Meyling Calero / Colonial Guaranty & Title Blog

Colonial's Real Estate update Blog.... The lastes on our industry

Meyling Calero (Colonial Guaranty & Title, Inc.) — Thu, 09 Jul 2009 10:12:30 -0500

Dear Friends and Customers: We have embraced the "social networking" scene.Our newsletters will now be posted on our Colonial Real Estate Update Blog: http://colonialnewsletter.blogspot.com/ Here's just a glimpse at what's recently been posted.

"Are we there yet?" What we should expect in the next two years, and how we got here.
Join us for this very special REO Forum.....Go here for more details: http://colonialnewsletter.blogspot.com/

Investor Report: Condo Loan Rules---FHA
FHA has come out with its long-awaited rules on condominium loans, and they're a mixed bag for investors, second home and other buyers and sellers. Go here for more details: http://colonialnewsletter.blogspot.com/

Fannie Mae Anti-Flip Restriction on REO Conveyances
It has come to the attention of the Company that Fannie Mae has begun requiring agents who market its REO to include provisions in sales contracts providing that certain anti flip language will be included in deeds. Go here for more details: http://colonialnewsletter.blogspot.com/

90 Day Evicition Notice to Tenants of Foreclosed Residential Properties NEW FEDERAL LAW: An increasing reality in today's economy is that tenants of residential foreclosed properties are finding themselves being evicted overnight from their homes immediately after the completion of foreclosures, often losing rental and security deposits in the process. Go here for more details: http://colonialnewsletter.blogspot.com/

Short Sales Are your short sales closing? Did you know that we provide short sale negotiations with NO UPFRONT FEES to the seller? Would you like to free up your time so you can list more short sales? Call us, we'll explain our success strategies to $$$$ SUCCESSFULLY CLOSE $$$$ your short sales. Call: Maria Elena Arias (305) 785-6228 email : maria@colonialtitle.us or Meyling Calero (786) 318-6825 email: mey@colonialtitle.us

Message from Colonial Guaranty & Title, Inc. We hope that you will follow our blogspot to keep updated on recent news and events that affect your business.

Warmest regards,

Maria Elena Arias, CEO

Meyling Calero, VP

Colonial Guaranty & Title Real Estate Update ... Part 2

Meyling Calero (Colonial Guaranty & Title, Inc.) — Wed, 04 Mar 2009 07:25:48 -0600

Obama's Mortgage Relief Could Bailout 9 Million Homeowners

by Broderick Perkins/RealtyTimes

The President Barack Obama administration's "Homeowner Affordability and Stability Plan" could help as many as 9 million struggling homeowners, but largely those in lower-cost housing areas.

The $275 Billion Plan, with a March 4 rollout, includes a refinancing program for "responsible" borrowers who haven't missed payments and whose loans are larger than the value of their homes, and a loan modification provision with incentives for lenders to voluntarily modify certain mortgages.

Many Californians and others in high cost areas may not see much immediate relief but federal aid earmarked for those higher-cost areas could come later.

Refinancing

Under the refinancing provision, homeowners with less than 20 percent equity in their homes, who now find it difficult -- if not impossible -- to refinance, will be able to get new loans at lower interest rates provided the new note doesn't exceed 105 percent of the home's value.

A refinanced mortgage replaces the old loan with a new one. The provision targets 4 to 5 million homeowners.

Struggling homeowners in California and other high cost housing markets will benefit less from the plan because the provision only applies to mortgages held by Fannie Mae and Freddie Mac.

During boom times Fannie Mae and Freddie Mac loans were only up to a maximum of about $417,000. The limit was temporarily raised to $729,750 in 2008, when fewer people were buying. This year, the limit went back to $625,000. The latest federal economic stimulus package (American Recovery and Reinvestment Act), which Obama signed in February, returned the limit to $729,750, at least for 2009.

An estimated 60 percent of the home loans made in California in 2006 and 2007 were larger than Fannie and Freddie loan limits. During 2008 about 33 percent of home loans were above those so-called "conforming" levels, according to the California Association of Realtors. Other high-cost regions experienced varied levels of "non-conforming" loans.

"When I saw 'Fannie Mae and Freddie Mac' I said his (President Obama's) team needs to come to Silicon Valley," said Quincy Virgilio, president of the Santa Clara County Association of Realtors.

"This isn't going to help many people here," he added.

Virgilio said the bulk of California's home-owning population lives in major metropolitan areas where housing costs are high.

Loan modifications

The loan modification part of the plan targets 3 to 4 million "at-risk" homeowners, those with a high mortgage debt-to-income ratio and those with mortgages larger than the value of their home or "under water."

A loan modification, unlike a refinance, changes the terms of the existing loan without writing a new one and could serve higher-cost housing markets better than the refinance plan.

Also called a "workout," this provision is open to anyone including those who haven't missed payments, but may be at risk of missing payments. A modification is designed to get payments down to 31 percent of the homeowner's income. That could be accomplished by a reduction in the interest rates or principal, or an extension of the term of the loan, or perhaps a combination.

The modification plan is open to anyone with any loan that has a balance under Fannie Mae and Freddie Mac limits, which now as high as $729,750.

The modification program, also designed to standardize a hodge-podge of modification efforts by lenders, also comes with incentives for both homeowners and lenders.

Loan services get up to $4,000 for modifying mortgages and borrowers got a principal reduction of up to $5,000 over five years for paying on time.

Credit market boost

Obama's plan also calls for an infusion of $200 billion into the government-owned Fannie Mae and Freddie Mac. The bundle should help lower interest rates and spur more borrowing.

Ken Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California-Berkeley and the Rosen Consulting Group says more relief could come to high-cost areas.

Obama administration's plan also seeks to change bankruptcy rules to allow judicial mortgage modifications to reduce mortgage balances to fair market value provided the borrower sticks to a court-ordered payment plan.

National Association of Consumer Bankruptcy Attorneys (NACBA) applauded the judicial workout proposal.

"Ever since the mortgage foreclosure crisis erupted into the public view in 2007, a broad array of consumer, civil rights, housing, community, labor and other organizations, as well as economists, have advocated judicial mortgage modification relief as an effective approach to stemming the growing tide of foreclosures - a solution that, unlike every other solution being considered in Washington, comes at absolutely no cost to U.S. taxpayers," said NACBA president Carey Ebert of Fort Worth, TX, in a prepared statement

DO YOU KNOW THAT......

The IRS has announced that it will expedite requests for lien releases and subordinations by distressed homeowners who are seeking to restructure their mortgages or sell their homes at a short sale. The new procedures are designed to shorten the typical 30-day processing time. The procedures for applying for a release of the property are contained in Publication 783 available at http://www.irs.gov/pub/irs-pdf/p783.pdf . The procedures for applying for a subordination when refinancing are contained in Publication 784 available at http://www.irs.gov/pub/irs-pdf/2

"Success does not create Happiness.....Happiness creates Success...Be Happy"....unknown

Here's to your success,

Maria Elena Arias, CEO

Meyling Calero, VP of Public Relations

Colonial Guaranty & Title Real Estate Update ... Part 1

Meyling Calero (Colonial Guaranty & Title, Inc.) — Wed, 04 Mar 2009 07:20:55 -0600

Real Estate Outlook: Signs of Turnaround

by Kenneth R. Harney/RealtyTimes

Are we somewhere near the "tipping point" for real estate, where an accumulation of positive economic and government policy developments starts moving housing toward higher sales and stabilized prices?

This week there are some strong signs that we just might be there.

Tops on the list: The massive stimulus bill signed into law by President Obama is certain to pull buyers into the market who otherwise would have stayed on the sidelines.

The new tax credit in the legislation goes up to $8,000 and is non-repayable -- unlike last year's ineffective credit program. It' s intended for "first time" purchasers, but under the program definition, you're a first timer as long as you haven't owned or co-owned a house during the previous three years.

You might have sold your long-time home in 2005 or early 2006, and haven't owned a house since, but you still qualify as a first timer for the $8,000 credit this year.

Most economists aren't sure just how many additional home sales the credit will stimulate, but even Mark Zandi of Moody's Economy.com says the "credit is a plus for the housing market." Brian Bethune, an economist with IHS Global Insight, says the $8,000 credit will not only push large numbers of consumers to buy homes, but will also "buffer the rate of decline in home prices" by creating more demand.

A second major government initiative announced last week should also be helpful: The Obama administration's massive $275 billion relief program to keep three to four million home owners out of foreclosure, and to refinance three to four million mortgages where owners can't otherwise qualify for a new loan because of property value declines.

The giant assistance program has its critics, who say it will reward people who bought pricier homes than they could really afford. But that's not the point here: The fact is that, costly though it may be, the program could prevent foreclosures and price declines in neighborhoods across the country.

