November 30, 2008
REO Disclosures: Who Discloses What? From Yvonne Nelson Fidelity National Home Warranty and Disclosure Source
Hello Elite,
As promised, I will continue to provide my fellow Real Estate Professionals with valuable industry related education and information.
I want you to rely on me not only as your Fidelity National Home Warranty and Disclosure Source NHD representative, but as a source for Real Estate industry news and information.
Yvonne Nelson
Assistant Vice President
Fidelity National Home Warranty & Disclosure Source
800-308-1424 ext 3518
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REO Disclosures: Who Discloses What?
Author: Chuck Piro, VP Disclosure Source
Okay……..so you’re ready to submit an offer on a REO property, but you’re really unsure of what disclosures you can expect from the bank. In fact, the asset manager has confirmed that the property is being sold "as is". So, does "as is" mean no disclosures for your buyer to review? Not necessarily!
When representing a buyer on a bank-owned property, Realtors need to recognize what disclosures the buyer is entitled to receive from the bank. Yet, this is an area that seems to be confusing to, not only Realtors, but the REO lenders themselves.
As you know, owners of bank-owned properties are not legally obligated to provide you with the same disclosures that you would demand from a traditional seller. But that certainly doesn’t mean that the bank is exempt from providing prospective buyers disclosures regarding potential hazards that may affect the property.
In fact, the REO lender is required to disclose certain conditions that may affect the value or desirability of the property. Even though they may be exempt from many obligations, they must still comply with many others. So, even though the property is being sold "as is"; you need to know what to expect in terms of disclosure for your buyer.
To help clarify the matter of disclosures on REO property, The California Association of Realtors has made available the REO Advisory (C.A.R. Form REO 4/08) that goes along with an offer on a bank-owned property. This form clearly defines disclosure Exemptions and Requirements that pertain to REO property transactions.
Obviously, the bank never lived in the house, so they are exempt from providing the Transfer Disclosure Statement. Additionally, REO lenders are exempt from disclosing Mello-Roos and 1915 Bond Act Assessments, as well as Private Transfer Taxes. And, they are not obligated to provide you and your buyer with the Residential Environmental Hazards Booklet.
Included on the list of EXEMPTIONS is the Natural Hazards Disclosure Statement (NHDS), but…….REO lenders are "…not exempt from applicable statutory obligations to disclose earthquake fault zones, seismic hazard zones, state responsibility areas, very high fire hazard severity zones, special flood hazard areas and flood hazard zones…" Of course, this information is typically included in disclosure reports obtainable from third-party disclosure companies.
But, keep this is mind….whether the bank discloses or not, Realtors should take a moral approach to real estate disclosure. Obviously you want to avoid lawsuits and reduce liability. However, reduced liability is a marginal benefit of disclosure; it shouldn’t be the primary motive. The best reason…….it’s just the right thing to do! Instead of focusing on liability, you ought to be supporting the best interests of your client. Who is the beneficiary of a disclosure report? It’s your buyer! Realtors, who pursue that approach rather than the legalistic one, enjoy rewards. Not only do they build solid reputations for honest, ethical business practice, but they receive repeat business and referrals created by a sound reputation. Weather the bank is or not…..you should be practical about disclosure. Remember, you’re in the service business. Treat your clients the same way you’d like to be treated. If you approach your dealings from this prospective, you will surely succeed in building a solid business with referral clients and repeat customers for years to come.
***********************************************************************************************
Yvonne Nelson
Assistant Vice President
Fidelity National Home Warranty & Disclosure Source
800-308-1424 ext 3518
Filed under Blog, Elite News & Updates, Home Warranty, Marketing by Yvonne Nelson
October 27, 2008
Seven MLSs create the Largest MLS Data Share in Northern California from Fidelity National Home Warranty
Hello Elite,
As promised, I will continue to provide my fellow Real Estate Professipnals with news that affects our industry.
Yvonne Nelson
Fidelity National Home Warranty and Disclosure Source
800-308-1424 ext 3518
**************************************************************************************************************
Seven MLSs create the Largest MLS Data Share in Northern California
New data sharing arrangement expands listing info to 70,000 agents in 21 Northern California Counties
Northern Calif. (September 15, 2008) – The three MLSs in the San Francisco East Bay Area today announced they are participating with major MLSs in Northern California in a program to exchange MLS data. The Bay East Association of REALTORS® MLS, the Contra Costa Association of REALTORS® MLS and East Bay Regional Data, Inc will be sharing MLS listing data with MLSListings Inc and with Quattro (an existing data sharing initiative that includes San Francisco Association of REALTORS® [SFAR], Bay Area Real Estate Information Services, Inc. [BAREIS MLS®] and MetroList Services, Inc. [Metrolist®]). Together, these seven MLSs represent 70,000 real estate brokers and agents from 21 counties in Northern California.
