Real Estate CE 3 Hrs. Contract Law

Know how to successfully handle the most challenging contractual issues that are encountered in short sale and REO transactions. We will be discussing and sharing specific addenda and contract language that will help you protect your clients and remove the doubt, fear and uncertainty that distressed sales create. Find out what the agents and brokers who have closed REO and short sale transactions had to learn the hard way.

Sponsored By: Title Security Agency and Mylan’s Detail

Held At: Country Inn Suites, 7411 N. Oracle Road, Tucson, Arizona

9:00 AM to 12:00 Noon – Monday, January 25, 2010

Real Estate CE 3 Hrs. Fair Housing

No theory. No preaching. No 1960’s Fair Housing discussions. This class is straight talk about what you need to know about diversity in your neighborhood in order to be successful. Since all real estate is local wouldn’t you really like to know what diversity means in your ‘hood and how it is affecting the day to day practice of your profession. This is the real world Fair Housing class you have been waiting for.

Sponsored By:  Metro Title

Held At:  2502 E. River Rd., Tucson, Arizona

1:00 PM to 4:00 PM – Friday, January 22, 2010

Real Estate CE 3 Hrs. Legal Issues

Your entire transaction spends its life in escrow. Now you get to go behind the scenes and discover what is really happening behind those closed doors. You will get it and come away with information that you can use and that will make you more successful because of it.   

Sponsored By: Title Security Agency and Mylan’s Detail

Held At: Country Inn Suites, 7411 N. Oracle Rd, Tucson, Arizona

9:00 AM to 12:00 PM – Thursday, January 21, 2010

Course Creators is excited to have joined the Mark Leader group and the Leaders Choice educational program system. We will be in Naples, Florida for a summit to discuss key issues and planning surrounding the Leaders Choice teaching venues and course.

We would love to talk to your brokerage, group or association while we are in the area and look forward in the coming year to bringing this great program to you and your agents.

Get Us While We Are In the Neighborhood

As a buyer in Arizona you are free to choose any lender with whom you would like to work. You can choose a local company, a national bank or an internet lender. The choice of your financing entity is entirely up to you. However, it is not a choice you should make lightly. Any lender you choose to work with must work in conjunction with you, your real estate agent and your escrow/title company.

In Arizona our standard real estate purchase contract requires you as the borrower to tender an LSR (Loan Status Report) with your offer. Normally the LSR is completed by your lender and states the type of loan you are obtaining and verifies for the seller the status of your qualifying for the loan with which you plan on purchasing the property.  If you choose an internet lender you should make certain that they are willing to complete an Arizona Loan Status Report (LSR) that you can attach to your offer. While it is true that the lender does not have to sign the LSR and you can simply indicate as the borrower that you will obtain financing within 5 days of the offer’s acceptance, most listing agents will discount the seriousness of an offer not tendered with a fully completed LSR. That means that if you work with a lender who refuses to complete this form for you and your real estate professional that you may have difficulty in getting your offer accepted.

This is just one of the many reasons why you should choose your lender carefully and work with someone you know and trust. We would recommend that you get the input of your real estate professional regarding any lender that you are considering using in the transaction and get your agent’s input as to how that might affect you in the real estate transaction.

The standard AAR Residential Purchase Contract also obligates you as the buyer to provide periodic Loan Status Updates (LSU’s) to the seller and/or listing agent. If you work with a lender who is not willing to complete this form it is possible that you could be forced as the buyer into the cancellation of your contract and risk the possible loss of your earnest money deposit.

Choosing a lender is serious business. Work with lenders that you know, trust and can rely on in any purchase of real estate.

Course Creators is a national education company. We receive no referral fees and have nothing to gain from whichever lender you choose to work with. This information is provided only for the purpose of assisting you in researching your potential lender in a real estate transaction.

The process of choosing a lender is an important step in buying your home. Buying a home is the single biggest investment you are ever likely to make and your choice of professionals to assist you in that process requires some effort on your part. Not just choosing the lender who offers you the best interest rate over the phone. Here are some fundamental questions you may want to ask of any lender before you ask them to help you with the purchase of your home.

1. Can the lender be found in the National Mortgage Licensing System database and can the lender be found in the Arizona Department of Financial Institutions database?

Lenders are regulated and tracked nationally through a system known as NMLS. All loan officers are required as of January 1, 2010 to be registered within the system. In the State of Arizona, loan officers and their brokerages are also regulated by the Arizona Department of Financial Institutions. You can look up licensees in the AZDFI database.

2. Will the lender provide a list of past clients as references from whom you can get a testimonial?

You should ask the lender for references of past clients. Reputable lenders will have a reference list available. You should call these past clients and hear from them first hand what their experience was with the lender. Ask if their questions were answered. Ask if they were treated fairly. Ask them if the loan process was well explained.

3. Can the lender provide the names of past real estate agents with whom they worked?

Most lenders work closely with real estate professionals in funding real estate transactions. Find out what real estate agents think of the lender’s handling of the loan process. If you are having any difficulty locating the agent, you can find the contact information for Arizona real estate professionals on the Arizona Department of Real Estate’s website under the information for Consumers.

4, Is the lender a member of the National Association of Mortgage Brokers (NAMB) and the Arizona Association of Mortgage Brokers?

