What NOT to do when obtaining a Home Loan

Attention Home Buyers who are planning to buy a home using financing, who are in the process of buying a home or are already in escrow…this message is for YOU!

As a transaction coordinator, I see many escrows fall out.  Though it is quite a bummer when that happens, it is the nature of the real estate business so I have gotten used to it.  What is REALLY a bummer is when the unassuming buyer hears the news that their loan has fallen through…thus escrow and their successful dream home purchase goes out the window.  Not good!!

The process of buying a home can be stressful enough…in order to keep you from making a HUGE mistake that could keep your loan from going through, please review the below list of activities to NOT engage in while your loan in being approved.  Following this list is crucial to completing a successful loan funding and smooth purchase of your new home.  

You will want to wait until escrow closes before doing any of the things listed below.

Do NOT make any big purchases.  Don’t go buy or lease a new car while your loan is in the approval stage.  This could cause your lender to see a big red flag on your credit, thus not approving your loan.

Do NOT make any big lifestyle changes.  For example: Don’t quit your job or adopt a child…these things might make a lender think that you may not be financially responsible for your loan and pull the approval.

Do NOT forget to turn in important paperwork.  Your lender needs those items in order to process your loan, fund and eventually close escrow.  If escrow is held up by the buyer not returning paperwork, the Seller may cancel.

Do NOT change your credit in any way.  Don’t open any new credit cards causing the lender to see an inquiry into your credit.

Do NOT max out credit cards or pay bills late.  You want to keep your debt-to-credit ratio as low as possible while your loan is in process.

Once your home purchase closes escrow you can carry on doing any of the items on the above list at your own discretion.  Once the loan funds and the escrow closes you are clear to live your life!

Your real estate agent will thank you for sticking to these guidelines while your loan is in process.  It is their goal and my goal to complete a smooth transaction on all fronts for our clients.

________________________________

Brittney is an expert Transaction Coordinator and 3rd generation real estate fanatic with over 12 years of transaction experience and a background in file management.

CalBRE 01450176

Email Brittney at brittney@signheretransactions.com

signheretransactions.com

Instagram @signheretransactions

Connect with me!

Advertisements

5 Smart Tips to Survive your Client’s Home Inspection

As I’m sure you know, the Home Inspection is SUPER important….like beyond important.

When your client’s decide to buy a home and move, they want to make sure that the home they’re spending a boatload of money on is in good order…Imagine your client’s dismay when they’ve spent a month or more in escrow and the excitement comes to a screeching halt when they move in and the AC doesn’t work, or the ice maker is dead or worse yet…there’s black fuzzy stuff near the water heater!

Guess what folks…I’m willing to bet that you’ve received THAT dreaded phone call from at least one of your clients before.

Here are some easy tips to help survive your Client’s Home Inspection:

 

  1. Make sure YOU and YOUR CLIENTS attend the inspection and stay the entire time...especially the end when the inspector gives his rundown of his findings.  You might find this incredibly boring but trust me…you don’t want to the one scratching your head when an issue does come up.  This is also a great time to ask questions…any and all questions you or your client can think of.  The inspector will be able to answer and hopefully the Seller’s agent is paying attention and you can use any findings to boost your negotiations during the request for repair stage of your transaction.
  1.  I’m sure you have a great home inspector referral for your clients but don’t push them to use your referral.  It’s important for them to do their own research and find an inspector they are comfortable with.  Here’s one for ya…I did recommend a great Home Inspector to one of my past clients and guess what?  There was a huge issue once the Buyer moved in and who did they blame?  You guessed it!  ME…but hey, we live and we learn.  So take it from me, let your clients choose their own Inspector.
  1. Make sure the weather is cooperating with you.  Ideally it should be clear, sunny and mild outside in order for the Home Inspector to be able to access the entire home.  If it’s pouring cats and dogs outside, your inspector may not be able to get on the roof or inspect areas of the home that they normally would if it were clear out.
  2. Don’t overlook anything!  The dishwasher may be brand new but the connections could be faulty.  Just because something seems legit doesn’t mean it is…take the extra time to ask the inspector these important questions.
  1.  Take notes and jot down any questions you may have for the Sellers and the Seller’s Agent.  Once the inspection is over, you can send these questions to the Seller’s Agent.  Ask them to get answers for you….in writing.  This way, if an issue comes up you have the paper trail.  Hopefully you won’t ever need it but it helps to be detailed in this way IF there was to be an issue.