The cooperative agreement takes advantage of the unique character and rich data found in each participating MLS. Real estate practitioners throughout this large area will be able to access any one of the MLS systems, enabling them to find property information across multiple market areas regardless of geographic boundaries. In addition to full reciprocal MLS access for users, the agreement allows each participating MLS to maintain separate databases that aggregate the data from all seven MLSs. Users who prefer to see all of the data in a single location can use one of the aggregated databases. They will no longer have to pay additional fees to access other MLSs. Brokers who maintain proprietary software systems for use by their agents will also benefit from the new data share. They will be able to download data from all of participating MLS’s databases in a single data stream instead of downloading data from each MLS individually.
“Together with our neighboring MLSs, we look forward to giving agents and brokers access to high quality property databases at no extra cost. This data share will enable real estate professionals to provide more comprehensive and accurate information to their clients in the home buying and selling process” said Melrose Forde, President of the Bay East Association of REALTORS®. “
CCAR President, Moses Guillory noted, “The expanded access this agreement allows for is great news for Brokers/Agents and consumers alike. By cooperating, we are expanding the property search experience, yet at the same time, retaining the unique flavor that characterizes each of our distinct market areas and the consumers they represent.”
“We are thrilled to be part of such an important data sharing arrangement. EBRDI and the other MLSs involved in this initiative can now provide the very best listing information in a larger geographic area while still maintaining the highest level of superior local service, training and market knowledge which is paramount to our member’s local success, “said Becky Tobin, President and CEO of EBRDI.
Brokers and agents will continue to obtain locally delivered services as they do now from their local MLS or MLS of their choice. The data aggregation and reciprocal access project is expected to be complete sometime in the first quarter of 2009.
About Quattro
Through an information-sharing agreement, San Francisco Association of Realtors, Bay Area Real Estate Information Services, Inc. and MetroList Services, Inc. provide live, real-time reciprocal MLS access to each other’s systems. In addition, data is merged into a common data set in Quattro. Authorized individuals have the ability to directly access Quattro for a single, combined data feed offering operational efficiencies not possible before. Quattro provides real estate professionals with access to property listings in 15 California counties (El Dorado, Napa, Solano, Lake, Placer, Sonoma, Marin, Sacramento, Stanislaus, Mendocino, San Francisco, Yolo, West Merced, San Joaquin and North San Mateo) and more than 18 thousand square miles serving a population of 5.6 million people.
About Bay East Association of REALTORS®
Since 1947, the Bay East Association of REALTORS® has been providing MLS services to real estate professionals in Southern Alameda County. Agents, brokers and appraisers who belong to the Bay East MLS have access to comprehensive property information for homes in Castro Valley, San Lorenzo, San Leandro, Hayward, Newark, Union City, Fremont, Sunol, Pleasanton, Dublin and Livermore. Serving over 6,400 MLS users, the Bay East Association of REALTORS® offers, education programs, professional development, and emerging technologies that enable agents and brokers to provide quality real estate service.
About Contra Costa Association of REALTORS®
The Contra Costa Association of REALTORS®, located in Central Contra Costa County, has been serving its members since 1921. The central county includes the communities of Alamo, Blackhawk, Clayton, Clyde, Concord, Danville, Diablo, Lafayette, Martinez, Moraga, Orinda, Pacheco, Pleasant Hill, Rossmoor, San Ramon and Walnut Creek. The Association is dedicated to providing the most innovative and highest quality services, programs, and products to positively impact the success of its 4,000 members who provide real estate brokerage services to clients throughout the East Bay and beyond.
About East Bay Regional Data, Inc.
East Bay Regional Data is a California corporation owned by the Alameda Association of REALTORS®, the Berkeley Association of REALTORS®, the Delta Association of REALTORS®, the Oakland Association of REALTORS® and the West Contra Costa Association of REALTORS®. East Bay Regional Data resulted from the desire of professional real estate associations in Alameda and Contra Costa counties to provide their members with access to a broader market for listing and selling real estate by providing a single, centralized MLS system. East Bay Regional Data was incorporated in September 1991 and began to provide services to MLS subscriber members in April 1992. Through East Bay Regional Data, licensed real estate brokers, agents and appraisers receive on-line access to comprehensive listing information about current, pending and off market properties listed by other EBRDI Participants.
About MLSListings Inc
MLSListings Inc formally launched in 2007 after considerable effort to consolidate the region’s MLS systems. MLSListings is designed to more effectively meet the current and future MLS needs of the region’s real estate professionals. Specifically, MLSListings provides a smart and simple solution to meet the challenges of conducting business across a large geographical area in which multiple MLS organizations with disparate rules, fee structures, and procedures inhibit the manner in which brokers and agents can effectively meet the needs of homebuyers. MLSListings formally acquired RE InfoLink and Central Valley MLS in 2007 and continues to work with neighboring MLS providers to enhance service to its customers. MLSListings represents nearly 20,000 MLS subscribers. MLSListings is governed by the brokerage community, and owned by Santa Clara, Santa Cruz, Silicon Valley, San Mateo, Monterey, Watsonville, San Benito and Central Valley associations of REALTORS®.
