Jason's Blog

Seller Financing to the Rescue

Jason Donn (eRealEstate) — Wed, 25 Nov 2009 08:33:11 -0600

The Problem

When it comes to selling real estate, one of the most difficult and frustrating situations for sellers is when market conditions make it nearly impossible to sell at the desired price point. A high initial listing price might be because the seller simply has an unrealistic idea of how their house stacks up against the competition in the area, or because the owner needs to sell for a set minimum price in order to pay off their loan against the property.

With traditional property sales methods, the only way to prevent the property from sitting on the market indefinitely is to keep dropping the price. Unfortunately, this technique doesn't always work - especially if the seller is unwilling to "discount" their house by much.

In areas flooded with homes for sale, reducing the asking price slightly will not bring the desired result. In fact, it's common that the property will continue to sit on the market without offers, alongside the multitude of other unsold properties with similarly reduced prices.

Anyone experienced in sales understands that making your product stand out from the crowd is a critical technique for success. But if there's too much competition offering the same attributes, the only logical way to attract the attention of serious buyers is to drop the price so that your property is a much better value than the competition.

In cases where the seller is too inflexible with their asking price, this is not a practical solution. Without an alternative strategy, the seller is forced to keep the house on the market for an extended period of time with an unrealistic asking price, hoping for the right buyer to come along. And as you know, that "Mr./Mrs. Right" might NEVER materialize!

The Seller Finance Solution

Property sellers who want to both obtain their desired price and close on the deal quickly should consider seller financing. Seller financing is a powerful tool to remedy real estate situations that otherwise look grim.

Many home sellers (and their real estate agents) do not see seller financing as a viable option. In actuality, seller financing can bring new attention to the listing and invite a different group of potential buyers - thereby opening up a unique, untapped market.

A large percentage of people throughout the country cannot get approved for bank funding to buy real estate because of their credit situation. Many of these people are still in the market to buy a house, however. The "credit-challenged" are often frustrated with the limitations of apartment living or being renters; as a result, many are willing to pay a higher price just for a chance to get seller financing and improve their quality of life.

A savvy property seller who recognizes this opportunity can salvage an unfavorable situation and turn it into a bonafide seller's market. By using this type of creative financing, the seller could actually end up getting more than the original asking price - without resorting to the questionable strategy of patiently waiting for the "right buyer".

Seller finance can enable homeowners to receive a favorable selling price despite bad market conditions. In addition, the real estate agent (if any) gets to close a deal and move on to other sales, while a home buyer with poor credit is able to become a home owner. It's one of those rare situations where everyone at the negotiating table gets what they want.

Paper Tigers

Many home sellers never consider seller financing because they don't understand the benefits. There are also common misconceptions that it's much too complicated to attempt to orchestrate a seller financed deal, or that there are no buyers willing to sign a private note.

Once a property seller takes the time to learn about the basic process, the advantages of offering financing instead of a lower price to sell their property become very clear. Plus, a little education about seller finance will make it apparent that drafting a secured private note is actually a very straightforward process.

The bottom line is seller financing can enable a home owner to "have their cake and eat it too" - i.e., sell at the desired price, close the deal quickly, and even receive additional income from interest payments as well.

Posted on my Site by Ater Ater

Fixer Uppers...Wise Investment or Money Pit

Jason Donn (eRealEstate) — Sat, 21 Nov 2009 17:57:24 -0600

Would you spend $150,000 for a home with sagging shutters, no landscaping, peeling paint, old appliances, outdated wallpaper and a generally drab exterior? On paper, the house sounds less-than-desirable. But before you answer, consider that this potential fixer-upper is located in California at the bottom of the market. Drab as it may be, could this home sparkle one day? With a coat of paint, some "sweat" equity, and thorough revamping inside and out, could this property be an investment gem? All homes are different, but there are certain criteria which can help you spot a fixer-upper with good potential. Here are a few basic questions to ask: .What needs to be changed? There are some homes which are structurally sound that require only cosmetic changes -- say that worn carpet from the 1960's, the historic appliances, or that inefficient heating system which consumes more fuel than a high school. It makes sense to inventory a home to see what can remain and what must go...the bottom line is do your homework. We all know that Real Estate WILL go back up. If you are in it for the long run, don't be afraid of a fixer. Rent it out and let the equity grow. That's your cash cow for the future. Considering investing? I would love to talk with you

Gook Luck

Mark Sall, Broker
Keller Williams Realty-AV
661-965-4647
www.antelopevalleyrealtor.net
mark@servicefirstre.com

From article on eRealEstate

Fannie Mae Gets Into The Home Rental Business

Jason Donn (eRealEstate) — Sat, 21 Nov 2009 17:48:52 -0600

Good News for foreclosure victims. Some homeowners will get an option to rent the home that they just lost. Its possible to stay in your home as a renter. Fannie Mae will give borrowers facing foreclosure an option to rent their homes for a year.

Foreclosed home owners will be able to sign a one year lease, with possible month to month extensions with Fannie Mae. Good for everybody.

Homeowners get a little relief and are able to remain in their homes for a year or more. This will buy them the time they need to regroup. It will also help keep neighborhoods from going missing. Rather than rows of abandoned homes with all the crime and destruction that vandals create.. Neighbors that have not lost their homes will not see more equity loss as squatters and criminals move into vacant homes. The banks are reluctant landlords and they are allowing property to decline.

It will keep supply off the market for at least another year and that is good for all the handlers, Fanne Mae because it can put off the expense of a foreclosure, the banks because less supply will protect equity in homes they are off loading and everyone one because it will help stabilize home prices. I dont think we can have a strong recovery without real estate.

To qualify, homeowners have to live in the home as the primary residence and prove that they can afford the market rent, which will be established by the management company running the program. In many cases, rents will be less than the mortgage because properties that are now worth far less than they originally paid.

The downside is seems to be that homes that might normally have been foreclosed and sold will now remain owned by taxpayers. Homes, according to Dr Shiller have risen faster in the last few months than he has ever seen. Perhaps Fannie will profit a little while doing a good thing for families that must be a little traumatized by it all.

