Single-family homes and condos had better sales and prices in February 2010 vs. last year at the same time in Connecticut.
Read more by clicking the link below:
http://www.dsnews.com/articles/residential-real-estate-market-is-picking-up-in-connecticut-2010-04-07
Thursday, April 15, 2010
Tuesday, April 13, 2010
New England Regional Conference
The National Association of Real Estate Brokers (NAREB) New England Regional Conference will be held at the Hilton Hartford Hotel, April 22-24. The conference will provide professional training designed to provide you with cutting edge advantages and industry insights. You will learn how to develop a unique selling position that will differentiate you from your peers. The conference will provide opportunities to network with Lenders, REO, State & Gov. Officials, Community Leaders and the Public thus giving you the opportunity to advance your business ventures and increase profit margins. Complete information including the conference schedule and registration form are available at: http://www.narebregion1.com/Regional-Conference.html
Friday, April 9, 2010
RE/Xplorer Labels
LPS has just loaded code to the system that vastly improves the functionality when you print tax or membership mailing lables from RE/Xplorer. This upgrade includes the ability to see a print preview of the labels before you send them to the printer.
Market Areas
Did you know that there is a complete list of all towns and their corresponding market areas listed on our website under RESOURCES?
When used properly, the MARKET AREA field is a great way to market your listing as well as help your fellow agents narrow their searches. Please try to be as accurate as possible when choosing a market area for your listings ,especially if you are not familiar with the town.
Each town within our service area is broken down into geographic market areas, which have their own unique code. Each town also has its own unique NONE area, which should be used if your listing does not fall within any of the established areas. Make sure to use the NONE code that corresponds to the correct town. If you enter the wrong NONE code, your listing will appear in the wrong town.
When used properly, the MARKET AREA field is a great way to market your listing as well as help your fellow agents narrow their searches. Please try to be as accurate as possible when choosing a market area for your listings ,especially if you are not familiar with the town.
Each town within our service area is broken down into geographic market areas, which have their own unique code. Each town also has its own unique NONE area, which should be used if your listing does not fall within any of the established areas. Make sure to use the NONE code that corresponds to the correct town. If you enter the wrong NONE code, your listing will appear in the wrong town.
Friday, March 26, 2010
Tax Credit for Homebuyers
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
http://www.bankrate.com/finance/mortgages/last-minute-homebuyer-tax-credit-tips-1.aspx
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.
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