Still another positive sign: Home buyers and owners are beating a wide path to their mortgage lenders not only to refinance but to take out new loans to buy houses. Total applications for new mortgages last week exploded -- up by an extraordinary 48 percent, according to the Mortgage Bankers Association. Applications for conventional loans to buy houses were up by 11 percent.

Part of the reason was that rates fell again -- this time to an average of just 4.99 percent for 30 year fixed rates and 4.7 percent for fixed rate 15 year loans.

The opportunities here are pretty tempting ... and it looks like buyers are getting the message.

A word from some of our Strategic Alliances..... For Investors.....

As a result of the American Recovery and Reinvestment Act of 2009 loan limits in some counties have been increased!

Broward, Miami-Dade and Palm Beach counties are back to $423,750 until December 2009. St. Lucie is $375,000.

Remember, when you close on a purchase, before you resell to an FHA buyer, the loan must season for 90 days. Numerous hard money borrowers are paying off on the 91st day. Folks, FHA is the way!

On the sales front, the play is buy low sell low or offer the property for rent or rent to own. While the median price of SFH's has fallen, volume is up as savvy buyers scoop up bargains.

You will see this trend continue as South Florida in many segments is at the bottom. Don't miss the boat and remember the Dweckism, "It is time to assume asset acquisition position".

Learn how to Bubble Proof your business from the master himself, Frank McKinney at the next BRIC meeting on March 12th.

Contact David Dweck to attend at:

David Dweck - Boca Real Estate Investment Club [david@daviddweck.com]

"Success does not create Happiness.....Happiness creates Success...Be Happy"....unknown

Here's to your success,

Maria Elena Arias, CEO

Meyling Calero, VP of Public Relations

Loan Mondfication Eductaion Webinar / FREEEEE !!!!

Meyling Calero (Colonial Guaranty & Title, Inc.) — Wed, 04 Mar 2009 07:16:48 -0600

Dear Freinds,

As Real Estate professionals, we see the constant shift within the industry. Today's market calls for Loan Modification Advisors. Don't tell another prospect or client "I can't help you" again. Add Mortgage Modification as an additional Financial Service.

Become a Loan Modification Advisor today !.

To learn more about how you can become a Loan Modification Advisor and add Mortgage Modification as an additional Financial Service with minimal work and Maximum support, attend our Thursday Evening Webinars and download the Free Home Loan Modification Report.

To view a Free Loan Modification report click below
http://modifymydebtnow.com/freereport.php

Once you have registered for the for the Free Report, you can view our Webinar Calendar.

here is this weeks webinar link https://www2.gotomeeting.com/register/716039589

Sign up for Home Loan Education and Learn How to Earn Income Helping Others Webinars.

Attend the next webinar and you will have the information you need to be a Trusted Advisor and offer Mortgage Modification and never say "I can't help you again." If you want to get started immediately, please contact me and I will send you the link to get signed up.

"Success does not create Happiness.....Happiness creates Success...Be Happy"....

Here is to your success,

Meyling Calero

Colonial Guaranty & Title, Inc.

Loan Modification free educational webinar

Meyling Calero (Colonial Guaranty & Title, Inc.) — Wed, 25 Feb 2009 20:53:04 -0600

Good Evening,

As some of you may already know we, Colonial Guaranty & Tilte, Inc. and Modify my debt now will be host weekly LOAN MODIFICATION SEMINARS FREE at no cost to you.

We value you time and your business and in return want to provide you with valueable information that may help you and your business grow and produce extra income.

Come join us for educational information on todays loan modification market.

Home Loan Modification Education FREE - Find out What Is It, How Does It Work And What are Your Options Every Thursday 7:00 pm to 7:45 pm

https://www2.gotomeeting.com/register/418867155

Learn How to Earn Income Helping Others FREE - Here you'll find out more about who we are how you can earn a long term and residual income from being involved with our organization Every Thursday 8:00pm to 8:30 pm

https://www2.gotomeeting.com/register/195166782

I look forward in reading your thoughts and in hopes of assisting you with your Real estate Title Insurance needs in the near future.

Warm regards,
Meyling Calero

Inspiration by Colonial Guaranty & Title, Inc.

Meyling Calero (Colonial Guaranty & Title, Inc.) — Wed, 25 Feb 2009 06:45:13 -0600

Top of the morning friends...

Here is a Daily Teaching from the book "The secret" I would like to share with you this week.

"Why is it that most often you find that top-quality cars are kept immaculately clean and tidy by their owners , while the older cars are often dirty and messy inside?
The difference is the evidence of APPRECIATION.
Appreciation of what you have brings what you want."

We often at times say to ourselves "When will business pick up?" but the truth of the matter is how many times do we say " WOW ! I am still in the buiness dispite it all and I appreciate it."

We all should embrace and apprecaite the fact that we are still in the game and when the business does pick up we will be there to work it.

Please feel free to contact me should you have any Real Estate Title Insurance needs. We are here for you 24/7 Anytime, Anywhere.

I look forward in hearing from you soon.

Have a great and successful week,
Meyling Calero

Colonial Guaranty & Title Real Estate Update ...

Meyling Calero (Colonial Guaranty & Title, Inc.) — Tue, 10 Feb 2009 21:24:23 -0600

Colonial's Real Estate Update

www.colonialtitle.us

Special Links:

Colonial Guaranty & Title, Inc.

Women's Council of Realtors Miami-Dade Chapter

Women's Council of Realtors West Palm Beach Chapter

Events Gallery

Free Quote / Prelim HUD request

Foreclosure fix..... By Tami Luhby, CNNMoney.com senior writer Last Updated: February 9, 2009: 7:08 AM ET

NEW YORK (CNNMoney.com) -- This much we know -- the Obama administration wants to set aside between $50 billion and $100 billion to address the foreclosure crisis.

But how exactly officials plan to address this bear of a problem remains to be seen.

Treasury Secretary Timothy Geithner is expected to lay out plans for the $350 billion remaining in the financial industry bailout package on Tuesday.

Geithner was originally scheduled to unveil the program Monday, but the Treasury Department announced Sunday that it was pushing back the plan by a day to allow Geithner and others in the Obama administration to focus on getting the stimulus bill passed in Congress.

It is unclear if Geithner will unveil a specific plan for tackling foreclosures Tuesday. But the administration has said for weeks that it will devote more resources to helping homeowners than its predecessor. "We will implement smart, aggressive policies to reduce the number of preventable foreclosures by helping to reduce mortgage payments for economically stressed but responsible homeowners, while also reforming our bankruptcy laws and strengthening existing housing initiatives like Hope for Homeowners," wrote Larry Summers, director of Obama's National Economic Council, to congressional leaders last month. Finding a foreclosure fix is daunting, experts said. It eluded the Bush administration, which preferred to try to entice mortgage services to voluntarily modify loans without committing government funds. Click here for the rest of the story here

http://money.cnn.com/2009/02/06/news/economy/TARP_foreclosures/index.htm?postversion=2009020907

Surviving Short Sales....

Frustrated trying to get a short sale closed? We've got tips for making the transaction run more smoothly. Go here to read more. http://floridarealtor.imirus.com/Mpowered/imirus.jsp?volume=fr&issue=1&page=21

Remember that Colonial Guaranty & Title is here to help you close your Short Sale deals. We are happy to negotiate the short sales for you. Please feel free to contact either Maria@colonialtitle.us or Mey@colonialtitle.us for more information on our Short Sale services..

What's all the hype about Facebook, LinkedIn and Twitter......read on.....

Use Facebook and LinkedIn to reduce spam and build your referral network Using social media is one of the best ways to eliminate spam. Only people you approve can send you messages. Furthermore, when you meet a potential buyer or seller, invite them to join your LinkedIn network where they can see testimonials from past clients, access your list of preferred vendors, and contact other helpful resources in your community.

Social media -- the best way to reach your consumers?
According to keynoter Gary Vaynerchuk, the best way to succeed online today using social media is to "embrace your DNA." This means being honest about who you are and being transparent (i.e. being as open as possible about all aspects of the real estate transaction). Vaynerchuk also shared what he did to sell wines from his store. Here are his stats: billboards yielded 170 orders; direct mail 302 orders; radio 240 orders; Twitter 1,700 orders. The first three advertising media cost considerable amounts of money, while Twitter costs nothing. The key is to engage in the conversation and to avoid doing infomercials about you. For the rest of the story....go here: http://www.inman.com/buyers-sellers/columnists/berniceross/tech-tools-real-estate-survival

UPCOMING EVENTS AND WEBINARS

Quick Start Loan Modification Advisor Training 101

We are hosting an Educational Meeting on Mortgage Modifications. As a Mortgage and Real Estate Professional you have been bombarded by numerous requests and offers from Mortgage Modification Companies.This seminar will empower you to know the various options available to you and your clients so they can SAVE THEIR HOME !