About Bay Area Real Estate Information Services, Inc. (BAREIS MLS®)
Bay Area Real Estate Information Services, Inc. was created on October 22, 1997. The organizations that founded BAREIS are the Marin Association of REALTORS®, Napa Association of REALTORS®, Northern Solano Association of REALTORS®, Solano Association of REALTORS® and the Sonoma County Multiple Listing Service. The Mendocino County MLS joined the effort in 2001, and the Coastal Co-op MLS in 2005. BAREIS MLS® now serves approximately 10,200 members in five counties, including Marin, Mendocino, Napa, Solano, and Sonoma.
About MetroList Services, Inc. (MetroList®)
Headquartered in Sacramento, MetroList Services, Inc. is the largest multiple listing service in Northern California. Formed in 1985, Metrolist is 50 percent owned by the California Real Estate Brokers, Inc. and by the Sacramento Association of REALTORS®, Placer County Association of REALTORS®, El Dorado County Association of REALTORS®, Lodi Association of REALTORS®, and the Yolo County Association of REALTORS®. MetroList acts as a seamless real estate information network serving more than 20,000 real estate professionals in seven counties, including El Dorado, Merced, Placer, Sacramento, San Joaquin, Stanislaus and Yolo.
About San Francisco Association of REALTORS® (SFAR)
The San Francisco Association of REALTORS® was founded in 1905. It antedates both the National Association of REALTORS® and the California Association of REALTORS® and was active in the formation of both of these organizations. SFAR provides sophisticated business-related products and services to its more than 4,500 REALTOR® members in San Francisco and North San Mateo County.
Seven MLSs create the Largest MLS Data Share in Northern California
New data sharing arrangement expands listing info to 70,000 agents in 21 Northern California Counties
Northern Calif. (September 15, 2008) – The three MLSs in the San Francisco East Bay Area today announced they are participating with major MLSs in Northern California in a program to exchange MLS data. The Bay East Association of REALTORS® MLS, the Contra Costa Association of REALTORS® MLS and East Bay Regional Data, Inc will be sharing MLS listing data with MLSListings Inc and with Quattro (an existing data sharing initiative that includes San Francisco Association of REALTORS® [SFAR], Bay Area Real Estate Information Services, Inc. [BAREIS MLS®] and MetroList Services, Inc. [Metrolist®]). Together, these seven MLSs represent 70,000 real estate brokers and agents from 21 counties in Northern California.
The cooperative agreement takes advantage of the unique character and rich data found in each participating MLS. Real estate practitioners throughout this large area will be able to access any one of the MLS systems, enabling them to find property information across multiple market areas regardless of geographic boundaries. In addition to full reciprocal MLS access for users, the agreement allows each participating MLS to maintain separate databases that aggregate the data from all seven MLSs. Users who prefer to see all of the data in a single location can use one of the aggregated databases. They will no longer have to pay additional fees to access other MLSs. Brokers who maintain proprietary software systems for use by their agents will also benefit from the new data share. They will be able to download data from all of participating MLS’s databases in a single data stream instead of downloading data from each MLS individually.
“Together with our neighboring MLSs, we look forward to giving agents and brokers access to high quality property databases at no extra cost. This data share will enable real estate professionals to provide more comprehensive and accurate information to their clients in the home buying and selling process” said Melrose Forde, President of the Bay East Association of REALTORS®. “
CCAR President, Moses Guillory noted, “The expanded access this agreement allows for is great news for Brokers/Agents and consumers alike. By cooperating, we are expanding the property search experience, yet at the same time, retaining the unique flavor that characterizes each of our distinct market areas and the consumers they represent.”
“We are thrilled to be part of such an important data sharing arrangement. EBRDI and the other MLSs involved in this initiative can now provide the very best listing information in a larger geographic area while still maintaining the highest level of superior local service, training and market knowledge which is paramount to our member’s local success, “said Becky Tobin, President and CEO of EBRDI.
Brokers and agents will continue to obtain locally delivered services as they do now from their local MLS or MLS of their choice. The data aggregation and reciprocal access project is expected to be complete sometime in the first quarter of 2009.
