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Seconds count in short sales

By Tara-Nicholle Nelson, Friday, July 30, 2010.

Q: I signed a contract to buy a short sale in January 2010. The owners filed for bankruptcy and I was told that the agent was a short sale specialist and they had a bankruptcy lawyer.

The sellers' bankruptcy went to court and was made official a few months ago. Last month, the contract was approved (by the bank), but I was just now told of a second lien for over $100,000 with (another company)! Now, I'm told we're waiting to see if the other company will approve the short sale.

A month has lapsed, with no word from anyone. I was told that the bank offered the (second lender) $3,000 to pay off the second mortgage, which seems to be the norm. I have basically no input on this deal and I am pretty much left in the dark. So here are my questions:  more...

Debunking the 'timing the market' myth

By Frank Borges LLosa, Friday, July 30, 2010.

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Think twice about website names

By Matt Carter, Friday, July 30, 2010.

Agents and brokers using social media to grow their business are taking notice of Facebook's deletion of a real estate broker's referral network after the National Association of Realtors objected that it included the Realtor trademark in its domain name.

Although Facebook has reinstated the page with a new domain name, the incident not only demonstrates the importance of choosing a website address carefully, but of not becoming too dependent on any one social media site, the broker and other social media experts agree.

While NAR's interest in the Facebook site seemed to surprise some, it was just the latest in a history of actions by the trade group spanning several decades to protect its legal rights to the Realtor trademark.  more...

Pioneering FSBO company files for liquidation

By Inman News, Friday, July 30, 2010.

A Florida-based company that helped for-sale-by-owners market their properties around the country has reportedly filed for liquidation.  more...

Can we borrow our way out of debt? Premium Content

By Lou Barnes, Friday, July 30, 2010.
Flickr photo courtesy of <a href="http://www.flickr.com/photos/mshades/2548279912">MShades</a>.

The end of July usually marks the quietest time of the year for markets. Big-shot bankers are away from trading desks, presumably loading up for August in the Hamptons.

This year isn't so quiet. The slowdown beginning in May is now more trend than air pocket, and every new data point matters. This morning's news of sub-par second-quarter U.S. gross domestic product (up 2.4 percent, with half of that by inventory accumulation) has hit stocks and helped bonds and mortgages.  more...

Machismo and architecture

By Arrol Gellner, Friday, July 30, 2010.
Flickr photo courtesy of <a href="http://www.flickr.com/photos/jamiecat/4331571413/">Jamiecat *</a>



Arrol Gellner
Inman News

When it comes to aesthetic matters, a lot of men seem almost embarrassed to express their opinions. That's not too surprising, considering the longstanding stereotype of males who deal with the look of things. Architects, designers and other aesthetes are typically seen as being, shall we say, a long way from the guy on the Brawny package. You needn't look any further than the popular media to find them routinely depicted as effete prima donnas.  more...

Buyer beware when home lacks permits

By Paul Bianchina, Friday, July 30, 2010.

It's an all too common situation. You find a perfect home for sale in an ideal neighborhood. It's been beautifully remodeled, and it has everything you've been searching for. Even the price is right. Something tells you it might be too good to be true, but you put in an offer anyway, and it's accepted. You start doing all the paperwork, and sure enough you discover the catch that you always somehow suspected was there.

The sellers did all of that remodeling work without any building permits.  more...

QR codes: a mobile entryway for real estate listings

By Inman News, Friday, July 30, 2010. qrcode

Real estate marketing is getting ever more mobile, but one of the most effective tools an agent has is still that iconic, printed yard sign.

For those agents interested in directing potential clients from printed materials to the ever-ubiquitous smart phones in their hands, startups specializing in QR (Quick Response) codes are springing up.

A QR code is essentially a two-dimensional barcode that can be read by smart phones or dedicated QR readers, similar to the codes scanned at a store checkout.

The codes can be attached to printed materials -- such as yard signs, flyers, postcards, business cards, etc. -- and consumers can snap a picture or scan the code through a mobile application on their iPhone, BlackBerry, Android or other mobile device.  more...

Can landlord tap rent when damages exceed deposit?