And even if prices don't rebound quickly. Fannie Mae gets rental income, avoids foreclosure expenses gets to helps people.

Thanks for Reading
www.yourpropertypath.com

From Howard Bell's article on eRealEstate

Facebook your Listings (the right way)

Jason Donn (eRealEstate) — Sat, 21 Nov 2009 17:41:26 -0600

Via Mike Mueller (Tech and Social Media Consultant):

One of the first questions I get asked by an Agent who wants a Custom Facebook Business Page created is “Can you pull in my listings – here’s my IDX Feed”
The answer is No!
"Pretty Please?"
Still No.
Not because I don't want to. You see... Facebook does not like dynamic content in custom tabs and guess what your IDX feed is? Yup! “Dynamic”.

But wait there’s a workaround and a very pretty one at that. The folks over at RealBird have a slick application.
How slick? Check this out:

Play with it LIVE on Debbi Di Maggio, Piedmont Real Estate
If you have a Facebook Business Page and want something like this for yours – just contact me.

This post brought to you courtesy of Mike Mueller.
Feel free to ReBlog or ReTweet as you like as long as you credit the source (him).
Did you know? He's for hire! He builds Blogs, Graphic Images and Widgets and Facebook Pages and besides… He knows lots of really cool stuff.

Hire Mike (925) 456-4567

Social Media Revolution

Jason Donn (eRealEstate) — Sat, 21 Nov 2009 17:03:26 -0600

Americans Have Tripled The Amount Of Time On Social Networks

Jason Donn (eRealEstate) — Sat, 21 Nov 2009 16:51:52 -0600

Via Ross Hair (Real Estate Advocate):

If you still aren't convinced that social media is here to stay consider the following figures from a recent Nielsen study:

"Americans have nearly tripled the amount of time they spend at social networking and blog sites such as Facebook and MySpace from a year ago, according to a new report from The Nielsen Company. In August 2009, 17 percent of all time spent on the Internet was at social networking sites, up from 6 percent in August 2008.

"This growth suggests a wholesale change in the way the Internet is used," said Jon Gibs, vice president, media and agency insights, Nielsen's online division. "While video and text content remain central to the Web experience - the desire of online consumers to connect, communicate and share is increasingly driving the medium's growth."

It makes me think about the impact that email had on the way we communicated. When email first arrived it was the killer app that fundamentally changed the way we communicate with our friends and business associates. The same thing has happened with social media as more and more people are abandoning their email inbox for social network messages, instant messages and text messages.

Not only are your potential clients hanging out online but they've also changed the way they communicate.

Social Media Survey Results

Jason Donn (eRealEstate) — Sat, 21 Nov 2009 16:51:06 -0600

Via Ross Hair (Real Estate Advocate):

Here are the results from a survey of 200 Realtors about using social media in your real estate business:

Feedback and Comments

Thanks to everyone who provided the comments and insights into social media marketing and it's impact on the real estate profession.

As promised, here's the feedback from all the comments we received on our Active Rain post and www.realestatesocialmediapro.com website.

Fears and Frustrations

The following fears and frustrations about social media marketing were identified:

•1.     "Overwhelmed" - many real estate professionals are overwhelmed by all the new technology, new social media forums and the shift in online consumer trends. There's just too much information, too much to learn and it all changes so quickly.

•2.     "Don't know where to start" - this is a huge obstacle and it's a brick wall for so many professionals.

•3.     "Don't know what to do" - most people are on Active Rain and Facebook but a common concern was they didn't know what to do. What should I blog about? Should I get an outside blog? How do I find potential buyers and sellers in my area? How often should I send messages to friends?

•4.     "Don't have a step by step game plan or system" - this was the number one request from the survey. Many professionals had started playing around with social media but just didn't have any direction or purpose to their efforts. They're looking for information and guidance - preferably a step-by-step playbook.

•5.     "Lack of information" - this relates to the previous concerns but it also ties into the fact that social media is such a new field that there isn't that much information about it - especially proven information that actually works.

•6.     "Time' - time was a big issue. It ranged from people who didn't have the time, to those who don't know how to allocate their time and to those who were worried they were wasting their time just wandering aimlessly or being unproductive.

•7.     "Haven't received any business yet" - this is obviously a major concern as the whole reason we market online is to get business. Some were concerned that they hadn't received business because they weren't sure they were doing the right thing Most people were optimistic that they would get business.

•8.     "Don't know if it works for business" - this is probably the biggest concern experienced by most professionals. They're concerned that social marketing just didn't work as a business tool. No one doubts its value as a personal tool to keep in touch with friends and family. Most comments acknowledged that social media also works for keeping in touch with your SOI (Sphere of Influence) but there's this underlying doubt as to whether it works for converting strangers into clients.

•9.     "Twitter" - Twitter is like the black hole of social media marketing. Few professionals "get it" or "use it" and most think it's nothing but a spam fest.

Success Stories and Things that Work

A number of professionals shared their success stories:

•1.     "Blogging" - Blogging is the primary social media forum used by most real estate professionals. Most people have a blog (usually on Active Rain) and many have numerous blogs. They use their blog to share information with their clients and to stay "front of mind" for the day the client enters or re-enters the real estate market.

•2.     "Active Rain' - just about everyone loves Active Rain and lists education, information and referrals as the main benefits. In terms of usage I would rank Active Rain ahead of Facebook followed by Linked In.

•3.     "Facebook" - most professionals who said they had closed business through social marketing credited Facebook as the source of the client. The successful agents talked about setting up groups or business pages on Facebook. No-one had anything negative to say about Facebook and viewed it as an essential network to join.

•4.     "Climbing the ranks on Google" - a number of people commented that social marketing has helped their SEO (Search Engine Optimization) and placed them near the top of the page for local real estate search. Active Rain is credited for much of the success.

