Tuesday, March 31, 2009
Details of Fed Plan to Purchase Mortgage Securities
Learn more about the commitment the Federal Reserve Board made last week to purchase up to an additional $750 billion in mortgage backed securities guaranteed by Fannie Mae or Freddie Mac. That commitment is in addition to the regulator's existing $500 billion program, raising the initiative to $1.25 trillion. The Fed also announced it would increase its purchase of Fannie Mae and Freddie Mac debt from $100 billion to $200 billion. These efforts combined are intended to keep mortgage rates low. For more info contact Jeff Lischer, 202/383-1117.
Monday, March 30, 2009
Tip Us Off Contest
Tip Us Off and Win!
What educational program or class could ACAR bring that would be most valuable for your needs and why?
Leave your answer in the comments! The winning entry will receive a $25 visa card!
Sunday, March 29, 2009
Socially Adept Isn't Necessarily The Answer
"Social media is cool!" proclaims Chris Brogan in a premium article at MarketingProfs. "Blogging and podcasts are cool! We're so cutting edge! Twitter is like the future here today, and no one knows about it!" If you've noticed a certain facetious quality to his enthusiasm, his next line makes clear his disdain for the gee-whiz attitude many people take: "Yeah, whatever."
ACAR offers "Real Estate Marketing in the age of Social Media" Tuesday as part ot he Lunch&Learn Series.
$15.00 gets 2 hrs of CE and lunch!
REALTORS are rapidly moving for complete adoption of technical marketing tools, but were not completely sure what to do once we add them to out toolkit. In a recently concluded four-day conference for REALTOR Association staff, sessions on social media tools outnumbered every other topic by 2-1.
For instance, here is an article on Facebook and Coke being #2 Fan Page and it was actually created by fans. http://adage.com/digital/article?article_id=135238
When Tropicana unveiled entirely new packaging for its Pure Premium orange juice early this year, the company received an unexpectedly vocal response from a small cadre of customers. Posting on Twitter, they didn't mince words—using adjectives like "ugly" and "stupid," the unhappy shoppers complained that the new packaging made Tropicana look like a generic store brand....the old packaging is being reintroduced.
Reaching your real estate business goals means leveraging your social network with a solid plan—not just preening over your popularity. If you want new buyer clients, for instance, you should start by differentiating between your real-life friends and potential sources of business.
ActiveRain (great social/business site) had some great posts on mistakes agents make with social media. Thought you might find interesting:
http://activerain.com/blogsview/951232/The-Top-10-Boo-Boos-in-Social-Media-Marketing-Part-I
http://activerain.com/blogsview/953409/Part-2-of-the-Top-10-Boo-Boos-in-Social-Media-Marketing
ACAR offers "Real Estate Marketing in the age of Social Media" Tuesday as part ot he Lunch&Learn Series.
$15.00 gets 2 hrs of CE and lunch!
REALTORS are rapidly moving for complete adoption of technical marketing tools, but were not completely sure what to do once we add them to out toolkit. In a recently concluded four-day conference for REALTOR Association staff, sessions on social media tools outnumbered every other topic by 2-1.
For instance, here is an article on Facebook and Coke being #2 Fan Page and it was actually created by fans. http://adage.com/digital/article?article_id=135238
When Tropicana unveiled entirely new packaging for its Pure Premium orange juice early this year, the company received an unexpectedly vocal response from a small cadre of customers. Posting on Twitter, they didn't mince words—using adjectives like "ugly" and "stupid," the unhappy shoppers complained that the new packaging made Tropicana look like a generic store brand....the old packaging is being reintroduced.
Reaching your real estate business goals means leveraging your social network with a solid plan—not just preening over your popularity. If you want new buyer clients, for instance, you should start by differentiating between your real-life friends and potential sources of business.
ActiveRain (great social/business site) had some great posts on mistakes agents make with social media. Thought you might find interesting:
http://activerain.com/blogsview/951232/The-Top-10-Boo-Boos-in-Social-Media-Marketing-Part-I
http://activerain.com/blogsview/953409/Part-2-of-the-Top-10-Boo-Boos-in-Social-Media-Marketing
Friday, March 27, 2009
Fed Plan Sparks Drop in 30-year Interest Rates
The average interest on a 30-year mortgage fell to a 38-year low of 4.85 percent during the week ending March 27 from 4.98 percent the prior week, Freddie Mac reported. The decrease came on the heels of the Federal Reserve's announcement that it plans to purchase another $750 billion in mortgage-backed securities and up to $300 million in Treasuries. President Obama says refinancing is now possible for 40 percent of mortgages and encourages home owners to reap the benefits of the record-low rates.Source: Boston Globe (03/27/09)
Tuesday, March 24, 2009
Its Finally Here...!
