This month, the ACAR Young Professionals will be meeting on Wednesday, September 30th from 11:30am-1pm at Pioneer Title on Rifleman. We have a guest speaker, Ronda Conger, who will help you to find inspiration in your business!
We will be providing lunch for you, so if you are planning on coming, just let me know! (Email me: SHansen @ myACARonline.com)
See you on Wednesday!
Monday, September 28, 2009
Wednesday, September 23, 2009
Tax Credit Already Helped 1.1 Million Households
The IRS says 1.4 million have used tax credit already. The 1.4 million total is based on the number of taxpayers claiming the $8,000 first-time home buyer tax credit on their 2008 income tax returns, including amended returns, the IRS says in a release (IR-2009-083).
Meanwhile, with it expiring Dec. 1, NAR continues its full court press to extend the credit into 2010. Watch and link to a video with NAR Government Affairs on the legislative outlook for the extension.
Meanwhile, with it expiring Dec. 1, NAR continues its full court press to extend the credit into 2010. Watch and link to a video with NAR Government Affairs on the legislative outlook for the extension.
Friday, September 18, 2009
YPN Tech Contest - Win Big!
If you're a real estate professional using technology to succeed in your marketplace, HP wants to give you an opportunity to win a mobile office. In exchange, we want to know your "technology" story.
To enter, describe how you use technology or plan to use technology to:
• differentiate yourself,
• increase your revenue, and/or
• improve your productivity
Provide examples, technology-saves-the-day scenarios - you get the picture - anything to illustrate that you're an agent who is optimizing technology to win.
Our grand prize winner will receive an HP mobile office prize package worth up to $3,841.00.
Contest details:
• Contest exclusively for U.S. real estate professionals over the age of 18.
• Entries must be submitted by 11:59:59 p.m. PT on October 28, 2009
• Winners selected:
a) Will receive a prize valued between $425.00 and $3841.00 (see prize list)
b) Will be announced at the HP-sponsored REALTOR® Magazine Young Professionals Network event on Friday, Nov. 13, at 7 PM during the REALTOR® Conference & Expo in San Diego (YOU DO NOT NEED TO BE PRESENT TO WIN.)
c) May be featured in national HP press and promotional materials and websites
To be eligible to win one of five (5) prize packages, submit the entry form and essay here by October 28, 2009. Winners will be judged on content, not grammar. So don't worry about punctuation - just be punctual in getting your entry in before the deadline.
To enter, describe how you use technology or plan to use technology to:
• differentiate yourself,
• increase your revenue, and/or
• improve your productivity
Provide examples, technology-saves-the-day scenarios - you get the picture - anything to illustrate that you're an agent who is optimizing technology to win.
Our grand prize winner will receive an HP mobile office prize package worth up to $3,841.00.
Contest details:
• Contest exclusively for U.S. real estate professionals over the age of 18.
• Entries must be submitted by 11:59:59 p.m. PT on October 28, 2009
• Winners selected:
a) Will receive a prize valued between $425.00 and $3841.00 (see prize list)
b) Will be announced at the HP-sponsored REALTOR® Magazine Young Professionals Network event on Friday, Nov. 13, at 7 PM during the REALTOR® Conference & Expo in San Diego (YOU DO NOT NEED TO BE PRESENT TO WIN.)
c) May be featured in national HP press and promotional materials and websites
To be eligible to win one of five (5) prize packages, submit the entry form and essay here by October 28, 2009. Winners will be judged on content, not grammar. So don't worry about punctuation - just be punctual in getting your entry in before the deadline.
Wednesday, September 16, 2009
REALTOR(r) Safety Week
REALTOR® Safety Week is this week, September 13-19, 2009. It is a time to be reminded of some of the dangers you face everyday, to be aware of surroundings, and to be empowered with precautions and preparations so that you can avoid risky situations.
Take precaution on the job and recognize there are a number of ways to protect yourself and have others look out for you as well!
Click here to learn more today.
