Clients WILL Search Google For You. What Will They Discover? Google Yourself and Find Out!

Every Tuesday, here at the American Trust Escrow blog, 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 the internet becomes an ever increasing part of the business of selling real estate, it is important for Realtors to keep an eye on how they are being perceived online.  With at least 84% of real estate clients using the internet (according to NAR), it is a safe bet that the people you are working with look for you online.  I’d go as far as to say that every client you are working with Google’s you.  What do they see?

Google yourself and find out.

Google Alerts

Now that you know what is out there about you, would you like to be able to automatically keep up with what is being said about you on the internet?  Google has a simple (and free) tool called Google Alerts that let’s you monitor yourself (or anything else of interest to you) on the internet.

You can set up Google alerts so that any time your name appears on the internet, you get an email.  It’s easy.  Here is how:

1. Go to Google Alerts: www.google.com/alerts

2. Fill in the Form to tell Google what you want to track: In this example, I’m telling Google to search the internet for: Search Term: My name “stacey harmon”. VERY IMPORTANT DETAIL THAT MATTERS - You want to put your name in quotes. This way, Google will only send you alerts when your full name appears, otherwise, it will send you an alert any time either your first name OR your last name appears on the web (and this can become very annoying). Type: “Comprehensive” vs. a simple search of my name in blogs, or web pages, or videos. Comprehensive means I want to receive an alert any time my name shows up in any of those places. How often: You can choose to receive an email alert “once a day”, “once a week” or “as-it-happens”. I’ve chosen “as-it-happens” because I want to know as soon as something is posted on the internet about me. Your Email: Enter the email address you want to have the alert sent to. It doesn’t have to be a gmail account, although if you have a gmail account, it makes it simpler to manage multiple Google alerts that you set up.

3. Select “Create Alert” and you will see this message:

4. Go to your email and click on the blue link after “Verify this Google Alert request” in the verification email that was sent to you:

You are now confirmed and will receive an email anytime your name (as you typed it in the Google alert) appears on the internet.

Google Alert Considerations:

• You Have a Common Name: If you have a common name, you will receive alerts anytime that your name appears on the internet and it might not be content related to you.  For example, there is a woman named Stacey Harmon Deckard who lives in Indiana.  Sometimes her name will appear on the web and I will receive an alert with information about her because my Google alert searches for the term “Stacey harmon”.
• Name Commonly Misspelled? If your name is hard to spell, or commonly misspelled, consider setting up a separate Google alert for the misspelling of your name as well.  For example, people commonly spell my name “stacy” (without the “e”) so I also have a Google alert for “Stacy Harmon” so that if people reference me in a blog and spell my name incorrectly, it will come up in my google alerts.

Google alerts are a simple and easy way to follow the conversation about yourself online and in social media.  Go set one up today and start tracking how you appear on the web!

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What is an REO and What Does That Mean For Escrow?

The term REO stands for Real Estate Owned properties.  These are properties that are owned by a bank or lender and are for sale to the public. These properties were reverted back to the bank after the homeowner was foreclosed upon.  If the home fails to sell at auction, the bank will put up the property up for sale through a Realtor much in the same way a homeowner lists their property for sale with a Realtor when selling their home.  The key difference with REO listings is that the bank (or lender) is the seller verses the homeowner as the seller in a traditional listing.

REO properties are a hot commodity right now as roughly half of the foreclosures going to auction are reverting to REOs. More and more people are seeing that they can get a great price on an REO property and still enjoy a buying process that is very similar to buying a home in the traditional fashion.  However, because the property is owned by the bank or lender, in an REO purchase transaction, there are a few differences in the escrow process from a traditional home purchase transaction.

REO listings offer viewings and inspections just like traditional home buying; the big difference is really in the often rock bottom price and the closing procedures. This is because banks are not in the business of owning Real Estate; their interest is to resell the property as quickly as possible to avoid further risk exposure.  As a result, REOs come with a very strict and tight escrow timeline. Most REOs have a 30 day closing, in some states it can be 45 days, and either way banks are not willing to be flexible.

There are a lot of REO properties available right now so if you’re ready to buy and looking for a deal, now is a great time to consider an REO purchase. Your Realtor can advise you on the opportunities and your American Trust Escrow officer can walk you through a detailed explanation of the REO escrow process.

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Understanding What "RSS" Means I Key Concept In REALTOR Social Media Education

Every Tuesday, here at the American Trust Escrow blog, 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.

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

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

So then, what is RSS?

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

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

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

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

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

The problems with bookmarking

• You as the web surfer had to do all the work
• It can get complicated when you are trying to track many websites at once
• You miss information when you forget to check your bookmarks
• You end up seeing the same information over and over again on sites that don’t update very often

RSS Changes Everything

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

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

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

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

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

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

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

So, how does this all relate to real estate?

