Paul N. Paterakis Lake Zurich, Long Grove, Hawthorn Woods, Kildeer Real Estate 's Blog

Deadline to request a foreclosure review was extended three (3) months - Powerteamhomes.com

Wed, 22 Feb 2012 12:53:00 -0800

You may have clients who qualify to have their foreclosure case checked by a third party as part of the federal regulators’ independent foreclosure review directive now have until July 31, 2012 to submit their requests. How about notifying your database? This is great info for them either way. The Federal Reserve and the Office of the Comptroller of the Currency (OCC) announced this past Wednesday the 15th the postponing of the deadline to give consumers more time if they believe they suffered financial injury as a result of foreclosures actions from 2009 or 2010.

The independent foreclosure reviews only apply to the following servicers and their subsidiaries:
America’s Servicing Company GMAC Mortgage
Aurora Loan Services HFC
BAC Home Loans Servicing HSBC
Bank of America IndyMac Mortgage Services
Beneficial MetLife Bank
Chase National City Mortgage
Citibank PNC Mortgage
CitiFinancial Sovereign Bank
CitiMortgage U.S. Bank
Countrywide Wachovia Mortgage
EMC Washington Mutual
Everbank/Everhome Mortgage Company Wells Fargo
Financial Freedom Wilshire Credit Corporation

Borrowers are eligible for a free independent foreclosure review if their mortgage loan was
subject to foreclosure between January 1, 2009 and December 31, 2010 and the property
securing the mortgage was the borrower’s primary residence. Independent third parties
evaluations began in November 2011; eligible borrowers should have received a letter by the end
of 2011 detailing the whole process.

IRS and “forgiven” mortgage amount(s) - PowerteamHomes.com

Mon, 16 Jan 2012 13:04:51 -0800

Some of you keep asking if the IRS will go after stressed sales homeowners for the

forgiven amount they did not pay via the sale of their home that closed for much less than the mortgage
note. Back in 2010 and reported on our Monday’s MEMO’s we gave you the details on it: a two
(2) year “stay” on that making it to December 31, 2012.

However, the IRS came up with certain restrictions on it (as they always do), and will review
each case independently based on the following and more:
• Amount forgiven vs. amount actually owed on the mortgage
• Value of home regardless of loan amount
• Homeowner tax bracket and other possible assets owned
• Possible taxable “recovery” elsewhere from the homeowner

Again, the IRS’s list is a lot longer but for them the idea is simple: if you are finished, no money,
on the street/rental, no job, on welfare etc your chances of total forgiveness are very high. If you
still own other assets and they see that you can quickly come back up…the IRS will tax the short
sale part of the forgiven loan and the tax will need to get paid. Always refer to your Attorney, CPA,tax specialist.

FHA extends the anti-flipping waiver to help home sales - PowerteamHomes.com

Mon, 09 Jan 2012 18:00:46 -0800

On December 28, 2011 the FHA extended its waiver of a rule that prohibits the agency from insuring homes sold within 90 days of their acquisition. The anti-flipping regulation was
designed to prevent activity that could be harmful to neighborhoods.
While the law was created to maintain stability in the housing market, the FHA temporarily
waived it back in 2010, saying a reprieve would allow buyers to acquire HUD-owned properties,
bank-owned properties and private homes for the purpose of improving them and selling them to
revitalize the neighborhoods.

The waiver is set to expire on January 31, 2012; however, it will now be in effect through
December 31, 2012.

“This extension is intended to accelerate the resale of foreclosed properties in neighborhoods
struggling to overcome the possible effects of abandonment and blight,” said Carol Galante,
acting FHA commissioner. “FHA remains a critical source of mortgage financing and stability
and we must make every effort to promote recovery in every possible way we can.”

The waiver is subject to certain restrictions and it stipulates that all qualified transactions must be
at arms-length, meaning parties to the deal cannot be striving to achieve some type of kick-back
or special interest separate from buying and selling of the real estate.

When the sale price of the property is 20% or more above the seller’s acquisition cost, the waiver
will only take effect if the lender meets all criteria and provides documents that justify the price
increase, according to FHA. The waiver only applies to forward mortgages, and is not available
for home equity conversion mortgages.

Let’s all do our part to rebuild confidence in buying and selling - PowerteamHomes.com

Mon, 12 Dec 2011 11:46:22 -0800

Online, on TV or in print it’s all conflicting and contrary: escalating foreclosures, rate of unemployment is up, hard to get a loan on one side; home prices stabilizing, unemployment rate is unchanged, lowest interest rates in decades; just to mention a few. Information and misinformation is going out every day from so many different directions;however, the single most important item to a sure recovery is consumer’s confidence. Until that gets to a higher level we will continue to hang around the very bottom.

Impossible for us to control what is happening on the large economic scale, be aware of it and push for what is best for our industry via NAR, IAR and RPAC through voting/online especially
when asked. On a local scale we have everything we need to succeed and make a change for the
better: us the Realtors, our expertise, knowledge and the complete trust of our clients.
Currently it seems that the banks are doing their best to kill the deals by not making the loans we
need them to close on; their explanation to it all is that more care is necessary in assessing the
borrower’s other compensating factors within their full financial picture. Let’s face it: we do not
need a repeat in the future, near or far, of the past “no doc loans.”

As Realtors we need to explain and bring this message to our clients, let them know in advance
what to expect from their final lender along with requirements and the needed higher credit score
for the lowest possible interest rates. It’s part of our job to educate the consumer, to show them
multiple solutions whenever possible for them to choose from and start rebuilding a strong
confidence level one-by-one. Real estate did it in past recessions and will do it again this time.

A New Twist to Estate Planning in Illinois - PowerteamHomes.com

Mon, 21 Nov 2011 16:45:15 -0800

A new law will soon make it easier to transfer residential real estate upon death while avoiding the time and cost of going through probate. Governor Quinn recently signed into law the Illinois Residential Real Property Transfer on Death Instrument Act which takes effect January 1, 2012.

Under the Act, an owner of residential real estate may execute a Transfer on Death Instrument (“TODI”), which allows the property to pass to one or more designated beneficiaries upon the death of the owner. The designated beneficiary could be an individual, corporation, trust, partnership, limited liability company, or a corporation.

The requirements of a TODI are similar to those of a will. The TODI must contain all the elements of a regular deed and also requires two witnesses and a notary. After the TODI is executed by all necessary parties, it must be recorded in the county where it is located. The owner is free to mortgage, sell, lease or deed the property during his or her lifetime. The designated beneficiary has no rights to the property until the owner passes away. If the owner changes his or her mind as to who the designated beneficiary should be, the owner may revoke the TODI by recording a revocation with the county’s recorder of deeds office.

