LOANS

Q. I have a question concerning the “Loan Payoff Verification”. I know that you mentioned the seller can request one payoff within a 12 month period and not be charged, so if we request one won’t they be charged when the lender request one also? I’m not sure how this works. Can you please explain the reason why it is necessary for us to ask for this information also?

A. It is important for us to know especially if there is a payoff penalty. If we negotiate a contract that nets the seller $0 and then learn there is a $5000 payoff penalty a few days before closing, that would most likely kill the deal. Also, many sellers think their balance is their payoff and as you know there's more to the payoff than just the balance. This request also alerts the lender and in some cases the lender will notify us if the loan is in arrears, something the homeowner may be reluctant to share. The additional payoff requests can only carry a charge of $2, so this shouldn't create any problem for someone to pay. Please read over the article "Obtaining Loan Payoff" located in the Misc section of Forms and that should help clarify.

Under the link "Resources" our agents have available to them many articles that can act as teaching tools as well as inform them of ideas and different concepts in the real estate industry. Some examples to these are as follows:

60 Time Management Tips

Become The Expert

5 P's of Listing

Phrases to Avoid

CMLS Rules

Go for the Goals Are Buyers Liars Signature Selling Simplify Negotiations Flipping and FHA

In this section there are over 100 real estate forms in PDF format. Our agents only have to download these forms to there computers where they can fill them out, save and print them for the prospective to sign or using a laptop they can fill these forms out while sitting with the client.

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