By attending this seminar you will learn the following:
1) What is a Mortgage Modification
2) What are a client's options including Forbearance, Short Sale, Deed in Lieu of Foreclosure
3) What types of Mortgage Modification Companies are Available
4) What is the benefit of an Attorney Affiliated Modification Company
5) Income opportunities and How to Evaluate which compensation program is best for you
By being informed in Mortgage Modification you will be in a better position to garner client trust and thus increase your income from Mortgages through added referrals and a Trusted Advisor Relationship

Immediately following this seminar we will have a Client Educational Seminar that will provide your clients with the options they have available to them so they may make informed decisions about their home with You as their Trusted Advisor.

Stop losing clients because you can't affect a mortgage for them. Attend this seminar and bring an Associate with you.

Feel free to forward this invitation to your Financial Colleagues

log on to Thu, Feb 12, 2009 7:00 PM - 7:45 PM EST for this weeks webinar.

Quote of the week

Those who are fired with an enthusiastic idea and who allow it to take hold and dominate their thoughts find that new worlds open for them. As long as enthusiasm holds out, so will new opportunities. - Norman Vincent Peale

Warm regards,

Meyling Calero, VP of Public Relations

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Colonial Guaranty & Title Real Estate Update ...

Meyling Calero (Colonial Guaranty & Title, Inc.) — Fri, 19 Sep 2008 14:58:05 -0500

Dear Friends: Enjoy this week's Real Estate Update.

Washington Report: Seizure of Fannie and Freddie
by Kenneth R. Harney/Realty Times

The dramatic seizure of Fannie Mae and Freddie Mac by the federal government has had no downsides for real estate -- although it could ultimately cost taxpayers billions if the companies' loan portfolios continue to bleed red ink.

So how does that all sort out for individual home buyers, sellers, builders and real estate professionals?

Here's a quick overview with a Washington perspective: Fannie and Freddie provided -- and will continue to provide -- liquidity to the American home mortgage market ... that is, plenty of money for qualified buyers and refinancers.

They're not going away. Only their top brass pulling down eight figure annual salaries and $100,000 country club membership perks are going away.

And most lamented of all in the corridors of Capitol Hill, the two companies' notoriously generous political action committees, which put $3 million into the campaign coffers of carefully selected congressional and Senate leaders in recent years, are going away.

Ironically, although Fannie and Freddie claimed that they lowered mortgage rates, the reality is that the biggest impact they ever had on ordinary folks' interest rate quotes was when the feds busted in and took them over.

Rates dropped anywhere from half a point to three quarters of a point within the first week, slashing hundreds of dollars off monthly principal and interest payments for thousands of home buyers and refinancers who rushed to lock during the free fall.

Government rule of the bankrupt companies is likely to extend through 2009 -- or as long as it takes for Congress and a new administration to figure out how to reconstruct them.

In the meantime, it should be pretty much business as usual for new borrowers. But don't expect federally-run Fannie and Freddie to get out front and innovate with lower downpayments or easier underwriting standards.

Anyone needing a really low downpayment or more consumer-friendly credit to buy a house will need to turn to FHA, not Fannie or Freddie. Between now and January 1, FHA will be able to do 3 percent down loans of up to $729,750.

After January 1, FHA will offer 3 and a half percent downpayments on maximum loans of $625,500. Fannie and Freddie will have the same upper limit for high-cost areas, but won't be able to come close on downpayments or credit standards.

Bottom line: Weep not for Fannie and Freddie, who drove themselves into bankruptcy. Instead, raise your glass and toast FHA. It's been around since the Depression, its leaders aren't paid millions, and for many home buyers it's going to be the only game in town.

If you missed the REO FORUM:

Last Thursday's BRIC REO FORUM meeting was informative and I am sure eye opening to many attendees.

We had a huge crowd that heard from so many speakers on numerous topics related to foreclosures.

Here is what a BRIC member sent me Friday:

"About the BRIC/REO FORUM meeting last night, it was one of the most informative meetings I have been to. The REO Forum was eye opening. Now, I've got a better understanding of the "whole" picture of the real state market in South Florida today and in the near future!"

Sincerely, Guy Culverhouse

A few takeaways from this was the insight on the new Fannie/Freddie bailout, the foreclosure timeline, updated short sale information, tri-county foreclosure data, and so much more. This event was recorded and we will let you know when it will be available.

The REO Forum was taped "live". If you would like a copy of the CD to play in your car or home, please make sure to contact me and I will be happy to supply you with this timely and value driven information.

FYI: Sales Volume and Median Sale Prices:

Information supplied by Sun Sentinel

Browse 2008 sales by month:
JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP
Browse 2007 sales by month:
JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC
Browse 2006 sales by month:
JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC
Previous years: 2005 | 2004 | 2003 | 2002 | 2001

City	YTD Median Price	YTD Home Sales
Palm Beach	$ 1.2M	387
Parkland	$ 729K	705
Highland Beach	$ 568K	187
Boca Raton	$ 420K	1,570
Lighthouse Point	$ 415K	251
<form enctype="application/x-www-form-urlencoded" method="get" accept-charset="UNKNOWN"> </form>

Condo Development	YTD Median Price	YTD Unit Sales
Bellaria	$ 2.3M	12
Palm Beach Biltmore	$ 2.0M	10
Europa by the Sea	$ 1.6M	10
Castillo Grand Residences	$ 1.5M	22
Aquazul	$ 1.3M	10
Browse Complexes by Name: 0-9 · A · B · C · D · E · F · G · H · I · J · K · L · M · N · O · P · Q · R · S · T · U · V · W · X · Y · Z

WHO SAYS NOTHING IS FREE??????? Well, I found some very valuable information for you that is just that......FREE. This informative video is offered by one of my friends and local Realtor , Justin Zimmerman who just launched

Take a look at what is available to you:

Million Dollar producer call with 3
mega agents on Thursday night at 8pm EST.

http://goodmorningrealestate.com/mastermind

On this call you'll learn:

*news ways to measure and define success!
*the systems and programs they use!
*why it's easier to sell $2,000,000 homes
*the silly mistakes that cost them big bucks!
*how they relax and spend their free time!
*most challenging part of growing a team!
*what new technology excites them!

On the call you'll meet:
Speaker #1:
Michael Morrison
aka: The Luxury Market Maven
brokerage: Sotheby's International
famous lines: "my average commission is $25,000"

Speaker #2:
Walter B. Williams III
aka: The Rookie Rock Star
brokerage: Sundance Realty
famous lines: "last year I did $500,000"

Speaker #3:
SECRET AGENT-X
aka: The Mega Volume Producer
brokerage: Realty Executives
famous lines: "I'm doing 1,000,000+ in commissions"

Seminars and upcoming events for your consideration:

Short Sale Seminar: Floyd Wickman Productions Workshop, October 3, 2008, Signature Grand.

Mentor with the Millionaires Conference, September 20, THIS SATURDAY, Boca Raton Marriott.

Like to Play Golf????? Want to get rid of some STREZZ???? Looking to have fun while networking???? Women's Council of Realtors Golf Tournament with portion of proceeds to benefit Habitat for Humanity. Register Now to play. Would you like to be a sponsor at the event? Click here for more information:

http://wcrpalmbeach.com/golf/index.html

Would you like to view more articles like this? Log onto: www.colonialtitle.us

Go to the Online Center and Click the Daily News and Advise button.

Knowledge is Power

"Success does not create Happiness...Happiness creates Success...Be Happy"

Here's to your success,

Maria Elena Arias ,CEO

Meyling Calero, VP of Public Relations

Colonial Guaranty's Real Estate Update

Meyling Calero (Colonial Guaranty & Title, Inc.) — Tue, 26 Aug 2008 15:22:16 -0500

Dear friends and customers: Enjoy this week's Real Estate Update......

Banks are forced to sell homes for even less than the owner owed

By Michael Braga

The foreclosure crisis is clearly giving lenders a massive headache, but it is also providing once-in-a-lifetime buying opportunities for homeowners and investors.

During the 12 months ended July 31, lenders issued 7,905 "lis pendens" filings -- the first step in a foreclosure -- against borrowers who failed to make their mortgage payments in Sarasota County, court records show.

During the same period, the 25 lenders with the most foreclosures in Sarasota resold 918 properties that they had seized from borrowers.

"These properties are selling at deep discounts from what they sold for at the height of the boom," said Margaret Amador, a Sarasota-based short-sale and foreclosure specialist.

The Herald-Tribune looked at 66 of 135 foreclosure sales that Deutsche Bank has completed since January and determined that those properties sold on average for 44 percent less than Deutsche Bank was owed by the previous owners.