•5.     "Haven't spent a dime" - In a tough economy a number of professionals commented that social marketing is somewhere between free and cheap. All it costs is time. Conversely they noted that print advertising was expensive and increasingly ineffective.

•6.     "I found you on the internet" - The six favorite words that we all like to hear. It's a great feeling to get a phone call or email from a new client who utters the words "I found you on the internet". This is a validation of our online marketing efforts.

•7.     "I've seen a dramatic increase in internet leads" - many professionals noted that they were receiving substantially more leads from internet marketing, particularly from their blogs.

•8.     "I closed a deal from a social network referral" - these are the comments that we all like to read. A number of agents have closed multiple deals from social networking with some claiming commission well in excess of $100,000. A number of agents have deals in the pipeline and have active clients looking to buy or sell a home. Most agents also believe that at some point they will close a deal from a social network referral.

•9.     "I get 100% of my business online" - I found this comment very interesting. Although only a few people claimed to get 100% of their business online, a number of people made a reference to someone in their office who was "internet savvy" and "making a killing online". A common characteristic of these comments is that those who do well online always seem to very organized, set up systems and super motivated.

•10.     "I'm having so much fun" - I really got the sense that professionals enjoy social marketing and that they're having fun connecting with old friends and new clients. I even received an email from an agent who thought social networking was more addictive than crack cocaine (I'll leave the validation of that statement to the experts). It does however capture the essence that many people enjoy social networking and are hooked on it.

I trust that this feedback helps you with your social media marketing. Remember you can view all the comments online at http://socialmediarealestatepros.com - or add you own comments.

Ross Hair

RealEstateAdvocate.com

http://www.twitter.com/erealestate_com

P.S. - Don't forget to download the Social Media Mind Map to find out how to convert social marketing into more real estate closings.

Sara Forkel Thanks Jason Donn for Phone Call

Jason Donn (eRealEstate) — Thu, 19 Nov 2009 20:52:24 -0600

Thank you Jason for the personnal phone call a few minutes ago. I have been a fan / supporter of Jason's since watching his social media video that I have shared with everyone in our network. I learned even more in speaking with him personnally about his vision and his plans to grow this real Estate network is amazing. So wanted to say thank you yet again for the resources you have provided to me as well as those I work with.

NAR Report Third Quarter

Jason Donn (eRealEstate) — Wed, 18 Nov 2009 10:05:49 -0600

Sales Up Prices Down
This same story has been playing our for quite a while now. The trend towards lower prices will probably continue even as the recession winds down. Continuing job loss, a weak recovery and real problems in all real estate sectors, now focused on commercial property and Alt A high end homes, should keep a lid on prices. That said people are beginning to feel good again, or at least less wary. They are stepping out and buying homes and that is a good good sign. see chart here

Existing-Home Sales Surge While Price Moderate

Most states saw rising existing-home sales in the third quarter, with price declines in many metro areas, according to the latest survey by the National Association of Realtors.

NAR reports that total state existing-home sales of single-family and condos, increased 11.4 percent and are now 5.9 percent higher than the third quarter of 2008. Sales increased in 45 states and 28 states saw double-digit gains. Year over year sales were higher in 32 states and D.C. Buyers are coming back and in some parts of California we are seeing multiple bids and homes selling for more than list.

During the third quarter, 123 out of 153 metropolitan statistical areas, 2 reported lower median existing single-family home prices while 30 areas had price gains

NAR chief economist,Lawrence Yun spoke of the the tax credit. He goes on to say: We cant underestimate just how powerful a catalyst the first-time home buyer tax credit has been for the housing sector. Its given buyers the confidence they needed to get off the fence and take advantage of extremely affordable housing conditions. The buying conditions this year are the most favorable on record dating back to 1970, but the tax credit is allowing buyers to set aside any reservations about waiting for a better deal.

The decline in the national median price has moderated recently, and a shrinking supply of unsold inventory suggests we are getting closer to price stabilization in many areas, but we need a steady stream of financially qualified buyers to further reduce inventory and get us to a self-sustaining market, Yun said.

Soaking up supply

Foreclosures will continue to come on the market, but rising sales from the expanded tax credit should stabilize home prices by next spring and help to stem future foreclosures. To be sure the numbers are mixed and some areas are experiencing reversals, but over all we are beginning to pull ourselves up out of this slump. As long as we continue to see a Fed willing to support the markets until they are strong enough to stand on their own, we should be able top avoid a double dip. Encouraging was to hear the G20 come out with a continuation of supports. This recovery is still in the hands of policy makers.

Thanks for Reading

Bailout Banks kick Small Business in the crotch ... thanks fellas

Jason Donn (eRealEstate) — Wed, 18 Nov 2009 10:01:42 -0600

CNN Money is reporting today the 22 banks that received the most help from the Treasury bail out programs collectively have cut $10 Billion from their small business loan balances in the last 6 months alone.

They make more money and the small businesses that drive the economy take it in the shorts. Just how is this supposed to make sense? I thought the fed and the banks were working together to enable them to continue to make loans.

Small business activity is what will lift us out of this mess and instead of a loan they are getting what my teenage son would say is a, “Kick in the Nards.”

Where did all the money go? Hmmm

Here is the full article

Dike Drummond MD on eRealEstate

Conducting Your Own Social Media Orchestra

Jason Donn (eRealEstate) — Wed, 18 Nov 2009 09:55:45 -0600

Via Stefan Swanepoel (Author, Speaker & Trends Guru):

Communicating and marketing with your customers or potential customers used to be simple. You had a few options such as TV, radio, print, etc. The advent of the Internet and the recent growth of Social Media have in some respect made this process easier, but at the same time considerably more complex as the number of technology, web and online tools has exploded.
Managing the diverse and expanding facets of Social Media can be compared to managing all the components of an orchestra. In the same way that an orchestra consists of different parts — percussion instruments, keyboard, strings, brass, etc. — so Social Media consists of different parts; Blogging, Microblogging, Networks, Wikis etc.
In both cases the musical instruments or the different components of Social Media can all work autonomously; and successfully so. However, the full sound, power and impact of an orchestra only occurs when the conductor enables all the members of the orchestra to play together in harmony. The same principle applies to Social Media.