 

It’s not your job to make sure the home is inspected properly and it’s definitely not your job to be the home inspector but your clients will be better off if you go the extra mile and make sure they are prepared for the inspection.  Think of it this way…you’ve been through these a million times, but it just may be your clients’ first time.  You can help them be smart when it comes to the inspection and potentially save yourself if something ends up going wrong!

Remember folks, there is no such thing as a perfect house.  Every home has it’s own set of quirks so let’s not set out to find perfection!  But what you can do is work smart and prepare yourself and your clients for proper inspection protocol.

________________________________

Brittney is an expert Transaction Coordinator and 3rd generation real estate fanatic with over 12 years of transaction experience and a background in file management.

CalBRE 01450176

Email Brittney at brittney@signheretransactions.com

signheretransactions.com

Instagram @signheretransactions

Connect with me!

California Real Estate Team Names: FAQ

Many Real Estate Professionals use personal branding to help make them stand out from the crowd of other agents swimming in the same pool.  The problem arises when the unknowing public is misled into thinking that particular professional is a “broker” or engaging in their own type of business that is perhaps not managed by a Broker or a Brokerage. The California Bureau of Real Estate regulates this very heavily.

To help answer some questions that most Real Estate Agents ask, whether working alone, as a duo or as a full blown team, CalBRE has released an updated FAQ regarding TEAM NAMES (May 2017).  Read on to dig into these questions straight from the source!

workplace-1245776__340

________________________________________________________________________________________

Frequently Asked Questions Regarding “Team Names”

The purpose of these FAQs, and the answers to these questions, is to provide up-to-date information following the latest changes to the Real Estate Law concerning “team names”. The Bureau of Real Estate previously issued Advisories in 2014 and 2015 following the passage and signing of legislation related to “team names”. These FAQs collectively provide the latest information in response to some of the most commonly posed questions related to “team names” following the signing of SB 710 into law in August 2016.

Q. What is a team name?

A. A“teamname,”isastatutorilycreatedtermthatisdescribedinBusinessandProfessionsCode Section 10159.7. It means a professional identity or brand name used by a salesperson, and one or more other real estate licensees, for the provision of real estate services.

Q. What must a team name include?
A. A team name must include the surname of at least one member of the team, in conjunction

with the words “group,” “team,” or “associates.”

Q. Am I allowed to use the word “brokerage” in my team name?

A. No. Use of the words “broker,” “real estate brokerage,” “real estate broker,” or any other term that would lead a member of the public to believe the team is offering real estate brokerage services or suggest the existence of a real estate entity independent of the responsible broker is not allowed.

Q. Is a team name considered a fictitious business name?
A. Under the Real Estate Law, the use of team name is not considered a fictitious business name.

Therefore, no paperwork needs to be submitted to the Bureau to use a team name.

Q. Can I use the words “realty,” or “real estate” as part of my team name?

A. Because the law does not prohibit such words, the answer is yes, provided you include the surname of at least one team member, and include the words “group,” “team,” or “associates.” For example, the “Smith Real Estate Team” would be allowed as an acceptable

New / May 2017

1

team name.

Frequently Asked Questions Regarding “Team Names”

New / May 2017

Q. I am a salesperson. Do I need to include my license number on my team name advertising?

A. Advertising and solicitation materials must include in a conspicuous and prominent manner, the team name, and the surname and license number of at least one member of the licensed members of the team.

Q. Do I need to include my responsible broker’s license number on my team name advertising?

A. *It depends. Current law requires that you must include your responsible broker’s name in your advertising, OR you can include both your broker’s name and license identification number. In all instances, the responsible broker’s identity must be displayed as prominently and conspicuously as the team name in all advertising and solicitation materials.

Q. I know I have to display my responsible broker’s identity in my team name advertising prominently and conspicuously. Can you give me an example of what that means?

A. *Yes. As an example, if the font size on your team name advertising is in a 12-point font, then your responsible broker’s name should be in an equal or greater font size.

Q. What do you mean by the term “responsible broker identity?”

A. The term “responsible broker identity” is defined in Business and Professions Code Section 10159.7 (a) (1). It means the name under which the responsible broker is currently licensed by the bureau and conducts business in general or is a substantial division of the real estate firm, or both the name and the associated license identification number. Responsible broker’s identity does not include a fictitious business name obtained pursuant to paragraph (2) of subdivision (a) of Section 10159.5 or the use of a team name pursuant to Section 10159.6.