Take precaution on the job and recognize there are a number of ways to protect yourself and have others look out for you as well!
Click here to learn more today.
Tuesday, September 15, 2009
30 Under 30 Applications Now Being Accepted!
It’s that time of year again!
REALTOR® Magazine is now accepting applications for its annual “30 Under 30” feature. Visit our website at http://www.realtor.org/archives/30under30main, and be sure to have your NRDS# ready.
Remember that we are looking for more than just sales volume and transaction sides when considering finalists. New systems, ideas, leadership, and association involvement also play a large role. Applications will be accepted through January 31, 2010.
Please pass this announcement on to your members so that your chapter may have the opportunity to be represented in this elite group of REALTORS®!
REALTOR® Magazine is now accepting applications for its annual “30 Under 30” feature. Visit our website at http://www.realtor.org/archives/30under30main, and be sure to have your NRDS# ready.
Remember that we are looking for more than just sales volume and transaction sides when considering finalists. New systems, ideas, leadership, and association involvement also play a large role. Applications will be accepted through January 31, 2010.
Please pass this announcement on to your members so that your chapter may have the opportunity to be represented in this elite group of REALTORS®!
Monday, September 14, 2009
IMLS Contributes $10,000 towards home ownership program
The IMLS is joining IAR, ACAR, IHFA and the REALTOR Community Foundation in contributing $10,000 towards the Welcome Home Idaho program of promoting homeownership. The funds will be used in the interest rate buydown program for the IHFA tax credit 2nd and sustaining homebuyer opportunities. Thanks IMLS for the generous support and helping people throughout Idaho achieve the dream of home ownership!
Friday, September 11, 2009
What Do You Think About This...?
...A New Member Start Up Kit.
We were talking about how we could help new members jump start their first 90 days as REALTORS.
In addition to learning where the office is, how to enter a listing and what is in the "blue brochure," there's lots of other small but important things to put together...everything from tape measures to sign riders, brochures to a zip drive with every kind of information needed. The list goes on.......
Here's an idea we were tossing around.
What if ACAR created a New Member Starter Kit available for purchase while the newbie is here purchasing their keys and signing up for the association and MLS?
One stop shopping, with a "new REALTOR®" discount too.
What do you think? What would you suggest we add to the starter kit?
We were talking about how we could help new members jump start their first 90 days as REALTORS.
In addition to learning where the office is, how to enter a listing and what is in the "blue brochure," there's lots of other small but important things to put together...everything from tape measures to sign riders, brochures to a zip drive with every kind of information needed. The list goes on.......
Here's an idea we were tossing around.
What if ACAR created a New Member Starter Kit available for purchase while the newbie is here purchasing their keys and signing up for the association and MLS?
One stop shopping, with a "new REALTOR®" discount too.
What do you think? What would you suggest we add to the starter kit?
First 10 Home Buyers to pay off IHFA Loan
At ACAR we received the Ira Gribin Grant from NAR to help encourage homeownership and issues associated with workforce housing. One element of the program is to pay off the interest and fees associated with the first-time homebuyer tax credit loan being offered through the IHFA (one of the few states offering this advance loan). We just received the payoff statement for the first 10 home buyers to pay off their loan. The REALTORS® Community Foundation will be sending a first check to IHFA to reimburse these homebuyers their fees and interest. The homebuyer will receive a letter letting them know that Idaho REALTORS® (you!) have made this possible for them. This will help encourage homeownership and responsibility in handling the repayment of the loan. We are very excited to partner with the IHFA in this program and to be letting Idaho know REALTORS® stand behind our principles of encouraging home ownership!
Tuesday, September 8, 2009
FannieMae: Mortgage Fraud News
FannieMae periodically publishes articles dealing with current business practice issues...here's what they had to say about Preforeclosure sales...
Fannie Mae has become aware of a new variant of property flipping involving preforeclosure (short) sales.
