Office meeting notes 11/12/09

Steven Rish had his surgery yesterday and they think that they were able to break up the kidney stone so he can pass it. We wish Steven a speedy recovery.
If you are sick PLEASE DO NOT come into the office. Also if you have kids that are sick DO NOT bring them to the office either. Please be respectful of your fellow workers and keep them well.
The tickets for the next program in the Elevation Series are available. The speaker is Ed Hatch and his subject will be “Mind your own business—Designing a Personal Business Plan”. It will be at Receptions in Eastgate. The tickets are worth $25.00 but you get them for free. Please see Claire if you can go. It will be well worth your time.
Janet Davis stopped by to congratulate the Wyoming Office for being mortgage leader for the month of September. She also asked for suggestions for topics for upcoming training classes. Some of the suggestions were more in depth technology training, how to use everything that realtor.com has to offer, creative marketing tips, e-marketing and more in depth CBolt classes. She also said that the “Banks” project is coming out of the ground but at this point they will be all rentals and not condos as previously planned.
Starting after the first of the year CBWS will be changing their Fast Start training classes. They will be a 5 week class from 9 to 1 each day with homework to be completed so when a new agent finishes the class they will be ready to go.
Don’t forget next Tuesday is our Thanksgiving lunch here at noon.
The first time homebuyer tax credit has been extended into 2010 plus a new tax credit for certain existing home owners. It also gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6500 for qualified purchasers who have owned and occupied a primary residence for a period of 5 consecutive yrs during the last 8 yrs. It also raised the income level to qualify.
We have a new Concierge Specialist at the Home Resource Center where she will be serving both West Shell & King Thompson companies. Her name is Jenny Foss. She has been in the real estate industry in many different capacities since 1992. Her background began in mortgage and title and she became a licensed real estate agent in 1999. Having been an agent herself she understands how critical customer service skills are in this business. She delivers a take charge attitude and is always eager to help.
Linda will be having a CE class here on December 3 from 1-4. The class is “Business Planning”. She would like all of you to sign up to attend this class and get prepared for next year. Please sign up to attend with Susan in the training dept.
Congratulation to Evelyn Disher Hill. She received 2 checks in October for 2 different outgoing referrals she sent out by just making a phone call.
There will be a Crash Course class here this Saturday so if you are in and see new faces please be nice to them. They are going to be new agents with CBWS.

NRT LeadRouter 3.0 Agent Training Schedule for November/December 2009

NRT LeadRouter 3.0 Agent Training Schedule for November/December 2009


To register for any of the NRT LeadRouter 3.0 Agent Training Sessions, click on the registration link below the class date/time. You will then be prompted to enter your first and last name and your email address. Once you register for a class, you will receive a confirmation email with instructions on how to log into the WebEx session. The session password for all classes is: adminpw

You will also need to join the audio conference in order to hear the instructor. To join the audio conference, please follow the instructions below:

Call the conference bridge number: 973-407-5555, When prompted, enter the Meeting ID: 5007


Class dates/times for November/December 2009:


Tuesday, 11/3/09 at 1:00pm Eastern Time
To register for this training session ------------------------------------------------------- Go to https://mylearning.webex.com/mylearning/k2/j.php?ED=122862672&UID=1134719277 and register.


Thursday, 11/5/09 at 4:00pm Eastern Time
To register for this training session ------------------------------------------------------- Go to https://mylearning.webex.com/mylearning/k2/j.php?ED=122862677&UID=1134719282 and register.


Tuesday, 11/10/09 at 6:00pm Eastern Time
To register for this training session ------------------------------------------------------- Go to https://mylearning.webex.com/mylearning/k2/j.php?ED=122862682&UID=1134719302 and register.


Thursday, 11/12/09 at 11:00am Eastern Time
To register for this training session ------------------------------------------------------- Go to https://mylearning.webex.com/mylearning/k2/j.php?ED=122862687&UID=1134719307 and register.


Tuesday, 11/17/09 at 1:00pm Eastern Time
To register for this training session ------------------------------------------------------- Go to https://mylearning.webex.com/mylearning/k2/j.php?ED=122862692&UID=1134719312 and register.

Thursday, 11/19/09 at 4:00pm Eastern Time
To register for this training session ------------------------------------------------------- Go to https://mylearning.webex.com/mylearning/k2/j.php?ED=122862697&UID=1134719317 and register.

Tuesday, 11/24/09 at 6:00pm Eastern Time
To register for this training session ------------------------------------------------------- Go to https://mylearning.webex.com/mylearning/k2/j.php?ED=122862702&UID=1134719322 and register.


Tuesday, 12/1/09 at 1:00pm Eastern Time
To register for this training session ------------------------------------------------------- Go to https://mylearning.webex.com/mylearning/k2/j.php?ED=123466107&UID=1137732382&RT=MiMxMQ%3D%3D&FM=1 and register.