Tying it All Together
To coordinate all the members to each play their instrument at the right time requires a conductor that uses a music score (a plan) to show him when each instrument should be played.
In that same way view yourself as the conductor of your own Social Media Orchestra. It’s not vital that you activate or participate in every section and there is no reason that you can’t start one section at a time. There is no right or wrong here, neither is there a deadline or time frame. This example of a Social Media Orchestra is to illustrate the fact that you are in control of your own participation and that it can be done piecemeal and on your own timeline.
However, similar to the music conductor you must use your Social Media sites (think instruments) harmoniously and with a specific plan (think song/tune) in mind. If you don’t, your result will create a less attractive result (think noise).
To help understand the Social Media Orchestra the new Swanepoel Social Media Report (2010) published last week week divides social media activities into three primary sections and nine secondary components. For more details on managing your own Social Media Orchestra review chapter six in the 2010 edition of the Swanepoel SOCIAL MEDIA Report.

Twitter Quitter

Jason Donn (eRealEstate) — Wed, 18 Nov 2009 09:47:06 -0600

Via Ross Hair (Real Estate Advocate):

If you're thinking about using Twitter to grow your real estate business, you may want to think about the following stat:

60% of new Twitter users quit using Twitter after one month. There's even a name for them - Twitter Quitters.

Here's a copy of the results from a study by Nielsen:

"About 60 percent of people on Twitter end up abandoning the service after a month".

So what does this mean for your real estate business?

First, don't discount Twitter because it is growing at an astonishing rate. It has grown 1,444% in the last year to almost 19 million unique users and time on site is up 522% to over 31 minutes.

Second, make sure that you reach out to new followers as soon as they start following you because 60% of them won't be back next month. Send a direct message as soon as possible and get them into your sales channel.

How To Get Your Blog Posts "Viral" Exposure on Twitter and Facebook

Jason Donn (eRealEstate) — Sun, 25 Oct 2009 13:20:25 -0500

Via Brad Andersohn ~ Community Manager (ActiveRain):

How To Get Your Blog Posts Viral Exposure on Twitter and Facebook

As important as Location, Location, Location is to Real Estate, so is the importance of Exposure, Exposure, Exposure to Bloggers. Some Bloggers offer their subscribers, readers, and visitors the ability to "share" their content with others via Twitter or Facebook. ActiveRain has the ReBlog Option, just like Wordpress and Blogger are doing now, but that only works for other AR members. Here's a way to help get your "Voice Heard" and your "Posts Seen" on two of the other Largest Social Networks in the World, and here's how others can help you do it.

"Tweets" and "ReTweets" are quite popular as is "Sharing on FaceBook." I've just discovered a way that you can now do both. I think you're going to like this. It's simple. Just create and add a "Tweet" button, or a custom "Share" graphic, then create a link to it just like you would any other photo or image. You can even use text with a hyper-link. Here's the secret: you just need to replace the "BOLD" URL below with your page that you want shared. You will need to keep the underlined portion of the code below for each button to work.

Tweet Code: http://twitter.com/home?status=http://PlaceYourPageURLHere

For A ReTweet Code: http://twitter.com/home?status=RT%20http://PutYourPageURLHere

Share on FaceBook Code:http://www.facebook.com/share.php?u=http://AddYourPageURLHere

Now some of you may be thinking, why not just use the "Sharethis" or "AddThis" widget? Well you still can, and they do have more options, but the millions of Social Networking consumers out there are probably more use to seeing the Tweet, ReTweet, and Share on FaceBook buttons. Familairity may play more of a role here than we think. Not to mention, using this method is quick, easy, and only "one click" away from accomplishing the readers goal. To Share!

So starting right now, you can begin letting the 100 million members that logon to Facebook each day, and the 14,590,000 Twitter accounts (guesstimation) share your great content with others on Facebook and Twitter. Word of Caution: This will not work for "Members Only" and "Associates Only" posts on AR. It will work on any "Public" Blog, Post, or Website.

Taking the idea one step further. If you have an AR Outside Blog, make sure that the Link you provide to your "Tweet" and "Share on FaceBook" buttons go to the post on your AR Outside Blog and not to your Internal AR Blog. This will help increase exposure and traffic to your Outside Blogs. All your "outbound" links should always go to your Outside Blog posts. Getting SEO and traffic to your Blogs is a great thing, but letting others share, and making it easy for them may be just as powerful.

Now let's talk about the 35 million members on LinkedIn?!? :-O

"RainMaker" Special - Signup Here and Get New Member Discount

US Real Estate Sites Show Growth in Traffic

Jason Donn (eRealEstate) — Fri, 23 Oct 2009 11:03:26 -0500

Via Ross Hair (Real Estate Advocate):

By now we've all read the NAR statistics that 84% of home buyers and sellers start the process online. I like to keep track of trends in the real estate industry and particularly like to look at how well the large real estate portals are doing.

Here's the latest figures from Nielsen on the welfare of the large real estate sites and trends in online real estate:

"Mirroring the rise in home sales in July was the increase in visitors to the top U.S. real estate Web sites. Traffic increased 11 percent month-over-month, from 20.7 million visitors in June to 23.1 million in July as year-over-year growth to the sites grew 18 percent.

Surprisingly, online advertising by these top real estate companies declined month-over-month, with online display ads decreasing by 42 percent, from 37.1 million impressions in June 2009 to 21.4 million in July.

Who's House Hunting Online?

In July, people living in households of just one or two were nearly 50 percent more likely than the average Web visitor to head online to check real estate listings. Potential home buyers between the ages of 25 and 34 were 29 percent more likely to visit the top real estate sites and those with no children were 32 percent more likely to check out these sites in July.

Surprisingly, despite the fact that lower home prices are affording a wider range of income levels to get into their first home, visitors to the top real estate sites over-indexed among the wealthy, those earning a $100k or more per year.

