Broker license has been renewed for another 4 years...

Leave it to the California Bureau of Real Estate to figure out how to time travel. I finished my 45 hours of continuing education and just renewed my California real estate broker license this week, and the issue date on my new license certificate is nearly 3 months from now, September 12, 2016. I think that's kinda funny!

Fair Housing Laws: be careful how you describe and market a home for sale...

I have been asked a lot lately by my seller clients - how will you target specific market segments when you market my property? Ok, maybe they don't ask exactly like that, and I'm inserting my Realtor-ease into this post...I might hear from a seller, for example, "I think my property would be great for a family...Or this would be great for a single person...Or this would be great for a member of the church down the street...etc. How will you market my property to {fill in the blank}?"

The answer is - very carefully and deliberately as so not to violate federal law! Questions like this can set off alarm bells for me when I hear them, even from the most well-intentioned people. Certainly I can and do market my listings in ways that will reach different audiences, but using direct marketing language where these "groups" are concerned is a big no-no! Directing advertising toward a specific group, in theory, automatically excludes other groups, and therein lies the violation of Fair Housing laws. It surprises me how often I see direct marketing language used by other agents, or folks trying to FSBO. An example of this language might be "great family home" or "waking distance to the park" or "perfect for parishoners of the Catholic church," etc. Per US Department of Justice website, Civil Rights Division, Fair Housing Act:

Refer to Sec. 804. [42 U.S.C. 3604] "As made applicable by section 803 of this title and except as exempted by sections 803(b) and 807 of this title, it shall be unlawful--

(c) To make, print, or publish, or cause to be made, printed, or published any notice, statement, or advertisement, with respect to the sale or rental of a dwelling that indicates any preference, limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin, or an intention to make any such preference, limitation, or discrimination."

Saying something like "great family home" discriminates against single or unmarried people. "Walking distance to the park" discriminates against folks who are are physically handicapped and can't walk. "Perfect for parishoners of the Catholic church" discriminates against folks of other religions. Alternative language might be "great 4 bedroom home" or "close proximity to the park" or "you will love all of the nearby local amenities such as shopping, places of worship, schools, etc."

So be aware of these laws and careful when choosing the words to market a home. The US Department of Housing and Urban Development (HUD) has some Fair Housing Q&A's on their website, as does the US Department of Justice.

My new broker license has been issued, AND the California Department of Real Estate officially changed my name!

Umm, yes -- I am EXCITED! Really there are two reasons...the first reason is that you may remember from a few weeks ago that I passed the California Real Estate Broker exam. The second is that the California Department of Real Estate has officially changed my name in its records to Erin Stumpf.

If you have been reading my blog for a while, or following me on Twitter or Facebook, you will know that both getting my real estate broker license and changing my name have been a long time in the making!

So now that the DRE recognizes me as Erin Stumpf rather than my former name (Erin Attardi), I will start transitioning all of my marketing to reflect that. It will probably take a while. I have A LOT of online profiles and websites.

As for my new broker license...I will be staying with Dunnigan Realtors as a Broker Associate. I got my broker license to develop a deeper knowledge base to better serve my clients. Yes, as a broker I am now able start my own company and employ other agents if I wish, but that is not on my immediate radar. Dunnigan Realtors is a fantastic company, and I am not looking to fix something that is not broken. =)

I passed the Real Estate Broker Exam!!!

If you follow me on Twitter or Facebook, you will know that for the last few months I have been diligently studying for the California Real Estate Broker exam...I have been a licensed "Salesperson" for about 7 years now, and completed all of the class work to qualify to take the broker exam a few years ago, but have been busy with other things in life. SO, this week I finally took the test, and...BOOM! I passed! You will see that the DRE has not yet processed my name change from Erin Attardi to Erin Stumpf, so my fingers are crossed that as they process my new broker license, they also change my name. Based on the current processing timelines published on their website, it should be processed in a few weeks! YAY!!

Bank of America - Requiring New 3rd Party Authorization Form for Short Sales

The Bank of America legal department seems to be busy lately, because today I received yet another email from the BofA short sale department regarding a new 3rd Party Authorization Form that they will require starting April 14, 2012.

A 3rd Party Authorization Form is submitted by a property owner to a lender, and this document allows an "authorized 3rd party" permission to speak with the lender on the seller's behalf. As a short sale listing agent, I obtain a 3rd party authorization document from each short sale seller at the time I list a property so that the lender is allowed to discuss the details of the loan(s), the short sale, any pending foreclosure, etc.

I had created my own 3rd Party Authorization Form based on the requirements of different short sale banks, and I have never received any objections from the short sale banks when I have submitted it...my homegrown authorization form included the property address, sellers' names, the last 4 digits of their social security numbers, loan number(s), a note stating that the seller gives me authorization to speak with the short sale bank on their behalf regarding a short sale, and my complete contact information, and then the form was signed by the sellers.

BofA's new 3rd Party Authorization Form takes that a few steps further. In addition to many of the elements of my homegrown authorization letter, there is a section that requires the listing agent to provide licensing information, and sign acknowledging that he/she is a licensed as a real estate agent, will present all material facts pertaining to the circumstances of the short sale, and that the agent will comply with all applicable state and federal laws, rules and regulations governing the services provided.

Fraud prevention at its finest! Nicely done Bank of America.

California Department of Real Estate issues a new Consumer Alert - Don't fall victim to a loan modification scam!

Yesterday the California Department of Real Estate issued a new Consumer Alert to give homeowners tips to avoid Loan Modification and "Mortgage Relief" scams. I receive several calls per month from homeowners who feel that they are victims of these scams, and I can not offer much help except to direct them to report the scam to the Better Business Bureau, the California Department of Real Estate or their local law enforcement.

A few tips to make sure you do not fall victim to loan modification scam;

• Check the California Department of Real Estate website to see if a "Desist and Refrain Order" has been filed against a company you are considering working with.

• Don't believe promises that are too good to be true. No one can guarantee that a "mortgage relief" plan will be be successful.

• NEVER pay an upfront fee for loan modification services. Such fees are illegal in California. Advance fees for short sale services, deed-in-lieu of foreclosure and other residential mortgage foreclosure rescue services are also illegal under a new federal rule, with a very limited exception for fees paid to lawyers.

• Check with the Better Business Bureau, and verify the existence of appropriate licensing for anyone offering those services.

• Google the company name to see if you can find any red flags.

• A HUD approved counseling agency can provide loan modification or other mortgage negotiation services for free. There are many of them in Sacramento.