Both of these organizations are trade associations to which mortgage brokers and loan officers belong. You can a list of NAMB members on the NAMB website. The website for the Arizona Association of Mortgage Brokers also maintains a list of members in good standing.

5. Is the lender a member of the Southern Arizona Mortgage Lenders Association (SAMLA)?

Another trade organization is SAMLA. You can find a llist of their members on their website.

6. Can you find the lender on Linkedin and have you read their recommendations?

Linkedin is site for business professionals to network. You can establish a linkedin account for free. Under the profile section on the site, it is easy for Linkedin users to collect recommendations from people they have worked with. Go to Linkedin, search their name and read what others have to say about working with a particular lender or loan officer.

7. Have you searched the loan officer and their company on Google?

It’s amazing the things you will discover by googling the names of individuals. Just go to Google and search the name.

8. Have you looked for the lender on facebook?

Many lenders and real estate professionals are currently maintaining facebook accounts. You can see the dialogue that they are having with their clients and customers and even ask them preliminary questions about representing you in a real estate transaction.

Course Creators is an national education company. We receive no referral fees and have nothing to gain from whichever lender you choose to work with. This information is provided only for the purpose of assisting you in researching your potential lender in a real estate transaction.

The Department of Housing & Urban Development (HUD) has recently revised two of the primary disclosure documents used under the Real Estate Settlement & Procedures Act. As of January 1, 2010 lenders are required to use the new Good Faith Estimate form. The form differs from the old version in that it requires the lender to:

• Make basic informational disclosures about the loan product and its terms
• Provide additional information about the items for which the borrower is charged
• Not increase charges between disclosure and settlement within certain tolerances set by law

Click Here to Download the NEW Good Faith Estimate

HUD has also released a new version of the HUD-1 Settlement Statement. The new HUD-1 is similar to the original version on pages 1 & 2, however there is a new page 3 which integrates the Good Faith Estimate and the Settlement Statement so that borrowers can easily see what their original estimates were and what they are now being charged. The charges are not allowed to differ by more than the permitted tolerances.

Click Here to Download the NEW HUD-1 Settlement Statement

Newly revised for 2010, HUD’s latest publication related to buying a home is titled, “Shopping for Your Home Loan: HUD’s Settlement Cost Booklet.” It is a must-read for anyone who will be buying a home in 2010 (or beyond).

In spite of the title, the booklet doesn’t just contain information on how to shop for a home loan using new forms and an explanation of the settlement costs involved in a real estate transaction. The guide also contains valuable information on a variety of other topics related to purchasing a home. (It’s a whopping 4 Megabyte download!)

Click Here to Download the new booklet “Shopping For Your Home Loan”

Real Estate CE 3 Hrs. Contract Law

When it comes to your client purchasing a new home, you want to be certain that a lender will show them the money that will facilitate that purchase!  Let’s go behind the scenes and get a better  understanding of the lending industry as we may not know it in today’s market!  

Sponsored By:  Title Security Agency and Mylan’s Detail

Held At:  6390 E. Tanque Verde, Tucson, Arizona

1:00 PM to 4:00 PM – Friday, January 15, 2010

Course Creators is honored to be involved in an educational collaboration agreement with Simon Property Group. David Simon recently picked up a lofty honor from a lofty publication. According to the Indianapolis Star on January 10, 2010:

The Harvard Business Review dubbed David Simon one of the world’s best performing CEO’s. The chairman and chief executive officer of Indianapolis based Simon Property Group ranked as the globe’s 46th best CEO. He produced a country-adjusted shareholder return of 325% and an $18 billion increase in market capitalization from 1995 (when he became CEO) through September 30, 2009.

Simon is the nation’s largest developer and manager of shopping malls. Simon planned acquisition of Baltimore based Prime Acquisition Co. with 22 outlet shopping centers, is a signal the company is determined to grow during tough times. That deal, valued at$2.33 billion, is expected to close by the end of the first quarter.

Course Creators is spending this week in conjunction with Simon to develop and roll out a nationwide Mall Managers Training Program that will consist of multiple modules written and created by Len Elder & Theresa Barnabei of Tucson based, Course Creators, a nationwide adult education course developer. Although Barnabei & Elder have gained nationwide recognition for their work on social media courses, their strong business and legal backgrounds will make the joint educational effort with Simon Property Group rewarding for all parties involved in the collaboration.

Do you ever wonder why your buyer client’s think they are going to get the keys at closing? Do client’s sometimes seem surprised that you are writing the contract rather than a lawyer? Is your seller upset because they will not be able to close using a power of attorney that they have used in many other situations?

Each of these problems stems from the fact escrow and title issues vry greatly from state to state. As real estate professionals we tend to forget that we live in a relocation area and that the closing and escrow process that they have been using in one geographic location is totally different from another. What if there was a way for you to find out exactly what process your client was previously familiar with so that you knew exactly what clarification and explanation you needed to give. Such an information does exist. It is located on a site called EscrowHelp.com and you should be using it to find out what escrow and closing processes were used in the state your client is coming from.

Just click on the Route 66 Icon to the right and the road will take you to an alphabetical listing of states. Look up  your client’s former state of residence and will know what process was used in that geographic location. Then in your client meetings you will exactly what education you need to provide without even having to answer the question. Your clients will be amazed that you know so much about their home state. Isn’t that what being a professional was suppose to be about anyway?