Thursday, 12/3/09 at 4:00pm Eastern Time
To register for this training session ------------------------------------------------------- Go to https://mylearning.webex.com/mylearning/k2/j.php?ED=123465377&UID=1137729912&RT=MiMxMQ%3D%3D&FM=1 and register.

Tuesday, 12/8/09 at 6:00pm Eastern Time
To register for this training session ------------------------------------------------------- Go to https://mylearning.webex.com/mylearning/k2/j.php?ED=123465177&UID=1137729917&RT=MiMxMQ%3D%3D&FM=1 and register.


Thursday, 12/10/09 at 11:00am Eastern Time
To register for this training session ------------------------------------------------------- Go to https://mylearning.webex.com/mylearning/k2/j.php?ED=123465382&UID=1137730252&RT=MiMxMQ%3D%3D&FM=1 and register.


Tuesday, 12/15/09 at 1:00pm Eastern Time
To register for this training session ------------------------------------------------------- Go to https://mylearning.webex.com/mylearning/k2/j.php?ED=123465182&UID=1137729922&RT=MiMxMQ%3D%3D&FM=1 and register.


Thursday, 12/17/09 at 4:00pm Eastern Time
To register for this training session ------------------------------------------------------- Go to https://mylearning.webex.com/mylearning/k2/j.php?ED=123465387&UID=1137730257&RT=MiMxMQ%3D%3D&FM=1 and register.


Tuesday, 12/22/09 at 6:00pm Eastern Time
To register for this training session ------------------------------------------------------- Go to https://mylearning.webex.com/mylearning/k2/j.php?ED=123465187&UID=1137729927&RT=MiMxMQ%3D%3D&FM=1 and register.


Tuesday, 12/29/09 at 1:00pm Eastern TimeTo register for this training session ------------------------------------------------------- Go to https://mylearning.webex.com/mylearning/k2/j.php?ED=123465392&UID=1137730262&RT=MiMxMQ%3D%3D&FM=1 and register.

Final word on First Time Buyer Credit extension

First Time Homebuyer Tax Credit Extended Into 2010! Plus...A New Tax Credit for Certain Existing Home Owners!
It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.
In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.
So Who Gets What? The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.
Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Deadlines In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Higher Income Caps in Effect The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price Qualifying buyers may purchase a property with a maximum sales price of $800,000. First-Time Homebuyer Tax Credit – Frequently Asked QuestionsHere are answers to some commonly asked questions about the tax credit.
What is a tax credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.
What is the tax credit for first-time homebuyers (FTHBs)? An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.
Who is eligible for the FTHB tax credit? Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How do I claim the credit? For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).
Can you claim the tax credit in advance of purchasing a property? No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property? Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.
Are there other restrictions to taking the credit? Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.
Can you buy a home from a step-relative and be eligible for the credit? Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.
Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit? Yes.
Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years? No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.
If you have any questions that fall outside the situations here, give me a call and if you do not have an accountant to speak with, I can refer you to one.

Chris Stevens
513-226 2235

Tax creit extended and expanded

The President signed the new bill (HR3548) into law today.

If an individual is under contract but will not close until July 1, 2010, they would be eligible for the tax credit (assuming they meet all other qualifications).They must have entered into the contract by May 1, 2010 and close before 7/1/2010.

For repeat buyers, there is a special rule for long time residents of the same principal residence. If an individual or their spouse has owned or used the same residence as such individual principal residence for any 5 consecutive year period during the 8 year period ending on the date of the purchase of a subsequent residence then such individual shall be treated as a first time homebuyer for purposes of this section with respect to the purchase of such subsequent residence. The timing outlined above would apply in terms of contract timing and closing.

Here is one example for repeat buyers.

12/31/2009 - Customer purchases a new principal residence.
12/31/2001-12/31/2009 – Customer owned a primary residence from 11/6/2003-11/6/2008
Customer can be treated as a first time homebuyer for the 12/31/2009 purchase and would be eligible for tax credit (assuming they meet all other qualifications) of $6500 (joint) or $3250 (individual). No credit allowed for purchase price over $800,000. There are also income limitations.

Here is link to the bill http://thomas.loc.gov/cgi-bin/query/D?c111:5:./temp/~c111bh5WJ8 if you are interested.

