Dan Quinn, Realtor, DanQuinnHomes.com, Serving Maryland and DC

”Our sense is that home sales may have reached a low in August.”

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Fri, 18 Feb 2011 13:00:12 -0800

Who could forget these words:

”Our sense is that home sales may have reached a low in August.”

Who said this? None other than the the National Association of Realtors chief Economist, David Leigh.

When did he say this? The fall of 2006! (released in a press report).

WRONG! He added that the inventory or unsold homes would decrease in early 2007, (open mouth and insert foot further):

"to the point where home prices will rise, but at a slower pace than historical norms.

WRONG AGAIN!

One of my favorite pieces on the housing market comes from this now famous exchange between Jim Cramer and the then 2008 president-elect of the NAR:

At the time this was aired on cable (Sept 2007), Jim Cramer (noted stock investor/commentator) was right. SPOT ON correct. To the buyers who listened to him and waited to buy, Cramer has become their hero. Who would have thought that the NAR could get it so wrong, and that a stock trader could have been so right?

Although difficult, sometimes it pays to go against the current wisdom of the "experts" and look for guidance elsewhere. You never know, you just might be happier that you did, and have a little more money to show for it.

Looking for guidance to help you navigate this current housing market? Call me for a free consultation. I'll be happy to share my insights with you and help you make the best decision possible with your home.

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

Valentine's Day (With a Little Help From AllRecipes.com)

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Tue, 15 Feb 2011 16:36:06 -0800

Valentine's Day (With a Little Help From AllRecipes.com)

I never thought the day would come. Not me, I used to say, you see it's just I CAN'T COOK! Then one day a funny thing happened. My 25 year old son invited my wife and me over to his home for dinner. I was soon amazed to discover his fine cooking skills in the kitchen.

WHAT??? MY son cooked this, I asked? A young man whose idea of the perfect lunch or dinner was Chick-Fil-A? Yep, that's right. His secret? - AllRecipes.com and the internet. A little surfing here, a little surfing there, and now he's turning into a gourmet cook.

So following in my son's footsteps, I decided last night to surprise my sweetheart wife of 29 years and cook her dinner. So it was Steelhead Trout barbecued on the grill, brussels sprouts (simplyrecipes.com), baked potatoes and sliced peaches. Since Anne can't eat chocolate, for dessert I made banana bread that is absolutely to die for. I'll publish that recipe in a future post - it was kept a family secret for generations but soon to be published for the world. Look for that to come...

I surprised Anne with the roses in the morning. I made her breakfast, prepared her lunch and had the flowers and card out to greet her when she came into the kitchen. She was running around so fast she passed by the roses and didn't see them! I don't know how she missed them, but she stopped in her tracks when she finally noticed them. What a thrill it was to send her off to work in the morning - she took one of the roses with her - awe, isn't that sweet!!!

Here we are as she is getting ready to head out to work:

Try the barbecued Steelhead sometime - it's delicious! Here's the recipe:

http://allrecipes.com/Recipe/Barbequed-Steelhead-Trout/Detail.aspx

and the brussels sprouts - mmmmm yummy:

http://simplyrecipes.com/recipes/brussels_sprouts/

I don't know if I am the gourmet cook like my son yet, but awe heck, I have a lifetime ahead of me to learn!

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

Free 411 Calls On Your Phone Or Cell Phone!

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Sun, 15 Aug 2010 22:12:39 -0700

Free 411 Calls On Your Phone Or Cell Phone!

I hate to pay for 411 calls - I think they should be provided free by our phone service providers. I've lived long enough that I can remember the days when all 411 calls were free. Well I've found those days are here again, thanks to Google and Free411! You have to love it when there are companies out there who want to serve the public - and do it free of charge.

Google has provided us with 1-800-GOOG411 (1-800-466-4411) for all business inquiries and it is free. Best of all, it is Google and it works great! Call the number (I have it programmed into my phone and named it "information"), provide the name of the business, city and state and Google will find you the phone number and connect you. Try it, you will not be dissappointed. I have saved over $100.00 on 411 calls on my Verizon Wireless bill in the past 3 months alone! You gotta love it.

Here is Google's ad on YouTube:

1-800-GOOG-411: Google's 411 service

For residential calls try 1-800-FREE411 (1-800-373-3411). It is not as fancy as Google's directory assistance, you'll have to listen to a quick advertisement, but it works and again it's free. I like free. I really like free.

