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Company seeks ruling on real estate pay advances Premium Content

By Glenn Roberts Jr., Tuesday, August 29, 2006.

The Kansas Supreme Court has agreed to consider a case brought by a company that advances payment to real estate agents based on anticipated sales commissions.

The company, Commission Express of Kansas City, appealed to the state Supreme Court after a district court in October 2005 ruled that the company's real estate commission agreements are invalid under state code and violate state limitations on garnishments.

The parent Commission Express company, which has 71 franchise offices in 40 states, has advanced about $  more...

Commercial, multifamily loan originations up 17%

By Inman News, Tuesday, August 29, 2006.

Commercial and multifamily mortgage bankers' loan originations were 17.3 percent higher than the second-quarter-2005 level, according to a Mortgage Bankers Association report released today.

The year-over-year increase during the second quarter was led by solid gains among all property types, while commercial banks led the increases among investor types.  more...

L.A. industrial space to get condominiumized

By Inman News, Tuesday, August 29, 2006.

Precision Properties negotiated the sale of a 129,000-square-foot, multitenant industrial facility on 5.5 acres in Sun Valley, Calif.

The value of the transaction was $13.8 million.

A San Fernando Valley developer/investor, ACC/CLYMEMBERS LLC, purchased the property with plans to convert it into industrial condominiums. North Hollywood-based Clybourn Properties LLC sold the asset.

The property, located at 7606-7660 Clybourn Ave. and 7605 and 7616 Wheatland Ave., currently provides units from 5,000 to 30,000 square feet.  more...

Bascom buys housing outside Denver

By Inman News, Tuesday, August 29, 2006.

The Bascom Group LLC recently purchased Greenbriar at Saddle Rock, a 292-unit luxury apartment community in Aurora, Colo.

The value of the transaction was approximately $31.8 million, or $108,733 per unit.

Fairfield Stonebriar L.P. sold the property, which is located at 22159 East Ontario Drive.

Greenbriar was constructed in October 2002 as part of the master-planned community of Saddle Rock and encompasses more than 19 acres. Property amenities include a clubhouse, fitness center, pool, spa, and detached garages.  more...

New software aims to sniff out real estate closing fraud

By Inman News, Tuesday, August 29, 2006.

An Internet-based software system that aims to address the growing problem of mortgage fraud debuted this week.

Mountain Lakes, N.J.-based Ciercus Systems' new product combines mortgage closing data collection and warehousing with closing agent registration and real-time access to executed closing documents.

Earlier this month, the company announced a certification program for closing agents through its subsidiary, Professional Assurance, and dozens of real estate professionals have registered with the system to obtain certi  more...

Real estate agents turn words into profits Premium Content

By Howard Brinton, Tuesday, August 29, 2006.

All top professionals must practice their skills relentlessly in order to stay at the top of their game. Actors must rehearse their lines hundreds of times before performing for an audience; airplane pilots are required to complete hundreds of hours in flight simulators before their first flight; and most professional athletes endure countless hours of rigorous training in order to have an extra edge on the competition. This same "practice makes perfect" philosophy also holds true for successful real estate agents.  more...

Partnership aims to digitize real estate

By Inman News, Tuesday, August 29, 2006.

DocuSign and eOriginal this week announced a partnership that promises further progress in cutting paper from consumer loan processes.

DocuSign provides electronic signatures services, while eOriginal provides electronic contracting software.  more...

Former HomeGain chief heads to ZipRealty

By Inman News, Tuesday, August 29, 2006.

Richard Sommer, former CEO for HomeGain, has been hired to serve as the new CEO for ZipRealty and will start work Sept. 6, ZipRealty announced today. He replaces Eric A. Danziger, who stepped down Aug.  more...

Real estate purchases approach 3-year low

By Inman News, Tuesday, August 29, 2006.

Despite a sixth straight week of increased refinancing activity, overall mortgage applications dipped 0.9 percent last week on a seasonally adjusted basis from the week before, the Mortgage Bankers Association reported today.

The seasonally adjusted purchase index fell for a third straight week -- down 1.6 percent to 375.9 from 382.2 the previous week -- and is now at its lowest level since November 2003. The refinance index, however, edged up to 1,609.2 from 1,608.5 one week earlier, and has been positive in each of the last six weeks.  more...

Overnight real estate rates go nowhere

By Inman News, Tuesday, August 29, 2006.

Long-term mortgage interest rates were unchanged Tuesday, and the benchmark 10-year Treasury bond yield dipped to 4.78 percent.

The 30-year fixed-rate average held at 5.97 percent, and the 15-year fixed-rate remained at 5.68 percent. The 1-year adjustable was up at 5.35 percent.

The 30-year Treasury bond yield remained at 4.93 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...

'Last hoorah' for real estate print ads

By Matt Carter, Tuesday, August 29, 2006.

Real estate companies spent more on newspaper advertising in the early part of 2006 than they did last year, but did so grudgingly, according to a survey that predicts the demise of print real estate ads.

The Newspaper Association of America reports that first-quarter revenue for print classified real estate advertising was up 26.3 percent compared to last year.

But Realtors say they buy print ads because their customers expect them to, not because they produce results, according to a survey by Florida-based Classified Intelligence LLC and Realty Times.  more...

Vacation homes reel in cash with hot tubs

By Tom Kelly, Tuesday, August 29, 2006.

You've found a place in the sun, but you can't use it all the time. If you were going to rent it out -- perhaps to offset maintenance and mortgage costs -- what would be the best thing you could do for the place?

"Add a hot tub," said Bill May, whose Sunspots Inns, Resorts & Rentals owns and maintains more than 100 resort and rental properties in Hawaii and the mainland.

"It's a four-season amenity and something people really like to have available even though they might not use it.  more...

Pooled water under home raises red flag

By Bill and Kevin Burnett, Tuesday, August 29, 2006.

Q:I just purchased a home and have noticed that I have a major problem under the house. Water is pooling up and making it a muddy mess. There are even mushrooms growing there.

My first inclination would be to install a French drain, but I want to talk with an engineer before I do that.  more...

Parking lot mishap inspires absurd lawsuit

By Robert Bruss, Tuesday, August 29, 2006.

Peggy Lampert was a customer of the One-Half Off Card Shop at the Minges Creek Shopping Center. After she left the card shop, as she was walking to her car in the parking lot, she slipped and fell, causing serious personal injuries and damages.

She sued the shopping center owner and the card shop. The state trial court dismissed the card shop from liability because the card shop did not legally have control over the sidewalk or parking area where Lampert's injury occurred.  more...

Legal loophole may let widow sell home tax-free

By Robert Bruss, Tuesday, August 29, 2006.

DEAR BOB: My mother-in-law was recently widowed at age 60. She is considering a move from her primary residence. She will owe capital gain tax on the sale and wishes to eliminate such tax. Could she move out of the home, rent it for a brief while, and then do an Internal Revenue Code 1031 tax-deferred exchange without incurring tax on the eventual sale? We are familiar with the Internal Revenue Code 121 use test for 24 of the 60 months before the sale, but how long must a home be rented before it qualifies for an IRC 1031 tax-deferred exchange?  more...