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Bank of America offers relo assistance to short-sellers

By Inman News, Tuesday, May 15, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=83962075">Bundles of cash</a> image via Shutterstock.

Bank of America says it will provide up to $30,000 in relocation assistance to delinquent borrowers who work with the bank to obtain a preapproved short-sale price before submitting purchase offers.

Short sales must be initiated by the end of this year and close by Sept. 26, 2013, to be eligible for the payments, which will range from $2,500 to $30,000 at the completion of a qualifying short sale. Payments will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed and other considerations, Bank of America said in announcing the program.  more...

Renters complicate condo financing

By Benny Kass, Tuesday, May 15, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=71187391" target=blank>Money in handcuffs</a> image via Shutterstock.

DEAR BENNY: Four years ago I bought the cheapest condo in town, intending to buy a house soon. However, I learned that our complex doesn't qualify for mortgages that Fannie Mae would repurchase because landlords own more than half of the units in the complex.

What can we do to change our rules to make owner-occupancy go over 50 percent since landlords own the majority of units now? --Russel

DEAR RUSSEL: Many associations throughout the country are facing this exact problem. Fannie Mae, Freddie Mac and especially the Federal Housing Administration (FHA) have been so "spooked" by the number of association foreclosures -- especially in California, Nevada and Florida -- that they all have tightened up the qualifications one needs to buy (or refinance) a unit in a community association.  more...

Homeowners fined $7K for backyard apartment

By Barry Stone, Tuesday, May 15, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=69734962" target=blank>Money due</a> image via Shutterstock.

DEAR BARRY: We bought our home seven years ago. Recently, the county building department informed us that the studio apartment in our backyard was built without a permit. Neither the sellers nor our home inspector informed us about this, and we are now forced to spend more than $7,000 in retroactive permits and fines to fix something we did not do and were not made aware of. Is this something that we should be liable for, or should we hire a lawyer? --Ann

DEAR ANN: If the sellers owned the property when the structure was built, they should have disclosed the lack of a building permit. Whether they are still liable after seven years is something you'll need to find out from an attorney.  more...

3 ways to turn your 'quirks' into strengths

By Tara-Nicholle Nelson, Tuesday, May 15, 2012.
Book cover image courtesy of <a href="http://www.randomhouse.com/book/209890/better-than-normal-by-dr-dale-archer/9780307887467/" target=blank>Random House Inc.</a>

Book Review
Title: "Better Than Normal: How What Makes You Different Can Make You Exceptional"
Author: Dr. Dale Archer
Publisher: Crown Archetype, 2012: 256 pages; $25

Recently, I asked some people in my circle what they most want to change in their lives. One young real estate agent expressed the following:

"I tend to think people see me weak when I am strong, dumb when I am smart, hard when I am soft (or vice versa). I find myself thinking that people see me as a 'little girl' in the big world of business, so I fear I am not always taken seriously."  more...

Top 20 metros with biggest jumps in affordability

By Inman News, Tuesday, May 15, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=57721813">Dayton, Ohio</a>, image via Shutterstock.

A U.S. housing affordability index compiled by the National Association of Realtors reached a record high in the first quarter.

NAR's affordability index gauges whether a median-income family could qualify for a conventional mortgage loan on a median-priced, existing single-family home. The index takes into account mortgage interest rates and assumes a 20 percent down payment and a monthly principal and interest payment not exceeding 25 percent of the gross median family monthly income.  more...

WellcomeMat awarded video patent

By Matt Carter, Tuesday, May 15, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=57721813">Arrows</a> image via Shutterstock.

After a five-year application process, online video publishing and distribution platform WellcomeMat has been awarded a U.S. patent for the process it uses to chapter videos -- a technique the company expects will revolutionize the way consumers find, watch and share videos.

Streaming video is often touted as an ideal medium for marketing homes for sale. But few real estate listing portals are set up to take full advantage of it, said WellcomeMat co-founder Christian Sterner.  more...

You've planned for the future: Now what? Premium Content

By Gahlord Dewald, Tuesday, May 15, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=3421448">Hedgehog</a> image via Shutterstock.

Last December I wrote an article about scenario planning that was inspired by a friend's question about real estate professionals being replaced by technology.

With the National Association of Realtors Strategic Planning Committee meeting today to discuss scenario planning, I figured now would be a good time to write about what you do after a scenario planning session.  more...

Sotheby's International Realty signs first Brooklyn affiliate

By Inman News, Tuesday, May 15, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=57721813">Park Slope, Brooklyn, brownstone</a> image via Shutterstock.

Sotheby's International Realty Affiliates LLC has its first Brooklyn, N.Y.-based affiliate, Warren Lewis Realty LLC, a 28-agent luxury brokerage with offices in the Park Slope and Williamsburg neighborhoods.

The brokerage, which is independently owned by Aroza Sanjana and Jose F. Nunez, will now operate as Warren Lewis Sotheby's International Realty.  more...

5 popular options for cloud storage

By Tom Flanagan, Tuesday, May 15, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=83059756">Cloud computing</a> image via Shutterstock.

The explosion of mobile has had a tremendous impact on the real estate industry. Smartphones and tablets allow us to stay connected and access data whether we're in the office, hosting an open house or on the road with clients.

But when it comes to storing data in the cloud, there are many choices available. All of the tech titans -- including Apple, Microsoft and most recently Google -- offer cloud storage products. Google recently introduced its new service, Google Drive, and I've spent the last week putting the app to the test.  more...

Texas brokerage goes paperless

By Inman News, Tuesday, May 15, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=57721813">'Paperless' function key</a> image via Shutterstock.

A 13-office, 350-agent brokerage in Texas is now processing all of its files on a new paperless platform that's powered by the SureClose transaction management system.

The platform adopted by Heritgage Texas Properties is a collaboration between PropertyInfo Corp. and the Houston Association of Realtors (HAR), which customizes the SureClose system for HAR members.  more...