The trend we have observed involves a perpetrator who submits a short sale offer to purchase a preforeclosure property at a price less than the current indebtedness. This perpetrator locates a second buyer, who may not be arms length, to purchase the property at a higher price simultaneous with the short sale or in rapid succession, concealing the second (higher) transaction from the lender approving the short sale. The second transaction may involve a new loan based on an inflated appraisal.
In some cases, the perpetrator convinces the homeowner to deed the property into a land trust, with the perpetrator (or his accomplice) as trustee.
Example:
We have been advised of instances where the perpetrator is the listing agent, and the agent presents his/her short sale offer as the "best" offer, even though the agent has received other, higher, arms length offers.
As this trend has gained momentum, some title companies have begun to refuse to close the simultaneous transactions. As a result, a second version of this scheme has evolved in which the closing involves only one transaction: from the homeowner to (the perpetrator’s) ultimate purchaser. The perpetrator is paid out through or outside of closing. Some of the tactics observed include a second mortgage filed by the perpetrator against the property immediately before closing, and inflated real estate commissions.
These flips can potentially be identified and thwarted by either the pre-foreclosure lender or the lender financing the second (inflated) transaction. Fannie Mae recommends the following best practices in assessing preforeclosure sale activity:
Confirm the ownership status of the property:
Is the title held in trust? Was it an allowable transfer? (Servicing Guide, Section III, Chapter 4)
Review marketing efforts such as the MLS listing
Condition approval on disclosure of all contracts pending on the property prior to mortgage payoff
Validate the purchaser’s loan approval, deposit and funds to close
Condition approvals for preforeclosure sales on review of the final HUD-1 Settlement Statement
Review the sales price and payouts against the purchase offer
Fannie Mae recommends the following best practices to avoid financing inappropriate property flips:
Validate the purchaser’s deposit and funds to close
Use reliable appraisal valuation sources
Review the final HUD-1 and do not allow excessive seller concessions to be paid to the purchaser
Question excessive sales commissions
Validate that the seller holds clear marketable title to the property
Fannie Mae partners with a wide variety of industry groups, with law enforcement, and with our customers in mortgage fraud education and prevention efforts.
If you have any questions or suggestions about this information, please contact Fannie Mae’s Mortgage Fraud Program or your Customer Account Manager.
Fannie Mae has become aware of a new variant of property flipping involving preforeclosure (short) sales.
The trend we have observed involves a perpetrator who submits a short sale offer to purchase a preforeclosure property at a price less than the current indebtedness. This perpetrator locates a second buyer, who may not be arms length, to purchase the property at a higher price simultaneous with the short sale or in rapid succession, concealing the second (higher) transaction from the lender approving the short sale. The second transaction may involve a new loan based on an inflated appraisal.
In some cases, the perpetrator convinces the homeowner to deed the property into a land trust, with the perpetrator (or his accomplice) as trustee.
Example:
We have been advised of instances where the perpetrator is the listing agent, and the agent presents his/her short sale offer as the "best" offer, even though the agent has received other, higher, arms length offers.
As this trend has gained momentum, some title companies have begun to refuse to close the simultaneous transactions. As a result, a second version of this scheme has evolved in which the closing involves only one transaction: from the homeowner to (the perpetrator’s) ultimate purchaser. The perpetrator is paid out through or outside of closing. Some of the tactics observed include a second mortgage filed by the perpetrator against the property immediately before closing, and inflated real estate commissions.
These flips can potentially be identified and thwarted by either the pre-foreclosure lender or the lender financing the second (inflated) transaction. Fannie Mae recommends the following best practices in assessing preforeclosure sale activity:
Confirm the ownership status of the property:
Is the title held in trust? Was it an allowable transfer? (Servicing Guide, Section III, Chapter 4)
Review marketing efforts such as the MLS listing
Condition approval on disclosure of all contracts pending on the property prior to mortgage payoff
Validate the purchaser’s loan approval, deposit and funds to close
Condition approvals for preforeclosure sales on review of the final HUD-1 Settlement Statement
Review the sales price and payouts against the purchase offer
Fannie Mae recommends the following best practices to avoid financing inappropriate property flips:
Validate the purchaser’s deposit and funds to close
Use reliable appraisal valuation sources
Review the final HUD-1 and do not allow excessive seller concessions to be paid to the purchaser
Question excessive sales commissions
Validate that the seller holds clear marketable title to the property
Fannie Mae partners with a wide variety of industry groups, with law enforcement, and with our customers in mortgage fraud education and prevention efforts.
