Lane's Blog - Looking out from the garage

rebarcamp - RDU... rocked.

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Sat, 07 Nov 2009 21:05:32 -0600

Are you familiar with rebarcamps? What? You aren't? And you call yourself a blogging real estate professional?

But seriously... rebarcamps are popping up all over the country. From the simple beginnings the day before Inman Connect in San Francisco, 2008, now there are events in every corner of the country. I haven't been to as many rebarcamps as some, only three... and each has been unique and incredibly informational.

#rebcrdu was certainly no different in that regard. Elizabeth, Pam and the whole crew did a wonderful and amazing job from front to back, start to end and top to bottom. Literally from registration until dinner after the event, everything fell into place. At any given time there were 5 or 6 different sessions going, but the change-over was smooth and trouble free. And they had almost 300 people show up... That is GIANT.

As with each rebarcamp I have been to, the highlight for me is getting together with the people that usually only "live in my computer." Hanging out in the hall talking with Jim Crawford. Talking at dinner with Jeremy Blanton. Having Susie Blackmon pop into my session. Snarking in the back for a few minutes with Lori Bee and Nanette Saunders. Shaking hands with Brad and Bobby Carroll. Crusing with Debe Maxwell, Connie Harvey, Patty Keller, Thom Abbott and Kathy Drewien.

The sessions were excellent, too. Dakno ran a live stream so that people that weren't there could still grab some REBC magic. David Patterson, the Real Estate Zebra, Jim Crawford, Susie Blackmon, Bobby Carroll, and many others put on great discussions.

There is a very high bar, and the whole #rebcrdu crew worked very hard to push that bar a bit higher.

The next time there is a rebarcamp within driving distance... GO THERE. It will be a day VERY well spent. In addition to the fantastic knowledge, the networking opportunities are amazing. They are also downright fun... Who knows, you might get to play Lynchburg Squares. Just invite the lovely and talented Nanette Saunders to your event. I've heard she is ready to take it on the road...

;^ )

I'd love to hear from you...

Aggregation, Syndication, Integration... Part III

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Thu, 05 Nov 2009 20:24:04 -0600

in·te·gra·tion Pronunciation: \ˌin-tə-ˈgrā-shən\

1 : the act or process or an instance of integrating: as a : incorporation as equals into society or an organization of individuals of different groups (as races) b : coordination of mental processes into a normal effective personality or with the individual's environment
2 a : the operation of finding a function whose differential is known b : the operation of solving a differential equation

source

This is the content collection end of a social networking and social media strategy. After creating content for various social media platforms, we can integrate the content into our websites, pulling in more SEO (Search Engine Optimization) power, as well as keeping fresh content appearing on the site.

Whether the medium is videos (via YouTube, WellcomeMat or other video sites), photos (via Flickr, PhotoBucket or other photo sharing sites), microblogs (such as Twitter) or other content (FaceBook, FaceBook Fan Pages, RSS feeds and a million others) the goal is to bring together in one place a myriad of content types into one place... aggregation... The difference is that instead of bringing together the content created by others, for you to keep up with; it is bringing together your own created content in a neat package for others to consume.

There are many different types of integration tools. Every network has several third party tools that can use API calls (basically, automated scanning) to collect the content you put there and bring it to the collection site.

Through the use of integration tools, I have YouTube videos, Delicious bookmarks, Tweets, FaceBook Fan Page wall posts and even blogsites being promoted on my various websites. Much of this content is built automatically. Other content requires me to filter it manually... A great example, just to the right of this post is the blog widget. It is promoting the posts I have on one of my WordPress blogs.

So... after spending all of the time building these great social networks using social media platforms, use the content to build a community through integration into your primary websites/blogs.

I'd love to hear from you...

Aggregation, Syndication, Integration... Part II

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Wed, 04 Nov 2009 23:21:53 -0600

syn·di·cate Pronunciation: \ˈsin-də-ˌkāt\

1 : to subject to or manage as a syndicate
2 a : to sell (as a cartoon) to a syndicate or for publication in many newspapers or periodicals at once; also : to sell the work of (as a writer) in this way <a syndicated columnist> b : to sell (as a series of television programs) directly to local stations

— syn·di·ca·tion \ˌsin-də-ˈkā-shən\ noun

— syn·di·ca·tor \ˈsin-də-ˌkā-tər\ noun

source

Syndication is another part of a solid social media and social networking strategy. One of the biggest pitfalls of social media and social networking is maintaining a presence in many locations. It can be a serious time suck. Updating a bunch of site individually could take hours... Even just keeping up with all of the profiles could be more than many people could handle.

Luckily, there are some tools that can make life WAY easier. Posterous, AtomKeep and FriendFeed are three that come to mind...

Since we recently talked about FriendFeed, as an aggregator, we can start there... It is unique, in that it both aggregates AND syndicates on multiple platforms. Through FriendFeed, you can make a post from Twitter show up on FaceBook, and dozens of other sites. You can also have posts or activity from other sites reflected onto Twitter (or where ever... Twitter is used as an example). Bringing in the data from a bunch of sites is aggregation, while putting the collected information out to a bunch of sites is syndication.

AtomKeep is unique in that it is designed to only handle one aspect of your social media presence... your profile. Through AtomKeep, you can write the profile once and then syndicate it out to many sites. Updating can be done in one step, rather than individually updating dozens of profiles... There are limitations, since the least flexible platform rules all others, but it is a great way to handle to platforms on which you are least active.

Finally, the new kid on the block is Posterous. It also has an aggregation capability, but the cool part is that you can email anything to Posterous and have it automatically routed to the appropriate sites (on which you participate). Pictures to Flickr, FaceBook and Twitter. Videos to YouTube. Blog Posts... you get the idea.

The key to maiing effective use of social media and social networking is to be efficient. Getting your message out to multiple platforms in one step is part of that efficiency...

However... Another aspect of an effective social media presence is INTERACTION. Don't just spam your message all of the time. Remember to spend time interacting on the sites to which you are paying the most attention.