About Quattro
Through an information-sharing agreement, San Francisco Association of Realtors, Bay Area Real Estate Information Services, Inc. and MetroList Services, Inc. provide live, real-time reciprocal MLS access to each other’s systems. In addition, data is merged into a common data set in Quattro. Authorized individuals have the ability to directly access Quattro for a single, combined data feed offering operational efficiencies not possible before. Quattro provides real estate professionals with access to property listings in 15 California counties (El Dorado, Napa, Solano, Lake, Placer, Sonoma, Marin, Sacramento, Stanislaus, Mendocino, San Francisco, Yolo, West Merced, San Joaquin and North San Mateo) and more than 18 thousand square miles serving a population of 5.6 million people.
About Bay East Association of REALTORS®
Since 1947, the Bay East Association of REALTORS® has been providing MLS services to real estate professionals in Southern Alameda County. Agents, brokers and appraisers who belong to the Bay East MLS have access to comprehensive property information for homes in Castro Valley, San Lorenzo, San Leandro, Hayward, Newark, Union City, Fremont, Sunol, Pleasanton, Dublin and Livermore. Serving over 6,400 MLS users, the Bay East Association of REALTORS® offers, education programs, professional development, and emerging technologies that enable agents and brokers to provide quality real estate service.
About Contra Costa Association of REALTORS®
The Contra Costa Association of REALTORS®, located in Central Contra Costa County, has been serving its members since 1921. The central county includes the communities of Alamo, Blackhawk, Clayton, Clyde, Concord, Danville, Diablo, Lafayette, Martinez, Moraga, Orinda, Pacheco, Pleasant Hill, Rossmoor, San Ramon and Walnut Creek. The Association is dedicated to providing the most innovative and highest quality services, programs, and products to positively impact the success of its 4,000 members who provide real estate brokerage services to clients throughout the East Bay and beyond.
About East Bay Regional Data, Inc.
East Bay Regional Data is a California corporation owned by the Alameda Association of REALTORS®, the Berkeley Association of REALTORS®, the Delta Association of REALTORS®, the Oakland Association of REALTORS® and the West Contra Costa Association of REALTORS®. East Bay Regional Data resulted from the desire of professional real estate associations in Alameda and Contra Costa counties to provide their members with access to a broader market for listing and selling real estate by providing a single, centralized MLS system. East Bay Regional Data was incorporated in September 1991 and began to provide services to MLS subscriber members in April 1992. Through East Bay Regional Data, licensed real estate brokers, agents and appraisers receive on-line access to comprehensive listing information about current, pending and off market properties listed by other EBRDI Participants.
About MLSListings Inc
MLSListings Inc formally launched in 2007 after considerable effort to consolidate the region’s MLS systems. MLSListings is designed to more effectively meet the current and future MLS needs of the region’s real estate professionals. Specifically, MLSListings provides a smart and simple solution to meet the challenges of conducting business across a large geographical area in which multiple MLS organizations with disparate rules, fee structures, and procedures inhibit the manner in which brokers and agents can effectively meet the needs of homebuyers. MLSListings formally acquired RE InfoLink and Central Valley MLS in 2007 and continues to work with neighboring MLS providers to enhance service to its customers. MLSListings represents nearly 20,000 MLS subscribers. MLSListings is governed by the brokerage community, and owned by Santa Clara, Santa Cruz, Silicon Valley, San Mateo, Monterey, Watsonville, San Benito and Central Valley associations of REALTORS®.
About Bay Area Real Estate Information Services, Inc. (BAREIS MLS®)
Bay Area Real Estate Information Services, Inc. was created on October 22, 1997. The organizations that founded BAREIS are the Marin Association of REALTORS®, Napa Association of REALTORS®, Northern Solano Association of REALTORS®, Solano Association of REALTORS® and the Sonoma County Multiple Listing Service. The Mendocino County MLS joined the effort in 2001, and the Coastal Co-op MLS in 2005. BAREIS MLS® now serves approximately 10,200 members in five counties, including Marin, Mendocino, Napa, Solano, and Sonoma.
About MetroList Services, Inc. (MetroList®)
Headquartered in Sacramento, MetroList Services, Inc. is the largest multiple listing service in Northern California. Formed in 1985, Metrolist is 50 percent owned by the California Real Estate Brokers, Inc. and by the Sacramento Association of REALTORS®, Placer County Association of REALTORS®, El Dorado County Association of REALTORS®, Lodi Association of REALTORS®, and the Yolo County Association of REALTORS®. MetroList acts as a seamless real estate information network serving more than 20,000 real estate professionals in seven counties, including El Dorado, Merced, Placer, Sacramento, San Joaquin, Stanislaus and Yolo.
About San Francisco Association of REALTORS® (SFAR)
The San Francisco Association of REALTORS® was founded in 1905. It antedates both the National Association of REALTORS® and the California Association of REALTORS® and was active in the formation of both of these organizations. SFAR provides sophisticated business-related products and services to its more than 4,500 REALTOR® members in San Francisco and North San Mateo County.