If you have any questions or suggestions about this information, please contact Fannie Mae’s Mortgage Fraud Program or your Customer Account Manager.
August, Come She Must
There's an old rhyme meant to help us predict the hurricane season: "June, too soon; July, stand by; August, come she must..."
The big question going into the dog days of summer was: "Would August continue the momentum of the previous two months?"
The answer is a resounding "Yes".
Sales are up 2% from last month; and up 8% from this same month last year. This is the third month in a row for an increase over last year's same month. This three month trend reverses 35 months of year-over-year decreases. We are likely to look back at the Summer of '09 as the season of our comeback.
Pending sales also continue to climb. Last month there were 51% more Pendings than the same month last year - now there are 63% more pendings. Even New Construction Pendings are 23% above last year.
Short Sales and REO's are up slightly. Short sales were 15%. REO sales are were 20%.That makes 35% of the sales in August "distressed". Our high was 48% in Feb, 45% in March, & 44% in April.
There are some indications that more short sales are being closed.
Median home price continues to hover in the $170k to $175k range. In August the median was $171,000. This is down 2% from July and 17% from '08. There was a jump in new home median in August compared to July; up 7%. Looking back at July we observed a big drop in new home median. August seems to correct that.
Affordability is at its best ever!
Inventory is now back to 2006 levels. We now have 7.5 months of available inventory; 3289 resale and 755 new homes.
Lastly...home prices seem to be firming up. This discount between listing price and final sales price decreased to 2.9%
The big question going into the dog days of summer was: "Would August continue the momentum of the previous two months?"
The answer is a resounding "Yes".
Sales are up 2% from last month; and up 8% from this same month last year. This is the third month in a row for an increase over last year's same month. This three month trend reverses 35 months of year-over-year decreases. We are likely to look back at the Summer of '09 as the season of our comeback.
Pending sales also continue to climb. Last month there were 51% more Pendings than the same month last year - now there are 63% more pendings. Even New Construction Pendings are 23% above last year.
Short Sales and REO's are up slightly. Short sales were 15%. REO sales are were 20%.That makes 35% of the sales in August "distressed". Our high was 48% in Feb, 45% in March, & 44% in April.
There are some indications that more short sales are being closed.
Median home price continues to hover in the $170k to $175k range. In August the median was $171,000. This is down 2% from July and 17% from '08. There was a jump in new home median in August compared to July; up 7%. Looking back at July we observed a big drop in new home median. August seems to correct that.
Affordability is at its best ever!
Inventory is now back to 2006 levels. We now have 7.5 months of available inventory; 3289 resale and 755 new homes.
Lastly...home prices seem to be firming up. This discount between listing price and final sales price decreased to 2.9%
Friday, September 4, 2009
Right Tools Right Now Delivers SFR Certification
Two weeks ago Dale Stinton announced that Right Tools Right Now will continue through 12/31/2010!
Until yesterday, if you wanted to earn this certification you had to pay a $175 registration fee; take one all-day class for about $150 and do 3 webinars (free).
Beginning in October, the registration fee is waived; the all-day class goes online (maybe free); ACAR begins offering a discounted all day class here; the webinars are still free!
Also...NAR is offering the all-day course in San Diego a day before the convention begins. Cost is $75. You don't have to register for the convention to attend. Register
2. Complete a qualifying core course. Choose ONE of the following:
Until yesterday, if you wanted to earn this certification you had to pay a $175 registration fee; take one all-day class for about $150 and do 3 webinars (free).
