Troy Ott's Real Estate Blog

Another Troy Ott Exclusive!

2010-09-17T15:58:00.001-04:00

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US Agent Edition, September 17, 2010

To Do This Week


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Events

	The 2011 Coldwell Banker Conference is Coming!

Coldwell Banker University®

	Special October Discounts Available Through The Coldwell Banker University Continuing Education Center

	New Coldwell Banker University Site Has Launched!

	Short Sales and Foreclosure (SFR) Course Online - October 7-8 Register Sales Associates Today!

Awards

	Discover Who Achieved An August Monthly Ranking Award

	Talk To Your Manager About Setting Up Or Changing Your Team By The Sept. 30th Deadline!

	Nominate Customer Service Dedicated Colleagues For The "Preserving The Trust" Award


		AHS For Your Clients Amerispec Proper Home Inspection Zagat Special Savings


		FHA/VA Financing FHA/VA Financing Coldwell Banker Mortgage makes FHA and VA financing easier for you and your customers. Ask your customers to contact 866-CB-LOANS (225-6267) for a free, same-day loan decision guaranteed!


	Spotlight
	Coldwell Banker Instructors Ranked Within Top 25% of Fortune 500
	Coldwell Banker University instructors are now ranked among the top 25% across all Fortune 500 companies! Coldwell Banker University is committed to delivering consistent, high quality learning. And now their efforts have paid off as Metrics That Matter, a ranking system which analyzes the tens of thousands of instructors in Fortune 500 companies, has placed the Coldwell Banker Instructional staff within the top 25% of all instructors. Congratulations to the Coldwell Banker Learning Team! And remember, if you have not taken full advantage of the valuable professional development courses available to them through Coldwell Banker, now is the perfect time to start... Click HERE to access the New Coldwell Banker University site.

Customer Satisfaction Survey Program - 4 New Reports Launch!

Coldwell Banker has launched an enhanced version of the Customer Satisfaction Survey Program (CSSP), a valuable resource designed to help brokers and sales associates gauge the overall experience for their customers during recent real estate transactions. It's a great tool for improving opportunities to secure repeat and referral business.

Click HERE for a page on coldwellbankerworks.com with information about the enhanced survey tool.

Customer Satisfaction Survey Program - Phase II Update

As of September 13th, four new reports have gone LIVE on the CSSP Reporting site.

Individual survey results
Survey results aggregated by company, office or individual agent
Verbatim report - providing all customer comments. Report may be run for a single survey or aggregated by company, office or individual agent
Red Flag report - All surveys that ranked "5" or below and/or where the customer requests to be contacted by the affiliate with be "red flagged".

Questions regarding the Customer Satisfaction Survey Program may be sent to rosalba.lewter@realogy.com.

Save The Date Video for 2011 Coldwell Banker Annual Event

Save the Date! The 2011 Coldwell Banker annual conference for all Coldwell Banker professionals is taking place next March 14-17, 2011 at the Mirage Resort in Las Vegas.

More details will be revealed in the coming weeks, so please stay tuned. But in the meantime, please click HERE to view a brief promotional video to get the Coldwell Banker network ready for what's in store at next year's annual event!

Latest News
Coldwell Banker Special Report - "Know Your Digits"
These Special Reports allow brokers and agents to take a deep dive into "hot" issues surrounding housing and prepare them to speak with current/prospective clients and the media.

This Week's SEO Article - Video Optimization
In this article, we will discuss the basic considerations for improving the findability of your video content and also some lesser known video channels that can be leveraged to extend the reach of your content.

Real Trends August 2010
Commentary, analysis and trends for today's real estate market..

Coldwell Banker eZine

If you missed the most recent edition of the eZine, now is your chance to catch up! This special edition on social media takes an in-depth look at how our affiliates are using a variety of technology to attract and maintain consumers.

Plus look for other highlights throughout the issue, such as a shark bite survivor, a former Boston Red Sox catcher, going green and much more.

Click to access the latest edition of the Coldwell Banker eZine for this and many other great resources and feature stories.

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Today's Rates & Update on FHA

2010-09-13T11:07:00.000-04:00

Today’s rates below are based on my average loan amount of greater than $150,000.

30yr Jumbo Rate 5.1% loans over $417,000

30yr Conventional fixed is at 4.1%

15yr Conventional 3.1%

5yr ARM 3.1% - with no points

30yr FHA 4.1%

30yr VA 4.1%

FHA Program Set to Change; Wall Street Journal

The Federal Housing Administration is making changes to its mortgage insurance programs effective Oct. 4. The FHA is raising the monthly insurance premiums for new mortgages it insures. But it also is reducing upfront costs to 1% of the loan amount, from the current 2.25%. So buyers need to determine if it pays to lock in a lower premium before Oct. 4. Take a $193,000 FHA-insured mortgage. On Oct. 4, premiums will rise to $148, from about $88 currently, says Gibran Nicholas, chairman of the CMPS Institute, which trains and certifies mortgage bankers and brokers. Over 10 years, that will total more than $7,000 in additional premium costs, he says. That's far more than the $2,400 savings realized from the lower upfront costs on that mortgage under the new rules. So a buyer planning to stay in the home for the long term may want to consider locking in the current lower monthly premiums.

Today's Rates

2010-09-09T09:26:00.000-04:00

The rates below are based on my average loan amount of greater than $150,000.

30yr Jumbo Rate 4.8% loans over $417,000

30yr Conventional fixed is at 4.1%

15yr Conventional 3.6%

5yr ARM 3.0% - with no points

30yr FHA 4.1%

30yr VA 4.1%

New Coldwell Banker University Site Has Launched!

2010-09-09T09:25:00.001-04:00

Coldwell Banker is excited to announce the official launch of the new Coldwell Banker University® website!

The new look for the Coldwell Banker University website includes improved functionality that offers better navigation and ease of use.

If you have never logged on to the Coldwell Banker University website before or taken advantage of the courses available – including numerous free webinars on all aspects of the business - this is the perfect time to start!

Registration is also available for our many instructor led courses as well, including eFastStart, Boo$T, BreakThrough and BreakOut.

Click HERE for more information on the new site or go to Coldwell Banker University found under Quick Links on Coldwell Banker Works to view the new site.

From the Heart of the Pastor

2010-08-11T14:11:00.001-04:00

The Church – Famine (Amos 8:11)
“‘Behold, days are coming,’ declares the Lord God, ‘When I will send a famine on the land, not a famine for bread or a thirst for water, but rather for hearing the words of the Lord’” (Am. 8:11).
Your beloved nation is experiencing a spiritual famine. The foundational problem is not in the failure of a nation, but the failure of the church. Scores want to attend to this by addressing the form of church services, but the problem is not in the Sunday practice of churchianity; rather, it is in the deadness of the hearts of those within the church and particularly those leading the church.
Some innovators believe that if they can move away from the authority-image of the preacher, the vaulted learning of the pulpit and the aristocratic white starched shirts and ties they will arrive at the remedy – they are wrong. You can remove the history of the church, the biblical traditions of the church and the ebenezers to the help the Lord has allowed in the past and you will birth a continuing downward spiral in scriptural Christianity. The problem is in the hearts of the churched rather than the structure of the church.
Though biblically thoughtful churchmen are aware of the cultural meltdown attending their increasingly anti-Christian society, well-intentioned evangelicals have adopted worldly weaponry in their failing attempt to provide a remedy. They are failing to recognize that the modern church is fostering a religion requiring little risk, moderate standards, undemanding entry into membership, limited involvement in the lives of the members and no disciplining of the members. God’s church needs a tidal shift in its perspective coupled with an awakening to the Bible being the only means to a genuine Christian consensus.
The tame church preceded the trite society. The church became indistinguishable from the society; so the society became colorless in its Christlessness. Its humanistic rationalism, feministic naturalism and therapeutic existentialism are fostering its floundering insipidness. As the church in America sanitizes itself from the inspired, inerrant and infallible word, it shall discover its waning influence over the ways of its people (II Ti. 3:16f.). The uninfluential church is robbing a great nation of its greatness.
God has determined to do His work in this land through His church (Eph. 3:10). The scantiness of holy authority is the product of generational slumbering. Perhaps the season has arrived for God’s people to once again think and live generationally rather than just for this moment in time. Perhaps God is preparing His people to cease their tasteless innovations, lay aside their golden calves and look to imitating Him (Eph. 5:1).
Every life is an experiment. Most lives are spent in trading away commitments for comforts; avoiding sacrifice by refusing economic challenges; exchanging dreams for conformity to what is common and classifying defeat as victory. Myriads of churchgoers claim the name Christian, but they are merely evangelical in their disobedience (which does in no way militates against the heinousness of their sin!).
God is calling for His people to access His Spirit so that He through them might bring about a revolutionary, reformational, generational, societal awakening. Only then shall the church of the living Christ be positioned to capture its former glories. Nevertheless, churchmen once again must acknowledge that a sovereign holy God has in His providence placed you here in this place at this time in His history to make an eternal difference.
Do you believe that you were born for just such a time as this? Are you willing to have a conversation with yourself and the holy Christ about where you are in influencing this land for the manifestation of His glory?
Take the pulse of the complexion, movement and direction of your life. Look ever so precisely and thoroughly at the lifestyle you have adopted, the ambitions you are pursuing and disciplines you are employing. Are your thoughts exploring the heavens, your conversations challenging the culture and your goals eternal?