James Slocum, for example, bought a house at 2210 McTague St. in North Port for $251,9000 in December 2005 and borrowed $226,700 to finance the deal. Deutsche Bank foreclosed on the loan in June 2007 and won a $246,576 judgment the following month.

Deutsche Bank then sold the three-bedroom two-bath house to Matthew White in December 2007 for $138,500, or 44 percent less than the giant German bank was owed.

Similarly, Timothy Delvescovo bought a condominium at the Dolphin Tower in Sarasota in January 2006 for $387,500 and initially obtained two mortgages for exactly that amount. Seven months later, Delvescovo refinanced, obtaining a $498,750 loan.

Deutsche Bank foreclosed in May 2007 and won a $533,849 final judgment in September. The bank then sold the property to Alexey Golubov for $300,000 in March. Once again, the price was 44 percent less than the bank was owed.

The Herald-Tribune examined Deutsche Bank sales closely because the German powerhouse had more foreclosures filings in Sarasota than any other mortgage lender, a total of 833 since August 2007, court records show.

Deutsche Bank is further up the foreclosure list than local heavyweights like Bank of America, SunTrust and Wachovia because it got into the region's housing boom late, said Ken Thomas, a Miami-based economist who specializes in analyzing the banking industry.

"Local banks are usually the first ones in a market, and when they see problems building, they are the first ones out," Thomas said. "Lenders like Deutsche Bank and HSBC were the last ones in and the last ones out."

Bargains to be had

Al Holmes is one of the people who recently scooped up a property out of foreclosure.

"We bought the house we're currently living in," said Holmes, a Sarasota real estate investor and owner of about 20 rental properties. "Under normal conditions we would not have been able to afford it."

Holmes said he and his wife tried to buy the three-bedroom house off 49th Street in Sarasota through a short sale. They offered $280,000. But Lehman Brothers Bank, which had lent $427,500 to the previous owner, declined the offer.

After the bank seized the house, the Holmes entered a new round of negotiations and ended up paying $315,000. By that time, the bank had put a new roof on the structure and made other improvements, Holmes said.

Court records show that the former owner, Marshall Matthews, paid $475,000 for the house in November 2005, and Lehman ultimately sold the house to Holmes for 26 percent less than it was owed.

Holmes said he would love to buy other foreclosed properties. But as a semi-retired real estate investor in the midst of a credit crunch, it is hard to come up with the capital.

"Two years ago, banks were calling me and begging me to borrow money," Holmes said. "But I cannot borrow today unless it's for a private residence."

John Schaub, a local real estate investor and author of a newly released book, "Building Wealth Buying Foreclosures," is in a different situation.

"We have bought a number of houses in the past few weeks," Schaub said. "I buy in specific neighborhoods. When I find a foreclosure I make an offer."

Schaub said foreclosures are easy to find these days. There is either a sign in front of the house, or the lawn looks like it needs serious mowing. Either way, Schaub goes back and plugs the address into the Zillow.com Web site to find out whether the property is on the market and who to contact.

"There is no point trying to contact the lender," Schaub said. "It is best to try to find the local Realtor who has listed the property."

Two local specialists that handle a lot of short sales and foreclosures are Al Dumas of Re/Max Properties and Chip Waterman at Hunt ERA Realty Co.

Amador, who left Coldwell Banker in January, also focuses exclusively on short sales and foreclosures.

She said part of her job involves contacting borrowers on behalf of loss mitigation companies around the country. If the borrowers get behind on their mortgages, Amador tries to help them by explaining their options. If that does not work, Amador assists the lender in selling the property.

"When a lis pendens is filed, that's when the train has already left the station," Amador said. "If you are a Realtor, you have to try to outrun that train."

It is much better for sellers to work out short sales, in which they convince a lender to sell the property for less than is owed, Amador said. Sellers who engage in successful short sales only have to wait two years before applying for an FHA loan to buy another house, Amador said. If the bank forecloses, the homeowner has to wait five years.

"A short sale is the best way out, but you have to find someone who knows what they're doing," Amador said. "The problem is that short sales take time and success is not a certainty."

Loan fund to help develop affordable housing / South Florida Business Journal Monday, August 25, 2008

The National Trust Loan Fund has created a $5 million loan pool to help develop affordable housing in cities across the country, including Miami http://www.bizjournals.com/southflorida/stories/2008/08/25/daily7.html?f=et8

Florida home sales up, prices continue to fall / South Florida Business Journal Monday, August 25, 2008

For the first time in two years, single-family home sales rose in Florida last month, according to the Florida Association of Realtors. However, median sales prices continued their decline http://www.bizjournals.com/southflorida/stories/2008/08/25/daily5.html?f=et8

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Mark your calendars:

Mentor with the Millionaires Conference, September 20, Boca Raton Marriott. Extra terrific event for you to consider.

REO Forum: September 11, 2008, You DO NOT want to miss this special event. Panel of Experts (and I do mean "experts") divulge their REO secrets. This "special program" will be held within the BRIC meeting @ The Hilton in Deerfield Beach. I will be hosting and moderating the panel......a MUST ATTEND event. This will be a SOLD OUT event...rsvp directly to me to reserve your seat. Special invitations will be distributed next week.

*******************************************************************

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Go to the Online Center and Click the Daily News and Advise button.

Knowledge is Power 1

="Success does not create Happiness...Happiness creates Success...Be Happy"

Here's to your success,

Meyling Calero, VP of Public Relations

Colonial's Real Estate Update Week 33

Meyling Calero (Colonial Guaranty & Title, Inc.) — Tue, 19 Aug 2008 13:43:46 -0500

Dear friends and customers: Here is this week's Real Estate Update......

Tax 'Mess' Muddles Short Sales Of Homes

By SHANNON BEHNKEN

The Tampa Tribune

Published: August 13, 2008

TAMPA - As Florida's coffers shrink in the face of a dour economy, confusion over a tax statute threatens to choke the flow of home sales at a time when the state is struggling under the burden of millions of unsold properties.

The problematic statute mandates how much tax people pay when they sell a house.

In typical transactions, the law is clear about paying taxes on the price of the property, but as lenders agree to more short sales - allowing troubled owners to sell homes for less than the mortgage and writing off the rest - there's disagreement over how much tax to charge.

Some say the tax should be charged on the lower price, a practice that is standard across the state.

Others wonder whether the tax should be based on the amount of the mortgage.

Although the difference may add up to only about $300 on a typical short-sale transaction, multiply that by hundreds of thousands of properties across the state and the impact is substantial.

Millions of dollars in lost tax income are at stake for Florida's financially struggling government.

Also, lenders trying to clear their books of homes in foreclosure face much higher expenses when selling the homes.

Meanwhile, industry players fear a bottleneck created by the confusion could halt short sales, one of the largest categories of homes selling now.

"This is an ugly result," said Burt Bruton, a Miami-based real estate lawyer who teaches real estate tax certification courses for the Florida Bar.

"No matter how you cut it, there's going to be some pain for somebody. It's a mess," Bruton said.

For now, it's up to the Florida Department of Revenue to set the record straight. Bob McKee, deputy executive director for the department, said his office has been asked by some legislators and real estate professionals to interpret how the statute applies to short sales.

That's a tough assignment, he said, because the statute does not specifically address short sales.

"Short sales are so new that they could not have been explained in the statute," he said.

"We need to make sure we have all the information we need, and we have yet to come upon something in our legal research to make a decision," he said.

McKee said his office doesn't want to rush to any conclusion because its ruling will be binding, unless the Legislature decides a new statute is needed.

That's something some real estate professionals vow to push for.

A Stack Of Delayed Closings

Short sales are already stacking up at some area title companies where they have changed how they charge the tax.

Gary Davis, who owns First Affiliated Title Services in New Port Richey, said he has decided to charge the tax, called a documentary stamp, based on the higher amount, not the sales price.

The policy change means all the short sales that were in the works at his office had to be sent back to the lender for approval, delaying the closings.

"My feeling is this is nothing to mess around with," said Davis, who is also a real estate lawyer.

"If we were audited and they found out we didn't charge enough, there could be massive penalties," Davis said.

"And I don't want to have to go back and tell the homeowner they have to pay more," Davis said.

This worries real estate agents and financially troubled homeowners trying to close on short sales, said Greg Armstrong, president of the West Pasco Board of Realtors and a director of the Florida Association of Realtors.

Although some title companies won't close without the higher amount of tax paid, some lenders refuse to pay it until the state says it's owed, he said.

"I have six short sales that were ready to go," he said. "Now they're just sitting on my desk."

That could be a big problem, considering the number of short sales in the pipeline.

This time last year, very few lenders would even consider a short sale.