Upon the owner’s death, the beneficiary must appropriately claim the property by signing and recording with the county a Notice of Death Affidavit and a Notice of Acceptance. Once recorded, the beneficiary takes title to the property effective on the date of the owner’s death. If the two documents are not recorded within thirty days after the owner’s death by at least one beneficiary, the personal representative of the owner’s estate may take possession of the property and can place a lien on the property for all reasonable costs and expenses of managing and caring for the property. If the Notice of Death Affidavit and the Notice of Acceptance are not recorded within two years of the owner’s death, the TODI becomes void and the property then passes to the deceased owner’s estate.

Encourage your clients to talk to their estate planning attorneys to see if this new Act would benefit them and their heirs. The minimal cost and time of preparing and recording a TODI could be a favorable way to avoid the costs and time delays of going through probate.

Alert !- Fake Short Pay Letters are coming up everywhere - Powerteamhomes.com

Mon, 17 Oct 2011 18:53:30 -0700

We are all aware of schemes in short sales from “Flipping” to “Flopping” and many others; now something else for Realtors to worry about: fake short pay letters from lenders. Nothing worse than having written a few contracts with a buyer and have the “good” one fall apart before the closing just because it was a scheme: so much work, time and effort and no payday. Here is a real example to keep in mind.

The seller was in the process of negotiating a short sale with his lender, Bank of America,
through the services of a third-party short sale negotiation company. The buyer was purchasing the property using a private lender and the sale price was $200,000 pending approval from the existing lender.

On June 10, 2011 Bank of America issued their short pay letter approving the sale for $200,000
and the closing was to take place no later than June 27, 2011. As the 27th approached, it was
clear that the buyer and seller were not going to meet this deadline. An extension was asked for
and received for a few more days.

The new lender’s funds came in on June 28th and so did the extension letter from Bank of
America; the new closing date was moved to July 1, 2011. On the morning of June 29, 2011 the
title company worked on getting it all together; company policy mandated the closer to contact
the loss mitigator at B of A to confirm the terms and amount shown on the short pay letter.
Something about the extension letter and the HUD-1 approval received from B of A did not look
right to the title company. First, the communication did not come through www.equator.com
This was unusual since approval letters were delivered using this online system for every B of A
short sale that the title company had closed.

The closer called up the person named on the HUD-1 approval; his name was Vitto Pastor with a
title of “Senior Operations Analyst, Business Operations” …second red flag as it should have
said loss mitigator in order to issue short pay approvals. The closer left a message.
Shortly thereafter a Kenneth Teele, a senior investigator at B of A returned the phone call
advising the closer that Pastor worked for B of A but did not issue the HUD-1 approval letter.
Kenneth went on to explain the HUD-1 approval and short pay letter received by the title
company were fraudulent and, according to the records, the seller had never applied for a short
sale. He also revealed the outstanding loan balance for this loan exceeded one million dollars.
The closer left a message for the seller to call her, stating there was a problem with the short pay
approval. The seller rather than returning the closer’s phone call emailed her instead asking to
send him copies of all signed documents including the short pay letter. The closer did not.

The buyer called to find out about the closing and was told there will not be any closing and the
funds were returned to the buyer’s lender; the third-party negotiation company never answered
the phone calls or emails.

How can Realtors protect themselves and prevent performing a lot of work for no pay? Here are
some very important tips for you to be aware of:

• A straw buyer is someone with good credit who agrees to help someone with bad credit to
obtain a loan. A perpetrator recruits someone to purchase a house in their name, the
straw buyer will not live in the house but will get cash in exchange: know your client(s)

• What items are usually fabricated to induce a lender to approve a loan? Employment
verification, mortgage loan applications and bank statements. Schemes can only succeed
by falsifying a borrower’s financial status by including material misstatements on
documents the lender’s underwriter relies on when evaluating the eligibility of a
borrower. Use caution but dig into the details and look out for red flags.

• Power of Attorney. The most forged document in a real estate transaction; it is the written
authorization to represent or act on another’s behalf in private affairs, business or some
other legal matter. As a result, perpetrators forge names of property owners in order to
sell a property out from under the rightful owner. Be sure that the attorney signs his/her
name on behalf of the client, NOT the client’s signature (forgery). Verify that the power
of attorney matches the attorney.

• Short sale flopping. The perpetrator conceals or provides falsified information to the loan
servicer who in turns uses it to make informed short sale decisions. Often the true identity
of the parties is hidden behind an LLC where its beneficiary changes from the sale to the
purchase only by name while basically remaining the same individual.
• Every item disclosed on the HD-1. Extremely important (besides being the law) that full
disclosure is made of all receipts and disbursements on the HUD-1 Settlement Statement
and material facts to the funding lender. Do question any “paid out of closings” that you
may become aware of.

• Proper identification. It should be issued by a governmental entity and include a physical
description, signature and photograph of the bearer’s. Forged documents are often one of
the many elements in a mortgage fraud scheme. Be sure you are representing the real
buyer(s)/seller(s) and they really are whom you think they are.

• Fraud for profit and fraud for housing. That is how the FBI defines the two fraud
classifications. Fraud for housing usually involves a single loan to buy a home. Fraud for
profit often involves multiple loans and elaborate schemes to gain the ultimate money.

• Industry professionals are the most common in a housing fraud. They are the ones most
familiar with the ins and outs of the loan process; schemes must have the cooperation of
real estate agents (knowingly or not), loan officers, appraisers and settlement agents.

Always be on the lookout and never let your guard down.

809 Area Code: do not dial it! - The Paul Paterakis Power team of RE/MAX Showcase

Mon, 11 Apr 2011 12:38:59 -0700

Someone will actually call you from this area code and leave you a message along these lines:
“Hey, this is Karen, sorry I missed you – get back to us quickly. I have something important to
tell you.” Then she will repeat a phone number beginning with 809: do not respond, it’s a scam!
AT & T has been sending out emails NOT to ever dial area codes 809, 284 and 876. If you call from the U.S. you will be charged $2,425.00 per minute!

If you call back you will be listening to a very long message (just to keep you on and add minutes to the call). They will tell you that they have important information about a family member who has been ill or tell you that someone has been arrested, died or to let you know you have won a wonderful prize etc. With so many new area codes these days, people unknowingly return these calls by just tapping on the number and not even look at what’s on caller ID.

The 809 area code is located in the Dominican Republic. The charges can quickly become a nightmare since you made the call. Your local and long distance companies will most likely tell you that they are simply providing the billing for the foreign company and you will end up dealing with a foreign company that will argue having done nothing wrong. Nobody needs this kind of very expensive pain.