Seven MLSs create the Largest MLS Data Share in Northern California
New data sharing arrangement expands listing info to 70,000 agents in 21 Northern California Counties
Northern Calif. (September 15, 2008) – The three MLSs in the San Francisco East Bay Area today announced they are participating with major MLSs in Northern California in a program to exchange MLS data. The Bay East Association of REALTORS® MLS, the Contra Costa Association of REALTORS® MLS and East Bay Regional Data, Inc will be sharing MLS listing data with MLSListings Inc and with Quattro (an existing data sharing initiative that includes San Francisco Association of REALTORS® [SFAR], Bay Area Real Estate Information Services, Inc. [BAREIS MLS®] and MetroList Services, Inc. [Metrolist®]). Together, these seven MLSs represent 70,000 real estate brokers and agents from 21 counties in Northern California.
The cooperative agreement takes advantage of the unique character and rich data found in each participating MLS. Real estate practitioners throughout this large area will be able to access any one of the MLS systems, enabling them to find property information across multiple market areas regardless of geographic boundaries. In addition to full reciprocal MLS access for users, the agreement allows each participating MLS to maintain separate databases that aggregate the data from all seven MLSs. Users who prefer to see all of the data in a single location can use one of the aggregated databases. They will no longer have to pay additional fees to access other MLSs. Brokers who maintain proprietary software systems for use by their agents will also benefit from the new data share. They will be able to download data from all of participating MLS’s databases in a single data stream instead of downloading data from each MLS individually.
“Together with our neighboring MLSs, we look forward to giving agents and brokers access to high quality property databases at no extra cost. This data share will enable real estate professionals to provide more comprehensive and accurate information to their clients in the home buying and selling process” said Melrose Forde, President of the Bay East Association of REALTORS®. “
CCAR President, Moses Guillory noted, “The expanded access this agreement allows for is great news for Brokers/Agents and consumers alike. By cooperating, we are expanding the property search experience, yet at the same time, retaining the unique flavor that characterizes each of our distinct market areas and the consumers they represent.”
“We are thrilled to be part of such an important data sharing arrangement. EBRDI and the other MLSs involved in this initiative can now provide the very best listing information in a larger geographic area while still maintaining the highest level of superior local service, training and market knowledge which is paramount to our member’s local success, “said Becky Tobin, President and CEO of EBRDI.
Brokers and agents will continue to obtain locally delivered services as they do now from their local MLS or MLS of their choice. The data aggregation and reciprocal access project is expected to be complete sometime in the first quarter of 2009.
About Quattro
Through an information-sharing agreement, San Francisco Association of Realtors, Bay Area Real Estate Information Services, Inc. and MetroList Services, Inc. provide live, real-time reciprocal MLS access to each other’s systems. In addition, data is merged into a common data set in Quattro. Authorized individuals have the ability to directly access Quattro for a single, combined data feed offering operational efficiencies not possible before. Quattro provides real estate professionals with access to property listings in 15 California counties (El Dorado, Napa, Solano, Lake, Placer, Sonoma, Marin, Sacramento, Stanislaus, Mendocino, San Francisco, Yolo, West Merced, San Joaquin and North San Mateo) and more than 18 thousand square miles serving a population of 5.6 million people.
About Bay East Association of REALTORS®
Since 1947, the Bay East Association of REALTORS® has been providing MLS services to real estate professionals in Southern Alameda County. Agents, brokers and appraisers who belong to the Bay East MLS have access to comprehensive property information for homes in Castro Valley, San Lorenzo, San Leandro, Hayward, Newark, Union City, Fremont, Sunol, Pleasanton, Dublin and Livermore. Serving over 6,400 MLS users, the Bay East Association of REALTORS® offers, education programs, professional development, and emerging technologies that enable agents and brokers to provide quality real estate service.
About Contra Costa Association of REALTORS®
The Contra Costa Association of REALTORS®, located in Central Contra Costa County, has been serving its members since 1921. The central county includes the communities of Alamo, Blackhawk, Clayton, Clyde, Concord, Danville, Diablo, Lafayette, Martinez, Moraga, Orinda, Pacheco, Pleasant Hill, Rossmoor, San Ramon and Walnut Creek. The Association is dedicated to providing the most innovative and highest quality services, programs, and products to positively impact the success of its 4,000 members who provide real estate brokerage services to clients throughout the East Bay and beyond.
About East Bay Regional Data, Inc.
East Bay Regional Data is a California corporation owned by the Alameda Association of REALTORS®, the Berkeley Association of REALTORS®, the Delta Association of REALTORS®, the Oakland Association of REALTORS® and the West Contra Costa Association of REALTORS®. East Bay Regional Data resulted from the desire of professional real estate associations in Alameda and Contra Costa counties to provide their members with access to a broader market for listing and selling real estate by providing a single, centralized MLS system. East Bay Regional Data was incorporated in September 1991 and began to provide services to MLS subscriber members in April 1992. Through East Bay Regional Data, licensed real estate brokers, agents and appraisers receive on-line access to comprehensive listing information about current, pending and off market properties listed by other EBRDI Participants.
