ePUBS® for zipForm® 6

An add-on library to your zipForm® 6 account, it enables you to e-mail mandated and consumer disclosure materials to clients. ePUBS® for zipForm® 6 helps you save paper and comply with California’s mandated disclosure law. Click here to learn more.

Foreclosure Prevention Library for zipForm® 6

Empower yourself with C.A.R.’s Foreclosure Prevention Library. This add-on library through your zipForm® 6 consists of 10 short documents explaining how your client can avoid foreclosure and foreclosure scams. Each beneficial document can be customized with your contact information and given to potential clients as an educational tool. Click here for more information.

Forms Tutor®

A self-guided software program that provides audio and/or text instructions to help you complete California real estate forms, clause-by-clause. Forms Tutor® guides you step-by-step through new or specialized forms using an easy-to-learn format specific to each form. Click here to learn more.

Forms Advisor®

An online software that identifies for the REALTOR® which C.A.R. Standard Forms to use and how to complete the forms. Based on the information you enter, you’ll be directed to the relevant form for your specific transaction. Click here to learn more.

Join us for this 1-hour webinar to explore the latest enhancements to zipForm® Mobile Web Edition. Access your transactions from a smartphone or tablet computer whenever and wherever you are. With Touchsign™, your clients can use either their finger or a capacitive stylus to sign documents on a touchscreen tablet as they normally would on a paper document. Agents can review the docment with the client and then go immediately to signing without printing a single piece of paper. Additional features include direct integration with zipVault™ document storage. Space is limited, so what are you waiting for? Register today!

Tuesday, April 10th from 10 AM – 11 AM – Register here

Click here for more information about zipForm® Mobile Web Edition

March 31st is the deadline to renew your zipForm® 6 account.

Congratulations to those of you who have registered for zipForm® 6 Professional and Standard editions as part of your CALIFORNIA ASSOCIATION of REALTORS® member benefit in 2012. As a C.A.R. member, you are entitled to receive zipForm® 6 at no charge for another year. In order to take advantage, you will need to renew the software license by accepting the license agreement. During the month of March, you will be notified inside zipForm® 6 Professional (online) or zipForm® 6 Standard (desktop) to renew. Follow the simple instructions below:

Renewing zipForm® 6 Professional (online)

1. Log in to your zipForm® Professional via www.car.org
2. Click “Renew Now”
3. Read through the license agreement in its entirety. If you choose to accept the License Agreement, click “Yes”
4. A confirmation screen will appear after agreeing to the License Agreement
5. Click “Continue” button to launch your zipForm® 6 account

Renewing zipForm® 6 Standard (desktop)

1. Launch zipForm® 6 Standard from your desktop
2. Click “Renew Now”
3. Read through the license agreement in its entirety. If you choose to accept the License Agreement, click “Yes”
4. A confirmation screen will appear after agreeing to the License Agreement
5. Double-click zipForm® 6 Standard icon from your desktop to start using your software

***Note that if you have previously purchased an add-on product such as a form library or the mobile version, you will be prompted to enter your credit card before completing the renewal process.***

2012 is the year of the short sale. As an agent, one of your most valuable business tools is the understanding of how to help underwater homeowners avoid foreclosure. Don’t make the mistake of believing these myths:

Myth #1: The homeowner must fall behind on mortgage payments in order to qualify for a short sale.

Debunked: Years ago this may have been true, but not in 2012.

• A financial hardship must exist, such as the ARM (Adjustable Rate Mortgage) increasing in monthly payments.
• Loss of job or income.
• Health or medical issues.
• Extraordinary loss in home value (which may be considered a hardship)

Note: Agents should not advise a homeowner to miss a mortgage payment.

Myth #2: Banks would rather foreclose on a property than approve a short sale.

Debunked: Many still believe this myth to be true, but more accurately, banks would prefer not to foreclose on a property due to the $50-70k it may cost the bank per transaction. Banks lose less money on a short sale than on a foreclosure.

Note: In California, some lenders may pay owners as much as $25,000 to opt for a short sale.

Myth #3: Homeowners must be pre-approved by their lender to be eligible for a short sale.

Debunked: Absolutely not true. By and large, most lenders will consider short sale offers. However, each lender may have unique and specific processes to follow, from listing the home to the acceptance of a short sale. Bypassing any part of this process may result the sale not closing, so be sure to follow each lenders’ processes closely.

Myth #4: Short sales never close.

Debunked: Obviously not true. In some areas of the U.S., nearly 50% of all closings are considered to be “distressed” properties, meanings REOs and short sales.

Myth #5: Short sales take months (and months) to close.

Debunked: The short sale processes must be learned. Once mastered, it may not be uncommon to close a short sale in 30 days. However, certain idiosyncrasies may slow the process and each lender presents their own unique set of specific challenges. No two short sale transactions are identical.

Myth #6: Damage to the homeowner’s credit standing is comparable in a short sale and a foreclosure.

Debunked: In many cases, credit reprecussions and deficiency protections are more damagin with a foreclosure. Short sale transactions can often lead to faster financial recovery for the homeowner and should be carefully considered.

Note: If the homeowner missed no mortgage payments, they may be eligiable to finance the purchase of a home immediately following a short sale transaction.

Myth #7: Following a short sale, the homeowner will be ineligible to purchase another property for the next 5-7 years.

Debunked: Not true. Using conventional lending guidelines, some consumers may obtain a Fannie Mae backed mortgage a short 24 months after the close of their short sale.

Myth #8: After a short sale transaction, the homeowner will receive a 1099 and be forced to declare the loss as income.

Debunked: The owner may indeed receive a 1099, but due to the 2007 mortgage Forgiveness Debt Relief Act, among other considerations, the homeowner may not owe any taxes on their transaction*

Note: This Act is due to expire at the end of 2012.

Myth #9: The lender will sue the homeowner after the close of a short sale (or foreclosure, or deed in lieu of foreclosure) for the deficiency.

Debunked: California has certain anti-deficiency protections in place for short sales and foreclosures, depending on the circumstances*

Myth #10: As an agent, I don’t need additional training to learn all of the ins and outs of the short sale process. And if I wait long enough, the market will recover so I may not need to deal with short sales at all.

Debunked: How long are you willing to wait? Based on the most recent housings reports, home values are still falling. Hopefully, 2012 will see the bottom of the housing market price recovery may continue to take some time.

*As an agent, please do not offer accounting, tax, or legal advice. Refer questions regarding these topics to appropriately trained professionals.

 

Warning: Short Sales – love ‘em or hate ‘em, they’re here to stay! Go beyond the basic ‘expert’ short sale designation. Watch the FREE 2012 Agent Short Sale Secrets video and download the FREE Short Sale training guide NOW. NOTICE: Free book guaranteed for the first 100 agents only.

***Click Here to Register for This Event***