Office meeting notes 11/4/09

We want to congratulate Mike Kieffer on his 5th anniversary with the company. He received a beautiful Howard Miller clock.
We want to wish happy birthday to our November birthdays – Cindy Sizemore, Bill Elfers, Mike Drees & Tasha Heard and also to Emily Dietz on December 1.
Congratulation to Bill Elfers for his excellent “Service Satisfaction Survey”.
Reminder to everyone that to keep everyone else well that when you cough that you cough into your elbow and not you hands or all over everything in front of you. It is only common courtesy.
Our office is 13% ahead of last year for sales thanks to all of you. Please keep up the good work. Some agents in the office have had their best year ever.
Linda is working on 2 experienced agents that may be coming to our office soon.
The Leeker’s have offered to have the Christmas party again this year. It will be on December 12. We will be doing the exchange gift game again this year. Everyone should bring a dish to share. On orders from Joe King there will be no beer or wine served this year.
Linda will be having “Twilight training” on Tuesday nights at 6PM starting tonight. Tonight’s subject will be purchase contracts.
Don’t forget to be here for our office Thanksgiving dinner on Tues. Nov. 17 around noon. Sign up sheet to bring a dish is on side of the mailboxes.
The idea of holding open houses is to ask for appointments. Here are a few suggestions:
1. “You said that you missed seeing some desirable homes in the past. Through our own company’s computer listings and the Multiple Listing Service, I have access to information on thousands of homes. If I know specifically what you’re looking for, I can easily find it. Could we get together and visit for awhile after the open house?”
2. “Since you haven’t discussed the purchase of a home with a real estate agent recently, I think you’ll be pleasantly surprised how much easier this can be. Would 7:00 tonight be a good time to get together or would tomorrow night be better?”
3. “The process of buying and financing a home today is becoming more complex. I’d be happy to review those considerations and show you ways to save some money. I’m available right after the open house at 4:00. May I stop by your home then?”
4. “The equity in your home is affected by not only the price you’ll receive, but by the type of financing you use, the transferability of your existing mortgage and the incidental expenses you’ll incur. I can provide you with accurate, written information in all of those areas. May I stop by and see your home this evening?”
5. “Lenders determine the maximum amount with a formula involving the relationship between your income and long term financial obligations. I work with these formulas daily and would be happy to review them with you after the open house. What time is best, 4:30 or 5:00?”
Be careful when telling a home owner who says he owes more on his house than it is worth that he will have to sell his home on a short sale. The owner should check with his bank first to be sure that they will let him do a short sale. Also you might refer them to a non-profit organization first to see if they can help to keep them in their home. With the economy the way it is today there will be more and more of these types of sales.
Linda asks us to please park in front of the office. People are driving by the office and think that no one is working here.
The Entertainment 2010 books are now ready. We can get them for $15.75 each. They would make excellent client gifts. Carol has the order forms. She needs your check along with the order forms no later than 11/16 to be sure we get them back in time for Christmas giving.

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

Lead Router 3.0 training

Please make sure you attend this very important class in our office at 1:00 on 10/1/09.

Linda Wilson

David Knox Seminar take-away

ASK SOME ONE WHO ATTENDED THE SEMINAR ABOUT:

Active Rain
Squeeze Page (latest website technology to generate leads)
Your phone number on every web page
Sell/Stay laminated card for listing presentations
X-ray for price objections at a listing presentation
Is a home on a CMA; Comparable or Competing (is an option to a potential buyer)

Knox recommends the CDPE designation; you get a 100$ discount at www.cdpe.com/davidknox

Face Book:
· Put each “friend” in a “friend list” to keep business from pleasure
· Always send a message to a potential “friend” before accepting
· Always put a new “friend” in the appropriate “friend list”
· Always segregate photos by which “friend list” can view

Sent new potential clients brief surveys to find out about their wants, needs & timing; use survey monkey (free service) to automate the survey.

Pricing of listing is more critical than ever.

Office meeting noted 9/15/09

Don’t forget this weekend is the big “Open House” weekend for Springfield Twsp. Please let Claire know which one you are planning on holding open by Thursday so she can let Kimberlee with Springfield Twp know so she can get it on her list.
Linda asked each person what their business goals are from now until the end of the year and how to attain those goals. Many of the suggestions were working on your sphere, make personal phone calls to past customer and asking if they are thinking about selling and buying or if they know of someone that is, call on expired listings, hold open houses, pass out your business cards everywhere you go, knock on FSBO doors. You need to hold yourself accountable. It was suggested that you work on your business while working in our business. Most important of all is to get the house PRICED RIGHT from the start. The house probably won’t be worth next week what it is worth today so get it correctly positioned in this market now. Remember a house is a commodity.
Chris w/Coldwell Banker Mortgage suggested that you tell your buyers at closing to watch their mail for information on insurance that they can buy that will cover them if they would lose their job. Today this is a good thing to have.

Chris "refines" FHA Credit Score answer

Hi everyone.

