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Toughness or maybe just Perseverance is an Essential Ingredient for Success 

Almost every leader, entrepreneur and manager wants to have and hone the qualities that contribute to and best predict success.  For example, most leaders want to demonstrate the qualities of confidence, organization, selflessness, structure, humility, and conscientiousness.  But, in excess, even the best leadership qualities can become flaws. Someone who is too confident can become arrogant. A person who is too organized can become obsessive.  A person who is too selfless can become a people-pleaser. A person who is too structured can have trouble being creative. A person who is too humble may not be able to inspire others to follow.  A person who is too conscientious can become neurotic. However, there is one trait that every leader should have in as much abundance as possible. That is perseverance and passion for long term goals.  There doesn’t seem to be such a thing as too much of this. The more perseverance a person has, the more they press on in the face of adversity. There is no downside to it.

Perseverance is a key trait – or combination of traits – that is absolutely essential for success. People with perseverance usually demonstrate courage, resilience, conscientiousness, follow-through, and excellence in very specific ways.  A person with perseverance usually has a goal he/she cares about so much that it organizes and gives meaning to almost everything he/she does. Best of all, perseverance is something that can not only be learned, but also something that tends to increase with age.

How to Increase One’s Perseverance

According to Travis Bradly in his article entitled “11 Signs You Have the Grit Needed to Succeed” published in Entrepreneur, “Developing perseverance is all about habitually doing the things that no one else is willing to do. Right there explains why many people lack perseverance.

Top 10 Ways to Help Increase Perseverance

  1. Work twice as hard as everyone else.

Many studies show that while talent is important, effort is more important.  In fact, it counts twice. Consistent, solid effort and focus on a particular goal is much more important than intellect or talent in achieving that goal.  People who are highly-successful are known for working long hours and really focusing their energy and time only on tasks that further that key goal. Warren Buffet, the self-made multi-billionaire, spends most of his day most every day focused on reading and studying the financial statements of major companies.  He cuts away all of the tasks that don’t add any value to his goal of investing in the best companies. It is reported that he has a three-step process for prioritizing.

  • Step 1:  Write down a list of 25 career goals.
  • Step 2:  Then consider which, from the list, are most important.  Circle those.
  • Step 3:  Look at the 20 career goals not circled.  Avoid those at all costs. Those are just distractions from the five highest-priority goals on the list.

Call it ruthless prioritization or call it focus, but it certainly has worked for Buffet.  One more step to Buffett’s process for prioritizing. I believe that most successful people are successful because they find a common purpose among their top goals, and that becomes the “ultimate concern” or the compass goal that guides all their activity. In the case of Steve Jobs, for example, his ultimate concern was to create a company that helped people to “think differently.”  The computers, phones, and pads that Apple sells are all just tools to help people think differently.

  1. Make a lot of mistakes.

To err is not only human, it is good.  The ability to fail, try again, fail, try again, fail, try again (you get the picture) — all without a moment’s pause – helps build toughness.  Some people lack the confidence and self-esteem to fail repeatedly and not feel discouraged. But those who can – who can fall off the proverbial horse or bike and get back on again and again — increase their perseverance.  The more willing a person is to try things that sound crazy or ridiculous — and may look foolish – all for the sake of achieving a goal, the more perseverance increases.

  1. Press on even when feeling vanquished.

Tough times come to all.  No one can be in business for long without facing adversity or trials.  No one can try to create something new without having setbacks. It is when all seems lost or pointless and things are most bleak that it is important to persevere.  Press on despite a deep desire to quit. Consider it a ‘perseverance muscle’ that must be exercised in order for it to become stronger.

  1. Make tough decisions that everyone else avoids.

No one wants to deal with difficult situations.  Reprimanding a subordinate. Hiring someone that no one else thinks is a good fit.  Shutting down a project or company that is clearly not going to work long-term or big picture.  Having both the insight and metal to recognize when something difficult must be done and then doing it fosters toughness.  It’s not fun, but it is vital.

  1. Shut out fear, doubts and negative self-talk.

There is enough fear and doubt that can creep in without anyone feeding it.  A person who wants to succeed must therefore ensure that such negative influences are shut down or kept away as much as possible.  Negative people must be distanced or removed. A person with toughness will not allow the negativity of others to bring them down, and they won’t allow negative thinking to infiltrate their minds.  They cast out fears and doubts, and focus on the goal even when no one else is on board or believes.

  1. Trust your intuition.

Intuition is about relying on one’s collection of all subconscious experiences.  It’s basically a catalog of a whole lot of information that the mind has gathered for an entire lifetime and then created shortcuts to access.  They are insights that aren’t immediately available to the conscious mind at a given moment, but are all things that were learned and felt at some point.  It’s often referred to as a gut feeling. People who want to increase their toughness need to trust their gut in situations in order to hone that ability to access all of the collective wisdom in the unconscious mind.  Many people are hesitant to trust their gut, but as people age, they learn to rely on intuition more so.

