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6 MLSs agree to share data

By Inman News, Tuesday, November 3, 2009.

The six largest multiple listing services in North Carolina have joined forces in a data-sharing project that allows participants of any of the MLSs to display data from all six MLSs on a broker or agent Web site.

Dubbed Carolina Data Share, the initial members include: Brunswick County Association of Realtors, Carolina Multiple Listing Services Inc., North Carolina Mountains MLS, Triad MLS Inc., Triangle MLS Inc., and Wilmington Association of Realtors.  more...

House leader: Tax credit a go

By Inman News, Tuesday, November 3, 2009.

House Majority Leader Steny Hoyer says he expects his colleagues will support legislation now moving through the Senate to extend and expand the first-time homebuyer tax credit currently scheduled to expire at the end of this month.

The Senate on Monday voted 85-2 to place limits on further debate of HR 3548, a bill extending unemployment benefits that includes an amendment that would allow homebuyers to claim the credit on sales under contract before May 1. The vote to invoke cloture moves HR 3548 closer to a final vote in the Senate as early as today.  more...

Little house of septic system horrors

By Barry Stone, Tuesday, November 3, 2009.

DEAR BARRY: We bought our home about two years ago, and everyone said the septic system was OK. This was the first home we ever owned with a septic tank, so we didn't know any better.

A plumber was hired to inspect it, and no problems were found. But last week, the water main broke, the tank got flooded, and sewage backed up into the house. That's when we learned that the septic tank is under the concrete floor in the garage, the tank is collapsing, the leach field is under the driveway, and the water main is over the tank.  more...

Build wealth the Trump way

By Tara-Nicholle Nelson, Tuesday, November 3, 2009.
Image courtesy of <a href="http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470455829.html" target=blank>Wiley</a>.

Whether or not you're an aficionado of the get-rich-quick genre, you can't deny that the name Trump signifies smart, strategic and profitable real estate investments. Today's reality TV audience might primarily identify Trump as the possessor of an extremely swoopy comb-over or the frequent-bellower of "You're Fired!" But every time I'm tempted to give Trump less real estate street cred, which is always threatened with overshadowing by his reputation as the serial ex-husband or Rosie O'Donnell's staunchest foe, I remind myself of his initial real estate deal: buying the defunct Commodore Hotel for $10 million and rehabbing it into the Grand Hyatt, eventually selling his 50 percent share for $140 million (after securing $111 million in tax savings by way of a 40-year abatement he negotiated with New York City).

Note, though, that Trump didn't actually write this book.  more...

Google's got social game

By Gahlord Dewald, Tuesday, November 3, 2009.

Google has added a new tool: Social Search. Accessible via Google Labs, Social Search provides results culled from the searcher's social media graph.

Just as there are separate tabs in the normal Google search for images, blogs, video, etc., once you opt in to the Social Search experiment you'll see a new tab for social-enhanced search-engine results.

For now, I'd consider this tool pretty bleeding-edge: the requirements for opting in, creating a Google profile and logging in to your Google account will curb the initial group using this tool.  more...

Move restating $3.7M in expenses

By Inman News, Tuesday, November 3, 2009.

Realtor.com operator Move Inc. disclosed Monday that an error in a software program caused it to underestimate by $3.7 million the cost of providing stock-based compensation to its employees from the beginning of 2006 through June 30, 2009.

The programming glitch -- which involved eroneous assumptions about whether an employee's stock options would vest or be forfeited -- had no impact on cash from operations, the company said.  more...

Get real with unrealistic sellers

By Dian Hymer, Tuesday, November 3, 2009.

In some areas there is a shortage of desirable, well-priced listings. Sellers who don't need to sell now are waiting for a better market. Many sellers who would like to sell now have unrealistic expectations about what a buyer would be willing to pay for their home.

One approach if you like a listing that is overpriced for the market is to keep your eye on it and wait for a price reduction. The risk of this approach is that another buyer might come along and start a negotiation with the seller. It would be unfortunate if you were to find out later that the listing sold for a price that you would have been willing to pay.  more...

Think twice before buying rental

By Benny Kass, Tuesday, November 3, 2009.

DEAR BENNY: In approximately one year, my wife and I are going to sell our house and move to Arizona. Selling the house is not a problem, but we have decided to rent out the next property we buy, whether it be a house or condo. We have already inquired about a real estate agent and we have talked to a friend of a friend over the telephone. We intend to meet with him on our next trip to Phoenix this year.

My question is: How do we determine what an appropriate fee is for this agent's services? I know he will not do this house hunting for free, but is there a contract drawn up, is there a flat fee or is there a rate depending on the number of houses/units we look at? Are there other things we need to know ahead of time? --Patrick  more...