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Is green energy unrealistic? - The Paul Paterakis Power Team of RE/MAX Showcase

Mon, 11 Apr 2011 12:22:38 -0700

Jerry Taylor and Peter Van Doren had a great article in Forbes that helped me “balance” the ongoing conversation and costs of green energy compared to our current structure; wind, solar and biomass presently constitutes only 3.6% of fuel used to generate electricity in the U.S. How much will it cost to go green? Energy expert Vaclav Smil calculates that achieving that goal in a decade would incur building costs and write-downs on the order of $4 trillion; $2.5 trillion just to build the necessary generators alone.

Green energy/economy is old and back in the 13th century it was all they had; it is quite literally the energy of yesterday. Few seem to realize that we abandoned “green” energy centuries ago for five very good reasons.

First, green energy is diffuse and it takes a tremendous amount of land and material to harness even a little bit of energy. Jesse Ausubel, at Rockefeller University, calculates that the entire state of Connecticut would need to be devoted to wind turbines to power the city of New York.

Second, it is extremely costly. In 2016 President Obama’s own Energy Information Administration estimates that onshore wind (the least expensive of these green energies), will be 80% more expensive than combined cycle, gas-fired electricity. That doesn’t account for the costs associated with the hundreds of billions of dollars worth of new transmission systems that
would be necessary to get wind and solar energy which is generally produced far from where consumers/ratepayers happen to live.

Third, it is unreliable. The wind doesn’t always blow and the sun doesn’t always shine when the energy is needed. We account for that today by having a lot of coal and natural gas generation on “standby” to fire-up when renewables can’t produce. The cost of maintaining this back up is not even included in the cost estimates for green energy. It’s no wonder the peasants of the Dark Age could not rely upon the vagaries of the weather.

Fourth, it is scarce. The wind and sunlight are obviously not scarce but the real estate where those energies are reliably continuous and in economic proximity to ratepayers is scarce.

Finally, once the electricity is produced by the sun or wind, it cannot be stored because battery technology is not currently up to the task. Hence, we must immediately “use it or lose it.” Fossil fuels are everything that green energy is not. Approximately 1,000 cubic feet of natural gas (which costs about $4.00) can generate the same amount of electricity as running an average
rooftop solar system for 131 days. It is comparatively cheap, reliable, will burn and produce energy whenever you want it and you can store fossil fuels until you need them.

The federal government once promised that nuclear energy was on the cusp of being “too cheap to meter.” That was in the 1950s. Sixty-one billion dollars of subsidies and impossible-to-price regulatory preferences later, it’s still the most expensive source of conventional energy on the grid. So much for government promises!

The fundamental question that green energy proponents must answer is: if green energy is so inevitable and such a great investment, why do we need to subsidize it? If and when renewable energy makes economic sense, profit-hungry investors will build all that we need for us without government needing to lift a finger. But if it doesn’t make economic sense, all the subsidies in the world won’t change the fact.

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GAME PLAN – How Real Estate Professionals can thrive in the future - PowerTeamHomes.com/RE/MAX

Wed, 16 Mar 2011 15:51:26 -0700

In a new book, Game Plan, to be published and available at the upcoming “Gathering of Eagles” in Denver, Ian Morris, CEO of Market Leader and REAL Trends Editor Steve Murray researched the market for housing sales and consumers and real estate professionals for the next 3-5 years. The goal of the work is to describe how true professionals and those desiring to be at that level, can truly thrive in the markets just ahead. Here are some early conclusions from the real estate professionals interviewed:

1. Unlike in years past, there are few grave threats facing real estate professionals other than their inability to focus on fundamentals of assisting customers and clients. Yes, the Gen X and Millenials think act and live differently than their older peers. However, they still want a place to live and they still retain the desire to have a place of their own.

2. There are no apparent big bad banks or “lions” threatening to take the consumer away from us (as much as there are those who would like to). Consumers still seek to use real estate professionals at roughly the same rate, and at the same terms as their parents.

3. What has changed is that younger purchasers are much more ready to deal directly with the listing agent on a purchase which is putting enormous strains on the duties and activities of listing agents. Much more so since the whole issue of dual agency really never was built for markets where buyer and seller may well be adversarial.

4. What also has changed in ways that are at this time hard to measure are the political, tax, and regulatory changes that may impact the whole view of homeownership. The potential for the dismantling of Federal housing policy which has been slanted towards homeownership, the reduction in the role of Fannie Mae and Freddie Mac, the limitations on the tax deductibility of mortgage interest are all in motion at this time.

5. Brokerage firms and sales professionals will both have to come to grips with the fact that how we sell homes has and will continue to change in fundamental ways. The above is right out of the March issue of REAL Trends that Steve Murray publishes; I have served on various task force projects where Steve Murray was either the chair or a guest. He has my respect and my trust for his findings because he bases them on two main things: hard data and feedback, both from all over the country.

The book “Game Plan” that he co-wrote should be mandatory reading for every Broker and Realtor who is serious about their profession and need to understand what is happening and how to remain successful going forward. He always gives you a full view of the subject, unbiased and straight up, just like we need it.

Two-ears-one-mouth: listen twice more than talking

RISMEDIA had a great article on the subject that I would like to share with you: it’s very interesting and to the point especially for us Realtors. We really need to understand the subtle difference between giving out information and establishing a true relationship with our clients. An ancient Chinese proverb reminds us that “To listen well, is as powerful a means of influence as to talk well.” This kind of advice is a must have and practice for all Realtors. Are we good listeners? If we passed out a questionnaire to our clients, business associates, friends and family how would they rate our listening ability? Their feedback may surprise us as most of us feel we are much better listeners than we actually are.

As poor listeners we tend to confuse the physical act of hearing with the emotional side of just listening. Scripts and our selling routine provide us with a strong tendency of “giving” information, passing of our knowledge and expertise without any thoughts about listening. We are so sure about the process, the nature of the business and what we need to do that we operate on automatic pilot. We forget that by genuinely listening we show more respect, create trust and will develop a great rapport. The only way to improve our listening skills is to practice “active listening” in all of our daily encounters: from the kitchen table to the sales table.

Active listening is all about us making a real effort to hear our client’s words as well as trying to understand the “total” message being sent: both verbally and non-verbally. It requires more than our ears, but also our eyes; we must monitor our client’s body language gestures and look for congruency between words, posture, movement and tone of voice.

Are we able to stay focused on our client or does our mind wander? Once we give him/her our full undivided attention we will basically lay out a foundation of trust along with a very strong rapport. We must train our minds to put aside distracting thoughts; if you catch yourself wandering, get back immediately and refocus your attention to the client. Show that you are listening by using your body language to convey the same message: remember, they could be looking for your body language as well to be sure they are talking to the right Realtor. A simple smile or nod of the head conveys that you’re listening without interrupting your client’s flow of thought.Get in the habit of listening after asking a great probing question: make no assumptions but summarize and seek clarity. Recap with an occasional question or comment on what has been said to let them know you understand the message.

