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Wednesday, October 28, 2009

#real estate: Update On The Home Buyer Tax Credit 10/28 -

Home Buyer Tax Credit Update 10/28

Here is what we know as of this afternoon. The tentative tax credit agreement of yesterday has changed. The Senate is still negotiating the terms of the credit and how to proceed. A new agreement on extending and expanding the tax credit has now been introduced as a separate, stand alone bill. The Senate voting procedure on this bill is still undecided. It could be voted upon separately from the Unemployment bill. Or not. The timing of the votes is still up in the air. But the good news is that we are still very much in the mix. Stay tuned...
Make Sure Your Deals Close
See The Top Michigan FHA Lenders Here:

See The Top FHA Michigan Lenders

#1 - John Adams Mortgage
#2 - Bank of America/Countrywide
#3 - Flagstar Bank FSB
#4 - Ross Mortgage Corp.
#5 - Gold Star Mortgage Financial

*Based on compilation of Wayne, Oakland, Macomb, & Washtenaw Counties.
Click here for a larger view:

Tuesday, October 27, 2009

You have the power to end HVCC! No more unfair appraisals! Make a difference here:

You have the power to end HVCC!

On Wednesday, October 21st, the National Association of Mortgage Brokers used this petition to help convince the House Financial Services Committee to pass an amendment that will finally put an end the mess that HVCC has been making of the real estate and lending industries. More than the 102,000 signatures on the petition, it was the pace at which the petition is growing and the HVCC horror stories signers included with their electronic signatures. Now more than ever we need everyone to rally behind this cause to make absolutely certain it continues to gain the momentum necessary to make it through the House and Senate votes that are forthcoming. Please, please, Please, sign this petition if you haven't done so already and more importantly, send it to everyone you know in any sector of the real estate and lending industry as well as to all the current, past and future clients in your database. The new petition website makes it abundantly clear how all homeowners are losing equity and being harmed directly by HVCC as well as how it is blocking any chance at the real estate recovery our economy needs so desperately. Everyone you send to will be indebted to you for looking out for their best interest. We won the first of three battles which is more than anybody thought could happen and if we get serious and rally together now for one last massive push we should be able to put HVCC behind us forever. Thank you for your time, effort and support. Click here to see our interview with the president of NAMB

IMPORTANT: News on Extension of 1st Time Home Buyer Tax Credit

Tax Credit Update: October 27, 2009 The United States Senate is expected to vote, later today, on a bill to extend Unemployment Insurance benefits. This bill will contain the Dodd - Lieberman - Isakson Amendment to extend and expand the $8,000 First Time Homebuyer Tax Credit. The Extended and Expanded Tax Credit will contain the following provisions:
Amount: $8,000
Eligibility: ALL HOME BUYERS (Step-up buyers will have to have lived in their current home for SEVEN* years to be eligible)
Income Limits: $125,000 for single filers/$225,000 for joint filers
Time Frame: December 1, 2009 to April 30, 2010 plus 60 Day extension if binding contract is in place by April 30, 2010
*The 7 year ownership requirement is designed to lower the "score" or cost of the tax credit. This is still open to change. The Congressional Budget Office is going to "score" the cost of 3 year and 5 year requirements. We are continuing to push for step-up buyers to be required to be in their current home for three year period. Stay tuned...

Sunday, October 18, 2009

You Know The Bank Inventory We Were Waiting For? It's Not Coming!

Short Sales or No Sales: You decide the fate of your real estate career.
At the most recent REO Conference in Dallas, a local REO agent observed Asset managers packing up boxes and being ushered out of their areas. When he asked what was happening, he was told that they had been transferred to loss mitigation. Apparently the banks have learned much in the past two years and here is how it breaks down:
1.) They were able to push legislation through in April that allows them to delay reporting losses until they have listed an asset. (If they don't list it - it doesn't exist to potential stock investors)2.) They collectively have a controlling interest in the majority of inventory across the nation. (They can influence values in the marketplace by controlling the timing of the release of the inventory - they can release the supply to meet the demand and maintain values)
3.) It costs them more in maintenance, dilapidated condition, potential vandalism, and theft to foreclose than it does to help a homeowner to sell short. Selling short also yields higher average sale prices.
What it means:
1.) we no longer have to be upset with ourselves for not getting into the bank owned side of our business.Our local REO agent was told to downsize his staff. Call any REO agent's office and ask them how many listings they have. Their inventories are down to a fraction of what they were. The good news is; this means we have every advantage to do as well or better in the Real Estate industry than the REO agents we thought had it made. The bad news is we are still going to have to earn it.
2.) Banks are going to initiate another moratorium on foreclosures and standardize short sale processes utilizing a new web platform on REO Trans.We will have to have short sale training. We will have to do short sale business or find another career. We will have to be registered on REO Trans and pay for the training they offer or we will not be ranked and our customers will be given other agents to choose from that have more impressive qualifications.
3.) We will be expected to be expert advisors to consumers and those who aren't will perish in this new industry.