Growth Mixed Globally

While U.S. growth to real estate sites was notable, not all countries are experiencing the same uptick in real estate ventures. A few of the countries that Nielsen measure's, experienced month-over-month declines in unique visitors to the top real estate Web sites in July. In France, traffic fell 10 percent, while Spain experienced a 7 percent decrease and Switzerland a 4 percent decline.

On a positive note, the number of Brazilians who visited the top real estate Web sites increased by 30 percent month-over-month, growing from 2.1 million visitors in June to 2.8 million in July. Germany has the 2nd highest growth rate in July, increasing 19 percent.
Month-over-Month Growth in Unique Visitors to Retail Sites by Country CountryMonth-over-Month % Growth

Brazil 30%

Germany 19%

United States 11%

United Kingdom 8%

Japan 6%

Italy -2%

Switzerland* -4%

Spain -7%

France -10%

Australia NA

Source: The Nielsen Company
*Switzerland data is for Home only
**Data for Australia cannot be trended due to recent methodology changes

Social Networking is Viral

Jason Donn (eRealEstate) — Sun, 23 Aug 2009 11:40:43 -0500

Via Ross Hair (Real Estate Advocate):

Social networks are built to be viral.

You can use its viral nature to rapidly build your own personal network within the greater social network

Step 1 of your social networking plan should be to make friends with other network members.

Step 2 is to go viral and make friends with your friend's friends.

Social networks are inherently viral in nature in that when you send a public message to a friend, that message can be seen by all your friend's friends. This means that your message to a hundred friends may be seen by a thousand people. That's an incredibly viral tool.

It also makes it very easy to become friends with your friend's friends because the network identifies you as a mutual friend. This makes it easy for your friend's friends to accept your friend request.

The cornerstone of your social networking marketing is to build a large friend list. Not only can you communicate directly with your friends but you can also send a viral message through each friend's network.

So step two of your social network strategy is to send public messages to your friends that can be seen by each friend's network of friends.

(I wish there was a word that meant friend's friends :)

2/2 Condo in Davie $600 Move In Special

Jason Donn (eRealEstate) — Mon, 20 Apr 2009 15:28:14 -0500

Jason | All Star Realty | 772-341-3121

University Drive, Davie, FL

DAVIE CONDO FOR RENT - Like NEW

2BR/2BA Condo

$1,200/month

Bedrooms	2
Bathrooms	2 full, 0 partial
Sq Footage	1,200
Parking	1 dedicated
Pet Policy	No pets
Deposit	$1,200

DESCRIPTION

2 Bedroom 2 Bathroom Condo in Davie. Close to Highways and Colleges.

This Property shows like it is new. It is MUST SEE if you want to live in the area.

see additional photos below

RENTAL FEATURES

Air conditioning	Central heat	Walk-in closet
Tile floor	Living room	Dishwasher
Refrigerator	Stove/Oven	Microwave
Washer	Dryer	Laundry area - inside
Cable-ready

COMMUNITY FEATURES

Swimming pool(s)

Lake

LEASE TERMS

$600 for the first Months Rent.
1 Year Lease
$1200 per Month

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Jason

All Star Realty

772-341-3121

Equal Opportunity Housing

Posted: Apr 19, 2009, 1:04pm PDT

Governor Crist Encourages First-Time Home Buyers to Use Federal $8,000 Tax Credit

Jason Donn (eRealEstate) — Sun, 19 Apr 2009 22:27:19 -0500

TALLAHASSEE, Fla. /Florida Newswire/ -– Governor Charlie Crist today met with Florida REALTORS® to discuss Florida’s housing market. Governor Crist encouraged first-time home buyers to take advantage of the tax credit made available through the federal American Recovery and Reinvestment Act of 2009. The $8,000 tax credit applies to primary residences as long as they are purchased before December 1, 2009.

“Even though today is Tax Day, first-time Florida home buyers can still claim the tax savings on their 2008 tax return – even if the closing is after today – by requesting an extension or filing an amended return,” Governor Crist said. “Or they can also claim it on 2009 tax return, which will be filed next year. Either way, I encourage Floridians and newcomers to Florida to take advantage of this tax break and bargain prices on Florida real estate.”

Governor Crist also discussed his continued commitment to reduce the tax burden on Florida homeowners and business property owners. He has proposes a set of property-tax reforms that builds upon previous legislation resulting in the largest property tax cut in state history.

The National Association of REALTORS estimates that the impact of the federal economic stimulus package and lower interest rates will result in approximately 900,000 additional home sales in 2009 compared to conditions before the stimulus package. According to Freddie Mac, interest rates for a 30-year fixed-rate mortgage averaged 4.87 percent for the week of April 9, 2009, down significantly from the average rate of 5.97 percent in March 2008.

According to the Florida Association of REALTORS, Florida’s existing home sales rose in February, making it the sixth consecutive month with an increase in sales activity. Existing home sales rose 20 percent in February 2009 compared to the number of homes sold in February 2008. Statewide, existing condo sales increased 25 percent over the total units sold in January.

About the First-Time Florida Home Buyer Tax Credit

For homes purchased before December 1, 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer’s main residence within a three-year period following the purchase. First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, which are due today, or on a 2009 tax return, due April 15, 2010. If the purchase occurs after April 15, 2009, home buyers can still receive the credit on a 2008 tax return by requesting an extension of time to file or by filing an amended return.

Information about the tax credit for first-time home buyers can be found at www.FlaRecovery.com in the “Tax Relief” section. For more information about Florida’s use of the federal recovery dollars made available through the federal American Recovery and Reinvestment Act of 2009, please visit www.FlaRecovery.com

Jason Donn - Real Estate Open Networkers

Generation Y: Bullish on U.S. Housing Market

Jason Donn (eRealEstate) — Tue, 14 Apr 2009 12:29:10 -0500

First major national housing survey during current downturn reveals surprising results

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--The first major survey into Generation Y's perception of the U.S. housing crisis reveals a surprisingly strong sense of optimism about the future despite cautious near-term sentiment.

