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Debating fairness of upfront tax credit

By Tara-Nicholle Nelson, Monday, June 8, 2009.

If you've been reading this column since it started a few weeks ago, you by now have realized that I have a lot to get off my chest. So much so that I never took the time to introduce the new column and its subject matter, which is somewhat different from my normal real estate consumer advocate-cheerleader material.

However, the May 29 announcement of U.S. Housing and Urban Development Department Secretary Shaun Donovan's decision (after much very public dithering) to allow homebuyers to use the $8,000 first-time homebuyer tax credit upfront, toward their down payment and/or closing costs, was such a pure manifestation of behavioral economics in practice that it reminded me to circle back and do a proper introduction to this "Mood of the Market" column.  more...

Real estate's perfect storm? Premium Content

By Bernice Ross, Monday, June 8, 2009.
Flickr image by <a href="http://www.flickr.com/photos/coreburn/2930510460/" target=blank>CoreBurn</a>.

This year's National Association of Realtors midyear conference was packed with information that can help your business. Today's column covers some important highlights.

1. The perfect storm
Robert Sibcy of Sibcy Cline Realtors argued that we are in the exact opposite of the "perfect storm" for real estate. Sibcy contends that now is absolutely the best time ever to purchase real estate. Consumer confidence is increasing, the housing affordability index is the best it has been in 40 years, and interest rates are hovering around 5 percent.  more...

More options for Home Affordable refis

By Inman News, Monday, June 8, 2009.

Homeowners seeking to refinance a mortgage owned or guaranteed by Freddie Mac under the Obama administration's Making Home Affordable program will soon be able to use any lender affiliated with Freddie Mac, and roll up to $5,000 in closing costs into their new mortgage.  more...

Check permits before purchase

By Dian Hymer, Monday, June 8, 2009.

It can be a hassle to go through your local building department permit procedure when you make changes to your home. You or your contractor must apply for permits, pay fees and meet building inspectors to approve the work in progress. Sometimes there are complicating factors.

Recently, sellers of a home in the Oakland Hills (Calif.) decided to have wood-destroying pest work done before their home went on the market to make the property more appealing. The contractor applied for a permit and the plan for the repair work was approved by the city. City inspectors inspected the job twice while the work was being done. When a different inspector came out to give final approval, he refused to do so and required that more work be done.  more...

No reason for reduced commission?

By Benny Kass, Monday, June 8, 2009.

DEAR BENNY: In a recent column you wrote about getting agents to lower their commission if the seller lowers the asking price. Isn't it obvious that the commission is automatically reduced when the price goes down, as it is a percentage of the property price? There's no reason why the agent should reduce the commission beyond that automatic adjustment. --Dianne

DEAN DIANNE: Yes, it should be obvious, but from my experience, I have encountered agents who insisted on getting the commission based on the listing price and not the selling price. The listing agreement entered into between the real estate broker and the homeowner should make this clear.  more...

The 'Twittersphere' on Realtors

By Daniel Rothamel, the Real Estate Zebra, Monday, June 8, 2009.

Once the playground of uber-geeks and the most technologically connected, Twitter has now gone mainstream. It seems like you can't go a day without hearing a celebrity or news organization or regular person reference their Twitter name. That wasn't the case just a few short years ago.  more...

Helping borrowers who don't deserve it

By Jack Guttentag, Monday, June 8, 2009.
Illustration by <a href="http://www.flickr.com/photos/hikingartist/3000884918/" target=blank>Frits Ahlefeldt-Laurvig</a>.

I don't ordinarily like to publish long letters, but this one is worth the space because it captures the mood of a sizable segment of the population:

"I'm upset by your recent article advising people having trouble with their mortgage on how to get it modified. In my view, they should be allowed to take their lumps.

My first home was a single-wide trailer that cost $18,000, which was all we could afford at the time. We have upgraded three times ...  more...

A new look for MLS

By Inman News, Monday, June 8, 2009.

While multiple listing services can and do change, in many cases it's in small steps rather than giant leaps and massive mutations.

Some ambitious plans hit a wall of bureaucratic red tape and internal feuding, and that's to be expected. Power struggles and money can cast a cloud over the regionalization or nationalization of MLS information, and the merger of two or more MLSs.

This month, Inman News will highlight change, new approaches and ideas, and emerging issues with multiple listing services.  more...

CAR offers iPhone app

By Inman News, Monday, June 8, 2009.

The California Association of Realtors claims to be the first Realtor association to roll out its own iPhone application, providing users access to local market statistics, loan information, and nearby educational and professional certification programs.

Chris Tellez, online training programs manager for CAR subsidiary Real Estate Business Services Inc. (REBS), blogs that the iPhone app will be available through Apple's iPhone App store later this month.  more...