About MLSListings Inc
MLSListings Inc formally launched in 2007 after considerable effort to consolidate the region’s MLS systems. MLSListings is designed to more effectively meet the current and future MLS needs of the region’s real estate professionals. Specifically, MLSListings provides a smart and simple solution to meet the challenges of conducting business across a large geographical area in which multiple MLS organizations with disparate rules, fee structures, and procedures inhibit the manner in which brokers and agents can effectively meet the needs of homebuyers. MLSListings formally acquired RE InfoLink and Central Valley MLS in 2007 and continues to work with neighboring MLS providers to enhance service to its customers. MLSListings represents nearly 20,000 MLS subscribers. MLSListings is governed by the brokerage community, and owned by Santa Clara, Santa Cruz, Silicon Valley, San Mateo, Monterey, Watsonville, San Benito and Central Valley associations of REALTORS®.
About Bay Area Real Estate Information Services, Inc. (BAREIS MLS®)
Bay Area Real Estate Information Services, Inc. was created on October 22, 1997. The organizations that founded BAREIS are the Marin Association of REALTORS®, Napa Association of REALTORS®, Northern Solano Association of REALTORS®, Solano Association of REALTORS® and the Sonoma County Multiple Listing Service. The Mendocino County MLS joined the effort in 2001, and the Coastal Co-op MLS in 2005. BAREIS MLS® now serves approximately 10,200 members in five counties, including Marin, Mendocino, Napa, Solano, and Sonoma.
About MetroList Services, Inc. (MetroList®)
Headquartered in Sacramento, MetroList Services, Inc. is the largest multiple listing service in Northern California. Formed in 1985, Metrolist is 50 percent owned by the California Real Estate Brokers, Inc. and by the Sacramento Association of REALTORS®, Placer County Association of REALTORS®, El Dorado County Association of REALTORS®, Lodi Association of REALTORS®, and the Yolo County Association of REALTORS®. MetroList acts as a seamless real estate information network serving more than 20,000 real estate professionals in seven counties, including El Dorado, Merced, Placer, Sacramento, San Joaquin, Stanislaus and Yolo.
About San Francisco Association of REALTORS® (SFAR)
The San Francisco Association of REALTORS® was founded in 1905. It antedates both the National Association of REALTORS® and the California Association of REALTORS® and was active in the formation of both of these organizations. SFAR provides sophisticated business-related products and services to its more than 4,500 REALTOR® members in San Francisco and North San Mateo County.
Yvonne Nelson
Assistant Vice President
Fidelity National Home Warranty and Disclosure Source
800-308-1424 ext 3518
Filed under Blog, Elite News & Updates, Home Warranty, Marketing, Title & Escrow by Yvonne Nelson
October 14, 2008
Understanding Tax Credits for Energy Efficient Home Improvements from Fidelity National Home Warranty
Part of my job and due diligence as Assistant Vice President and Senior Account Manager for 10 years with Fidelity National Home Warranty and Disclosure Source NHD Reports is to bring my clients and real estate professionals newsworthy industry related facts, news, information, market trends and value.
Sharing of information gives us all the ability to help our past, present and future clients make intelligent and knowledgable real estate decisions.
Check my post often. As I get "Hot off the Press" news of value I will pass it along to my fellow real estate professionals. Lets all stay on top of our game and well informed. I would love to read your information also.
Yvonne Nelson
Assistant Vice President
Fidelity National Home Warranty and Disclosure Source
800-308-1424 ext 3518
*************************************************************************
On October 3, 2008, President Bush signed into law the "Emergency Economic Stabilization Act of 2008." This bill extended tax credits for energy efficient home improvements (windows, doors, roofs, insulation, HVAC, and water heaters). Tax credits for these residential products, which had expired at the end of 2007, will now be available for improvements made during 2009. However, improvements made during 2008 are not eligible for a tax credit.
The products that are covered by the tax credit in 2009 include:
- insulation
- windows (including storm windows)
- skylights
- doors (including patio & sliding glass)
- metal roofs
- asphalt roofs
- Central air conditioners
- Air source heat pumps
- Geo-thermal heat pumps
- Gas, Oil, or Propane Furnace or Hot Water Boiler
- Advanced Main Air Circulating Fans
- Gas, Oil or Propane Water Heaters
- Electric Heat Pump Water Heaters
- Solar Water Heaters
- Photovoltaic Systems (solar panels)
- Fuel Cells
Products not covered by the tax credit included:
- refrigerators
- dishwashers
- clothes washers
- Room air conditioners
- Ceiling fans
- Programmable thermostats
For more information on products covered by the tax credit, visit www.energystar.gov/taxcredits
Yvonne Nelson 
Assistant Vice President
Fidelity National Home Warranty and Disclosure Source
800-308-1424 ext 3518
Filed under Blog, Elite News & Updates, Home Warranty, Marketing, Title & Escrow by Yvonne Nelson
August 8, 2008
Re-Kindling Your FARM and Database Relationships
Filed under Elite News & Updates, Marketing, Title & Escrow, Training by chris
Hello Elite!