Poor communication increases mistakes, relationships breakdown and opportunities to “get the order” are missed and gone. We can only enhance our professional image by strengthening our relationships which in turn will improve our sales effectiveness.

New IRS Rules Aim to Give Relief to Struggling Taxpayers - The Paul Paterakis Power Team - RE/MAX

Thu, 10 Mar 2011 15:23:37 -0800

The IRS recently announced changes to its procedures on filing liens with the hope of assisting taxpayers and small businesses in climbing out of their debt obligations.

In order to understand the impact of these changes and how they will affect your client, it is first necessary to be familiar with how a federal tax lien can affect, and possibly terminate, the sale of one’s property.

A federal tax lien gives the IRS a legal claim to a taxpayer’s property for the amount of an unpaid tax debt. A lien informs the public that the IRS has a claim against all property, and any rights to the property, of the taxpayer. This includes property owned at the time the notice of lien is filed AND any property acquired after the lien is filed. If the IRS places a lien against one of your clients, that lien will show up on title for any property owned by your client, no matter when purchased, until the lien is paid in full.

The new procedures enacted by the IRS focus on assisting taxpayers in paying off federal tax liens faster to minimize the negative impact that these liens have on their financial well-being. The five major changes include:

· Significantly increasing the dollar threshold when liens are generally issued.

The new rules generally prohibit the IRS from filing a lien unless unpaid taxes exceed $10,000 which is double the previous limit. The new dollar amount was aimed at keeping pace with inflation as the previous limit has been in effect since the mid-1980s.

· Making it easier for taxpayers to obtain lien withdrawals after paying a tax bill.

The IRS will now minimize the damage to taxpayers’ credit scores after their debts have been fully paid. Liens will now be withdrawn after taxes are no longer owed. A “lien withdrawal” wipes out the lien from the taxpayer’s record immediately where a “lien release” leaves it on the record for at least seven years.

· Withdrawing liens in most cases where the taxpayer enters into a Direct Debit Installment Agreement.

For taxpayers who owe $25,000 or less to the IRS, they can enter into a Direct Debit Installment Agreement to pay the balance. In return, the IRS will allow for a lien withdrawal.

· Creating easier access to Installment Agreements for more struggling small business.

Prior to the changes in the IRS rules, only small businesses with under $10,000 in liabilities could participate in a payment program involving Installment Agreements. Now, small businesses with $25,000 or less in unpaid taxes can participate. In order to qualify, the businesses must arrange to make automatic payments from their bank accounts.

· Expanding a streamlined Offer in Compromise program to cover more taxpayers.

An Offer in Compromise is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed. The IRS looks at the taxpayer’s income and assets to make a determination of whether or not to accept the offer. Under the recent changes, the Offer in Compromise program is being expanded to allow taxpayers who make $100,000 or less to participate. In addition, the taxpayers must owe less than $50,000 to the IRS, which is double from the previous limit of $25,000.

Keep in mind that no matter how your client resolves his or her debt obligation with the IRS, in order to avoid a delay at closing, it is important to obtain written documentation from the IRS stating that the debt has been paid off and that the lien no longer affects the specific property that your client is selling.

______________________________________________________

I went to a panel a few weeks ago that included a yoga teacher, a celebrity nutritionist, a spiritual healer and a woman who created her own beauty line.

What really stood out to me from that workshop was what the yoga teacher said. A question was asked: How does one stay calm and focused in a busy and intense environment? The yoga teacher replied: Just relax, do yoga and breathe. I was taken aback by this comment, as it doesn’t give the ‘regular’ person the tools to ‘relax’ in a busy environment. Not everyone can do yoga everyday and stay calm. It made me think about someone telling me once, in response to my 3PM sugar craving, to take a few deep breaths, drink some water and the craving will pass – it doesn’t.

So what does one do? Is it possible to stop for a minute and think about what is going on around you, take a deep breath and attempt to stay calm in an intense situation? YES! It is being self-aware of YOU!

Self-Awareness, per Wikipedia, is the awareness that one exists as an individual being. Without self-awareness the self perceives and accepts the thoughts that are occurring to be who the self is. Self-awareness gives one the option or choice to choose thoughts being thought rather than simply thinking the thoughts that are stimulated from the accumulative events leading up to the circumstances of the moment.

So when you find yourself stressed or having a 3PM craving, have self-awareness, stop and think about your choices. Being self-aware doesn’t mean you have a higher power, it just means that you are actually engaging with yourself and your thoughts. Thinking about your next step instead of just taking it.

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"Amazing CyberTips" and Tricks - The Paul Paterakis Power Team of RE/MAX showcase

Mon, 28 Feb 2011 13:59:40 -0800

The Paul Paterakis Power Team presents Amazing Real Estate CyberTips E-Newsletter, which, in very concise form, will provide you with monthly Cyber tips and tricks along with our pointers to Internet places of special interest to real estate owners, investors and related professionals.

Please click here to access your copy of the March Issue of "Real Estate CyberTips"

www.REcyber.com/cybertips/PowerTeam

This month's special security issue includes the following Tips:

* AN EASY WAY TO KEEP OFF THE SPAM LISTS!
* MANAGE YOUR PASSWORDS - WITH EASE!
* WE KNOW YOU DON'T SPEED - BUT --
* DE- CRAPIFY YOUR NEW COMPUTER!

I hope you enjoy "Real Estate CyberTips". Please let me know at any time if I may be of help with any of your real estate needs.

Kindest Regards,

Paul Paterakis of The Paul Paterakis Power Team
paul@powerteamhomes.com/ 847-366-3455 begin_of_the_skype_highlighting 847-366-3455 end_of_the_skype_highlighting

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Don’t make a mistake, it can cost you thousands! - PowerTeamHomes.com RE/MAX

Wed, 23 Feb 2011 16:50:55 -0800

We just wanted to pass along some news about FHA to you. The administration just announced that would be raising the monthly mortgage insurance premiums on FHA loans. As you already know FHA loans have become a common loan program in this current market environment. This increase in monthly mortgage insurance can have an adverse effect on your purchasing power.

Currently FHA monthly mortgage insurance on the 30 year fixed is .90 of the base loan amount. Starting on April 18^th this amount will increase by .25% to 1.15%.

That means you will pay more monthly and will qualify for less overall.

The change in FHA mortgage insurance will ultimately change buyer affordability. Under the new mortgage insurance premiums a buyer that is qualified for a $2,000 monthly payment will see their buying power diminished around $7,000 to $10,000. Again this will take effect on all FHA case numbers issued starting April 18^th.