I'd love to hear from you...

Aggregation, Syndication, Integration... Part I

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Tue, 03 Nov 2009 22:15:32 -0600

Aggregation...

ag·gre·ga·tion Pronunciation: \ˌa-gri-ˈgā-shən\

1 : a group, body, or mass composed of many distinct parts or individuals
2 a : the collecting of units or parts into a mass or whole b : the condition of being so collected

source

Aggregation is one part of a social networking and social media strategy. Simply put, in order to keep up with the rush of infomation, we need to collect, classify and filter it. This allows us to spend the most time on the most important information, and skip the rest.

With Twitter, FaceBook, LinkedIn, Flickr and a zillion other networks, aggregating feeds can be quite challenging. There are some tols that can help, though.

To start with, within some of the applications there are ways to bring in other info... Through tools like FriendFeed and Ping.fm we can get a lot of our monitored feeds into just a few places. I think that FriendFeed might be the best of these tools. Plaxo is also an excellent way to stay on top of multiple networks.

Specifically with Twitter, tools like TweetVisor and TweetDeck are great for keeping up with large numbers of followees (the people we follow) so that we can interact with them. TweetDeck, for example, can allow us to run various streams at the same time with different groups or hashtags (like #activerain).

Finally, there is another tools that can be used to aggregate more feeds than any of the others I have run across so far. It is also more effective as a filter, allowing the user to determine how much they want to see, although it doesn't filter based on actual content... it filters based on the user's input. It is called Gist.

Keep in mind...

Any of these tools would be worthy of a write-up longer than this whole post. To find out more, it would be advisable to check out their sites and see what they are about.

Feel free to share YOUR experiences in the comments. Your fellow Rainers would love to see opinions other than mine...

I'd love to hear from you...

Are You Clear?

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Mon, 02 Nov 2009 22:08:02 -0600

We are thinking about migrating to the Clear Internet plan. they are running a special for two devices at $50/month. We could have home and mobile internet...

The Home package is supposed to run between 6 - 12 Mbps. The local computer store that we use is running on clear and even though there are officially on the edge of the service area they are running around 6 Mbps.

The Mobile device will run up to 4 Mbps. That is easily in the 4G realm...

The biggest downfall we see is coverage outside of the Atlanta Metro. We would love to be able to take the home modem with us in order to fire up the network when we are on vacation.

So, what I am wondering is if any of you are currently using Clear, and what your experience has been...

I'd love to hear from you...

A Case Study in Failure...

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Sun, 01 Nov 2009 22:25:53 -0600

Back in the 1940s, during World War II, scientists at Dow Corning and General Electric were working on a replacement for rubber. The Japanese controlled much of the rubber producing countries... and thus, controlled much of the rubber production.

Separate teams of scientists developed a material that they thought interesting... but it was an utter failure. It was cool... but didn't hold its shape. It had a high melting temperature... which was good, and was elastic... which was good. It wouldn't even get moldy. But because it wouldn't hold a shape, it was a failure.

The team that is generally credited with the invention sent samples to scientists all over the world... nobody could find a use for this cool new material. How could you have a bigger failure than a material that nobody can find a use for?

Several years later, a sample found its way into the hands of a toy store owner in New Haven, CT. She put it in her catalog and it outsold every other product... except Crayola Crayons.

Just a few years later, during the Korean War, one of the ingredients was in short supply... and the small company that was selling it almost went out of business... Another failure.

Ten years later, this useless material was being sold around the world... even in the Soviet Union. Astronauts were using it in 1968... on the moon.

My son got a small plastic egg for Halloween. He bounced the inorganic polymer around the kitchen for a few minutes before getting bored with it... He handed it to me and the first thing I did was find a newsprint magazine... When I flattened the material out and pressed it onto the newsprint, he was curious...

As he asked what I was doing, I just played coy...

For the next hour, and for several hours today, Garrett discovered the joys of Silly Putty, a failed accidental invention from WWII. He made prints from the magazine. He bounced it. He shaped it. He stretched it. He rolled it.

Yep, Silly Putty is a study in abject failure. They didn't mean to make it. They didn't know what to do with it once they made it. They originally marketed it to the wrong group... It was marketed to adults, even though the sales were primarily to kids from 6-12. Another war almost ended it.

Failure...

I'd love to hear from you...

What are your back-up solutions?

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Sun, 01 Nov 2009 21:10:13 -0600

If you haven't been watching Twitter or FaceBook (specifically me on Twitter or FaceBook), I had a hard drive crash on Friday. It isn't good... I used to back up pretty regularly, but had kind of drifted away from it lately. It isn't good.

The hard drive has started clicking and might cost $$$$$$ to rebuild. But this isn't about that.

This is about backing up. There is a new 320GB drive in my Tablet and IF I can recover the data from the old drive, it will have about 80 gigs of data and programs. So... Here are a few options.

An external hard drive with regular back-ups... Not terribly expensive, but a bit of a hassle. Imaging is possible...
A NAS (Network Attached Storage) device.... Fairly expensive, but with some software packages, extremely convenient. Imaging is possible...
Carbonite... $55/year... Not expensive, not inconvenient, but not available as a storage device, just back-up. No imaging...

We are actually thinking of the NAS with Carbonite backing that up...

word to the wise...

Back up your junk. In fact, imaging hard drives on a regular basis would be a great idea. Imaging is making a copy of the WHOLE hard rive, and not just backing up data. With an image, you have a literal clone of the hard drive. This means that after a crash you could be EXACTLY where your last imaging left you. No having to dig for CDs to reinstall programs and downloading updates and such...

What do you think?

I'd love to hear from you...

Rough Day... Crash, Boom, Bang...

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Fri, 30 Oct 2009 22:10:36 -0500

So... I got a nasty surprise this morning...

Cops Crash Through Building During Chase - Watch more Funny Videos

My hard drive is dead. I needed a bigger drive... but this isn't how I wanted to get it. Especially since I have a LOT of stuff that isn't backed up. Pictures... Designs... Contracts...