Yvonne Nelson, Fidelity National Home Warranty
I wanted to take the opportunity to thank Robert Do for the great tips and reminder about the necessity to have a ongoing and consistent target marketing plan.
Please call or email me at your earliest convenience and let me share with you all of the amazing marketing tools and supplies that me and Fidelity National Home Warranty provide our Real Estate Professionals. The marketing programs I can share with you will help you get to the top of your game and most of them are FREE.
I want to work together with each and everyone of you to be a part of your success.
Lets get together soon…………..Spring is here, prices are great, rates are great and together we can put in place the right marketing plans to get the word out to your clients.
See you at the office soon.
Yvonne Nelson
FIDELITY NATIONAL HOME WARRANTY & DISCLOSURE SOURCE
1800-308-1424 ext 3518
PS - in addition to Fidelity National Home Warranty don’t forget to ask for Disclosure Source Natural Hazard Reports - the most complete, compliant and legal reports in the NHD industry.
Filed under Blog, Elite News & Updates, Home Warranty, Marketing by Yvonne Nelson
January 28, 2008
Tax Relief for Troubled Borrowers
Filed under Lending, Marketing, Title & Escrow by Julie
January 23, 2008
Short Sale Resource
Hi,
Hope you all enjoyed the Short Sale Seminar tonight - great information to help in this challenging market !!! Thank you for braving the weather and coming out on such a stormy night.
Below is a sample Hardship Letter that Scott Thompson has provided - If you are need any help, please don’t hesitate to call me for anything.
Julie Williams 916-223-2347, williamsjul@ctt.com
P.S. Those Short Sale Transaction Folders are available to you - I have more on order!!
The Hardship Letter
The central document in the Short Sale package that will be submitted to the mortgage lender(s) that will be taking a loss is the Hardship Letter. The Hardship Letter provides the homeowner with an opportunity to state their case as to why they can no longer afford to make their mortgage payment.
The Hardship Letter should be an honest, heartfelt statement outlining the circumstances that have created the problem. It should include these components:
1. A brief apology for having to ask the lender to take a loss
2. A description of the steps the homeowner has taken (used credit cards, borrowed from family, borrowed from retirement accounts) to stay current on the mortgage
3. A clear statement that the homeowner has exhausted all available options to stay current on the mortgage and that a Short Sale is the only remaining option, other than foreclosure.
While it is important for the home owner to provide a complete picture of their hardship, it is also important to avoid a letter that is excessively long. In order to get a loss mitigator to understand the hardship, the loss mitigator needs to read the letter and connect with the writer. Limit the letter to a manageable length.
If possible, attach to the Hardship Letter any documents, receipts or notices that support the homeowners hardship.
Examples:
- Layoff notice
- Letter from employer outlining a reduction in pay or a reduction in hours
- Cancellation notices for medical insurance or auto insurance due to non payment
- Delinquency notices from creditors and/or service and utility providers
- Letters from doctors regarding injury or illness
- Disability benefits letter
- Divorce or separation papers
- Receipt for excessive payments for medications or emergency payments
- Any documents supporting a family crisis hardship
Agents/ Brokers
Do not send in a hardship Letter to a Lender before reviewing it. Look it over and suggest changes if necessary, so the letter brings the hardship alive. You get one chance to submit a strong Hardship Letter, take full advantage of it.
Keep in mind that if your Seller sends the Hardship Letter directly to the Lender you are not going to have the opportunity to review it. Always send the Hardship Letter to the Lender as part of your Short Sale package.
BORROWER HARDSHIP LETTER EXAMPLE #1
I am unable to keep current with my mortgage due to divorce. I am receiving no financial support from my husband and I have been a homemaker for the past 12 years. I am employed, but because of my lack of skills, I am unable to earn much more than minimum wage.
I have two children at home ages 7 and 9. With the cost of daycare and my other obligations there is just no way to make the mortgage payment. I have used up any available credit just to keep food on the table.
I cannot keep up my home and must sell it. The real estate market is such that I owe more than my home is worth. My only other option would be to file bankruptcy.
I am an honest, hardworking person and it is devastating for me to find myself in this awful position.
I would deeply appreciate any help you can offer.
