Just what do all those initials mean and why should I care?
Below is a list of designations and certifications recognized by the National Association of Realtors:
ABR - Accredited Buyer Representative
CRS® - Certified Residential Specialist®
green - the NAR sustainable property designation
GRI - Graduate REALTOR® Institue
RSPS - Resort & Second-Home Property Specialist Certification
SRES® - Seniors Real Estate Specialist
CRE - Counselor of Real Estate
CIPS - Certified International Property Specialist
When evaluating your Real Estate needs and who may best serve those needs the above designations can assist you in choosing your REALTOR®. Individual REALTORS® who have earned a designation have chosen to further their education in specialty areas to better serve their buyers and sellers thus giving credibility to the services they provide.
For further information on the designations and certificates go to http://www.realtor.org/education
Saturday, August 29, 2009
Thursday, August 27, 2009
More Good News
Daily Real Estate News | August 27, 2009 |
Dallas Fed Chief Says Worst is Over
The recession is over and the economy is no longer in freefall, says Richard W. Fisher, president and chief executive of the Federal Reserve Bank of Dallas.
Fisher says the worst is certainly over for the residential housing market. "The way the math works, I call it the Johnny Mercer effect," he says, referring to the singer- songwriter who wrote the lyric: “Accentuate the positive, eliminate the negative. …"
“When you start to eliminate the negative, you get a little positive momentum."
Meanwhile, Richmond Federal Reserve President Jeffrey Lacker offered similar sentiments, saying that the housing market had begun to improve five months ago and was no longer a drag on economic growth.
Source: The Dallas Morning News, Brendan Case (08/26/2009); Danville Register & Bee (08/26/2009)
Dallas Fed Chief Says Worst is Over
The recession is over and the economy is no longer in freefall, says Richard W. Fisher, president and chief executive of the Federal Reserve Bank of Dallas.
Fisher says the worst is certainly over for the residential housing market. "The way the math works, I call it the Johnny Mercer effect," he says, referring to the singer- songwriter who wrote the lyric: “Accentuate the positive, eliminate the negative. …"
“When you start to eliminate the negative, you get a little positive momentum."
Meanwhile, Richmond Federal Reserve President Jeffrey Lacker offered similar sentiments, saying that the housing market had begun to improve five months ago and was no longer a drag on economic growth.
Source: The Dallas Morning News, Brendan Case (08/26/2009); Danville Register & Bee (08/26/2009)
Saturday, August 22, 2009
$8,000 First Time Home Buyer Tax Credit
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Latest news: NAR Research First-Time Home Buyer Tax Credit Webinar: September 3, 2009
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
© Copyright NATIONAL ASSOCIATION of REALTORS® | Headquarters: 430 North Michigan Avenue, Chicago, IL 60611
DC Office: 500 New Jersey Avenue, NW, Washington, DC 20001-2020 I 1-800-874-6500
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Latest news: NAR Research First-Time Home Buyer Tax Credit Webinar: September 3, 2009
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
© Copyright NATIONAL ASSOCIATION of REALTORS® | Headquarters: 430 North Michigan Avenue, Chicago, IL 60611
DC Office: 500 New Jersey Avenue, NW, Washington, DC 20001-2020 I 1-800-874-6500
Tuesday, August 11, 2009
What is a Short Sale?
Something I am asked almost on a daily basis is "what is a short sale?" What it definitely is not is a "quick sale". Based on experience, many short sales take minimum 90 days if not 6 months to a year to close - if it ever does.
In basic terms, a short sell is when a lender allows an owner to sell a property for less than is owed to the lender. The discounted loan is then "written off" by the lender and the borrower is issued a 1099 from the lender for the discounted amount.
The theory of a short sale is that the seller will not have as big a hit on their credit report if a loan is discounted versus allowing the property to go into foreclosure. For the lender there is a cost savings associated with a short sale versus a foreclosure.