Call or E-mail us now for more information!

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The Eyes Have it” - The Paul Paterakis Power Team RE/MAX Showcase

Mon, 14 Feb 2011 14:12:05 -0800

Recently I had the opportunity to read about an interview with Michael Ellsberg, an expert in the art of eye contact and I would like to share with you some of his points that will help you, unless you already have them, with your customers and clients.

Many of us are “eye shy” and holding another person’s gaze makes us feel uncomfortable or even vulnerable. We need to work on that part since making strong eye contact increases the odds for us to be considered honest, trustworthy and confident. It could help you get that new contract/listing or even spark your current relationship! Michael recommends we begin by practicing in situations where very little is at stake just to get comfortable with it; here is his road map:

* Make eye contact with strangers you pass in public areas. Establish your eye contact when you are four or five paces away; keep a neutral expression and hold your gaze just long enough to determine the stranger’s eye color – no longer than one second. Longer eye contact or pronounced facial expressions, even smiles, can make strangers uncomfortable.

* Make extended eye contact with salespeople, waiters and waitresses among the many.These people tend to be very receptive to eye contact and skilled at returning it in a friendly manner. They know that strong eye contact often results in larger tips and commissions. Once you feel more comfortable making this low pressure eye contact, try holding eye contact with people you know.

The first day maintain contact for a moment longer than it feels comfortable. Then the next day, maintain the eye contact for a moment longer than that. When someone breaks eye contact with you, you should too; Extending eye contact any longer will make him/her uncomfortable.

* Expert tricks. The goal during eye contact is to send a soft gaze, not a penetrating laser like stare. When you are speaking with someone, relax the muscles of your brow and imagine that you are talking in both of your conversation partner’s eyes at once.

* Helpful. Maintaining an attitude of warmth and charity toward the person with whom you are speaking can help create a soft, reassuring gaze. When the time comes to break eye contact, do so by looking to the side. Breaking eye contact by glancing down sends a signal of shame and submission. Breaking it by looking up sends a signal of uncertainty and will seem somewhat
unnatural. Once eye contact is broken, gaze slightly to one side of his/her eyes. Do not focus on something or someone else suggesting disinterest in the person with whom you are speaking unless the conversation is about that person or thing.

* In a professional setting. Try to make eye contact for about half the time that you are speaking with someone: about five seconds on and five seconds off. Making more eye contact than this could seem overly familiar and inappropriate. Adjust according to your conversation partner’s reaction. Do not cut more than 50 % or you could appear unsure.

* With friends. Pay attention to how much eye contact each particular friend tends to make with you and try to do the same. This increases the odds that the friend will feel a bond with you.

* To build intimacy in a romantic relationship. Resume eye contact almost immediately upon breaking it. If the person you are speaking with does the same, the odds are very good that you have made a strong connection. Unfortunately, the opposite is also very true.

* Meeting with buyers/sellers, sales calls in general. Must look confident but not pushy; we also need to give the impression that we are “on the same page” as the client. One subtle-but effective way to accomplish both of these things is to alternate who breaks eye contact. Early in the conversation, notice how long the client tends to hold eye contact with you; then, strive to break contact first roughly half the time. Always breaking contact first seems unsure, while always maintaining eye contact longest seems overbearing. As we break and resume the eye contact, it will become more natural and nothing to worry about any longer.

* Public speaking. Do not try to make eye contact with everyone when speaking to large groups. It’s better to maintain eye contact with a single audience member for five to ten seconds or until you complete your thought before gazing to someone else. Don’t worry if you do not have time to make eye contact with everyone. Even audience members whose eyes you do not meet will sense that you are making connections and will feel closer to you because of it. If you are not comfortable with public speaking or not doing well on that session, make eye contact with only the members of the audience who are nodding in agreement.

* A showdown. If your goal is to prevail in an adversarial situation, maintain eye contact with your adversary for as long as possible. It does not weaken your position if you blink. Maintain a facial expression of extreme calm. An angry scowl or a tensed body lets your opponent know that he/she is not getting to you. The opponent is likely to back down from the confrontation if he/she repeatedly breaks eye contact by looking downward or stops making eye contact with you entirely.

Now that you know the basics, make it work for you in relationships, friendships and business meetings; we may or not have been aware of it but it has been taking place around us nonetheless any time two people talk to each other for whatever reasons.

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Economic resolutions for 2011 - Revisited..The Paul Paterakis Power Team

Mon, 07 Feb 2011 12:20:55 -0800

Economic resolutions for 2011 - Revisited..The Paul Paterakis Power Team of RE/MAX Showcase

Some of our new year’s changes/adjustments are getting dusty already and we are only just over one month into the new year. Here are a few more thoughts to help us survive the economic recession and improve our economic status.

1. Assemble a personal financial statement. Create your own balance sheet, measure your assets and assess all your personal liabilities including credit card debt and short term loans. Get to your real net worth.

2.Analyze your liabilities. Divide you liabilities into two columns: current balances and what the same balances will be one year from now; use an amortization schedule for each loan. Be sure to include home mortgage(s), home equity loans, car loans and all credit cards. Include interest rate next to each loan type, balance and amount.

3.Analyze your short-term debt. Credit card balances and home equity loans; what principal payments can you make during the next 12 months to decrease the liability/balances. Can some of them be converted to lower interest/longer terms?

4.Create a monthly budget. It should already be a part of your household and
business plans; Assess your average monthly income and include realistic expenses for each week: groceries, utilities, car payments, mortgage payments, entertainment, medical and education costs. Keep an eye on your checkbook and bank statements for help in constructing your monthly budget.

5.Forecast your income. I know, it’s very hard but it should motivate you to prospect a lot more for new business! After you create your budget, take a hard look at it and do the best you can to have extra income available to pay down your short term debt. If you do this you will be, at a very minimum, fully aware of your weak and strong areas and you can go to work at it from that angle.

6.The credit card freeze. Open up your wallet or purse and pull out all those credit cards and lock them up somewhere out of your reach. Keep only one credit card for real emergencies and Starbucks is not one of them! Stick to your checkbook, debit card or cash: they remind you of actual balances as you try to use them. Just try it for 30 days and you will be amazed at how much less you will spend.

7.Show discipline. All of the above is totally meaningless unless you make a strong personal commitment to it. We are all guilty of financial waste and unnecessary expenses but we still need to be realistic at some point and end the needless costs. Try eating out less, buy only what is absolutely necessary, forget that bargain; only look at keeping money as your first real savings and there will always be bargains and “final sales.” Worst of all is to keep paying interest only on high credit cards balances, where will you be or go to next?