Sincerely,
BORROWER HARDSHIP LETTER EXAMPLE #2
My wife has recently suffered a devastating illness. She is unable to continue working and it may be years before she is well enough to work. She has been the primary wage earner in our family for the past 10 years.
My income cannot come close to covering our monthly expenses. We find ourselves deeper in debt every month with no relief in the foreseeable future. I have sold our second car and anything else that we do not absolutely need. Our home is large and the minimum monthly expenses for the upkeep, electricity, gas, etc. are very high.
Our only hope at this time is to sell our home. Unfortunately, if we sell our home in the present slow real estate market, we will be upside down about $30,000.00. Our only other alternative is bankruptcy.
We would appreciate any help you are able to provide.
Sincerely,
BORROWER HARDSHIP LETTER EXAMPLE #3
As a result of upward adjustments to our monthly mortgage payment, my wife and I are unable to afford our mortgage. As I sit here today it’s not clear to me how I ever thought that we could afford the mortgage once payments started adjusting. I wish my loan officer would have explained to us where our monthly payments were going to be when they adjusted.
We have borrowed money from family and we have taken cash advances on credit cards, but we are falling further and further behind with no real hope of affording the payment. At this point, we can’t do it any longer.
Both my wife and I are very sorry that this has happened. We are losing our dream house, and we know you are losing too. We just don’t have any other options.
Please work with us on a Short Sale. We don’t want to go through foreclosure, but if we can’t do a Short Sale we will not be able to avoid it.
Thank you for your consideration.
Filed under Marketing, Title & Escrow, Training by Julie
January 10, 2008
How 2008 Can be Your Best Year Yet!
Filed under Elite News & Updates, Marketing by chris
January 7, 2008
Lunch & Learn with Rico Rivera Old Republic Home Protection.
Hello Elite Agents,
Rico Rivera here and I just wanted to let you know that I am putting on a Special "Lunch & Learn" training for Elite Agents next week on Tuesday January 15th, 2008 at 12:00pm at the New SuperCenter Office.
The training will last approximately 1 hour and here are just a few of the topics I will be covering:
- RED Flags pertaining to home warranty plans and what you should be aware of
- What makes Old Republic’s home warranty plans unique compared to all the other plans out there.
- How you can save time and $$$ using Old Republic Home Protection.
Please let me know if you are attending by responding to this post so I can prepare enough food/beverages and training materials to accommodate everyone.
I look forward to seeing you all next week.
Regards,
Rico Rivera
916.254.8448
ricor@orhp.com
Old Republic Home Protection.
Filed under Blog, Elite News & Updates, Home Warranty, Marketing by Elite Realty Services
December 14, 2007
Things are changing so fast…
Things are changing so fast online, and Web 2.0 is taking over! Thats right! WEB 2.0 is taking over.. Mashups (a web application that combines data from more than one source into a single integrated tool) are the newest buzz , and there will certainly be much cooler stuff to come in the not so distant future. Hopefully these technologies will continue to make it easier to learn about, buy, sell, or rent properties. What are the coolest real estate web 2.0 sites out there right now?
1) Zillow Zillow came out of nowhere and took the real estate world by storm. It allows anyone to find rough estimates of the valuation of their home by searching comparible properties. While values are not always accurate, the site continues to get it better.
2) RealEstate ABC
RealEstate ABC just released their Beta property valuation tool to compete directly with Zillow. It uses Google Maps in its technology mashup and allows you to do cool things like adjust values of properties given certain market conditions, web 2.0 style, something Zillow does not have. They seem to have beaten Zillow at their own game.
3) Trulia Trulia scrapes real estate sites to find listings and brings it all together in a clean, well designed site. Using Google maps and RSS feeds, the site seems to have taken the lead in the future of online property listings. I’m looking forward to see how they begin to compete with Craigslist for FSBO listings.
4) HotPads.com
Hotpads.com is an apartment, corporate housing, and roomate search site for the next era. With interactive mapping, great graphics and free listings, this is one site to watch! (Note: they don’t have a ton of listings, yet, but this cool site will catch on)
5) Propsmart
Propsmart.com, is another site that crawls the world wid web for property listings. It uses GoogleMaps for interactivity.
6) Google
Who better than Google to use Google’s technology for real estate? KING-KONG is jumping into the game, bringing fear to the hearts of real estate web entrepreneurs everywhere.
7) HousingMaps (Honorable Mention)
HousingMaps.com is one of the innovators of the real estate space of Web 2.0. Dreamworks software engineer, Paul Rademacher, created it with a blend of Craigslist and GoogleMaps to introduce one of the first recognized real estate 2.0 websites.
Coming Soon - BiggerPockets
BiggerPockets.com is undergoing our very own Web 2.0 transformation as we speak.
These sites are all leaders in the web 2.0 real estate.
Filed under Elite News & Updates, Marketing, Training by Elite Realty Services