New Coldwell Banker University Courses - Register Now!

2010-08-10T11:47:00.000-04:00

Spotlight
New Coldwell Banker University Courses - Register Now!
SFR Course: Coldwell Banker University is now offering the NAR Short Sales and Foreclosure (REBAC SFR certification) course online. The first class of the three session program will be offered August 10, 11 and 12 at 2:00 PM ET each day.
The fee is $29 for Coldwell Banker associates in Professional Development Subscription (PDS) companies and $59 for others (this course is over $200 through other providers!) After completing the online course, three free webinars must also be completed on the NAR site in order to apply for certification.
Registration is available on the Coldwell Banker University website, just search for SFR in the course catalog. Registration deadline is Sunday, August 8.
BreakThrough and BreakOut classes are now available to all Coldwell Banker companies. These courses, offered by Real Estate Champions, are coaching programs designed to dramatically improve real estate skills, strategies, techniques and disciplines to increase leads volume and the conversion rate of your leads. Take advantage of this great opportunity now!

Lake Murray Real Estate

2010-08-02T15:36:00.002-04:00

Lake Murray is the midlands premier waterfront playground, with over 50,000 acres of fresh water with depths exceeding 100 feet, plus plentiful sand beaches and islands on which to whisk your cares away, it simply does not get any better than this. Lake Murray home sales have decreased with the economic downturn making this the best time in years in invest in waterfront property. Lake Murray homes have historically been a safe haven for investment the key is now as it has always been, simply do not pay too much. I have a unique knowledge and insight into Lake Murray homes and their valuation, my affiliation with custom lake builders and homes sales track record allows me the opportunity to make you the buyer aware of the best possible investment opportunities on Lake Murray. Please visit my site www.troyott.com and email me your parameters regarding price point and amentites and I will email you comprehensive listings on Lake Murray today so we can get started with your home search. Lake Murray Country homes are now within the reach of almost anyone so do not miss your chance, please call me today. 917-1893 www.troyott.com

Columbia SC Homes and Bargins

2010-08-02T15:34:00.001-04:00

Columbia Sc Homes for sale have taken quite a hit since the tax incentive ended April 30th, 2010. Smart Buyers however are taking full advantage of this lull to cheery pick the best bargains among Columbia SC homes. Our market is unique nationally with the lowest average home sales price in the nation, $134,000, couple this with a population center with of well over 250,000 people and a major university downtown with 30,000 under grads and the largest military training depot in the country and you have the recipe for one hell of a value market. One principle roadblock for Columbia SC home sales continues to be the inability of potential out of state buyers to sell their primary homes located in other markets where home sales have really suffered, like California, Arizona, Nevada, and the entire Northeast and Midwest area of our country. Columbia home sales will invariably increase as these out of town buyers are able to unload their primary homes and take full advantage with their remaining equity of the best buyer market in the country. Columbia homes are my speciality whether it is investment, primary, are secondary purchase you need an advocate who will take care of you throughout there entire process, making sure your interests are protected and served in full, look no further. Call or email me today.

Mortgage Info for Lexington and The Columbia Market

2010-08-02T15:33:00.003-04:00

Lexington, SC homes present a remarkable buying opportunity at present. With interest rates at historic lows and given Lexington, SC homes proximity to the premier recreational lake in central South Carolina this is a win win for the potential home buyer. David Cain dcain@goldengatemortgage.com 803-261-9267 cell can be your financial resource for your new Lexington, SC home purchase. He is the best at what he does and will undoubtedly save you money on your next home purchase. Lexington, SC homes are within 15 minutes of downtown Columbia with some of the finest public schools in the state, plus the national Home Builders Association's top award for community of the year has gone to the Saluda River Club in Lexington, SC for the last tow years running. The quality of life found here is very hard to beat, given it's proximity to Columbia and the Blue Ridge mountains just two hours to the west and the East coasts best beaches just two hours to the east. Lexington, SC homes are for everybody with prices starting in the low 100's to multi million dollar homes on the Lake Murray this is truly a one of a kind location. Call or email me today 803- 917-1893 cell www.troyott.com and I will make that new Lexington SC home a reality for your and your family.

Buyer Bonus Promotion -- Just One Week Left To Go

2010-07-23T16:18:00.000-04:00

There's only one week left for the Buyer Bonus promotion!

The Buyer Bonus promotion runs through July 31 and we already have almost twenty thousand participating listings. Remember unlike the federal tax credit, there is no closing date associated with the Buyer Bonus promotion! A seller only has to agree to participate before the end of the promotion. Congratulations to the entire Coldwell Banker brand for the great work in securing seller participation in this one-of-a-kind promotion.
Now that the promotion is heading into the homestretch we would really love to hear from you with any Buyer Bonus success stories you would like to share. Make sure you send them to the Coldwell Banker Communications inbox!

As you do secure more sellers, please make sure your listings are properly flagged. Click HERE for more information on the entire program.

Today's Rates and Mortgage News

2010-07-19T18:21:00.001-04:00

The rates below are based on my average loan amount of greater than $150,000.

30yr Jumbo Rate 4.9% loans over $417,000
30yr Conventional fixed is at 4.2%
15yr Conventional 3.7%
5yr ARM 3.3%
30yr FHA 4.2%
30yr VA 4.2%

Please know I have $5,692 in my pricing bank this month bring loans in to hit my bonus. This is money I will use to offer the lowest rate to beat our competitors to earn your business. These funds are limited and I will use them for the borrowers who get me their contracts first. Funds will be used according to volume so the larger the loan amount the more funds I can use.

Fannie Mae gets tough on 'strategic' mortgage defaults; USA Today
Borrowers who walk away from mortgages they can afford to pay — making "strategic defaults" — are running increasing risks that they'll be penalized for doing so. Starting in October, Fannie Mae says, strategic defaulters will be disqualified for new Fannie Mae-backed loans for seven years after their foreclosures. Fannie also says it will go to court where it can to recoup outstanding mortgage debt from borrowers who strategically default.

Economists see a modest pickup in hiring; CNNMoney.com
The outlook for the job market has improved, according to a survey of leading economists released Monday, even as the economic recovery hit a speed bump in the second quarter. In its second-quarter industry survey, the National Association for Business Economics said employers grew payrolls for a second consecutive quarter this year. The percentage of firms increasing staff levels grew to 31% in the quarter, versus only 6% in the same period a year ago.

How Financial Reform Impacts Homeowners and Buyers; Ris Media
“Homeowners and buyers who are sitting on the sidelines should get moving today, unless they want to get blindsided by the impact of a new law,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that trains and certifies mortgage bankers and brokers. “The massive financial reform law that just passed Congress has two main components that could very negatively impact homeowners and home buyers in the future.”

Financial news schedule: July 19-25; Washington Post
It will be a big week for Ben S. Bernanke, and the scheduled release of some key June housing data should show the effect of the end of the home buyer tax credit.

Bank Offers Struggling Borrowers More Aid; Boston Globe
Bank of America is opening a sixth loan modification office -- this one in Dedham, Mass. -- in an effort to improve services to struggling homeowners hoping to lower their mortgage payments. The bank has 478,811 borrowers nationwide at least 60 days delinquent on their mortgage and eligible for a modification under the Making Home Affordable Program; but it has only approved 62,969 permanent workouts, according to a May report by the federal government.

