Time is running out on the federal homebuyer tax credit, but there is still time to meet the deadline. Click the link below to read about some good tips you can follow:
http://www.bankrate.com/finance/mortgages/last-minute-homebuyer-tax-credit-tips-1.aspx
Friday, March 26, 2010
Wednesday, March 24, 2010
REO vs Short Sale
A listing cannot be both a SHORT SALE and a REO property. These are mutually exclusive fields.
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency. The Compensation Code field is not a required field however you can mark your listing as a Possible Short Sale by placing a “S” in this field.
Real estate owned or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. As soon as the bank repossesses the property, it is listed on their books as REO – Real Estate Owned – and is categorized as an asset. REO Property shall mean a property listed that is being marketed by a lender or subject to a lender or the lender’s authorized representative’s approval. This is a required field for SF, CN, MU, CI and LA property types.
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency. The Compensation Code field is not a required field however you can mark your listing as a Possible Short Sale by placing a “S” in this field.
Real estate owned or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. As soon as the bank repossesses the property, it is listed on their books as REO – Real Estate Owned – and is categorized as an asset. REO Property shall mean a property listed that is being marketed by a lender or subject to a lender or the lender’s authorized representative’s approval. This is a required field for SF, CN, MU, CI and LA property types.
Friday, March 19, 2010
The definition of CTS/Contingent and when to report
CONTINUE TO SHOW/ CONTINGENT – a listing that has ANY form of written sale/lease agreement, which documents a meeting of the minds and is signed by both the buyer/tenant and the seller/landlord, but that the seller(s) and listing agent have agreed should still be available for showings to other perspective buyers/tenants. A “CTS” listing will “Expire” when it reaches its Expiration Date or will automatically change to a
PENDING - status 31 days after being changed to CTS if it has not previously Expired. Section 7.9 Requirement to Report Accepted Offers. The Listing Broker/Agent must report to the Service all Listings on which a Buyer and Seller have arrived at “a meeting of the minds” which has been documented by a Binder, Offer to Purchase, Sales Agreement, Contract of Sale or similar document signed by both the Buyer and “Seller. Any such Listing shall be reported as appropriate, as either “Continue to Show,” “Pending,” “Hubbard Clause” or “Rented,” within two (2) business days after all necessary signatures of Buyer and Seller, or his/her/their authorized agent, have been obtained. Any violation of Section 7.9 is subject to “Third Tier” fines and penalties as set forth in Section 4 of Schedule C. The Listing Broker/Agent shall take all actions necessary to comply with the requirements of Section 7.9 within two (2) business days of written notification that Listing Broker/Agent is not in Compliance.
PENDING - status 31 days after being changed to CTS if it has not previously Expired. Section 7.9 Requirement to Report Accepted Offers. The Listing Broker/Agent must report to the Service all Listings on which a Buyer and Seller have arrived at “a meeting of the minds” which has been documented by a Binder, Offer to Purchase, Sales Agreement, Contract of Sale or similar document signed by both the Buyer and “Seller. Any such Listing shall be reported as appropriate, as either “Continue to Show,” “Pending,” “Hubbard Clause” or “Rented,” within two (2) business days after all necessary signatures of Buyer and Seller, or his/her/their authorized agent, have been obtained. Any violation of Section 7.9 is subject to “Third Tier” fines and penalties as set forth in Section 4 of Schedule C. The Listing Broker/Agent shall take all actions necessary to comply with the requirements of Section 7.9 within two (2) business days of written notification that Listing Broker/Agent is not in Compliance.
Thursday, March 11, 2010
Let's review...
The difference between a WITHDRAWN listing and a CANCELLED listing is:
WITHDRAWN – a listing that is still the subject of a valid listing agreement and would otherwise be available for sale, but is not being actively marketed on the MLS at the current time. A property subject to a Withdrawn listing IS NOT FREE to be listed by other agents.
CANCELLED – a listing which both the seller(s) and the listing broker have signed a written agreement, legally documenting their mutual agreement terminating an existing listing contract that has not reached its expiration date. The Cancellation agreement severs their obligations to each other. A property subject to a Cancelled listing IS FREE to be listed by other agents.
Please keep these definitions in mind when making changes to your listings especially in the case of properties taken over by a bank in a foreclosure situation. A listing taken over by a bank or financial institution needs to be marked as CANC.
WITHDRAWN – a listing that is still the subject of a valid listing agreement and would otherwise be available for sale, but is not being actively marketed on the MLS at the current time. A property subject to a Withdrawn listing IS NOT FREE to be listed by other agents.
CANCELLED – a listing which both the seller(s) and the listing broker have signed a written agreement, legally documenting their mutual agreement terminating an existing listing contract that has not reached its expiration date. The Cancellation agreement severs their obligations to each other. A property subject to a Cancelled listing IS FREE to be listed by other agents.
Please keep these definitions in mind when making changes to your listings especially in the case of properties taken over by a bank in a foreclosure situation. A listing taken over by a bank or financial institution needs to be marked as CANC.
Monday, March 8, 2010
50,000 Consumers and Counting
In just 21 months since rolling out Listingbook, GFC CMLS members have empowered over 50,000 of their clients and prospects by giving them accounts and adding them to our Listingbook community. By activating their accounts, buyers have the advantage of being able to conduct their own searches on the MLS, while sellers have an insider’s view of competitive listings, helping them strategically market their home for sale. Communication and collaboration between agents and their customers has never been easier or more comprehensive.
If you are not already taking advantage of all Listingbook has to offer, you are missing out.
If you are not already taking advantage of all Listingbook has to offer, you are missing out.
Tuesday, March 2, 2010
Home Prices/Sales in Connecticut are up
The prices for single-family homes climbed in January, and home sales in Connecticut increased for the fourth month in a row.
Read more on this by clicking the link to the article:
http://www.rep-am.com/articles/2010/03/02/business/469609.txt
Read more on this by clicking the link to the article:
http://www.rep-am.com/articles/2010/03/02/business/469609.txt
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