KCRAR Blog Rollhttp://kcrar.publishpath.comSun, 22 Nov 2009 02:01:34 GMTA victory for REALTORS® and consumers - tax credit extended, expanded to current homeownershttp://kcrar.publishpath.com/a-victory-for-realtors-and-consumersSat, 07 Nov 2009 16:31:59 GMTKCRARThanks to the support of REALTORS® across Kansas and Missouri who participated in the National Association of REALTORS® Call for Action, and other countless REALTORS® across the country, Congress has voted to extend and expand the homebuyer tax credit to continue to stimulate housing and improve our economy.

NAR has assembled tons of information about the expansion and extension of the tax credit, including a comparison chart, Frequently Asked Questions and a rundown of how members in Congress voted. See information posted on realtor.org here and here.

Under the bill, signed into law by President Obama on Friday, Nov. 6, the current $8,000 tax credit for first-time homebuyers has been extended through April 30, 2010. In addition, current homeowners are now eligible for a $6,500 tax credit through April 30, provided they've lived in their existing home as their principal residence for five consecutive years in the past eight years. Also, if potential homebuyers have a binding contract on or before April 30, 2010, they have until June 30, 2010 to close the transaction.

For more information about the legislation, visit KCRAR's page under Government Affairs here.

Contact your clients today!

  • This is great news for current homeowners who are on the fence.
  • First-time buyers who were doubtful about hitting the previous November 30 closing deadline now have until April 30, 2010

 

What do you think?  Let us know if you think extension of the credit will help your business by leaving a comment for other REALTORS® below. Share ways you'll use the extended and expanded tax credit for your business!

 

KCRAR members are invited to comment on this subject by entering the information called for below. Comments will be monitored prior to being posted. Inappropriate language or comments not in keeping with criteria for use of KCRAR interactive blogs will be disallowed and not posted.  Click here for those criteria.

 

]]>http://kcrar.publishpath.com/a-victory-for-realtors-and-consumersClients need your help understanding mortgage lending regulations. Here's how...http://kcrar.publishpath.com/how-have-new-mortgage-lending-regulations-affected-your-businessThu, 19 Nov 2009 14:46:30 GMTKCRARConsumer protection regulations have been put in place to ensure that homebuyers receive better information, especially regarding cost disclosures, earlier in the mortgage process.

New Truth in Lending disclosure requirements took effect July 30, 2009 and the timing of your closings may be impacted. Because of these requirements, it is wise to plan for at least a 30-45 day close from the day your clients apply for their mortgage loan. See our webpage about the new regulations here.

A flier with the basic points about the new Truth in Lending changes has been created for KCRAR members to use when talking with clients. Go here for the flier. After discussing it with your broker, you may want to add your logo and personal information in the open space at the bottom.

What's been happening to your business since the new regulations kicked in? Do you have any tips for fellow REALTORS®? Use the comments section below to tell other KCRAR members about your experiences!

KCRAR members are invited to comment on this subject by entering the information called for below. Comments will be monitored prior to being posted. Inappropriate language or comments not in keeping with criteria for use of KCRAR interactive blogs will be disallowed and not posted.  Click here for those criteria.

]]>http://kcrar.publishpath.com/how-have-new-mortgage-lending-regulations-affected-your-businessThinking of diving into social media? Make quite a splash with this help...http://kcrar.publishpath.com/thinking-of-diving-into-social-media-this-summer--heres-some-getting-started-helpTue, 13 Oct 2009 14:14:32 GMTKCRARIf you're one of the many REALTORS® thinking of getting started with social media for your business, you're not alone.  Some background on Web 2.0, and what that's all about, might help -- so take five minutes for this YouTube video that gives a great overview...

 

There's a wealth of information to help you learn what it's all about, some of the differences and similarities of the various sites, and how you can use them effectively. 

  • To visit The Business of Social Networking Webinar, click here (give it a minute for buffering). 
  • For more information, see this page on www.kcrar.com and its links for advice on the types of content proven to work best in the social media world, especially for blogs.
  • NAR has also posted a great deal of information on its Field Guide to Social Media.  Go here for links, links and more links to some great stuff!

