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

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.

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

Video

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

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

• Blog

Listing Information

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

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

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

Networking & Niche Marketing

Andy Kaufman| Keller Williams – Berkeley, California

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

• Blog: MyEastBayAgent.com

Photos

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

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

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

Active Rain:

Rich Jacobson | Windermere Real Estate – Kitsap Peninsula, Washington

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

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

Consumer Focused: Clear and Effective

Kristal Kraft | The Berkshire Group Realtors – Denver, Colorado

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

• Website/Blog: KristalSellsDenver.com

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

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

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.

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!

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 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

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”.