IHFA’s Down Payment Assistance Tax Credit Advance
The American Recovery and Reinvestment Act of 2009 provided a federal income tax credit for first-time homebuyers of 10% of the sales price, up to a maximum of $8,000. This tax credit is available to qualified home buyers who purchase a home by December 1, 2009. In order to help buyers monetize this tax credit for down payment and closing costs when they purchase a home, Idaho Housing and Finance Association (IHFA), through its IdaMortgage lending program, is offering a special short-term Tax Credit 2nd Loan to qualified buyers.
In conjunction with an IdaMortgage loan, a subordinate loan will be offered to qualified first time homebuyers in the amount not to exceed 5% of the sales price or $7,000. A fee will be charged of $250 with $150 refunded upon repayment of the loan on or before the loan due date. The loan will accrue interest at 3.0% with a due date of July 1, 2010. The Tax Credit 2nd Loan is expected to be paid off from the borrower’s tax refund obtained through the application of the federal tax credit. If the homebuyer defaults on the loan and cannot repay at that time, IHFA has the option of pursuing foreclosure as described in the deed of trust, or modify the loan to amortize over the remaining term of the first mortgage loan at an interest rate of 3% higher than the first mortgage rate.
Borrower qualifications are:
1) Must be a first time homebuyer,
2) Must have a FICO score of no less than 640, and a total debt ratio of no more than 45%,
3) Homebuyer qualifies for an IdaMortgage loan.
Also, we continue to offer IdaMortgage’s Good Credit Rewards program that helps qualifying borrowers purchase their home. This 2nd mortgage program is available for down payment and closing costs.
Here is a list of Good Credit Reward Qualifications:
Homebuyers with less than 140% of area median income can now qualify for IdaMortgage's 30-year fixed rate down payment and closing costs assistance second mortgage program. The down payment assistance loan must be combined with an IdaMortgage product. The second mortgage will be offered at 1 to 2% above IdaMortgage's standard interest rate.
The Good Credit Rewards down payment and closing cost assistance second mortgage interest rates are tiered by credit score:
· Interest rate is 1% higher than mortgage rate of the first mortgage for borrowers with credit scores of 720 or higher.
· Interest rate is 2% higher than mortgage rate of the first mortgage rate for borrowers with credit scores of 700 to 719.
· Maximum amount of second mortgage is capped at 3.5% for all loan programs, not to exceed 100% combined loan-to-value, or the maximum approved by mortgage insurance guidelines.
· Homebuyer education is required for buyers with credit scores lower than 720.
· Borrowers with credit scores of lower than 700 will not be able to obtain this second mortgage.
· Borrowers must contribute at least $500 towards the transaction, or higher depending on Mortgage Insurance requirements.
· Good Credit Rewards funds are based on need. Borrowers cannot have more than an equivalent of three month’s payments in liquid assets after closing.
Click here to view IdaMortgage loan products and rates.
Click here to view information on the Housing Stimulus Bill (Look under the Breaking News Section)
The American Recovery and Reinvestment Act of 2009 provided a federal income tax credit for first-time homebuyers of 10% of the sales price, up to a maximum of $8,000. This tax credit is available to qualified home buyers who purchase a home by December 1, 2009. In order to help buyers monetize this tax credit for down payment and closing costs when they purchase a home, Idaho Housing and Finance Association (IHFA), through its IdaMortgage lending program, is offering a special short-term Tax Credit 2nd Loan to qualified buyers.
In conjunction with an IdaMortgage loan, a subordinate loan will be offered to qualified first time homebuyers in the amount not to exceed 5% of the sales price or $7,000. A fee will be charged of $250 with $150 refunded upon repayment of the loan on or before the loan due date. The loan will accrue interest at 3.0% with a due date of July 1, 2010. The Tax Credit 2nd Loan is expected to be paid off from the borrower’s tax refund obtained through the application of the federal tax credit. If the homebuyer defaults on the loan and cannot repay at that time, IHFA has the option of pursuing foreclosure as described in the deed of trust, or modify the loan to amortize over the remaining term of the first mortgage loan at an interest rate of 3% higher than the first mortgage rate.
