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C.A.R .initially sponsored SB 458 to revisit the “anti-deficiency” issue of SB 1178 (Corbett, 2010), which was vetoed by Governor Schwarzenegger. As introduced SB 458 would have extended existing anti-deficiency protections to cover the refinance of purchase money mortgages, and new debt (cash out) incurred to acquire, construct or improve the home. C.A.R. and the lender groups reached an agreement to amend SB 458 to instead expand the provisions of existing law (SB 931 of 2010) which became effective this year. SB 931 requires a first mortgage holder to accept an agreed upon short sale payment as full payment for the outstanding balance of the loan, but does not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens effectively providing that any lender that agrees to a short sale must accept the agreed upon short sale payment as full payment of the outstanding balance of all loans and cannot require the short seller to provide funds in addition to the sale proceeds.
Status: Signed by the Governor on July 15, 2011 (Chapter 82, 2011 Statutes)
The National Association of REALTORS® applauded the House for overwhelming passage of FHA reform legislation that would allow the Federal Housing Administration to adjust monthly premiums on mortgage insurance.
This bill, H.R. 5072, FHA Reform Act of 2010, would strengthen the FHA loan insurance program while keeping it available and affordable to responsible home buyers. Allowing FHA to raise the monthly insurance premium would let FHA lower the up-front premium that places a burden on cash-strapped borrowers at closing.
“As the leading advocate for homeownership and housing issues, NAR is very pleased that FHA will be allowed to play its intended countercyclical role to provide qualified borrowers with access to prime credit. FHA is a critical part of our nation’s economic recovery,” said NAR President Vicki Cox Golder.
En route to passage, the House defeated an amendment that would have increased the FHA down payment from 3.5 percent to 5 percent, which would have disenfranchised more than 300,000 potential homeowners and would not have contributed significantly to FHA cash reserves.
“The current 3.5 percent down payment represents a significant financial commitment and sufficient investment to insure a borrower’s seriousness about homeownership,” said Golder. The proposed change could have an especially harsh impact on African American and Hispanic borrowers, who traditionally have much lower accumulated wealth and have benefited from the opportunities offered by fully documented, standard FHA loans with low down payments.
The National Association of REALTORS® today expressed thanks on behalf of America’s homebuyers to three Senators for introducing a measure to extend the present home buyer tax credit closing deadline to Sept. 30. They are Senate Majority Leader Harry Reid, D-Nev., and Sens. Johnny Isakson, R-Ga., and Chris Dodd, D-Conn.
“As the leading advocate for homeownership and housing issues, NAR commends these Senators for their attentiveness and sensitivity to thousands of qualified home purchasers, who through no fault of their own, are not able to meet the closing deadline of June 30 for the home buyer tax credit. Now we urge the Senate and the House to act quickly to pass this legislation and ease the minds and pocketbooks of these home buyers,” said NAR President.
The measure was offered as an amendment to H.R. 4213, a tax extension bill now in the Senate.
NAR estimates that approximately 75,000 home buyers of distressed properties who have qualified for the tax credit and met the contract deadline of April 30 would not be able to close their transaction by the June 30 closing deadline. REALTORS® have reported as many as one-third of qualified applicants have been notified by lenders that their mortgages will not close before June 30 due to the sheer volume of applications in the pipeline.
“These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a work-flow jam with the lenders or other delays and might not be able to complete the purchase of their homes,” said Golder. “It would be a tragedy for them not to be able to complete the purchase in time to claim the credit.”
Golder said she also wanted to make this clear: “This amendment does not extend the deadline for home buyers to qualify for the tax credit; it extends the deadline for closing the transaction, from June 30 to Sept. 30. Since these applications were already in the pipeline and figured into the program’s cost, the extension of the closing deadline should not incur any further government costs.”
Welcome to a world of conversations and relationships at Summit Realty Group, Inc. Facebook is not an evil time-waster, a community just for college students, or something scary or irrelevant for marketers – even you B2B folks. Facebook is a tool (a social utility, as they would say) for Real Estate Agents connecting people with those around them. And, as with any social media tool, marketers have an opportunity to use Facebook to expand their online footprint and engage with customers directly.
Helping to build a brand for the real estate agents at Summit Realty Group is one of my favorite aspects of my job (Strategic Social Networking Specialist for Summit Realty Group). As a part of helping brokers, I teach them how to attract homebuyers via Facebook, Twitter and other social networking websites. Here are some strategies and a couple of tools that I use to help our franchise owners attract more business online:
Add a survey to your website or blog.
This tool keeps potential homebuyers thinking, engaged, and actively doing something on your site rather than just browsing through your listings. WuFoo has a great free tool that is as easy as posting a quick snippet of code onto your blog or website to build and manage an online survey.
Add a poll to your Twitter page. Read the rest of this entry »
From pastrami to corned beef to prime rib sandwiches and tasty wraps, to fresh salads and healthy smoothies, to mouth-watering cheesecake and other delectable desserts, you’ll want to keep coming back to try something new.
We only use the best ingredients for our fresh baked breads. You can choose from Ciabatta, Pumpernickel, Italian, Sourdough, and many more.
So if you’re looking to satisfy that appetite, hurry on over to Heidi’s Brooklyn Deli. But you better keep an eye on your lunch or it’s liable to grow legs. And as we say in Brooklyn, “If you think you can find a better deli, just fuggedaboudit!”
Heidi and Steve Naples came to Colorado from Brooklyn New York in search of a place that would feed their spirit. They never knew that while Denver was a great place to feed their spirit, feeding their stomachs was a whole different smear of cream cheese.
Go to http://heidisbrooklyndeli.com/ to find the deli near you.
At Summit Realty Group we sponsor our Military’s efforts around the world, and proper Flag Etiquette.
1) Never allow the flag to touch the ground or any other object while on display.
2) Salute the flag as it is hoisted and lowered, during the playing of the National Anthem and while saying the Pledge of Allegiance. Stand at attention with your right hand over your heart and your hat removed.
3) Display the flag outdoors only between sunrise and sunset, unless illuminated by a spotlight.
4) When displaying the flag outdoors, always position it to the right of a speaker or staging area.
5) To place a flag at half-staff, hoist it to the peak for an instant before lowering to a halfway position.
Also remember June 14, July 4, August 9, September 6, September 11, September 17, November 2, November 11, and December 7 to raise your flag proudly.
Tweeting is a way to share informative links, photos, listings, blogs, or any other content that you think other followers may benefit from. In the real estate industry, however, you want to be known for creating great content as well as sharing it with other real estate professional and clients. Join our team at Summit Realty Group and you will learn all the details on how to us twitter with your real estate business.
Stringent sign ordinances and onerous fees can hamper your ability to do business. The right to post signs is a matter of free speach, but living in our society requires that we, as real estate professionals, must balance our right our right to free speech with the public’s right to safety and aesthetic standards. While many real estate professionals have broadened their marketing arsenal beyond traditional yard signs, the placards remain a staple of the business, helping to drive traffic to properties as they promote your business brand. Hence, it remains critical for all real estate professionals to be familiar with local laws and regulations pertaining to signage. Overly stringent requirements and onerous fees or fines can impede your ability to work effectively. At Summit Realty Group it is suggested that you find out through your local county or city ordinances about the areas local ordinances on signs.
Any Summit agent who refers another agent(s) to Summit Realty Group and is hired, will receive a free credit (1 for every agent referred and hired). This credit can be used toward any deal you have within a calendar year so long as the agent referred stays with Summit for a minimum of 3 months. The credit will allow you to take one of your deals and have no fees withheld from it. In essence, you will receive 1 free deal per credit. Contact us for more details.