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

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

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Foreclosure Terms and Timelines Explained

If you are either in the process of buying or selling a foreclosure property, understanding the basic terms associated with the process will help you ask appropriate questions of your REALTOR, the escrow officer, the lender and/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. Knowing the terminology is an important step in that process.

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Texting For REALTORS: The Benefits and Vocabulary

Every Tuesday, here at the American Trust Escrow blog, 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 texting yet?  If not, it’s time to get on board!

Why Text Message?

Text messaging provides a great, and increasingly common way for you to communicate with your clients and for them to communicate with you.  Maybe you want to confirm a showing with them, send them a quick message about a listing, or they want to let you know they are running late.

Texting can be very beneficial.  Here are a few reasons why:

• Time saver:  Texting tends to get right to the point (who wants to type out a bunch of pleasantries and small talk?).  A simple “be there soon” gets the message across quickly and succinctly alleviating the need to call and explain the situation.  Text messaging can also eliminate the need to carry on a long-winded conversation with someone.
• It’s Easier:  It is easier to simply read a message on their phone rather than have to call into a voice mail system to retrieve messages.
• Less Intrusive:  Texting can be a discreet form of communication especially when you or your client are in a situation where phone calls are inappropriate.  Texting provides a more subtle, less intrusive option than talking on the phone or in person.
• Not a Harsh Interruption:  Texting is far more subtle than a phone ringing (which would you rather have happen in a movie theater, for example).  The phone can be set to silent and the person can still read a new text message that comes in without the need to have the phone ring, or call into voice mail to hear what you are trying to communicate.

Considerations:

• Texting isn’t free.  Check with your cell phone provider for how much texting you have on your plan.  Do you have a limited number of text messages per month?  What is the charge if you go over your limit?  Generally it is about .10 – .15 cents per text which may not seem like a lot, but can add up quickly.  It may be more cost effective to switch to an unlimited texting plan with your cell phone provider.  Either way, it is something to watch out for.
• It is against the law to text while driving in California.  Don’t do it.
• Understanding texting will help you to understand Twitter.  Twitter is basically broadcast texting (you send one message, and multiple people can see it).  If you are comfortable with texting, you will be more likely to understand and be comfortable with Twitter.  And Twitter is starting to make a splash in the real estate world (more information on this coming in future posts).

Texting Vocabulary

You aren’t the only one who wonders what all those abbreviated words mean.  Texting has, in essence, a language of its own.  Brevity reigns in the texting world and in order to be able to decipher messages and send quick replies, you should know the common shorthand.  Here is a guide to some of the most common you will find in the texting and Twitter world:

2gtbt – too good to be true
2nite – tonight
b4n – bye for now
btw -  by the way
cu -  see you (as in cu l8r)
eod – end of day
f2f  -  face to face
ftr -  for the record
ftw – for the win
fwiw -  for what its worth
fyi – for your information
gtg – got to go
imo/imho – in my opinion/in my humble opinion
irl – in real life (often used in Twitter to reference meeting someone irl)
jk – just kidding
l8r – later
lmao/lmfao – laugh my a** off/laugh my f*** a** off (not the most charming of text abbreviations but very commonly used in conversational social media)
lol – laughing out loud
nbd – no big deal
oh – overheard
omg – oh my god
pls  – please
rotfl – rolling on the floor laughing
re – regarding.  Can also mean “real estate” depending on context.
thx – thanks
ttyl – talk to you later
ty – thank you
wOOt – hooray/congratulations
ur – your
yw – your welcome

((hug)) -  a hug
{{{{hug}}}}  – really big hug
<g> – grin
<3   – heart on its side to show love.  Ex: I <3 re = I love real estate

ALL CAPS = Yelling

Also remember that Google is your friend.  If you run across a text shorthand that you don’t know, just put it into Google and you are certain to get an answer.  You can also check out this Lingo 2 Word Translator.

Now that you have the benefits and terminology to successfully text, it’s time to give it a try. TTYL!

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Options for Holding Title–The Vesting Form Revealed

Demystifying the escrow process for buyers is part of our goal here at American Trust Escrow.  One of the ways we accomplish this is by providing buyer’s a detailed opening package. This package contains a particular form called a Vesting Form that is integral to the escrow process and to the buyer’s future interest in the property. Simply put, it requires the buyer to outline how they will hold title to their new property.

The vesting of a title should be given special consideration because it specifies who is responsible for the costs, benefits, and transferability of a property. The value of real property is significant and with a little forethought, conflict can be avoided down the road with partners, creditors, spouses and/or heirs, as well as the Internal Revenue Service.

