Pacita Dimacali - e-PRO, SRES, CDPE, MBA East Bay, North CA real estate

"The bank won't accept electronic signatures."

Twice in the last week, REO agents called to say that the REO banks they're working with will not accept electronic signatures. The problem is, they heard from the asset manager in the morning, and expect that the offers will be revised and have "wet" signatures by close of that same day.

It is literally impossible for me to get wet signatures in time since both my clients work, and one of them is a mailman on his route. Even if I got hold of them it was a logistical impossibility to get them to sign the document and send this by 5 pm to the listing agent today.

The listing agent said they did not know the bank would not, or no longer accept electronic signatures. As a matter of fact, they had to scramble, too, sending emails and making phone calls to the agents who sent offers with electronic signatures.

They also scrambled to change the remarks on the listing that electronic signatures are not accepted by the specific lender.

What to do now that this is happening...

• Before posting a listing, REO agents should immediately ask their asset manager if they will accept electronic signatures
• REO agents should make sure this instruction is included in the MLS
• And companies like DocuSign, AssureSign should work on getting the REO banks to accept or continue to accept these signatures.

Wet signatures in this technology age?

Hard to believe that we still need wet signatures when we can bank online, pay bills online, buy stuff online, sign digitally when paying with credit cards at retail stores, etc.

Sept. 20, 2009. A new listing came up: a foreclosure that took everyone by surprise.

It was not previously offered for sale as a short sale. It sold less than three years ago...and now it's bank-owned?

What happened to the people who lived there? Did they even know about financial resolutions to their distress? Why didn't they try to sell the house as a short sale to salvage their credit? Why didn't they call their realtor?

WHAT YOU DON'T KNOW CAN HURT YOU

A previous homeowner (who wasn't my client) called me for help. Unfortunately, by the time she did, her house was just days from being foreclosed. And when we called the bank, we were told it was too late. I asked her why she didn't try to get help sooner.

Her answers floored me:

• She thought that because she was late on her payments, that it would automatically close.
• She didn't think about calling her previous realtor because she didn't know anything could be done.
• She "heard of" loan modification, but didn't know how it works
• She doesn't know what short sale means
• She talked to her friends....all their proposed "solutions" are things that "they heard of"
• She was too embarrassed to ask
• She didn't want people to know (but they found out anyway after she lost her house!)

ASK THE REAL ESTATE PROFESSIONALS

If you're sick, don't you see a doctor? If you're having legal troubles, don't you consult an attorney?

Well if your problems involve your real estate property, why not ask a real estate professional? We've run into all kinds of real estate dilemma....and we will have knowledge, experience and resources to help guide you towards the right course of action.

BE PROACTIVE

Because of my subscription to ForeclosureRadar.com, I saw one property belonging to one of my clients as having received a Notice of Default. I immediately called them up and talked with them about loan modification. I outlined the steps they needed to take. Also explained that if loan modification won't work, that we can try selling the house as a short sale so that they can at least protect their credit.

I gave them a matrix of the effects of a short sale versus a foreclosure. That alone was enough to convince them to take action. Fortunately, their lender (Wells Fargo) agreed to a loan modification. So they get to stay in their home, with reduced payments (albeit longer loan term period). THIS is a good outcome for a situation that could have gotten bad.

THERE IS HELP

There are people who can help and provide guidance. Start with www.HopeNow.com.

As REALTORs, w can also provide assistance and guidance. We sold you your home --- and we'll do our best to help you keep it.

We can help. Please, just ask.

Sept, 19, 2009. Unless the short sale property owner gets a buyer, the property will be foreclosed.

Selling short sales is challenging enough. Getting a buyer, and having that buyer stick around through the short sale process is a big IF. Time is ticking....notice of default is filed...then notice of trustee sale. So why aren't there any buyers?

It happens so often that this is almost a public service announcement to caution sellers that if they're trying to sell a property as a short sale, that they may think twice about renting out the property.

