Coldwell Banker Schmidt Real Estate - Blog

News Alert from the National Association of REALTORS!!

Fred Schmidt — Thu, 05 Nov 2009 22:27:11 GMT

Congress Votes for Home Buyer Tax Credit Expansion

As of today – Thursday November 5 – Congress has passed a bill that includes an amendment

to extend and expand the homebuyer tax credit. This bill will be sent to President Obama for

his signature. The National Association of REALTORS® (NAR) has created a side by side

comparison of the homebuyer tax credit changes along with Frequently Asked Questions

about the anticipated new law.

Download NAR Issues Brief (right click, Save As to Desktop)
Download Frequently Asked Questions (right click, Save As to Desktop)
Learn more on REALTOR.org

This is a major victory for consumers, REALTORS® and the housing market. We applaud

NAR along with the Michigan public policy team and our federal political coordinators (FPC).

To view these liaisons from Michigan, click here.

Michigan Association of REALTORS
http://www.mirealtors.com/
720 N. Washington Ave
Lansing, MI 48906
USA
800-454-7842 800-454-7842

If you do not wish to receive this message please remove fred.schmidt@cbgreatlakes.com.

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Bank of America implements Short Sale Platform!

Fred Schmidt — Tue, 03 Nov 2009 09:57:49 GMT

BofA Implements Equator (REOTrans) Platform, as Short Sales Gain Ground

10/22/2009 By: Carrie Bay, reporter for DS News

California-based Equator (formerly known as REOTrans) says it has launched the industry's first-ever short sale module for a large national lender.

Although Equator declined to name the lender, the San Francisco Chronicle has reported that Bank of America is the company in question. A representative from BofA recently told the paper that they were using the Equator platform to manage the short sale process. "This is the first time that short sales have been handled through an electronic platform," said Equator CEO Chris Saitta. "With our new system, everyone works together in real time, dramatically improving communication and approval timelines for our client, its borrowers, vendors, and real estate agents."

Short sales, in which a lender and borrower reach an agreement to dispose of a property threatened by foreclosure at a price that is "short" of the amount owed on the mortgage, have become more popular among lenders lately as a viable method for dealing with distressed properties. According to Equator, the number of successful short sales has increased spectacularly across the country in the wake of the foreclosure crisis.

Kevin Kieffer, a Realtor in Danville, California, told the Chronicle, "A year ago I wouldn't touch a short sale. It would be random prices banks wouldn't agree to, you would be tied up six months hoping to get a property sold. But now we're seeing banks up front negotiating prices and giving us criteria. They're getting creative to make things move."

Equator says the keys to a successful short sale are accessibility, responsiveness, communication, and fulfillment. By adopting its short sale platform, the company says large lenders, such as the unnamed Bank of America, can ensure troubled borrowers have 24/7 access to a portal through which they can provide the necessary information to process a short sale and receive real-time status updates electronically.

"Short sales can be a daunting, complicated, frustrating task for everyone involved," Saitta said. "This fresh approach using our sophisticated platform makes it fast and efficient for all parties involved."

Equator's short sale module also automates decisioning for the lender, handles approvals for faster turnaround, provides quick fulfillment, and assures full compliance with government programs, Saitta said.

http://www.mortgageorb.com/e107_plugins/content/content.php?content.4561
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/10/20/BUOG1A5M2P.DTL

http://www.bayareainvestmentrealestate.com/2009/10/reotrans-now-handling-short-sales.html

Will the $8000 Tax Credit be extended?

Fred Schmidt — Mon, 26 Oct 2009 15:56:05 GMT

Passed by the House early in October was a bill extending the $8,000 home buyer tax credit next year for military, diplomatic and intelligence personnel serving overseas. This increases the likelihood that Congress will write an extension of the $8000 tax credit program into 2010 but of course there is no guarantee. Hopefully, lawmakers appreciate the tax credit program, currently slated to expire November 30, as a critical component in "saving and creating" jobs. The $8,000 tax credit for first-time homebuyers is scheduled to expire on December 1, 2009. However, in order to qualify, the transaction must be closed on or before November 30th, essentially leaving first-time buyers with less than 35 days to complete the process. At this point, this assumes a "Chinese Fire Drill" approach in order to take advantage of this program if you haven't already began the process. While the urgency of trying to find and close on a home before the deadline may seem stressful, it doesn't have to be, unless you want it to be a... "Chinese Fire Drill". “Yes, the tax credit is encouraging first-time homebuyers, but we’re concerned that people could miss out on this unique money-saving opportunity if they haven't anticipated the time necessary for closing,” said Coldwell Banker Schmidt Realtors General Manager Tom Gray. “While every home purchase is a unique experience, we are encouraging first-time homebuyers to be under contract within the next few days in order to participate in this "soon to not likely be extended"... Chinese Fire Drill.” Please assume your positions.

Coldwell Banker Shrugs off Lagging Market

Matt Case — Fri, 23 Oct 2009 15:54:10 GMT

Disregarding the notion that real estate isn't selling, the Coldwell Banker Schmidt Family of Companies has ranked 2nd in closed transaction among 1,228 Coldwell Banker Companies nationwide through the third quarter of 2009.

"We're seeing the drive of our agents and our investment in their success really pay off for our clients." said Mike Schmidt, President of The Coldwell Banker Schmidt Family of Companies. "As market conditions have changed, they've responded by educating themselves and, in turn, their buyers and sellers."

Schmidt further noted that "Even in a high tech world, it is relationships that matter. Our agents have long term relationships in their communities, and have a vested interest in the health of their local economy. We're learning new ways to communicate, to provide and share information online, and to capture what makes our region special and share that vision."

Coldwell Banker Schmidt has been busy developing corporate connections this year as well, including new relationships with Bank of America, Fifth Third Bank, Spectrum Health, General Electric, Wolverine Worldwide, and the State of Michigan among others.