Monday, August 31, 2009

SPECIAL OPEN HOUSE ADD

As part of our Fall marketing campaign and our participation in the CABR Open House Super Weekend, we intend to include all scheduled open houses listings in a multi-page ad in the MetroMix Cincinnati Wednesday, September 9th edition, promoting our Sunday, September 13th open houses at no cost to associates. These ad listings will include the area the listing is located, a photo of the listing, the address, open house hours, price, PRT Text #, associate’s name and phone number. We realize this is a very tight deadline but it’s important we get this information returned so that no one is left out.

If you want your open house to appear in this ad then I need to know by this Thursday morning which ones you are holding open and what time.

REBOUND?

Could the end be in sight? Housing guru Shiller senses home price rebound
08-27-2009
Could the housing recession -- the worst slump in the U.S. housing market since the Great Depression -- be coming to an end? If the analysis of one respected, independent housing market specialist is accurate, the dawn is approaching. Yale's Shiller turning positiveYale University economist Robert Shiller, co-author of the now closely monitored S&P/Case-Shiller Home Price Index, and, to be sure, no friend of realtors, says the data suggests the housing market is on the mend."The sense that something is changing is definitely in the air, " Shiller told Bloomberg News after the release of June's housing data. "After three years of decline, we might be seeing a turnaround."Shiller, along with economist Karl Case, developed the index, which tracks housing data in 20 U.S. metropolitan areas. In June, only two cities, Detroit, hard hit by auto lay-offs, and Las Vegas, slumping as consumers nix trips to the gambling capital, registered May-to-June price declines.L.A., Miami, Phoenix start to reboundMeanwhile 18 cities registered May-to-June price increases. Just as telling: the hard hit metro-areas registered price gains: Los Angeles, up 1.1 percent; Miami, up 0.5 percent; Tampa, up 0.4 percent; and Phoenix, up 1.1 percent. Economists says that because the California, Florida, Arizona/Nevada regions sustained the largest and most extensive home price declines , they'll probably snap-back first and telegraph the start ! of the b roader U.S. housing sector recovery.Also, nationally, U.S. home prices increased 2.9 percent in Q2 compared to Q1 -- the first quarterly gain in two years, according to Case-Shiller data. On a seasonally adjusted basis, prices rose 1.4 percent in Q2 compared to Q1.Another data point to support the housing recovery thesis? U.S. new home sales increased in three U.S. regions in July, according to U.S. Commerce Department data. Sales surged 32 percent in the Northeast, jumped 16 percent in the South, and rose 1 percent in the West; they fell 7.6 percent in the Midwest, a region that, again, is still coping with large structural changes stemming from the U.S. auto sector's downsizing and restructuring.A third metric supporting a housing rebound? Inventories of new homes fell to 271,000 in July, the Commerce Department said -- a 35.4 percent decline since July 2008. That's a 7.5-month sup ply at the current sales rate, down from an 8.8-month supply in June. The 7.5-month supply is still above the normal three-to-five month supply, but economists and housing statisticians say the rate of inventory decline is just as important as inventory levels now. If inventories continue to drop by a 1-month supply each month, it won't be long before home construction firms say 'It's time to start building some homes before our inventory gets too low and we lose sales because of lack of choice for customers.'What's driving the turnaround in home prices? Most economists say the federal government's $8,000 income tax credit for first-time home buyers and comparatively low interest rates have played a role, but the large factor remains the market pricing mechanism. Home prices have dropped so much that, those home buyers with decent job security and good credit are calculating, given the slim chance of picking an absolute bottom for home prices, that now represents a decent time to purchase that home. Housing Analysis: The $64,000 question - make that the $210,000 question, given the median price of a new U.S. home - is: should prospective home buyers purchase now?Unless you've found your dream house or are otherwise forced to buy, I'd wait until late fall. Summer data typically distorts home sales to the upside, as many families move then, when school is out. The $8,000 tax credit, which applies to homes bought before November 1, also is aiding sales. In other words, prices could retrench. However, if home prices and sales continue to rise into the autumn season in your region of the U.S., that's a sign that a housing bottom is forming, and a home purchase then would make sense, from a price standpoint.