The most common forms of holding title include:

1. Sole Ownership

   1. As a single man or woman
   2. As a Married man or woman
   3. As a registered domestic partner, man or woman.

2. Co-ownership

   1. Community property, which is the presumed form for married couples. This entitles each party to equal parts of the property.
   2. Community property with rights of survivorship, which automatically transfers the property to the survivor in the face of a death.

3. Joint Tenancy

   1. This includes equal interests with rights of survivorship, but where the partners aren’t necessarily married.

4. Tenancy in Common

   1. In this form, the parties’ interests are broken up, and the costs and benefits are then divided as such.

It’s important to remember that the form of title that you choose has inheritance and/or tax implications. Your escrow officer at American Trust Escrow is more than happy to explain the differences between the various manners in which title can be held. However, it is beyond our scope to actually recommend what would be best for a buyer. For that, the buyer should consult an attorney, CPA or estate planner who is more familiar with the buyer’s specific situation.  Research and clear communication with one of these resources will help make the transaction a smooth success.

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Facebook 3.0 for the iPhone | A REALTOR "Must Have" Download

Every Tuesday, here at the American Trust Escrow blog, 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!

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Key Details Which Will Impact the REO Escrow and Closing Process

Buying an REO (or Real Estate Owned) property is a little different escrow process than your standard home sale. REALTORS and buyers need to remember that they are in escrow with a bank/lender (the “seller”) and that the bank/lender has strict procedures in place to follow during the process. Here’s a glimpse into details to look out for if you’re in an REO transaction and American Trust Escrow is your escrow provider:

1. Escrow isn’t officially open until the seller has uploaded the contract into the seller’s online systems, it’s been signed by both the buyer and seller, and it shows as a “task” in the seller’s online system to open escrow.
2. Escrow instructions, preliminary title and commission orders will be e-mailed 48 hours from the receipt of the seller’s fully executed contract.
3. Loan documents must be received 24 hours before the buyer’s appointment to sign.
4. Expect to wait up to 5 days from the buyer’s signing date for escrow to receive the estimated HUD approval from the seller.
5. Once approval is obtained, the file is set to record the following business day after the lender’s funds have been received.
6. Funds are usually distributed 24-72 hours after recording.  This timing is subject to seller’s approval of the final HUD statement.

Also important to keep in mind is that communication with American Trust Escrow regarding your transaction is generally most efficient via email.  Email communication provides a written record and time stamp of the communication and allows your escrow officer to respond in a timely manner.

Understanding these details can help to set the proper expectations with buyers and help ensure that your next REO escrow goes as smooth as possible.

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Build Your Online Brand by Choosing Your Avatar Carefully

Every Tuesday, here at the American Trust Escrow blog, 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.

Build your online brand with your avatar? Your what? Wondering what an avatar even is? Here is a hint:

Avatar is a fancy word for the small image used to depict your online presence or identity. It is a very important part of any REALTORS’s online presence and branding. When you create a profile on a social media website, they often ask you to upload a photo of yourself. This photo is your avatar – most REALTORS would think of it as their head shot. But should your avatar be your head shot? Maybe, but maybe not.

Here are some things to consider when choosing your avatar:

• Your avatar sets the tone for who you are. What do you want it to say? It should be a reflection of you. It is the first visual that people generally see of you. Put some thought behind it. Keep in mind that it does play a part in defining your personal brand online. What do you want your personal brand to say?
• Keep in mind that the digital world is generally more casual than the print world in marketing yourself. I suggest portraying a professional, yet approachable image of yourself. It does not need to be of you in business formal attire (of course, it can be).
• The image will most often be presented very small, and cropped to a square. Very frequently the image will be only a ½ inch square. It will often appear as part of a list like this example from Facebook.

• Your avatar should be close up to your face. Because of the small size that most Avatar’s are presented, it is generally best to have the photo be cropped tight.
• It is ok to get creative! Your avatar doesn’t have to be your face (but most REALTORS will likely choose this option). Also, think about getting creative with your cropping. You’d be surprised how well you can communicate you with just part of your face. For some additional options check out this Guide To Using Avatars for Online Marketing by Justin Smith of the Real Estate Tomato.

Take a look at the sample avatars at the beginning of this post and a few more below. These are all appropriate guides for REALTORS who want to brand themselves online and participate in the social media game. Give your avatar some thought – make sure your photo fits the medium, communicates what you want it to say, and is a reflection of you. It will be good for your brand and your business!

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The Closing Statement Revealed: Understanding The Line Item Escrow Fees

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

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

Buyer’s Escrow Costs

Escrow Fees

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

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

Loan Tie-in Fee

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

E-Document Fee

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

Processing Fee

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

Archive Fee

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

Seller’s Escrow Costs

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

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

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