Borrower qualifications are:
1) Must be a first time homebuyer,
2) Must have a FICO score of no less than 640, and a total debt ratio of no more than 45%,
3) Homebuyer qualifies for an IdaMortgage loan.
Also, we continue to offer IdaMortgage’s Good Credit Rewards program that helps qualifying borrowers purchase their home. This 2nd mortgage program is available for down payment and closing costs.
Here is a list of Good Credit Reward Qualifications:
Homebuyers with less than 140% of area median income can now qualify for IdaMortgage's 30-year fixed rate down payment and closing costs assistance second mortgage program. The down payment assistance loan must be combined with an IdaMortgage product. The second mortgage will be offered at 1 to 2% above IdaMortgage's standard interest rate.
The Good Credit Rewards down payment and closing cost assistance second mortgage interest rates are tiered by credit score:
· Interest rate is 1% higher than mortgage rate of the first mortgage for borrowers with credit scores of 720 or higher.
· Interest rate is 2% higher than mortgage rate of the first mortgage rate for borrowers with credit scores of 700 to 719.
· Maximum amount of second mortgage is capped at 3.5% for all loan programs, not to exceed 100% combined loan-to-value, or the maximum approved by mortgage insurance guidelines.
· Homebuyer education is required for buyers with credit scores lower than 720.
· Borrowers with credit scores of lower than 700 will not be able to obtain this second mortgage.
· Borrowers must contribute at least $500 towards the transaction, or higher depending on Mortgage Insurance requirements.
· Good Credit Rewards funds are based on need. Borrowers cannot have more than an equivalent of three month’s payments in liquid assets after closing.
Click here to view IdaMortgage loan products and rates.
Click here to view information on the Housing Stimulus Bill (Look under the Breaking News Section)
Friday, March 20, 2009
Next Young Professionals Group Meeting
Interested in participating in an exciting new group through ACAR? The ACAR Young Professionals Network Group is underway and gaining momentum!
Our next meeting will be on Wednesday, March 25th from 11:30-12:30 at the IAR Offices (301 S. Capitol Blvd, Boise). After a quick meeting, we can disperse downtown for lunch!
On the agenda for discussion:
* Joining the NAR Young Professionals Network (YPN) as a local chapter
* What your association can do for you
* Building the YPN database -- how to reach each other
* Free stuff that can boost your business
See you on Wednesday!
*********
Don't know what the ACAR Young Professional Network is? It is a group that targets REALTOR® Professionals 40 years old and younger (we do not restrict membership though, so if you are over 40 and would like to join, you sure can!). Our purpose is provide greater networking opportunities and share and exchange ideas. Statistics have shown that young professionals work differently than other generations, and so we are trying to tap into that and provide the resources to help ensure that they can be successful!
Our next meeting will be on Wednesday, March 25th from 11:30-12:30 at the IAR Offices (301 S. Capitol Blvd, Boise). After a quick meeting, we can disperse downtown for lunch!
On the agenda for discussion:
* Joining the NAR Young Professionals Network (YPN) as a local chapter
* What your association can do for you
* Building the YPN database -- how to reach each other
* Free stuff that can boost your business
See you on Wednesday!
*********
Don't know what the ACAR Young Professional Network is? It is a group that targets REALTOR® Professionals 40 years old and younger (we do not restrict membership though, so if you are over 40 and would like to join, you sure can!). Our purpose is provide greater networking opportunities and share and exchange ideas. Statistics have shown that young professionals work differently than other generations, and so we are trying to tap into that and provide the resources to help ensure that they can be successful!
Thursday, March 19, 2009
First Time Home Buyer Tax credit Loan
Sorry to all of the A2A fans this am. We thought that this morning was going to be the "big announcement". Sadly, the glitch we learned about on Monday is still being resolved...but it will be resolved soon.
In a nutshell, FHA lawyers are concerned their customers might be able to accept the "tax credit loan" and be consistent with FHA rules.