Saturday, August 29, 2009

Steven Rish's father passed

It is with a heavy heart that tell you Steven's Dad (Ron) passed early this morning. Please keep the family in your prayers. Steven's parents would have celebrated their 71st anniversary this week. There will be a memorial service next weekend in Atlanta -- details to follow.



Linda Wilson, Branch Manager

Thursday, August 27, 2009

Office meeting notes: 8/25/09

Linda and I had lunch with Tim Duncan on Monday. He is doing well and waiting for his surgery on Sept. 11. It is suppose to be a 4-6 hr surgery. He will be in ICU for a few days and in the hospital for a week to 10 days. This will be major surgery so please keep him in your prayers.
Steven Rish found out last week his father has cancer and he took a turn for the worst this past weekend. Steven left town to spend time with his father and doesn’t know when he will be back.
It is important that your sellers and buyers have home warranty coverage. One of Evelyn’s & one of Tasha’s customers had air conditioning problems and got it fixed with their home warranty coverage. One of Tasha’s customers also had plumbing problems and home warranty covered that too.
Janet Davis was here to give us the update on the first 7 months of 2009. Here are some of things she covered.
Pending sales are up for the 5th month in a row. This has not happened since 2003.
According to CABR in June 2009 we were up 9.2% over June 2008
CNN money article and NAR chief economist say the housing market has decisively turned for the better.
Team Rewards (that is where agents can get 5% of a new agents commission for 5 yrs) program is up this year.
We now have enhanced showing desk capabilities.
The management team will be going thru more training that they will bring back to you to help you grow you business
The 2009 CBWS programs included: 1. a 4 mos. radio campaign, 2. We cooperated with Kenton County to build a Habitat home, 3. new 1st time homebuyers handbook, 4. new Prorealtour program, 5. new preview digital magazine.
“Now is the time to buy” campaign will be launched on Aug. 31 and run thru Sept 18. It will focus on 1st time buyers, females 25-34 and the $8000 tax credit deadline. It will be on the internet-cincinnati.com & metromix.com, on radio stations WKFS 107.1, WKRQ 101.9, WRRM 98.5, WUBE 105.1 and WYFY 94.9.
On Virtual Office you can now find e-marketing that has preview brochures, post cards, digital magazine and you can make 4 different custom newsletters-company, saved, ready to send or mini. Check it out.
CB Works also has e-marketing-Coldwell Banker on location. It has CB works newsletters, Coldwell Banker “you tube”, CB work E-Zine magazine. Check it out.
Coldwell Banker training had many training programs including many, many CBolt sessions which you can still go on line and listen to refresh your self or listen for the first time, a new electronic listing presentation, realtor toolbox, fast start review, basic training for agents, project trusted advisor programs.
Starting in September Coldwell Banker will be offering “Get on Board…We’ll take you to the top”. These training sessions were designed to create the momentum you need to reach the levels of success you aspire to in 2010. Admission will be free but tickets will be required. The 1st stop “Understanding the Demands of today’s market with Rick Deluca. The 2nd stop “The new basics of real estate” with David Knox. The 3rd stop “What’s mine is mine-What’s yours is negotiable” with John Hamilton. The 4th stop “Mind your own business-designing a personal business plan” with Ed Hatch. More details to follow.
Janet also showed “featured spotlights” from MLS such as the CMA package, statistics, the mapping listings features and agent production & inventory report.
Reminder that Lowe’s no longer automatically sends out coupons to your sellers. You can go on line and do that for your sellers yourselves. Lowes DOES send them to your buyers automatically.
It is time to order your RCI certificates again. They are $179.00 each in lots of 3.
Mark your calendars for Sept. 12th & 13th for the CABR super open house Sunday. You need to start thinking about which ones you will holding open and then talking to your sellers.
Linda wants you to go to CABR and check out the guidelines for handling and submitting an offer. We will be going over those guidelines at next weeks meeting.

Tuesday, August 25, 2009

eAmbassador needed(additional one) for Wyoming office

As you may have noticed in today’s Linked In newsletter, we are still in need of eAmbassador representatives from your offices. The advertisement in LinkedIn has not been getting much attention, so I decided to take my campaign to the streets. J Please help me find interested, technologically savvy (read: likes technology but doesn’t need to be a whiz) agents from your office who have the time to join a C:BOLT meeting one time per month on the last Monday. These meetings take place at 4pm and are usually over by 4:15pm. The current representatives (if any) plus the vacant spots are listed below.

