Jan O'Brien - Real Estate Coach

BofA Announces Process for Valuation Disputes

Bank of America continues to work on refining their systems for short sales.  In their recent short sale update to agents, BofA explained what to do if you get a valuation (BPO or Appraisal) that you question and want to have reconsidered by the bank/investor. 

Process Refined for Valuation Disputes

Bank of America has refined the process for settling valuation disputes during a short sale.

The value of a property is established by independent third-party vendors shortly after a short sale is initiated. Occasionally, however, a listing agent may wish to contest that value. When that occurs, there is now a revised process for reconsidering the value.

Process Steps

1.     Tell your short sale specialist that you would like a reconsideration of the value.

2.     Receive an investor-specific, easy-to-complete form from your short sale specialist that specifies all requirements for a successful value dispute.

3.     Fill out the form and attach specified evidence.

4.     Stay in touch with your short sale specialist for results.

5.     Expect a value dispute review within 10-12 business days once all required information has been received.

 

If you haven't already done so, sign up to receive updates on short sales with Bank of America at this comprehensive short sale resource page for agents 

Watch recent webinars on...

• Updates to the Short Sale Process
• Task-by-Task Training on Updated Process

Nationwide Open House Weekend is April 28-29 ... Five Online Sites to Advertise Open Houses for Free!

REALTORS! Are you leveraging the power of an effective open house? This weekend, April 28-29, 2012 is the Realtor Nationwide Open House Weekend...

Potential home buyers rely on open houses to help them find the home of their dreams. This weekend buyers can have a greater chance of doing just that during Realtor® Nationwide Open House Weekend, which is organized by state and local Realtor® associations across the country. This Saturday and Sunday, April 28-29, Realtors® from coast to coast will host thousands of open houses while engaging consumers on the benefits of homeownership and bringing buyers and sellers together. More from http://www.realtor.org/topics/nationwide-open-house

According to the NAR 2011 Profile of Homebuyers, 11% of homebuyers surveyed found the home they purchased due to the yard/open house sign.

 

Making Money with Effective Open Houses - Check out this blog post for details and strategies on holding effective open houses.

Leverage the power of the major online listing portals/websites... Did you know you can post your Open House on several major websites for Free? You simply need to setup your free agent profile and ensure your active listings are populated in your profile. Then simply go to the "My Listings" area of your profile to find the area to post your open house.

• Realtor.com
• Zillow.com
• Trulia.com
• FrontDoor.com which also powers OpenHouse.com

 

Bank of America to Refine Short Sale Process; Introduces 2 Required Documents

Bank of America has announced changes to the Short Sale Process to begin April 14 to improve the task flow in Equator and processing times.

The new Bank of America short sale process will enable short sale specialists to complete tasks such as document collection, valuations and underwriting at the same time, reducing the time from initiation to closing.

Before April 13, you must complete the Submit Short Sale Offer, Upload Offer Documents and Upload Supporting Documents tasks in Equator for all short sales submitted with an offer. Your file may be declined if these tasks are not completed prior to April 13.

Starting April 14, five documents will be required for short sales initiated with an offer:

• Purchase Contract including Buyer’s Acknowledgment and Disclosure
• HUD-1
• IRS Form 4506-T
• Bank of America Short Sale Addendum
• Bank of America Third-Party Authorization Form (This form will be required for short sales initiated beginning April 14)

All messaging will remain in Equator. Agents will receive a standard notice to log in and retrieve their messages.

New Timeframes: Five (5) days to submit a backup offer when a buyer has walked.

WEBINAR on New Changes to Bank of America Short Sales Click here to register for this webinar.

• Date: Monday, April 2
• Time: 4-5 p.m. Eastern

  Topics include:

  • How improvements to the short sale process will help you and your clients
  • What you should do before the process begins to keep your active short sales moving
  • The benefits of initiating a short sale before you receive an offer
  • Ongoing agent short sale resources and support

Risk Management for Real Estate Agents: 12 Best Practices to Integrate into Your Business Now

Developing best practices and incorporating the recommendations outlined below into your daily real estate business will significantly reduce your liability and help manage the risk of potential litigation, DRE or REALTOR Association complaints.

 

1. Develop and use standard procedures with everyone. Think fair housing and treat all prospects, customers and clients honestly, fairly and equally.
   
   
2. Keep a communication log during your transaction.  Record your notes, conversations, milestones.  If red flags are raised during the transaction or you encounter challenges, it is particularly important to be record the facts and events.
   
   
3. Use email to confirm conversations, verbal agreements, proof of delivering copies of contracts and addenda.
   
   
4. Keep a record of your transaction...including all paperwork, emails and correspondence. Create a file on your computer and your email to organize your correspondence and documents.  Scan your emails and store them online, on a backup device and/or in a paper file.
   