Here is information on their service provided on YouTube:

If you've forgotten what you are paying for those 411 calls on your phone check the rates your service provider is charging you at this site: Phone Provider 411 Rates

Program these numbers in your phone and don't pay those pesky fees for directory assistance ever again!

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

Don't Tread On Me

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Fri, 13 Aug 2010 09:39:57 -0700

Don't Tread On Me

The American flag demands our respect.

The greatest symbol of freedom in the world, the flag has been flown faithfully by many generations of Americans who proudly (and humbly) display their flags in honor of what the United States represents to the world, and in honor of the men and women who have given their lives to preserve our freedom and way of life. The American flag is to be cherished and should be treated with the utmost of care and respect.

As a child, my father taught me how to raise and lower the flag, how to handle it, fold it, how to store it and most of all how to respect it. As a youngster, I raised and lowered the flag every day at my high school out of respect to my father and the country he loved. It was a duty I cherished.

Dad was a marine who fought in the South Pacific during WWII, and like many of our brave warriors who have fought to protect this country, my father had the utmost respect for his country and his flag. Through the years, he spoke little of the battles he faced, it was a topic that remained a taboo to discuss till the day he died and was laid to rest. I always admired how this man could repress the horrors he had seen in battle and yet live to remain calm, loving and dedicated to serve his fellow man with a sense of alacrity that was truly inspiring. He was a great human being, a model of how life was meant to be lived, a man of integrity and a pure soul.

So in memory of my father and those selfless veterans who have served our country, I ask our fellow realtors who market around Memorial Day and the 4th of July by planting those little plastic flags near our mailboxes - Please go back and remove them later when the weekend has passed. In time they become worn and tired. The sun fades them, and their limp stripes and battered stars end up littering our streets. Perhaps you've not noticed? Maybe you need a refresher course from my father on how to treat the flag. Daddy would surely instruct you if he were here today, but he has left this world and has left me in his place to kindly remind you.

I am sure you love your country and I'm sure that is why you plant all those flags in your neighborhood; that's a fine thing to do. Please - just go back and remove them before they fade and end up on the street to be trampled by cars and foot traffic. It is right and proper to remove them rather than leave them to rot in our streets. Let's work together to honor our country and treat the flag accordingly.

May God bless America and may we faithfully honor our fallen warriors and those who have served us and our country so well.

Semper Fi Dad.

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

Beach Party in Leonardtown Md

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Tue, 10 Aug 2010 13:31:57 -0700

Beach Party in Leonardtown MD

I went to my first Beach Party in Leonardtown Square this past weekend and I had a wonderful time! The event was planned beautifully and everyone enjoyed the evening festivities. I understand this was their 8th annual Beach Party and so I will look forward to making this a family get together every year!

There were moms and pops meandering with their newborn babes in strollers, kids playing in the sandbox, volleyball games, face painting, hula hoop contests, limbo contests, water slides and a velcro wall (my favorite) which all made for a wonderful evening of fun. I enjoyed seeing the local artists display their crafts as well as learning about the history of Leonardtown so well displayed on a picture board with photos that were both intriguing and fascinating to look at.

The 25th Hour Band entertains the crowd across the square. This band was excellent! The song choices were very diverse and the musicians were top notch.

My nephew gets the upside down assist from the staff.

For the classic car enthusiast, how about a 1966 Shelby Cobra...

...or a Classic Corvette from the 70's.

These kids played under the fire hose all night long!

Next is the Fall Festival and then the Spring Fling next year. Hope to see you there!

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

Will You Play With Me?

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Fri, 13 Nov 2009 14:04:10 -0800

Will You Play with Me?

If you want to buy or sell a house in 25 years - call me...
If you want to buy or sell a house right now in the Olney or Silver Spring area - call my grandad!

He's the greatest and he knows houses. He found a great home for my mom and dad and I am sure he can help you find a good one too!

Buying or selling, I'm here when you're ready.

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

8000 Tax Credit Extended and a Nice Surprise for Current Homeowners!

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Tue, 10 Nov 2009 11:38:07 -0800

On Nov. 6 President Obama signed legislation that extends the first time home buyer (FTHB) tax credit of 2009 and expands the tax credit to include $6,500 for current homeowners who qualify.

