7/28 Office Meeting Notes

Using your Sixth Sense. The objective is taking care of your senses. We become what we think about. 6 positive sales senses are confidence, achievement, winning & success. 2 of the hardest things to handle are failure & success. There are 9 negative senses, fear, rejection, nervousness, procrastination, reluctance, justification, self doubt, doom and unlucky. If you don’t think you are the greatest agent then you need an attitude adjustment.
Happy birthday to our August birthdays: Al, Linda Tooson and Tim Duncan.
New home sales rose the highest since Nov. 2008. Existing homes rose for the 3rd consecutive month. Most of the credit goes to the first time buyer tax credit. Chuck Barnes (CB Mortgage) thinks that the interest rate will stay stable or maybe go down a little. Housing inventory fell .07% in June. Hopefully housing prices should stabilize by end of the year. First time buyers were 29% of all transactions in June. The first time buyer tax credit is helping with the overall stimulus package.
The best places for you to go for answers to your questions are: cbwswy.blogspot.com which is our office blog. There you will find things discussed at our office meetings, information on the new programs, easy to click on websites of interest, etc. or you could use cbws.com for mortgage info, how to figure title insurance, community guide etc. or use cbworks.coldwellbanker.com to find how to market yourself, do listing presentations, flyers, get statistics, etc.
Jennifer w/Residential Title was here to talk about Bank of America (Countrywide) that will be starting probably in Sept. a new website where you can down load all paperwork for sales on their properties. Right now they are having a 60-70% fall out rate and only 30 to 40% actually go to closing. This new website should help keep the paperwork at their fingertips. She also talked about the new Mortgage disclosure act going in effect. Upon making application a borrower is provided a Truth in Lending statement detailing to the total expected costs that could be incurred over the life of the loan. Should anything change in the loan application that could change the APR by more than .125% a new TIL must be reissued to the borrower a min. of 3 business days before closing. Items impacting the APR could include a borrower accepting a higher interest rate that initially qualified by floating their rate at application, a change to the loan amount, a change in produce, a change in closing date and any changes to fees. You will need to allow for more time in your contracts to close. The usual 30 days is not enough now days. Allow 45-60 days to close. Better to be safe. Also keep in mind that a FHA or VA appraisal is good for 6 months and work orders stick with the appraisal. Even if it goes conventional financing later you still need to disclose the work orders.Please give Chris (CB Mortgage) a chance to help your customer with financing. Call her direct and she will take the loan application personally and follow thru to the very end on that loan. She will get it packaged right so it goes thru.