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.
Thursday, October 8, 2009
Wednesday, October 7, 2009
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.
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 $8,000, since they did not occupy the home until 2009?
A. No. Taxpayers who purchase an existing home and renovate the property before moving in are eligible for the first-time homebuyer credit based on the date of purchase, not the date of occupancy.
Possible negative changes to FHA
Bill to Solve FHA Finance Issues; National Mortgage NewsRep. Scott Garrett, R-N.J., has rolled out a bill that would increase the down payment requirement of the FHA to 5 percent from 3.5 percent and bar closing costs from being rolled into loans insured by the agency. "As we have learned repeatedly throughout the mortgage crisis, the amount of equity a homeowner has in their home directly correlates to the credit risk associated to their mortgage," said Garrett, who sits on the House Financial Services Committee. He also hopes to address financial issues at FHA by having the General Accountability Office determine the appropriate capital and leverage ratios for the agency's single-family program.
Chris Stevens
Coldwell Banker Home Loans
513-226-2235 (Cell)
1-856-917-1347 (E-Fax)
chris.stevens@mortgagefamily.com
Chris Stevens
Coldwell Banker Home Loans
513-226-2235 (Cell)
1-856-917-1347 (E-Fax)
chris.stevens@mortgagefamily.com
Wednesday, September 30, 2009
Lead Router 3.0 training
Please make sure you attend this very important class in our office at 1:00 on 10/1/09.
Linda Wilson
Linda Wilson
Tuesday, September 29, 2009
David Knox Seminar take-away
ASK SOME ONE WHO ATTENDED THE SEMINAR ABOUT:
Active Rain
Squeeze Page (latest website technology to generate leads)
Your phone number on every web page
Sell/Stay laminated card for listing presentations
X-ray for price objections at a listing presentation
Is a home on a CMA; Comparable or Competing (is an option to a potential buyer)
Knox recommends the CDPE designation; you get a 100$ 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.
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.
Monday, September 21, 2009
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.
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.
Wednesday, September 16, 2009
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
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
Sunday, September 13, 2009
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
Carol Ransick
Thursday, September 3, 2009
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.
Wednesday, September 2, 2009
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.
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.
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