Commonly known as the $8,000 tax credit, the following info from the "Worker, Homeownership and Business Assistance Act of 2009" covers the key points of the legislation that was passed:

Who Gets What?

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

What are the Income Caps?

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

What is the Maximum Purchase Price?

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

What is a Tax Credit?

A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.

How Much are First-Time Home Buyers (FTHB) Eligible to Receive?

An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the
purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is Eligible for the FTHB Tax Credit?

Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.

This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How Much are Current Home Owners Eligible to Receive?

The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?

No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?

Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.

According to the IRS, factors that would demonstrate the ownership of the property would include:

1. Right of possession,
2. Right to obtain legal title upon full payment of the purchase price,
3. Right to construct improvements,
4. Obligation to pay property taxes,
5. Risk of loss,
6. Responsibility to insure the property, and
7. Duty to maintain the property.

Are There Other Restrictions to Taking the FTHB Credit?

Yes. According to the IRS, if any of the following describe a homebuyer’s situation, a credit would not be due:

They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from “step-relatives.”)
They do not use the home as your principal residence.
They sell their home before the end of the year.
They are a nonresident alien.
They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Can Homebuyers Purchase a Home from a Step-Relative and still be Eligible for the Credit?

Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

If a Parent (Who Will Not Live In the Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?

Yes, provided that the child meets the other requirements for the tax credit.

...Information provided by Mike Fegan at George Mason Mortgage

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

Summer in Seattle

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Fri, 06 Nov 2009 11:22:54 -0800

While vacationing in Seattle Washington in the summer, I had the wonderful thrill of being shown around the state by my son who was doing an internship at Microsoft. I never dreamed I would find the sheer beauty that I discovered while visiting there. Here are a few of my favorite photos that illustrate why Washington captured my heart:

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

Thank You ActiveRain for Everything You've Done For Me!

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Thu, 05 Nov 2009 14:00:12 -0800

As Thanksgiving approaches this month, I realize I have much to be thankful for this year. My wife, my children, friends, health and happiness to name just a few. Certainly, I have many blessings in my life and I recognize that God has provided me with more than my share.

But here is where I want to say thank you to the community here at ActiveRain. I have learned so much this past summer from all the good people who participate on this site. From Lenn Harley, Brad Anderson, Broker Bryant, TLW, Elayna Fernandez, Laura Monroe (the list is endless) I have learned so much. In fact I have kind of gone through a paradigm shift in my life and my thought processes due to my involvement here at AR.

You know, I have always wondered where the good people in business are - the ones who don't mind sharing their success and most importantly, how they achieved it. The ones who genuinely want to help others and share some of their best ideas to help them (who just may be struggling) and encourage their businesses to grow as well. I believed those people existed out there and I held out hope of one day finding them.

Well I found those outstanding people right here and (other than the modest membership fee) their advice to me is free! Where did you people come from? Didn't anyone ever tell you to keep quite and not throw your pearls? I am flabbergasted at how giving and caring you folks are! It has been no small pleasure in my life to get to know you through your posts!

Each and every day I learn something new. Whether it's handling short sales, understanding loan programs, home inspection issues, real estate marketing, Google SEO, photo editing, you name it - it is all here. My mind is expanding every day (I thought there wasn't any room left!) with all the knowledge I have garnered from you guys. Heck, I finally understand what SEO and "long tail search" means (thanks to Brad).

Every day my brain hurts from because of you folks. Yep, it's your fault! IT HURTS BECAUSE IT IS IN OVERDRIVE CRUISING AT HIGH SPEEDS ALL THE TIME!!!

I have yet to find a resource that is as powerful and as relevant to my business, nor a forum of such wonderful people as you.

So indeed (as Lenn might say) I thank you, from the bottom of my heart. I thank you.

YOU'RE THE BEST!

God bless each and every one of you this season!

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

Butler's Orchard in Germantown, MD - Pick Your Own Vegetables, Pumpkins, Flowers and Hayrides For The Kids Too!

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Tue, 03 Nov 2009 10:47:25 -0800

Butler's Orchard in Germantown, MD

Pick Your Own Vegetables, Pumpkins, Flowers and Hayrides For The Kids Too!

