Short Sales Help in Plain Language

By Robert Freedman, Senior Editor, REALTOR® Magazine

Since the beginning of the short-sale problem, NAR members have been seeking plain-language, common-sense tips for dealing with these difficult transactions. We tried to help fill the information gap earlier this year with two free webinars, one in March and one in May, with Scott Thompson, a short-sale specialist who shared his ideas in a way that seemed to resonate with our members. The last time I checked, just under 39,000 of you either attended, viewed, or downloaded the two webinars. They were also incorporated into NAR’s new Short Sales and Foreclosures Resource Certification (SFR) curriculum.

The tips Thomson shared still apply today because he talks about industry best practices that remain constant. But the short-sale environment is nevertheless evolving, so we’re hosting a third webinar, called Today’s Changing Short-Sale Environment, and you might consider spending an hour to attend it on Dec. 10 if you’re looking for more help with these transactions. It’s at 3 p.m. Eastern Time. What has changed? First, lenders have been refining their processes for the past year and a half, so we need to know how their processes are different today. Ideally, we would talk to all the major lenders but that’s not practical. So, we’re doing the next best thing. We’re having Dave Sunlin of Bank of America Home Loans, a sponsor of several of our webinars, talk to us about what his company is doing on short sales. Dave is senior vice president at the lender and in putting together the Webinar we learned that BofA is rolling out a technology platform for short sales. Read more

A Quiet NAR Success on Its Calls for Action

By Robert Freedman, Senior Editor, REALTOR® Magazine

There are many reasons for the success of NAR’s most recent Call for Action, to which more than 18 percent of NAR members—a record— responded.

First and foremost is the compelling subject of the CFA: getting the home buyer tax credit extended and expanded. As NAR Chief Ecionomist Lawrence Yun has been saying for weeks, residential home prices are stabilizing and are on the cusp of heading up—the all-important precursor to restored confidence in homeownership. We’re relying on that improved confidence to boost sales, tighten inventories, and restore healthy credit markets.

Given that, letting the credit expire on Nov. 30 could have stopped sales momentum dead in its tracks.

It was also huge that Congress added the $6,500 credit for repeat buyers, because throughout 2009 much of the sales weight has been carried by first-time buyers. For market stability, repeat buyers needed to get off the fence and Congress saw that. Read more

Praise for HouseLogic

The small but dedicated staff of HouseLogic, and the Web design and development team at Brooklyn, N.Y.-based Huge Inc., scored a compliment from tech consultant Robert Hahn in a piece for InmanNews. Hahn offered encouraging words for my colleagues, who’ve been working overtime–and then some–to build a site that promises to inspire and inform home owners.

At the REALTORS Conference & Expo last weekend, many NATIONAL ASSOCIATION OF REALTORS members got their first look at HouseLogic. Hahn quite rightly said the site’s launch may have been lost in all the talk about the REALTORS Property Resource. But the beautifully designed HouseLogic — which aims to mobilize home owners on issues that matter to both REALTORS and consumers — deserves attention in its own right.

“The heart and soul of HomeLogic.com is political advocacy,” Hahn said. “If NAR is successful here, HouseLogic will permanently change the landscape for Realtors.”

Interesting Developments at the Board of Directors Meeting

By Brian Summerfield, Online Editor, REALTOR® Magazine

There was a lot of ground covered during the Board of Directors meeting Monday at the 2009 REALTORS® Conference & Expo. Here are some of the highlights:

• The REALTOR® Property Resource (RPR): Attendees got a guided tour of this impressive new site, which ultimately aims to cover pretty much every property in the United States. RPR will be a massive database that will allow NAR members (and only NAR members) to search properties across numerous criteria, from school districts to tax info. Users will also be able to gauge the value of a property based on home improvement projects, site conditions, and comparables. Call it contemporary. Call it cutting edge. Just don’t call it an MLS. Read more

Buyer Reps: Helping Everyone Win in a Short Sale

By Robert Freedman, Senior Editor, REALTOR® Magazine

There’s a temptation among buyers hoping to land a good deal with a short sale to avoid committing themselves with money and effort until the seller’s lender gives its OK, but that’s a sure-fire way to ensure the deal won’t close, short-sales trainer Lynn Madison said Sunday at the 2009 REALTORS® Conference & Expo.

