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January 2010 Newsletter

 

Click the image below to check out the latest
updates and events going on in the New Year at
Keller Williams East Boca Raton!!

January Newsletter 2010

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The Changing Face of RESPA

January 1, 2010, the new and improved Real Estate Settlement Procedures Act of 1974 (RESPA) will be fully en force. Considering this is the first sweeping change in the home buying process since 1974, it is worthy of our full attention. The new RESPA means more than new forms-it means major changes in the way real estate closings happen.

The key motive of RESPA’s new rules is to make sure consumers understand loan costs and binding parameters before singing the closing statements.

With mountains of paperwork at the closing table, there is little chance that borrowers are going to spend the many hours necessary to wade through the documents. What’s more, borrowers, especially would-be first-time homeowners, may be intimidated by the process and miss the opportunity to seek competing settlement services that could save them money.

As a real estate broker, here’s what you need to know: the new rules may impact your ability to refer business to title companies, inspectors and others you typically work with as part of the sales process. RESPA wants to make it easier for borrowers to shop for the lowest-cost, most convenient closing services by mandating borrowers receive a written list of settlement service providers. That comprehensive list includes closers, appraisers, real estate brokers, title examiners, attorneys, underwriters, pest inspectors, mortgage insurers, loan processors and other settlement service providers.

Since borrowers will receive a laundry list of competing settlement service providers, they may be inclined to shop around for the best price, even if it only means saving a couple of hundred dollars.

This is the crux of the matter as it relates to real estate practices and comes in the wake of industry abuses. Some in the real estate industry have received kickbacks for referring consumers to mortgage brokers, appraisers and other professionals along the road to homeownership. In some cases, those referrals may not have been in the best interest of the homeowner based on price or serviced provided. In other cases, the real estate agency owned the title firm or the appraisal firm at non-competitive prices.

As we move into 2010, be aware of how you might violate RESPA to avoid any issues. The chief concern is giving the appearance of kickbacks, whether in the form of money, ownership interest, marketing help or other arrangements. There is a fine line between collaboration and violation of RESPA and it can be a complicated issue.

The good news is, HUD announced that that it will be lenient in the first 120 days of enforcement of the new RESPA regulations going into effect January 1, 2010 so long as good faith efforts are made to comply. Still, in order to avoid any confusion, you should consult with an attorney about full compliance with the rules.


KW East Boca Raton’s November Newsletter

THISMONTHATKW

November Newsletter


What’s Happening at KW East Boca Raton in November?

November-Calendar2_Page_1

November 2009 Calendar


Social Networking & Internet Lead Generation

twitter-34bSocial Networking Workshop

Generate MORE leads for LESS money!

When: November 9, 2009, 9am-4pm

Where: Morikami Museum & Japanese Gardens
(4000 Morikami Park Rd in Delray Beach)

Cost: $69 (includes lunch)

Learn techniques and websites designed to increase the amount of leads coming into your site.  Learn how Social Networking can be one of your BEST  lead-generation options!

Hosted by guest speaker Michael Tritthart who is a national technology trainer and consultant. 

9:00am-Noon:  Internet Lead Generation
Techniques and websites that WILL generate business

1:00pm-4:00pm: Create a Social Networking Presence 
Find out  how to use Twitter, Facebook and other Social Networking sites for REAL business.

  • The Who, What, Where and Why of Social Networking. 
  • What websites/techniques are other successful real estate agents using to generate business?
  • Review sites of successful agents and learn why they are successful.

 


This Month In Real Estate – October 2009

Each month, This Month in Real Estate provides expert opinion and analysis on real estate trends across the nation. The aim of the consumer-oriented segments is to provide real information on real estate.


Practitioners Say Luxury Market is Up

Luxury-homesThe luxury home market is picking up, according to real estate practitioners all over the country. This trend is strictly anecdotal – no hard data yet. In fact, the National Association of REALTORS® say sales of homes priced above $2 million fell 39.1 percent in August compared to the previous year. But Barbara Feldman, vice president with Saunders & Associates in Long Island, N.Y.’s community of Bridgehampton, says, “We’ve seen a significant upturn in activity in the last four to six weeks.” And Charleston, S.C., associate Pat Broghamer with RE/MAX Advanced Realty, says buyers are “making investments in beach homes.” Kevin Schmidtchen, an associate with Sotheby’s International Realty in Santa Barbara, Calif., echoes the sentiment: “We’ve started to see a fair amount more pending and closed sales here in just the last two to three months.”

Source: Investor’s Business Daily, Kathleen Doler (10/15/2009)