Congratulations to: Elizabeth / J. (3) Larry Wright (2) Elizabeth Mc. Keith Allison Allison Walker David Collins Christie Sox (3) Debora Barnes Mike LeGate Carol Zimmer. Jacqueline BurgIs there anything you learned from this closing that you want to share?
On the Market130 Ash Avenue $65,900 Christie Sox313 Brown Wren Way $212,000 Debora Barnes909 Forest Ridge Circle $224,900 Jacqueline Burg2205 Ridgecrest Drive $129,900 Carol Zimmerman1762 Old Highway 68 $49,900 McDaniel/Corbitt107 w. Copeland Drive $115,000 McDaniel/Corbitt1443 Oak Haven Road $245,000 Mary-Ann Linkowski2010 Maple Drive $129,900 Carol Zimmerman6113 Fresh Garden Drive $269,900 McDaniel/Corbitt What is the Best Feature of your New Listing and the Source?
On the MarketCondos7336 English Park Way $149,900 Gene SimsLots / Acreage144 Queen Street $8,500 McDaniel/Corbitt What is the Best Feature of your New Listing and the Source?
Market Confidence Meter August pending home sales rose 10.7 percent from a year earlier, according to the National Association of Realtors.
Price Improvements8522 Richland Colony Rd $184,900 > $174,900 Christie Sox8107 Jack Russell Court $185,000 > $179,900 Sam Thomas124 Lynwood Drive $64,000 > $59,900 McDaniel / Corbitt3015 Springtime Way $145,000 > $139,000 Jacqueline Burg3820 Kenilworth Drive $140,000 > $133,500 Carol Zimmerman111 Caldwell Drive $152,000 > $122,000 McDaniel/Corbitt260 Oakwood Estates Dr. $192,000 > $172,500 Dottie Webb
Market Confidence Meter According to the Standard & Poor’s Case-Shiller index, in July home prices rose in all 20 cities tracked, the third consecutive month in which that was the case.
Birthdays Mike LeGate 10/01 Allison Walker 10/12
Market Confidence Meter HUD reported that sales of new homes were up 27.7 percent year-over- year in August.
Opportunities for New Business for Our Office Opportunity Week 2012 Open House guests 0 312Weichert Lead Network customers 19 797 WRAPTN.com Market Leader 21 703 Expired Listings – Knox Co. 44 1443 Other opportunities 12 378 TOTAL: 96 3740
Market Confidence Meter The Conference Board’s consumer sentiment index increased to the highest level in seven months in September.
Three Months to Get EthicalWell, were actually not serious with that headline, since we expect all of our members to beethical all of the time!BUT ...only three months DO remain until all TAR members must have completed a 3-hour local-association-approved course in the Code of Ethics within the past fouryears!As we keep telling people, this has ABSOLUTELY NOTHING to do with your license, orCE requirements, or the Core Course!And NOBODY is grandfathered or exempt from this Ethics Course requirement!The requirement that every Realtor in the country take a 3-hour course in the Code of Ethicsat least once every four years is a NATIONAL requirement that NAR established sometime ago, to ensure that every Realtor in the U.S. remains somewhat up-to-date on theirresponsibilities under the Realtor Code of Ethics. The current 4-year cycle for complyingwith this mandate began on January 1, 2009, and ends on December 31, 2012!
Company News WRRI Named Relocation Management Company Of The Year• Weichert Relocation Resources Inc. was named Relocation Management Company of the Year by the Forum for Expatriate Management at its Expatriate Management and Mobility Awards (EMMA) ceremony.• The judging panel, made up of mobility professionals from a wide range of global corporations, cited service excellence and “robust structure and culture” among the company’s critical competitive distinctions.
HOT LINE: Must Bank Accept Full-Price Offer?QUESTION: I have a client that made an offer listed in the MLS. It is a short sale. We made almost a full-price offer, but the listing agent has stated the lender is unwilling to accept this because they have too much money in the property. If we make a full-price offer, as it is listed in the MLS, it is my understanding that the lender cannot reject this offer. Is that correct?
ANSWER: The answer is probably no. Often, the bank will not advise the seller as to what they will accept on a short sale. Therefore, the seller is trying to determine a list price which the bank will accept, but is aggressive enough that they can beat the foreclosure. This sometimes leads to a list price that, even if met, the bank will not approve. This does not necessarily mean that either the seller or the agent has done anything wrong. It is only an issue if that home is priced so low that it is completely illogical for the bank to accept.
ANSWER: At this point, your buyer can make another offer (full price or above) and wait to see if the lender will approve it.Unfortunately, in short sales, the lender is in control. This often means a long process in which the buyer is not sure of anything until the last minute. It is not for the faint of heart. However, buyers often get very good deals on these types of properties, and this is the trade-off.
HOT LINE: Buyer To Verify Square Footage?QUESTION: It is my understanding that the buyer is responsible for verifying the square footage of a property through an appraiser. Is this correct?