There was a great question brought to my attention yesterday in the meeting. Gary asked how low we would go on FHA loans because a lot of other lenders are raising their credit score limits on FHA. The Gary mentioned was a broker and the limit of their lowest credit score is 680, I also know another local bank will only go as low as 660. One reason for the rise of the lowest credit score was because of the biggest bank that brokered FHA was seized by the government and shut down. Also if the loan is not done properly the bank has to buy it back and brokers do not have the overhead to buy those loans back. It can vary bank to bank what is required deemed by the bank. It would all usually be relative to what they have had to buy back

Our company low is 580 but with a recommendation of 600-620. Depending on the department (call center and also varies from Mortgage Advisor to Mortgage Advisor), we can send them to be pre approved with a 580 score. However, not all 580’s are equal. Some customers with 580 credit scores have recent charge offs and a lot of late payments, or even a bankruptcy that is too recent, which would not qualify regardless of credit score. While other 580 scores just do not have much credit with a collection or two.

An example we discussed in our meeting was a loan I just closed with a 580 credit score. He started out with a mid 574 and we waited a month and re-pulled new credit and it was exactly 580. He had no late payments and he only had one item he paid for which showed on his credit report, however, he had a ton of medical collections. I sent it to underwriting for a manual pre approval and plead my case that FHA does not care about medical collections. The underwriter agreed that I was correct and pre approved him contingent on him showing three non traditional lines of credit (bills that are paid monthly that do not show up on a credit report; such as electric, water, cable, rent). I started talking to him in April or May and he closed in July.

I do want to warn everyone that these loans do take a little longer and cannot be rushed. There is a lot more coaching the customer and extra documentation needed with these loans which is why some of our departments and Mortgage Advisors choose not to do them.

I just wanted to let you know this information incase you were not in attendance at the meeting. I will do these loans or any loan if I can find a way. My job is to make us both successful. It is not always an immediate transaction but will usually be an eventual sale 9 times out of 10. These customers will love you for taking the time and will tell everyone about you.

As always, if you have any questions please let me know!

Chris Stevens
Mortgage Advisor, MBS
CB/PHH Mortgage Services
513-226-2235 (Cell)
1-856-917-1347 (E-Fax)
chris.stevens@mortgagefamily.com

Tim Duncan UpdatE!

Tim's wife Jimmi just call the office; she said that Tim's surgery went really well. He will be in ICU for two days, and then in the hospital for another seven to ten days. The surgeon will not release him until he is fully recovered. They are very grateful for everyone's thoughts and prayers!

Carol Ransick

No sales meeting Labor Day!

Linda wanted me to remind you that we will NOT have a sales meeting next Tuesday since Monday is a holiday.

Office meeting notes: 9/1/09

CBWS is launching their “WE KNOW” campaign. We know there are many first time buyers looking for a new home, we know they have questions about the $8,000.00 tax credit, we know you can help them. Now is the time to buy and the focus is on the first time home buyers especially females 25-34, the $8,000 tax credit deadline and placing relevant information where the first time buyers are looking. 78% of potential first time homebuyers say that NOW is a good time to buy, 85% say they consider current home prices affordable, 56% of potential first time homebuyers are considering purchasing a foreclosed or short sale home, 63% are open to purchasing either a “fixer upper” or “as is” home, 59% of potential buyers rated their understanding of the process as only fair or poor. 10,000 copies of the first time home buyers guide will be mailed to renters with household income of $50,000+ in Cincinnati and N. Ky. They are take advantage of the open house super weekend Sept. 13 with a full page color ad displaying your open houses for Sept 13. Deadline for getting your open house in this ad is Thurs. Sept. 3 at 10AM with Claire. There will be radio spots on 6 different radio stations, press releases and eCards that you can send to your database each week for the next three weeks. You should have received an e-mail from Randy Wax with the eCards and instructions on how to send them.
NAR is launching the new “Short sales & foreclosure resource certification” (SFR) designation. Nearly 1/3 of all existing homes sold recently were either short sales or foreclosures. To earn the certification, you must complete a one day education program either in person or online as well as 3 one house Webinars. For more info visit www.realtorSFR.org.
According to NAR IRS is scrutinizes mortgage deductions more closely.
NAR also released the 10 best cities to find a job and Columbus, Ohio came in at #3.
Effective on September 15 Showing Desk will be releasing their new version of Showing Desk. It has feedback improvements including but not limited to a new feedback scheduling module and improved search & management interface, manage key reservations for appointments from within showing Desk web edition, automatically notify all previous showing agents of price adjustments, a new look and feel to many showing desk web edition reports including graphs.
We want to congratulation Evelyn, Tasha, Glen & Cindy for their excellent Service Satisfaction Surveys.
Happy birthdays to our September birthday people – Fay Dapper, Sharon Bennett, Scott McGrath, Debbie Lauck, Joyce Levine, Victor Paruta and Kathy Overstreet.
Please be careful of the sites you going on your computer. There are several viruses out there right now and many people in here have gotten one the past week. Get a couple of good virus protection programs installed on your computer, there are some free ones out there. Doc can help you with that.