8.Save money. In an economic recession, along with our well known real estate pains, everyone is struggling to survive and talking about savings, retirement and plan contributions seems almost comical; however, it must remain a real part of every monthly budget. We must continue to contribute to all of our plans regardless of how little we can afford; as long as we put something in, it will add up. At the end of the day we all know that it’s not how much we make but what we get to keep that really matters.

A monthly/yearly financial statement and budget will accomplish three very important goals:
* Make you realize your real net worth
* Keep you focused on how much you are spending that you could do without.

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"Amazing Real Estate CyberTips" and Tricks - The Paul Paterakis Power Team of RE/MAX showcase

Thu, 03 Feb 2011 17:48:52 -0800

We are pleased to be providing you our special Real Estate CyberTips E-Newsletter, which, in very concise form, will provide you with monthly Cyber tips and tricks along with our pointers to Internet places of special interest to real estate owners, investors and related professionals.

Please click here to access your copy of the February Issue of "Real Estate CyberTips"

www.REcyber.com/cybertips/PowerTeam

This month's special security issue includes the following Tips:

* VIEW TRENDS A NEW FUN WAY!
* PLAY THE MARKET AND NEVER EVER LOSE!
* SAVE HOURS SETTING UP YOUR NEW COMPUTER!
* TAKE THIS PLACE TO HEART!

We hope you enjoy "Real Estate CyberTips". Please let me know at any time if I may be of help with any of your real estate needs.

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"Amazing Real Estate CyberTips" and Tricks - The Paul Paterakis Power Team of RE/MAX showcase

Thu, 03 Feb 2011 17:37:49 -0800

Whats up with the Real Estate Market? - PowerTeamHomes.com

Mon, 17 Jan 2011 18:36:40 -0800

New single family homes are getting smaller, and the trend is likely to last well beyond the recession, according to research from the National Association of Homebuilders (NAHB). The median size of a single-family home dropped from a peak of 2,268 square feet in 2006 to 2,100 square feet in 2009.

Homebuilders attribute the decline to consumers’ desire to keep energy costs down, the lack of equity in existing homes available to roll over into new ones, tighter credit standards, less interest in buying homes as investments, and a growing number of first-time buyers.

Despite the trend toward smaller homes, the average number of bathrooms and bedrooms has showed little change, while three-car garages, fireplaces, patios and decks have declined in popularity.,br>
Recession is still on; the National Bureau of Economic Research finds that the economic recession technically ended in June 2009, but for 81 percent of Americans it isn’t over just yet, according to the American Pulse survey from BIG Research.

Many people are still feeling the pain of the recession; 78.6 percent report they have lost wealth in the past two years, compared with 21.4 percent who say they have not. Reasons for the perceived drop in wealth include a decline in their homes’ value, job loss and declining interest rates on savings accounts.

Looking at First-timers; spurred on by the now-expired homebuyer tax credit, first-time homebuyers accounted for a record 50 percent of all home sales in 2009, up from 47 percent in 2008, according to the “2010 NAR Profile of Home Buyers and Sellers.” The vast majority (93 percent) of first-time buyers took advantage of the tax credit, and 95 percent chose a fixed rate mortgage.

The median age of first-time buyers was 30, and the median income was $59,000. The typical entry-level buyer purchased a property with 1,540 square feet that cost $152,000 and most first timers say they plan to hold the property for 10 years.

First time home-buyer tax credit fraud; the IRS has reported it has suffered nearly $25 million in fraudulent credits from the first time or move up home-buyer credit. Approximately $9 million in credits were issued to prison inmates (they have more than plenty of time to figure that one out!). Other credits were issued to first time home-buyers who bought the property they already lived in from their relatives. No one moved in and no one moved out.

Homeownership Concerns; while 80 percent of Americans still believe buying a home is a good financial decision, concerns about job security remain a barrier to homeownership for many potential buyers, according to NAR and its “2010 Pulse Survey.” Seven out of ten Americans say job layoffs and unemployment remain big problems in their local areas, and eight out of 10 believe these issues are a barrier to homeownership.

More than two-thirds of respondents (68 percent) believe now is a good time to buy a home, down from 75 percent just a year ago, but up from 66 percent in 2008 and 59 percent in 2007. Respondents say the biggest obstacle to homeownership is having enough money for a down payment and closing costs (79 percent), lack of confidence in getting approved for a mortgage loan comes in at 73 percent.

Meanwhile, renters are warming up to the idea of homeownership. More than one-fourth of renters say they are thinking more about buying a home than they did a year ago. Nearly two thirds (63 percent) say homeownership is a priority in the future, and nearly 40 percent say it is one of their highest priorities.

It’s most definitely time for all the renters/potential home buyers to see how big of a home they can qualify them for in today’s market. If they had lost their home, they can become homeowners again for a lot less.

Your Voice: Hinderance or Charisma and Enthusiasm? - PowerteamHomes.com

Fri, 07 Jan 2011 18:26:22 -0800

Successful people aren’t just lucky. They are charismatic. We most definitely can increase our ability to influence and motivate others by developing our charisma. It’s within us: energy, confidence etc. just waiting to be developed.

We can study, absorb, practice and master these skills; we can greatly improve our charisma and be all we’ve always wanted to be: assured, commanding, stimulating, energetic, go ahead and add a little pep in your step to increase sales.

Sales are based on transferring a positive, good, trustworthy feeling to others; without enthusiasm in your voice, there can be no real transference of any feeling, hence no sale. Enthusiasm is created in a number of ways and you can test yourself by realizing how you answer a simple: “how are you doing?”

You can also use words that actually “require” you to be enthusiastic: • Great, fantastic, awesome, wow • Magnificent, amazing, tremendous • Unbelievable, wonderful, excellent

These words will make you sound enthusiastic and are hard to say with any conviction unless you are up to it. If you are not naturally enthusiastic, then you must focus on it and practice on it. If you act enthusiastic you will become enthusiastic!

It’s time to face a topic that may feel uncomfortable at first but it is so needed. In a time where face-to-face meetings are becoming less popular and more business is conducted by phone don’t let your voice hinder your success.

While we cannot change our voices, we can in fact train them; it’s a tool that can give you new business but can also cost business you thought you had. Laura Lake has five factors when it comes to having a successful voice:

Your tone
What does the tone of your voice sound like? Does it reflect confidence? Strength? Assurance? Does your tone reflect fear? Be honest with yourself and work on your tone; when you call someone it’s show-time and you must sound believable.
>br>Grab a close friend, co-worker or sign up for “Boot Camp” at RE/MAX Showcase for their honest opinion. It’s very important to find someone who will give you a true assessment. Listen to their criticism and make the necessary adjustments.

Voice inflection
When speaking and thinking about key points you want to bring out, be sure the inflections in your voice do just that. Inflection alone can change the meaning of a sentence either way.