  1. Be patient and willing to delay gratification.

In a multitude of studies, it’s been shown that people who are patient and willing to delay gratification now for a better reward later are usually more successful.  This is a sign of toughness. Those who can exercise their need for immediate reward help to hone this “patience muscle.”

  1. Stay the course even if no else believes in the vision.

A vision statement is a statement of words describing where and what an organization wants to be in the future. It usually remains unchanged for many years. But often leaders may have a vision of where they want to go, but don’t have the support of the organization.  Simply put, they may not believe in the vision. Case in point. A new CEO was brought in to turn Borders Books around when the company was struggling to recapture market share lost to Amazon, Walmart, and others. However, the CEO was unable to gain the support of the organization and eventually the Board of Directors fired that CEO and hired another, and then another.  No CEO could stay the course because not only didn’t the employees believe in the vision, neither did the Board. Eventually, Borders went out of business. It is easy for lack of support to undermine and eventually quash any goal. Only those who are willing and able to move forward even if no one else believes will ultimately succeed. That tenacity builds toughness.

  1. Over-deliver on promises.

According to a study by BBB/Gallup, when asked what CEOs could do to improve trust, 72% of respondents to one survey said, “Do a better job of keeping your promises.” Another study found that 40% of consumers who had received a promise from a business in a given year felt it was not delivered, and of those 62% experienced multiple broken promises from that same business.[8] It is not unusual for companies and its leaders to not deliver on promises.  But the most successful people – those with a lot of perseverance – make sure to over deliver.  They believe that if you promise the moon, you deliver it with a handful of stars so they can shine in the customer’s eyes.   Delivering on promises means doing what you say you are going to do when you say you are going to do it. Following through on a commitment, small or large, helps build trust each time. It also helps to build toughness.

  1. Care about the details, even when tired.

Often, business leaders are big-picture thinkers who have a low tolerance for details. They’re very clear about where their visionary journey will take them, but they may neglect the finer points and details.  But the most successful people think strategically and also pay attention to detail. They don’t let big-picture thinking stop them from caring about the small stuff. Paying attention to the details is often what delivers a competitive advantage.  Certainly Apple’s attention to detail is what made its computers worth the price tag. Those who care about the details, even when tired, are those who build toughness.

In sum, these ten things can be done by anyone who puts their mind to it.  Anyone can be tough with a little extra focus and effort. Or, if a person waits long enough, it is likely to develop with age if they have become or are willing to perseverance to the goals that they develop.

First, as yesterday was Verteran’s Day and Canada’s Remembrance Day- I WANT TO SAY THANK YOU FOR YOUR SERVICE AND I TRULY MEAN THIS. 

If a Buyer wants my full attention, this means that as a Broker, the Buyer will only be working with me.  Working with multiple experienced Brokers will NOT get you the best deal. I can assure you that this means that you will slide down the order of priority. A beginning agent may take on a Buyer that is not committed to them but not any successful Broker.

If I commit as well to a Buyer, I can assure you that I will dedicate the time to this Buyer.  Ask my Buyers and they will tell you that I am continually sending or calling information on properties to them.

I have spent 23 years in the business working REALLY hard.  Lots of people say they work REALLY and many do. I have developed not only Broker-Broker relationships but a battery of referral partners as well.

 I have vetted MANY referral partners and continue to do this as we speak.  My goal is to continue to offer the best of the best!

Time is one of the most valuable commodities  and I expect that everyone would agree with this.

A Buyer Broker agreement is a bilateral contract between and Buyer and myself.  This is a fully enforceable contract. Anyone that chooses to work with me and take advantage of the deep resources and knowledge that I have will need to sign this.

I work hard for my buyers and in doing so want to insure that the any Buyers are as committed to me as I am to me.  This will also include a non-disclosure agreement. Why? So that if I sign one to obtain information on the Buyer’s behalf, the Buyer has already agreed to the confidentiality of the information. Also, this protects the information that I send to Buyers including the referral sources that I share.

I spend real dollars on my Buyers.  Tracking reports and searching for the best properties that fit their needs.

IF the Buyer wants to work with multiple Brokers over the next few weeks, I will be speaking with each of my Buyers and discussing this personally.

Please feel free to call me. The market is increasing and I am here to ANSWER my phone.  BTW, do you realise how many agents are now putting in the private remarks-DO NOT CALL ME ONLY TEXT! What is this world coming to?