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.

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

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.

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

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!

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.

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.

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.

Back to Business for August; Listen up!

Greetings All:

We are getting back on track (since knee injury.) August is a critical production month because it sets up business for the remainder of the year. A few things I want to mention for August:

1. Anyone holding at least one open house per week (5 weeks) will be eligible for drawing.

2. Call Nite will be every Monday evening at 6:00 -- the month of August
a. If you have no business – you must commit to being here – use your script books

3. After Tuesday sales meeting (8/11) - we will have ListersLunch – stay tuned for more details – it will be good.

4. Tuesday evening 6:00-7:00 Twilight Training for ALL those unable to attend weekday training/meetings –
a. It is expected you attend if you are unable to attend during the day

5. Every Thursday (8/13 start) at 1:00 we will have FROG Workshop – all are welcome to attend

6. Friday morning (8/14) at 10:00 is NAP – New Agent Training – for all those newly licensed


We have 8 people that will be joining our office as soon as they pass their state examination – pls welcome them.

I appreciate all you do for our office. Please plan on attending August training.

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.

Tim Duncan update

A lot of you have been asking about Tim so I called and talked to both Tim and his wife. He did not have his surgery yet. He was scheduled last week but before they could do it he got an infection which they had to clear up first. They sent him home from the hospital about 10 days ago with a prescription to clear up the infection. When they went to the drug store to fill that prescription it was $2200.00 for a 2 weeks supply. (They since found out that their insurance will cover $1600. of it). He will be taking the last of the prescription this coming weekend and it is looking good that it is clearing up. He goes back to the doctor next week and his wife thinks that if everything is cleared up they will get him in surgery right away before something else happens. Please keep him in your prayers.

Texting to your phone FAQ

I’ve heard from a few people that when they attempt to send a text to themselves to test whether or not the tour/text feature is working that they are receiving either an invalid message or no text message and they are concerned because they assume it’s because they don’t have a “smart” phone. If you’ve gotten a new phone in the past 5 years, the chances are that it is capable of sending and receiving text messages.

If you’re experiencing this problem, first make sure that your cell phone is “text-enabled.” Some people believe that they will never send a text message nor do they wish to pay for any sent to their phones so make sure that feature isn’t blocked on your phone. The next thing to check is to make sure that you checked or clicked the SMS button which activates the texting option when you created your tour (or edited it to activate the texting feature). If after ensuring you’ve done the above and you continue to have problems, please contact me with the tour number and address and we’ll trouble shoot it to see if there is a problem with the system. Our goal is to make sure you understand how to create and distribute the tours so that potential buyers can access tours, send text messages and that you receive the contact information.

Thank you! Have a great week!
rw
Randy Wax Field Marketing

ProRealtour texting client presentation

This link down loads a Power Point for ProRealtour client texting for listing prenenations




http://www.box.net/shared/ac01xrbylj

MDIA/ Mortgage Disclosure Information Act - IMPORTANT INFORMATION

LINK TO ARTICLE

http://www.box.net/shared/lni8ydhod7

Mortgage changes

More Change Coming
It's no secret that many facets of lending and real estate have changed as a result of the credit crisis. In addition to tightened lending practices that resulted from rising mortgage delinquencies, Washington has been heavily involved in altering the way lenders do business today.
Two individual pieces of legislation impacting our business need to be taken into account when determining closing dates for purchase transactions.
Home Valuation Code of Conduct – The Home Valuation Code of Conduct (HVCC) went into effect May 1, 2009. Intended to shield appraisers from undue influence from loan officers and lenders, this legislation installed a "firewall" between those individuals directly involved in the origination of the loan from the selection of and contact with appraisers.
HVCC also requires that borrowers receive a copy of the appraisal a minimum of three days in advance of closing. Part of the kicker here is that "received" is considered, in effect, three business days after the appraisal has been mailed to the borrower.As HVCC requires a firewall between the originator and the appraiser, the time to receive an appraisal has increased, in some cases by as much as two weeks or more. While this may not always be the case, it is important to take into consideration when considering closing dates. Today, conservative closing dates are mandatory to properly manage expectations of all parties.
Housing and Economic Recovery Act – The Housing and Economic Recovery Act (HERA) amends and impacts several aspects of obtaining a mortgage, the disclosures required for borrowers, and the timing of their delivery. This impacts the minimum time required to close, and should any changes be made to a loan application that could impact the Annual Percentage Rate (APR), this could impact the closing date.
Other than paying for a credit report, lenders may not accept any additional fees from a borrower until four business days after disclosures have been provided to or mailed to a borrower. This has the potential to delay several aspects of the application process.
Finally, upon making application, a borrower is provided a Truth in Lending (TIL) statement, detailing 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 minimum of 3 business days before closing. Items impacting the APR could include a borrower accepting a higher interest rate than initially qualified by floating their rate at application, a change to the loan amount, a change in product, a change in closing date, and any changes to fees.
What Now? – While there is more we can discuss on the specifics of these legislative implications, I felt it important enough to let you know now that I would not recommend you write purchase contracts with short closing time frames.
We will be preparing additional information you can provide both your buyers and sellers to help explain the rationale behind not scheduling closing dates in advance of 30 days at a minimum and ideally not less than 45 days. We are also preparing a CBOLT session to go over the changes in the next few days. Thank you again for your business and if you have any questions, please pick up the phone and call us.

