Office meeting notes 10/28

Starting in November Linda will be holding twilight training classes each Tuesday at 6PM and again on Thursdays at 1PM here in our office. If you are a newer agent these classes are very important for you and need to be here. Even experiences agent could learn a thing or too.
Linda is declaring Tuesday’s in November as soup days. Plan on joining us for lunch on these days. Also we are going to have our office Thanksgiving dinner here on Nov. 17 at noon. There is a sign up sheet on side of the mailbox for you to sign up for what you are bringing. Linda is bringing the turkey.
When going on a listing get it out of the way as soon as you get there before you even go thru the house. Tell them you are not a discount broker and if that is what they want then you say you just need to leave. If they go to the doctor and the copay is $50.00 they don’t negotiate it down do they? You are worth the 7% for all you have to offer. Keep that in mind.
What are you going to do to get a sale in November & December? Suggestions were calling your sphere, stopping at FSBO’s, following up on expireds, doing open houses, call past customers for referrals. Expireds should be easier to get since they have already been thru the process. Most expireds today were listed with discount brokers. Those sellers are now ready to get the job done with all you have to offer. Linda passed out a tracking sheet that she got on CB Works for you to track what you are doing. If you are doing nothing you will get nothing. Now is the time to be a “Short sale specialist”. Remember to keep in mind that the first lien is State property taxes, then IRS liens and then mortgages. Tell your buyers of short sale properties that it is important that they buy title insurance.
We will be having an updated “Lead Router” class here on November 10 at 10AM. Everyone who has not already done the class needs to be here.
Jim Conway was here to remind everyone that the end of the year is coming and it is time to check out your insurance plans to be sure you are getting everything you need at the right price.

Absorption Calculation:

Divide # of past sales by 12 months (fewer if you wish) to get average # of sales/month

Divide # of active listings (same criteria used as for past sales) by average number of sales/mo (above)

This will give you the number of months worth of inventory on the market.

Linda Wilson

New Blog Links on the right side

We have added several new links to the Blog:

MLS forms printable; printable and interactive MLS forms
MLS code maps; MLS maps of various code areas
Monthly Sales Stats; Monthly sales stats for the Cincinnati market
Mortgage Calculator; a handy mortgage payment calculator

Mike Kieffer

Office meeting notes 10/20/09

Thanks to Mike Kieffer and also Doc for taking care the meeting today for Linda who is on vacation until Thurs.
CABR is having a class on Wed. Oct. 21 for FREE on Smart phones. If you have been thinking of getting a new phone this session should help you make a decision about what phone to choose. They will present an all encompassing view of the various operating systems available for Smart Phones whether I-phone, Blackberry or Palm. They will review the strengths & weaknesses of various systems and the phone that use them, which PDA will suit you best and how they can be used to enhance your business.
Mike & Doc discussed the many good and bad things with the different types of phone.
There is another class at the board on 10/22 on foreclosures & REO’s. Doc talked about how to do a CMA on Realist. Before going out on a listing appointment you might want to do one in Realist, MLS & Zillow and use all the data to make your best judgment. The CMA from Realist picks up FSBO’s that MLS would not but MLS gives you much more information like condition, features, etc. With Realist also you need to be careful and watch the date the last data was uploaded. Don’t overprice your listings. Even if they sell at a higher price doesn’t mean they will close. Banks today will not let buyers overpay. Ask your buyer to remove all trinkets from the home. When buyers come thru they are too distracted looking at the trinkets and not looking at the house. They need to make their home look like a model home.

New OHFA loans for recents grads

From Chris Stevens, CBM

We will soon have access to OHFA money so I thought I would go ahead and send this information out. Fingers crossed we are looking at early next month to have this money. If you read this program offers a 2.5% towards the graduate’s down payment or closing costs. The interest rate on this particular program today is 5.50% for a 30 year fixed rate (a bit higher than what a market rate would be but the object is to keep Ohio grads in Ohio).