602-688-9279

Linda

During the Escrow process, the Buyer should and probably will do a physical inspection of the subject property.  This is the Buyer’s right.  

The Seller’s responsibility is to make sure that the Buyer has full access to the property.  Also, the Seller MUST insure that ALL utilities are on. If these two items are not done, the Seller needs to understand that they may be responsible for the cost of the re-inspection.  If there is any challenge to unlocking a door, the Seller or Property Manager should have either a locksmith or a maintenance person to drill the locks onsight.

Once the Buyer’s Inspections are complete, the Seller will receive a copy of the inspection report(s). The Seller needs to review this report carefully.

There are two reasons.  If the Seller has paid for items that are noted on the report, they should go to the vendor and make sure that these items are taken care of. 

The second and probably most important is that now the Seller and the Broker has material knowledge of the items that have come up on the inspection. 

If the Property falls out of Escrow, the Seller MUST update the Seller’s Disclosure Statements as they now have the knowledge of the problems.  

If there are Health and Safety concerns noted, the Seller is now at risk if these are not handled ASAP.  If a tenant or anyone is harmed due to this neglect, the Seller could very well be held responsible.

If there are material facts that are uncovered, the Broker is under legal responsibility to disclose these items to any potential Buyer.  

Again, if the Property goes back on the market, the immediate needs should be addressed and can be disclosed as such.  This will make the likelihood of the next Escrow successful.

This is one of the main reasons that I personally walk every unit when I list a property and many of these deal killing issues can be taken care of before the Escrow thus ensuring a successful closing.

Remember that I answer my phone! 602-688-9279

Have a GREAT week!

 

Linda

When a real estate Agent in Arizona obtains a real estate license do you realize that in less than 21 days this person is licensed to practice real estate law?  

It is clearly written that no one is supposed to practice outside their scope of expertise.  What this clearly means that if the agent is not trained in an area of real estate that they either refuse to do this or refer this to an agent that is versed in the type of real estate that the client wants. If this is not done, then the agent is to obtain in writing from the client that they are not versed in this area.  

The agent should NEVER do this without the Designated Broker’s written permission. NO Broker worth their salt would allow one of their agents to work outside of their expertise.

Many agents have their heart in the right place but many “see” the commission as a driving factor. I can assure you that working for months on a deal and then it falls through really is painful. MORE painful is hurting the client or their interests. I am one of the few commercial Brokers that pay a referral fee to another agent and hopefully do the Client justice and the other agent maintains the reputation of taking care of their client.

The difference between selling a house that is an owner occupied sale and a tenant occupied property is really night and day as well.

One of the reasons that I have been so very successful with fourplexes is that I have treated these small multifamily properties the same as a commercial sale.  Agents sometimes feel because this is commonly written on a standard residential contract that this is handled the same as a single family house sale and this is so far from the truth. The FORMS that are used I actually assisted AZ Association of Realtors with the form.  In the forms committee there was me and the attorney for the association. They call me the Fourplex Queen for a reason.

I am in Escrow with an assisted care property, the agent is clearly a residential agent and it is sad.  Not6 only am I working harder but the BUYER really wants to buy the property and the agent’s inexperience is clearly getting in the way of the deal.  Last night my Seller even said to me that it is clear that the agent is inexperienced and it is too bad.

I was speaking to a group of residential agents recently and one held her hand up and said “Well I just did a commercial lease for my hairdresser!”.  I replied that I was sorry for their hairdresser. Why? The agent had no idea what the lockout clause was or what CAMS meant.  

I had aDesignated Broker come to me to look at a commercial lease for him.  He did not have an inspector look at the mechanicals (Air conditioner etc.). I asked him when the Tenant was moving in and he said in about two hours. In the lease,  it stated that the Tenant was responsible for the mechanicals. Guess what? The next day the 20 ton air conditioner failed. How much do you think a 20 ton air conditioner costs?  A LOT!

I could go on and on about the ins and outs of commercial real estate.  Here are the facts-use the type of EXPERIENCED Broker for your deal. I am a BROKER (higher level of license), I am a CCIM (Certified Commercial Investment Member) and I have a depth of experience with MultiFamily and Assisted Care.   

 

There are some areas of Commercial Real Estate that I refer to another Broker.  I cannot be a jack of trades and master of none!

 

Remember that I answer my phone! 602-688-9279

 

Have a GREAT week!

 

Linda

This is really easy for me if I represent the Seller-I CANCEL the listing.  I cancelled two of these this morning. Under the AZ State Law, as a listing agent I am required to disclose any material facts that I personally know about the property to a potential Buyer or Buyer’s agent. 

When I am placed in an uncomfortable situation, for example when two licensed contractors tell me that the roof is in jeopardy of falling in and the Seller does handyman Bandaid fixes-I have NO choice but to disclose this.  