One of my favorite places to go and buy apples at this time of year is Butler's Orchard in Germantown, MD. A tradition in my family that goes back to when I was little boy, my mother used to buy apples by the bushel and bring them home for canning and baking.

With nearly a dozen varieties of apples to choose from, if you're an apple lover like me, this is the place to go. One of my fondest memories of my childhood, Butler's Orchard remains today as an outstanding farmer's market serving the community.

It's tucked away in the woods in Germantown, MD and makes for a wonderful morning or afternoon for the entire family. They have hayrides for the kids and plenty there to capture a child's imagination.

If you don't want to pick your own fruits and vegetables, you can always purchase them at their well stocked store. With their incredible homemade pies, jellies and ciders to name a few, I always load up my shopping cart with goodies.

The Halloween decorations this year were outstanding. Everything was a feast for the eyes!

My grandson searched for the perfect size pumpkin and he found it!

You can even pick flowers for your sweetie!

A wonderful place to relax and just stroll through the fields.

Everybody loves a good scarecrow!

Wishing everyone the best this season!

If you need apples or apple pie go to Butler's...If you need help buying or selling a home in the Gaithersburg or Germantown area...call me and I will be delighted to help you achieve your goals.

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

Fireplaces - Hidden Dangers...

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Tue, 27 Oct 2009 07:14:47 -0700

A good reminder to play it safe with our wood burning fireplaces as winter approaches. This is very good info to keep in mind if you are going to use your fireplace this winter.

Via Michael Thornton - Nashville, TN area Home Inspector (Complete Home Inspections, Inc.):

Fireplaces - Hidden Dangers...

With old man winter just beginning to clear his throat with the first cool snaps of the winter season, many Americans begin firing up their fireplaces. But before you start enjoying the ambiance of the warm embers glow with the blanket, a bottle of bubbly and your sweetie, is your fireplace really safe from the hidden dangers that most folks do not even know about?

Statistically, over 1/3rd of Americans use solid fuel (wood) as their primary source of heat. Most of these are in rural areas. Statistics also show that 36% of residential home fires start in the fireplace or wood burning stove.

When was the last time you:

Had your chimney or flue evaluated by a licensed chimney sweep? Most residential fires are caused by creosote build-up and flue fires.

Checked the air inlets? Some modern fireplaces draw air from the exterior. Insects find these protected areas a cool spot to build their nests. Blocked inlets can cause poor combustion and CO to build up.

When was the last time you checked to see if tree branches were hanging over the flue?

When was the last time you checked the batteries in your smoke detector? Statistics show that most deaths could have been prevented. Missing/dead batteries was the number one cause.

Be safe.

Do not use incendiaries to start a fire. Flammable liquids are unsafe.

Use only seasoned hardwoods. Soft, green wood causes creosote to build up in flues and liners.

Keep firewood away from your home. We do not want to bring in WDO's do we?

Build smaller fires. These burn better and produce less smoke.

By practicing a few "rules of the road" you and your sweetie can cuddle and enjoy the bubbly☺☺☺

© 2009 michael thornton | complete home inspections, inc. | brentwood, tn | 615.661.0297 | www.completehomeinspectionsonline.com

Helping YOU Live YOUR American Dream...

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

Speechless Sunday - The Man Song

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Sun, 18 Oct 2009 11:43:55 -0700

Lina Robinson inspired me after watching the funny video on her post, http://activerain.com/blogsview/1280391/speechless-sunday-things-you-don-t-say-to-your-wife

So I want to share with you how Milton expressed his thoughts on the subject of marriage and being a "man". Hope you enjoy this, Milton has obviously had many years of experience at being a husband!

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

Daddy's Home!

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Thu, 10 Sep 2009 11:52:17 -0700

Daddy's Home!

Many of you read my post a couple of months back when I shared how my son in law had missed the first year of his son's life while serving a year's tour of duty in Iraq. His son was born just a week before he was deployed.

http://activerain.com/blogsview/1147529/a-soldier-s-precious-moment-holding-his-son

Well, he is making up for lost time. Take a look for yourself:

Whoa, that is an exciting photo! BTW, daddy is 6'2" for perspective. Man I am delighted to see this. We all prayed for his safe return, and our prayers were answered.

May God bless you, our military men and women for the sacrifices you have made on our behalf.

We all owe you bigtime!

Thank you from the bottom of our hearts.

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

An Ingenious Way to Outsmart a Dishonest Employee...