We pointed out to them that their legal opinion was based on the rules for the '07 Tax Credit (in which you had to pay it back) and the '08 Tax credit (that you don't).
There's a conference call later today to clear up this point.
BTW - NAR has said that our grant request looks good.
In a nutshell, FHA lawyers are concerned their customers might be able to accept the "tax credit loan" and be consistent with FHA rules.
We pointed out to them that their legal opinion was based on the rules for the '07 Tax Credit (in which you had to pay it back) and the '08 Tax credit (that you don't).
There's a conference call later today to clear up this point.
BTW - NAR has said that our grant request looks good.
Monday, March 16, 2009
Socially Adept?
NAR's Association Executive only training starts on Friday. Dubbed "AEI" ("I" stands for Institute) it is the #1 chance each year for your staff to get the latest "how to's" in association management.
The biggest training focus this year...social media. That's really handy since I'm teaching our next Lunch&Lean on March 31 called "Real Estate Marketing in the Age of Social Media".
Here's what I'm signed up for:
The Risks and Rewards of Engaging in Online Communities
Applied Social Media Trends
New Team Based Google Apps
NAR's Social Media Agenda
"Will You Be My Friend"
There's tons more on the agenda...I've attached a link. NAR also posts all of the handouts before the meeting starts...here's a link for those too.
BTW - As part of NAR's Right Tools Right Now initiative, my expenses for this meeting have been paid by NAR! In year's past this conference had a price tag of $500 plus travel. This year NAR has said that they want every AE to be able to get this valuable training, so they are footing the bill.
BTW2 - I've been on Twitter now for a week. Following 13 people/things and being followed by 8.
Consider the evolving vocabulary - "friend" a verb - to invite someone to join your Facebook page..."follower" - a noun - what you do on Twitter to stay connected to those you follow.
Sign up today for the March 31 Lunch&Learn....
The biggest training focus this year...social media. That's really handy since I'm teaching our next Lunch&Lean on March 31 called "Real Estate Marketing in the Age of Social Media".
Here's what I'm signed up for:
The Risks and Rewards of Engaging in Online Communities
Applied Social Media Trends
New Team Based Google Apps
NAR's Social Media Agenda
"Will You Be My Friend"
There's tons more on the agenda...I've attached a link. NAR also posts all of the handouts before the meeting starts...here's a link for those too.
BTW - As part of NAR's Right Tools Right Now initiative, my expenses for this meeting have been paid by NAR! In year's past this conference had a price tag of $500 plus travel. This year NAR has said that they want every AE to be able to get this valuable training, so they are footing the bill.
BTW2 - I've been on Twitter now for a week. Following 13 people/things and being followed by 8.
Consider the evolving vocabulary - "friend" a verb - to invite someone to join your Facebook page..."follower" - a noun - what you do on Twitter to stay connected to those you follow.
Sign up today for the March 31 Lunch&Learn....
Friday, March 13, 2009
This Week in the Idaho Legislature
A quick update on what's going on at the Capitol. A couple of highlights:
This week in the Idaho legislature, the focus continues to be the federal stimulus package and the budget setting process. Governor C.L. “Butch” Otter issued his recommendations today for how to use $1,240,062,000 in federal stimulus funding being made available to Idaho by the American Recovery and Reinvestment Act of 2009. The Governor’s recommendations are based on seven basic criteria:
* Create and protect jobs in all regions of the state
* Provide for quality education of Idaho’s school-aged children
* Provide temporary relief for Idahoans directly impacted by the global recession
* Minimize ongoing costs to taxpayers in the current year as well as future years
* Do not use the funds to create new state programs
* Do not use the funds to expand the size of state government
* Delay use of rainy day funds as a hedge against continued declines in state revenue
The REALTORS® legislation has passed the House and now makes its way to the Senate. The only real snag to this point has been the canary yellow paper we use on our RE 42 property Disclosure form. The concern generally raised is the yellow paper is meant to stand out so consumers are aware of the predatory practice of equity stripping. Obviously the REALTORS® we want to protect consumers and will continue to do so, but this is entirely impractical in today’s business practice of faxed and electronic transmittals. Additionally the people this is really directed towards aren’t using the form to begin with, and with 26 different forms in use how do we judge which are the most important.