Lenders are too backlogged and have too much to lose to consider offers whose buyers haven’t provided earnest money, had an inspection conducted, or applied for financing, said Madison, who help devise and also teaches classes for NAR’s new Short Sales and Foreclosures Certification Program (SFR).

Doing all of these things—along with submitting a reasonable offer—can improve your client’s chances greatly. This is not the time to low-ball on a property whose value has already deeply plunged, she said. Read more

Listing Videos: They’re That Easy

By Robert Freedman, Senior Editor, REALTOR® Magazine

Making informative and even entertaining videos of your listings seems like a complicated undertaking involving a professional camera, lights, editing equipment, and a lot of knowledge of how all that equipment works, but in fact you can be uploading videos tomorrow without too much trouble.

I’ll be talking about this at 1 p.m. today at the NAR Expo booth at the 2009 REALTORS® Conference & Expo in San Diego. Maybe you won’t be posting videos tomorrow when you’re back at the office but you’ll certainly see that it’s pretty easy to do. Read more

Middle-Market Is Next Home Segment to Improve

By Robert Freedman, Senior Editor, REALTOR® Magazine

Executives from some of the largest brokerages in the country expect to see their sales grow 6-8 percent in 2010 and home prices to start heading up about 3 percent, REALTORS® heard in a state of the real estate industry discussion Saturday at the 2009 NAR Conference & Expo.

John L. Scott Real Estate chairman and CEO J. Lennox Scott said expansion of the tax credit to include repeat buyers will help boost middle-market sales next year, although mortgage financing above the $417,000 non-jumbo conforming loan limit will remain a challenge. “The repeat tax credit will at least start a conversation about buying” among existing home owners, Scott said. Read more

YPN at NAR 2009: Learning, Connecting, Having Fun

By Jared James, Guest Contributor

What a night it was at REALTOR® Magazine’s YPN exclusive, invitation-only event on the pool deck of the Hotel Solamar. Just when I started thinking that a rooftop might not have been the best place for anyone who enjoys mingling without goose bumps all over their body, we were greeted by conveniently placed heat lamps and fire pits that not only added to the modern feel, but also ensured that everyone stayed warm and comfortable.

I didn’t get to talk to as many people as I would have liked, but of those I did get to interact with, it was nice to see a diversification of experience and levels of success. In this summit of the “who’s who” of young people in real estate, I was surrounded by past and present 30 Under 30 honorees, TV producers, and tomorrow’s up-and-coming stars. One moment I was talking to a charming lady from a  resort destination in Idaho, and the next minute I was greeted by an agent from Beverly Hills, Calif. There was one thing that I found in common with each and every agent that I came in contact with, though, and that was that they all had a curiosity and hunger to learn how to better succeed in today’s changing market. Read more

Learned Over Lunch

By Sarah Trzepacz and Jennifer Cavendish

In a conference this size, you have to make choices about the sessions you attend. The cool thing is that even when you miss a session, you don’t necessarily miss the lesson. Take today’s lunch for example, when we grabbed a bite at the San Diego Convention Center. While sharing a communal table, we stumbled into an energetic conversation among several REALTORS® who had just attended the “Mobile Technology Guide for 2010″ session with Max Pigman.

They shared  their excitement about the business potential of  technology and social media tools, and discussed how they could be used to build relationships with clients new and old. While several already used sites like Facebook and Twitter in their personal lives, none had yet deployed them as business tools.  However, inspired by Pigman’s presentation, they were all enthusiastic about taking the leap. Read more

Stevens Strongly Defends FHA’s Financials

By Brian Summerfield, Online Editor, REALTOR® Magazine

In an address to hundreds of REALTORS® at the 2009 NAR Conference & Expo Saturday afternoon, FHA Commissioner David Stevens offered a fervent defense of the organization’s financials. He specifically addressed the negative press surrounding the FHA’s recent audit, which showed part of its capital reserves below congressionally mandated levels.

Stevens distinguished the FHA’s capital reserves for unexpected losses from its regular reserve fund, which remains above 2 percent. Together, the two funds equal almost 4 percent in reserves. “We’ve come through the 100-year flood,” he said. “Despite the crisis, FHA is still standing with $31 billion in capital, $3.5 billion more than it had a year ago.” Read more

Next Page »