 

If you're already on Facebook or other types of social media, here are some pointers for how to get the most out of your profile and/or fan page:

CoachingClues: Best Facebook Practices from the 2009 Real Estate Connect Conference

by Bernice Ross, Ph.D. MCC
Owner, Teleclass4U.com, LLC and RealEstateCoach.com
Copyright © 2009

1. The 95-5 Rule

Regardless of which social media platform you use, your ultimate goal is to engage in conversations that lead to online friendships or that produce followers for your business. Some Barcamp participants said that they don't even mention their real estate business when they're on Twitter and Facebook. Others mention their business occasionally. Virtually everyone who is succeeding online agreed on this point, however: 90 to 95 percent of your posts should be contributing to the online conversation by helping others. Only 5 to 10 percent should be about what you are doing. 

2. Use the right technology for the right purpose

Are you regularly posting business information to your profile page on Facebook? If so, you're missing a huge opportunity. Facebook prohibits users from have two different profiles on their site. The result is many Realtors® end up blending their real estate content with their personal content. Friends quickly grow weary of seeing posts about new listings and open houses. Conversely, posting pictures of your kids washing the dog may not be the right type of exposure for your real estate business.

3. Facebook Profile Pages vs. Facebook Fan Pages

Facebook recently began offering "fan pages." This allows Facebook users to keep their personal posts on their profile page while providing a different venue for their real estate business. Mike Mueller said that when he receives a friend request from someone with whom he does business, he suggests that they visit his fan page to view his real estate content. He keeps his personal profile for family and friends. Fan pages are "opt in." The person must register and agree to see the page. Another major advantage is that fan pages are SEO searchable. Posting content on your profile page does nothing to help you in the search engines. Posting content on your Facebook fan page builds your search engine ranking.

3.  Use lists to organize data

Ricardo Bueno also refers his real estate leads to his fan page. "When I receive a friend request, I ask people to join my fan page. I then explain the types of posts that I make to my fan page as opposed to my personal profile. Most elect to join the fan page." Bueno is also an advocate of using lists. For example, he has separate lists for first time buyers, sellers, as well as personal lists. For Bueno, Facebook is both a business management and an organizational tool.

4. Hyperlocal fan pages

For real estate professionals, rather than creating a personal fan page, a better approach is to create a fan page around the niche(s) you serve. This trend is called "hyperlocalism." For example, you could host a fan page such as "We Love Wilshire High-rises." Make the lifestyle in this area come alive on your fan page with interviews, podcasts, photos, and videos. Invite the officers from the various homeowners' associations to post what is great about their particular high-rise. Ask for feedback about the new deli that just opened nearby. Your goal is to be the "go-to" expert for that niche. The activity on the fan page will give you credibility both on the search engines as well as with potential clients. You can also provide a separate link to a page on your website that lists current listings and sales for the niche you serve.

5. Don't fan yourself

This is one of the biggest mistakes that people who are new to social media make. Never send out a message like this: "Bernice Ross just became a fan of Bernice Ross. Maybe you would like to become fan too." This approach screams, "She doesn't get it!" When you create a fan page, think of it as being similar to a testimonial page. It's a place where others can share their enthusiasm for you and the services you provide. You wouldn't post a testimonial to yourself. When you "fan" yourself, it's essentially the same thing as writing your own testimonial.

6. Take advantage of the new Facebook Marketplace Posting

Listings on your profile will have your personal friends unfriending you. A number of agents are having success by posting their listings and open houses on Facebook's marketplace rather than on their profile or fan pages.

If you're new to Facebook and social networking, this may seem overwhelming. In truth, it's quite simple. Don't toot your own horn, focus on helping others, and specialize in a niche. Most of all, have fun!


If you're already into Social Media, maybe you have some pointers to share too.  Use the comments section below to tell other KCRAR members what your experiences have been and where you thing this whole thing is going!

KCRAR members are invited to comment on this subject by entering the information called for below.  Comments will be monitored prior to being posted.  Inappropriate language or comments not in keeping with criteria for use of KCRAR interactive blogs will be disallowed and not posted.  Click here for those criteria.