Here comes the boom - Watch more Funny Videos

So... Now I have to figure out if the data is recoverable. I really hope that is is recoverable and doesn't cost as much as a small car.

What is the take-away? Carbonite... Local Server... Back-up Utility... Do something... I had a crash a long time ago. It didn't hurt as much as this one. I started backing up stuff. Time went on. My guard was down. Bigger, badder crash. This one hurts...

I'd love to hear from you...

The Blog Post "Circle of Life"

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Thu, 29 Oct 2009 21:19:41 -0500

It all starts with a consumer... a consumer that needs to know the answer to a question. Maybe they have emailed... or asked during a listing presentation... maybe even just mentioned it at a party.

But at the heart there is a question... and a consumer.

Lane, shouldn't we list with the agent that gives us the highest price? We don't want to "give away" our house, we want to get what it is worth...

I was asked that question during a listing presentation... and we had a conversation. After that, I was asked the question a few times in emails. By that time I had written a post. of course, before blogging I just answered the question... over and over...

The answer grows. It goes from a quick conversation or dashed off email to being a full fledged blog post... or even a series of blog posts. The idea is fleshed out... tweaked... tuned. We can't spend an hour or two responding to every email question we get from anyone that is remotely interested in using our services... someday... maybe.

But all of those consumers deserve more than a dashed off email...

If one consumer has a subject on their mind... others are likely to have the same question. Some might not even know that they really want the answer to that question...

Circle of Life for a Blog Post...

Consumer Question > Response > Idea for a Blog Post > Complete Answer > Consumer Question

Of course, one great thing about a blog post is that it can be updated and tuned even more. As the question changes due to market conditions, the answer can be updated. If the law changes or new programs become available, the answer can be updated...

And the Afterlife...

But there is another stage in the life of a Consumer Question Blog Post... It can be pushed out to clients that might not know that they really need the answer to that question. Popular consumer questions make EXCELLENT newsletter articles. You already know that consumers are interested in the answers...

I also get a lot of questions on some of the car forums I participate in. It is great to be able to come back quickly with a fully sorted answer from the library of questions. Half of my business comes from those forums. And the final step is that some of my past clients actually give out my blog links to answer questions that their freinds ask them about buying a home...

Build a library of answers... Let clients and consumers browse the stacks for free...

I'd love to hear from you...

Do you think THAT is how you can "earn my business"?

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Thu, 29 Oct 2009 15:09:50 -0500

I had a website company call me today... They wanted me to buy into their system. Since I have two closings in the next two business days, my time might be called a little crunched...

So, I asked for the quick version...

Two hours later we were approaching the "what is it going to cost?" question. Two hours is the quick version? I'd hate to think of what the full presentation would be like... I had a time share company pitch me in less than two hours. But lat's get back to the beginning...

When he called, he asked me if he would have a chance to earn my business TODAY. I told him, quite simply and directly that NO... I would have to research any company prior to doing business with them; that assurances and their presentation wouldn't be the only factors in any decision.

Honestly, the products (website, drip email and lead capture) were intriguing. They have done a good job of pulling it all together, from looking at the final product. And, up until the last fifteen minutes, he DID have a chance of earning my business... after allowing me a reasonable time to research their offerings.

But he couldn't leave it at that... I was amazed at the next line of logic that he tried to use to get me to buy his product...

"You NEED to get more business, and you aren't SMART ENOUGH to make this decision on your own..."

Wait, did you really just tell me that I don't have the brain power to decide if I should spend my own money on your product? Really? We are done here.

Here are some take-aways for vendors...

Don't try to bully consumers... You will only alienate them. Sure, maybe you will get an extra sale or two from someone on the edge... you might also piss them off so that they write nasty blog posts about you...
Don't EVER call your prospects STUPID. I wouldn't even think that I would have to actually say that... but I guess I'm not smart enough to know that it is good business to call prospective clients "not smart enough".
If they ask for the quick version, and you aren't ready to deliver... reschedule.
"Buy NOW or else" strategies are losers. Don't EVER think that it is a good idea to have your sales model compared to time share developments or boiler rooms.
REALLY... Don't call your prospective clients stupid... REALLY.
Arguing with the prospect about things like giving the price isn't a great idea... It breeds mistrust.

I'm kind of shocked that I would have to say some of these things.

Could you just imagine if I locked a client in a house and told them that they HAD to write a contract?
What if I told my buyer that they weren't smart enough to make the decision on their own?
Or if my client told me that they had an hour to look at houses and I took them out and told them I wasn't taking them back to their car until I was good and ready?

My broker would RIGHTLY kick me to the curb.

I'm not going to mention the name of the company just yet... I hope that I just ran across an overzealous salesperson, and that this isn't the sales strategy the company employs...

But... boy am I pissed...

I'd love to hear from you...

I love WRC... that is NOT a secret...

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Thu, 29 Oct 2009 00:14:11 -0500

And I have searched in vain for a video of what started it all...

In 1974, my family was vacationing in Ecuador. At that time there was a Rally that ran all through the country. Our friends lived in Manta, and the race wound through town, having an overnight stop. We were given the opportunity to walk among the cars as they sat in Parc Ferme. The teams couldn't work on the cars at that time, but team members were around the cars, answering questions and interacting with the crowd. It was the first (and only) time I was able to see a Lancia Stratos up close.

Early the following morning, we got up and rode a bus into the country outside of Manta. Out hosts knew of "a spot" that would be entertaining.

It was a small cafe in the middle of nowhere, just after a crest in the road. We sat on the patio all morning, eating local food and watching the 50 or 60 cars entered in the event come by. Each car launched a little (or a lot) as it came over the crest. Some just barely pulled their wheels off of the ground, others flew for 20 or 30 yards.

There were no big factory teams, but there were some teams that were obviously well sponsored. There were also teams that looked like they barely could put together a deal for fuel each day.