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Tue, 25 Aug 2009 09:45:41 -0700

(An intriguing story. I would love to hear if anyone can confirm this...)

We all know that stores might charge $49.90 for an item instead of $50.00 to make the price seem lower than the actual cost right? We've all seen cereal priced at $4.95 in the store, automobiles priced at $23,990 and houses priced at $249,900. The idea here is that the consumer sees the lower price and is left with the impression the item is cheaper than the actual cost. I was told a story many years ago by a prominent registrar at one of America's top business universities about the origins of this pricing strategy and why it was first implemented and I have often wondered if it was true.

This is how he said this pricing strategy actually started:

The practice of charging $4.99 instead of $5.00 (or $9.99 instead of $10.00 - you get the picture) was started many years ago by a clever storeowner located somewhere in the northeast I was told, where at the time there was no sales tax on items purchased in the stores. The store owner discovered he had a dishonest sales clerk working for him, who apparently, was not ringing up some of the store sales on the cash register and was pocketing the cash after a customer left the store. For example, if the purchase was $5.00, the buyer might hand a five dollar bill to the sales clerk, take their purchase and leave, not expecting any change. When this would occur, the clerk would not ring up the purchase on the cash register and keep the $5.00 bill on the sneak tip when the boss wasn't looking. Losses were mounting and the store owner needed a way to prevent the theft and implemented a clever tactic to outsmart his dishonest employee.

To combat the theft at the cash register, the store owner used a tactic of lowering the price on a $5.00 item to $4.99, forcing the sales clerk to give change to the customer when given a $5.00 bill. The customer would then stand with their hand out and wait for their change, and back then, a penny was worth waiting for. In order to open the cash register drawer to get the change for the customer, the sales clerk would have to ring up the sale to get change from the drawer, thus keeping the clerk honest and effectively reducing the loss in store revenue due to theft. The practice caught on locally and eventually it became the norm in many stores. Eventually the pricing strategy became wide spread, but as time passed, the price was lowered not to prevent theft so much, but to give the appearance that a price was cheaper.

If this is true it was an ingenious way of keeping an employee honest, and even if isn't true , we'll still wait at the counter for a penny to see if the store clerk rings up the sale!

And that's the rest of the story...

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

Summary of the new Truth In Lending Act and Mortgage Disclosure Improvement Act

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Thu, 20 Aug 2009 10:39:02 -0700

Many thanks to Richard Miller of Nationwide Home mortgage for summing up the new changes in the law in respect to residential mortgage transactions. These changes could dramatically increase the time required to close a mortgage so read on. Thanks Richard!

A summary of the new laws:

Time of Disclosures

The Truth-In-Lending Disclosure Act (TIL) along with the Mortgage Disclosure Improvement Act (MDIA) require that for residential mortgage transactions, the Initial TIL disclosure be delivered or placed in the mail not later than three business days after the creditor (Lender) receives the consumer's written application, and at least seven business days before consummation (Closing) of the transaction. The seven business day waiting period begins when the lender delivers or places the TIL in the mail, not when the consumer receives or is deemed to receive it. For example, if written application is received on Monday, the TIL mailed on Tuesday, the borrower could not close on their transaction prior to the following Wednesday (assuming there was no federal holiday). This is required for all closed-end loans (including seconds) secured by a consumer's dwelling including their principle dwelling, vacation home, and 2^ndhome. Exemptions to this are in case of HELOC's or applications that are denied by the lender or withdrawn by the consumer within the first three days. Depending on the lender, this can add 4 - 6 days to any transaction and specifically limits when you may schedule and collect fees for an appraisal (see Fee Restriction below).

Re-disclosure Requirement

Re-disclosure is required at or before loan consummation if the disclosed APR is not within an acceptable tolerance (see below) as defined in Reg Z. Re-disclosure is also required if a variable rate feature is added. A borrower must receive the corrected TIL no later than three business days before closing. If the re-disclosed TIL was sent by mail, it is not considered "received" by the consumer until three business days after they've been mailed. For example, if the new TIL is mailed on Monday, the borrower could not close on their transaction prior to the following Monday (assuming there was no federal holiday). Adds at a minimum, 7 days to any transaction.

