More sellers are dissatisfied with their real-estate companies these days, griping mostly about the marketing of their home and some of the other services offered by the firm with which theyre working, according to a report released by J.D. Power and Associates this week. View full post on Yahoo! News Search Results for real estate

RISMEDIA, July 29, 2010—The Obama Administration recently announced expanded opportunities for public engagement on the future of our nation’s housing finance system, including Fannie Mae and Freddie Mac. These events, which will include a major conference in Washington, D.C., will help provide critical public input as the Administration continues its work developing a comprehensive housing finance reform proposal for delivery to Congress by January 2011.

“The future of our housing finance system is critical not only to our economic recovery, but also to millions of American homeowners in every corner of our country,” said Treasury Secretary Tim Geithner. “Now is the time to build on the foundation we laid with the historic Wall Street Reform legislation President Obama signed recently and aggressively move forward to improve our nation’s housing finance system. The Obama Administration is committed to delivering a comprehensive reform proposal that protects taxpayers, institutes tough oversight, restores the long-term health of our housing market and strengthens our nation’s economic recovery.”

“The Obama Administration is committed to engaging stakeholders and the public as we consider proposals for reforming the housing finance system,” said U.S. Housing and Urban Development Secretary Shaun Donovan. “The need for reform is clear and we want to listen to a wide range of views as we chart a course to a more robust and stable housing market that works for the benefit of the American people.”

In the months ahead, the Administration will continue to gather input from a broad cross-section of stakeholders through a variety of events. On August 17, 2010, the Obama Administration will host a Conference on the Future of Housing Finance in Washington D.C. at the Treasury Department. This event will bring together leading academic experts, consumer and community organizations, industry groups, market participants and other stakeholders for an open discussion about housing finance reform.

The Obama Administration has already begun the work of developing proposals for reforming our nation’s system of housing finance. In early 2010, Secretaries Geithner and Donovan delivered testimony before Congress on the Obama Administration’s ongoing work in this area and the broad principles that would guide those efforts.

In April 2010, Treasury and HUD issued a set of questions for public comment on the future of the housing finance system, which received more than 300 responses from a broad cross-section of consumer groups, industry groups, market participants, members of the public, think tanks and other stakeholders. These responses will help provide additional input and perspective as the Obama Administration moves forward to develop its comprehensive reform proposal.

For more information, visit www.hud.gov.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Copyright© 2010 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

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Real estate still faces headwinds, but there are indications the sector may be on the mend. Here are three ETFs for betting on real estate. View full post on Yahoo! News Search Results for real estate

RISMEDIA, July 30, 2010—A wide array of organizations including the American Land Title Association, the National Association of Realtors, AFSCME, Vote Vets, the Center for Responsible Lending, the Property Rights Alliance and the Institute for Liberty recently launched The Coalition to Stop Wall Street Home Resale Fees with an appeal to United States Secretary of the Treasury Timothy Geithner to ban dangerous Wall Street Home Resale Fees (also known as “private transfer fee covenants”), which have already been restricted in 17 states because of their adverse impact on homeowners and home buyers.

Members of the Coalition delivered a letter to Secretary Geithner and representatives at the U.S. Department of Housing and Urban Development, Federal Housing Finance Agency, Federal Trade Commission, Securities and Exchange Commission, Farm Credit Administration, Department of Veterans Affairs, Federal Reserve Board, Deferral Deposit Insurance Corporation, National Credit Union Administration and Office of Thrift Supervision, declaring their opposition to Wall Street Home Resale Fees and calling on the Obama Administration to ban their use.

“This dangerous new fee is a prime example of Wall Street investors trying to profit from unsuspecting homeowners,” said Kurt Pfotenhauer, President of the American Land Title Association. “We’re asking Secretary Geithner to stand up for Main Street homeowners and buyers and stop the use of Wall Street Home Resale Fees today.”

Manhattan-based Freehold Capitol Partners is leading the push to add these fees to home purchase contracts. The fees require that a percentage of the final sale price of a home be paid to a private third party every time the property is sold, typically for 99 years. Freehold is attempting to then sell the right to collect these fees on Wall Street.