Personally, I have heartburn in these types of cases. What other items would my own client do?  How would I get through inspections? Frankly, this is a total waste of my time and marketing resources.

As the Buyer or Buyer’s agent, it is important to obtain SIGNED documentation from the Seller.  After Close of Escrow, there are legal issues for non-disclosure and this would be handled by the Attorney and we all know how expensive this can be.  At least when the Seller signed the disclosure documents, one would like to believe that the Seller would not sign something knowing that it is untrue or incorrect.

What about the Buyer?  

Buyers have contractual obligations to tell the truth or disclose material facts.  As a Buyer’s Agent I have the obligation to disclose material facts to the Seller or Seller’s Agent as well. What if this is an FHA loan and I know that they have no intention of living in the unit?  What if I know that they have lost their job?

Recently, one of my vendors were asked to participate in mortgage fraud-guess what-he dropped the relationship immediately.  These are the issues that come up every day in real estate and it is important to be aware but to also protect yourself as closely as possible.

Remember one of my most common thoughts is to listen to your gut.  Usually not wrong.

Feel free to call my cell phone at any time 602-688-9279. I do answer ask anyone!

Linda

One of the very real frustrations as I sit with my Buyers or Sellers is the Client that “thinks” that by squeezing every last drop of blood from the other side is the way to win the deal.  I usually do not work over a long period of time with this type of Client. While I certainly want to obtain the best property that fits the needs of the Investor, there are ways to go about it that can make the experience of investing both successful and a pleasurable experience.

Years ago, too many to count I sold single family homes.  I learned something way back then. If a Buyer grinds the Seller for everything, the Seller will probably leave the property without cleaning it and will take very LAST garden hose simply on principle. It is the same for investment properties.

Many Buyers think that if they can”get” the deal for 10K lower that they are in a winning position.  Hardly ever is this the case.  Figure out the payments on an additional 10K and then decide if you want to go into an adversarial position with the Seller from the get go.

Here are some thoughts on this:

  • What if you need a few days of an extension? If the Seller is already feeling taken advantage of, you may not get the extension and lose the deal and possibly your Earnest Money along with any appraisal and inspection fees that you have already paid
  • Do you want the property repairs to be taken care of or a credit at close? Good luck with a Seller that again feels that you already “got the deal” Now instead of your down payment and loan, you now will be coming out of pocket for repairs.
  • What about the competitive market?  I am going into contract today on a listing.  I have two of my own investors that I know really want the property.  Last night I received two offers and the Seller is choosing one this AM.  My investors have lost out on a good building simply trying to figure out numbers.  I can assure you that not worrying over a 10K difference does not matter in the scheme of things.
  • What about your reputation as a Buyer. Do not think that if you submit low ball offers or offers with conditions that are unreasonable that Brokers do not speak with each other.

STOP paying for “COACHES or REAL ESTATE GURUS” . What a COMPLETE waste of money!  Use the money for down payments and get in the game correctly, I have investors or many I should say sometimes want to be investors that have to check with their coaches. By the time they have done this, the deal is gone.

Let speak about the Seller side of garnering the correct contract on your property.

Do you care if the Buyer wants something that you feel is unreasonable?  Depends (the famous real estate answer) on what it is.  A Seller should put themselves in the Buyers seat and see it from their perspective.  If the Buyer can only qualify to a certain amount, beware of this on any counters.  Understand that in multifamily, the Buyer typically does not go into the building until you have an accepted contract and escrow is opened.  If you are presenting that the building is well taken care of, that should be the situation.  If it is not, be prepared for a price reduction or a credit at close.  If the Buyer needs you to cover closing costs be aware of this as well.

However, as a Seller remember that a bird in the hand is better than nothing.  So if you get a reasonable offer, take it.  The grass is not always greener on the next deal.

Like a Buyer who is a “low ball’ Buyer, you can gain the reputation of a Seller that is impossible to work with.  If the Buyer needs a few days of a timeline extension for a good reason, give it to the Buyer.  After closing if the Buyer needs questions answered-help them.  What goes around comes around.

Also, you never know if this Buyer will come back today or even at some time in the future to buy another one of your properties or MAYBE you want to buy one of theirs?

It is a small world in the world of Real Estate Investing.  So let’s go get the deal and have some success at the same time!

Remember that I answer my phone and feel free to call me! 602-688-9279.

Linda

Yesterday, I went to a property inspection on a listing that I have.  I was the first person onsight and the Buyer (whom I did not represent) walked up and his first words were “So I finally get to meet the Queen of Fourplexes!” His second was “What a great website!”.