I couldn't understand much of the conversation around me, as I didn't speak much Spanish... but I could understand the excitement. I knew which fans were cheering for which marques. I knew who the local drivers were... and which driver's wife and sister were sitting in the same cafe.

Ever since that moment, I have loved seeing this particular type of car hurtling through the woods, along the coast, in the desert or the snow. On asphalt, gravel and dirt. I love the smell of the fuel. The clutch. The tires. The brakes. Thirty-five years later, I can think back to that day... sipping a Coke, eating fresh baked croissants, watching these brave racers drive on real roads at breakneck speeds.

It isn't WHY I'm a car guy... I was a car guy before I was 9 years old. But, at the same time it says a lot about why I LIKE being a car guy.

One day I might find video from one of those South American Rallyes... but I still have my memories...

I'd love to hear from you...

Holy Crap... It's Almost November... FTHBTC... Extended?

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Wed, 28 Oct 2009 19:12:15 -0500

Do you know what those initials (FTHBTC) stand for?

First Time Home Buyer Tax Credit...

If you aren't already familiar with it, it might be gone before you get a chance to get more familiar... It is currently slated to expire at the end of November. And the clock is ticking.

In a nutshell, the First Time Home Buyer Tax Credit is the governments way to push a few first time home buyers (people that haven't owned a home for 36+ months) off of the fence and get them buying sooner rather than later. It is $8000, in form of a refundable tax credit, for those targeted buyers if they buy a qualifying home.. and don't earn over the income caps.

There are a LOT of posts written about the tax credit... this post is about the clock. Or calendar, rather.

While talking with one of my "Go To" Mortgage Gurus, the subject of mortgage application turn times came up. He is up to his eyeballs in applications, as are other Mortgage Originators. They are currently turning from application to close in about 21 days...

The credit is slated to expire on November 30th... about 33 days from now. Given that most homes take a few days to negotiate, time is short...

Scratch all of that...

Alright, literally as I wrote the last line I got word that the credit is likely to be extended until April of 2010. The details haven't been hammered out yet, but it looks like the credit will survive for a few more months...

Nevermind.

But, don't wait until the last minute. Over the last few weeks we have seen homes in multiple offer situations. We have seen a little inflating of entry level home prices. Acting sooner, rather than later, might be a good idea... things usually slow during the winter here.

I'd love to hear from you...

Blank the Falcons Stadium Demands...

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Tue, 27 Oct 2009 23:07:38 -0500

Aurthur Blank is at it again. He is making noise about wanting a new stadium for the Atlanta Falcons to play in. And to that extent, I have no issue with it...

But he seems to think it is the responsibility of the taxpayers to pick up the tab. Why? What responsibility do the taxpayers have to fund the business locations for private businesses? The Falcons are arguing that the need more luxury suites in order to increase revenue... Ok.

The State of Georgia will only barely be at the end of paying for the Georgia Dome when Blank wants another one... 2015.

But that doesn't matter... What matters is that there shouldn't even be a question. If the Falcons want a new stadium, make a business case for it, go out and get the money... and BUILD IT. But don't get the money from taxpayers, get the money yourselves.

Lower pay for the players...
Raise prices for the fans...
Charge more for TV rights...
Renovate the current stadium... but pay for it yourselves.

Has Road Atlanta or Atlanta Motor Speedway taken hundreds of millions of dollars from the state to build new facilities? No... Even though there are more tickets sold for TWO weekends at AMS than for a season of Falcons football. Road Atlanta hosts 320,000+ fans each year... One could certainly make a case that they have a significant economic impact on Hampton and Braselton, GA.

Sports teams don't have a right to taxpayer money... They are business franchises, and as such should be responsible for their own venues... Just like ANY other business.

source

I'd love to hear from you...

How To Help The Loan Go Smoother and Faster

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Tue, 27 Oct 2009 21:56:02 -0500

Ken is one of the best... And if he says you need it, it is pretty likely you'll need it...

Via Ken Cook, FHA Home Loans 678-439-8683:

It's easy to complain about how long it takes a loan to close - even loan officers do it. The truth is if everything is in order and the property is acceptable the loan should close within 21 to 30 days of the receipt of all documents by the lender. This is not 21 days from application date nor is it 21 days from contract date. It is exactly as stated: 21 to 30 days from the date a full application is received.

The tug-of-war between agents and loan officers can be turned around if both remember to stand on the same side of the mud puddle. Generally the agent needs to realize they do not know as much about the actual workings of the mortgage industry as the loan officer and the loan officer needs to realize the same and not leave the agent in the dark and don't use insider terms to explain everything. I understand Active Rain participating agents are more well informed than others because we all swim in this same pool!

Almost every loan application has some similar needs. If the agent knows what these are and can help prep the client to get these together quickly and accurately then the agent and the loan officer can start out by standing on the same side of the mud puddle and pulling the same direction on the rope. These are not absolutes and are not carved in stone but at least 9 of 10 loan applications need most of the following:

For W2 Employees

Two years of tax returns, all schedules, signed by the taxpayers. This will be verified by the IRS so go ahead and feel free to ask the home buyer if these are the same tax forms they sent to the IRS for those tax years.

Two months of bank statements all pages including blank ones - front and back (checking and savings if they are used on the application as assets). Look at the documents and find every page. If the first page says 1 of 15 we'll be looking for 15 pages.

One month's coverage of pay stubs showing deductions and year-to-date income. If they get paid weekly this would be four pay stubs. If they are paid bi-monthly this would be two pay stubs and so on. If they get paid by a handwritten check (like some small businesses do) we're going to have some challenges verifying income according to document requirements so brace for impact.

A clear photo-copy of a government issued ID (driver's license, passport) showing the current address. If the current home address is different than the address on the ID we may need a letter of explanation.

A clear copy of the social security cards. Photo copies are okay and scans are best.

A fully executed sales agreement signed by all parties and legible. If it has been faxed back and forth we cannot read the words or even the signatures. If your great-grandad cannot easily read the contract in low light it's not good enough. Send us the unexecuted (unsigned) contract along with the best possible signed copies.

