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.

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!

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

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.

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.

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.

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

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.

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

• Answering the Realtor Question, “What is Web 2.0?”
• List Local, Promote Global | International Websites for Your Coachella Valley Listings
• What Is a Blog and How Does It Relate to Real Estate?
• Build Your Online Brand By Paying Attention to Your Avatar

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.

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

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

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

we at 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.

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.

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.

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

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

Every Tuesday, here at the CV Escrow website will be posting 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.

You probably answer some version of one of the following 3 questions from your clients and prospects every day:

• What is for sale?
• How much is my house worth?
• How’s the market?

I’ve found a vendor who helps Realtors to answer these questions from a very informed perspective.  Altos Research offers a series of products that are based around real time local market data.

My favorite of Altos product offerings are as follows:

AltosCharts

This is a graphic image that reflects local market conditions and is automatically updated once per week with current market data.  They have charts that show the general pricing trend, the average days on the market, the median price per square foot, and the active inventory level, to name a few.  This image reflects a sample of the charts available for Palm Springs.

Here is an example of a Realtor who has incorporated AltosCharts into his site:  Brian Wiegand – SeattleHome.com

AltosStats

Their newest offering, just released last week, AltosStats provides a tabular 7-day snapshot view of a local market answering questions such as the Median List Price, total inventory, average home size, days on market, average price per square foot and average age of a home.

Here is an example of agent using it in a blog post:  Irina Netchave – SanMarinoCaRealEstateHomes.com

AltosReports

AltosReports are a pdf report that can be emailed to your prospects and clients or printed for use on listing presentations, open houses, or client meetings.  They are customized to you with your name, photo and contact information, and present a detailed anaylsis on the local market along with written commentary to help explain the numbers and trends.  The reports also provide a “quartile analysis” so that you and clients can compare the trends around different pricing brackets.  The reports are approximately 10 pages long offering a plethora of data on the local market.  In addition, there is a 1 page summary report that is useful for prospecting in places like open houses. You can see a sample report here.

Why I Think This Product Is Good For Realtors:

I think the Altos products are a must have for any Realtor website.  Buyers who are utilizing the internet for property searches (84% of the buying population according to NAR) want to see what the local market conditions are.  They want to know what the trends are in a local market.  They want to know what the average price is right now.  Why not give them what they want?  It builds credibility that you have a pulse on the local housing scene and provides a reason for buyers to come back to your site.  And, with the Altos products, there is no updating necessary on your part.  You don’t have to do anything – the data automatically stays current.  I also see their products as an outstanding listing tool.  How powerful would it be to graphically show a seller what the current trend is for median and average list price in the area, what the percentage of properties with price decreases is, and what the percent of re-listed properties is?  I think Realtors armed with this information are having very different discussions with sellers about pricing than those who aren’t, and these Realtors are far more likely to secure and sell listings than those who do not use this data.

Learn More:

Altos Research also walks you through how to gain leads and secure listings utilizing their products.  Tomorrow (Wednesday March 4^th) at 11:00 am they are hosting a webinar discussing how to market utilizing statistics.  There is no cost or obligation to attend the webinar, but you do need to register here.  They will discuss practical ideas and applications in using their products to:

• Get buyers “off the fence”
• Set realistic seller expectations
• Prospect and lead generate
• Drip market and convert leads
• Build client trust

Definitely a great vendor for Realtors to check out!

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