“As the leading advocate for homeownership and housing issues, the National Association of Realtors strongly opposes home resale fees, or private transfer fees,” said Lucien Salvant, Managing Director for Public Affairs at the National Association of Realtors. “They add an unnecessary and unfair burden to the real estate transaction for either buyer or seller.”

The Coalition to Stop Wall Street Home Resale Fees has already been active, raising awareness about the issue and taking action to stop these dangerous fees.

To date, 17 state legislatures in Arizona, California, Florida, Hawaii, Illinois, Iowa, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Missouri, North Carolina, Ohio, Oregon, Texas and Utah have recognized the dangers of Wall Street Home Resale Fees and have restricted their use.

An official with the U.S. Federal Housing Administration confirmed that the government will not insure mortgages for properties with Wall Street Home Resale Fees and the U.S. Department of Housing and Urban Development confirmed these fees violate HUD’s regulations.

“At a time when state and local governments are cutting services to the bone, it makes no sense to force them to use tax-payer dollars to dole out unearned profits to Wall Street,” said AFSCME President Gerald W. McEntee. “This financial scheme is a pipedream for Wall Street and a nightmare for everyone else.”

“Owning a home has always been part of the American dream—for veterans and non-vets alike,” said Jon Soltz, Co-Founder and Chair of Vote Vets. “We fought to preserve the American dream for all, but these greedy Wall Street Home Resale Fees mislead homeowners and make that dream more difficult to attain.”

“This country has seen enough abusive financial practices to last a lifetime,” said Uriah King, Vice President of State Policy at the Center for Responsible Lending. “Now, yet again, homeownership and family wealth are at risk because of Wall Street’s unscrupulous practices.”

“One had thought that the concept of serfdom had been abolished centuries ago, but Wall Street is trying to re-introduce the concept through these near-perpetual fees,” said Andrew Langer, President of the Institute for Liberty. “When I own my home “free and clear” it means that I have the right to keep any profits through its sale. This practice forces a landowner into a third-party’s fiefdom, watering down individual rights in the process.”

The Coalition to Stop Wall Street Home Resale Fees has organized to fight the dangerous financial scheme of transfer fee covenants and to protect homeowners across the country.

For more information, visit http://www.stophomeresalefees.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Copyright© 2010 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

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California real estate license revocations hit new record in fiscal year ended in June California – Fiscal year – Real estate – Business – Law View full post on Yahoo! News Search Results for real estate

RISMEDIA, July 29, 2010—Reflective of the real estate buyers’ market conditions in many regions in the U.S., satisfaction with real estate companies among home buyers has improved from 2009, while satisfaction among home sellers has declined, according to the J.D. Power and Associates 2010 Home Buyer/Seller Study.

The study, now in its third year, measures customer satisfaction of home buyers and sellers with the largest national real estate companies. Overall satisfaction is determined by examining three factors for the home-buying experience: agent/salesperson; office; and variety of additional services. Four factors are examined for the home-selling experience: agent/salesperson; marketing; office; and variety of additional services.

Overall satisfaction among home buyers averages 803 on a 1,000-point scale in 2010—increasing by 12 points from 2009. This improvement is primarily driven by increased satisfaction with agents and salespersons. In contrast, overall satisfaction among home sellers has declined by 40 points from 2009 and averages 742 in 2010. Among home sellers, satisfaction has decreased in all four factors, with the largest declines observed in marketing of the home and the variety of additional services offered.

“Among both home buyers and home sellers, the importance of agents and salespersons has increased substantially in 2010, compared with 2009,” said Jim Howland, senior director of the real estate and construction practice at J.D. Power and Associates. “Buyers are increasingly relying upon negotiating skills of agents and seem to be satisfied with the purchase prices they are obtaining. Despite the fact that selling agents appear to be doing a good job of negotiating and marketing on behalf of home sellers, the tough economic conditions are negatively impacting their overall satisfaction with real estate companies.”

In the home-buyer segment, Keller Williams ranks highest for a third consecutive year, with a score of 817 on a 1,000-point scale. Keller Williams performs particularly well in the agent and office factors. Following in the rankings are Prudential (811) and Coldwell Banker (805). Prudential performs well in the additional services category.