   
5. Rule of 3 – always recommend three vendors, contractors, attorneys, lenders, etc.  Consider creating a disclosure with whom you recommend and having your clients sign and acknowledge the choices you presented.
   
   
6. Always recommend and encourage your clients obtain a home inspection and a home warranty.  Get a written waiver if they choose not to.
   
   
7. Disclose...Don’t Diagnose.  Be the source of the source. 
   
   
8. Educate & set the proper expectations with your clients and customers… for example:
   • Explain the short sale process; pros and cons of purchasing a short sale
   • Review Earnest Money and what happens with a cancelled sale
   • Conduct a seller and buyer interview/qualification with all clients
9. When working with buyers, make sure buyer is ready, willing and able to purchase.  If getting a loan, have they started the approval process with a lender?  If cash buyer, do they have proof of funds?
   
   
10. When working with sellers, ensure they are ready, willing and able to sell.  With short sale sellers, don’t list the property until you have a complete short sale packet.  Review and explain personal vs. real property. 
     
    
11. Use a checklist to stay on top of all the tasks in a real estate transaction.  Include any due diligence and contingency deadlines
    
    
12. Communicate. Communicate. Communicate.  Often and with all parties to the transaction!

 

 

Achieving Productivity: How to Set Boundaries and Focus on Doing One Thing at a Time

In his article, "The Magic of Doing One Thing at A Time", author Tony Schwartz is spot on summing up the reality of today's world of instant communication and gratification where we never seem to stop, unplug or slow down.  

We all seem to be handling so much more these days.  Maybe it's just me... but time seems to be speeding up and there is always more things on the to do list then what I actually checked off as completed.

 

I found these three recommendations to be incredibly insightful and ones that I am integrating into my daily routine... especially number 3 :)   Time to plan that next vacation and really unplug.

1. Do the most important thing first in the morning, preferably without interruption, for 60 to 90 minutes, with a clear start and stop time. If possible, work in a private space during this period, or with sound-reducing earphones. Finally, resist every impulse to distraction, knowing that you have a designated stopping point. The more absorbed you can get, the more productive you'll be. When you're done, take at least a few minutes to renew.

2. Establish regular, scheduled times to think more long term, creatively, or strategically. If you don't, you'll constantly succumb to the tyranny of the urgent. Also, find a different environment in which to do this activity — preferably one that's relaxed and conducive to open-ended thinking.

3. Take real and regular vacations. Real means that when you're off, you're truly disconnecting from work. Regular means several times a year if possible, even if some are only two or three days added to a weekend. The research strongly suggests that you'll be far healthier if you take all of your vacation time, and more productive overall.

3.8% Tax to go into Effect in 2013 Applies to Investment Income for Upper Income Taxpayers

Incorrect information and rumors abound online regarding the so-called "3.8% Medicare Tax."

The 3.8% Tax is NOT a Transfer Tax on Real Estate Sales

Here is NARs explanation of the tax that will go into effect in 2013:

The health care legislation enacted in 2013 included a new tax that was designed to affect upper income taxpayers. The 3.8% tax is imposed ONLY on those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a joint return). The tax applies to investment income, defined as capital gains, dividends, interest payments, and, for those who own rental property, net rental income. These items are all included in an individual's AGI. A formula will determine what portion, if any, of these types of investment income would be subject to the tax.

The tax is NOT a transfer tax on real estate sales and similar transactions. Not long after the tax was enacted, erroneous and misleading documents went viral on the Internet and created a great deal of misunderstanding and made the tax into something far more draconian than the actual provisions.

The new tax does NOT eliminate the benefits of the $250,000/$500,000 exclusion on the sale of a principal residence. Thus, ONLY that portion of a gain above those thresholds is included in AGI and could be subject to the tax.

REALTORS® should familiarize themselves with the tax, but should not advise their clients about the application of the tax. The amount of tax will vary from individual to individual because the elements that comprise AGI differ from taxpayer to taxpayer.

The 3.8% Tax Real Estate Scenarios & Examples Download brochure from NAR

 Source: National Association of REALTORS®

Realty ONE Group Grand Opening of new Green Valley Branch is February 14, 2012

 Please Join Us in Celebrating our GRAND OPENING of the new Green Valley Branch location!

FALL IN LOVE WITH REALTY ONE GROUP

WHEN:      Tuesday, February 14, 2012

WHERE:   Green Valley Office
                        2831 St. Rose Pkwy. #100
                        Henderson, NV 89052

TIME:       12pm - 6pm (Lunch at 12pm followed by Ribbon Cutting at 1pm)

View Larger Map

Join us for a meet & greet from 2pm - 4pm and cocktail party from 4pm - 6pm. 

Come celebrate as we all toast to Realty ONE Group's newest luxurious 12,000 sq. ft. office.

This Valentine's Day mark your calendar to attend this Grand Opening Celebration!   