Subscription Requested:
Home Sales: Banks Now Outselling Builders; National Mortgage News
In a further sign that the housing market is in the tank, banks have been outselling home builders for the last 18 months, according to a new report from Housing Intelligence, an independent research and analytical firm. The resale sector is still king. Existing houses account for roughly three out of every four sales. But since January 2009, lenders have been selling a larger percentage of houses than builders, the company, a division of the Hanley-Wood publishing empire, reports. The new home share of the market has slipped from a high of 20% in November 2006 to just 14% at the beginning of '09. And as of last month, the builder share had declined even further, to just 11%. The "regular" resale market has slowed too, to a 69.5% share at the end of June. Traditionally, existing homes account for anywhere from 75% to 80% of all transactions.

Today's Rates

2010-07-15T17:47:00.000-04:00

The rates below are based on my average loan amount of great than $150,000.

30yr Jumbo Rate 5.0% loans over $417,000
30yr Conventional fixed is at 4.3%
15yr Conventional 3.9%
5yr ARM 3.4%
30yr FHA 4.4%
30yr VA 4.4%

Please know I have $6,517 in my pricing bank this month bring loans in to hit my bonus. This is money I will use to offer the lowest rate to beat our competitors to earn your business. These funds are limited and I will use them for the borrowers who get me their contracts first. Funds will be used according to volume so the larger the loan amount the more funds I can use.

30yr Jumbo Rate 5.0% loans over $417,000 30yr Conventional fixed is at 4.3% 15yr Conventional 3.9% 5yr ARM 3.4% 30yr FHA 4.3% 30yr VA 4.3% Please kn

2010-07-09T16:21:00.001-04:00

30yr Jumbo Rate 5.0% loans over $417,000
30yr Conventional fixed is at 4.3%
15yr Conventional 3.9%
5yr ARM 3.4%
30yr FHA 4.3%
30yr VA 4.3%

Please know I have $6,750 in my pricing bank this month bring loans in to hit my bonus. This is money I will use to offer the lowest rate to beat our competitors to earn your business. These funds are limited and I will use them for the borrowers who get me their contracts first. Funds will be used according to volume so the larger the loan amount the more funds I can use.

803-917-1893 WWW.TROYOTT.COM

Today's Rates

2010-07-08T15:06:00.001-04:00

30yr Jumbo Rate 5.0% loans over $417,000
30yr Conventional fixed is at 4.3%
15yr Conventional 3.9%
5yr ARM 3.4%
30yr FHA 4.4%
30yr VA 4.4%

Please know I have $11,652 in my pricing bank this month bring loans in to hit my bonus. This is money I will use to offer the lowest rate to beat our competitors to earn your business. These funds are limited and I will use them for the borrowers who get me their contracts first. Funds will be used according to volume so the larger the loan amount the more funds I can use.

From the Heart of the Pastor

2010-07-07T09:38:00.000-04:00

Has a Nation Changed Gods? (Jeremiah 2)
“They exchanged the truth of God for the lie” (Romans 1:25)
Based upon the world’s standards (if there are any!), God was and is politically, socially and culturally incorrect. Nonetheless, is there any one out there soberly and intelligently challenging the world’s definition of the shape our culture should take? Since we are our brothers’ keepers, we certainly are responsible for weighing in on the issues affecting our children and our children’s children.
The Reformation was both a spiritual and cultural event. The culture was altered by Martin Luther’s ‘Here I stand.’ Perhaps the time has come for Reformation II. The Christian’s desire is not to wield power, but to influence lives. Christian influence introduces and produces moral character.
God allows you sufficient weaponry: His word, His Son, His character and prayer. Perhaps the problem is that those mounting pulpits and even Christians resting in pews are not willing to challenge their culture. Perhaps they are willing to shed tears of brine, but not tears of blood.
The churches of your land are filled with the almost-Christian who may be busy with the ceremony of religion. He practices a formal religion with a heart untuned to the gravity of his sin. God describes these men as those who are “holding to a form of godliness, although they have denied its power” (II Timothy 3:5). Many of these men exhibit ethical/moral behavior but they are merely unregenerate humanists. They want their churches to announce their births, perform their marriages and honor their deaths, but they are disinterested in their church life affecting their economics.
Others in your churches are Christians but they possess a shallow spirituality, and they are apathetic concerning their minds and lives being engaged in the things of God. These single-celled Christians are biblical adolescents and juvenile in their walk with the Lord Jesus Christ. They continue to retreat from the means to grow in the Lord so their spiritual barrenness increases proportionately.
In the 1830’s Alexis de Toqueville, a noted Frenchman, said, “There is no country in the world where the Christian religion retains a greater influence over the souls of men than in America.” Would de Toqueville’s statement be true today?
Everyone needs exposure to other Christians who are enthusiastic about their relationship with the Lord. When you companion with others in your marketplaces who are bold in their witness for Jesus, you become bolder. The lifestyles and practices of fervent Christians are the scalpels God provides in order that your society may be sculpted more completely into the image of His Son. Edmund Calamy said, “The nature of man is more apt to be guided by example than by precept.”
God calls each Christian to be an engine for the transformation of his sphere of influence. You are to serve as tutoring members of the commonwealth where you live (Matthew 28:18-20).
You know that a person’s walk with the Lord Jesus is dependent on growing in faith (II Peter 1:5ff.). In order for anyone to advance in his walk he must begin to think and act biblically. His life must become more ‘theocentric’ (God-centered) at the expense of divorcing himself from a life that is so completely ‘anthropocentric’ (man-centered). He must become disenculturated from his American Babylon.
This will only begin to occur when Christians refuse to be passive in the shaping of their marketplaces by making their values known in their marketplaces (Nahum 1:15). Everywhere you go you see carnal men who are secure in their sinful sleep. The noisiness of their damned souls is so loud they never experience the cadence of your Christ. Perhaps you are being called upon by the Holy Spirit to create in His power a national conscience on the things of the Lord. Perhaps today is being shaped by God to become a market-day for the souls of men.
Although the ages come and go, human nature is the same in every age. Man is born spiritually lifeless and remains in that state until awakened by God’s Spirit. Nonetheless, God has chosen to deploy Christians in the business of bringing and living His gospel.
Numerous denominations and churches are in a spiritual wilderness. The people God has placed in their charges are not being fed or at least are malnourished in the feeding. The preachers and teachers are answering questions their hearers either are not asking or previously have answered and now want to grow deeper in their relationship with their Father. Legions of saints are coming to churches asking for bread but they are being given a stone (Matthew 7:9). Countless church attendees are fatigued by the church and now attend only out of duty and tradition rather than a love for the Lord.
Effective Christians feast on the diet of Christ. They need encouragement. Political correctness has become the cultural master of America spying and reporting on those spiritually correct, yet culturally incorrect, Christians. The media and a minority of the populace has said that Christians cannot speak the name Jesus, so now Christians must be reminded that God Himself has given them permission to share their faith wherever He places them (Esther 4:14).
When Christians lose their enthusiasm to declare their allegiance to the God who has saved them, the world squanders its interest in the true living God. God says, “Let justice roll down like waters and righteousness like an ever-flowing stream” (Amos 5:24).
As is true in any civilization, when issues continue to remain unaddressed by those with responsibility for the nurture of the people, the degeneration excels as the implosion bleeds over into other arenas of human involvement. Societal boundaries have become blurred, and when boundaries become blurred your senses lose their defenses. You cease being able to distinguish between vice and virtue, right and wrong. Abraham Kuyper, the former Prime Minister of the Netherlands, said:
“If your boundary has become uncertain, vague, even invisible, the fear of drawing your sword soon keeps your hand from the hilt and no one fears any blame for taking one step backward after another. This process continues until finally the sacred domain is totally lost and no courage remains for a struggle that is now useless. It is precisely that uncertainty which cuts the lines of our power, that lack of firmness which makes us hesitant, that hesitancy which causes us to hang back and procrastinate, and with that procrastination the fire of our enthusiasm dies out before we realize it… the line of defense was shrunk again and again. As soon as principles gain ground that are contrary to your deepest
convictions, then resistance is your duty and acquiescence a sin. Then, at the price of the finest peace, you must attack those principles, stigmatizing them before the eyes of friend and foe alike with all the ardor of your faith.”
The city fathers are prone to address symptoms rather than the heart of the matter because symptoms are more visible. Symptoms are also easier to battle than root causes because attending to root causes results in the expenditure of increased resources and assures intensive opposition.
The first century A.D. was a moral sewer. God Almighty drove a stake into the heart of that era by powering His cross into the earth of that amoral society. He sent His only Son to anoint His cross of separation “with precious blood, as of a lamb unblemished and spotless” (I Peter 1:19). The cross He drove into Palestinian soil continues eternally and is non-negotiable.
No society wants awakening from its death-assuring sleep. Those attempting to reestablish moral boundaries should expect opposition. They must be willing to go into harm’s way by weighing anchor and refusing to pursue diversions. God says, “They hate him who reproves in the gate, and they abhor him who speaks with integrity. Hate evil, love good, and establish justice in the gate!” (Amos 5:10, 15).
An uncivil war is being waged for the heart of your American commonwealth. Tragically, this moral Armageddon is occurring largely unnoticed by churchmen professing Christianity though who are, for the most part, disengaged. Perhaps their lives are becoming so handcuffed by their confederacy with the world that their public virtue has become private. Perhaps they are warehousing their Christ rather than proclaiming Him (I Peter 2:9). Perhaps they are content with an ever-diminishing influence in their world, but God is not.
Christians are becoming increasingly silent on public policy issues thereby forfeiting their defense of the borders of common decency. The destructive savages of self-centered humanism are ravaging your culture. Christians seem to forget that Christianity was birthed in conflict. The blood of the Nazarene was necessary to erect the scaffolding of the culture of grace. Christianity grows in the midst of cultural conflict because its true adherents are identified and caused to grow deeper roots (Matthew 13:21).
The axe is already laid at the root of your societal tree. The fabric of your society is coming unraveled due to the aggressiveness of those without eternal virtue and the Christian’s lack of concern for what does not immediately and directly affect him (Amos 6:1). Your nation is dying due to the silence of the lambs – that is what occurs when Christians become indulgers rather than engagers (Mark 8:38). Epidemic lukewarmness has licensed Christendom’s slumber along with its accompanying spiritual barrenness (Revelation 3:15-17).
What would it be like to live in a world wherein the world determines the appropriate boundaries rather than God? What would it be like to live in a world that dismantles its virtuous cornerstones one at a time so that the dismantling is less noticeable (though no less destructive)? What would it be like to live in a world wherein the worship of man has supplanted the worship of God, the focus of man has shifted from heaven to earth and human opinion has usurped divine revelation (Jeremiah 2:11)? What would it be like to live in a world where the moral man seeks quiet retreats rather than the endeavor of the public domain?
Faith only matters when it affects one’s choices (Joshua 24:15). God says, “Blessed is the nation whose God is the Lord, the people whom He has chosen for His own inheritance” (Psalm 33:12). The one and only God says, “Righteousness exalts a nation” (Proverbs 14:34).
Biblical morality has become cultural immorality. Biblical correctness has become political incorrectness (Matthew 15:19). Nonetheless, God commands those respecting and honoring Him to stand unashamedly in the cultural gap for biblical morality and holiness (Ezekiel 22:30). When Christians become worshipers of public opinion and social acceptability rather than worshipers of the God of Scripture they refuse to stand in the gap (Jeremiah 2:6; Romans 1:21-25).
In the cultures of the western world, the less faith one professes, the more sensible and well bred he is considered. The verbal expression of Christianity has become the dividing line between the intellectual and the not so bright. Your nation has entered a spiritual “Dark Ages” where everyone does what is right in his own eyes (Judges 21:25).
Unless Christians recapture the voice they once exercised, both Christian and non-Christian will become oppressed by unrighteousness, erotically controlled, state monitored and enslaved to an existence that your forefathers not only would have never conceived, but they paid with their own blood to prevent. The children of your loins will become increasingly the property of the state rather than the parents; educating the public on such unpopular topics as homosexuality, adultery, pedophilia and euthanasia will become hate crimes; and the pagan altar of Satanism will be covered in the blood of silent parents and grandparents who were more fearful of men, of economic reprisals, and of social ostracism than they were of the living God (Romans 3:18).
Jesus was not afraid to address unrighteousness and the unrighteous by name! Jesus calls the unrighteous culturalists what they really are: “blind guides,” “fools and blind men,” “full of lawlessness,” “serpents,” and a “brood of vipers” (Matthew 23:16, 17, 28, 33). He never practiced the sin of silence.
In A.D. 98, Ignatius’ expressed faith resulted in him being thrown to the lions of the empire. If you take culturally unpopular positions, you too shall be scorned and labeled a narrow-minded intolerant prejudiced bigot. But then, should not every God-fearer always be intolerant of and prejudiced against what has been wrong in every culture since the foundation of the world?
You must not quail; you must not blink; you must remain unflinchingly biblical. Every Christian is a God-appointed cultural watchman. Upon whose hands will the blood of your culture be (Ezekiel 3:18)? Is now not the season to do right just because it is right (Acts 5:29; II Timothy 4:6-8)?
“A lion has roared! Who will not fear?
The Lord God has spoken! Who can but prophesy?” (Amos 3:8)
SOLI DEO GLORIA!

