Mama Liz's Blog: September 2009

 If you missed What Do I Do Now --- #1 of Series for New Active Members, I would suggest you read it and accomplish those items prior to reading this post.

There are several issues I would like to cover today:

1) When you see words or phrases in this post that are underlined and blue in color, this means that you may just click on it and go to the actual place.

2) Something I didn't learn for several months after I started my blog ---the difference between a blog and a post --- I can't tell you how many times I used the wrong word.  So, here goes -- A "Blog" is made up of several "posts"  --- a blog is sort of like a diary ---when we write articles and post them to the blog, they are called posts --- for example the name of my "blog" on Active Rain is "Mama Liz's Blog"and on the blog, I write articles and when I publish them, they are "posts" -- you will see if you look, that as of now, there are 417 posts on my blog.

3) You need to join some groups -- go to your home page and at the top of the page, you will see "Groups" -- click on this and it will bring up the list of the groups (there are almost 6000 groups) -- may be difficult at first, but remember you definitely want to be in the Active Rain Newbies group.

4) Next step that I would suggest --- you have set up your profile and you have been reading other posts -- now, let's write a post for your Active Rain blog.
  
5) Do Not worry about it --- just write anything --- write about real estate in your area, write about your feelings on a particular subject, write about your family, if you just cannot think of something to write about --- well, write about that.  This post written by my friend, Midori Miller back in July, What Should I Blog About on Active Rain? is well worth your time to read.

6) Be sure that when you write your posts, that you make short paragraphs or even bullets --- makes it so much easier to read.

7) Make your post between 200 and 500 words ----

8) I wrote a post back in April 2009 "How Do I Get Started with Active Rain - Your Primer"  --- you should take a look at it --- it has all of the basics about the different aspects of actually publishing a post on your blog -- like, what are groups, categories, etc.

Enough for you to digest for one time --- stay tuned for the "What Do I Do Now -- #3 Series for New Active Rain Members."

Just yesterday, one of my agent-owners called me because she was a little confused as to whether the listing she was showing to her buyer was A Short Sale or Not.

Let me give you a little background here.  My agent-owner has a listing that went under contract yesterday to close within 45 days. This seller is single and has 3 children.  My agent-owner had been showing this seller homes to purchase after the closing on her current home.

The owner of our listing (our client) now becomes a buyer client.  This buyer client settled on a home she really likes -- the home is listed for $248,900 - there is a mortgage for $310,000. The MLS said that this was a "possible short sale".

When our agent-owner called the listing agent about whether it was a short sale or not, the listing agent said "No, it is not a short sale - just write a normal contract"  Also, the listing agent said the closing date would have to be 90 days away and that the seller would rent to the potential buyer until it closed in 90 days at a rate that was acceptable to the buyer client.

My agent-owner called me for advice -- you see, she had never done a short sale (and she is smart enough to know when you needs help) -- as she told me about the scenario, I said that it certainly sounded like a short sale --listing agent said not to put the contingency on bank approval because the seller was just going to bring a check to closing for the shortage.

Still didn't sound right to me, so I had my agent-owner call listing agent again and ask if it weren't a short sale,

why the long wait for closing.  The answer from the listing agent was "the seller does not have the money for the shortage, so he needs time to negotiate with the bank on the difference. He is going to need 90 days to get the bank to work with him.

Now, I ask you --- how is this not a short sale  -- a short sale or not?

My agent-owner, her buyer client and I did a conference call so that I could explain what happens with a short sale and unless she was willing to move twice, she should stay away from a short sale. I explained that the contract would certainly have to be contingent upon the bank's approval -- she wants to move once and close on a new house immediately after closing her current home.  She is willing to rent the new home until closing if she can be guaranteed that this will happen.

Recently, I have written 2 posts regarding mortgage fraud -- pointing the finger at loan officers:

To get a loan closed - no matter what

Can You Do What A Loan Officer tells you?

So, today, I'm pointing fingers at real estate sales associates -- A short sale or not?  If you disagree with me, I would love to hear your reasoning.

Are you willing to die?

I do not have anyone who is really close to me serving in the US Armed Services at this time.  I do have friends or family of friends who are overseas --- I don't know about you, but I truly appreciate what these men and women are doing for not only my country, but for my family and me.

Do you have any freedoms that you may not have had, except for our troops protecting that freedom?

I ask you,

* are you able to say what you want to say when you want to say it?

* are you able to dress like you want to?

* are you able to write what you want when you want to?

* are you able to worship as you please?


There must be millions of freedoms that we have because of our American Troops.

What are some of your particular freedoms?