By Janet Portman, Friday, July 30, 2010.

Q: The rental market in my city is tight, and it's common for applicants to offer many months' prepaid rent as an incentive for landlords to rent to them. I accepted six months' rent from a couple who signed a year's lease, then left after a few months. The damage they left behind was more than the security deposit could cover. Can I use the balance of the prepaid rent to make up the difference? --Judd T.

A: Sorry to begin on a note of disappointment, but I sure wish you had told us that your lease specifically states that prepaid rent may be applied to rent and to any other sums due under the lease. If the lease had included a provision like this, then you would be able to use the prepaid rent to cover damage caused by the tenants.

Because the lease makes the tenants financially responsible for damage, the cost to repair that damage becomes a "sum due under the lease."  more...

Clinging to the social Web

By Inman News, Friday, July 30, 2010.

Derek Overbey, senior director of marketing and social media for real estate search site Roost.com, will share his views on lead conversion and online marketing during a session at a daylong Agent Reboot conference next week.  more...

No need for another tax credit

By Steve Bergsman, Friday, July 30, 2010.

The federal homebuyer tax credit is fading away, and it won't be missed by all.

It looked good on paper: an $8,000 tax credit for first-time buyers and $6,500 for existing homeowners buying a new house.

And, the general consensus is the tax credit helped a lot of first-time buyers enter into homeownership, which a majority of folks still think is a good idea -- despite the destruction of the financial markets and encompassing recession that has forced millions into foreclosure.  more...

Make your WordPress site iPad-friendly

By Inman News, Thursday, July 29, 2010.
Flickr image by <a href="http://www.flickr.com/photos/mpimagery/4564521012/">Mat Packer</a>.

PadPressed, a plug-in for website platform WordPress, can make any WordPress site function like a native iPad app.

The plug-in allows readers to "swipe to advance" -- navigating to next or previous articles using finger motions; switch between categories by touching a large icon associated with the categories instead of using dropdown menus or text links; and share content via e-mail and built-in social networking options like Twitter and Facebook.

The plug-in also makes the website "accelerometer aware," so that it can switch between landscape and portrait modes depending on the orientation of the iPad.  more...

How to cancel exclusive buyer-broker agreement

By Tara-Nicholle Nelson, Thursday, July 29, 2010.

Q: If I sign a "Buyer Representation Agreement -- Exclusive" (form), can I cancel it at a later date? --Igor, California

A: That depends. Every year, more and more buyer's brokers require their clients to sign an exclusive buyer representation agreement before they invest lots of time and gas money into the enterprise of helping them house hunt.

Sometimes this is because the agent has been burned by disloyal clients seeing a home with them, but then writing the offer with their cousin the agent, or with the listing agent, in an effort to get a rebate.  more...

Put property listings in a lot of places

By Bernice Ross, Thursday, July 29, 2010.

Is it enough to publish your listings on your company website, your personal website, the multiple listing service, and Realtor.com? If you want to provide maximum exposure to the marketplace for your sellers, then the answer is an overwhelming "No!"

Statistics by Web research firm comScore, shared with Inman News by Realtor.com-parent  Move Inc., show that the top two real estate websites for total unique visitors -- Realtor.com and Zillow.com -- together accounted for about 17 million unique visitors in May 2010.

What is surprising is that the majority of each site's Web visitors did not visit the other site that month, according to comScore data.  more...

NAR seeks federal ban on private transfer fees

By Inman News, Thursday, July 29, 2010.

A coalition of consumer advocates, unions and real estate industry groups is seeking a federal ban on private transfer fee covenants, a technique used to finance the capital costs of some new developments through fees that are collected every time a home changes hands.

Proponents say the technique -- also known as reconveyance financing -- can make new homes more affordable by spreading the costs of building a subdivision's infrastructure out over time. The fees, usually 1 percent, "run with the land" and are typically in force for 99 years.

Critics -- including the National Association of Realtors, the American Land Title Association, the Center for Responsible Lending and the American Federation of State, County and Municipal Employees (AFSCME) -- have banded together as the "Coalition to Stop Wall Street Home Resale Fees."  more...

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