If it is a condominium we need the condo questionnaire completed (you can get that from me or whoever your lender is - each lender has a different one) and insurance information.

We need the insurance information for the buyer's preferred home owner's agent.

If there is a gift of funds from an acceptable member (pretty much limited to a direct family member like a parent, child, sibling or spouse) we need a gift letter which you can get from the loan officer.

If the home buyers have not been in the same line of work for 2 years that could be an issue so be prepared to face that challenge.

If the home buyers have a gap of more than a couple of weeks between jobs a good letter of explanation will be needed.

If the home buyer is receiving Social Security Income or Disability we will need the award letter and it will need to be continuing for three years after the closing date.

If the home buyer does not have a checking account they need to go get one. It's very difficult to get a file closed for someone without a checking account.

If the home buyer has student loans which are deferred we need the letter of deferment and it needs to be good for at least the next 12 months.

If the home buyer is receiving maintenance from another person we need the court order and if it is for child support we need the birth certificate of the children. (We are not permitted by law to ask if the applicant wants to use child support as maintenance.)

If the buyer has another home and it is for sale we may need a copy of the listing agreement.

If the buyer recently sold a previous home and are using the proceeds for the down payment we need to see a copy of the HUD1 from that closing.

If the property is new construction we will likely need a termite free letter.

If the property is in a flood zone there is a brand new set of requirements.

If the property was purchased by the seller within the last 6 months and has increased in value more than 5% have the seller be prepared to show documented upgrades, repairs and other investments into the life and value of the property.

Seriously, this is a partial list. There may be this many things again especially if the buyer is self employed or a legal resident alien. If you are aware of these and the buyer and seller are aware of these and we work together to get them then at least the first 10% of the work required to get the loan into underwriting for approval has been addressed. There are at least this many items which are addressed by the lender which also have to be completed before the application can even be submitted to underwriting.

It may be that the lender will not need all of these documents but they will need most of them. How many times have you spoken with a loan officer and they said, "I'm still waiting on the ...." If that is one of the things on this list you should already have prepped the home buyer(s) to know they will need to supply these. The longer they take to get it in the longer the loan will take to get closed.
Ken Cook - Nationwide Specialist - Information/Marketing - FHA Home Loans
678-439-8683

I'd love to hear from you...

Gwinnett County Market Report, Sept. 2009...

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Mon, 26 Oct 2009 21:49:31 -0500

The market is in a state of change. And things are in a state of flux for the next few months... and depending on what happens with the First Time Home Buyer Tax Credit, maybe longer.

Inventories are dropping and sales are rising... September numbers:

New listings - 1272, down 36% from Sept. 2008.
Pending sales - 840, up 13% from Sept. 2008.
Solds - 675, flat from Sept. 2008. (674 solds in Gwinnett County in Sept. 2008)
Average Price - $176,937, down 11.3% from Sept. 2008.
Total Listings on the Market - 6081 (10/1/09) vs 9187 (10/1/08)

Absorption rates are a good way to gauge market direction in both short and long terms. It measures the number of months it would take to absorb all of the current inventory if sales remained constant and no more homes came on the market. In general, maintaining about 6 months of home inventory is considered balanced.

Averaging the last three months of sales, there is about 8.5 months of inventory. Last year at this time we had 13.4 months of inventory using the three month average.

Using the last six months of sales, there is about 9.0 months of inventory. Last year we were looking at 13.2 months under the six month average.

The long term measure utilizes an average of twelve months of sales. With the long term look-back, I see 10.6 months of inventory. Last year was 14.6 month of inventory averaged over the past year's sales.

What does that mean?

From the Absorption Rates, I can tell several things. The market has been improving over the last few months. Each shorter time frame lowers the inventory lag. The market is MUCH better than last year at the same time, and last year the market had started a turn... but also started a seasonal downturn that we don't seem to be seeing yet this year. Finally, the market still has a distance to go before it is really balanced.

Combining this with the above data tells me that Gwinnett County has seen most of its improvements because of a lower supply, not an increased demand. Despite incredibly low rates and reasonable prices, buyers aren't jumping in to the market in higher numbers...

But...

There is an anomaly. When we start breaking the sales up by price, we see that entry level homes ARE selling at increased rates, while being offset by continued slackness in the higher end homes. This would be due to the $8000 First Time Home Buyer Tax Credit. It IS pushing sales of entry level homes, typically in the "under $150,000" price arena. But there are very few first time buyers looking in the $500,000 range.

The problem is that most of the sales to first timers are sales that would have likely happened next year anyway... which means that the tax credit, if continued, would lose effectiveness. But, if the credit isn't continued, the drop in sales will be more precipitous in December.

If you are an entry level buyer, and haven't found your house yet, the chances of getting closed before November 30th are pretty slim. But don't despair, you might be able to find the house you want for less money in December or January.

If you are a seller with an entry level home, things might start looking ugly... now. If the property isn't under contract, don't hold your breath. Right now it is taking 30 days to close buyers with excellent credit and perfect properties. Most first time buyers have some sort of issue that needs correction prior to closing.

The real test...

Will be the December numbers. I expect to see November come in with a HEALTHY increase. Nov. 2008 saw 376 sales, and I think that will be in the range of double for Nov. 2009. December 2008 had 503 sales... I'm looking for half of that if the tax credit goes away.

If sales come in higher in December and/or approach 370 (which was the number for January, 2009) in January, 2010, then we are on the road to recovery... I'm not expecting that.

I'd love to hear from you...

Video Sunday... Fast and Slow...

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Sun, 25 Oct 2009 22:53:26 -0500

Every once in a while I run across a video that is amazing... and then there are some that are hilarious. Tonight's installment has one of each.

I'll start with slow and amazing.

I've always felt that motorsports represented a kind of dance... Man, Machine and Talent... combined into an artistic expression. The footwork of the racer going through the gears while blipping the throttle on up and down shifts, feathering the brakes and strategically slipping the clutch or trailbraking while increasing throttle pressure... All of this framed by the rhythm of the steering inputs.