Now, with foreclosures skyrocketing, lenders had to do something.

There were 14,960 foreclosure filings in the Tampa metro area during the second quarter, up 159 percent from the same period last year.

Late last year, the pace of short sales picked up dramatically, and they're so prevalent now that some real estate agents and title companies specialize in getting short sales approved by lenders.

No one tracks the number of short sales, but nearly 20 percent of the 16,677 homes in the Hillsborough County area that are on the market with real estate agents are listed as short sale offers or preforeclosure properties, said Brad Monroe, a real estate agent and former president of the Greater Tampa Association of Realtors.

"Anecdotally, I could easily see it as being double," he said.

Armstrong estimates that has many as 60 percent of the recent sales in the west Pasco County area were short sales.

Phantom Clerk Spooks Industry

The tax controversy started because of a rumor no one can seem to track down. McKee said industry professionals and legislators say they've heard of at least one Florida clerk of circuit court who has started to charge the documentary stamps based on the higher amount. Officials in Bay area counties say they've always used the sales price.

Bruton said he thinks the statute is worded loosely enough that it could include the debt amount. That's why, he said, the Legislature will likely have to hear the issue and consider the consequences.

"The tax is applied to what the sellers get," he said. "And in a short sale, the seller is getting off the hook for the mortgage shortfall."

In Florida, the seller of a property pays the documentary stamp tax, which is 70 cents for each $100.

Consider the sale of a home in which the seller owes $250,000 on the mortgage. If the sales price in today's market is $200,000, the tax based on that price would be $1,400. Since the shortfall is $50,000, the state could have charged an additional $350.

Although that doesn't sound like a deal-breaker on one loan, lenders with lots of short sales could lose even more money. That's on top of millions they're already losing in failed loans. For the state, it could spell a way to make up for budget shortfalls.

There were an estimated $2 billion in documentary stamp taxes collected during the budget year that ended in July. That was more than half what it was at the peak, in the 2005-06 budget year, said Amy Baker, coordinator of the legislative office of Economic & Demographic Research.

State Sen. Mike Fasano, R-New Port Richey, said he understands the state's budget needs but is concerned about anything hindering a turnaround in the real estate market. Fasano asked for the ruling from the state Department of Revenue two weeks ago.

"These properties are already ready to be foreclosed on," Fasano said. "If these short sales don't happen, I'm worried it could really hurt our market."

Would you like to view more articles like this? Log onto: www.colonialtitle.us

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Knowledge is Power !

"Success does not create Happiness...Happiness creates Success...Be Happy"

Here's to your success,

Meyling Calero

Short Sale Update News

Meyling Calero (Colonial Guaranty & Title, Inc.) — Tue, 19 Aug 2008 13:40:44 -0500

Here is the Latest update on Short Sale transactions by the NAR.

Short Sales: Coming Up Short

A new rule approved by NAR's Board of Directors aims for calm when lenders cut commissions

By Robert Freedman

Are lenders getting more responsive to short sales? The view of real estate professionals is mixed, with some saying yes and others saying no, depending on the lenders they work with and where they are.

But one aspect of short sales that has proved troublesome across the board is compensation.

Some MLSs have a rule requiring listing agents to let their colleagues know if a listing is, or is potentially, a short sale, and thus subject to a possible last-minute change in the commission by the lender.

To encourage the adoption of such a rule by MLSs that don't have one, the NAR Board of Directors in May approved model language for a rule specifying that if you know there might be a short sale, you say that, and put the selling agent on alert that a lender might want a change in commission rate. The goal of the new language is to make at least this one aspect of short sales less painful. Under the model language, MLSs can choose to make disclosure optional or required.

"The amount of time it takes lenders just to get back to you on your loan application is the real problem with short sales, and we can't control that," says Colleen Badagliacco, ABR®, CRB, chair of NAR's Multiple Listing Issues and Policies Committee. "But this rule at least helps eliminate the conflict that arises when lenders come back and want to give us a haircut on our commissions."

It's not uncommon for lenders to demand a cut in real estate broker commissions as a condition of approving a short sale. Lenders reason that they're being asked to accept a payoff of their original loan less than what's owed.

For practitioners, conflict can arise when there's no indication in the MLS that the property is, or is potentially, a short sale, and the buyer's representative finds out only at the last minute.

If, under the offer of compensation, selling agents receive, say, 2.5 percent, listing agents can find themselves in a squeeze if the lender insists on limiting total commissions to, say, 2 percent.

Conflicts like this typically end up in arbitration. Although the rule passed by NAR is voluntary, Badagliacco thinks many MLSs will adopt it for their members.

Far less certain is the direction of lenders in speeding their processing of short sale applications. By Robert Freedman

You Told Us

• 54% Involved in a short sale in the last 12 months

• 87% Faced impediments by lenders or loan servicers

• 94% Cited lack of response by lender or servicer as a chief impediment

Source: NAR Research, online survey of 3,530 practitioners

Would you like to view more articles like this? Log onto: www.colonialtitle.us

Go to the Online Center and Click the Daily News and Advise button.

Heres to your Success,

Meyling Calero

Colonial's Real Estate Update Week 32

Meyling Calero (Colonial Guaranty & Title, Inc.) — Wed, 13 Aug 2008 07:33:22 -0500

Dear friends and customers: Enjoy this week's Real Estate Update and then some......

Above and Beyond the Sale: How to Provide Five-Star Service to Your Clients

by Denise Lones/Realty Times

There is one secret you can apply to your business that's known to generate word-of-mouth lifetime referrals -- and it doesn't cost a penny. Yet, we live in a time where very few people seem to use this secret.

It applies to every industry under the sun -- from the gas station to the brokerage firm to real estate. The handful of practitioners of this art are generally the top producers in their field.

What is it? Five-star customer service.

And it's hard to find nowadays. Most people seem focused on themselves wherever we go. They do their job to collect their pay and they go home, forgetting about us once they have our money.

Five-star customer service is all about:

•1. Great communication with your client.

•2. Amazing service throughout the transaction.

•3. Fantastic follow-up.

•4. A true desire to keep the client connected to your industry for years to come.

My father was an expert at this. As a restaurant owner, he was a busy man. With several pots simmering in the kitchen and a wait staff to manage, he understood the deeper meaning of the word "stress."

And yet, he managed to create an amazing impression for each and every person who had a meal at his restaurant. As they were leaving after having paid the server, he would always run to the door and say, "Thank you so much for coming to my restaurant! I'd love to see you again."

It actually became a kind of art form. He had to time it precisely because he had several meals cooking in the kitchen.

This simple little act of running from the kitchen to thank people created an imprint in people's minds. They remembered his warmth and sincerity. The chances that they would come back were increased tenfold just by his doing this. (And it worked. His restaurant often had people waiting outside for a table.)

When I was a little girl, I asked him one day, "Dad, why do you do that? You have food cooking in the kitchen."

He replied with one of the most profound statements I've ever heard:

"It's not what you do for people when you're getting paid that counts. It's what you do for them after the sale that counts."

So, how does this apply to real estate?

I challenge agents when I ask this question: "What do you do for your clients after the closing?"

The answer to that question is where five-star service begins. Prior to that, everything you do is judged because you're supposed to be doing it. But when you do something after you've been paid, your stock rises exponentially in their memories.

For example, do you send past clients mailings on a regular basis? And I don't mean cards that say "Please keep me in mind if you have any friends who need a real estate agent." That's transparently self-serving and will lower your stock in their memories -- because it's just plain annoying.

But when you send your past clients information that helps them -- long after the sale -- you become that rare practitioner of five-star service.

How about an annual analysis of their home's value in comparison to the neighbors? How about a predictions report for the upcoming year? How about a recap of the market in the previous year? People love these materials because they prove the wisdom of their investment.

And here's a great tip: Call them after you've sent the report, but before they receive it. Just to let them know it's coming and you're thinking about them. There's something about a human voice that makes all the difference in the world.

These little things cost very little, but they come back in big dollars over the long run. When you demonstrate to people that you're not just out for the money, they will love you for it. Plus, they'll tell everybody about you.

That's the power of five-star customer service.

Published: August 12, 2008

Washington Report: Housing and Economic Reform Act

by Kenneth R. Harney/Realty Times

Anyone in home real estate knows that the FHA program -- once the ugly duckling of the mortgage market -- has turned into one of the hottest sources of financing even in relatively high cost housing markets on the West and East coasts.

FHA loan limits are way up, credit standards and debt-to-income ratios are generous, and competitiors like Fannie Mae and Freddie Mac keep raising costs on their mortgages because of what they call "adverse" market conditions.

Last week, FHA leaders gave their first peek at how they'll be handling the dozens of new responsibilities given to them by Congress in the recently approved Housing and Economic Reform Act.