New Coldwell Banker University Site Is Coming - Watch A Sneak Peek Video!

2010-07-01T13:45:00.000-04:00

We're only a few weeks away from the launch of the new enhanced Coldwell Banker University® site!
Coldwell Banker University will roll out an enhanced version of its Learning Management System later this summer with a new look and even better functionality that offers users easier navigation and access to training.
Click here for a sneak peek introductory video into the new site and look out for future communications in the coming weeks with more information and highlights of the new system.

Coldwell Banker is a Finalist in Two Inman Innovator Award Categories!

2010-06-30T13:59:00.000-04:00

We Need Your Votes For BlueScape as The People’s Choice Innovator Award
You can't spell innovation without "C and B!" Inman has announced the finalists for the 2010 Inman Innovator Awards and Coldwell Banker is the only national real estate brand with multiple finalist entries for both the new BlueScape search and our consumer blog Blue Matter.
But most importantly, for the first time Inman is presenting a "People's Choice Innovator Award" and we need your votes for BlueScape to win this coveted recognition...
BlueScape Search is a finalist in the Web Service Category: taking cues from popular music recommendation websites, Coldwell Banker® developed BlueScape, a visually-driven real estate search platform to help "dreamers" find just that - the home of their dreams.
Blue Matter is a finalist in the Blog Category: Blue Matter is the official blog of Coldwell Banker and was created in February of 2010 with the intent of providing additional insight and commentary on the real estate experience to benefit consumers.
People’s Choice Category - Vote For BlueScape
And new for this year, Inman will announce a "People's Choice Innovator Award" with the winner selected by a popular vote of Inman News readers. We want BlueScape to take its rightful place as the most innovative product designed in real estate over the last year, but we need your votes to help get there.
Click HERE to access the People's Choice Award and cast your vote for BlueScape only. Please vote as soon as possible!
And click HERE to access a new “Why Coldwell Banker?” flyer on our double Inman nomination.
The winners of the 2010 Inman News Innovator Awards will be announced during the Real Estate Connect conference in San Francisco, which runs from July 13-15 in San Francisco.

Coldwell Banker Works!

2010-06-28T13:41:00.001-04:00

COLDWELL BANKER ANNOUNCES NEW MASTER FRANCHISOR IN FRANCE, COLDWELL BANKER ALSO WILL EXPAND BRAND INTO MONACO
PARSIPPANY, N.J., (June 28, 2010) – Coldwell Banker Real Estate LLC today announced the signing of a master franchise agreement with Demeure S.A. to expand the Coldwell Banker® brand in France and into Monaco. With the addition of Monaco, the Coldwell Banker network now extends to 50 countries and territories worldwide on a combined basis.

Led by Laurent Demeure, president and chief executive officer, Coldwell Banker France and Monaco is based in Paris. Previously known as Demeure Immobilier with a luxury homes department Demeure Prestige, Demeure S.A. was founded in 1920. The group played a major role in the development of real estate in France, notably with the creation of one of France's premier networks of estate agents.

“We are thrilled that Laurent and his talented team have joined the Coldwell Banker system to give us a renewed presence in France,” said Jim Gillespie, chief executive officer of Coldwell Banker Real Estate LLC. “Obviously gaining a presence in Monaco, one of the world’s most desired destinations, is a major addition to Coldwell Banker Previews International®, our luxury marketing division that caters to the affluent. We believe Laurent’s firm aligns very well with the Coldwell Banker brand, combining a rich history with outstanding core values.”