Among home sellers, Prudential ranks highest with a score of 760 and performs particularly well in the marketing and agent factors. Prudential is the only company to improve in home-seller satisfaction in 2010, compared with 2009. Following Prudential in the rankings are Keller Williams (751) and RE/MAX (744). Keller Williams performs particularly well in the office factor.

The study finds that fewer than one-half of home buyers and sellers indicate their agent asked them to provide a referral or recommendation to a friend or family member.

“Positive recommendations are a critically important driver of new business for agents, and there is ample opportunity for improvement in this area,” said Howland. “Particularly during tough times in the real estate market, asking for referrals and recommendations should be considered an essential part of doing business.”

J.D. Power and Associates offers the following tips to consumers who are buying or selling a home:

- Finding the right agent to suit your specific needs is critical. J.D. Power research has consistently demonstrated that having the right agent is critical to a satisfying home-buying or -selling experience. Due to the unique nature of real estate transactions, clients often form bonds with their agents, as a single buying or selling transaction can take several months or more to complete. For customers who have previously bought or sold a home, the right agent might be someone they’ve worked with successfully in the past. For first-time buyers, seeking recommendations from friends, relatives and colleagues is critical. Increasingly, agents and brokers are advertising their services on the Internet, so this can be a good starting point for research, particularly for someone moving far away from their current location.

- In addition to a buying or selling agent, consider the additional services you may require. Buying and selling a home is a complex undertaking with many “moving parts” to consider. In addition to the real estate agent you work with, you may also need to work with a loan officer, a financial institution, title/escrow company, inspectors, appraisers, home warranty agents, movers, storage services, contractors, etc. One of the advantages of using a full-service real estate company is that they can assist with finding and coordinating some of these necessary additional services.

- For sellers, marketing one’s home should be a primary focus. In addition to finding the right agent, home sellers should pay special attention to tools used to market the home. When selecting an agent, find out their approach to open houses and online marketing, in particular. J.D. Power research finds that home buyers often search for homes online long before they engage a buying agent, or even attend an open house. Ask about which websites will contain the home listing, the number of home photos that can be included and if any special features will accompany the listing, such as virtual tours or mortgage calculators. Tools that assist prospective home buyers may help attract attention to the listing.

- For buyers, it’s important to understand the full cost of the home prior to making a purchase. It’s prudent for home buyers to establish a housing budget and to expect agents to show homes in the appropriate price range. Particularly for first-time buyers, it’s important to understand all the associated fees and expenses that go along with purchasing a particular home. These can include one-time expenses, such as ‘points’ that lower mortgage rates, title fees and appraisals, as well as ongoing expenses such as homeowners association fees, property taxes, or other specialized local taxes that can impact your monthly payments.

For more information, visit www.jdpower.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Copyright© 2010 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

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Real estate transactions worth QR314mn were made and registered with the real estate registration department under the Ministry of Justice between July 18 and 22, according to a weekly report issued by the department yesterday. View full post on Yahoo! News Search Results for real estate

RISMEDIA, July 28, 2010—The van line community lost a lot of drivers during the economic downturn, and that is creating a backlog this summer as van lines are unable to keep up with demand. In some cases, families are being put on wait lists for up to two months. That can be a pretty stressful situation…especially if a deal can fall through because the homeowners weren’t able to vacate by close date.

To ensure homeowners have a stress-free move and you have a stress-free closing, here is some advice:

Get quotes now. Know options so clients are ready to book when they receive an offer.

Set a date. Schedule with chosen van line as soon as possible.
Be prepared. See the tips below to get ahead of the game and tie up loose ends.

Create a Household Inventory
One of the great benefits when planning a move is the opportunity it provides to take stock of the items you have acquired over the years.

This can be done by creating a household inventory—a detailed descriptive list of household goods showing the number and condition of each item.

In addition to ensuring all belongings arrive at their destination, the inventory list is invaluable in the event of natural disasters, fire or theft.

An up-to-date, accurate record of all important documents and household goods goes a long way to providing peace of mind on moving day—and beyond.

Important Documents
Get all critical documents together and have copies made. Keep all original documents with you throughout the move, including:

-Birth Certificates
-Marriage Licenses
-Social Security Cards
-Insurance Policies & Wills
-Deeds & Titles
-Stock & Bonds Certificates
-Household inventory list

Record Belongings

Make a record of your belongings. Use a video camera and a digital camera to create an accurate visual record of goods and their condition.