The following is the current status of our legislation:
· HB 188 Real Estate License Law passed the House 62 - 0
· HB 189 Real Estate - Trust Accounts passed the House 62 - 1
· HB 190 Representation Agreements, Legal Description passed the House 65 - 0
· HB 191 Foreclosure Disclosure Form passed the House 45 -20
There were two ITD bills (HB47, 48) that would have impacted the rights of property owners which we opposed are now dead. There was also a proposal to put a new tax on new customers through the PUC (HB 52) that we strongly opposed which is also dead. These pieces of legislation would have impacted the housing market very negatively. Bad legislation that doesn’t become law is often just as important as the bills that pass.
· HB 218 Building Codes -The purpose of this legislation is to exempt single family dwellings and multiple family dwelling buildings up to four units per building, from the requirements to install automatic fire sprinkler systems.
There are also three bills related to banking law just printed this morning. The bills will likely be heard next week and we will be monitoring closely.
· HB 234 Trust deeds/foreclosure/judgments
· HB 235 Foreclosures and defiency judgments
· HB 236 Foreclosures/deficiency judgments
If you have any questions, call Miguel at the ACAR Office: 947-7226
This week in the Idaho legislature, the focus continues to be the federal stimulus package and the budget setting process. Governor C.L. “Butch” Otter issued his recommendations today for how to use $1,240,062,000 in federal stimulus funding being made available to Idaho by the American Recovery and Reinvestment Act of 2009. The Governor’s recommendations are based on seven basic criteria:
* Create and protect jobs in all regions of the state
* Provide for quality education of Idaho’s school-aged children
* Provide temporary relief for Idahoans directly impacted by the global recession
* Minimize ongoing costs to taxpayers in the current year as well as future years
* Do not use the funds to create new state programs
* Do not use the funds to expand the size of state government
* Delay use of rainy day funds as a hedge against continued declines in state revenue
The REALTORS® legislation has passed the House and now makes its way to the Senate. The only real snag to this point has been the canary yellow paper we use on our RE 42 property Disclosure form. The concern generally raised is the yellow paper is meant to stand out so consumers are aware of the predatory practice of equity stripping. Obviously the REALTORS® we want to protect consumers and will continue to do so, but this is entirely impractical in today’s business practice of faxed and electronic transmittals. Additionally the people this is really directed towards aren’t using the form to begin with, and with 26 different forms in use how do we judge which are the most important.
The following is the current status of our legislation:
· HB 188 Real Estate License Law passed the House 62 - 0
· HB 189 Real Estate - Trust Accounts passed the House 62 - 1
· HB 190 Representation Agreements, Legal Description passed the House 65 - 0
· HB 191 Foreclosure Disclosure Form passed the House 45 -20
There were two ITD bills (HB47, 48) that would have impacted the rights of property owners which we opposed are now dead. There was also a proposal to put a new tax on new customers through the PUC (HB 52) that we strongly opposed which is also dead. These pieces of legislation would have impacted the housing market very negatively. Bad legislation that doesn’t become law is often just as important as the bills that pass.
· HB 218 Building Codes -The purpose of this legislation is to exempt single family dwellings and multiple family dwelling buildings up to four units per building, from the requirements to install automatic fire sprinkler systems.
There are also three bills related to banking law just printed this morning. The bills will likely be heard next week and we will be monitoring closely.
· HB 234 Trust deeds/foreclosure/judgments
· HB 235 Foreclosures and defiency judgments
· HB 236 Foreclosures/deficiency judgments
If you have any questions, call Miguel at the ACAR Office: 947-7226
Wednesday, March 11, 2009
Its time to step up...
ACAR has been working with IHFA for the last several days to be able to offer a 12 month loan to first-time home buyers so that they will have their federal tax credit to use for down payment and closing costs.
We hope to be able to announce the program next week at the Agent2Agent meeting. You won't want to miss this.
Imagine how many of your "on the fence" buyers will jump when you tell them that they can get into the house they've been looking at, with no money down!
Details are still being worked out...
Watch here for more.
We hope to be able to announce the program next week at the Agent2Agent meeting. You won't want to miss this.
Imagine how many of your "on the fence" buyers will jump when you tell them that they can get into the house they've been looking at, with no money down!
Details are still being worked out...
Watch here for more.