Tops on the list: What to do with loan limits. That's a major issue in dozens of markets where home prices are well above national averages. So here's what's coming: The current, temporary nationwide limit imposed by Congress's economic stimulus package last February will remain in place through December 31st.

As of January 1, the limit will fall back to $625,500 in the highest priced housing markets. Now you may think that's a step backwards, but remember: Prior to the temporary economic stimulus legislation, the top FHA limit was around $363,000, while Fannie Mae and Freddie Mac's limit was $417,000.

For areas with lower prices, the limits will be set by FHA later this year based on a formula provided by Congress: 115 percent of the median sale price of homes in the metropolitan market. So if your property is located in an area where the median price is, say $350,000, the new maximum FHA mortgage will be $402,500.

Some other key changes touched on by FHA leaders in presentations to a Mortgage Bankers Association of America conference in Washington:

Starting January 1, the minimum downpayment for an FHA loan will be 3.5 percent. That's a half point higher than the current minimum, but Congress wants to make sure borrowers have a real investment in the house they buy.

Borrowers can still get help with that downpayment, such as gifts from relatives, local government and trade union homeownership programs -- but starting October 1 -- not January 1 -- they won't be able to use any of the popular downpayment assistance programs run by organizations that funnel "gifts" from home sellers to buyers. Organizations such as Nehemiah, Incorporated and Ameridream will no longer be able to provide seller-funded gifts in connection with FHA mortgages.

So if you're a home buyer -- or a real estate or mortgage professional working with home buyers -- keep that October 1 deadline in mind.

Published: August 11, 2008

Hedge funds investing in delinquent mortgages

Many claim that they can alter terms of loans much easier than banks.. http://www.msnbc.msn.com/id/25939227/
    Fla. still No. 1 with foreign home buyers   Like their domestic     counterparts, foreign buyers have retreated from the U.S. housing market, although Florida remains their No. 1 pick.

http://www.miamiherald.com/business/story/633199.html

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Seminars and upcoming events for your consideration:

Short Sale Seminars, Back by Popular Demand....... Floyd Wickman Production Workshops , August 13, Palm Beach and August 15, Miami.

Women's Council of Realtors, North Broward is hosting a "Champagne Social" , August 21 in Parkland. This will be a fantastic event with a Lock and Key Networking program.....You do not want to miss this one!!!

Mentor with the Millionaires Conference, September 20, Boca Raton Marriott.   Extra terrific event for you to consider.

Earn $$$ while shopping......visit http://www.shoptoearn.net/cgi-bin/genesis.exe/RepsitePage.html

Would you like to view more articles like this?   Log onto: www.colonialtitle.us

Go to the Online Center and Click the Daily News and Advise button.

Knowledge is Power !

"Success does not create Happiness...Happiness creates Success...Be Happy"

Here's to your success,

*Meyling Calero , VP***

Colonia's Weekly Real Estate Update

Meyling Calero (Colonial Guaranty & Title, Inc.) — Wed, 06 Aug 2008 06:41:36 -0500

Dear Friends and Customers:

Last week's breaking news was very exciting and we had many of you asking us how the new $7,500 tax credit would be applied. I have included a weblink that you can use to send to your prospects. This should be a very exciting time for first time homebuyers. Enjoy this week's Real Estate Update..

Frequently Asked Questions
About the First-Time Home Buyer Tax Credit:

www.federalhousingtaxcredit.com

More Goodies........

Investor Report: New Housing Bill and Tax Benefits

by Kenneth R. Harney/Realty Times

Foreclosure relief for home owners may be getting all the press on the new housing bill signed into law by the President this Wednesday. But there's plenty of tax-related goodies sprinkled through the bill's nearly 700 pages for sharp-eyed real estate investors.

Start with the low-income housing tax credit program -- the federal government's biggest source of support for affordable rental complexes -- driven mainly by tax shelter offerings.

The bill basically increases the size of the program, at least temporarily, by raising the current state-by-state volume limitations on tax credits. Put another way, the bill expands the number of potential deals supported by credits that developers and investors can do through the year 2009.

It also streamlines many of the technical regulations that govern the housing tax credit program, and simplifies the rules on the use of state tax-exempt multifamily bonds to finance tax credit projects. On top of that, it eliminates current IRS restrictions that prohibit the use of low-income housing and rehabilitation tax credits to offset the alternative minimum tax.

Elsewhere in the bill, tax rules affecting real estate investment trusts (or REITs) are significantly streamlined. Although the details of the changes are mainly for green eye-shade accountants and lawyers, the bottom line is that the REIT industry welcomes the changes and believes they will be good for business.

That's important because stockholder-owned REITs represent one of the most efficient ways for small investors -- and big institutions -- to put money into commercial and residential real estate, as well as into mortgages.

The housing bill also sweetens the pot for Gulf Opportunity Zone (or GO Zone) developments -- a tax resource for real estate and other investors in the hurricane-damaged areas of Alabama, Mississippi and Louisiana. As we've mentioned a number of times here on Realty Times, when the government will pay you to invest in an area where property values can only go up -- you ought to take a hard look at it.

The latest changes waive the start-construction deadlines for certain properties eligible for bonus depreciation in the GO Zone, and allow property investors and developers to amend federal tax returns to take into account their receipt of hurricane-related recovery grants.

Published: August 1, 2008

A little tidbit for you..........

Laws of Persuasion

by Bob Hafer/Realty Times

John D. Rockefeller once said, "The ability to persuade people is as purchasable a commodity as sugar or coffee. And I will pay more for that ability, than for any other under the sun." In this article you will learn about the law of reciprocity. This law positions you in the eyes of your prospects as a giver and not simply a taker. The simple fact is the more you give; the more you receive. Begin using the law of reciprocity now and see how things begin to move toward you rather than away from you.

To some degree, reciprocity has control over us all. You can probably think of times you've felt obligated or compelled to do things for others because they did something for you. This is the result of conditioning from early childhood and is hard to override.

In Robert Cialdini's book, Influence - The Psychology of Persuasion he relates a story of a university professor who tried a little experiment. He sent Christmas cards to perfect strangers. Although he expected some reaction, the response he received was surprising. Holiday cards addressed to him came back from people who he had never met nor heard of him. The great majority of those who returned a card never inquired into his identity. They received his holiday card and automatically sent one in return. You may have done the same thing, I know that I have.

While small in scope, this study demonstrates the action of one the most potent weapons of persuasion, the law of reciprocation. The law says we will try to repay, in kind, what another person has provided us. By virtue of the law of reciprocity we feel obligated to repay favors and gifts. Look for opportunities

Employing the law of reciprocity in home selling pays big dividends because most salespeople do not use it. Let's examine a few things you can do today:

Have refreshments (cokes, water, cookies, candy) available for your customers to enjoy the time they spend with you.
Take your prospects to lunch or have movie tickets available so your prospect can relax and take a breather.
Have coloring books and crayons available for your customer's children. Let the children take the books and crayons home. Ask the children to bring back their drawings so you can display them for other prospects to see.
As prospects leave give them a small token of appreciation. One salesperson I know purchased microwave popcorn and attached the message "Thanks for Popping In" and mailed it out immediately so that it would arrive the next day.
Call each prospect and leave a short voice mail message thanking him or her for spending their valuable time with you. This phone call should be placed immediately.
Send bouquet of flowers to a buyer who signed a contract or to a co-operative Realtor who help you make a sale. Follow up the flowers with a phone call asking for a referral.
Take a Realtor friend to lunch or hold an open house with food. Follow up luncheon with a referral request.

When you employ the law of reciprocity you're treating your prospect as a special person. Every time you do something extra, you are building a greater sense of obligation.

Begin to look for opportunities to use the law of reciprocity. You'll be amazed at how effective this law can be. Remember, in order to receive, you first must give. Give a lot, get a lot. Give a little, get a little.

Published: August 4, 2008

*****************************************************************

Please contact me if you would like detailed information on the below mentioned Seminars and upcoming events for your consideration:

Short Sale Seminars, Back by Popular Demand....... Floyd Wickman Production Workshops , August 13, Palm Beach and August 15, Miami.

Mentor with the Millionaires Conference, September 20, Boca Raton Marriott.

*****************************************************************

Would you like to view more articles like this? Log onto: www.colonialtitle.us

Go to the Online Center and Click the Daily News and Advise button.

Knowledge is Power

"Success does not create Happiness...Happiness creates Success...Be Happy"

Here's to your success,

Maria Elena Arias ,CEO

Meyling Calero , VP

Colonia's Weekly Real Estate Update

Meyling Calero (Colonial Guaranty & Title, Inc.) — Wed, 06 Aug 2008 06:40:18 -0500

Dear Friends and Customers:

Frequently Asked Questions
About the First-Time Home Buyer Tax Credit:

www.federalhousingtaxcredit.com

More Goodies........