While the housing industry is readying for this wave of future homeowners (approximately 80 million strong), there is little data on what this influential buying group actually wants in their next home or how the current downturn has affected their future plans.

According to the national survey conducted by The Concord Group:

50% say they are likely to purchase a home within the next three years
50% say tax credits or lower interest rates would motivate them to purchase a residence sooner
70% believe home prices will be higher or at today's levels in two years
62% say wealth creation is a very big advantage of real estate ownership

Although economic conditions factor strongly in their decision-making process, survey respondents say that lower home prices and/or a raise at work would be the top motivations for buying a home sooner than planned.

"Generation Y is going to have more impact on the national housing market than any group since the early Baby Boomers. We wanted to better understand their preferences and expectations especially as they will have such an impact on our future," said Emma Tyaransen, Principal of The Concord Group, a national real estate advisory firm.

The majority of respondents to The Concord Group's survey say they are:

Willing to pay a premium to live closer to their job
Seeking out a larger space for their next residence
Interested in living near alternative modes of transportation
Likely to put down less than 20% on their next residential purchase
Planning to eventually abandon the cities for a life in the suburbs

"What's so interesting about this data is that it supports our prediction that transit-oriented development will command a premium in the near future. It also proves that suburban development will continue to play an important role in the housing market that emerges from the downturn," said Tyaransen.

The Concord Group is a premiere national real estate advisory firm with offices in Newport Beach, CA; San Francisco, CA; Portland, OR and Boston, MA. The Concord Group provides developers, investors and public planning agencies with vital analytical input throughout all phases of real estate financing, development and operations. www.theconcordgroup.com

Jason Donn

Sunrise Lakes Owner Financing Available

Jason Donn (eRealEstate) — Tue, 14 Apr 2009 12:22:53 -0500

Jason | All Star Realty | jason.donn@yahoo.com | 954-892-6244

Sunrise Lakes Boulevard, Sunrise, FL

Sunrise Lakes Condo - 2/2 - Owner Financing, Lease Option, Rent to Own

2BR/2.5BA Condo

offered at $59,900

Year Built	Unspecified
Sq Footage	1,099
Bedrooms	2
Bathrooms	2 full, 2 partial
Floors	1
Parking	Unspecified
Lot Size	Unspecified
HOA/Maint	$314 per month

DESCRIPTION

Very Clean 2 Bedroom 2 Bedroom in Sunrise Lakes Condo. Quiet are in a 55+ community. Property is on a Lake.

Bring All Offers

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Family room
Dining room	Refrigerator	Stove/Oven
Microwave	Washer	Dryer
Laundry area - inside

COMMUNITY FEATURES

Swimming pool(s)

Golf course

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4

Contact info:

Jason

All Star Realty

jason.donn@yahoo.com

954-892-6244

For sale by agent/broker

Equal Opportunity Housing

Posted: Apr 9, 2009, 9:09am PDT

Housing foreclosures in South Florida: Cities have $104 million to find new owners

Jason Donn (eRealEstate) — Thu, 09 Apr 2009 10:52:54 -0500

You can apply for a share of $104 million awarded to governments in Broward and Palm Beach counties in a national effort to find new owners for foreclosures

By Juan Ortega and Lisa J. Huriash |South Florida Sun-Sentinel

As many people are losing homes to foreclosures or can't afford to buy a home, Katie Cole thinks her prospects for becoming a first-time home buyer have never looked brighter.

In January the single mother of three from Sunrise got a job screening passengers at Fort Lauderdale-Hollywood International Airport. The steady job boosts her eligibility for an affordable-housing program targeting foreclosed homes.

"I feel confident that everything's going to go through," said Cole, 44. She applied for housing aid at Tamarac City Hall the month she got her job.

Cole is among the first South Florida residents to apply for the Neighborhood Stabilization Program, a national housing rescue plan to help cities and states flip foreclosed homes, become landlords or dole out grants to first-time home buyers. In Broward and Palm Beach counties, dozens of local governments have been awarded a total of $104 million to stem declining property values and turn abandoned, foreclosed properties into occupied, tax-producing dwellings.

The program, benefiting low- to moderate-income residents, requires cities to allocate the aid within 18 months and finish programs within four years. Cities may have no trouble finding applicants eager for home-buying assistance or foreclosed properties to target.

Broward County had 47,387 homeowners in some stage of foreclosure last year, a 128 percent increase over 20,805 a year earlier, according to RealtyTrac Inc. of Irvine, Calif. Broward had the nation's sixth-highest annual foreclosure rate.

In Palm Beach County, 23,399 homeowners faced losing their properties to foreclosure last year, up 97 percent from 11,904 in 2007.

So far, residents have converged on the few cities that welcomed applications. Coral Springs, Miramar, Tamarac and Sunrise, drew hundreds of applicants earlier this year. They have cut off applications and won't accept any more.

Pembroke Pines and Boynton Beach are the latest two municipalities to start letting people apply.

Pembroke Pines' deadline to pick up applications is today, but Boynton Beach has set no deadline, officials said.

Boynton Beach has set aside about $400,000 of its $2.9 million share of aid to help first-time home buyers purchase 32 homes in Ocean Breeze, a planned development, said Mindy Wooster, RTG's marketing director. RTG Construction, which partnered with the city, is accepting applicants' calls, Wooster said.

"Out of 100 calls, you might get 10 people who are really qualified," Wooster said.

Using its share of $4.3 million in aid, Pembroke Pines will use forgivable loans, or grants, to help low- to moderate-income people buy and spruce up foreclosed homes selling for up to $250,000.

"We've gotten hundreds of applicants," said Shekeria Brown, who works for Community Redevelopment Associates of Florida, the firm Pembroke Pines hired to help oversee its program.

Under terms of the grants, buyers can earn no more than 120 percent of each county's median income. For a family of four, it would be $91,800 in Broward and $83,050 in Palm Beach County. Some properties will be reserved for families earning as little as $38,250 a year in Broward and $37,700 in Palm Beach County.