Q. I am working as a broker associate for another broker. Can I advertise and operate on behalf of a “team name”?

A. Yes, if you are a broker working in the capacity of a salesperson for another broker or corporation, you can advertise and operate on behalf of a “team name” as long as all of the team name requirements have been met.

2

Frequently Asked Questions Regarding “Team Names”

Q. Can real estate brokers who operate as brokers and not broker associates use a “team name?”

A. No.Brokerswhooperateasbrokersandnotbrokerassociatesareprecludedfromusinga“team name” as defined in Business and Professions Code Section 10159.7(a)(5). Instead, they would be required to file and obtain a fictitious business name pursuant to Business and Professions Code Section 10159.5.

*Please note that the disclosure requirements for mortgage loan advertising are more extensive, even if a team name is used. Please review the License Disclosure Requirements for Mortgage Loan Advertising, RE 858 for more information.

 

For More Info see also:  Licensee Alert

________________________________

 

Brittney is an expert Transaction Coordinator and 3rd generation real estate fanatic with over 12 years of transaction experience and a background in file management.

CalBRE 01450176

Email Brittney at brittney@signheretransactions.com

signheretransactions.com

Instagram @signheretransactions

Connect with me!

When Should You Hire Your TC?

Here is a question I get ALL the time– “When Should I Hire You?”

Watch to listen to me answer and learn why it’s important to add your TC to your team as soon as possible!

Instagram @signheretransactions

Connect with me!
___________________________________

Brittney is an expert Transaction Coordinator and 3rd generation real estate fanatic with over 12 years of transaction experience and a background in file management.

CalBRE 01450176

Email Brittney at brittney@signheretransactions.com

signheretransactions.com

DID YOU KNOW? Representative Capacity

Watch my newest…and FIRST video explaining why you need a Representative Capacity document in place when transacting a home sale if the Buyer or Seller is a Company, Trust, or any other Entity.

(Click to play)

 

YouTube Cover

 

___________________________________

Brittney is an expert Transaction Coordinator and 3rd generation real estate fanatic with over 12 years of transaction experience and a background in file management.

CalBRE 01450176

Email Brittney at brittney@signheretransactions.com

signheretransactions.com

How to Avoid the Top 5 Listing Violations

Many Real Estate Professionals have no idea that there are so many rules and regulations governing the Multiple Listing Service….until you get a Notice of Violation when logging in.  At that point you will be frantically trying to fix it before your Broker is notified!  Read on to learn how to avoid these ever so common mistakes.

According to California Regional Multiple Listing Service (CRMLS), 85 to 90 percent of all MLS violations fall into the following five categories:

1.  Late Entry of Listing
2.  No Listing Photo
3.  Branded Photo/Virtual Tour
4.  Misuse of Public Remarks
5.  Inaccurate Information

Let’s take a closer look, shall we?  In order to help Real Estate Professionals understand these violations more clearly, Orange County Realtors (OCR) has put together the following tips.

Late Entry of Listing– Enter your listing into the MLS or submit a Listing Exclusion form within two business days after obtaining a valid listing agreement or within two business days after the effective date of the listing agreement, whichever date is later. To learn more about this new form and download it, click here.

No Listing Photo– Add at least one photo of the exterior of the structure within five calendar days of entering a listing into the MLS.

Branded Photo/Virtual Tour– Do not include in any posted image or virtual tour agent, broker, or brokerage names, photos, or logos; phone numbers, website addresses, or email addresses; for sale or for lease signs, billboards, promotional signs, or other advertising material with identifiable information; or images of people, animals, or other items that are not directly related to the listing.

Misuse of Public Remarks– Use the Property Description field only to describe the physical and aesthetic characteristics of the property. Do not include open house hours or information about whether or not the property is occupied.

Inaccurate Information– Double-check your listings to make certain that the information they contain is accurate with regard to the assessor’s parcel number, the square footage, and the number of bedrooms and bathrooms. Make all listing status changes within two business days. Review the Matrix Listing Status Guide.

The good news is that CRMLS will kindly notify you in many cases if you’ve entered something that could cause a violation.  OCR also has a helpful class available to members that dives into this exact topic.  To view the class schedule click here.

Keep these rules in mind when you are maintaining a listing!

___________________________________

Brittney is an expert Transaction Coordinator and 3rd generation real estate fanatic with over 12 years of transaction experience and a background in file management.

CalBRE 01450176

Email Brittney at brittney@signheretransactions.com

signheretransactions.com

Hashtags That Get Results!