"We think the Coldwell Banker brand has great potential for growth in France and Monaco,” said Demeure. "The France and Monaco property market is holding steady, despite the recent economic crisis. In France, relatively low home prices, culture and ‘love for all things French’ continue to drive interest from foreign investors while Monaco obviously attracts interest from the affluent around the globe.
“We are very enthusiastic to further develop the Coldwell Banker brand in France and enter a new market in Monaco. We believe that because we are in the same business as our potential franchisees this will allow us to develop unparalleled business relationships with partners that understand each other’s needs and expectations. All the team is highly motivated in making the Coldwell Banker system a highly innovative and highly consumer focused brand in the two countries and becoming the leader in the luxury properties market through Coldwell Banker Previews International."

About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of more than 98,000 agents working in more than 3,600 offices in 50 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to augment its web site www.coldwellbanker.com for smart phones, the first to create a iPhone application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program.

June 23, 2010

2010-06-23T13:14:00.001-04:00

June 23, 2010
Jim Gillespie Fox Business News Appearance For Today Postponed; Link To CNBC Appearance From This Morning
Please be aware that due to breaking news concerning BP and U.S. Army General McChrystal, Jim Gillespie’s scheduled appearance on Fox Business News for this afternoon has been postponed.
The segment is expected to be rescheduled within the next couple of weeks and we will communicate out details on the rescheduled appearance once we have firmed up the date and time.
However, Jim did have another successful appearance on the CNBC Squawk Box national business program this morning, click here to view the link.

2010-06-22T09:38:00.001-04:00

introducing, the updated learn section

2010-06-15T14:45:00.000-04:00

"Content is king," and ours is getting a new throne with an update to this popular resource. Critical content includes real estate articles from the Associated Press, relevant tips articles and videos which help to simplify the home buying and selling process. It's a great place to send your buyers and sellers to get them ready to work with you.
Click Here to take a look at the new Learn section
Get a sneak preview of the site

2010-06-07T11:25:00.002-04:00

Move from renting to owning. Buyers may be able to own a home for not much more than they're paying in rent. Check the chart below to see how quickly rent payments can add up. Maybe it's time for your clients to invest that money in something that lasts - a home of their own.

The after-tax cost of a home loan could be less than the cost of rent. That's because the interest portion of each mortgage payment may be tax-deductible. In most cases, property taxes are also deductible. Buyers should consult a tax advisor for details.
Contact me today for more information. 917-1893 WWW.TROYOTT.COM

Taking This Time to Grow Your Business

2010-06-01T13:20:00.001-04:00

This is an excellent time to review and revise aspects of the way you do business so that, when your work volume increases, you'll be ready for it and your market share will grow. Let' consider four aspects of growing your business in today's challenging marketplace.
Back to Basics
There is no reason to fix something that isn't broken, but you may want to explore newer techniques to add to your marketing mix. Start a review of your marketing program, therefore, with what has worked for you in the past.
Read more »
The Short Sale: Improving the Process for our Real Estate Partners
As the number of short sales has increased, Bank of America has been focused on making this process more manageable for real estate professionals. You will benefit from improved procedures that allow you to contact us with questions, track the progress of sales offers and get the information you need to help your clients successfully close their sales.
Read more »
Creating an Effective Website
When you consider creating a website, you should be able to answer three important questions: 1) Should you have your own website (as opposed to just using space on the company website)? 2) What's the most important part of your website and why? 3) What kind of content (and links) will be most helpful to those who visit your site and will invite them to explore your site further?
1: Yes, it is preferable that you have your own website. It creates immediate credibility and allows you to develop a site that is uniquely yours, and that reflects in its design and content, the high-level of service that you provide. (Be sure to consult with your Broker or sales manager regarding company policy before creating your personal website.) While being on a company website can enhance your stature, such websites generally restrict content and design.

Good Morning:

2010-05-24T10:44:00.000-04:00

If you have only 5% down and wants the lowest payment possible, our lender paid PMI (Private Mortgage Insurance) is the best payment option for borrowers with a minimum of 720 or higher credit score.

Look at the comparison below.

$200,000 purchase price with 5% down with a loan amount of $190,000.

Option A: Paying Monthly PMI
Rate: 4.625% with .875% point for a 30 YR Fixed.
Principal + Interest with PMI: $1,127.29

Option B: Lender Paid PMI
Rate: 5.375% with .875% point for a 30 YR Fixed.
Principal + Interest: $1,063.95

That is a $63.34/ month or $760.08/year savings, perfect for the budget minded home buyer!

Please let me know when I can help your next home buyer achieve the best financing terms possible.

Good Morning:

2010-05-17T10:41:00.000-04:00

I have attached a spreadsheet illustrating the payment savings that can be obtained on our 5 YR ARM FHA loan. It’s great for a 1st time buyer who is looking to stay in a house for a short period of time and wants the lowest payment possible. The spreadsheet illustrates worse case and historical data.

I look forward to helping your next home buyer obtain the best loan possible based on their situation.

Click Here

Marketing to Rental Property Investors

2010-05-10T11:54:00.000-04:00

Rental properties of one to four units are both a good choice for many of today's investors, and a good area of specialization for many of today's real estate professionals. For many sound reasons real estate professionals may want to position themselves as knowledgeable experts for those who are considering purchasing and operating rental properties.

Why rental properties? For one thing, a growing number of people will seek out new places to live, and an increasingly attractive choice will be renting. In fact, vacancy rates have already begun to ease. A recent study cited by The Wall Street Journal reported that apartment rents rose in the first quarter of 2010 after five straight quarters of declines.
Read more »
The Interactive Home Loan Guide
Bank of America has created an excellent program to help your homebuyers gain a thorough understanding of all that is involved in getting the financing they will need to purchase a new home. The online Home Loan Guide first asks if the user is interested in buying a home, or refinancing, or borrowing from home equity. It then continues, step-by-step down the path toward achieving the stated goal.
Read more »
A More Effective Open House
As a real estate professional, you know how to hold an open house. You know how to explain the home to potential homebuyers and to describe your marketing programs to potential sellers who visit the house. You know how to advertise the open house to your peers and to neighbors.

As a mortgage loan officer, I know how to explain the intricacies of applying for a home loan to those who visit your open house. I can even help with pre-approval applications for potential homebuyers. I can assist the home seller as well by being a source of information for them, especially if they are dealing with difficult circumstances such as a short sale.
Read more »

2010-04-19T14:06:00.001-04:00

Ladies and Gentlemen:

The tax credit deadline of April 30th is fast approaching; get your contracts in fast. Government 30 YR rates are as low as 4.75% for qualified buyers. We will be more than happy to get them closed in 30 days for you. I am looking forward to helping your next prospect becoming a happy homeowner.

Bank of America Home Loans

2010-04-09T13:18:00.001-04:00

Bank of America Home Loans will now be using Equator as the primary tool for short sales. It is a self service portal that automates the short sale process. This will streamline the process and improve the experience for both customer and real estate agents.

As a result, Bank of America will no longer be accepting faxed short sale documents, effective immediately you will need to upload those documents through Equator. Information to assist you with the Equator system can be found at www.bankofamerica.reo.com/shortsaletraining.

Once a short sale is initiated on a Bank of America loan, you can also access the educational guide within Equator. It can be found within the "Upload 3^rd Party Authorization" task. This guide provides tips for avoiding delays and navigating system functionality.

To start a short sale today, go to www.Equator.com/

REMINDER: The federal government recently announced the short sale program guidelines for the Home Affordable Foreclosure Alternatives (HAFA) program which will go into effect on Monday, April 5, 2010. Bank of America Home Loans is implementing HAFA, the program designed to help those customers who were not eligible for the Home Affordable Modification Program (HAMP) or any other modification. For more detailed information on the HAFA program, go to the National Association of Realtors site at www.realtor.org/government_affairs/short_sales_hafa.

CURRENT RATE TRENDS AS OF 4/8/2010:

30-Year Fixed (with 1 point) 4.875%

15-Year Fixed (with 1 point) 4.25%

Have a wonderful weekend!

