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remax: Deadline to request a foreclosure review was extended three (3) months - Powerteamhomes.com - 02/22/12 12:53 PM
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 … (0 comments)
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remax: IRS and “forgiven” mortgage amount(s) - PowerteamHomes.com - 01/16/12 01:04 PM
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 mortgagenote. 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 revieweach case independently based on the following and more:• Amount forgiven vs. amount actually owed on the mortgage• Value of home … (0 comments)
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remax: FHA extends the anti-flipping waiver to help home sales - PowerteamHomes.com - 01/09/12 06:00 PM
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 wasdesigned to prevent activity that could be harmful to neighborhoods.While the law was created to maintain stability in the housing market, the FHA temporarilywaived 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 torevitalize the neighborhoods.
The waiver is set to expire on January 31, 2012; however, it will now be in effect throughDecember … (0 comments)
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remax: Let’s all do our part to rebuild confidence in buying and selling - PowerteamHomes.com - 12/12/11 11:46 AM
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 … (1 comments)
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remax: A New Twist to Estate Planning in Illinois - PowerteamHomes.com - 11/21/11 04:45 PM
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 … (1 comments)
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remax: Alert !- Fake Short Pay Letters are coming up everywhere - Powerteamhomes.com - 10/17/11 06:53 PM
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. … (2 comments)
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remax: 809 Area Code: do not dial it! - The Paul Paterakis Power team of RE/MAX Showcase - 04/11/11 12:38 PM
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 totell 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 … (1 comments)
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remax: GAME PLAN – How Real Estate Professionals can thrive in the future - PowerTeamHomes.com/RE/MAX - 03/16/11 03:51 PM
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 … (0 comments)
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remax: New IRS Rules Aim to Give Relief to Struggling Taxpayers - The Paul Paterakis Power Team - RE/MAX - 03/10/11 03:23 PM
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 … (1 comments)
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remax: "Amazing CyberTips" and Tricks - The Paul Paterakis Power Team of RE/MAX showcase - 02/28/11 01:59 PM
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/PowerTeamThis 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 … (0 comments)
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remax: Don’t make a mistake, it can cost you thousands! - PowerTeamHomes.com RE/MAX - 02/23/11 04:50 PM
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 18th this amount will increase by .25% to 1.15%.
That means you will pay more monthly and will qualify for … (4 comments)
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remax: "Amazing Real Estate CyberTips" and Tricks - The Paul Paterakis Power Team of RE/MAX showcase - 02/03/11 05:48 PM
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/PowerTeamThis 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 … (0 comments)
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remax: Whats up with the Real Estate Market? - PowerTeamHomes.com - 01/17/11 06:36 PM
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 … (0 comments)
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remax: Your Voice: Hinderance or Charisma and Enthusiasm? - PowerteamHomes.com - 01/07/11 06:26 PM
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, … (0 comments)
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remax: Change - PowerTeamHomes.com - 01/06/11 05:45 PM
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 … (0 comments)
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remax: New IRS 1099 Requirements for Landlords - PowerTeamHomes.com - 12/27/10 11:55 AM
Pass this on to your database: starting in 2011 there is a new tax requirement for all landlordswho receive $600 or more in rent for the year. The 1099 goes from the landlord to any serviceprovider such as plumbers, carpenters, yard services and repair people.
The new requirement applies to owners of both residential and commercial property. Prior to2011, 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 the1099’s. Failure to file the 1099’s with … (0 comments)
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remax: You Be The Expert - PowerTeamHomes.com - 12/10/10 03:50 PM
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 … (2 comments)
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remax: VESTING - Who is in Title to the Property? -PowerTeamHomes.com - 12/06/10 02:39 PM
•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 … (0 comments)
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remax: TAKE ACTION: WE NEED A BIG “NO” TO HB 1511 - PowerTeamHomes.com - 11/29/10 01:11 PM
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 thestate’s General Revenue Fund (GRF).
By using regulatory funds for general purposes, the state is not only running out of money to payregulatory costs; it is becoming so reliant on regulatory fees to patch the … (0 comments)
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remax: Initiative to eliminate 8109 Federal Tax Deposit Coupons beginning in 2011 - PowerTeamHomes.com - 11/29/10 11:48 AM
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 newprogram 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 … (0 comments)
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Paul N. Paterakis Lake Zurich, Long Grove, Hawthorn Woods, Kildeer Real Estate
Lake Zurich,
IL
More about me…
The Paul Paterakis Power Team-Remax Showcase Homes For Sale
Address: 7159 RFD, Long Grove, IL, 60047
Office Phone: (847) 388-7551
Cell Phone: (847) 366-3455
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