Delivery Practice
Practice, practice. The delivery of your message when training your voice is key; don’t be afraid to rehearse a pitch/proposal or even just a phone call. You won’t always have to do this, just long enough to where a good delivery is natural and you can find confidence.

Sound
What do you sound like? Have you ever really listened to your voice? For example, when you record your outgoing voice mail message what do others hear? A smile? Joy? Don’t be afraid to use a tape recorder as you train your voice…hear what they hear!

Energy
Similar to tone but different, the energy in your voice allows people to feel like they are in the room with you. Does your energy make them want to be in a room with you? Check it out! Breathe, think about what you are going to say and fill it out with the right energy for the moment.

Most often the voice can be trained by just becoming aware of it; sometimes it may take a voice coach or some kind of outside help for whatever you may struggle with. If you assess that your voice may be hindering your success, then it’s time for you to take it to the next step.

Are you time blocking?
The vast majority of Realtors and other professionals have heard of time blocking as a form of improving their efficiency in their business, the problem is that few of them have really mastered the use of timeblocking. What is it? It’s the increase in the amount of time invested into direct income producing activities.

Most professionals associate time blocking with prioritization and the same mistakes are repeated,thus preventing improvements. Let’s attack the issue of time management from the right perspective:

• Create a schedule of similarity to raise the probability of success, build it to be a carbon copy of each day. It’s all about repetition. • Don’t get sucked into interruptions just because you are so available; stay focused and limit your availability to pre-designated times. A real winner will minimize distractions by being booked.
• We are the most interrupted professionals in the world; we can’t allow the phone, email, other Agents, clients and other things to become distractions from us fulfilling our objectives. When you need to focus, turn it all off! • Through time blocking you can drive prospects into your appointment book; that’s exactly what our doctors, attorneys or accountants do. Why not us?

Total access does not equate to a higher level of customer service, it only means we don’t control our time. There is a direct connection between time blocking and income.

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Change - PowerTeamHomes.com

Thu, 06 Jan 2011 17:45:33 -0800

Change, per Wikipedia, is the process of becoming different. Change can be something really simple like changing your clothes or your hair color or the leaves changing. BUT usually when we think of change – it can bring about anxiety and sometimes, it’s also very exciting.

We all know change is inevitable. If we stop fighting change and accept change- we may be surprised at the outcome. The story below is something I have shared before but it’s been so long, it’s definitely worth repeating. The moral of the story … accept who you are and where you are as it is exactly where you are supposed to be at this moment…enjoy.

The River – excerpt from ‘Peace is Every Step’ by: Thich Nhat Hanh

Once upon a time there was a beautiful river finding her way among the hills, forests, and meadows. She began by being a joyful stream of water, a spring always dancing and singing as she ran down from the top of the mountain. She was very young at the time, and as she came to the lowland she slowed down. She was thinking about going to the ocean. As she grew up, she learned to look beautiful, winding gracefully among the hills and meadows.

One day she noticed the clouds within herself. Clouds of all sorts of colors and forms. She did nothing during these days but chase after clouds. She wanted to possess a cloud, to have one for herself. But clouds float and travel in the sky, and they are always changing their form. Sometimes they look like an overcoat, sometimes like a horse. Because of the nature of impermanence within the clouds, the river suffered very much. Her pleasure, her joy had become just chasing after clouds, one after another, but despair, anger, and hatred became her life.

Then one day a strong wind came and blew away all the clouds in the sky. The sky became completely empty. Our river thought that life was not worth living, for there were no longer any clouds to chase after. She wanted to die. “If there are no clouds, why should I be alive?” But how can a river take her own life?

That night the river had the opportunity to go back to herself for the first time. She had been running for so long after something outside of herself that she had never seen herself. That night was the first opportunity for her to hear her own crying, the sounds of water crashing against the banks of the river. Because she was able to listen to her own voice, she discovered something quite important. She realized that what she had been looking for was already in herself. She found out that clouds are nothing but water. Clouds are born from water and will return to water. And she found out that she herself is also water.

The next morning when the sun was in the sky, she discovered something beautiful. She saw the blue sky for the first time. She had never noticed it before. She had only been interested in clouds, and she had missed seeing the sky, which is the home of all the clouds. Clouds are impermanent, but the sky is stable. She realized that the immense sky had been within her heart since the very beginning. This great insight brought her peace and happiness. As she saw the vast wonderful blue sky, she knew that her peace and stability would never be lost again.

That afternoon the clouds returned, but this time she did not want to possess any of them. She could see the beauty of each cloud, and she was able to welcome all of them. When a cloud came by, she would greet him or her with loving kindness. When that cloud wanted to go away, she would wave to him or her happily and with loving kindness. She realized that all clouds are her. She didn’t have to choose between the clouds and herself. Peace and harmony existed between her and the clouds.

That evening something wonderful happened. When she opened her heart completely to the evening sky she received the image of the full moon – beautiful, round, like a jewel within herself. She had never imagined that she could receive such a beautiful image. There is a very beautiful poem in Chinese: “The fresh and beautiful is travelling in the utmost empty sky. When the mind-rivers of living beings are free, that image of the beautiful moon will reflect in each of us.”

This was the mind of the river at that moment. She received the image of that beautiful moon within her heart, and water, clouds, and moon took each other’s hands and practiced walking meditation slowly, slowly to the ocean.
There is nothing to chase after. We can go back to ourselves, enjoy our breathing, our smiling, ourselves, and our beautiful environment.

New IRS 1099 Requirements for Landlords - PowerTeamHomes.com

Mon, 27 Dec 2010 11:55:29 -0800

Pass this on to your database: starting in 2011 there is a new tax requirement for all landlords
who receive $600 or more in rent for the year. The 1099 goes from the landlord to any service
provider such as plumbers, carpenters, yard services and repair people.

The new requirement applies to owners of both residential and commercial property. Prior to
2011, this requirement had only applied to those involved in full-time property management,
now it covers all types of landlords.

Landlords will need to gather federal tax ID numbers from service providers in order to file the
1099’s. Failure to file the 1099’s with the IRS can result in fines of $50 per 1099 not filed with
the IRS. In 2012 these requirements will expand to cover providers of goods to landlords.
NAR opposed this new law and is continuing efforts along with others in trying to get the new
law repealed or modified. Congress took this action in order to assure that income paid to
contractors can be verified through a section 1099.

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You Be The Expert - PowerTeamHomes.com

Fri, 10 Dec 2010 15:50:38 -0800

If you think Realtors are having a tough time following the gyrations of this crazy market imagine how difficult it is for your Buyers and Sellers. Last week’s Chicago Tribune was a perfect example. A page one article was headlined “Homes Sales Plunge 10%” and in the Business Section an article on the same IAR report began “September Home Sales Up 10%”

One article was talking month over month, the other was comparing last September to this year. The average consumer doesn’t even know if the paper is talking about prices or sales volume. It becomes so confusing (and depressing) that consumers tune it out or, worse, make poor choices because they only listen to the news they WANT to hear.