Tuesday, March 10, 2009
He Said/Did What?!?
The ways to communicate in this world are ever expanding. From Facebook to blogs to Myspace to Twitter... the possibilities seem endless. With more and more ways to connect, there are also more and more ways to accidentally get yourself in trouble.
In the REALTOR® Code of Ethics, there are two articles that seem to come under constant fire-- Article 12 and Article 15.
Article 12 says that REALTORS® will be honest and truthful in all of their advertising, marketing, and communication. This specifically included URLs as expanded by the Standards of Practice incorporated back in 2008. Does this apply to screen names, usernames, handles, and avatars? How far does it have to go before it is no longer a true representation?
Every day, I hear new and unique ways that this line is crossed. A new case interpretation added this year talks about a REALTOR® who specifically registered URLs that were very similar to the names of his competitors... only, the names happened to be "misspelled". When called in front of a hearing panel, he said that it wasn't dishonest because it wasn't the actual name of his competitor. He said by misspelling the name, it became meaningless, and therefore wasn't deceptive... Do you buy that? Yeah, neither did the hearing panel.
That is a pretty blatant instance (I think). What about more subtle issues? What if your avatar is something like "WhiteWaterRealtor". You picked it because you are a white water enthusiast and you sell real estate. If there is also a real estate brokerage named White Water Real Estate, have you taken their name and is a deceptive effect created? You could argue that it is a true picture because you are a white water rafter, but you don't work for that company. Is that a potential article 12 violation? (Weigh in! Tell us what you think in the comments)
Now, the Code of Ethics doesn't specifically mention avatars or usernames, but that doesn't mean they aren't covered in Article 12. The 'spirit' of the article is honest and truthful in all formats...Be able to explain and defend your choices (Hopefully better than the gentleman in the case study).
Article 15 is the other issue at hand. Article 15 says that you will not knowingly or recklessly make false or misleading statements about your competitors. With the many platforms you now have your fingertips, you need to be very careful about what you say and what audience it is reaching--and it may not be the audience you were intending to reach.
On Facebook, depending on the privacy settings you've set, it's possible that the friends of your friends can read what you write. So if you are going to vent or bad mouth, just because you aren't "friends" with that individual doesn't mean it won't come back to them. On Twitter, anything you post is available to read to anyone at any time. For example, I was forwarded a twitter link, and mind you I don't have a twitter account, and I could access every tweet that person had made.
The market is challenging right now--we all know that--and many good people are getting frustrated. While it's a human universal to get mad, vent, or try to take down your competitor, just remember what you say and do, how you say and do it, and where you say and do it can lead down a path that you really didn't mean to take...
Happy Trails!
In the REALTOR® Code of Ethics, there are two articles that seem to come under constant fire-- Article 12 and Article 15.
Article 12 says that REALTORS® will be honest and truthful in all of their advertising, marketing, and communication. This specifically included URLs as expanded by the Standards of Practice incorporated back in 2008. Does this apply to screen names, usernames, handles, and avatars? How far does it have to go before it is no longer a true representation?
Every day, I hear new and unique ways that this line is crossed. A new case interpretation added this year talks about a REALTOR® who specifically registered URLs that were very similar to the names of his competitors... only, the names happened to be "misspelled". When called in front of a hearing panel, he said that it wasn't dishonest because it wasn't the actual name of his competitor. He said by misspelling the name, it became meaningless, and therefore wasn't deceptive... Do you buy that? Yeah, neither did the hearing panel.
That is a pretty blatant instance (I think). What about more subtle issues? What if your avatar is something like "WhiteWaterRealtor". You picked it because you are a white water enthusiast and you sell real estate. If there is also a real estate brokerage named White Water Real Estate, have you taken their name and is a deceptive effect created? You could argue that it is a true picture because you are a white water rafter, but you don't work for that company. Is that a potential article 12 violation? (Weigh in! Tell us what you think in the comments)
Now, the Code of Ethics doesn't specifically mention avatars or usernames, but that doesn't mean they aren't covered in Article 12. The 'spirit' of the article is honest and truthful in all formats...Be able to explain and defend your choices (Hopefully better than the gentleman in the case study).
Article 15 is the other issue at hand. Article 15 says that you will not knowingly or recklessly make false or misleading statements about your competitors. With the many platforms you now have your fingertips, you need to be very careful about what you say and what audience it is reaching--and it may not be the audience you were intending to reach.