]]>http://kcrar.publishpath.com/thinking-of-diving-into-social-media-this-summer--heres-some-getting-started-helpDeveloping technologies can help put order in your life... if you use them! Learn how...http://kcrar.publishpath.com/developing-technologies-can-help-put-order-in-your-life-if-you-use-them--learn-howThu, 25 Jun 2009 14:23:28 GMTKCRAR

Read more... click here... follow this link... sometimes it's just more than we can handle!

But there are ways to organize the chaos.  More and more tools are being developed to help with the information overload we're all experiencing.  REALTOR® Online Magazine recently published a good list of ten such tools that you might find useful. 

Check it out - and share any pointers you have with other KCRAR members by adding a comment below.

KCRAR members are invited to comment on this subject by entering the information called for below.  Comments will be monitored prior to being posted.  Inappropriate language or comments not in keeping with criteria for use of KCRAR interactive blogs will be disallowed and not posted.  Click here for those criteria.

]]>http://kcrar.publishpath.com/developing-technologies-can-help-put-order-in-your-life-if-you-use-them--learn-howHUD: Tax Credit Can be Used on Closing Costs & Down Payments - learn more about this great news!http://kcrar.publishpath.com/hud-tax-credit-can-be-used-on-closing-costsWed, 03 Jun 2009 22:17:11 GMTKCRARHUD recently announced a method to allow first-time homebuyers access to the 2009 tax credit to be used for closing costs or downpayments on FHA-insured mortgages.  Read more so you're up to speed!

Combined with previously announced MHDC offers for Missouri residents, first-time buyers have access to two programs that really enhance their opportunity to buy now.

How is this affecting your business?  Share your comments with other KCRAR members below.

KCRAR members are invited to comment on this subject by entering the information called for below.  Comments will be monitored prior to being posted.  Inappropriate language or comments not in keeping with criteria for use of KCRAR interactive blogs will be disallowed and not posted.  Click here for those criteria.

 

]]>http://kcrar.publishpath.com/hud-tax-credit-can-be-used-on-closing-costsFair housing will be emphasized by the Obama Administration. Be sure you're up-to-speed on the law.http://kcrar.publishpath.com/fair-housing-will-be-a-greater-focus-of-the-obama-administration--are-you-up-to-speed-on-the-lawFri, 03 Apr 2009 22:44:56 GMTKCRARHousing Secretary Shaun Donovan has acknowledged to minority journalists that "Fair Housing enforcement was neglected under the prior administration" and that the new administration will do better. He said HUD is trying to reach out to minorities about Fair Housing, affordability and other issues through advertising with celebrities that will be heard on 30 radio stations.  Read more about this story as reported on PoliticsInColor.com.

This is a topic that will be in the news more in the near future.

Locally, some KCRAR members are reporting being called upon by HUD in lawsuits or complaints.

Be sure you're aware of and follow the provisions of the Fair Housing Act.  Read more here at the kcrar.com webpage devoted to this topic, and for extensive information on Fair Housing see the NAR Field Guide to Fair Housing.

KCRAR members are invited to comment on this subject by entering the information called for below.  Comments will be monitored prior to being posted.  Inappropriate language or comments not in keeping with criteria for use of KCRAR interactive blogs will be disallowed and not posted.  Click here for those criteria.

]]>http://kcrar.publishpath.com/fair-housing-will-be-a-greater-focus-of-the-obama-administration--are-you-up-to-speed-on-the-lawMissouri Housing Development Commission program makes first-time tax credit available in advance &gthttp://kcrar.publishpath.com/new-money-available-from-missouriFri, 03 Apr 2009 22:38:47 GMTKCRARMHDC Rolls Out Innovative New Program For First-Time Homebuyers  

Since January 2009, Missouri Housing Development Commission (MHDC) has had a new product to enable first-time homebuyers to take advantage of the $8,000 federal first-time homebuyer tax credit. This program is the first of its kind in the nation.

 

The federal first-time homebuyer tax credit was created by Congress to encourage new homebuyers to purchase homes and thereby stimulate housing markets. However, the federal tax credit has been largely ineffective. One of the primary reasons the federal credit hasn’t worked is that the homebuyer doesn’t receive the money until he receives his federal income tax refund – which may be several months after the home is purchased.