Loans

2010-03-29T15:09:00.002-04:00

Basic Jumbo Loan

Property Type	Minimum Credit Score		LTV	CLTV	1st Lien Maximum Loan Amount	Footnotes
Purchase and Rate/Term Refinance – 15 and 30 Year Fixed Rate
Owner-occupied
1-unit/PUD		680	80%	80%	$1,000,000	--
1-unit/PUD		720	80%	N/A	$2,000,000	2

Super Jumbo Loan

Property Type	Minimum Credit Score	LTV	CLTV	1st Lien Maximum Loan Amount	Footnotes
Purchase and Rate/Term Refinance – 15 and 30 Year Fixed Rate
Owner-occupied
1-unit/PUD	720	70%	N/A	$3,000,000	1, 2, 3
Condominium/Coop	720	65%	NA	$3,000,000	1, 2, 3
1-unit/PUD	720	65%	N/A	$5,000,000	1, 2, 3
Condominium/Coop	720	60%	N/A	$5,000,000	1, 2, 3

Jumbo loans with excess acreage also available:

· Properties with lot sizes less than or equal to ten (10) acres, but identified by the appraiser as rural, will be considered if all of the following are met:

o Loan amount may not exceed $1,000,000.

o The property must be an owner-occupied primary residence or second home

o All of the comparable sales must be located within five miles of the subject property

o The appraisal must indicate a marketing time of six months or less

o All properties must have adequate utilities available and in service

o All properties must be readily accessible by roads that meet local standards

· Properties with a lot size greater than 10 acres but less than or equal to 50 acres are considered rural properties and are eligible under the Non-Conforming loan program guidelines provided the following guidelines are met:

o Two full appraisals are required. The comparable should be of similar acreage to the subject property

o No more than 35% of the appraised value may be attributed to the land value

o Loan amount may not exceed $1,000,000

o The appraisal must indicate the property values are stable or appreciating

o The property must be an owner-occupied primary residence or second home

o The appraisal must indicate property values are stable or appreciating

o All properties must have adequate utilities available and in service

o All properties must be readily accessible by roads that meet local standards

o Properties with lot size greater than 20 acres but less than or equal to 50 acres must be reviewed by Corporate Underwriting.

o LTV/CLTV must be reduced by 10% on properties with lot size greater than 20 acres but less than or equal to 50 acres

REG-X FAQ's

2010-03-29T15:09:00.001-04:00

What is the difference between origination FEE and origination CHARGE?

o The origination fee is a percentage of the loan amount (usually 1%) charged to originate the loan. On the new GFE, origination CHARGES are ALL fees charged by the lender which may include application fee, lender fee, processing/underwriting fee, and origination fee.

How are seller paid fees addressed on the GFE’s?

o Under new Reg X requirements, lenders are to disclose all fees, title insurance, taxes and recording fees regardless of what may be customary in a market or who typically pays these fees. The GFE may reflect total closing costs higher than you are accustomed to because it does not distinguish between buyer, seller, or lender paid fees.

How does the customer get paid for any out of tolerance fees?

o A RESPA credit will be calculated in our system and added to the HUD1 prior to close.

If the aggregate fees subject to the 10% tolerance increase more than 10%, will the bank be responsible for paying the amount above 10% or the entire amount including the 10%? (For example: if fees increased by 15% in the aggregate, will the bank pay the full 15% that exceeds the amount disclosed or only the 5% that is in excess of the 10% tolerance?)

o The bank is required to refund only the amount in excess of the 10% tolerance. In the above example, the Bank would refund the 5%.

Which GFE is used for the tolerance calculation?

o The HUD1 will be compared to the last GFE provided to the borrower.

For services ordered by Realtor/Builder, should the lender leave the fee off the GFE?

o No. All services required by the lender regardless of who orders them must be shown on the GFE.

Does the GFE have to be redisclosed if fees are decreased?

o No. If fees decrease there is no obligation under the regulation to redisclose the GFE.

If seller paid costs are inaccurate, do we need to redisclose?

o There is no designation of Builder or Seller costs on the new GFE. If the information that the Bank relied on at the time the GFE was issued and that information was later found to be inaccurate, it could be a valid changed circumstance.

What is a valid changed circumstance?

o Acts of God, war, or disaster, changes or inaccuracies in information relating to the borrower or the transaction that was relied upon in providing the GFE, changes to the loan amount or estimated value of the property, new information regarding the borrower or transaction not relied upon when the initial disclosure was provided, a lock event

(locking the rate or expiration of the lock), or a change in the deal structure requested by the borrower.

Is there a requirement to provide a waiting period when redisclosing the GFE before the loan can close? For example do we have to wait 3 days after the GFE is redisclosed before closing the loan?

o No. Reg X changes do not have required delays when the GFE is reissued. However, the Reg Z changes implemented earlier this year did incorporate delays if the APR increases by more than1/8 of 1%.

If a floating loan is locked after the initial disclosers, does it have to be redisclosed?

o Yes. Locking the rate is a valid changed circumstance and requires redisclosure of the GFE within 3 business days of the lock event.

If a fee is overlooked in the purchase contract and is not disclosed in the GFE, but is detected by the underwriter, does it qualify as a “changed circumstance”?

o No. The fee was available on the contract and no new information was received. However, if the service is not a lender required service, the fee is not subject to a tolerance.

If the borrower neglects to provide information required for closing and the rate must be extended, who will pay the extension fee?

o If the customer is responsible for the delay, they will be charged the extension.

If a loan application date is prior to December 31, 2009, and the borrower has received an old GFE, can the loan be closed with a new 2010 formatted HUD1?

o No. If a GFE was issued prior to January 1, 2010, then the old HUD1 form must be used.

How long is the interest rate on the GFE good for?

o The interest rate is good until the date and time indicated on the GFE. For a floating loan, the rate may be available for 1 day. For a locked loan, the interest rate will be available for the entire locked period.

If an appraisal is received and an additional inspection is now required by the lender but a third party is going to pay for it, do we need to redisclose?

o Yes. If an inspection is required by the lender the GFE and SSP list must be redisclosed.

What happens if Borrower does not notify us of their provider choices within the 10 days after receipt and acceptance of disclosures?

o The Bank will proceed with the ordering of services to avoid delays in processing.

If the Borrower selects an off list provider how will the lender obtain those fees to redisclose the GFE?

o The lender processing department will contact the service provider chosen, review fees, and make the necessary changes to the GFE.

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers. http://www.federalhousingtaxcredit.com/index.html

This communication from Bank of America - may contain privileged and/or confidential information. It is intended solely for the use of the addressee. If you are not the intended recipient, you are strictly prohibited from disclosing, copying, distributing or using any of this information. If you receive this communication in error, please contact the sender immediately and destroy the material in its entirety, whether electronic or hard copy. This communication may contain nonpublic personal information about consumers subject to the restrictions of the Gramm-Leach-Bliley Act. You may not directly or indirectly reuse or re-disclose such information for any purpose other than to provide the services for which you are receiving the information.

39 Days left for $8,000 Tax Credit - 2 FYI's

2010-03-22T10:39:00.001-04:00

1.Lexington County $5,000 Community Development Grant Program will be back in business July 1.

2.Freddie Mac chief economist Frank Nothaft predicts steady economic growth in the upcoming quarters, even as some Wall Streets analysts have warned of a "double-dip" mini-recession. According to Nothaft, economic growth in the range of 3.3 percent to 3.5 percent would keep inflation under control and interest rates low; and he expects 30-year mortgage rates to average about 5.6 percent by the end of the year, although home prices are likely to remain flat.

New FHA Condo Guidelines

2010-03-18T13:22:00.001-04:00

Effective February 1, 2010, The Federal Housing Administration (FHA) has changed the condominium approval process, which may affect your home buyers who are interested in using an FHA loan to purchase a condominium. These changes will speed up approvals in many cases. In addition, although some rules for property eligibility have been tightened up, others have been loosened to increase the number of properties eligible for FHA financing.

Highlights of the changes for 2010 include:

· Faster approvals. The new process for internal lender approval (DELRAP) could reduce the approval time significantly for most new and existing condominiums, although it may take longer in some cases.

· Elimination of spot approvals. Condominiums will receive a decision on the whole project or legal phase rather than individual units.

· Approvals no longer needed for detached condominiums. Your buyers will be able to apply for financing under single family home requirements.

· Changes in property restrictions. Changes in some requirements will make more properties eligible for FHA financing. Other changes increase restrictions on guidelines such as investor ownership and status of condominium fees.

Please contact your personal Bank of America Home Loan Officer if you need any information or have any questions about these changes. Together, we can communicate this information, set appropriate expectations and help ensure timely closings for your home buyers.