Investor Report: New Housing Bill and Tax Benefits

by Kenneth R. Harney/Realty Times

Start with the low-income housing tax credit program -- the federal government's biggest source of support for affordable rental complexes -- driven mainly by tax shelter offerings.

Published: August 1, 2008

A little tidbit for you..........

Laws of Persuasion

by Bob Hafer/Realty Times

Employing the law of reciprocity in home selling pays big dividends because most salespeople do not use it. Let's examine a few things you can do today:

Have refreshments (cokes, water, cookies, candy) available for your customers to enjoy the time they spend with you.
Take your prospects to lunch or have movie tickets available so your prospect can relax and take a breather.
Have coloring books and crayons available for your customer's children. Let the children take the books and crayons home. Ask the children to bring back their drawings so you can display them for other prospects to see.
As prospects leave give them a small token of appreciation. One salesperson I know purchased microwave popcorn and attached the message "Thanks for Popping In" and mailed it out immediately so that it would arrive the next day.
Call each prospect and leave a short voice mail message thanking him or her for spending their valuable time with you. This phone call should be placed immediately.
Send bouquet of flowers to a buyer who signed a contract or to a co-operative Realtor who help you make a sale. Follow up the flowers with a phone call asking for a referral.
Take a Realtor friend to lunch or hold an open house with food. Follow up luncheon with a referral request.

When you employ the law of reciprocity you're treating your prospect as a special person. Every time you do something extra, you are building a greater sense of obligation.

Published: August 4, 2008

*****************************************************************

Please contact me if you would like detailed information on the below mentioned Seminars and upcoming events for your consideration:

Short Sale Seminars, Back by Popular Demand....... Floyd Wickman Production Workshops , August 13, Palm Beach and August 15, Miami.

Mentor with the Millionaires Conference, September 20, Boca Raton Marriott.

*****************************************************************

Would you like to view more articles like this? Log onto: www.colonialtitle.us

Go to the Online Center and Click the Daily News and Advise button.

Knowledge is Power

"Success does not create Happiness...Happiness creates Success...Be Happy"

Here's to your success,

Maria Elena Arias ,CEO

Meyling Calero , VP

Inspiration for your work week

Meyling Calero (Colonial Guaranty & Title, Inc.) — Tue, 05 Aug 2008 06:56:46 -0500

Here is a little inspirational note to start off your work week.

"It takes as much stress to be a success as it does to be a failure".
-Emilio James Trujillo

I hope you have a great and successful week. rest assure the real estate market will turn and now is your time to shine amoungst the rest. lets show the industry that we are real estate professionals and if we can with stand this market, we can with stand any market. WE ARE REAL ESTATE PROFESSIONALS !

If you should need any real estate title insuarcne and /or short sale needs, please feel free to contact me.

Meyling

Real Estate Outlook: Housing Bill Approved

Meyling Calero (Colonial Guaranty & Title, Inc.) — Thu, 31 Jul 2008 07:30:01 -0500

Dear friends and customers: This is such great news, that it deserves its own space. I have received numerous inquiries on how to obtain the $7,500.00 tax credit. I am on a mission to find that answer. If anyone has information that you could share regarding this tax credit and how to apply for it, please contact me and I will be happy to disperse with the rest of the readers.

Make it a great day,

Maria Elena, CEO
Meyling Calero , VP

Real Estate Outlook: Housing Bill Approved

by Kenneth R. Harney/'Realty Times'

With home sales and prices down and unsold inventory up in many areas, the real estate market could use a jolt of good news -- and Congress just provided it.

The massive, 690-page housing bill just approved on Capitol Hill has plenty of mortgage-related provisions in it, but it also has an important stimulus program designed to jump-start housing sales: It's a tax credit, effective immediately, that could cut up to $7,500 off the federal tax return of anyone who buys a house before the end of next June, when it expires.

Buyers have to be first-time purchasers, or renters who haven't owned a house anytime in the past three years. The "credit" is actually more like an interest free loan, repayable over 15 years. Single taxpayers can only qualify for a $3,750 maximum credit. But it still puts thousands of after-tax dollars of incentives into home purchases -- money that wasn't there before.

Starting this week, hundreds of thousands of potential buyers who've been on the sidelines can purchase a new or resale house and qualify for the credit. The National Association of Realtors estimates that up to two million sales could be stimulated by the credit in the coming 11 months, and the National Association of Home Builders anticipates a "multiplier effect" in the move-up segment of the market.

That's because people who sell houses to buyers using the credit will then often need to go out and find replacement homes for themselves -- effectively rippling the impact of the credit upstream, triggering even more sales.

Since there's no Congressional limit on how many buyers can take advantage of the new incentive, it could prove to be huge. It all depends on whether Realtors, builders and individual sellers educate potential buyers about how to factor the credit into affording a new home.

In other economic news this week, mortgage rates jumped to their highest level in nearly a year, 6.6 percent for 30-year fixed rate conventional loans, according to the Mortgage Bankers Association of America.

On the plus side, the University of Michigan's Consumer Sentiment survey -- a key economic barometer affecting consumers' willingness to spend - rose a surprising five points last month.

And still another surprise: The national home ownership rate -- defying all gloom and doom predictions -- jumped to 68.1 percent in the latest quarter, up from 67.8 percent.

Published: July 31, 2008

Questions and answers about the Hope for Homeowners Act of 2008, signed into law by President Bush Wednesday to try to steer as many as 400,000 struggling homeowners away from foreclosure:

Meyling Calero (Colonial Guaranty & Title, Inc.) — Thu, 31 Jul 2008 06:51:06 -0500

Q: What exactly will the legislation do?

A: It will allow those who qualify to cancel their old mortgage loans and replace them with 30-year fixed-rate loans for up to 90 percent of the home's current value. The FHA will insure a total of $300 billion of the loans over a three-year period.

But the decision on whether to write such a loan remains up to banks, which would have to be willing to take a loss on the existing loans in exchange for avoiding an often-costly foreclosure.

Q: Who is eligible?

A: Eligible borrowers must have spent more than 31 percent of their monthly incomes on their mortgages as of March 1, 2008. The troubled loan must have originated no later than Jan. 1, 2008, and be on the borrower's primary residence. And the borrower's income must be verified.

Q: When does the program start?

A: It takes effect Oct. 1 and runs through September 2011, although the FHA isn't likely to have it operating at full capacity until next year.

Q: Since lenders can pick and choose which loans to refinance, how can consumers determine if theirs will be selected?

A: Check with the bank or financial company servicing your mortgage, but it may be weeks before they make decisions concerning the new guidelines and assess individual loans.

Even then, keep expectations limited.

"Servicers are going to be reluctant to take the government up on their offer," predicted Mark Zandi, chief economist at Moody's Economy.com. "The earliest they'll start taking them up on it is early next year. And even then it's likely to be modest."

Q: Is there anything a homeowner can do to improve chances of benefiting from the program, such as crunching numbers to make a case for the bank?

A: Not really. The best step is to keep up your payments as best you can.

Q: But doesn't this provide an incentive to NOT pay your mortgage, if you're barely keeping ahead of bills and are underwater on your house, so you can qualify?

A: No. If your situation deteriorates enough, the bank may reject any possible new loan.

"Turning yourself into a financial basket case is not going to work," said Dan Seiver, a finance professor at San Diego State University. "If you turn into a complete deadbeat, the servicer is going to just foreclose and dump it."

Q: So what should I be doing now besides trying to keep up with payments?

A: Talk to a local credit counselor and call the toll-free hot line of the Hope Now alliance - an industry group trying to coordinate a response to the mortgage crisis - at 1-888-995-HOPE. It is available 24 hours a day to provide mortgage counseling in multiple languages.

Mary Thomason, director of resource development for The Impact Group of Atlanta, a housing counseling group, also suggests tracking expenses and income closely in order to be able to forecast your cash flow for the next six months and give yourself better control of your finances.

Q: If the banks and lenders refuse to write these loans, then what?

A: Public and political pressure may prompt them to participate. If not, and more people continue to lose their homes, Zandi says the next White House administration subject them to additional regulations or investigations if they remain unwilling to take on the risks.

Q: What happens if I'm able to sell my home after I refinance?

A: If you sell during the next five years, you must agree to share 50 percent of any profits from the resale with the government. What's more, homeowners can only retain equity gains based on a sliding scale. The homeowner would have zero equity from a sale in the first year, with the amount rising 10 percent in each succeeding year and capping at 50 percent from a sale in year five and thereafter.

The equity must be repaid because the maximum amount on the new loans will be capped at 90 percent of the current market value, which automatically gives the previously troubled homeowner 10 percent equity in the home.

