Just this week we had a client experience a problem with his loan that will cost him over $1,000 up front and a additional thousands over the life of the loan. The really sad part is that the whole situation was completely preventable. Basically what happened is the lender failed to secure the loan they said they had. Because this loan program had limited availability (time sensitive) the program essentially disappeared and as a result our client had to pay additional fees to secure another loan. We know that this is a people business and people make mistakes and this was clearly the case in this situation. The problem is that we had referred this client to several other lenders who we have strong and lengthy relationships with. Now, is it possible that the lender we referred could have made the same mistake? The answer is yes - they certainly could have. The issue is that if the same mistake had happened with our referral that lender would have been in a position to make amends or other compensation to not only right a wrong but they have a vested interest in keeping our business.

Think of it this way. If you are are obtaining a loan or any other kind of service from just someone out of the phone book who "seem" to have the better deal. It is likely that they operate on a purely transactional basis as opposed to a relational one. Said another way they are looking at this one transaction only and not the multitude of transactions you might do with them over the years nor the multiple transaction we refer to them every month. So if our business partners fail to keep you happy they are potentially loosing a large share of their business.

It is important to note that not just anyone can be a referral partner with us. They must have…

• The same relational values as we do.
• Be a senior person within their company.
• We have had first hand experience with their performance and communication skills.

Since our business depends on you and your your referrals, we give those people our highest level of service. Without you we have no business.

 Part time rant you ask what is that?  Well this post is about my industry.  Realtor’s to be more specific.  I am getting tired, very tired of trying to get Realtors to return phone calls - answer questions about client issues or contact them about all sort of professional issues – and you know why?  Their cell phones are disconnected, they don’t return calls for days or their brokerages have no idea where they are.  They are part time Realtors and in most cases their clients don’t even know they are part time. In my opinion if a client is not aware that their agent is part time they should have every right to cancel their representation agreement with them.  Oh did I say that – You bet I did!  There is no reason you should place your trust and confidence in representing your needs when you think that this is their profession when in fact they are “just trying it out”.  Give me a break!  Unfortunately there are many agents out there and very few professionals. 

Choose your agent carefully and ask lots of questions. This business is for the professionals only.

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This is a repost from Feb of this year.  It's even more topical now than it was then.

Shorts sales are a good opportunity for real estate investors.  The timing of completing this type of transaction involves an understanding of all the various components associated.  From who the lender is, who actually ownes the loan (investor) to the types of mortgage insurance associated.  These are just few of the topes we will discuss in the property selection process.  I have attached a good short sale investor video on this topic on my site.  Give it a whirl or just give me a call.

.Because of higher than expected inventory levels of Form 1040X, Amended U.S. Individual Income Tax Return, the processing timeframe is temporarily extended to 12-16 weeks instead of the normal 8-12 weeks. It is not necessary to contact the IRS regarding the status of a return; returns are being processed as quickly as possible.

 We are starting to see entry level homes ($140,000 and below) receive multiple offers on them and prices holding firm here in the Boise area.  Also I just got off the phone with a good friend and very experienced Realtor in So Cal who tells me they are seeing multiple offers (up to 30 offers in some cases) on their entry level properties and prices have climbed 10% in the last month on those home.  Phoenix has seen an increase in activity in the same category but not nearly the numbers or appreciation that So Cal has seen.

A B.P.O. or broker price opinion is an opinion of value for a bank or servicing company that is completed by a real estate broker.  These are often done when a bank needs a quick assessment of value to:

• Extend or reduce a credit line.
• Negotiating a short sale.
• Pre-foreclosure valuation.
• Update a lenders portfolio.

The broker completing these assessment are typically paid a flat fee by the institution ordering the opinion.  It is worth noting that Idaho State Law dictates that onlya  licensed broker can complete these and not sales associates.

Simply type in an address and instantly see results for Home Sales, Demographics, Schools and Houses of Worship.

Follow his link: http://www.move-up.com/Relocation/Neighborhood_Information/

Home sales:  See map overlay, sale date, distance from subject, bedrooms, bathrooms and year built.

Demographics: Median income, ranking by state and national, average ranking of income with children and without plus more.

Schools: Interactive map overlay with designations for private and public. Number of students, grades and distance from subject.

Churches: Interactive map overlay with denomination, distance from subject and details including phone number and address.

Weather: Each month is outlined with low, medium and high temperature and precipitation.

 Year to date 4/1/09 single family homes Builders permit value. Ranked by units.

1. CBH Homes            115      $18,875,952

2. Paradigm Constr       26        $3,020,100

3. Aspen Homes           18        $2,770,432

4. Hubble Homes         16        $3,124,849

5. Boise Hunter Homes 7          $1,963,053

6. DR Horton               6          $768,000

 At a glance:

·  The tax credit is for first-time home buyers only.

·  The tax credit does not have to be repaid (special provisions apply).

·  The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

·  The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

·  Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

Read the FAQ's about this Bill here.