As a Real Estate Agent I bet you’re using Social Media and if you aren’t yet then SNAP…you better start!  More and more agents are connecting with old friends and new leads online.

Having a presence on Social Media does a lot of for your business.  You might think you’re too busy to post but think again….utilizing the social space will build your brand awareness, drive in leads, help you establish yourself as the local expert and connect with clients on a more personal level.

Wanna know the magic word?  I’ll give you two guesses…okay just one guess.  Did you say HASHTAG?  That’s right- hash to the tag!

When posting anything on social media you MUST hashtag.  Using hashtags will expose your posts and therefore your brand to an entire world of an audience.  This will create even more followers organically thus more leads coming your way!  Isn’t that your goal?  Yep it is!

The more you tag, the more people will see your posts based on what they’re searching for.  Tagging your posts are a direct link to leads.

Try posting a photo of a stunning kitchen to your Instagram page and in the comments section tag your photos like this:

#kitchen #kitchengoals
#kitcheninspo #dreamkitchen
#design #interiordesign #custom
#realestate #interior #forsale
#newlisting #listyourhome
#marketexpert #orangecounty
#callme #listwithme #homeforsale
#realestateagent #invest

Here is another example:

Screen Shot 2017-03-16 at 11.51.40 AM

The list goes on and on….tag away and watch your brand grow!  Some agents are doing this so right and you can tell by viewing their pages and posts.  Make sure you’re posting content that potential clients wanna see but still adding your personality into them.

Be present
Be engaging
Use beautiful design
Drive success
______________________

Brittney is an expert Transaction Coordinator and 3rd generation real estate fanatic with over 10 years of transaction experience and a background in file management.

CalBRE 01450176

Email Brittney at brittney@signheretransactions.com

signheretransactions.com

2017 Water Conserving Plumbing Fixtures- Get to Know the New Law

I spoke to a Real Estate agent last week that was very upset that she didn’t know there was a new law surrounding Water Conserving Plumbing fixtures.  She’s not alone, as many agents have heard about this but they haven’t yet included it in their practice.  Is this the Broker’s responsibility?  The agent’s?  The fact is that you deal in this business and you should understand all the new laws that affect you and your home sellers and buyers.  

There’s a formal disclosure for this!  See WATER-CONSERVING PLUMBING FIXTURES AND CARBON MONOXIDE DETECTOR NOTICE.

C.A.R. has circulated these handy questions and answers to help agents and homeowners understand the new changes.

Beginning January 2017, California Civil Code § 1101.4 requires that all homes built on or before January 1, 1994 must be equipped with water conserving plumbing fixtures (toilets not more than 1.6 gallons per flush, showers not more than 2.5 GPM, and interior faucets not more than 2.2 GPM).  How does this affect your Sellers?  See below.

New Plumbing Fixture Law for Water Conserving in 2017: What You Need to Know

Q: What does the law require?

A: In a nutshell, starting in 2017, the law requires installation of water conserving plumbing fixtures if you own a single-family home, and it is built before 1994 – whether or not it is being sold.

Q: I am selling my house. Are there any special disclosures that I must make?

A: The law requires you to disclose whether there are any non-compliant plumbing fixtures on the property. If you are unsure, then you should consult with someone who has expertise in the matter like a contractor or plumber.

Q: I am selling my house. Are there any installation requirements under this law?

A: No. There is nothing in this law that requires installation of water-conserving plumbing fixtures as a condition of sale. However, if you haven’t already installed water conserving plumbing fixtures on your pre-1994 single-family house, then you are in violation of the basic requirement of the law.

Q: I own a property in a city where there is an existing retrofit law for water-conserving fixtures as a point of sale requirement (such as Los Angeles, San Diego or San Francisco). Are those retrofit laws still in force?

A: Yes. Local laws passed before July of 2009 requiring retrofit of plumbing fixtures remain in effect. The state law also allows a locality to pass more restrictive requirements at any time.

Q: I would like to install water conserving plumbing fixtures. What can I do?

A: Call an expert such as a contractor or plumber. You can also go to your local home improvement store. You may wish to contact your local water service provider to find out if they offer low-cost or even no-cost plumbing fixtures.

______________________

Brittney is an expert Transaction Coordinator and 3rd generation real estate fanatic with over 10 years of transaction experience and a background in file management.

CalBRE 01450176

Email Brittney at brittney@signheretransactions.com

signheretransactions.com