There are numerous problems with the entire short sale process. First, the lenders have not standardized a short sale process thus every lender has different rules. This is part of the reason the process takes as long as it does. The documentation a lender may require is not always the same thus the REALTOR® must endure a pain staking learning curve with each lender in order to finalize a complete package for submittal.
Second, lenders order Broker Price Opinions (BPO) instead of Appraisals to determine the value of a property. Broker Price Opinions are generated by Brokers while Appraisals are generated by Appraisers. Some REALTORS® are adept at creating a BPO but there are many who are not and the process is unregulated. Some BPO's submitted to lenders are just inaccurate. I have also had REALTORS® tell me that the lender "made them" change the value on the BPO after it was submitted.
The third issue is negotiating with the lender before the property ends up in foreclosure. Foreclosures are processed on the first Tuesday of every month. Thus if a property is in the final stages of foreclosure then it is possible an offer can be sitting on a short sale negotiator's desk but the property is now in the hands of the foreclosure department.
This very scenario has happened more than once. In one particular incident an offer was sitting on the short sale negotiator's desk the Monday before the date of the foreclosure. The negotiator could not find the attorney to stop the foreclosure. The property was foreclosed upon and then ended up selling for less than the short sale offer.
Short sales may sound like a deal to a buyer but the truth is that at times the buyer ends up paying more for a property than it is truly worth or they end up spending time and money on a property that they never end up owning because of the inadequacies of the short sale process.
The key for a buyer is to work with a REALTOR® who knows the local market. A good REALTOR® can tell you if a property is a good deal or not. There are many motivated sellers in this market who may be willing to sell for much less than the asking price - or a short sale asking price. You just need to ask.
Sellers, always ask the REALTOR® how many short sales they have completed successfully before hiring them. This one question may save you a lot of time and headache later on down the road.
In basic terms, a short sell is when a lender allows an owner to sell a property for less than is owed to the lender. The discounted loan is then "written off" by the lender and the borrower is issued a 1099 from the lender for the discounted amount.
The theory of a short sale is that the seller will not have as big a hit on their credit report if a loan is discounted versus allowing the property to go into foreclosure. For the lender there is a cost savings associated with a short sale versus a foreclosure.
There are numerous problems with the entire short sale process. First, the lenders have not standardized a short sale process thus every lender has different rules. This is part of the reason the process takes as long as it does. The documentation a lender may require is not always the same thus the REALTOR® must endure a pain staking learning curve with each lender in order to finalize a complete package for submittal.
Second, lenders order Broker Price Opinions (BPO) instead of Appraisals to determine the value of a property. Broker Price Opinions are generated by Brokers while Appraisals are generated by Appraisers. Some REALTORS® are adept at creating a BPO but there are many who are not and the process is unregulated. Some BPO's submitted to lenders are just inaccurate. I have also had REALTORS® tell me that the lender "made them" change the value on the BPO after it was submitted.
The third issue is negotiating with the lender before the property ends up in foreclosure. Foreclosures are processed on the first Tuesday of every month. Thus if a property is in the final stages of foreclosure then it is possible an offer can be sitting on a short sale negotiator's desk but the property is now in the hands of the foreclosure department.
This very scenario has happened more than once. In one particular incident an offer was sitting on the short sale negotiator's desk the Monday before the date of the foreclosure. The negotiator could not find the attorney to stop the foreclosure. The property was foreclosed upon and then ended up selling for less than the short sale offer.
Short sales may sound like a deal to a buyer but the truth is that at times the buyer ends up paying more for a property than it is truly worth or they end up spending time and money on a property that they never end up owning because of the inadequacies of the short sale process.
The key for a buyer is to work with a REALTOR® who knows the local market. A good REALTOR® can tell you if a property is a good deal or not. There are many motivated sellers in this market who may be willing to sell for much less than the asking price - or a short sale asking price. You just need to ask.
Sellers, always ask the REALTOR® how many short sales they have completed successfully before hiring them. This one question may save you a lot of time and headache later on down the road.
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