VanEd Newslog

Designation Spotlight: EcoBroker

Van Education Center has affiliated with EcoBroker to deliver the Nationally recognized EcoBroker Designation program to all VanEd students. EcoBrokers stay current with the growing green real estate market and are better able to help their customers get the most when buying or selling a home. The EcoBroker designation provides the latest and most comprehensive energy and environmental real estate training.

The EcoBroker online courses may be approved for continuing education credit and all designees receive a full profile page on EcoBroker.com. Students have up to a year to complete all three online courses. Designees also have access to proprietary marketing templates and advertising opportunities.

You can view detailed program information, information about courses and benefits or register for the EcoBroker online courses by clicking here!

VanEd Presents RESPA: Keeping Current

Real Estate Settlement Procedures Act (RESPA) reforms go into effect January 1, 2010 and it is critical that you familiarize yourself with the new forms and regulations. Forms designed primarily to help consumers become more informed about settlement services will go into effect on that date, and lenders and title agencies must use the new Good Faith Estimate (GFE) and HUD-1 Settlement Statement. It is important to note that lenders can begin using the new Good Faith Estimate (GFE) at any time.

In order to ensure your transactions go smoothly, you should find out all you can now about the new HUD-1 and the new GFE forms. VanEd's "RESPA: Keeping Current" course covers the new Good Faith Estimate and HUD-1 that are mandatory beginning January 1, 2010. This course is available now by clicking here.  

You can also read the RESPA FAQ from HUD here -- http://www.hudlite.com/HUD_respa_FAQ_2010.pdf

(Follow VanEd on Twitter and receive special discounts and promotions on all of our new courses - perhaps even on the new "RESPA: Keeping Current" course!)

HAFA encourages real estate professionals to review new program and exhibits

As reported last week in our Finance Friday post on the new Home Affordable Foreclosure Alternatives Program (HAFA), on November 30, 2009, the U.S. Department of the Treasury announced the Program (HAFA), which provides financial incentives to servicers, borrowers, and investors for a closed short sale or a deed-in-lieu (DIL).  HAFA encourages foreclosure alternatives to costly and expensive foreclosures.

 

On behalf of HAFA, the Treasury and Fannie Mae issued the following information on Monday December 7th, 2009. Fannie Mae also stated that the will provide guidelines for servicers for Fannie Mae loans in the days to come.

Real estate professionals working with short sales should review the Short Sale section of the Supplemental Directive (pages 5-9) and review the forms and letters in Exhibits A and B.

Supplemental Directive 09-09 is effective April 5, 2010, but participating servicers may elect to implement HAFA prior to April 5, 2010, in accordance with the Supplemental Directive. 

The HAFA program simplifies and encourages short sale and DIL options by:

• Offering eligible borrowers viable alternatives to avoid foreclosure;
• Providing a standardized process and time frames for handling viable alternatives;
• Allowing pre-approved short sale terms before a property is listed;
• Preventing servicers from attempting to reduce real estate commissions established in the listing agreement as a condition for short sale approval;
• Releasing borrowers from future liability for the debt; and
• Providing financial incentives to borrowers, servicers and investors.

Borrowers should be (or request to be) considered for a Home Affordable Modification Program (HAMP) modification and other retention programs before being considered for HAFA. 

For more information about HAFA, read the Supplemental Directive using the link above or find this and other Making Home Affordable information at HMPadmin.com.

Q&A with Jennifer Allan - How to Compete with a Minimum Service Real Estate Company, Part II

We asked author Jennifer Allan to answer questions based on her teaching and experience in the real estate industry. Jennifer is also a regular contributor to Realty Times and other industry media outlets. 

“Dear Jennifer,

“I seem to be competing with flat-fee or minimum service agencies more and more these days. I understand the appeal of such arrangements to an equity-poor seller, but I’m having trouble explaining why a seller might want to consider a contingency-based agreement, even though on paper, it appears to cost significantly more.

When the seller says something along the lines of: ‘I'm sure you're worth your fee, but I simply can't afford you,’ how can I respond?”

JENNIFER’S RESPONSE:
First, as I discussed in an earlier Q&A, you should never argue with a seller about your commission or your value. Arguing makes you look insecure and somewhat desperate. And it doesn't work. So don't do that. Neither should you put down your competition - that will only subtly criticize the seller's judgment; after all, he chose to consider going to minimum service route.

But how about saying something like this?

"I hear ya and I understand. You have a tough decision to make. On one hand, you can pay this other company a much lower fee upfront and hopefully retain more of your equity. On the other hand, you can hire a full-service agent, whether it's me or someone else, and due to the increased exposure and marketing expertise, you might end up with even more of your equity. Either way, there's no guarantee that your house will sell for what you need it to. I'm sure you'll make the right decision. Do you have any questions for me that might help you in making that decision?"

The fact that you're sitting there in the seller's home means that he hasn't ruled out paying a full-service company. In fact, he probably wants full-service; he's just not convinced of its value. But if you first show him that you care about his situation and you trust his judgment, he'll probably give you the opportunity to persuade him.

Subscribe to "The Daily Seduction: Tips & Inspirations to Generate Business from Your Sphere of Influence." (a free newsletter)

Guest Author Jennifer Allan has authored five books and multiple courses designed to teach agents her Sell with Soul philosophy that centers on four interrelated principles: Respect, Competence, Confidence and Enthusiasm.  The latest release of her book Sell with Soul is available in the VanEd bookstore. You can also visit her online at www.sellwithsoul.com.