Going through the MLS for REO properties, I was not surprised to see that many of these properties were ones that were offered as short sales. Reviewing the listings when they were short sales, a common denominator of failed short sales: TENANTS!

Yes, we know the sellers are short on funds and are trying to get some income from their distressed properties....but they should also understand that tenants are absolutely not motivated to move.

WHAT TENANTS DO TO DERAIL A SHORT SALE:

• Refuse to have a lock box installed at the property so agents can't show the property even when the tenants are not at home.
• Give all kinds of excuses why they can't show the property when the agent requests an appointment
• Refuse to take and return phone calls for appointments
• Do not maintain the property --- so it's a mess, it stinks
• Refuse to leave the property while potential buyers are there (some turn on the TV and radio even louder)
• Trash talk the property and make all kinds of statements about the "bad" condition, location, neighbors, etc. of the property
• Loot the place (they remove fixtures, appliances)
• Damage the place (holes in the wall, cigarette burns and heavy stains in the carpet)

And...once the tenants know that the property may be in pre-foreclosure, they stop paying rent anyway! So sellers, why put yourself through this mess? Aren't you stressed enough?

Someone once told me, that when it comes to your job, "If you're not having fun, you're paying too high a price."

And one can relate passion with love, devotion, happiness.

PASSION

Friends and I talked about what drives people to succeed and why others struggle. Although we are all in different professions, throughout our discussion, we zeroed in on a critical ingredient: PASSION.

When one has passion about what he does, there is dedication.

When dedication reaps rewards, there is joy.

And joy generates a desire to do even better.

This pursuit leads to applying principles and disciplines to achieve even more.

An example of how passion led to success....

If you don't know the story of Chris Gardner as beautifully told in the movie The Pursuit of Happy-ness", then you should hurry and watch this inspiring movie.

I guess one can apply passion in just about any situation. In courtship. In education. In your job. This is what distinguishes a profession from just a job.

In your own office, what distinguishes winners?

• High energy
• Positive can-do attitude
• Eager to try something new
• Applies and continues to apply key learnings
• Always looks for ways to do things better, to accomplish goals sooner
• Self-motivated
• Desire to learn new disciplines by taking courses, getting more designations and certifications
• Searches out other positive influences
  
• Interacts with everyone to hone people skills
• Willingness to help others --- believes in paying it forward
• Looks for a solution and not just complains about a problem

ENTHUSIASM --- it shows!

One of my former clients came back into town, so we went for a leisurely brunch today. While I was telling her about what's new in Alameda since she left, she stopped me and said, "Wow, you really are sold on Alameda,"

Then she told me that when they were getting ready to sell their parents' house, she and her siblings scouted realtors by going to open houses. They interviewed several realtors, and chose me. She told me that what stood out is "how enthusiastic you are about what you do, and how you will market"....And that enthusiasm is still there :)

Every now and then, we need to re-group and fill our tanks. Brian Buffini of Working by Referral always refers to his annual Mastermind events as a time to renew, refresh, rejuvenate our goal of balance in our five circles of life: personal, spiritual, family. financial and business.

And he always gives us wonderful guests who inspire.

This year, he urged us to dream the impossible dream. And amazingly, he pointed to someone we weren't expecting: Gomer Pyle!





And then he caps it off by bringing Wintley Phipps back. And we are reminded that we never walk alone. So uplifting! Each time I am having doubts and anxiety, I turn to these men who sing from their hearts.

And bless him, Brian keeps telling us his story of when he first came to the U.S., working three jobs, and then getting hit by a car. His injuries were so severe that he was out of work for months, and emerged nearly half a million dollars in medical bills. As he persevered, he never once forgot to acknowledge how wonderful this country is.

Being an immigrant myself, who chose to be an American citizen, this song has such deep meaning for me, and it never fails to remind me how great our country is. THIS is my inspiration. During this event, you can see how many people were so touched. I literally cried BUCKETS! God bless America!