CURRENT RATE TRENDS AS OF 3/18/2010:

30-Year Fixed (with 1 point) 4.750%

15-Year Fixed (with 1 point) 4.250%

Have a wonderful weekend! 917-1893 www.troyott.com

Rural Development: Notice of Depleted Funding from USDA

2010-03-15T16:26:00.001-04:00

USDA has announced that Rural Development‘s allocated budget for FY 2009/2010 is projected to be exhausted by the end of April, 2010. USDA‘s fiscal year runs from October 1st through September 30th each year; while we anticipate funds will be appropriated prior to October 1st, any timing or definite funding prior to standard process are not known or guaranteed.

It is anticipated for a new budget to be approved, but the timing is unknown. During this time of budget depletion, it is important to share information with your customers to make them aware that their loan may have to fund on a program other than Rural Housing loan program.

This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010. Once funding is exhausted, the Agency will not issue Conditional Commitments ―subject to receipt of appropriated funds.” This is because it is not certain when additional funding will be available. Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited.

Help your clients move from renting to owning.

2010-02-22T16:30:00.001-05:00

Help your clients move from renting to owning.

Your clients may be able to own a home for not much more than they're paying in rent. Check the chart below to see how quickly rent payments can add up. Maybe it's time for your clients to invest that money in something that lasts - a home of their own. Time is running out for the 1^st time home buyer tax credit, so they must act now.

Monthly rent	3 years	10 years	15 years	30 years
$500	$18,000	$60,000	$90,000	$180,000
$600	$21,000	$72,000	$108,000	$216,000
$700	$25,400	$84,000	$126,000	$252,000
$800	$28,800	$96,000	$144,000	$288,000
$900	$32,400	$108,000	$162,000	$324,000
$1000	$36,000	$120,000	$180,000	$360,000
$1250	$45,000	$150,000	$225,000	$450,000
$1500	$54,000	$180,000	$270,000	$540,000

545 vs 300,000,000 - something to think about!!!

2010-02-19T11:33:00.001-05:00

Bankruptcy time frames for FHA

2010-02-17T10:01:00.000-05:00

Here are the rules regarding previous bankruptcies’ impact for a new FHA loan ($271,050 max loan amount) .

What are the credit re-establishment requirements my borrower must meet if they have had a foreclosure or bankruptcy and they want to do an FHA loan?

Bankruptcies
(Chapter 7) Fully discharged at least 2 years
Schedule of debtors and discharge forms unless credit report provides discharge date
The borrower must have re-established good credit or chosen not to incur new credit obligations. The borrower also must have demonstrated a documented ability to responsibly manage his or her financial affairs.
No delinquent credit after bankruptcy
Detailed credit explanation

(Chapter 13) 1 full year timely payments made
Trustee approved
No delinquencies
Detailed credit explanation
Foreclosures / Deed in Lieu Released at least 3 years
Detailed credit explanation

FHA ANNOUNCES POLICY CHANGES TO ADDRESS RISK AND STRENGTHEN FINANCES

2010-02-17T10:00:00.000-05:00

New measures will help FHA better manage risk, while maintaining support for the housing market and access for undeserved communities.
WASHINGTON — Federal Housing Administration (FHA) Commissioner David Stevens announces a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for undeserved communities. These changes are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the housing market recovery.
The FHA will propose to take the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement.
“Striking the right balance between managing the FHA’s risk, continuing to provide access to undeserved communities, and supporting the nation’s economic recovery is critically important,” said Commissioner Stevens. “When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market’s recovery. Importantly, FHA will remain the largest source of home purchase financing for undeserved communities.”
ANNOUNCED FHA POLICY CHANGES  Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending. The first step will be to raise the up-front MIP by 5 bps to 2.25% and request legislative authority to increase the maximum annual MIP that FHA can charge. If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP. This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing. The initial up-front increase is included in a Mortgagee Letter released January 21st and will go into effect in the spring. Update the combination of FICO scores and down payments for new borrowers. New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%. This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well. This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer. Reduce allowable seller concessions from 6% to 3%. The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions. This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer. Increase enforcement on FHA lenders. Publicly report lender performance rankings to complement currently available Neighborhood Watch data; will be available on the HUD website February 1. This is an operational change to make information more user-friendly and hold mortgage lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.
 Enhance monitoring of lender performance and compliance with FHA guidelines and standards. Implement Credit Watch termination through lender underwriting ID in addition to originating ID. Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process. This change is included in a Mortgagee Letter released January 21st and is effective immediately. Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer. HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes: Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they would originate and underwrite. Legislative authority permitting HUD maximum flexibility to establish separate “areas” for purposes of review and termination under the Credit Watch initiative. This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches.
In addition to the changes proposed, the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.
HUD is the nation’s housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation’s fair housing laws.
More information about HUD and its programs is available on the internet at www.hud.gov and espanol.hud.gov.
U.S. Department of Housing and Urban Development 451 7th Street S.W., Washington, DC 20410 Telephone: (202) 708-1112 TTY: (202) 708-1455

Economic news

2010-02-05T11:04:00.000-05:00

Economic news was mostly positive this past week except for housing. Both existing home sales and new home sales dropped sharply in December. Existing home sales plunged 16.7% to a seasonally adjusted annual rate of 5.45 million, from 6.54 million in November. The decline is the largest on record. However, December sales were up 15% compared with December 2008. New home sales in December fell 7.6% and were down 22.9% for the year. Both drops in existing and new home sales appear to be the cause of the first time homebuyer tax credits taking sales away in later months.
Consumer confidence beat estimates and rose to its highest level since September 2008. The index improved in January to 55.9 from 53.6 in December. The present situation assessment, however, continues to remain near historic lows. Consumer sentiment also improved in January to 74.4 from 72.5 in December. This is the highest reading since January 2008. On Wednesday, the FOMC left rates unchanged and maintained its view that conditions “are likely to warrant exceptionally low levels of the federal funds rate for an extended period.” The biggest news of the statement was that Kansas City Fed President dissented, preferring that the Fed drop the “extended period” language. Hoenig sees the economy and financial markets improved enough that exceptionally low rates are not needed for long.
On Thursday, December durable goods orders were softer than expected but ex transports were a touch better than expected. Also, Bernanke was confirmed with a 70-30 confirmation vote. It was the poorest showing ever by a nominee for Fed Chairman but was still a victory for Bernanke. And on Friday, fourth quarter GDP grew at a much higher than expected rate of 5.7%. This was the strongest growth rate in more than six years. About two-thirds of the growth however, was boosted by smaller inventory reductions. Overall, the report shows that the economy is in moderate recovery.
Although much of the economic data was positive, equities were down for the week. For the month of January, the Dow was down 3.5%; the S&P, down 3.7%; the Nasdaq, down 5.4%; and the Russell, down 3.7%. Treasury yields were little changed net for the week.
Have a great weekend

86 Days to get $8,000 Tax Credit - Today's Actual Rate Indicator

2010-02-03T16:03:00.001-05:00

Rates based on $150,0000 loan amount, excellent credit, closing in 30 days.

Program Rate APR
FHA 30 Yr. 4.875% 4.897%
VA 30 Yr. 4.75% 4.769%
USDA 30 Yr. 5.125% 5.144%
Conf. 30 Yr. 4.875% 4.896%
Conf. 15 Yr. 4.25% 4.287%
Conf. 5/1 ARM 3.875% 3.49%

ALERT! 105 days left to get the $8,000 Tax Credit

2010-01-15T11:27:00.002-05:00

Rate Indicator for January 15, 2010
All rates are tailored to the individual’s credit profile. Specific rate quotes may vary.
Based on loan amount of $150,000 with 1% origination fee(except Jumbo) and optimum credit profile.

Rates subject to change without notice due to market conditions.

Happy New Year!

2010-01-04T13:33:00.002-05:00

2010 Will Be a Great Year!
1. RESPA revisions effective Jan. 1 are extensive. The old “HUD Closing Cost” booklet was 18 pages.
The new booklet is 49 pages. I have attached a copy of the new booklet for your reading enjoyment.
2. The new GFE does not show the Borrower cash required to close. It itemizes all closing costs for cost comparison with other lenders. We have a new form, Funds Needed for Closing, that I will be showing you later this week.
Rate Indicator for January 4, 2010
All rates are tailored to the individual’s credit profile. Specific rate quotes may vary.
Based on loan amount of $150,000 with 1% origination fee(except Jumbo) and optimum credit profile.

Rates subject to change without notice due to market conditions.

Today's Rate Indicator

2009-12-31T11:05:00.001-05:00

If you don’t buy a house now, you’re either stupid or broke.