I have worked hard to gain the reputation of the “Queen of Fourplexes”. In 2006 I was with RE/MAX Commercial. I was number two in the ENTIRE world for RE/MAX that year and all I sold was fourplexes.  I missed being named number one by $30,000.  Of course they do not tell you this until you have received the award.  I would have bought a condo myself.  The next year I was again awarded the very highest honors from RE/MAX.

In the 23 years as a Broker, I have learned what works and what does not work in selling properties.  Of course, it goes without saying that answering my phone makes the biggest difference.  So many agents never answer their calls.  I see in the private remarks of listings-don’t call just text! I wonder if the Sellers knew that their agents put this in or even worse NEVER return calls or even emails-would they even hire the agent or FIRE them and they should be fired for this attitude.

When I work with a Seller to list their property, I do so many items in preparation.  First, I actually drive by the Property. There is nothing in Real Estate as “putting your feet on the dirt”.  I want to see improvements in the area and what is going on. I want to see the condition of the exterior of the property.  My recommendations to the owner for work that needs to be done is the difference between a sale and the price that the property sells for. This is the easy part.

I also want to walk the interiors of all units.  The worst thing that can happen is that you get a contract and when the inspections happen, the deal falls apart because we were not prepared for whatever is behind the closed doors.

I absolutely hire my photographer to shoot professional photos. I am paid to do a good job and professional photos make all of the difference. This means that the property needs to be made ready for the photoshoot.  Landscaping, moving tenant items and any repairs completed.

On the back side of the listing, I am known for supplying all due diligence up front to potential buyers.  NONE of us needs practice in writing contracts.  Let’s get the information in the hands of the Buyers or Agents.

I have agents look for my listings as they know that they can get all of the information upon front and make educated decisions about the property.

The list of items that I request from the Seller can be frustrating for the Seller.  However, without it I cannot do my job.  Having the information I need is critical to selling the property.  The faster I get the items, the faster that the property will sell.

I list properties on approximately 30 different websites.  All of these take a great deal of time to maintain.

An important fact is that I also update current rent rolls and year to dates on a monthly basis.  Again, the difference in Brokers.  Again, I need this information from the Seller or their Property Manager monthly.

When I list a property and IF I get all of the information that I need from the Seller, it takes me approximately 4 hours to completely “bring” up a listing.

There are many other factors that go into selling but the preparation done properly will hasten the days of market for the Seller!

Remember that I answer my cell phone 602-688-9299

Please call me if you have any questions!

Linda

So I just had a phone call from a person that wanted to offer on a proerty that I had listed. Guess what? I am not kidding, the Seller about 30 seconds before signed the Purchase ad Sale agreement.  This means that it is an accepted offer and the property is considered “in contract”.

In the Phoenix Market and frankly in any other market it is important to get the contract accepted.  It is not that you have all of the information, it simply means that you have the property under contract.  I can assure you that by the time I request all of the due diligence, in this market the property will have gone to contract with someone else.

I am pretty good at being able to estimate the cost of running the building-stablized.  I also work with Property Management to know what the rents can or should be.

As far as the condtion of the interior (as we rarely get to see interiors) this is often a negotiated factor after inspections.

Remember that you also have an apprasial condition in the contract as well.

The way that I write a contract, we make sure that you have a due diligence period so that you can do your analysis of the proformance of the property.  Remember until we get past the due diligence phase of a contract, it really is all paper.

I never want someone to CLOSE on a property that is not right for their needs but without an accepted contract, we will never figure this out.

Do not think that low ball offers work in a good market.  They DO NOT!  Remember you still have the apprasial contengency.

Real Estate is location and pick you price range and location.

Here is something else that is non-negotiable. You must have a proof of funds for either the purchase amount (if cash) or for the down payment.  In addition, if you are going to finance part of the purchase ABSOLUTELY need to be prequalified.  Contracts are not worth much if there is not one or maore of these items in place.  Today alone I received two offers on properties and niether one had a proof of funds (both cash).  I immedaily sent an email to the agents for the POF and in both cases received it back in minutes.  Agents and Investors know that they need this piece.

Off Market Is not a deal as many think. Who cares if it is an advertised listing or an “Off Market”. If it is on the MLS for expample you are actually more protected legally as Realtors have rules that govern.  I have bought off market and while we did the best due dilligence possible, once we closed there always seem to be more hair on the dog so to speak.

I promise my clients that if we write on a proerty and it is not the right one that they will have the ability to cancel during the Due Dilligence period.  Please read my past blog on Critical Dates Letters as you will agian see how important that these are.

Stay tuned for more Broker’s Advantage Blogs next week.