This video slows down the responses as viewed from outside... both in two and four wheeled sport.

The Fast and Hilarious...

This modified Cadillac launches so hard that On-Star thinks it has been in an accident. So they call to make sure everything is ok. You have to get to the 1:30 mark to hear the operator call to check up... That's funny.

I'd love to hear from you...

When Should You Get Pre-Approved For A Purchase Loan?

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Sun, 25 Oct 2009 21:53:05 -0500

Ken pegs it again... which is why I am re-blogging him again so soon... Exceptional post.

Via Ken Cook, FHA Home Loans 678-439-8683:

This one kind of goes along with "When Can We Close?" from a couple of years ago and another "How Long Does It Take To Close Today?" from a few weeks ago. It is further inspired by feedback from many agents and clients over the last many years.

First it is important to understand the difference between a pre-approval, an approval and a clear-to-close. That explanation is given here at "Pre-Approval, Approval, Conditional, Cleared - What the ____?!" Let me augment that by saying you, the home buyer, have a lot of power over how certain your pre-approval is.

Pre-approvals are generally good for 30 days. This almost always depends on lender guidelines. To make sure you are getting a real pre-approval listen to how long it takes to get your pre-approval and to what you supply to the loan officer before you receive your pre-qualification letter.

Recently I received a call from one of the largest banks in the world and the phone call started by telling me I had been pre-approved for a very low interest rate to refinance my current home. When I asked the phone bank operator to send me the pre-qualification he said he would have to ask just a few questions first. There was probably only a pre-qualification based on my credit score and estimated property value. Worth nothing.

A real pre-qualification can take as little as a couple of hours and a seasoned loan professional can easily guide you through the process. Anyone who gives you a pre-qualification over the phone without having seen any evidence to prove what you have said is giving you a decision based on credit and payment history with your statements only. This type of pre-qualification is what gives loan officers a bad name.

If you are thinking about going shopping for a new home you should get pre-qualified before you even begin. Unless you have significant income, strong credit and payment history and plenty of cash you need to know what the lender is going to offer based on your specific qualifications. The loan officer will also be able to tell you which property types and costs are okay for which loan products.

To sum it up - get qualified first then start shopping. Otherwise you may be wasting your time and the time of others as well.

Ken Cook - Nationwide Specialist - Information/Marketing - FHA Home Loans
678-439-8683

I'd love to hear from you...

Ford is pushing the envelope...

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Sun, 25 Oct 2009 21:50:58 -0500

Have you heard about Fusion 41? Ford is grabbing a handful of social media and leveraging it to promote the 2010 Ford Fusion.

I'll give you the link to check out the contest. It is pretty cool. Go buy a 2010 Fusion, grab a few friends and have some fun. BTW, I'll be happy to be on a team if you have the car...

;^ )

The Fusion 41

from LaneBailey.com

I'd love to hear from you...

Flapjacks and Flicks... Northlake Festival...

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Sat, 24 Oct 2009 23:38:08 -0500

My son's Kindergarten teacher and some of his classmates families gathers this morning at the Movie Tavern at Northlake Festival in Tucker. It is right by Northlake Mall... look for the giant tower in the parking lot.

The reason for the gathering was Flapjacks and Flicks (pdf) and Where the Wild Things Are...

On the menu is a drink and unlimited pancakes... The price is reasonable... considering the breakfast involved. We each had a couple of plates of pancakes (3 pancakes a plate), and a fairly big soft drink. The pancakes were pretty good.

Now, I am a "popcorn and barrel of Coke" kind of guy when it comes to a movie... but I also haven't been doing a lot of 9:00am movies. It was a great experience... and the 5 year old was pretty calm... I'll take that as a testament to his full belly.

My suggestions, get there a little early. This will allow you to get an extra serving or two of pancakes, if so desired. We ordered just before the movie started and got our flapjacks about 20 minutes into the flick.

Check the movie schedule... grab some breakfast during a movie.

I'd love to hear from you...

Pre-Approval, Approval, Conditional, Cleared - What the ____?!

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Sat, 24 Oct 2009 22:24:25 -0500

Ken is one of my "GoToGuys" for mortgages. He knows his stuff... And there is NO way I could have written this nearly as well. NO way.

Via Ken Cook, FHA Home Loans 678-439-8683:

Ancient Mortgage Proverb: No deal is ever 100% certain until the loan is completely paid off.

There exists a chasm in communication, familiarity and point of view between agents and loan officers. Sometimes we try to act like it does not exist and we really wish it was not so. I know this chasm exists, just as you do for many reasons, because I have had real estate agents - very good agents - try to convert to loan officer at my companies and I have seen this chasm immediately appear. Sales are fairly and generally black and white, go or no-go, yea or nay. Either the seller accepts the offer, counters or declines. Every agent I have seen try to become a loan officer has had a difficult time adjusting to the different levels of approval.

There are different levels of approval with virtually every mortgage application to loan process and agents we really need you to do your best accept them even if you don't understand them. Otherwise you're going to continue driving the loan officer (me :) nuts and forcing the weaker ones to lie to you or avoid you. Let me help you not contribute to their delinquency by briefly explaining some of the levels of loan approval and addressing how I handle them individually.

First please recognize the average loan has many human and non-human touch-points. It's not just the loan officer or just the loan officer and the underwriter. There are also as many as dozens of other humans plus automated systems involved. If the loan application is not approved by each and every one of these processes as required by the lending or insurance (mortgage insurance) guidelines the application will be denied and the deal will be done.

I don't care who the loan officer is, where they work or what they say - these are constants and work the same way at every lender/bank/broker unless the person you are talking to has the money in their personal checking account and are personally making the loan - something a loan officer does not have the authority to do for any lender.)

Application Approval - these are generally worthless. These are generally called a pre-approval and sent on a letterhead from the bank, lender or broker. These are often given only after accepting the application and examining the credit history of the applicant(s). At this point nothing has usually been verified or even documented such as income, assets and job history. (I do give these and I explain this is a CREDIT ONLY pre-approval and I have verified nothing except credit and payment history.)