Nechmaly Tapia, 32, a single mother of two boys who lives in Tamarac, earns less than $32,000 a year as an auto sales representative, she said.

For her application, Tamarac officials required her to obtain a pre-qualification letter from a bank, showing her credit was good enough for a mortgage loan. She spent hours compiling paperwork with her tax return, Social Security and employment information.

She's waiting for the city to tell her whether she qualifies. "I'm really optimistic about it," she said.

The earliest cities to take applications are among 14 of the biggest cities in Broward and Palm Beach counties that were awarded grant money directly instead of through the counties. The other large cities — including Fort Lauderdale, Hollywood, Pompano Beach, and West Palm Beach — aren't taking applications yet. They say they're still firming up their programs but making progress.

For example, Plantation is poised to buy, fix and sell about 10 houses after it hired a nonprofit group called Broward Alliance for Neighborhood Development to help manage the project.

Smaller cities must rely on their county governments to decide how much, if any, aid their areas will receive. Officials in Broward and Palm Beach counties also say they haven't finished planning.

Cecile Julmysse, 44, a Tamarac resident who missed the city's deadline to apply in February, said she'll be watching for neighboring cities' programs to kick off.

"All my life I've been renting," said Julmysse, a home-care specialist with five children. "Paying rent, I'm throwing my money away."

Jason Donn Real Estate Open Networkers

A shadow lurks in the housing market

Jason Donn (eRealEstate) — Wed, 08 Apr 2009 22:22:26 -0500

A shadow lurks in the housing market

Apr 8, 2009 12:16 PM — Scott Jagow

This is scary. The San Francisco Chronicle reports that lenders are sitting on hundreds of thousands of foreclosed homes that haven’t even been listed yet. If this “shadow inventory” hits the market, we’ll have a new definition of bottomless pit.

From the article:

“We believe there are in the neighborhood of 600,000 properties nationwide that banks have repossessed but not put on the market,” said Rick Sharga, vice president of RealtyTrac, which compiles nationwide statistics on foreclosures. “California probably represents 80,000 of those homes. It could be disastrous if the banks suddenly flooded the market with those distressed properties. You’d have further depreciation and carnage.”

The Chronicle suggests several reasons why banks might not be selling off their foreclosures:

— The “pig in the python”: Digesting all those foreclosures takes awhile. It’s time-consuming to get a home vacant, clean and ready for sale. “The system is overwhelmed by the volume,” Sharga said. “In a normal market, there are 160,000 (foreclosures for sale nationwide) over the course of a year. Right now, there are about 80,000 every month.”

— Accounting sleight-of-hand: Lenders could be deferring sales to put off having to acknowledge the actual extent of their loss. “With banks in the stress they’re in, I don’t think they’re anxious to show losses in assets on their balance sheets,” O’Toole said.

— Slowing the free-fall: Banks might be strategically holding back some foreclosures so prices don’t fall as fast. “They want to be careful about not releasing them too quickly so they don’t drive prices down and hurt the values,” O’Toole said.

And then, there are people scamming the system. Two dozen people have been indicted for “allegedly conducting a wide-ranging mortgage fraud based in San Diego and led by a street gang member.” From Reuters:

The defendants allegedly used straw buyers and inflated appraisals to purchase homes that had sat on the market for extended periods and had been reduced in price.

They submitted offers that exceeded the homes’ asking prices, and had the overage paid to a shell construction company that they claimed would make upgrades or handicap modifications to the properties, prosecutors said.

The defendants instead disbursed the “kickback amount” to members and associates of the enterprise as payments for their participation, the indictment said.

Lenders later foreclosed on the properties, taking “severe financial losses,” after the straw buyers failed to make payments, the indictment said.

Jason Donn - Real Estate Open Networkers

Government cracking down on mortgage scams

Jason Donn (eRealEstate) — Mon, 06 Apr 2009 13:54:12 -0500

By ALAN ZIBEL and CHRISTOPHER S. RUGABER, AP Business Writers

Top federal and state officials on Monday announced a broad crackdown on mortgage modification scams, accusing "criminal actors" of preying on desperate borrowers caught up in the nation's housing crisis.

Government officials say scammers are seeking to take advantage of borrowers in danger of default by charging them upfront fees of $1,000 to $3,000 for help with loan modifications that rarely, if ever, pay off.

The frauds often involve companies with official-sounding names designed to make borrowers think they are using the Obama administration's efforts to help modify or refinance 7 million to 9 million mortgages.

Officials say such operations almost always are fraudulent, and that help is available for free from government-approved housing counselors.

"These predatory scams callously rob Americans of their savings and potentially their homes," Treasury Secretary Timothy Geithner said. "We will shut down fraudulent companies more quickly than before. We will target companies that otherwise would have gone unnoticed under the radar."

The Federal Trade Commission has sent warning letters to 71 companies it says were running suspicious advertisements. The agency also said it filed three new complaints against Northridge, Calif.-based Federal Loan Modification Law Center LLP, Newport Beach, Calif.-based Bailout.hud-gov.us, and Clearwater, Fla.-based Home Assure LLC, and the operators of those companies.

The FTC last month filed cases against two other companies: Hope Now Modifications LLC and New Hope Modifications LLC.

Attorney General Eric Holder says the FBI is investigating about 2,100 mortgage fraud cases, a 400 percent increase from five years ago.

"If you discriminate against borrowers or prey on vulnerable homeowners with fraudulent mortgage schemes, we will find you, and we will punish you," Holder said.

Over the past year homeowners have been flooding state attorneys general with complaints about for-profit loan modification consultants. While some are legitimate, authorities say many are con artists.

"Stay away from anyone who says they will save your home in return for money up front," Illinois Attorney General Lisa Madigan told reporters in Washington. Such claims, she said, "are almost always scams."

Homeowners do not have to pay anything to participate in the administration's Making Home Affordable program, which seeks to prevent foreclosures by making mortgages affordable through refinancing or modified terms.