I will be sending out the meeting invitations later this month.

Thanks!

Anderson – Stacy Holmes & ______________
Hyde Park – Kent Hardman & ________________
Montgomery – Deborah Watson & _______________
Mariemont – Lindsay Shapiro & ________________
Northeast – Sarah Herbert & _________________
Wyoming – Mike Kieffer & ________________
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Grove City - ___________ & ________________ (it was Rita L)
Marysville - ___________ & ________________
Newark - _____________ & _________________
Pickerington – Jeff Ball & ________________




Sarah E. Poston Training Coordinator
Corporate Training Department
Coldwell Banker King Thompson

614.923.2713 Direct
614.453.6200 Fax
sarah.poston@kingthompson.com

Friday, August 21, 2009

Assigned Processors for Coldwell Banker Mortgage

I am excited to let you know that we have been assigned processors designated to us. We were able to select who we thought were the best so this is a huge step for Coldwell Banker Home Loans, especially hearing from many of you how you liked having 1 processor in the past!

Our processor for FHA will be Charles Aquino – I have 2 deals going with him right now and he is very on top of the files!

For the conventional loan side we will have Joyce Knobloch and Donna Keller.
They are also both excellent!

I know it is more than 1 processor, but with the change in the market there are two different divisions of processing and underwriting so the processors can stay on top of the changes in the different areas of lending.

Just wanted to let you know as this will be for all future files! Have a great weekend and let me know if you need anything at all!!