Q: Where can consumers find more detailed information about the plan?

A: Click here for a six-page summary of the housing act, and the FHA's Web site is a place to watch for updated information. Click here for the entire 694-page bill.

I look forward in having the opportunity of providing you with Ultimate Title services in the near future.

Warm regards,

Colonial's Weekly Real Estate update =)

Meyling Calero (Colonial Guaranty & Title, Inc.) — Wed, 30 Jul 2008 06:17:36 -0500

Just in case you missed it..........

Summary of Key Provisions of HR 3221 - The Housing Stimulus Bill (as of 7/28/08)

H.R. 3221, the "Housing and Economic Recovery Act of 2008," passed the House on July 23^rdby a vote of 272-152. On Saturday, July 26^th, the Senate passed the bill by a vote of 72-13. The President is expected to sign the bill on Tuesday, July 29^th. It includes:

GSE Reform - including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).

FHA Reform - including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).

Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).

FHA foreclosure rescue - development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.

Seller-funded downpayment assistance programs - codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.

VA loan limits - temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.

Risk-based pricing - puts a moratorium on FHA using risk-based pricing for one year. This provision does will be effective from October 1, 2008 through September 30, 2009.

GSE Stabilization - includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.

Mortgage Revenue Bond Authority - authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.

National Affordable Housing Trust Fund - Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.

CDBG Funding - Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.

LIHTC - Modernizes the Low Income Housing Tax Credit program to make it more efficient.

Loan Originator Requirements - Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.

For more information, visit http://www.realtor.org/governmentaffairs.

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For further clarification of the First Time Homebuyer Tax Credit, please see attachment.

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Seminars and upcoming events for your consideration:

Builder Blow Out Block Party, Friday, August 1, Residences of Atlantic East, Pompano Beach..... up to $10,000 in commissions.....see attached flyer

Women's Council of Realtors Casino Night, Thursday, July 31, Miami Chapter, see attached

Short Sale Seminars, Will Weaver is at it again: August 13, Palm Beach and August 15, Miami. See attached flyers

Mentor with the Millionaires Conference, September 20, Boca Raton Marriott. See attached.

Would you like to view more articles like this? Log onto: www.colonialtitle.us

Go to the Online Center and Click the Daily News and Advise button.

Knowledge is Power !

"Success does not create Happiness...Happiness creates Success...Be Happy"

Here's to your success,

Maria Elena Arias, CEO

Meyling Calero , VP

Venturing out within the Real Estate industry

Meyling Calero (Colonial Guaranty & Title, Inc.) — Fri, 25 Jul 2008 15:05:07 -0500

Hello,

I would like to first Thank those who have read my post for making me feel comfortable within the Activerain community. I am excited to be part of a community in which shows intrestes in ones hard work.

I am a Title agent for a South Florida Company, Colonial Guaranty & Title. We are a family owned firm and have been in the real estate closing business for more the 30 years. As the market contiunes to turn, we are starting to see tons of new opportunities with in the industry. its time to think out side the box.

Our firm handles mostly residential , commerical, short sale transaction and builder delevoper closings. As we all know this sector of the industry is at a halt. as a result , I am now venturing into REO Closing transtions and I am reaching out to the active rain members in hopes that i can make new connections and build new business relationships with in the REO / Forecloser market.

If you or anyone you know can advise me as to who i need to contact to become a preferred title agent for REO / Forecloser transactions, i will be more then greatly appreciative.

I have been in contact with a few banks and as a result I keep getting bounced around and getting no where.

I am hopes that becoming a member of active rain will help me and my business keep afloat in this unbeilevable market =)

Best regards,

How Top Producers Do Short Sales

Meyling Calero (Colonial Guaranty & Title, Inc.) — Wed, 23 Jul 2008 07:24:23 -0500

Dear Friends:

If you are involved in short sales (and who isn't today), this real estate update will provide you with very useful information that will result in a higher closing probability.

If you would like to attend one of our upcoming short sale seminars, please send me an email indicating your interest and I will make sure that you are included in the invitation list. Not only do we discuss the short sale process, but tips and strategies are provided as we come across them in our own negotiation process.

Your comments and suggestions are always appreciated. If you would like to publish an article or would like to contribute to our real estate update, please feel free to contact me.

And here is this week's update:

How Top Producers Do Short Sales

by Walter Sanford/Realty Times

Short sales are the most expensive aspect of any real estate transaction, due to the negotiations involved. It is extremely important to ask for more commission and reduce your time invested. It can easily be done by being more selective with the short sales you choose to work.

You will find the occasional exceptions to my "short sale rules" listed below; however, if you stick to these rules, you can be assured that you will have a short sale transaction with a high closing probability.

Walter Sanford's Rules to Taking Short Sales:

1. There is no secondary financing, liens, or judgments against the property, unless the second is part of a HELOC.

2. The seller did not originally defraud the lender by supplying incorrect information to induce the delivery of the loan in the first place.

3. The seller is willing and able to throw a few dollars toward the problem.

4. The sellers cares enough about the transaction to cooperate with the paperwork and showings necessary to complete the short sale. This is important because if the seller does not care about his or her credit nor care about rectifying the situation in a procedure other than a foreclosure, their motivation may wane in cooperating with the necessary steps for a short sale.

Once you have found this potential seller, it is imperative that they understand the short sale process, prior to your making a listing presentation so you can cut out the amount of explanation time necessary. Help with the learning curve by sending the following letter:

Date

Name Address City, ST ZIP

Name:

"Short payoffs" are becoming more prevalent in today's real estate market. What is a "short payoff?" It is when sellers ask the lender to accept less than what is owed because there is not enough equity left after closing costs on a market value sale. The lender does this in return for avoiding the complete foreclosure process.

It has been estimated that when a lending institution does implement foreclosure procedures (takes the foreclosure full term, obtains ownership of the property, prepares the property for market, markets the property and sells it), it may net as little as forty percent of the original appraisal after all costs are considered.

In order to alleviate this problem for the lender and save the credit of our clients, we have implemented a program of negotiating with lenders on a market-value sale. The customary practice is to list the property at a price that will generate a loss to the lender after closing costs. During this marketing period, the lending institution has little to do with the short sale. However, we do make sure that a file has been opened on the property and that the lender is at least aware of it and is willing to consider this prospect.

The lending institution is only interested in negotiating once an offer is received. By pricing this property at market value or a little bit less than market value, we should be able to obtain that offer and send it to the bank for their consideration.

Many things will be required from you at that time. First, a financial disclosure is required by the lender when considering your request for a short payoff. Obviously, this document should be truthful, but it is acceptable to include all of your discouraging economic news in this financial statement. I have included one on which you can start working.

Secondly, we will need a letter of explanation telling why you are requesting this short payoff, which may include your reasons for moving, how long the property has been on the market, the failure stories you have had with previous real estate agents, and any other disturbing circumstances that have prevented you from selling the property.

A third item requested is an authorization, and it works on your behalf toward this short payoff, meaning the bank must know that you have authorized Sanford Systems to negotiate the terms of the short payoff.

Finally, you are required to submit employment verification, pay stubs, or two years' worth of federal tax returns and verifications of deposits or bank statements for the last three months.

These documents will be required only when we actually receive an offer, but it would help to gather them now so that we can submit them immediately with the offer. Enclosed is a financial statement form and a self-addressed, stamped envelope for your return.

I have also included a list of terminology that you will be exposed to in the coming months and a financial statement that the bank will want to have completed.

Thank you for using Sanford Systems. Our experience is without equal in Long Beach, and we hope to prove to you that we are an asset and a resource to your real estate future with a goal toward building clients for life.

Sincerely, Walter S. Sanford
Sanford Systems

After arriving at a potential short sale listing presentation and assuming they have read the letter to become educated, the only items left to ensure are the following:

1. Your 8% commission 2. Make sure the listing sale is subject to the bank accepting a short payoff 3. Obtain a signature.

When you get back to the office, obtain a short sale package from the lender and start filing out the required paperwork. The property should be priced right to allow offers to start coming in quickly. You are not accepting offers from highest offer buyer, but instead from the buyer who is the most motivated. A motivated buyer in this market means that he or she has agreed to put down a much larger than normal deposit and be pre-qualified by a lender that you actually trust. I would ask my buyers to wait four months for a resolution to the short sale before they could cancel the contract.

I know that we went fast in this article, but if you apply these simple rules, you will be cutting out more than 60 percent of the short sale opportunities. On the remaining 40% that you work with, you will have a much higher closing ratio. When you use our systems and strategies, we want you to deal with transactions and leads from the "low-hanging" fruit. There are easier ways to obtain listings and closings, rather than going after the tough short sales.

Published: June 18, 2008