Other signs of a mortgage scam, according to the FTC are: promises to stop foreclosure or modify a loan; guarantees that your home will be saved and claims of a "97 percent success rate;" and use of official-sounding names.

Roadside billboards in places like Las Vegas scream, "Save my property!" and radio ads promise "expert help." Some companies comb property records and send mail designed to look like it is from the homeowner's lender.

Some of those making the offers to help are former brokers, agents and appraisers who've seen their previous business evaporate. But it's difficult to gauge if even the legitimate consultants are more effective than nonprofit credit counselors who also work with lenders at no charge.

Some states recently have toughened penalties for perpetrating foreclosure scams, and some prosecutors have used existing fraud statutes to bring criminal charges. But many state prosecutors have not filed criminal cases, instead proceeding with civil lawsuits.

Homeowners can locate free housing counselors at http://www.makinghomeaffordable.gov or by calling (888) 995-HOPE.

Real Estate Open Networkers

Jason Donn

CREDIT REPAIR - Closing more deals with the right Credit Repair Company

Jason Donn (eRealEstate) — Sat, 14 Mar 2009 00:11:13 -0500

As many of you know Credit Repair Companies are a dime a dozen. Most of the credit repair companies I have come in contact with charge around $500 or some sort of monthly fee. From the feedback I have received, most of them are not very good.

In an effort to find a VERY GOOD credit repair company I started researching them and met with several. 1 or 2 seemed to be very good but charged an arm and a leg. I finally found one that was not only superb but were also reasonable in their pricing. In addition, they have a money back GUARANTEE. I have already referred them to many Real Estate Brokers and Mortgage companies with phenomenal results.

One of the reasons this company is so good is that the President of the company was a former high level executive with Experian.

I would love to share more information on this company with you. If you are interested, please email me at jason.donn@yahoo.com or call me @ 954-892-6244.

Jason Donn

Foreclosure nation

Jason Donn (eRealEstate) — Sun, 08 Mar 2009 21:23:50 -0500

Posted by Scott Van Voorhis

Looks like the foreclosure epidemic is getting its second wind.

The first wave of foreclosures featured homeowners duped into buying homes they couldn’t afford with goofy, subprime loans. Not to mention a whole lot of small-time investors who bought units in hopes of flipping them for big profits, as well as a just outright fraudsters who used straw buyers to create artificial sales.

But much of that first wave of crazy subprime mortgages gone bad has already crashed into the housing market and economy. Now we are starting to see the second wave, regular homeowners who are losing their jobs and their homes due to the economic downturn, of course triggered in part by the subprime fiasco.

Anyway, that is the way some are reading the latest foreclosure stats, with the number of troubled mortgages rising to 7.8 percent of all home loans, the highest since 1972, Bloomberg reports. Loans actually in foreclosure now amount to 3.3 percent of all mortgages in the country, an all-time high.

The Mortgage Bankers Association is pointing to the deepening recession and job losses as a key factor behind the growing number of bad loans.

Let’s just hope President Obama’s $75 billion lifeline to homeowners in trouble works a bit better than the now long list of previous multibillion-dollar rescue plans rolled out by the federal government and several states, including Massachusetts.

Still, even the president’s ambitious effort won’t help you if you’ve lost your job and have no money at all to pay your mortgage.

Jason Donn

Citigroup to lower some mortgage payments

Jason Donn (eRealEstate) — Tue, 03 Mar 2009 21:00:41 -0600

By MICHELLE CHAPMAN – 13 hours ago

NEW YORK (AP) — Citigroup Inc. said Tuesday that it will lower mortgage payments for some homeowners to an average of $500 a month for three months as part of a new program to help the unemployed.

The struggling bank makes the move as President Barack Obama looks to lenders to adjust the way loans are handled.

Citigroup's new mortgage efforts also come on the heels of the latest attempt to bail out the company, which includes the U.S. government's exchange of up to $25 billion in emergency bailout money given to Citigroup for as much as a 36 percent equity stake in the company. The deal between the Treasury Department and Citigroup represents the third rescue attempt for the bank in the past five months.

Unemployed homeowners who may qualify for assistance from Citigroup under the Homeowner Unemployment Assist program include those that are 60 days or more past due on their mortgages or in foreclosure and can pay the reduced amount. Customers must also have a first mortgage loan that is owned and serviced by CitiMortgage Inc. and conforms to government sponsored enterprise limits. The house must also be the customer's primary residence, with homeowners meeting all insurer and guaranty requirements.

"Our Homeowner Unemployment Assist program is intended to serve as a bridge toward a longer-term solution, helping homeowners stay in their homes and in their communities while they get their feet back on the ground," CitiMortgage Chief Executive Sanjiv Das said in a statement.

Citigroup predicts thousands of homeowners may be eligible for the program over the next two years.

Those that partake in the program and are still without jobs after three months will have their mortgages handled on a case-by-case basis to come up with the best payment option, Citigroup said. Others that find work within the three-month period can go back to paying their original mortgage amount or receive a long-term loan modification if qualified.

The program may also be expanded to include customers that are in early delinquency stages or are current on their mortgage at a later point in time once an initial evaluation of the program is complete.

Homeowner Unemployment Assist is part of the bank's existing Citi Homeowner Assistance, which tries to help customers avoid foreclosure.

One of the hardest hit banks by the ongoing credit crisis, Citigroup is in the process of shedding assets and cutting staff as it looks to reduce costs and streamline operations ahead of splitting its traditional banking businesses from its riskier operations. In January the company reached a deal to sell a majority stake in its Smith Barney brokerage unit to Morgan Stanley.

In premarket activity Tuesday, Citigroup shares climbed 11 cents, or 9.2 percent, to $1.31.

Jason Donn

Brazil	30%
Germany	19%
United States	11%
United Kingdom	8%
Japan	6%
Italy	-2%
Switzerland*	-4%
Spain	-7%
France	-10%
Australia	NA
Source: The Nielsen Company Switzerland data is for Home only *Data for Australia cannot be trended due to recent methodology changes