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

Office meeting notes 8/18/09

Congratulations to Karan for her excellent Service Satisfaction survey.
Chris w/CB Mortgage was here to talk about the new rules that took effect 8/1. A truth in Lending (TIL) must be sent out within 3 business days, borrower is not permitted to close until 7 days after the initial TIL was sent out so that means no closing before 10 days. A new updated TIL must be sent out 3 days before closing if the APR changes more than an 1/8th of a percentage. What can affect the APR? Renegotiations after inspection, changes in purchase price, change in fees such as adding an owners policy of title insurance after initial application or requirement of a second FHA appraisal that have sold within a year.
She also discussed the “Special Financing Program” which is a strategic marketing tool available to you and your sellers to help differentiate and sell your properties faster. It can give you a competitive advantage in a changing real estate market, enhance the value of the services that you can offer to your sellers, sell more homes faster by attracting buyers with affordable financing and protect your commission from price reductions. Here is how it works. The seller agrees to buy down the interest rate of the buyer’s mortgage, the seller provides a credit for the buyer in the amount of 2.25% of the final sales price, Coldwell Banker Home Loans applies this money towards the buyer’s interest rate. Seller benefits by differentiating their property by making their home more affordable & attractive in today’s competitive market, buyers benefit with a lower interest rate that translates into a lower monthly payment and you benefit by increasing your commission and attracting a larger pool of buyers that can help you sell your listings more quickly. The seller just needs to sign a special financing consent form as part of the listing agreement. Forms are available on Mortgage Resource Center and from Chris. By signing consent form the sellers confirms they have a clear understanding of the program. There are marketing materials and special financing signs available. See Chris is you have questions.
HOW TO HANDLE “SUGGESTED” CHANGES IN COMMISSION DISBURSEMENTS AND THOSE PESKY LAST-MINUTE CHANGES TO CLOSING DISBURSEMENTS.
What if it happens to you?
Scenario 1 You, the buyer’s agent, are involved in a difficult negotiation for a buyer. It has come down to a homeowner warranty and the listing agent suggests that the two of you share in the cost. She does not want her seller to know because her seller has not only refused to pay for the warranty, but has also told her that he does not want her to participate in the transaction in any way. She wants to do it “under the table” so that neither the buyer nor the seller knows about what happened. What would you do?
Committee Thoughts: “Under the table” has such a nasty ring, doesn’t it? There’s a reason for that! The buyer’s agent might sweetly suggest that the listing agent tell the seller he can “buy” his house back! If you do decide to split the cost, it must be disclosed to all parties and must appear on the settlement statement. Don’t be tempted just to get the deal done!
Scenario 2 Negotiations are going along rather smoothly on a home purchase when suddenly there is an impasse. The parties to the contract are $2,000 apart and the seller has graciously decided he wants the listing and selling agents to “chip in” the difference. You, the listing agent, are in the business of selling homes, not helping people fund their purchase. The selling agent reacts strongly saying she showed the home under a cooperative agreement in the MLS offering a set amount of compensation to the procuring broker and she knows that if this purchase does not work out (especially in this market), she will sell them something else. As the listing agent, how would you address this scenario with your customer? As the selling agent, what would you say to your client?
Committee Thoughts: The first response from the listing agent to the seller should be that the commission for the sale of the house was negotiated at listing time. This is certainly not the time to renegotiate that deal! As the selling agent, the MLS shows the set amount of compensation, so why should you take a hit on your commission. Both agents should contemplate the “24-48 hour rule” and take a step back from the deal. The listing agent should start showing the property again and the selling agent should start showing the buyer other properties. Time might heal the $2,000 difference between the parties!
Scenario 3 Betty Buyer, the purchaser for one of your listings, is working with Sam Slick (of Slick Loans) to get 100% financing. One of the many calls you receive from Sam is to suggest you convince your seller to increase the sale price and take back a “forgiveable” second mortgage. Sam explains that the appraiser has indicated that the comparables in the area are favorable and allow for a higher mortgage amount if he can justify it through a price increase. What should you do?
Committee Thoughts: Good old Sam Slick! Does this still go on? Committee’s first response was “Run!” Where to begin? The end lender must be aware of the “forgiveable” second mortgage and agree to it! Everything needs to be shown on the settlement statement. It doesn’t matter if that’s the way Sam has always done business! He may not be in business for much longer!
Scenario 4 You get through the crisis in Scenario 3 and when you get to closing, you notice that the final settlement statement does not match the draft you received earlier in the day. The earlier draft showed an entry on the seller’s side for $1,000 in repairs made payable to Rusty Nayls. Betty Buyer and your seller had agreed that $1,000 was to be set aside from the seller’s proceeds, made payable to Rusty, so the work could be done by Rusty after closing. Now, there is no entry for Rusty and the seller’s proceeds are $1,000 higher. The closing agent tells you she has cut two checks to the seller: one for $24,560.35 (the bottom line figure on the earlier settlement statement); and the other for $1,000. The closer asks your seller to endorse the check and make it payable to Betty. Is there a problem?
Committee Thoughts: Is there a problem???!!!! Assuming that Rusty Nayls is a contractor, why isn’t the check payable to Rusty? Does Betty have an uncle who is a handyman, can fix it cheaper and she can pocket the remaining money? If Betty is to receive a check, it must be listed on the settlement statement and must be approved by the end lender. The best thing to do—give Betty a crash course in Loan Fraud 101!
Scenario 5 That wonderful closing day is approaching and you, the listing broker, do not plan to pay the cooperating broker in an MLS-listed transaction, a commission at closing. The cooperating broker demands to be paid saying that he will instruct his buyer not to close. You suggest that the cooperating broker advise his buyer to seek legal counsel concerning any decision not to close and also recommend the cooperating broker seek legal counsel as well! It is the day before closing and the cooperative broker has just received the sample settlement statement and there is no commission listed for him! He circles the commission box, writes a reminder to you….”No commission, no sale” and faxes it to your office. What do you do?
Committee Thoughts: Wow! First, the offer of compensation to cooperating brokers in MLS does not require commission payment at closing. Next, is there a reason the cooperating broker is not to be paid at closing? Maybe the listing agreement provides that the seller will pay the listing agent outside closing? Maybe the deal is a short sale and the listing broker again is to be paid outside closing? Maybe the seller wants the settlement statement to indicate that their obligation to the listing broker has been satisfied completely by making full payment of listing commission owed, per the listing agreement, paid to the listing broker? Maybe the listing broker does not believe that the cooperating broker is the procuring cause? If you are a member of a Board of REALTORS®, regulations state that any commission dispute between brokers must be addressed by the Professional Standards Committee!
Scenario 6 And finally the dreaded final walk-thru the morning of the closing! The seller has moved out and in doing so has managed to tear a large portion of the flooring in the laundry room! The buyer (feeling a little buyer remorse) gets hysterical and wants the floor replaced. The seller, when contacted, says that the entire floor does not need to be replaced, but agrees to fix the tear. How do you handle this situation?
Committee Thoughts: This is best handled between buyer and seller and the very best solution is to get an addendum outlining the situation and fix, let the end lender know about the addendum and show everything on the settlement statement.
We hope these have not been real-life situations for any of you! However, these types of situations do come up on occasion and you need to be prepared to handle them in a legal manner. If a questionable proposal is made to you or your client, always remember that an attorney experienced in real estate issues is the best source of information regarding your specific situation. So, protect yourself by seeking legal advice. In closing, we offer this succinct thought…perhaps a golden rule! If it’s not on the settlement statement and hasn’t been approved by the end lender, there’s a problem!