INFO from OHFA:

GRADUATES CAN NOW OBTAIN FUNDING TO BUY HOMES THROUGH NEW ASSISTANCE PROGRAM
COLUMBUS — Ohio's residents who have earned a college degree now have a new option for getting the financial assistance they need to purchase a home. The Ohio Housing Finance Agency (OHFA) today is announcing the Grants for Grads Program that gives borrowers 2.5 percent of the purchase price of the home to help with down payment and closing costs. Grants for Grads was established through the state's biennial budget in July 2009 as an effort to reduce the number of students leaving the state upon earning their degrees.
"By offering the program, we can better position the state to meet the needs of future graduates as they make plans to build their personal and professional lives in Ohio after college," said Ohio Governor Ted Strickland. "Retaining educated and qualified graduates will also help to attract new jobs and prevent others from leaving the state."
Participants must have graduated from an Ohio high school and apply for the program within 18 months of earning an associate, bachelor's, master's, doctoral or other postgraduate degree. Funding will be awarded as a second mortgage loan that carries a zero percent interest rate and is forgivable after five years. Homebuyers who move out of Ohio prior to the five-year time period would be responsible for paying a portion of the assistance back to OHFA.
"We look forward to working with talented graduates to assist them in achieving their homeownership dream as they begin the next chapter of their lives," said Doug Garver, Executive Director of the Agency. "By working to keep more of our homegrown talent in the state, we can continue to strengthen our communities."
Certain income and purchase price limits do apply and all homes must be used as a primary residence. Additional information for graduates interested in Grants for Grads is available at www.ohiohome.org.


Chris Stevens
Coldwell Banker Home Loans
513-226-2235 (Cell)
1-856-917-1347 (E-Fax)
chris.stevens@mortgagefamily.com

Chris Stevens new numbers

I am getting rid of my phone with the number 477-9306…it is just too hard to juggle 2 phones so I am going to consolidate to just 1. I just dont want you to not be able to get in touch with me if you need too. My other number incase you do not have it is below or 513-226-2235.

Thanks so much!!

Chris Stevens
Coldwell Banker Home Loans
513-226-2235 (Cell)
1-856-917-1347 (E-Fax)
chris.stevens@mortgagefamily.com

Office meeting notes:10/6

We want to wish a Happy Birthday to our October birthdays-Doc Rodgers, Shirley Harris, Susan Trefilek, Sondra Merusi & Carol Murrison.
Mark your calendars for 3 C:Bolt classes coming in October. On 10/15 is Hang Ten! Have you ventured out into cyberspace to explore some of the neat places that might be able to help you increase your business & improve levels of services? On 10/19- Gimme the works! Learn how to log in CBWorks, navigate & utilize this dynamic tool that is free to all Coldwell Banker associates. On 10/29-Coldwell Banker Concierge. Meet Michael Noel from the Concierge Dept and find out how to recommend vendors and how to find the best vendors for your needs.
Linda opened CBWorks and showed just a few of the many, many things available there like information on REO’s, property marketing, advertising, farming, marketing plans, theme promotion, seller targeting, FSBO kits to name just a few of the things that are available for your use for FREE. Check it out - even better attend the C:Bolt class on 10/19.
Linda ran a short film on phone techniques. We are missing out on picking up new business with some agents on phone duty. You need to enthusiastic, be positive, be helpful and ask questions. They may say to you that they are working with another agent BUT stop and think if that agent was a good agent that prospect would not be calling you and asking you about properties. We hear all too often a duty agent say “that house is $100,000 and has 4 bdrms., 2 baths. OK goodbye”. That could have been your pay check for next month.
Jennifer with Residential Title was here to remind everyone that the last day to close a sale for the $8000. first time buyer credit is Nov. 30 which is the Monday after Thanksgiving. She suggest if all possible to get it done a day or two before Thanksgiving because of the holiday weekend. If you had 1 week to ensure you have a pay check in December what would you do now? You need to be doing open houses to pick up buyers or even a seller. Remember you don’t do open houses necessarily to sell that house but to pick up a buyer or seller or maybe both. Linda said Saturday open houses are OK if they are on a high traffic street.