Colorado DRE issues alert regarding phishing scam

On Wednesday November 25th the Division of Real Estate issued an alert on a phishing scam taking place in Colorado. We have included that alert below;

ALERT: Phishing Scam

 

To: Colorado Real Estate Licensees    From: The Colorado Division of Real Estate

 

Date: 11/25/2009   Subject: Phishing Scam

 

----------------------------------------------------------------------------------------

 

The Division of Real Estate has received a report from several licensees of a phone call s/he received. The caller indicated that they were with the Division of Real Estate and proceeded to tell the licensee that they needed to renew their license and that they would be happy to take payment over the phone for renewal. In another instance, the licensee was told that their address was incorrect in our database and they were asked to pay a fine and threatened with suspension if they did not pay a fee over the phone. In both cases, the amount asked for was $23 dollars. 

 

Please be advised that the Division of Real Estate will never ask for your credit card information over the phone, nor do we accept any payment over the phone. If you receive a suspicious phone call from someone claiming to be from the Division of Real Estate, please ask for their name and call our main customer service line at (303) 894-2166 and ask for the name given to you over the phone.

ENERGY STAR® Summit set for December 9th in Denver

The 2009 ENERGY STAR^® Summit is the fourth annual hosted by the Smart Energy Living Alliance^®. The event will be held December 9th, 2009 at the DoubleTree Hotel Denver at Stapleton. There will also be the first annual awards dinner following the event. The event will have four learning and education tracks running throughout the day that will focus on;

• Existing Home Performance
• New Homes
• Advanced Building Science
• Multifamily Housing

There will also be a pre-summit home tour and dinner on December 8th. This event will be a tour of a Platinum LEED Home (PLH) in Centennial, and will demonstrate that a holistic approach to building science using a clear roadmap and coordinated execution with ENERGY STAR^® programs provides a competitive advantage. 

Learn more by visiting http://summit.smartenergyliving.org/, or Register online today by Clicking Here

Finance Monday: First-Time Home Buyer Tax Credit Extended

The US Congress passed legislation this month that:

Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.

Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Two special provisions in the present tax credit law also assist members of the military, intelligence and foreign services in taking advantage of the homebuyer tax credit

• Armed services members, as well as intelligence service and foreign service personnel, who are on active duty and out of the U.S. for 90 days during any part of 2009, get an additional year to buy their homes, to May 1, 20ll.
• Another benefit is the waiver on the time of occupancy clause: Military, intelligence and foreign service members do not have to repay the credit if they have to sell their home after fewer than three years occupancy due to official business

For more information on the Tax Credit, check out NAR's website for commentary and full details.

Veterans Day ~ Thank You Veterans and Active Duty personnel

Van Education Center is proud to support our troops, both those who have served our Nation in the past and those who are on Active duty. And to honor their service, VanEd is offering special discounts on real estate licensing courses and appraisal licensing courses to active and retired military personnel and their spouses. Discounts of 20% off the full program price will be available online beginning today, and students will be able to register with the discount directly on the VanEd web site through Sunday.

After Sunday our normal 10% discount will still apply for all veterans. 

For those interested in learning more about the required coursework for real estate, mortgage or appraisal courses, visit the VanEd web links below. Veteran discounts are available directly on the enrollment page. VanEd also continues to offer a 5 day Free Trial to all enrolling students. Have questions? Send us an eMail! We're here to help!

>>> Real Estate Licensing

>>> Appraisal Licensing

>>> Mortgage Broker Licensing

Colorado DRE sets fees for real estate, appraisal licensees and applicants

The Colorado Division of Real Estate this week announced that many licensing fees for real estate brokers would be reduced in 2010. The new fees can be found online;

http://www.dora.state.co.us/real-estate/licensing/fees.htm

Fee setting was completed and the new fee structure will take effect on November 15th, 2009. The DRE raised all fees in 2008 including new application fees and renewal fees. The Examination fee for those taking the state exam remains at $71.

Appraisal license fees were also set and can be found online at http://www.dora.state.co.us/real-estate/licensing/appraiser/apprfees.htm.

Q&A with Jennifer Allan - "Does My 'Friend' Owe me a Courtesy Call When She Hires Someone Else?"

We asked author Jennifer Allan to answer questions based on her teaching and experience in the real estate industry. Jennifer is also a regular contributor to Realty Times and RE/MAX Times.

Question: I understand that I won’t always get my friends’ business, but when I don’t, is it reasonable to expect a courtesy call explaining why they hired someone else?

JA: It’s tough when someone you know entrusts their real estate business to another agent, isn’t it? When you’re new, the disappointment can take days to get over, but even for Old Fogies like me, it’ll still sting for an hour or two.

As discussed in an earlier Q&A, it’s best to give your friend the benefit of the doubt and assume that she had a perfectly good reason for her decision not to bring you in on her real estate transaction. Trust in that, swallow your hurt and move on. Don’t risk the friendship (or future business!) by demanding an explanation, complaining to mutual friends or sulking the next time you see her.

I don't think the general public realizes how hurtful it is when our friends hire someone else - I doubt they even give it much thought. In most cases, it's not AT ALL personal, so they don't even think to feel bad about it, or feel they owe you any explanation.

So, does your friend owe you a courtesy call? No. If you get one, dandy. But if you don’t, please don’t fret. More than an hour, anyway.

Subscribe to "The Daily Seduction: Tips & Inspirations to Generate Business from Your Sphere of Influence." (a free newsletter)

Guest Author Jennifer Allan has authored five books and multiple courses designed to teach agents her Sell with Soul philosophy that centers on four interrelated principles: Respect, Competence, Confidence and Enthusiasm.  The latest release of her book Sell with Soul is available in the VanEd bookstore. You can also visit her online at www.sellwithsoul.com.