This is where the best Realtors are stepping up and becoming ‘trusted advisors’. You need to follow what is going in your marketplace and show your clients that you have their best interests in mind. Only then can you help them sort through the statistics and make the best decision for their situation.

Reports from the State Convention last week are clear. In general, prices will not stabilize for some time. They may even decline a bit more before they begin to recover and forget about ever reaching 2006 levels. Sellers must accept that and realize if they want to sell, sooner is better. Interest rates are at historic lows. All the experts agree that rates will rebound soon. Show them exactly what a 1% interest increase means in reduced sale price.

The same factors make it an excellent time to buy. Show a Buyer how much his payment will increase at 6% instead of today’s 4.5%. Then explain that there are two problems with waiting for prices to bottom out; first, you won’t know the bottom until they begin to rise (and then you missed it) and a 10% lower purchase price at a 1.5% higher interest rate isn’t a bargain it’s a mistake.

If you can explain these concepts convincingly, you’ll do your clients (and yourself) a great service.

VESTING - Who is in Title to the Property? -PowerTeamHomes.com

Mon, 06 Dec 2010 14:39:02 -0800

•Vesting is determined by the last deed of record
• Many different forms of ownership
• The agent needs to make sure that the listing is signed off by the actual owners of the property

o Single: A sole person owning the property.
Watch out for Homestead!

o Tenants in Commons: undivided interest in the property by 2 or more people.
Can be equal or unequal shares of the property
No right of survivorship
Creditors can attach a claim against the entire property

o Joint Tenancy: undivided interest in the property by 2 or more people
Equal shares of the property
Right of survivorship
Creditors can attach a claim against the entire property

o Tenants By The Entirety: Husband and wife own the entire property.
Equal shares of the property
Must be their primary residence
Limited protection against credit

o Land Trust: The trustee is a bank or a trust company. The trustee executes the deeds
and mortgages upon the written direction of the beneficiary
If you sell a property where a Land Trust is in title you must have the following:
• Certified copy of the original trust agreement
• The Trust Department must execute any recordable documents

o Living Trust: The trustee is usually one of the individual owners of the property. The
living trust allows the property to pass in accordance with the trust without probate.
If you sell a property where a Living Trust is in title you must have the following:
• A properly certified copy of the original trust agreement

o Corporation
If you sell a property where a Corporation is in title you must have the following:
• Letter of Good Standing from the state: www.cyberdriveillinois.com
• Copy of the Articles of Incorporation and ByLaws
• Resolution Authorizing Sale

o LLC: Limited Liability Corporation
If you sell a property where a LLC is in title you must have the following:
• Letter of Good Standing from the State
• Copy of the Articles of Organization
• Copy of the Operating Agreement

o Partnership
If you sell a property where a Partnership is in title you must have the following
• Copy of the Partnership Agreement
• Affidavit/Certificate that the Agreement has not been further Amended

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TAKE ACTION: WE NEED A BIG “NO” TO HB 1511 - PowerTeamHomes.com

Mon, 29 Nov 2010 13:11:04 -0800

The Illinois Department of Financial and Professional Regulation (IDFPR) has proposed a bill giving it the power to “borrow” money from funds like the Real Estate License Administration Fund (RELAF – funded by our licensing fees), and use it to pay the regulatory bills of other professions, like doctors, nurses, and optometrists, whose regulatory funds are now insolvent; in part due to past fund “sweeps” into the
state’s General Revenue Fund (GRF).

By using regulatory funds for general purposes, the state is not only running out of money to pay
regulatory costs; it is becoming so reliant on regulatory fees to patch the budget that it is reluctant to
expand regulatory funds just so they can be swept.
Regulatory funds are there to protect consumers. It’s time to end this irresponsible practice. PLEASE urge
your legislators to vote NO on HB 1511.

We are under a short deadline, December 31, 2010, please take action now. Most of you should already
be set up with IAR and “Reply to Sender” or IARaccess@iar.org. You will find a sample letter, only a few
clicks is all it takes to complete and cast your “NO” vote.

Let me give you an example about the importance of having a well funded RELAF and NOT moving the
money to pay “ghost payroll” or something like it as HB 1511 proposes:
You finalize a good contract for your buyer and bring a $20,000 earnest money check along with the
same contract to the listing agent. All goes well until just before the closing you find out that the listing
office is out of business and the $20,000 is gone: who makes up the missing $20,000 to close on time?
RELAF does! Get it?

Initiative to eliminate 8109 Federal Tax Deposit Coupons beginning in 2011 - PowerTeamHomes.com

Mon, 29 Nov 2010 11:48:16 -0800

The U.S. Department of the Treasury recently announced an initiative designed to increase the number of electronic transactions and reduce the amount of paper processing done by the agency. The new
program will reduce dependency on paper in several ways, one of which impacts Form 8109.

Electronic Federal Tax Payment System Businesses currently permitted to use Form 8109 federal tax deposit coupons for deposit of payroll tax liabilities will be required to use the IRS Electronic Federal Tax Payment System (EFTPS) beginning in 2011. The only exception will be very small employers whose tax liability is less than $2,500 quarterly.These employers will be able to deposit taxes with a timely filed Form 941.

Along with the obvious cost-saving benefits of this program, there are additional security and
convenience features associated with electronic payment options. According to IRS research, businesses
using EFTPS for tax deposits are 31 times less likely to make a deposit error, and this change is expected

to save an estimated $65 million in the first five years. Businesses that make federal tax deposits using a paper 8109 coupon should be aware that this form of payment will cease beginning in 2011. Failure to make payments using EFTPS could result in a 10% failure to-deposit penalty.

Details about EFTPS enrollment can be obtained at www.eftps.gov or by calling 1-800-555-4477.

or calling the Paul Paterakis Power Team at 847-366-3455 today!

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What a Steal! Way Under Valued!-Vernon Hills Schools - PowerteamHomes.com

Mon, 22 Nov 2010 14:48:17 -0800

$119,900

What a Steal! Rare opportunity affordable Largest model with open, bright floor plan & neutral decor. Spacious bedrooms, sliders to balcony, soaring vaulted ceilings. Master suite w/huge walk-in closet and private bathroom. Washer & Dryer in separate laundry room,numerous upgrades. Enjoy clubhouse & pool which is right across the street., close to shopping & Vernon Hills High School.Not a Short Sale or Foreclosure!

Click here to see all photos and all details

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Paul Paterakis