First time buyer scenarios from Chris Stevens

First-Time Homebuyer Credit: Scenarios

S1. If a single person (Taxpayer A) qualifies as a first-time homebuyer at the time he/she purchases a home with someone (Taxpayer B) that is not a first-time homebuyer and then later that year they marry each other, is the credit still allowed?
A. Eligibility for the first-time homebuyer credit is determined on the date of purchase. If Taxpayer A, a first-time homebuyer, buys a house and then later that year marries Taxpayer B, not a first-time homebuyer, the credit is allowable to Taxpayer A. Taxpayer A may take the maximum credit.
S2. Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much?
A. Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit ($7,500 for purchase in 2008; $8,000 for purchase in 2009), if the home was purchased as Taxpayer A's primary residence.
S3. A taxpayer owned her principal residence. Several years ago, she decided to relocate to a rented apartment, but did not sell the former residence. Instead, she rented it out to tenants. Now the taxpayer plans to buy another house and make it her new principal residence. Does she qualify for the first-time homebuyer credit?
A. A taxpayer who owned rental property within the past three years is still eligible for the credit. The taxpayer cannot have owned and used a home as his or her principal residence within the last three years.
S4. If husband and wife wanted to sell the home that the wife owned when they got married, and the husband had not owned a home within the past three years, could he qualify as a first-time homebuyer for the credit even though the wife would not qualify?
A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the wife had ownership interest in a principal residence within the prior three years, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) of the Internal Revenue Code requires that the taxpayer and the taxpayer's spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. The husband may not take the credit even if he filed on a separate return.
S5. Taxpayer purchased a home on April 24, 2008, while she was separated from her husband. Later in the year, they reconciled and were living together at the end of 2008. She has not owned a home since 2004 but he owned one which he sold in 2006. They remained married the entire time. Is the taxpayer eligible for the first-time homebuyer credit?
A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the husband had ownership interest in a principal residence within the prior three years, and the taxpayers were legally married, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) requires that the taxpayer and the taxpayer's spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. While individuals do not have to be married to get the credit, marriage (and legal separation) imputes ownership of a previous home upon the other spouse. The wife may not take the credit even if she filed on a separate return.
S6. I have been estranged from my spouse for over three years and file married filing separate. I don’t know if my spouse has owned a main home in the last three years, but I have not. If I buy a house in 2009 that otherwise qualifies for the first-time homebuyer credit, can I claim the credit?
A. Section 36(c)(1) requires that the taxpayer and the taxpayer's spouse not have an ownership interest in a principal residence within the three years prior to the date of purchase. While individuals do not have to be married to get the credit, marriage (and legal separation) imputes ownership of a previous home upon the other spouse. If your spouse has not owned a main home in the last three years, then you may claim the credit.
S7. I am separated from my spouse and considered unmarried, and qualify for the unmarried head of household filing status. My spouse has owned a main home in the last three years, but I have not. If I buy a home on May 1, 2009, that otherwise qualifies, can I claim the first-time homebuyer credit?
A. No. Section 36(c)(1) requires that the taxpayer and the taxpayer's spouse not have an ownership interest in a principal residence within the three years prior to the date of purchase. While individuals do not have to be married to get the credit, marriage (and legal separation) imputes ownership of a previous home upon the other spouse. The taxpayer may not take the credit even if filed on a separate return.
S8. A qualifying taxpayer bought a home in August 2008 that needed a lot of work before occupying. They finished the renovations and moved in the home in January 2009. Can they claim the $8,000, since they did not occupy the home until 2009?
A. No. Taxpayers who purchase an existing home and renovate the property before moving in are eligible for the first-time homebuyer credit based on the date of purchase, not the date of occupancy.

Possible negative changes to FHA

Bill to Solve FHA Finance Issues; National Mortgage NewsRep. Scott Garrett, R-N.J., has rolled out a bill that would increase the down payment requirement of the FHA to 5 percent from 3.5 percent and bar closing costs from being rolled into loans insured by the agency. "As we have learned repeatedly throughout the mortgage crisis, the amount of equity a homeowner has in their home directly correlates to the credit risk associated to their mortgage," said Garrett, who sits on the House Financial Services Committee. He also hopes to address financial issues at FHA by having the General Accountability Office determine the appropriate capital and leverage ratios for the agency's single-family program.


Chris Stevens
Coldwell Banker Home Loans
513-226-2235 (Cell)
1-856-917-1347 (E-Fax)
chris.stevens@mortgagefamily.com