Tolerances

The Annual Percentage Rate on the TIL shall be considered accurate if it is not more than 1/8 of 1 percentage point above or below the actual Annual Percentage Rate. If the loan is an irregular transaction (a loan with one or more of the following features: multiple advances, irregular payment periods or irregular payment amounts other than an irregular first payment or and irregular first or final payment) with advances or irregular payment periods or amounts, the Annual Percentage Rate shall be considered accurate if it is not more than ¼ of 1 percent point above or below the Annual Percentage Rate. A change in loan amount, lock period, interest rate, days of interest required and similar commonly changed items can increase or decrease the APR by more than .125 very quickly. 1/8th of 1% of a $400,000 loan is only $500

Fee Restriction

A creditor may not charge a fee in connection with the application (other than a reasonable credit report fee) until the consumer has received the TIL. This includes fees charged for appraisals. If the TIL was sent by mail, it is not considered "received" by the consumer until three business days after they've been mailed. For example, if the application is hand delivered on Monday and the TIL is mailed on Tuesday, the borrower is not deemed to have received the TIL until Friday. No fees may be imposed (for an appraisal or otherwise) until after this deemed received time period. Business Days, under the new law, are defined as all days except Sundays and Specified Legal Public Holidays.

If you would like to read more, please use this link http://www.federalreserve.gov/reportforms/formsreview/RegZ_20090519_ffr.pdf

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

How Does a First Time Home Buyer Compete With All Cash Offers?

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Mon, 17 Aug 2009 15:54:32 -0700

I'm seeing a pattern these past few weeks.

My last three offers I submitted for my first time home buyers were multiple offer situations. In each case a cash offer was selected.

The first house had 13 offers - all cash.
The second house had 12 offers - six cash, six FHA loans
The third house had more than six offers - at least half were cash.

To be clear, the third house we put an offer on was a near perfect foreclosure offered at $354,900. It would appraise at around $425,000. Our offer was $395,000 (FHA) closing in 35 days (buyer had 800 credit scores, good income and down payment). The bank accepted an offer of $370,000 - CASH closing in 15 days. What??!!

So where's the cash coming from? 401K's and mutual funds!!! After chatting with the listing agents I have discovered that half of the cash offers are coming from retirement funds (I suspect a lot of the other cash came out of the stock market last year and was put in cash positions). Many people are dumping them, paying the 10% penalty and using the cash to buy houses.

Some of my first time home buyers anxious to take advantage of the $8,000 tax credit are exceedingly frustrated and want to give up. I can't blame them, how do you compete with that kind of cash when the current loan environment is so volatile and cash is a sure thing?

So I ask, "How does a first time home buyer compete with all cash offers?

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

Wordless Wednesday: Sisters, Sisters!

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Wed, 12 Aug 2009 09:16:46 -0700

Some of you saw my post http://activerain.com/blogsview/1172774/wordless-wednesday-va-beach-sunrise where my wife's sister was pictured holding up the morning sun.

Well, not to be outdone, my wife decided to show her sister a thing or two and so I took this photo with my iPhone of her in command of the full moon.

Kinda looks like Tinkerbell, don't ya think?

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

Wordless Wednesday...VA Beach Sunrise

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Wed, 29 Jul 2009 13:57:15 -0700

Sunrise photo taken from my iPhone

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

iPhone Newbie Seeking Mature Users to Share Favorite Programs

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Mon, 20 Jul 2009 16:02:26 -0700

Category: Mature/iPhone Users

Wanted: Mature iPhone users to share favorite programs with iPhone newbie. I just bought the new iPhone and I'd like to get a jump on it. Seeking experienced users and am eager to learn!

Share your favorite programs with me and I will be happy to reciprocate. I abandoned my Palm 700p; no more toys for me!

Hey, I know a lot of you out there have some great applications you love that you are using for your business. How about sharing some of your favorites with an iPhone newbie like me?

...I promise to be discreet and keep your favorite programs confidential!

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

Protecting Yourself from Moving Companies - Use your Camera Phone to Take Photos

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Tue, 14 Jul 2009 13:03:43 -0700

A picture is worth a thousand words and in this case, $$ cash $$. Protect yourself as I did, and perhaps your photos could be worth thousands of dollars, not just words.

Read on.