 

With over 30 years experience funding mortgages for first-time homebuyers, MHDC knows that the biggest barrier faced by first-time homebuyers is acquiring money for downpayment and closing costs. As a result, MHDC created a program that allows homebuyers to receive the value of the tax credit at the time of closing.

 

How the Federal First-Time Homebuyer Tax Credit Works:

First-time homebuyers receive a tax credit worth 10% of their home purchase, up to $8,000. The credit is claimed on the homebuyer’s federal tax returns. The credit is refundable, which means that the homebuyer receives a refund for the amount of the credit minus any federal tax liability. Buyers must live in the house for at least three years, or they will be obligated to pay back the credit.

 

How the MHDC Tax Credit Advance Loan Program Works:

MHDC makes a second mortgage to the homebuyer at the time of closing worth up to 6% of the home purchase price or a maximum of $6,750, which is used to cover downpayment and closing costs. The tax credit advance loan is paired with MHDC financing for the first mortgage in the form of a safe 30 year, fixed rate mortgage (both mortgages must be applied for through a participating lender). The homebuyer then files for the federal tax credit and uses the credit refund to pay off the MHDC tax credit advance loan. If the tax credit advance loan is paid off by the designated deadline (no later than June, 2010), the homeowner pays no interest other than a modest servicing fee. If the tax credit advance loan is not paid in full by the deadline, principal and interest payments to repay the loan over 10 years begin automatically.

 

MHDC loan programs are available for households with incomes up to $85,500.

The federal tax credit is set to expire December 1, 2009.

 

MHDC recently received $10 million in new funding.

 

For questions you can contact the list of certified lenders found on the MHDC website - www.mhdc.com

 

KCRAR members are invited to comment on this subject by entering the information called for below.  Comments will be monitored prior to being posted.  Inappropriate language or comments not in keeping with criteria for use of KCRAR interactive blogs will be disallowed and not posted.  Click here for those criteria.

]]>http://kcrar.publishpath.com/new-money-available-from-missouriWith lenders accepting more Short Sales, what experiences have you and your clients had with them?http://kcrar.publishpath.com/with-lenders-accepting-more-short-sales-what-successes-have-you-and-your-clients-had-in-this-areaTue, 04 Nov 2008 21:54:31 GMTKCRARShare the knowledge you've gained from working through transactions involving Short Sales.

  • What has worked best for your sellers?
  • How have you counseled them to facilitate their complicated sale?
  • What might you do differently the next time?

 

Need to get up to speed on the whole topic of Short Sales?  Click here for the Field Guide to Short Sales posted on www.realtor.org. 

And remember that the Kansas Real Estate Commission requires disclosure of Short Sales. For your protection, we would strongly recommend that real estate licensees utilize a Short Sale Addendum to advise all parties of the particular risks and difficulties encountered in short sales situations.  You can login to the members-only section of this website to access the KCRAR approved Short Sale Addendum on the Forms page.  

KCRAR members are invited to comment on this subject by entering the information called for below.  Comments will be monitored prior to being posted.  Inappropriate language or comments not in keeping with criteria for use of KCRAR interactive blogs will be disallowed and not posted.  Click here for those criteria.

]]>http://kcrar.publishpath.com/with-lenders-accepting-more-short-sales-what-successes-have-you-and-your-clients-had-in-this-areaIs the Housing Crisis really a "Crisis?" A video from CNBC crunches the numbers.http://kcrar.publishpath.com/is-the-housing-crisis-really-a-crisisFri, 29 Aug 2008 14:50:34 GMTKCRARView this video from CNBC Business Nation, where Dennis Kneale crunches the numbers.  This offers you some good talking points!

 

KCRAR members are invited to comment on this subject by entering the information called for below.  Comments will be monitored prior to being posted.  Inappropriate language or comments not in keeping with criteria for use of KCRAR interactive blogs will be disallowed and not posted.  Click here for those criteria.

]]>http://kcrar.publishpath.com/is-the-housing-crisis-really-a-crisisShort Sale Addendum Form Now Availablehttp://kcrar.publishpath.com/short-sale-addendum-form-now-availableMon, 30 Jun 2008 16:45:25 GMTKCRARKCRAR's new Short Sale Addendum Form is now available. Access it here.

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