Profit Sharing Class April 21st 12-1p.m.

Hi Everyone,

Don't forget about Mike's Profit Sharing class tomorrow April 21st from 12-1 p.m.

Bill Jansen's Weekly Practice Tip: Fannie Mae Commissions in Short Sales

BROKER RISK MANAGEMENT

 

WEEKLY PRACTICE TIP

 

Fannie Mae Not Cutting Broker Commissions in Short Sales

 

 

It is common knowledge that sellers’ lenders in short sales routinely insist on cutting the commission amount to the brokers below the amount agreed to by the seller in the listing agreement.  The brokers have little choice but to go along. 

 

Worse, this usually comes after extremely long escrows where the agents have done much more work than in an ordinary escrow, and where a substantial percentage of the short sale escrows fail to close at all.

 

With pressure from the National Association of REALTORS® (“NAR”), Fannie Mae recently sent an announcement to its servicers stating that, as of March 1, 2009, negotiations on short sales commissions below the amount established by the listing agent is prohibited unless the commission exceeds 6 percent.  See:  Fannie Mae Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers

 

Currently, Fannie Mae's policy only applies to loans it owns and guarantees, therefore, if a loan is owned or guaranteed by another lender, the commission policy of Fannie Mae does not apply.

 

In order to find out if Fannie Mae is servicing a loan that you are working on in a short sale transaction, you can:

 

1.  Call and ask your seller’s lender; or,

 

2.  Simply, go to:   http://www.fanniemae.com/index.jhtml and click on:

            “Does Fannie Mae Own Your Mortgage?”

 

 

NAR's next task is to work with Freddie Mac and other mortgage providers to enact similar regulations that will ensure that REALTORS® are compensated fairly on short sales.

 

###

 

 

This Weekly Practice Tip is for the exclusive use of clients of Broker Risk Management and their agents.  It may not be reproduced or distributed without the express written consent of Broker Risk Management.  The advice and recommendations contained herein are not necessarily indicative of standards of care in the industry, but rather are intended to suggest good risk management practices.

 

 

Short Sale Conference Call

Greetings,

 

 

 

We are so excited to kick off a series of Short Sale conference calls with some of the top KW Agents in the industry who are successful in the Short Sale world.  Please join us for the second call in our series scheduled as

follows:

 

 

 

 

 

Date:                                      Tuesday, April 21, 2009

 

 

 

Time:                                     1:00 p.m. - 2:00 p.m. (PST)

 

 

 

Guest Speaker:                   Chris McLaughlin, Keller Williams Realty

Lakeland

 

 

 

Conference Number:        (785) 686-2292

 

 

 

Conference Code:              920025#

 

 

 

 

 

Chris McLaughlin is a short sale specialist, attorney and OP of the Lakeland market center and four other offices in the Florida-North Region so we are very excited to have him as our guest speaker.  This call is open to all the agents in your market center.  Our conference line capacity is limited so we highly suggest hosting this call in your conference room on one speaker phone and opening it up to any interested agents.

 

 

 

We ask that you please submit any Short Sale questions you have prior to the call next Tuesday to suzannehawkins@kw.com.  Chris will compile your questions and try to address as many as possible at the time of the call. 

 

 

 

If you have any questions, please call Suzanne Hawkins at (916) 580-6065.

Thanks and look forward to your participation on the Short Sale call on the 21st!

 

 

 

Volunteers needed for KW Red Day on May 14th

Hi everyone,
KW Red Day on May 14th is our opportunity to give back to our community in service or fundraising in honor of Mo Anderson's birthday.

There's a whole plan for us to wear red t-shirts and donate our time and energy to something worthwhile. It's happening all over the country and I'd like to see our office stand out in participation. The region is tracking this closely so I hope we can make a good showing.

Please let me know if you'd like to participate. Right now we're in the planning stages and in desperate need of volunteers for the planning committee. If you'd like to help plan this event, please let me know if you'll be able to join me for a meeting on Tuesday, April 21st at 9 AM in our new office's conference room.

Thanks and I hope to hear from you!
Edith Espinola
408-569-5556
edith@edithespinola.com

The most amazing voice you will ever hear!!

This video is of a woman from Scotland singing on Britain's version of American Idol.

It's inspiring and beautiful.  It made my day, I hope it makes yours.

Enjoy! 

http://www.youtube.com/watch?v=9lp0IWv8QZY

 

Edith Espinola

 

 

Mobile Home Expert?

I have a friend who needs an agent who knows the mobile home parks really well and knows the Brandenburg group. Any ideas would be greatly appreiocated…

 

Thanks,

Amie Chilson

achilson@kwsv.com

408-605-6085

 

 

 

Snag It Product for Presentations

http://www.techsmith.com/screen-capture.asp

DRE address change

Hi Everyone,

Please make sure to change your DRE office address. Here is the link to connect you right into DRE. If you forgot your username and password just click at the bottom “forgot password”. Then all you have to enter in is your birthday and social security number and it should log you right in!!

Our new address is 2110 S Bascom Ave Suite 101, Campbell Ca 95008.

https://secure.dre.ca.gov/elicensing

Team meeting canceled on Tuesday April 21st

 

The Team Meeting on Tuesday April 21^st will be canceled due to the move….Sorry for the inconvenience.  We will have a team meeting rescheduled for the following Tuesday April 28^th. Thank you!!

 

 

 

Please attend the team meeting tomorrow. Jim will be going over what to expect with the move!!!!

Hello,

 

We would like everyone to attend tomorrow’s team meeting. Jim will be going over what to expect from the move and what we need from you in order to make the move as seamless as possible. The Team Meeting is tomorrow from 9:00a.m.-10:00a.m.