Beginning in October, the registration fee is waived; the all-day class goes online (maybe free); ACAR begins offering a discounted all day class here; the webinars are still free!
Also...NAR is offering the all-day course in San Diego a day before the convention begins. Cost is $75. You don't have to register for the convention to attend. Register
The path to pursuing the SFR certification is straightforward. Follow these four steps:
1. Be a member in good standing of the National Association of REALTORS®
2. Complete a qualifying core course. Choose ONE of the following:
- REBAC’s Short Sales and Foreclosures Course
One day in length Available in classroom
Online version is coming soon
For more information, visit http://www.coursecalendar.com/.
- CRS 111: Short Sales and Foreclosures: Protecting Your Clients’ Interests One day in length Available in classroom For more information, visit http://www.crs.com./
3. Complete three 1-hour Webinars available free of charge
4. Submit application $175 application fee, waived through December 31, 2009.
Accepting applications beginning in early October 2009.
Put a reminder in your Outlook....
Thursday, September 3, 2009
5 Easy Ways to Avoid Getting in Trouble
There are so many things that we do every day that could have unintended consequences. Recently, there have been themes to those actions and a seemingly minor issue is becoming something more. Here are few easy things that you should never do in real estate.
1. Never Give Out Lock Box Codes-- With more short sale and REO properties on the market, there has been a resurgence of the combo lock lockboxes. NEVER GIVE OUT THE CODE TO CLIENTS OR CUSTOMERS.
It sounds so simple! If you tell your customer or client, "Yeah, that house has a combo lock on it. I can't meet you right now, so just let yourself in. The code is 1-2-3." you have just opened yourself up. You may be liable if anything happens to that property. Your client may take things, break things, or do something to the property. You don't need that on your record or your conscience. If you can't meet them right at that moment, either reschedule or arrange for another agent to tour the property with them. Maybe ask the listing agent to open the property for them. Giving them the code is the easy thing - but it doesn't make it the right thing.
2. Never Use Someone Else's Photos on a Listing Without Asking First-- Photos are subject to copyright laws. If you take the photos from an old MLS listing and post them as yours, you may find yourself explaining it to a judge. If you want to use another agent's photos, get their permission before posting. If your seller provides the photos, ask your seller who took the photos. Just because the seller has a copy of it doesn't necessarily mean they have ownership of the copyrights. Digital cameras are so prevalent in today's society, a moment or two of your time to take some new photos now may save you a headache later.
3. Always Call Before Showing-- A common courtesy typically extended to each other as professionals, it helps to avoid miscommunications and angry sellers. Just because there is a lockbox on the property doesn't necessarily mean that you have unrestricted access. If you arrive unannounced, you risk confrontation and possible embarrassment in front of your customer or client.
Additionally, calling before you show a property can be a great benefit to you and your client if the property is no longer available. If the listing agent hasn't had an opportunity to update the status on the MLS yet, it is possible you would be showing a property to your client that isn't actually available. That is a waste of time and resources for both you and your client. A simple phone call or email could clear that up quickly.
4. Never Give Out Login Information-- Your membership and access to listing information is a valuable part of your service as a real estate professional. Giving this information out to clients, customers, and random family members devalues your profession and you as a professional.
It allows folks outside the industry to gain information that they have no need to know. It gives them access to commission information, sensitive information such as the contact information for sellers, and a history of everything that has occurred on a property. Show pride in your industry and protect the information.
5. Always Ask the Question "Is this in the best interest of my client?"-- If that answer comes up as a 'no', then you need to re-evaluate the actions you are taking. As a service provider, your clients interests are primary - not to the point where you would treat another party dishonestly- but you need to ensure that you are serving and protecting your client.
Just taking a moment to reflect before you act can save you time, money, and headaches! And it may lead to better client satisfaction, better colleague interaction, and ultimately, a more successful career!
Good luck, have heart, and go Broncos!
Tuesday, September 1, 2009
Give-Back Golf Tournament - Wednesday, October 7th!