And remember that I answer my phone.  Cal me 602-688-9279

Linda

 

 

The Critical Dates of the Purchase and Sale Agreement

The critical dates are written into the Sale Agreement and need to be respected.  A Contract is not valid unless it has a beginning and end date. While these are governing dates there are other dates that are probably in the contract.

REMEMBER THAT ONLY A BUYER AND SELLER ARE PARTY TO THE CONTRACT AND ALL ADDENDUMS MUST BE SIGNED BY THE BUYER AND THE SELLER!!! I can’t tell you how many times I see agents trying to change (even with good intentions) the time lines or any other terms with an email.  This does not count.

The Title Company especially on an investment property, should provide what we call a critical date letter.  READ IT and make sure that you agree with the dates. If a date falls on a weekend or a legal holiday this may still be valid.  Remember that in Arizona unless it is stated that this is business days it will default to calendar days.  Also, the time for the expiratino is 11:59 PM AZ time unless stated otherwise.

Last year there was an agent that was representing himself and waited to send a Buyer’s Inspection Report until 11:59-but guess what he only emailed it to himself.  When we realized his mistake it was exactly 12:00 midnight and my Seller did not have to make any repairs.  Additionally, his Earnest Money was at risk and he utlimately closed. It was a nightmare closing but I got it done!

If a timeline is changed, the Title Company should issue a new critical dates letter.  Remember that the Title Company is the “keeper” of the contract.  The Critical Dates letter is very useful to be sure that everyone is on the same page!

Since I negotiated the contract, either from the Buyer or Seller’s side; I should know what the intent of the Contract will be.

One of the most frustrating items is that Lender underwriters I am not sure that they really ready the Contract.  I always am watchful of the transaction to be sure that the Lender is hitting their timelines as well.

This is simply another tool to be sure that everyone understands the contract and it’s deadlines.

There are some real differences between the AAR Residential contract the Commercial contract and by reading the Contract that you sign, you have committed yourself legally to the timelines.

We will speak later about the different timelines and how they can be used both pro and con.

Remember that the backside of the website contains alot of good information but you have to register to see it!

I answer my phone and look forward to speaking with you!

Hope you have a good time reading these Blog Posts! I truly want to help you understand investing!

Linda

602-688-9279

 

Hold open Title policies are very useful for a few reasons. First, what is a hold open policy?

A hold open policy must be requested prior to the Close of Escrow of the purchase of the property. This is used for investors that are intending to resell the property in 2-4 years. What this does is save the Investor fees for the owner’s title policy that is issued when the Seller sells the property.

The Buyer soon to be Seller will pay a small fee at Close of Escrow when they aquire the property. However, when this person sells the property there is a substantial savings in the Title Insurance. NOTE-The Seller must use the same Title Company when sellig the Property without fail. When we have a hold oen policy I disclose it in the listings to the agents.

What if the owner decides to kepp the property after close? It is important that the Seller contact the Title Company and have them close the policy in order to maintain the Title Insurance. There is not a fee for this but this is an often overlooked item.

What if the Seller is not quite finished with the repositioning of the property and the hold open time period os about to expire? It is easy to extend for a small fee. The Seller must contact the Title Company prior to the expiration of the policy and request an extension. There will be a small fee for this but it still saves quite a bit at closing.

There are different time limits on policies depending on who is the underwriter of the policy. The Buyer-Seller needs to decide how long that the repositioning is going to take and buy the policy accordingly.

Wait till next week for more education!

Remember that I answer my phone. It’s funny people say, “You answered your phone!”. I say “Well you called me!”.

602-688-9279

Take Care,

Linda

Events

Remember that Arizona does not change!

History of Daylight Saving Time — DST

Daylight Saving Time (DST) is used to save energy and make better use of daylight. It was first used in 1908 in Thunder Bay, Canada.

Benjamin Franklin suggested, rather jokingly, to wake up earlier to save candles.

DST normally adds 1 hour to standard time with the purpose of making better use of daylight and conserving energy. This means that the sunrise and sunset are one hour later, on the clock, than the day before.

DST Changes — Dates and Local Times

First Used in Canada in 1908

In July, 1908, Thunder Bay in Ontario, Canada became the first location to use DST. Other locations in Canada were also early to introduce Daylight Saving bylaws.

On April 23, 1914, Regina in Saskatchewan, Canada implemented DST. The cities of Winnipeg and Brandon in Manitoba followed on April 24, 1916. According to the April 3, 1916, edition of the Manitoba Free Press, Daylight Saving Time in Regina “proved so popular that bylaw now brings it into effect automatically”.

DST Statistics — Past and Present Use

Germany First Country to Use DST

Germany became the first country to introduce DST when clocks were turned ahead 1 hour on April 30, 1916. The rationale was to minimize the use of artificial lighting in order to save fuel for the war effort during World War I.