On Facebook, depending on the privacy settings you've set, it's possible that the friends of your friends can read what you write. So if you are going to vent or bad mouth, just because you aren't "friends" with that individual doesn't mean it won't come back to them. On Twitter, anything you post is available to read to anyone at any time. For example, I was forwarded a twitter link, and mind you I don't have a twitter account, and I could access every tweet that person had made.
The market is challenging right now--we all know that--and many good people are getting frustrated. While it's a human universal to get mad, vent, or try to take down your competitor, just remember what you say and do, how you say and do it, and where you say and do it can lead down a path that you really didn't mean to take...
Happy Trails!
Monday, March 9, 2009
Free Stuff That Can Make You Money
Everyone loves something for free, especially if it can boost their business. NAR has launched a new campaign called "Right Tools. Right Now." and as part of this campaign, NAR is offering a TON of stuff for free.
Want to know what demographic is buying, what they are buying, and how to market to them? Check out the Buyer and Seller Profile You can download this in .pdf for free. If you want a nice printed version, it's only $25 (Used to be $50 no matter how you ordered it).
Want to give your clients a discount at Lowe's? You can offer a customized discount to your seller or buyer. Learn More
If you want to earn more designations, or just further your education, NAR is now offering several online classes either for free or at cost! I know money is tight, but you'll never get as good a deal as they are currently offering!
Opportunities are opening up at every turn--stay informed and take advantage!
Want to know what demographic is buying, what they are buying, and how to market to them? Check out the Buyer and Seller Profile You can download this in .pdf for free. If you want a nice printed version, it's only $25 (Used to be $50 no matter how you ordered it).
Want to give your clients a discount at Lowe's? You can offer a customized discount to your seller or buyer. Learn More
If you want to earn more designations, or just further your education, NAR is now offering several online classes either for free or at cost! I know money is tight, but you'll never get as good a deal as they are currently offering!
Opportunities are opening up at every turn--stay informed and take advantage!
Friday, March 6, 2009
The Sky's the Limit
The theme for the 2009 Circle of Excellence banquet – The Sky’s the Limit! - set the bar high, but from all reports, the event exceeded all expectations. The breathtaking view of the city from the Stueckle Sky Club provided an incredible backdrop for an exciting evening with friends and colleagues.
Kristin Armstrong, 2008 Olympic Gold Medalist, inspired us with a timely keynote address, followed by a fabulous awards ceremony recognizing the many accomplishments of our members. Top honors went to:
Gene Strate, Keller Williams, REALTOR® of the Year
Kit Fitzgerald, Red Barn Real Estate - Distinguished Service Award
Laurie Barrera, SelEquity – Distinguished Service Award
In addition, five new awards were presented this year:
Rookie REALTOR® Award – OkHee Chang, Serenity Real Estate
Broker of the Year – KaLinn Dishion, Group One
Code of Ethics Leadership Award – Barbara Dawson, Group One
Darlene Manning Humanitarian Award – Darlene Blakeslee, ERA WestWind
Thank you for all of your hard work and Congratulations!
Thursday, March 5, 2009
Young Professionals Group Kick Off!
Wow, what a turn out for our first meeting of the ACAR Young Professionals Group! We were so excited to see everyone there!In all honesty, we didn't know what to expect... and sort of figured it would be a handful of us huddled around a table trying to figure out where to go from here. The "handful" turned out to be about 35 individuals!
It was a great meeting and I know that I met a number of agents that I did not know before. The group has an energy and a determination about it that just seems to radiate! I'm excited about the potential and talent that this group has!
Together, we decided that we will try to meet at lunch on the last Wednesday of every month. The purpose of the meeting will primarily networking and idea exchange. We do not have a permanent location so stay tuned for more information. We will keep you posted as schedules and agendas are determined.
Thanks again for making this meeting a success!
Obama foreclosure fix open for business
Federal officials release details of $75 billion loan modification and refinancing programs. Borrowers can start contacting loan servicers.
The Obama administration's foreclosure prevention program is open for business.
The multipronged fix calls for companies to help as many 4 million struggling borrowers by modifying loans so monthly housing payments are no more than 31% of monthly gross income.