Sincerely,Chuck Barnes
Regional Sales ManagerMortgage Services

Invitation for Agents of CBWS Wyoming

Happy Friday Greetings:

You are cordially invited to happy hour with Chris, Chuck and me next Wednesday – July 22nd – 4:00 to 6:00 pm -- Gabby’s Café on Wyoming Avenue. We will have drinks and light appetizers. Hope you can make it!

Linda Wilson

7/14 meeting notes

ProRealtour’s lead generation tool is the latest improvement to the virtual tour. This upgrade will enable CBWS agents to provide their clients outstanding virtual tours on the web as well as deliver that experience curbside. With the addition of our texting solution agents will now be able to be notified, either via email or text that someone has inquired about a specific property. This feature enables CBWS agents to quickly follow up with their prospects and qualify their interest. People today expect instant service and agents who do get the sale. Put the tour on your facebook account. Mike will be doing a class after the meeting next week to help answer all the questions you might have in regards to ProRealtour.
Our office lost a lead over the weekend because everyone’s Lead Router was in the red and we were unable to capture that lead. Please check your Lead Router on a regular basis and keep your account in the green.
Someone suggested to Linda that we start our sales meeting at 10AM in the future. After some discussion it was agreed to keep it at 9AM. At 10AM they agreed that it would shoot the day by starting late.
There was some discussion about the shortage of homes in the $120,000-130,000 price range for buyers looking to use the $8000. tax credit. Linda suggested that you call areas of interest for those buyers and ask if people thought about selling their home.
Everyone also needs to be doing open houses to pick up buyers and making those 5 calls a day 5 days a week.
CABR is holding another mock trial on short sales on Thurs. July 16 at the Crossroads at 3500 Madison Rd. Good for 4 hrs of CE credit. Short sale transactions can be confusing to everyone if the process is not understood and explained well. This program is designed to give you the education and tools that you need to understand short sales better. Call board to register. $20. for CABR members/$30. for non-members.

Your cell phone plan for text messages

Based on our meeting today, 7.7.09, we all need to review our cell phone plans to see how they charge for text messages. The new feature on ProRealTour uses text messages to let you know that a customer has checked out your listing via their service. You don't want a nasty surprise on your next cell phone bill, if your service plan does not include text messages. You also may want to assign a different ring tone to incoming text messages. Your phones manual will tell you how to do this.

Mike

Office meeting notes 7.7.09

Thanks to Janet Davis for handling the week again this week while Linda is out recovering from her knee surgery.
Janet has cookbooks for sale from the Home Builders Assoc. that benefits the Children Heart Assoc. They are $12.00 ea. Copy of the book is at the front desk to look at. Linda has several recipes in the book. If interested make check out to HBA and give to Janet. Our birthday people this week are Gary Roger & Karan Heuer. Happy birthday to the both of them.
Jennifer was here is present Bill Elfers with a certificate for being #6 in the company for title orders year to date. Jennifer also talked about banks, especially Bank of America, making sellers sign a note for the loss on a short sale. There was talk about who the seller should talk to about advise on should they sell on a short sale or let it go to foreclosure. It was suggested that they should first call their lender and discuss their options and then call their attorney, financial advisor or legal aid and get further help. The Cincinnati Area Board of Realtors is having a class on short sales at Crossroads tomorrow evening if you are interested in getting more information.
The new version of ProRealtour with the texting capability will be available on Wednesday. This upgrade will enable you to continue to provide your clients outstanding virtual tours on the web, as well as deliver that experience curbside with the addition of the texting solution. Agents will now be able to be notified either by email or text that someone has inquired about a specific property. This feature enables you to quickly follow up with their prospects and qualify their interest.
Janet will be out of town Thursday afternoon and Friday. Linda is doing well and will be available to answer your questions on her cell phone while Janet is away on Thurs. & Friday.

Linda's out for surgery

Tomorrow is the day for my knee surgery (yeah!!!) In my absence, Janet Davis will be filling in for me. Janet will be in and out – she still has appointments she needs to keep. If you have a contractual, legal, or procedural question – pls ask Janet for assistance. Her cell number is 513-708-1515.

I don’t anticipate extended time off – pls continue working hard to get those listings and sales. We need every deal we can get – especially need mortgage and title orders. Thanks for all your hard work. You are the best agents – ever!