The idea was quickly followed by the United Kingdom and many other countries, including France. Many countries reverted back to standard time after World War I, and it wasn’t until the next World War that DST made its return in most of Europe.

Ancient Civilizations

Although DST has only been used for about 100 years, the idea was conceived many years before. Ancient civilizations are known to have engaged in a practice similar to modern DST where they would adjust their daily schedules to the Sun’s schedule. For example, the Roman water clocks used different scales for different months of the year.

Benjamin Franklin

American inventor and politician Benjamin Franklin wrote an essay called “An Economical Project for Diminishing the Cost of Light” to the editor of The Journal of Paris in 1784. In the essay, he suggested, although jokingly, that Parisians could economize candle usage by getting people out of bed earlier in the morning, making use of the natural morning light instead.

Hudson and Willett

In 1895, New Zealand scientist George Vernon Hudson presented a paper to the Wellington Philosophical Society, proposing a two-hour shift forward in October and a two-hour shift back in March. There was interest in the idea, but it was never followed through.

In 1905, independently from Hudson, British builder William Willett suggested setting the clocks ahead 20 minutes on each of the four Sundays in April, and switching them back by the same amount on each of the four Sundays in September, a total of eight time switches per year.

First Daylight Saving Bill

Willett’s Daylight Saving plan caught the attention of Member of Parliament, Robert Pearce, who introduced a bill to the House of Commons in February 1908. The first Daylight Saving Bill was drafted in 1909, presented to Parliament several times and examined by a select committee. However, the idea was opposed by many, especially farmers, so the bill was never made into a law. Willett died in 1915, the year before the United Kingdom started using DST in May 1916.

DST in the United States

In the US, “Fast Time” as it was called then, was first introduced in 1918 when President Woodrow Wilson signed it into law to support the war effort during World War I. The initiative was sparked by Robert Garland, a Pittsburgh industrialist who had encountered the idea in the UK. Today he is often called the “Father of Daylight Saving”.

Only seven months, later the seasonal time change was repealed. However, some cities, including Pittsburgh, Boston, and New York, continued to use it until President Franklin D. Roosevelt instituted year-round DST in the United States in 1942.

War Time DST

Year-round DST, also called “War Time”, was in force during World War II, from February 9, 1942, to September 30, 1945, in the US and Canada. During this time, the US time zones were called “Eastern War Time”, “Mountain War Time”, “Central War Time”, and “Pacific War Time”. After the surrender of Japan in mid-August 1945, the time zones were relabeled “Peace Time”.

The UK applied “Double Summer Time” during World War II by setting the clocks two hours ahead of GMTduring the summer and one hour ahead of GMT during the winter.

DST History in Europe

US Uniform Time Act of 1966

From 1945 to 1966 there were no uniform rules for DST in the US and it caused widespread confusion especially for trains, buses, and the broadcasting industry. As a result, the Uniform Time Act of 1966 was established by Congress. It stated that DST would begin on the last Sunday of April and end on the last Sunday of October. However, states still had the ability to be exempt from DST by passing a state ordinance.

Modern DST History in the US

The US Congress extended DST to a period of ten months in 1974 and eight months in 1975, in hopes to save energy following the 1973 oil embargo. The trial period showed that DST saved the energy equivalent of 10,000 barrels of oil each day, but DST still proved to be controversial. Many complained that the dark winter mornings endangered the lives of children going to school.

Daylight Saving or Savings?

Energy Policy Act of 2005

After the energy crisis was over in 1976, the DST schedule in the US was revised several times throughout the years. From 1987 to 2006, the country observed DST for about seven months each year. The current schedule was introduced in 2007 and follows the Energy Policy Act of 2005, which extended the period by about one month. Today, DST starts on the second Sunday in March and ends on the first Sunday in November.

Daylight Saving Today

Daylight Saving Time is now in use in over 70 countries worldwide and affects over a billion people every year. The beginning and end dates vary from one country to another. In 1996, the European Union (EU) standardized an EU-wide DST schedule, which runs from the last Sunday in March to the last Sunday in October.

Remember that Arizona does not change!

History of Daylight Saving Time — DST

Daylight Saving Time (DST) is used to save energy and make better use of daylight. It was first used in 1908 in Thunder Bay, Canada.

Benjamin Franklin suggested, rather jokingly, to wake up earlier to save candles.

DST normally adds 1 hour to standard time with the purpose of making better use of daylight and conserving energy. This means that the sunrise and sunset are one hour later, on the clock, than the day before.

DST Changes — Dates and Local Times

First Used in Canada in 1908

In July, 1908, Thunder Bay in Ontario, Canada became the first location to use DST. Other locations in Canada were also early to introduce Daylight Saving bylaws.