Credit Only Approval - see above.

Automated System Approval (Application Stage) - this is also generally worthless. The loan officer generally has not verified income, assets and job history at this point. This is where most "approval letters" are issued on that official looking FNMA Pre-Approval sheet. (I give these as well and explain I still need all the documentation and several verifications of documenation from the appropriate source.)

Underwriter's Opinion Pre-Approval - again basically worthless for the same reasons. (I give these ocassionally when there is a borderline issue as in tax returns for example.)

Underwriter's Conditional Approval - this is where the loan officer should have a very good idea if this application will be approved. There can be as many as 3 or more weeks between the Application Approval and this date because this is the first time anyone has looked at the complete application package which will include: income documentation (pay stubs, tax returns, etc.), asset documentation (bank statements, retirement account statements, letters of verification), employment verification, rent/mortgage verification, appraisal, insurance documentation, inspection (if required), fully executed and legible purchase agreement, and whatever else is needed. THIS IS STILL NOT AN APPROVAL! There will be conditions and until the conditions are satfisfied this is not a loan.

Clear to Close (or Cleared to Close) - this is it. This is the first time ANYONE can assure this will be a finalized transaction and it does have an expiration - usually 7 to 10 days after the approval.

-Side note about conditions. I had a first time home buyer ask me about "Conditions" the other day. He's a young and single man so I used an illustration I thought he could easily understand. I said, "Suppose you finally get up the courage and ask that pretty girl out on a date. She tells you she will go out with you if you drive a red sports car, pick her up at exactly 7PM and take her to the most expensive restaurant in town." I needed to offer no further explanation of conditions.

The bottom line is this: If you do your job right, the loan officer does their job right, the title/escrow agency does their job right, the appraiser does their job right, the inspector does their job right, the insurance company does their job right, the buyer's employer does their job right, the buyer's current mortgage company or landlord does their job right, the person giving the gift (if there is a down payment gift) does their job right, the IRS does their job right, the borrower's accountant/CPA does their job right, the seller does their job right, the appraiser does their job right, the HOA does their job right, the inspector does their job right, the processor does their job right, the underwriter does their job right, the closing co-ordinator does their job right, the funder does their job right, the seller's agent does their job right ... that's most of them ... then within a few days to a few weeks we'll meet at the closing table. Until then NOTHING is certain.

Now do you still want my opinion or do you want to wait for the truth?
Ken Cook - Nationwide Specialist - Information/Marketing - FHA Home Loans
678-439-8683

I'd love to hear from you...

Free Marketing Video/6 CE Hours

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Thu, 22 Oct 2009 21:42:24 -0500

Tara and TJ are the schnizzle when it comes to real estate videos. They have done several listing videos for me. If you are going to learn about video, Tara and TJ are the ones to start with.

Via Tara Jones- Atlanta, GA (Reel Productions TV- Real Estate Video ):

6 Hours CE Credits

and a

FREE Marketing Video

It's all part of American Real Estate University's new Media Marketing Designation

Check out the video course description....

DATES:

November 9th-

from 9AM to 4PM

November 10th-

20 Minute Video Shoot

(Time slots will be selected by participants)

LOCATION:

3475 Piedmont Road

Suite 210

Atlanta, GA 30305

*Sponsored by Brand Mortgage at the Prominence Building in the Jones Lange LaSalle Training Center

INCLUDED:

6 Credit Hours

Media Marketing Designation

Free Video Business Card

(Click above for a sample)

Roseanne Wells produced by TJ Hedges on WellcomeMat

COST:

$105

*This is an introductory rate that reflects nearly 40% off

REGISTER:

American Real Estate University

AREU.TV

Back by popular demand...

Reel Productions TV instructors, Tara Jones and TJ Hedges are back in the teaching arena with the new Media Marketing Specialist Designation.

What you'll learn:

-A comprehensive look inside marketing in a tough economy

-The importance of visibility in an up or down market

-How to get the most bang for your buck with marketing tools

-How to stay on top of the latest marketing trends in the real estate industry

-How to shoot, edit and post video online

-How to market your FREE video from class

-Much, much more!

Sign up today at American Real Estate University

AREU.TV

I'd love to hear from you...

Google Waving...

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Wed, 21 Oct 2009 23:16:00 -0500

I just got my Google Wave invite. I have watched a few of the videos, and I am going to have to give this thing a rip. Combining text, chat, video, audio and a bunch of things I haven't even thought of yet... with email... seems pretty cool.

Thinking back not all that long ago, I wasn't doing most of those things seperately, much less combined. In fact, a few years ago, many of these technologies not widely adopted because of the bandwidth required.

Now it is possible that someone could send me a message and WATCH LETTER BY LETTER as I type a reply. And while pulling in information from news outlets, social media and whatever else is required in order to get the message across, we can make a rich media presentation.

In unrelated news, I looked at an 84" HDTV that was under $5000 (Like I have $50 to spend on a TV right now...). They were showing a Blu-Ray movie (Pixar's Cars). That thing ROCKED.

And then I got to thinking...

<you'd better take cover>

I use a tablet computer. I was looking at a SERIOUSLY High Definition display "monitor". And now this multi-media communications technology. Imagine if all of these were combined. We are on the verge of things that were in science fiction movies only a few years ago.

And yesterday evening, My son's teacher said that it won't be long before kids don't carry books to school... it will all be online. I was already thinking that a tablet computer could function as both a reading appliance (like a Kindle) and writing surface... The 5 year old gets to draw on daddy's computer sometimes...

I think my phone has more computing power than my school district had when I was a kid.

from LaneBailey.com

I'd love to hear from you...

Lane's Active Rain Ambassador Series - Part V... Some Random Musings...

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Wed, 21 Oct 2009 13:17:56 -0500

No, the series isn't wrapping up... But there are a few things that I have wanted to say that were too short for their own post, but didn't fit neatly in other posts...