ANSWER: Generally speaking, yes. If a TAR Purchase and Sale Agreement is used, there is language within it which puts the buyer on notice that if they have concerns about the square footage, they should get independent expert advice:"Lines 286-297: 10. Disclaimer. It is understood and agreed that the real estate firms and real estate licensee(s) representing or assisting Seller or Buyer and their brokers (collectively referred to as "Brokers") are not parties to this Agreement and do not have or assume liability for the performance or nonperformance of Seller or Buyer. Buyer and Seller agree that Brokers shall not be responsible for any of the following, including but not limited to those matters which could have been revealed through a survey, flood certification, title search or inspection of Property;
for the condition of Property, any portion thereof, or any item therein; for the necessity or cost of any repairs to Property; for hazardous or toxic materials; for the tax or legal consequences of this transaction; for the availability, capability, and/or cost of utility, sewer, septic, or community amenities; for applicable boundaries of school districts or other school information; for the appraised or future value of Property; square footage of Property; any condition(s) existing off Property which may affect Property; for the terms, conditions, and availability of financing; and/or for the uses and zoning of Property whether permitted or proposed. Buyer and Seller acknowledge that Brokers are not experts with respect to the above matters and that, if any of these matters or any other matters are of concern to them, they should seek independent expert advice relative thereto."
3 Ways to Get More Listings What does it take to attract more listings in todays competitive market? Real estate coach Tom Ferry shared his insights at Agent Reboot this summer with a mix of the best of the old infused with a 2012 twist.
Skip open house and head to Starbucks Are you tired of sitting at open houses where you get virtually no traffic? If so, instead of dealing with those cumbersome open house signs, Ferry suggests spending an hour or two at Starbucks. His reasoning: First, Starbucks attracts more traffic than any open house. Second, you have an opportunity to have conversations with people who live in the local area. Third, there is a good chance you may run into past or current clients who may be with friends or family. Its a great opportunity to meet face to face without having to manufacture an excuse about why you are contacting him or her and asking for a referral.
Skip open house and head to Starbucks When you do end up speaking to a stranger, dont try to hard close this person on your services. Instead, be curious. You can start by asking about his or her favorite Starbucks drink. You can also ask what he or she likes about living in this area. What are the drawbacks? If the stranger asks about the market, be prepared with specific facts and figures.
"Direct mail on the rise by agents who are crushing it" Ferry encourages agents to consider going back to using direct mail. The U.S. Postal Services direct-door bulk rate is only 14.5 cents. If the other agents in your area are no longer mailing, then making a shift back to direct mail can be a smart move. You need to be strategic, however, in terms of how you do it.
"Direct mail on the rise by agents who are crushing it" Instead of sending the typical agent postcard with the glam photo of you on it, use the postcard to let people know about the family who lost out on the multiple- offer situation and is still looking for a home in their area. Remember, the best advertising for your business is not a "Just Listed" card -- its a "Just Sold" card
Hold a private open house luncheon for the neighbors Ferry outlined a five-day plan for using this strategy. The first step to keep in mind is that your No. 1 goal is to get a listing. Since approximately 1 out of every 7 homeowners will move this year, if you have 28 neighbors who attend your open house luncheon, you have a probability of speaking with four potential listing leads. In terms of Ferrys plan, heres what he recommended:
Hold a private open house luncheon for the neighbors Monday: Record a video invitation inviting neighbors to the open house. Tuesday: Email the information to your personal database. You can also ask the seller to email it to her neighbors and friends as well. Wednesday: Have the seller post the open house luncheon to her Facebook page. Thursday and Friday: Knock on 100-200 doors inviting them to attend your open house.
Hold a private open house luncheon for the neighbors When you hold the open house luncheon, have information available on what is happening in their local neighborhood -- what has sold, what is pending, plus upcoming neighborhood events. Better yet, have it either bound in an attractive notebook or in a PDF version downloadable to their iPhone.
Another Listing Opportunity Ordinarily, if all or part of a home loan is forgiven by the lender, either in a short sale or foreclosure, the amount forgiven is taxable income. Thus, for example, a homeowner who had $100,000 in mortgage debt forgiven through a short sale would have to pay income tax on the $100,000.
Another Listing Opportunity However, Congress adopted the Mortgage Debt Relief Act of 2007 to save millions of underwater homeowners from this tax disaster. Under the Act, homeowners can exclude from their taxable income up to $2 million of debt forgiven on their principal residence during 2007 through 2012.
Another Listing Opportunity The Act applies to debt reduced through mortgage restructuring, as well as forgiven in connection with a foreclosure. But the Mortgage Debt Relief Act expires on January 1, 2013. Any mortgage debt forgiven after that date will be fully taxable, unless the Act is extended. To avoid this deadline, a home must not only be sold before the deadline, but the lender must formally forgive the loan in a letter issued before January 1, 2013.
A gathering of the Weichert Family from across the US in one of America’s most legendary cities…Atlantic City, NJ!
“Come Together” The Weichert® National Convention October 16 - 18, 2012Register now at www.WeichertEvents.com/Convention. Enrollment is only $369/person. Special room block at the Tropicana Resort. Book now, limited availability. Call 800-345-8767 and reference the code HWRE or book your room online at: http://tinyurl.com/weichertconventionrooms.