Don't know about you, but when I hear our National Anthem, I get very emotional -- we live in a great country, my friends and it is because of our American Troops.

If you are not serving in the US Armed Services, have you asked yourself this question?  Am I willing to die so that strangers -- people whom I do not know -- can have life and freedom?

What am I thankful for on this beautiful Thursday?

First of all, that I am alive.

Secondly, that I am able to sit here and my fingers will move to do this typing.

Thirdly, that my brain actually will work so that thoughts formulate and run from the brain to the fingers to the page.

Fourthly, that I have a loving family that extends from my husband, children and grandchildren to my agent-owners at AgentOwned Realty and their families to all my Active Rain family

What else is there when you have your family, your extended family and your health?

To get a loan closed - no matter what?

It seems to me that I am seeing more and more of loan officers doing strange things to get a loan closed --- fraudulent things.

What is the mortgage loan officer's duties?  Is it to get a loan closed, no matter what?  I don't think so.

Who is teaching these loan officers?  They have to be learning these fraudulent tricks from someone --- I don't like it.

I posted a yesterday  Can You Do What A Loan Officer tells you?   This was a story about a loan officer asking the potential buyer to create a false lease in order to get underwriter approval.

A couple of weeks ago, an agent-owner in my office came to me with this issue:

* she has a listing

* she has a potential buyer

* she went to the lender and sat down with the loan officer

* she wanted to be sure that the buyer really qualified to purchase her listing, prior to writing the contract

* she was told by the loan officer -- "the buyer definitely qualifies"

* the buyer wanted seller to pay for $5000 in repairs and/or decorating allowance

* the seller agreed

* the mortgage loan officer said "That is fine with me, but be sure that you don't put that on the contract or the HUD"

* the agent-owner asked the seller to pay $5000 in closing costs -- the loan officer said that could be on contract

* the seller is an older man who qualifies by some folks' standards as a JA

* seller absolutely refused to pay any closing costs for the buyer, but is willing to give the buyer $5000 for repairs and/or decorating allowance.

The agent-owner came to me and said "Can't I just tell the seller to give the buyer a check outside of closing?"

Now, what is your solution?   I have already told the agent-owner what I think --- what do you think?

 The answer to the question, can you do what a loan officer tells you, is  "yes and no".

Quite simply, if a loan officer tells you "it is OK with me, but just don't put it on the contract or the HUD" --- it is NOT OK to do what that loan officer tells you. If you do, you are most likely committing fraud against the lender.  If it is not going to be fraud, why can't you put it on the contract as well as the HUD?

If you work in my office, you are told to never do anything to close a deal that is not on the contract and on the HUD.  The lender must know everything that is going on with this particular deal.

So, yes you can do what a loan officer tells you as long as it is on the contract and the HUD.

Just this week, one of my agent-owners had a loan officer tell her client --- "everything will be fine with the underwriter if you just produce a lease on the home you have not been able to sell -- just get a friend to sign a lease -- all we need is the lease paperwork" 

Now, what do you say?  The buyer has notified the agent-owner of what the loan officer told her. Of course, the agent-owner will not be actually involved in obtaining the fake lease.  Is the real estate agent-owner safe with her knowledge that her buyer really does not have a tenant for her property or will she be committing fraud against that lender if she doesn't stop this? 

To Show our support to Our American Troops, AR has a new group called  "Support Our Troops Friday"


Below are the member so far of our new  & very important group:

	Liz Loadholt Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC	Mount Pleasant, SC	Real Estate Brokerage
	Todd Clark (Broker/Sales Coach), GRI (Beaverton, Oregon Real Estate Expert)	Beaverton, OR	Real Estate Agent
	Anna "Banana" Kruchten, Broker & Business Development Coach, Phoenix AZ	Phoenix, AZ	Real Estate Brokerage
	JL Boney, III Columbia, SC Real Estate	Columbia, SC	Real Estate Agent
	Jim & Maria Hart ~ Charleston, SC Real Estate	Charleston, SC	Real Estate Agent
	Lee & Carol Barbour, Realtors® Licensed in NC, GA and TN	Murphy, NC	Real Estate Agent
	Kim Peasley-Parker	Sumter, SC	Real Estate Agent
	Emily Shapiro	Charleston, SC	Real Estate Agent
	Carol Smith	Graham, NC	Real Estate Agent
	Suesan Jenifer Therriault	Blakeslee, PA	Inspector
	Wanda Thomas, Billings Montana Real Estate	Billings, MT	Real Estate Agent

Thanks so much to these team members ---   Please  everyone who reads this ----

Please join --- just click on the logo below