-Record the total amount paid for an item and where it was purchased (this is where saving receipts comes in handy).
-Record serial numbers and brand names for all electronics.
-Record any distinct features regarding the items being recorded.
-Record expensive pieces of clothing, kitchen items, tools and anything else of value.
-Make copies of your inventory list when completed. And, give copies to your insurance agent.

This inventory can be used in the event of a fire or other disaster. Serial numbers, values, where they were purchased and photos of said items can help you in the event of a recovery need.

Save a copy in a secure location online, or give to a friend or relative in case you lose the original.

Be sure to keep the originals with you on moving day with your other important papers.

And Don’t Forget Houseplants
Decide what you want to do with houseplants. You can either move them yourself (look into rules and regulations regarding transport of houseplants across state lines first), or you can give them as gifts to friends or family.

Pets
Take your pets to the vet and make sure all of their shots are up-to-date. Carry all appropriate documentation with you and your pets on move day. Ensure that rabies tags are attached to your pet’s collars along with contact information in the event your pet gets away from you in unfamiliar surroundings.

Retrieve & Return
Retrieve your items from the cleaners and from storage. Return all library books and rented movies.

Return items you have borrowed and collect items that have been borrowed. Get items from safety deposit boxes and close accounts and arrange for new accounts at your destination.

With a little advanced planning, a family relocation can be a fun adventure for the parents, kids and their Realtor.

For more tips and checklists on moving, visit www.moveadvocate.com/tips, or call 800-617-1918 and ask to speak with a move advocate.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Copyright© 2010 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

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Real estate corporate finance expert, Nick Sanderson, joins Deloitte to head up the firms real estate corporate finance advisory business. View full post on Yahoo! News Search Results for real estate

RISMEDIA, July 27, 2010—The Home Buyer Tax Credit proved to be a valuable stimulus to the troubled U.S. housing industry. The only catch: those who qualified had to be under contract by April 30, 2010, and close by June 30 (editor’s note: at press time, the federal government had extended this closing deadline to September).

In the months leading up to the contract deadline, existing home sales increased steadily and, according to NAR data released in May, they jumped 7.6% from March to April, showing a 22.8% increase from April 2009 figures.

Now, with both tax credit deadlines past, real estate professionals can help maintain the recent momentum by keeping buyers motivated. Truth is, the tax credit was one of many incentives to enter the market in the past two years—and several of those advantages still exist for qualified buyers. Remind your customers that it’s still a great time to buy. Here are some key points to highlight for them:

Low Home Prices

Although there is widespread agreement in the industry that the housing market has reached the bottom, home prices aren’t expected to spike upward. Instead, they’re likely to skip along the bottom into 2011. They will continue to decline in some markets and creep up in others. As long as buyers remain diligent in the home search over the coming months, possible pricing fluctuations won’t have a dramatic effect on their property options.

Low Interest Rates
Interest rates on 30-year, fixed-rate mortgages hit a five-month low of 4.93% in May, and as of early June the rates were holding steady below 5%. Financial concerns over the growing debt crisis in Europe have stemmed discussions in the U.S. of raising rates. The historically low rates will save home buyers thousands and thousands of dollars over the life of a loan, which arguably is reason enough to enter the market.

Other Tax Benefits
The U.S. Home Buyer Tax Credit was temporary, but there are other tax benefits that buyers can continue to count on for the foreseeable future. Property taxes, mortgage interest payments and mortgage insurance premiums are qualified deductions that can help reduce many homeowners’ tax liability. For eco-conscious homeowners, purchasing energy-efficient appliances and making other green upgrades can mean a tax credit up to $1,500. For more information, be sure to visit www.irs.gov or consult a tax professional.

Encourage your buyer clients to focus on today’s favorable home buying conditions, instead of looking back with regret. It’s worth sitting down with them to recap the benefits of buying over renting. Tax credit or no tax credit, homeownership is part of the America dream—and it’s alive and well.

Margaret Kelly, CRB, is chief executive officer of RE/MAX LLC.

For more information, visit www.remax.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Copyright© 2010 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

View full post on RISMedia » Home Buying 101