On April 23, 1914, Regina in Saskatchewan, Canada implemented DST. The cities of Winnipeg and Brandon in Manitoba followed on April 24, 1916. According to the April 3, 1916, edition of the Manitoba Free Press, Daylight Saving Time in Regina “proved so popular that bylaw now brings it into effect automatically”.

DST Statistics — Past and Present Use

Germany First Country to Use DST

Germany became the first country to introduce DST when clocks were turned ahead 1 hour on April 30, 1916. The rationale was to minimize the use of artificial lighting in order to save fuel for the war effort during World War I.

The idea was quickly followed by the United Kingdom and many other countries, including France. Many countries reverted back to standard time after World War I, and it wasn’t until the next World War that DST made its return in most of Europe.

Ancient Civilizations

Although DST has only been used for about 100 years, the idea was conceived many years before. Ancient civilizations are known to have engaged in a practice similar to modern DST where they would adjust their daily schedules to the Sun’s schedule. For example, the Roman water clocks used different scales for different months of the year.

Benjamin Franklin

American inventor and politician Benjamin Franklin wrote an essay called “An Economical Project for Diminishing the Cost of Light” to the editor of The Journal of Paris in 1784. In the essay, he suggested, although jokingly, that Parisians could economize candle usage by getting people out of bed earlier in the morning, making use of the natural morning light instead.

Hudson and Willett

In 1895, New Zealand scientist George Vernon Hudson presented a paper to the Wellington Philosophical Society, proposing a two-hour shift forward in October and a two-hour shift back in March. There was interest in the idea, but it was never followed through.

In 1905, independently from Hudson, British builder William Willett suggested setting the clocks ahead 20 minutes on each of the four Sundays in April, and switching them back by the same amount on each of the four Sundays in September, a total of eight time switches per year.

First Daylight Saving Bill

Willett’s Daylight Saving plan caught the attention of Member of Parliament, Robert Pearce, who introduced a bill to the House of Commons in February 1908. The first Daylight Saving Bill was drafted in 1909, presented to Parliament several times and examined by a select committee. However, the idea was opposed by many, especially farmers, so the bill was never made into a law. Willett died in 1915, the year before the United Kingdom started using DST in May 1916.

DST in the United States

In the US, “Fast Time” as it was called then, was first introduced in 1918 when President Woodrow Wilson signed it into law to support the war effort during World War I. The initiative was sparked by Robert Garland, a Pittsburgh industrialist who had encountered the idea in the UK. Today he is often called the “Father of Daylight Saving”.

Only seven months, later the seasonal time change was repealed. However, some cities, including Pittsburgh, Boston, and New York, continued to use it until President Franklin D. Roosevelt instituted year-round DST in the United States in 1942.

War Time DST

Year-round DST, also called “War Time”, was in force during World War II, from February 9, 1942, to September 30, 1945, in the US and Canada. During this time, the US time zones were called “Eastern War Time”, “Mountain War Time”, “Central War Time”, and “Pacific War Time”. After the surrender of Japan in mid-August 1945, the time zones were relabeled “Peace Time”.

The UK applied “Double Summer Time” during World War II by setting the clocks two hours ahead of GMTduring the summer and one hour ahead of GMT during the winter.

DST History in Europe

US Uniform Time Act of 1966

From 1945 to 1966 there were no uniform rules for DST in the US and it caused widespread confusion especially for trains, buses, and the broadcasting industry. As a result, the Uniform Time Act of 1966 was established by Congress. It stated that DST would begin on the last Sunday of April and end on the last Sunday of October. However, states still had the ability to be exempt from DST by passing a state ordinance.

Modern DST History in the US

The US Congress extended DST to a period of ten months in 1974 and eight months in 1975, in hopes to save energy following the 1973 oil embargo. The trial period showed that DST saved the energy equivalent of 10,000 barrels of oil each day, but DST still proved to be controversial. Many complained that the dark winter mornings endangered the lives of children going to school.

Daylight Saving or Savings?

Energy Policy Act of 2005

After the energy crisis was over in 1976, the DST schedule in the US was revised several times throughout the years. From 1987 to 2006, the country observed DST for about seven months each year. The current schedule was introduced in 2007 and follows the Energy Policy Act of 2005, which extended the period by about one month. Today, DST starts on the second Sunday in March and ends on the first Sunday in November.

Daylight Saving Today

Daylight Saving Time is now in use in over 70 countries worldwide and affects over a billion people every year. The beginning and end dates vary from one country to another. In 1996, the European Union (EU) standardized an EU-wide DST schedule, which runs from the last Sunday in March to the last Sunday in October.