Community...

Active Rain is a social network, at least as much as FaceBook, and certainly more that Twitter (for most users). What I mean by this is that there are amny things happening here, just like a community. There are groups of people with similar interests, just like a community. And there are lots of opportunities to get together and meet others... just like a community.

The people inside your computer that share incredible information, annoy you, make you think about how you live or do business and that you get to know through a conversation of blogging and commenting are REAL people. Some of them are local, others are very NOT local. Some are real estate professionals, others are vendors, still others defy description. But they are all real. If met quite a few people from Active Rain... and I am richer for it.

Just like the community you live in, the more you give, the more you get back out of it. Paying it forward works incredibly well here.

Bigger Picture...

Blogging in general (and Active Rain is no different) isn't a stand alone strategy. It is part of a campaign. I have long referred to blogging as the centerpiece of social network marketing. It provides the content to base other media on (like Twitter, FaceBook Pages, YouTube videos, etc.) as well as providing a destination to send those veiwers/readers after seeing the "bait" on other networks. The other social networks are great ways to pull in new prospects/readers/viewers and at the same time they are great tools to use to keep them up to date on what is going on with... your blog.

A blog without a networking plan or a networking plan without a blog is like a sandwich without bread or without the meat (or without the peanut butter and jelly).

Also, remember that blog posts are the start of a conversation. Don't write it and then walk away... that isn't participating. Nothing like wandering through a blog post and seeing commentors ask questions and the original poster NEVER coming back to answer them.

Have your Tools...

I might have a blog post out of this one yet... What kind of GarageGuy would I be if I didn't mention some tools...

Camera - You should have one almost all of the time. You don't need to drag out the Hasselblad (and yes, I have one...) but you SHOULD have a small digital camera available when you are out and about. You NEVER know what you might see.
Blog Log - I mentioned this the other day. Get a little notebook or learn how to write notes on your smartphone. I think that the notebook might be faster... But you can write down blog post ideas, thoughts and even "notes".
Open Mind - I learn EVERY day. I now look for lessons in other businesses... and even from watching kids on the playground.
Google - Search for information on your niche, whether geo-targeted or lifestyle. Set up Google Alerts for appropriate keywords.

There are other tools that will be appropriate to some. Feel free to add some of your own thought below. I look forward to hearing from you.

I'd love to hear from you...

Anyone else in Atlanta going to REbarCamp in Raleigh?

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Tue, 20 Oct 2009 10:45:50 -0500

I know that there are a few of us that are planning on going... I'm wondering if there are any more.

REbarCamp is coming up in Raleigh, NC on Friday, November 6th. I am planning on going up on Thursday, November 5th, and returning on Saturday, November 7th. On Thursday there is supposed to be a networking event in the evening... I'd like to make it up for that. There will also be a networking event on Friday evening. On Saturday, I want to get be to spend some time with my kids... so I don't intend to hang around all day...

Anyone want to split gas, driving... maybe even a room there?

And, anyway, it would be fun to know who else is coming from the Atlanta area... Post up or shoot me a message.

If you haven't been to a barcamp, you need to check it out. The image above is linked to the RDU website, so give it a click and find out what the fuss is about. REbarCamps are a GREAT way to learn about technology at YOUR level, from people you might already know. It is also a great place to share what you are doing in the real estate technology space. Finally... it is a really cool networking opportunity.

If we don't ride together... I still hope to see you there.

I'd love to hear from you...

Lane's Active Rain Ambassador Series - Part IV... Beyond the Blog

Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty) — Mon, 19 Oct 2009 22:43:57 -0500

You've set up your Active Rain account (hopefully you are a RainMaker). You have tuned your profile to be cooler than than 803.6% of the other ones here. You have lurked and learned around the network. And then you wrote (and hopefully published) a few blog posts.

What more could there possibly be?

There are a load of other things to do, and like building a hot rod, it is work that is never done. There are always new tools and new subjects. But we have the big things well under way. Now it is time to get your blog out into the world... and maybe meet some people. After all, meeting people is the goal. So, it is time to be social.

Let me get the pain over with quickly. You need to join as many of the top social networking sites as you can stand. And there are a LOT. And it will take some time. But the good news is that you aren't going to really participate in all of them. The goal is to protect your brand (username) by getting the same name in as many sites as you can, and then figuring out which ones to participate in... Put the rest on remote control.

Start with a name... Check it out here or here. These sites allow you to check the name you want to use across a multitude of platforms. (don't fret, I'm only up to being on half the listed sites... so far)
Now that we have a name, let's make a profile happen. Here is the next tool... AtomKeep. This allows you to syncronise a bunch of your profiles by only entering the information once and then populating it across multiple sites.
For the "special" sites that you ARE going to spend a good bit of time on, spend a little extra time making a better profile.

What ARE the "special" sites?

There are a few places that you REALLY need to be...

FaceBook... AND at least one Fan Page
Twitter
LinkedIn
Video site like YouTube and/or WellcomeMat
Link sharing site like Delicious
Photo sharing site like Flickr
Local interactive forums and community sites

Each individual will likely find other sites which are of interest to them. Don't be afraid to be involved in sites that have a personal interest. I am a car guy and I am involved in several automotive related forums. I have been for years...

And?

There are two things that we want to accomplish. First... we want to meet people. We want to meet future clients, and those that might introduce us to future clients. Second... we want to promote our business and our blog. This DOESN'T mean spamming everyone on the planet with our latest blog post. Even FaceBook Fan Pages shouldn't get a constant stream of "you".

Remember back when we talked about profiles here at Active Rain? Well, now it is time to get profiles working ocross other platforms pointing back to your blog... so that search engines see you as an authority (Google Page Rank, for example).

That means we get to do three things... meet people, promote our business AND build our blog's authority.

For other posts in this series, look just below the post. There are a few "tags". One of them says ambassador series. Click it and you will get a list of all posts in this series... as well as some previous posts that are applicable. You might also find some of my social networking posts to be of interest.

I'd love to hear from you...