Meeting notes 6/30

Thanks to Janet Davis for covering the meeting today for Linda while she is out for her knee surgery.
Sara Lutz was here to talk about the “Discovery Shop” sponsored by the American Cancer Society. It is an upscale, resale shop. They are looking for gently used women’s clothing, accessories like jewelry, belts, purses, shoes, etc. Also they are looking for furniture, home décor, artwork, collectibles, household items like lamps & dishes. Your donations are what the discovery shop resells to raise money for the Cancer Society research, education, advocacy and service programs. If you have furniture they have a moving company that volunteers one day a month to pick up items or deliver purchases. If you have questions please call Kathy Walker, Mgr. at 891-8343.
Check you mailbox for an excellent article on “Who’s to blame for a declining real estate market?”
Janet talked about our effective service area which is W02. There are 299 listing now on the market in W02. 79 of those listings are in Wyoming. It is important when you get a listing to get it priced right.
Janet covered a few of the points from the 2 day seminar last week. If you did not attend or would like to go back over what was covered at that meeting go to: truenorthprinciples.com and use the password truenorth123.
There is a new real estate vocabulary today.
Examples: marketing a home instead of listing a home
Homes currently on market & not selling instead of active listings
Initial market positioning instead of asking price
Repositioning instead of reduction
Marketing consultant instead of listing agent
Generating new business instead of prospecting
Difference between Appreciating and depreciating market:
Appreciating market has low interest rates, prices pushed up, sellers don’t sell, low inventory
Depreciating market has overpriced listings, tipping point, inventory increases.
Deciding when to buy or sell. Predictors are saying we probably have not hit bottom yet. It may be another 5 to 7 yrs before things start to appreciate again. Over the last 2 yrs company transferees are down 70%. GE is asking transferees to rent instead of buying because they don’t want to deal with trying to sell their homes again in 3 or 4 yrs.
Janet suggested that you make your repositioning meeting at the office which is a more neutral place. Keep in mind you are their advocate, share all data on inventory and office market concept, graphs with MLS data, review market positioning graph, appreciation & depreciation concept. The buyer pool is always there at the right price. They used the example of a laptop. They asked if anyone would buy it at $5000.00 and no one put up their hand, then they ask if they would buy it for $1.00 and everybody put up their hand. At the right price there is always a buyer. Your job is to educate and to tell them what the reality is. Janet said the managers are going to be assisting you in getting listings. If you give Janet (or Linda when she gets back) the listers name & phone number they will call your seller a day or two before to talk to the sellers to explain that you are part a team and everyone works together to get your listing sold.

Office schedule for 4th Holiday

Reminder the office will be closed on Fri. & Sat. this week to celebrate the 4th of July.

The Home Builder Assoc. has a cookbook fund raiser for the Children Heart Assoc. Linda Wilson has several of her favorites in the book. If you are interested in purchasing a book please leave a check made out to the “HBA” and leave it for Janet Davis. She will see that you get a book. She left a sample book for you to look at in the front office.

CABR DUES - Dues are Due 7/1

Please remind your agents that the deadline for paying CABR semi annual dues is Wednesday, July 1st at 5pm. Payments received after the deadline will be charged a late fee. See the information below from the Cincinnati Area Board of Realtors:
The deadline for paying the $149 dues amount is July 1, 2009, 5:00 p.m.
Payment can be made by check or credit card. No cash payments of dues will be accepted.
To make a payment by credit card, go to the CABR website, www.cabr.org, and click on the green Member Logon box. Enter your Logon ID and Password to access your account. Your electronic payment must be submitted by 5:00 p.m., July 1, 2009 in order to avoid a late fee. To make a payment by check stop in at the Board office at 14 Knollcrest Drive, Cincinnati, OH 45237 between the hours of 8:30 a.m. and 5:00 p.m. Your check must be received at CABR by 5:00 p.m., July 1, 2009 in order to avoid a late fee.
Thank you.
Susan Trefilek