Realty ONE Group Presents Monthly TECH TALKS via Live Webinar

Realty ONE Group is proud to announce ROG Tech Talks.  Every month, we will be  presenting information, power tips and strategies on the most effective technology, tools, social networking sites and apps to support your business, build your brand, engage consumers, and convert leads.

Webinars will be recorded and available for viewing to all Realty ONE Group agents at MYROG.com.

These Webinars are open to anyone interested in learning how to effectively integrate technology and social media into their business.   I will be co-presenting and facilitating these Tech Talks along with ROG Marketing Director and Social Media wiz, Phil Sexton.

Friday, February 17, 2012, 1:00 pm PST / 2:00 pm MST

You Are Being Googled! 
How to Dominate the first page of Google with your Name/Personal Brand

Register Now:   https://realtyonegroup.ilinc.com/register/krpjkrs

Have you Googled yourself lately?  Do you think your next prospective buyer or seller is Googling you?  You have seven seconds to make a first impression, and your time starts the moment your name is typed into a search bar.  

• Learn 10 specific strategies to implement immediately to rank on Google and other key search engines
• Why you should be on Facebook, LinkedIn, Twitter, YouTube and Google+
• Leverage the power of your profile and real estate specific sites
• Discover how to manage and monitor your Online Reputation
• Receive our Social Media and Online Reputation Management Checklist with all the action items and links to the sites

Mark Your Calendars for upcoming ROG Tech Talks....
Friday, March 16, 2012, 1:00 pm PST / 2:00 pm MST
Power Tips for LinkedIn - How to Build Your LinkedIn Profile and Leverage it For Business

Friday, April 20, 2012, 1:00 pm PST / 2:00 pm MST
Understanding “The Cloud” and How to Use it for Real Estate

Las Vegas Short Sale Training - Certified Foreclosure Alternatives Consultant℠

CFAC℠ Designation Course

Las Vegas Short Sale Training
Certified Foreclosure Alternatives Consultant℠

 CE.5094000-RE 7Hrs. General

Trainers: Jan O'Brien, Steven Kitnick, & Attorney Robert Noggle

Next CFAC Class:
Thursday, February 23, 2012, 9:00 am to 4:30 pm
Lunch Included 

Imortgage 9139 W. Russell Rd., #100, Las Vegas, NV 89148      
215 & W. Russell Rd.  Jerry Tarkanian Way to W. Oquendo Rd. into the Desert Canyon Business Park ~ behind the Bank of George in the Johnson, Jacobson, Wilcox Bldg.  Enter Bldg. on West Side.  

$119 (Reg. $229 ~ Save $110)

Register ONLINE Now or call (702) 255-8722

Download CFAC_Class_feb 23_2012

 Get answers to these questions and more.....

• Is a short sale the answer to your client’s situation?      
• What liability will you incur if you recommend a short sale without exploring alternatives?         
• What are the alternatives to foreclosure?      
• Why should you partner with attorneys, CPA’s and other trusted advisors?       
• How do you reduce the potential risk and legal liability when processing and negotiating a short sale?        
• What are the options for negotiating a short sale?  Who can legally do it? 

Once you complete the Certified Foreclosure Alternatives Consultant Designation Course, you’ll be a trained consultant who understands the alternatives to foreclosure with an emphasis on the short sale process.

Course content includes:

• Using the Educational / Consultative Approach
• Advanced Communication & Negotiation Techniques
• Current Market Trends
• HARP, HAMP, HAFA
• Nevda Foreclosure Mediation Program
• Options for Remaining in the Home
• Options to Sell or Give Up the Property
• A Complete Short Sale Listing System
• Effectively Working With Short Sale Buyers
• Loss Mitigation and Servicer Processing Tips
• How to Reduce Your Risk & Liability in Today’s Market
• Legal & Tax Ramifications for the Short Sale Seller

Why Resolutions Don't Work...How to Celebrate Your Successes...Then Set Outcomes not Resolutions

Celebrate Successes then Set Outcomes not Resolutions! on Prezi

"There is one quality that one must possess to win, and that is definiteness of purpose, the knowledge of what one wants and a burning desire to achieve it."  - Napoleon Hill

Celebrate Your Successes!

As the year comes to a close, I want to pass on one of the most impactful exercises my former business coach, Mark McHale, had me do several years ago.  The purpose of the exercise was to conduct a review of the previous year by writing down every success, win, and positive thing that I experienced - both big and small.  So, I challenge all readers to Celebrate Your Successes! 

In my experience as a coach and manager, I have observed that most driven and success-minded individuals have a tendency to focus on what they haven't achieved yet.  They are always moving on to the next goal or challenge without stopping, however briefly, to acknowledge the victory or success of the moment. 

So, as you fine-tune your goals and business plan for a successful next year, take some time to look back on the current/previous year with a focus on the positives. 