Tuesday, August 18, 2009

CB Mortgage - special rate financing power point presentation

http://www.box.net/shared/e07an43agt

Above is the link to CB Mortgage special rate financing Power Point Presentation we saw today. You can add some of these slides to your electronic listing presentation.

Mike

CB Mortgage - Special financing rate buy down form

http://www.box.net/shared/vvcvhs40n3

Above is a link to the CB Mortgage special rate buy down form we learned about at today's office meeting. The link is permanently to the right also. Any questions call Chris, 513 226 2235.

Tuesday, August 11, 2009

Sales meeting notes 8/11/09

Congratulations to Doc, Bill, Dawn, Heidi, Tasha, Regina, Evelyn & Mike for their excellent Service Satisfaction Surveys. Are you putting these excellent testimonials on your personal profile page? If not, you should.
You can different yourself from others by using the prelisting kit. Capture the attention of the sellers and sell yourself prior to the listing appointment. Make an impression and show the seller why you are the best person for the job. Include a photo of their home in the packet. You can copy it from the Auditors page. Personalize the pages with their names and include a tax report from Real list. Add you personal resume, add information on your team (Chris our mortgage person, Jennifer our title person and your personal assistants –Claire & Carol. Put in testimonials you have received. The prelist kit has a confirmation letter and informs sellers of items they will need for you. You need to go above & beyond by supplying moving checklists, questions to ask when interviewing, copy of print media about CBWS, yourself, the market conditions, moving tips for children, teens & pets and community facts. Now you need to package it professionally-this represents who you are. You can find some of this information in the work room, virtual office, CB Works, comps in MLS, square footage from the auditor’s office.

Wednesday, August 5, 2009

Linda's vacation schedule

Linda will be leaving tomorrow afternoon (Sat.) for vacation to visit her daughter in Florida. She will be back in the office on Aug. 10. If you have a problem next week you can still call her on her cell phone or you can call Pat Wargowski at 678-2237

Office meeting notes - 8/4/09

Thanks to Regina for handling our meeting this morning while Linda is on vacation. She discussed what she learned from the CE class last week about Springfield Twsp. Did you know the population of Springfield Twsp. is 39,755 people? That it covers 16-1/2 square miles, it has 12 neighbor parks plus Winton Woods, that it is in 7 different school districts, it has 3 different business districts, and many different communities within the township. Springfield Twsp is having a township wide open house on Sunday Sept. 20 from 1-4 and asking as many realtors as possible to hold their listings in the township open. They will be wrapping up the event that day at Parky’s Farm in Winton Woods with a free dinner, hayride, gift bags & door prizes.
Chris w/CB Mortgage was here to talk about the new rules that took effect 8/1. A truth in Lending (TIL) must be sent out within 3 business days, borrower is not permitted to close until 7 days after the initial TIL was sent out so that means no closing before 10 days. A new updated TIL must be sent out 3 days before closing if the APR changes more than an 1/8th of a percentage. What can affect the APR? Renegotiations after inspection, changes in purchase price, change in fees such as adding an owners policy of title insurance after initial application or requirement of a second FHA appraisal that have sold within a year. More new changes are coming like lenders will have to notify borrowers of payment changes 60 days before hand on a mortgage, 45 days on a home equity line. Hud is definitely making changes to the condo approval process also.
Before Linda left she put out a training calendar for August. There will be a call nite every Monday evening at 6PM, a twilight training class every Tuesday at 6PM starting Aug. 11, starting Aug. 13 there will be a Frog class every Thursday at 1PM, starting Aug. 14 there will be new agent training at 10AM and if you hold open a house every Sunday in August your name will go in a drawing for a prize.