Separately, homeowners who haven't missed a payment can refinance into lower-cost loans even if they have little or no equity. This is expected to help up to 5 million homeowners.
This plan will help make home ownership more affordable for nine million American families and in doing so, help to stop the damaging impact that declining home prices have on all Americans," said Housing Secretary Shaun Donovan.
Borrowers can now contact their servicers to see whether they are eligible for assistance.
The loan modification plan focuses on people who are behind in their payments or are at risk of default.
Federal officials clarified the definition of "at risk" as those: suffering serious hardships, declines in income or increase in expenses; facing an interest rate hike; having high mortgage debt compared to income; owing more than their house is worth, or demonstrating other reasons for being close to default.
The Obama administration's foreclosure prevention program is open for business.
The multipronged fix calls for companies to help as many 4 million struggling borrowers by modifying loans so monthly housing payments are no more than 31% of monthly gross income.
Separately, homeowners who haven't missed a payment can refinance into lower-cost loans even if they have little or no equity. This is expected to help up to 5 million homeowners.
This plan will help make home ownership more affordable for nine million American families and in doing so, help to stop the damaging impact that declining home prices have on all Americans," said Housing Secretary Shaun Donovan.
Borrowers can now contact their servicers to see whether they are eligible for assistance.
The loan modification plan focuses on people who are behind in their payments or are at risk of default.
Federal officials clarified the definition of "at risk" as those: suffering serious hardships, declines in income or increase in expenses; facing an interest rate hike; having high mortgage debt compared to income; owing more than their house is worth, or demonstrating other reasons for being close to default.
To participate in the loan modification plan, borrowers must:
- have obtained their mortgage before Jan. 1, 2009;
- have a primary mortgage of less than $729,500;
- live in the property;
- fully document their income by providing tax returns and pay stubs;
sign a statement of financial hardship; and - go for counseling if their total household debt - including auto loans, credit cards and alimony - totals more than 55% of their income.
The modification program will be in effect until the end of 2012. Officials also unveiled more details on how servicers will modify the loans. First, they must reduce interest rates so that borrowers' total house payments are not more than 38% of their monthly income. The government will then subsidize servicers dollar-for-dollar to lower that ratio to 31% - but the interest rate can't go below 2%.
If rate reductions aren't enough to get payments to 31% of income, a lender can extend the term up to 40 years, or shift part of the principal to the end of the loan at no interest. Servicers also have the option of reducing the loan's balance.
The program also includes a new provision to eliminate borrowers' second mortgages.
Tuesday, March 3, 2009
Stop Messing With My Commission
Fannie Instructs Its Servicers Not to Cut Commissions on Short Sales
This just in...
On February 24, 2009, Fannie Mae sent Announcement 09-03 to its servicers instructing them NOT to negotiate commissions on short sales below the amount negotiated by the listing agent (unless the commission exceeds 6 percent).
The requirement took effect March 1, 2009. Fannie Mae recognizes that (a) negotiating commissions for short sales is unfair because getting a short sale to closing requires intensive work over many months, often requiring working with numerous buyers, and (b) compensating real estate agents fairly benefits Fannie Mae because agents play a crucial role in short sales. The Announcement reminds servicers that third party approvals (i.e., private mortgage insurers) may be required and can affect commissions.
NAR has asked both Fannie Mae and Freddie Mac to strengthen their policies against reducing short sales commissions. NAR welcomes Fannie’s announcement, and has urged Freddie to follow Fannie’s lead.
This just in...
On February 24, 2009, Fannie Mae sent Announcement 09-03 to its servicers instructing them NOT to negotiate commissions on short sales below the amount negotiated by the listing agent (unless the commission exceeds 6 percent).
The requirement took effect March 1, 2009. Fannie Mae recognizes that (a) negotiating commissions for short sales is unfair because getting a short sale to closing requires intensive work over many months, often requiring working with numerous buyers, and (b) compensating real estate agents fairly benefits Fannie Mae because agents play a crucial role in short sales. The Announcement reminds servicers that third party approvals (i.e., private mortgage insurers) may be required and can affect commissions.
NAR has asked both Fannie Mae and Freddie Mac to strengthen their policies against reducing short sales commissions. NAR welcomes Fannie’s announcement, and has urged Freddie to follow Fannie’s lead.
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