Grab your journal or some paper or...Use this Celebrate Your Successes PDF:
Download CelebrateYourSuccesses

Just write it all down - stream of consciousness - no matter how seemingly insignificant.  Just write it down.  Once you start writing, you'll be surprised at how much you really have to celebrate!

• List all your accomplishments, wins, victories, successes in the past year.
• List all moment of joy and gratitude.
• What did you do last year that you were really proud of?
• What do other people in your life have to say about what you did, accomplished, contributed?
• What did you do last year that moved you toward your goals?
• What lessons did you gain from any setbacks, challenges or obstacles?
• How are your going to integrate any learnings in to your future goals and the coming year?

 

Why Resolutions Don’t Work

I am not a fan of New Year's Resolutions.  Statistics show that most people never keep the resolutions they set for the New Year. 

• 45% of Americans usually set New Year’s Resolutions; 17% infrequently set resolutions; 38% absolutely never set resolutions.

• Only 8% of people are always successful in achieving their resolutions. 19% achieve their resolutions every other year.  49% have infrequent success.  24% (one in four people) NEVER succeed and have failed on every resolution every year. That means that 3 out of 4 people almost never succeed.   Reference

The main reason most resolutions don’t work is that they focus on only one area of your life - the DO level. Many of us are living life with the focus on DO-HAVE-BE.  “I will DO this thing.” (Lose weight) “So I can HAVE this other thing” (Self-Esteem) and I can BE this thing. (Confident.)

Most of us are action-oriented, and evaluate ourselves by how much we are doing, producing, and achieving. We have to-do lists, goals, resolutions and lots of "shoulds." We like to place priority on problem solving and accomplishing tasks (do), so that we can gain some sort of outcome (have), and then be something or someone in the world.

The average New Year’s Resolution doesn’t tackle the core of the issue – the “BE” level.

The best method for creating positive changes in your life is to understand and use the BE - DO - HAVE model.  When you begin changing on the BE level of your life, then the DO level and the HAVE level follow more easily.

Rather than focusing first on the action and the "Do," start with who am I and what’s important to me, or the BE.  While it is important to create structure, accountability, and action steps, how often do we take a step back and ask ourselves why we are doing what we are doing?  

You've got to be crystal clear about WHY you want something.  When you are setting your goals make sure to ask yourself the critical question:  Why it is important to you?  Is the goal for you?  Is it your burning desire to achieve it?  Or is it someone else's wish for you? 

How clear we are about our “why” has a huge impact on our levels of commitment, engagement, and satisfaction with the experience.  

A Definite purpose backed by a burning desire (CLARITY) + Taking the appropriate (ACTION) = Your desired (OUTCOME)

  

Now Set GOALS or OUTCOMES not Resolutions!

The critical steps to achieving your goals:

1. Identify clear, concise, SMART goals and know your WHY for each of them.
2. Write them down for all areas of your life (Personal, Financial, Business/Career, Relationships/Family, Spiritual)
3. Create Action Plans - break the goal down into steps and next actions.  Take action every day!
4. Measure and track your progress - you can't improve what you don't measure.
5. Celebrate your successes along the way - make any necessary course corrections.

Related posts on Goal Setting:

• How to Write Powerful Goals, Part 1
• How to Write Powerful Goals, Part 2
• 5 Principles of Success
• Download Keys-to-an-Achievable-Outcome.pdf  (Goals Template)

• How to Make A Vision Board

 

What is the intensity of your desire?  Do you possess the persistence necessary to succeed?

How to develop persistence:

1. Have a definite purpose backed by a burning desire to achieve it.
2. Create a definite plan, expressed in continuous action.
3. Cultivate a mind closed tightly to al negative and discouraging influences, including any negative suggestions of relatives, friends and acquaintances.
4. Develop a friendly alliance with one or more persons who will encourage you to follow through with your plan (a mastermind)

To Improve the Quality of Your Life... All You Need is the....

• Desire to change
• Decision to take action
• Discipline to practice new behaviors
• Determination to persist until you get results

"Clarity accounts for probably 80% of success and happiness. Lack of clarity is probably more responsible for frustration and underachievement than any other single factor.  Your success in life will be largely determined by how clear you are about what it is you really, really want."  - Brian Tracy

 

YouTube Motivational – Inspirational Videos

Ultimate Motivation – No Excuses
http://www.youtube.com/watch?v=MzpWT66Km8E

Maybe, the most inspirational video ever
http://www.youtube.com/watch?v=B7r7YY_EO0A

Life = Risk
http://www.youtube.com/watch?v=hzBCI13rJmA

Don’t Quit Poem
http://www.youtube.com/watch?v=VkCFeNeqyHk

Esther Hicks
http://www.youtube.com/watch?v=D4zWBHFCmXM