking about deploying a social media marketing strategy to compliment your other (traditional) marketing efforts.

The conference is unstructured by design – there is no real set agenda. There will be topics by attendee’s put on a white board and if you are interested in attending one of the sessions that is posted, you just go to that area of the room. Topics from past RE BarCamps include:

Strategies of Blogging for Business in Real Estate
Twitter Tips for Real Estate
FaceBook Marketing
LinkedIn Business & Referral Strategies
Leveraging the Power of Social Networks like Active Rain
Using Trulia to grow your business
Tricks of Marketing on Zillow
What makes up a good Website
Driving traffic to your website
Marketing Your Inventory the Web 2.0 way
Video Like a Pro
How Do I Work This @$%@#$ Smart Phone?

Links for Additional Information:

Conference Website: http://rebarcamp.com/losangeles/
Registration (free to attend but you must register): http://rebarcamp.com/losangeles/?page_id=23
Twitter Account: www.twitter.com/REBarCampLA

CV Escrow understands that REBarCamp is a great place to learn and is a proud sponsor of the event. I’ll be attending and hope to see you there!

The second event is a CDAR Lunch and Learn, also sponsored by CV Escrow. It is being held Monday, April 27th at Noon at the California Desert Association of Realtors Office in Palm Desert. I’ll be speaking on the following topic:

What is Web 2.0 and Social Media and Why is it Important for Realtors to Understand?

We know from NAR that 84% of buyers use the internet in their home search. Are you reaching those buyers? How Realtors market their listings and network with clients is changing quickly. Newspapers are losing their effectiveness and the internet is the place to be. How can social media help you to build your business and make money?

Join us for an entry level discussion that is designed to familiarize you with the basic concepts of how the internet and social media are changing the way real estate is done and how you can evolve with the times.

SEMINAR TOPICS:

Basic Terminology – Web 2.0, Social Media, Social Networking, Blogging
Why Does This Matter
Rules of the Social Media World
Recommended Social Media Sites for Realtors

Instructor: Me (Stacey Harmon, Social Media Director for CV Escrow)
Course Date: Monday, April 27, 2009
Time: 12:00 – 1:00 pm (11:30 registration)
Cost: $5
RSVP: Joy at 346-5637 or joy@cdaronline.com.

What Day Should You Negotiate Close of Escrow?

Julie Ekstrom — Thu, 12 Mar 2009 14:00:46 +0000

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:

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

we at CV 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.

Answering the Realtor Question: What is Web 2.0?

Stacey Harmon — Tue, 10 Mar 2009 14:00:11 +0000

I’ve spent several posts over the past few weeks discussing technology tools and trends for Realtors that fall under the “Web 2.0″ category. Today I’m going to back up and define what Web 2.0 is and discuss why Web 2.0 presents opportunity for Realtors.

Before we can define Web 2.0…let’s discuss what Web 1.0 is. Web 1.0 is basically a website that is a brochure for your product or service. It is your offline company brochure or pamphlet represented on line. It is static. It is promotional. It says what you do or what you are selling. Most agents have a Web 1.0 website. I think this is an important part of a Realtor’s online marketing campaign – when your clients go to the web, they should find you. A web 1.0 website accomplishes this. However, it does not provide the new business opportunities that web 2.0 sites do.

So, then, what is Web 2.0? This definition is provided by Wikipedia: Web 2.0 is a “business revolution….caused by the move to the Internet as a platform, and an attempt to understand the rules for success on that new platform”. Web 2.0 websites and technologies often have the following words used to describe them: social, open, connected, feedback, community, networking, transparency, interactivity. Web 2.0 technologies (and the resulting websites) create a fundamental shift in the opportunities for companies (and yes, even Realtors) to do business. Web 2.0 offers the Realtor new ways of communicating with people. It offers the Realtor new ways of prospecting. It offers new ways of creating and building business. This is because the rules of the game are so very different than how Realtors sell offline and in a web 1.0 world (more explanation on this to come in future posts).

There are many websites that you have probably heard of (in real estate and out of real estate) that encompass web 2.0 principles. Sites like Facebook, LinkedIn, Twitter, even Match.com. And there are ways to use all of them to support and build your business because these sites provide the opportunity for interaction or connectivity with other people. In addition, there are many players in the Real Estate Web 2.0 space. Sites such as Trulia Voices and Active Rain are outstanding web 2.0 communities which offer great opportunities for Realtors. For a road map of the leading Real Estate Web 2.0 sites, check out this image by 1000 Watt Consulting:

I also find this comparison by Darren Barefoot between Web 1.0 and Web 2.0 useful:

Web 1.0 was about reading, Web 2.0 is about writing
Web 1.0 was about companies, Web 2.0 is about communities
Web 1.0 was about lectures, Web 2.0 is about conversation
Web 1.0 was about advertising, Web 2.0 is about word of mouth

To me and many others, Web 2.0 presents exciting new ways of doing business. And, for the Realtor who is looking for new opportunities in this challenging time, Web 2.0 offers uncharted territory and hope. There is a growing number of Realtors who are building their business and experiencing success by working and applying web 2.0 strategies (and a growing number who are thriving!). By reading this blog, you will be introduced to several Web 2.0 strategies and sites that you may want to consider adding to your real estate repertoire.

CV Escrow Welcomes Escrow Officer Julie Ekstrom

Scott Akerley — Thu, 05 Mar 2009 14:00:51 +0000

I am proud to announce that Escrow Officer Julie Ekstrom has joined our team at CV Escrow.

At CV Escrow we’ve recruited the best and brightest in escrow professionals and Julie is no exception. With a long and respected history in the Coachella Valley, an established relationship with many of the best agents in the area, and more than 30 years experience in escrow, Julie’s focus on exceeding customer expectations has paid off. A true professional with not only escrow, but also branch management experience, her outstanding escrow knowledge and skills are complimented by her soothing and calm demeanor. She is a problem solver under pressure and has a history of making closings happen. That is the kind of escrow officer we look for at CV Escrow and we’re excited to have her.

Please join me in welcoming Julie to CV Escrow.

Julie Ekstrom
Escrow Officer
Direct: 760.332.9183
Email: Julie Ekstrom