I helped move my daughter and her husband to their new home this weekend. We rented a moving truck form a well known national vendor and returned it as required - broom cleaned, no dents and with the required amount of gasoline to replenish what we used. The vendor where we dropped it off was closed, so I dropped the key in the slot in the secure metal box provided for key returns. As a precaution, I took photos with my camera phone just in case any issues might arise later.

The next day I received an email from the vendor indicating I had not refilled the gasoline in the truck and I was fined $38.75 as a penalty. WHAT!!!

Boy was I angry. I called and filed a protest (twice) with the moving company's "customer advocate" division. They promised me a call back within 48 hours. Well, it's been 52 hours and I'm still waiting for that call and I am @#$%^'&*!!!

OK. I'll let you decide. I say this was either fraudulent (make a quick buck on the side) or incompetency (they need to learn how to read their own fuel gauges!).

The tank reading from my first receipt when I picked up the truck (between 3/8 and 1/2):

Here is the vendor receipt showing the mileage and the gas tank reading (along with the $38.75 fuel charge penalty) after I returned the truck:

and here are my photos:

I ain't payin this penalty and I will keep up the protest until I win. Man, I'm happy to have these photos.

Protect yourself from these moving companies. Take photos when you finish with your rental truck or car.

Tell me what you think... Oh, and then have a nice day!

**Update 8/01/09 - I have received a credit for the charge on my credit card. It pays to take pictures!

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

A Soldier's Precious Moment Holding His Son

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Fri, 10 Jul 2009 09:21:50 -0700

Our son-in-law Matt arrived safely home from Iraq last night and we picked him up at BWI airport in Baltimore. Matt missed the entire first year of his son's life while executing dangerous missions in Iraq on a daily basis. Some of you may recall that Matt was sent to Iraq just one week after his first child was born.

His son, Riley, bonded with him immediately. Take a look at this photo:

Thanks to all of you for your thoughts and prayers, Matt is home safe and reunited with his family!

Let us never forget the sacrifices our soldiers are making for us so that we may enjoy the freedoms that we have here in the US. Oh yes, and thank you Matt, from the depths of our heart and souls. We all owe you and your fellow soldiers BIG TIME!

God bless you!

Realtor® CRS, GRI

Serving MD and DC

www.DanQuinnHomes.com

You're Not Selling Houses Are You?

Dan Quinn, Realtor, DanQuinnHomes.com (Re/Max 2000, Realtors) — Mon, 06 Jul 2009 09:09:58 -0700

What is the product you are selling in real estate? Is it houses? Is it mortgage brokers? Are you selling your title co? Or is it the nice flashy car with the hood down that brings you repeat and new business. No, I bet it's the vanity plates that say "ISELLRE" or something like that that has made you so successful.

Not!

Now don't get me wrong, all of these things are fine, "It's all good" as they say, but understanding what we are selling is the key to a thriving business. Perfume companies sell fantasy and excitement - not perfume. Starbucks sells a way of life, an attitude - not coffee. MacDonalds sells fast, inexpensive and exceptional service - not hamburgers (If I had to wait for fifteen minutes to buy a MacDonalds' hamburger I wouldn't buy another - the hamburger just isn't worth the wait.)

So we need to look carefully at what we are really selling to our clients and I suggest it is not houses. Anyone can do that, I see it all the time. We are in the service business and we must sell our services to them. Sell exceptional service like Ray Krok did with MacDonalds. Sell the American Dream of home-ownership. Sell turnkey service that will provide all of our clients' needs (and BTW what they deserve) and we will succeed.

Take time to examine what you are selling. I take 15 - 20 minutes every morning to revisit this and reflect on what I am selling and why people are buying my services. My income soared when I figured this out. For many years I provided excellent service to my clients - I have always striven to take care of their needs. Then one day it occurred to me that my clients were buying my services rather than houses. That's when my business took off. You see, I thought I was selling houses, or at least that's what everybody told me I did. I heard, "Dan's in real estate...he sells houses." Even my mom told me that was what I did for a living. Sorry mom, I sell service, exceptional turnkey service and I get paid handsomely for it.

Gosh, if they aren't buying our services, what are they buying? Houses? If that's the case, they don't need us. Anybody can find houses on their own on the internet. Anybody can write a contract (with the help of an attorney), and anyone can close if they put their mind to it. If all we do is sell houses we won't be in this business long.

So what are you selling besides houses?

Realtor® CRS, GRI

Serving MD and DC