Get ready to play! The Stan Thomas Memorial Give-Back Golf Tournament is scheduled for Wednesday, October 7th at Shadow Valley Golf Course. A few sponsorship opportunities are still available and player registration is now open. Player fees have been reduced from $125 to only $95 this year, so get your team together so you don’t miss out on a fun day with your friends and colleagues while raising money for two local charities - Habitat for Humanity and City Light Home for Women & Children.
Since this tournament began in 1997, the ACAR Community Give-Back Golf Tournament has raised $340,000 for worthy charities in our community. In 2007 the tournament was named after our good friend and colleague, Stan Thomas. Stan was an incredibly active member of our organization for many years, and because of his commitment to the community, we’ve named the tournament in his memory.
Need more info? Give me a call.
Judy McLaughlin
Director of Member Outreach
947-7230
Since this tournament began in 1997, the ACAR Community Give-Back Golf Tournament has raised $340,000 for worthy charities in our community. In 2007 the tournament was named after our good friend and colleague, Stan Thomas. Stan was an incredibly active member of our organization for many years, and because of his commitment to the community, we’ve named the tournament in his memory.
Need more info? Give me a call.
Judy McLaughlin
Director of Member Outreach
947-7230
Cross Promotion Giveaway Madness
The Center for REALTOR Technology (CRT for short) has announced a contest that will help all of us increase readership of our blogs…
“How's that?"
This goes along the "show me yours and I'll show you mine" approach to managing social media sites.
I was talking to Heather Harrington about it over lunch a couple weeks back. We all have good content blogs, but not much "echo" effect. The key to increasing readership and site relevance is to comment on one another's posts and create community dialogue. Trouble is, its hard to discipline ourselves to do it.
Now comes CRT with a great incentive. They are offering a free NAR Convention registration worth hundreds of $$$. All you have to do is help with some blog promotion:
1. Make a blog post about the cross-promotion-giveaway-madness-challenge and include the Expo widget OR
2. Tweet about this blog post and the CRT session agenda at least 5 days apart.
3. Then Join the CRT Facebook Page
4. Post links to the blog(s) and/or tweets in the cross-promotion-giveaway-madness-challenge Blog comments here or in the Facebook note
5. Sit back and wait to see if you win the challenge.
One (maybe two) lucky people that complete those steps and are a CRT Facebook Page fan by the end of September will win the Full Conference Pass courtesy of NAR.
If this spreads enough, maybe there will be some other goodies thrown in the mix as well. So what do you think? Want to get in on the Super CRT Cross Promotion Giveaway Madness Challenge? Two tweets or a blog post — how simple can it be?
The Center for REALTOR Technology (CRT for short) has announced a contest that will help all of us increase readership of our blogs…“How's that?"
This goes along the "show me yours and I'll show you mine" approach to managing social media sites.
I was talking to Heather Harrington about it over lunch a couple weeks back. We all have good content blogs, but not much "echo" effect. The key to increasing readership and site relevance is to comment on one another's posts and create community dialogue. Trouble is, its hard to discipline ourselves to do it.
Now comes CRT with a great incentive. They are offering a free NAR Convention registration worth hundreds of $$$. All you have to do is help with some blog promotion:
1. Make a blog post about the cross-promotion-giveaway-madness-challenge and include the Expo widget OR
2. Tweet about this blog post and the CRT session agenda at least 5 days apart.
3. Then Join the CRT Facebook Page
4. Post links to the blog(s) and/or tweets in the cross-promotion-giveaway-madness-challenge Blog comments here or in the Facebook note
5. Sit back and wait to see if you win the challenge.
One (maybe two) lucky people that complete those steps and are a CRT Facebook Page fan by the end of September will win the Full Conference Pass courtesy of NAR.
If this spreads enough, maybe there will be some other goodies thrown in the mix as well. So what do you think? Want to get in on the Super CRT Cross Promotion Giveaway Madness Challenge? Two tweets or a blog post — how simple can it be?
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