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.

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):

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



3. On the Tools menu, click Internet Options



4. 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!

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”.

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.

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 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:

1. Did you look at first?
2. Do you think is the most professional?
3. Do you think is the most technically proficient?
4. Seems the most like a real person?
5. 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?

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”.

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.

Interested in what you are reading? To automatically receive these Escrow 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”.

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 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!

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”.

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 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!

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”.

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.

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.

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”.

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.

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.

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”.

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.

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.

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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.