6/16 meeting notes

Judy Sietz was here to talk about Artisan Estate Homes. They will pay your commission as soon as the final purchase contract is signed and the construction has not even started. They will build on your lot or they have several lots available. They are a multiple “People Choice Award” winner at Homearama. They can design your home also. If you want more info on Artisan Estate Homes call 737-8384?
Linda went over the 2009 OAR Industry Updates. Some of the many updates are:
House bill 257 (licensing home inspectors) passed in house but died in senate. New legislation is in this session similar to HB257 but is not likely to pass either. Home inspector organizations are discussing ASHI & NAHI merging.
Renewal fees have not increased since 1994 but that may change starting July 1. Agent renewals would go from $39. to $45./Brokers from $49. to $60. Application fees would go from $49. to $60./Brokers from $69. to $100. Transfer fees would go from $20. to $25.00.
Septic Systems regulations and rules that passed in 2007 and were rescinded in mid 2007 are being reviewed again and changes could be coming. It has until June 30 to act or revert back to old rules. 2 bills are pending. The SB100 bill would allow local controls and the SB110 bill mandates state control & limits rule making authority. Neither bill may pass.
HB33 would mandate meth lab disclosure, establish central registry & would require document recordation to add & remove from registry and to create a permanent record on the home. Without standards the property is stigmatized. That could make the property uninsurable. Congress has directed the EPA to address this problem.
HB3- Mortgage foreclosure legislation passed the house and would no longer allow owners to remain as tenants, would allow courts to rewrite mortgage. It also calls for a 6 mos. moratorium and raise the fee to $750. to file for foreclosure and regulation of loan servicers. The senate passage is in doubt.
Recording fee increase. The counties also want a $10. increase in recording fee. Last increase was 1993. Half of current fee goes to housing trust fund. Legislation not yet introduced.
Fair Housing updates in Ohio. Need for Ohio to achieve Substantial compliance with Federal Law- Key issues are standing of fair housing organizations to bring complaints and landlord liability for tenant on tenant harassment.
Title inducement rule. Rule developed by ODI, defines illegal inducements and permits title agency participation in association events.
NAR 4 point housing stimulus plan. Point #1 -$8,000 tax credit still limited to 1st time buyers but not repayable effective through 12/1/09. Point #2-Make 2008 FHA, FannieMae & FreddieMac loan limits permanent resulted in extended thru 2009, 125% of area median price or $271,00 FHA - $417,000 GSEs whichever is greater. Point #3 Create Federal Mortgage interest buy down program to rates down to 4.5% and result in program not implemented since rates dropped below 5%. Point #4 permanently bar banks from engaging in real estate business and the result is that it was not done and issue is resolved.
Small business health plans crisis continues. 27 million small business people lack coverage, 30% of realtors lack coverage. Federal action is needed and overdue. Shop legislation-HR2360 could band together across state lines, allow tax credits for employee insurance contributions which NAR strongly supports and congressional focus on comprehensive health care reform.
Commercial real estate crisis is the worst liquidity challenge since the great depression, hundreds of billions in commercial loans to mature in 2009. Over 1 trillion in next few years and federal action is needed.
Ohio residential market is still in declining market and mirrors nation. Market is performing at 1997 levels. About half of all recent transactions have been distressed sales. 15% to 20% short sales and 30% to 35% in foreclosures. The forecast and positive factors are record high affordability index, near record low interest rates, first time buyer tax credit, economic recovery in 2nd half but slow,
NAR sent out 133,000 questionnaires to consumers. Results of questionnaires show that 41% were first time buyers, median age of first time buyers was 30 years old and repeat buyers were 47 years old. The median household income was $74,900 for all, $60,600 for first time buyers and $88,200 in repeat buyers. 20% were single females and 10% were single males, 87% of all buyers used the internet while 94% where aged 25-44. Typical buyers searched for 10 weeks. 81% used an agent, 43% found agent via referral, 78% would definitely used same agent again.
84% of sellers used an agent, 85% would use again, 38% found agent via referral. 60% reduced price once or more and typically sold for 96% of the latest list price. 42% offered incentives like closing costs or home warranty.
License law update-you cannot discuss seller concessions with appraiser unless you receive permission from client.
Prohibited practices by title business. They cannot provide printing or paying for advertising or promotional material for broker/agent, furnishing or paying for equipment, phones, gas cards etc., paying for food or drinks at events designed to promote listings like open houses, paying for or providing continuing education, paying for sporting or entertainment events, information related to comps, demographics or farming lists, mortgage or lien info prior to receipt of title exam order.
One place went away at midnight last night so please make sure you get your One Place sign down and your new signs up ASAP.
At Coldwell Banker we never stop moving. What has marketing done lately? In February the “I know it’s a good time to buy” TV radio spots started. April/May the tour from the curb radio, flyers & eCards started and the CBWS Previews on the internet started, June the CBWS eMarketing advantage started. The goal is to go continue to help create powerful sales associates, expanding the visibility of the Coldwell Banker brand and assist in making the company profitable.
CB Mortgage pre-purchase rate protection is really recommended now that the rates are starting to go up. They have a new mortgage hotline that is open 7 days a week. The number is 513-298-1878
ProRealtour is working at modifying it to allow the consumer to enter through texting and giving the agent the ability to now capture the buyer’s information.
Happy birthday to our June birthdays-Evelyn, Barb and Claire and also to our July birthdays-Gary, Karan, Mary Pletz and Mike.
Congratulation to Meredith, Doc, Dawn & David for their excellent “Service Satisfaction Survey”.