2009-12-18T11:10:00.001-05:00

If you don’t buy a house now, you’re either stupid or broke.
Interest rates are at historic lows but cyclical trends suggest they will soon rise. Home buyers may never see such a chance again, says Marc Roth.
By Marc Roth

Well, you may not be stupid or broke. Maybe you already have a house and you don’t want to move. Or maybe you’re a Trappist monk and have forsworn all earthly possessions. Or whatever. But if you want to buy a house, now is the time, and if you don’t act soon, you will regret it. Here’s why: historically low interest rates.

As of today, the average 30-year fixed-rate loan with no points or fees is around 5%. That, as the graph above – which you can find on Mortgage-X.com – shows, is the lowest the rate has been in nearly 40 years.

In fact, rates are so well below historic averages that it should make all current and prospective homeowners take notice of this once-in-a-lifetime opportunity.

And it is exactly that, based on what the graph shows us. Let’s look at the point on the far left.

In 1970 the rate was approximately 7.25%. After hovering there for a couple of years, it began a trend upward, landing near 10% in late 1973. It settled at 8.5% to 9% from 1974 to the end of 1976. After the rise to 10%, that probably seemed O.K. to most home buyers.

But they weren’t happy soon thereafter. From 1977 to 1981, a period of only 60 months, the 30-year fixed rate climbed to 18%. As I mentioned in one of my previous articles, my dad was one of the unluckily stuck needing a loan at that time.

INTEREST RATE LESSONS

And when rates started to decline after that, they took a long time to recede previous levels. They hit 9% for a brief time in 1986 and bounced around 10% to 11% until 1990. For the next 11 years through 2001, the rates slowly ebbed and flowed downward, ranging from 7% to 9%. We’ve since spent the last nine years, until very recently, at 6% to 7%. So you can see why 5% is so remarkable.

So, what can we learn from the historical trends and numbers?

First, rates have far further to move upward than downward; for more than 30 years, 7% was the low and 18% was the high. The norm was 9% in the 1970’s, 10% in the mid-1980’s through the early 1990’s, 7% to 8% for much of the 1990’s, and 6% only over the last handful of years.

Second, the last time the long-term trends reversed from low to high, it took more than 20 years (1970 to 1992) for the rate to get back to where it was, and 30 years to actually start trending below the 1970 low.

Finally, the most important lesson is to understand the actual financial impact the rate has on the cost of purchasing and paying off a home.

Every quarter-point change in interest rates is equivalent to approximately $6,000 for every $100,000 borrowed over the course of a 30-year fixed. While different in each region, for the sake of simplicity, let’s assume that the average person is putting $40,000 down and borrowing $200,000 to pay the price of a typical home nationwide. Thus, over the course of the life of the loan, each quarter-point move up in interest rates will cost that buyer $12,000.

LOAN COSTS

Stay with me now. We are at 5%. As you can see by the graph above, as the economy stabilizes, it is reasonable for us to see 30-year fixed rates climb to 6% within the foreseeable future and probably to a range of 7% to 8% when the economy is humming again. If every quarter of a point is worth $12,000 per $200,000 borrowed, then each point is worth almost $50,000.

Let’s put that into perspective. You have a good, stable job (yes, unemployment is at 10%, but another way of looking at that figure is that most of us have good, stable jobs). You would like to own a $240,000 home. However, even though home prices have steadied, you may be thinking you can get another $5,000 or $10,000 discount if you wait (never mind the $8,000 or $6,500 tax credit due to run out next spring). Or you may be waiting for the news to tell you the economy is “more stable: and it’s safe to get back in the pool. In exchange for what you may think is prudence, you will risk paying $50,000 more per point in interest rate changes between now and the time you decide you are ready to buy. And you are ignoring the fact that according to the Case-Shiller index, home prices in most regions have been trending back up for the last several months.

If you are someone who is looking to buy or upgrade in the $350,000-to-$800,000 home price range, and many people out there are, then you’re borrowing $300,000 to $600,000. At 7%, the $300,000 loan will cost just under $150,000 more over the lifetime, and the $600,000 loan an additional $300,000, if rates move up just 2% before you pull the trigger.

What I’m trying to impress upon everyone is that if you are planning on being a homeowner now and/or in the foreseeable future, or if you are looking to move your family into a bigger home, then pay more attention to the interest rates than the price of the home. If you have a steady job, good credit, and the down payment, then you really are being offered the gift of a lifetime.

Marc Roth is the founder and president of Home Warranty of America, which touches just about every part of the real estate industry since it sells through builders, real estate agents, title companies, mortgage companies and directly to consumers.

CURRENT RATE TRENDS AS OF 12-18-2009:
30-Year Fixed (with 1 point) 4.625%
15-Year Fixed (with 1 point) 4.125%

MERRY CHRISTMAS!!!!!! 803-917-1893 WWW.TROYOTT.COM

A MATTER OF HONOR

2009-12-15T22:08:00.000-05:00

I have watched the Mark Sanford saga with a high degree of trepidation like all South Carolinians. In reflecting on this matter the subject of southern honor comes to my mind most frequently. Being raised in the South like Mark and Jenny I understand full well the meaning of the word as do they both I am sure in their heart of hearts. Mark had the opportunity when this matter first became exposed publicly to do the right thing, admit his mistakes, ask for forgiveness, and then act with honor and remove himself from office without hesitation. He chose not to. No state employee no matter how low or high their pay grade who conducted himself in a similar manner would have had a job to go back to, why then should the chief executive of the State of South Carolina be any different. He instead subjected the entire state including his supporters like myself, to a shameful display of self centered pride and ego gone wild. His concern was first and foremost for himself, not for his constituency, his family, nor the future of his State. Jenny had the opportunity as well to act honorably by choosing not to write a tell all book and lament her marital problems publicly on national television. She could have retreated from public life with honor and gentility in the attempt to heal her marriage, family, personal hurt and anguish without allowing her ego and loss of pride to take center stage. It is truly sad that both of them despite all the damage that has happened still fail to seemingly understand that while their personal lives are of no one's concern and certainly we all have sinned and are without perfection, it their own actions coupled with a single minded unwillingness to look beyond themselves and their personal self interests that has put the good and honorable name of South Carolina and her people through the proverbial mud. Perhaps one day they will both come to realize that leadership and privilege has it's price and no one should aspire to it without the willingness to bear it

UNIVERSITY HILL NATIONAL HISTORIC AREA @USC

2009-12-07T12:56:00.001-05:00

There are two different kinds of historic designation. First, there is the National Register District. This is administered for the federal government in this state by the SC Department of Archives and History. Here is their website explanation of the register: "The National Register of Historic Places is a list of properties significant in our nation’s past, which is maintained in Washington, D.C., by the National Park Service. Properties are added to the list by nominations submitted by citizens nationwide through State Historic Preservation Offices. South Carolina has over 1,300 listings in the National Register. This includes over 160 historic districts. " National Register Designation requires a thorough surveying of individual properties and a district such as University Hill must have many architecturally fine and intact structures to qualify for the Register. Once on, individual structures may qualify for tax credits for eligible work--the tax credits can be significant depending upon the amount of work done. There are no restrictions on building or demolition when there is a National Register district in place, but ineligible work may disqualify structures for tax credits. Here is the link to more information if you're interested: http://shpo.sc.gov/properties/register/results.htm. Also, the nomination information for University Hill can be found here: http://www.nationalregister.sc.gov/richland/S10817740131/index.htm

Here at the City, we also designate districts, but generally we call these local districts and University Hill has the name "University Hill Architectural Conservation District" for its historic designation. This actually coexists with the National Register district in place. The City, however, reviews changes made to the exterior of buildings (remember--changes visible from the public right-of-way?"). The goal of the district is to maintain the architecture and character of the district while allowing for contemporary needs. Many projects are reviewed by staff (out of my office) but larger projects must go to the Design/Development Review Commission. They process a large majority of projects in one meeting. The local historic designation can help to maintain eligibility for the National Register and also provides access to the Bailey Bill for eligible properties. The Bailey Bill is a tax abatement measure passed by City and County Councils. This combined with state and federal tax credits has made many projects feasible for property owners in the last couple of years. Here is the link to the guidelines for University Hill as well as the City's Bailey Bill: http://www.columbia.sc.gov/coc/index.cfm/development-gateway/planning-and-development-services/preservation-and-design/.

803-917-1893 WWW.TROYOTT.COM

TIME FOR A CHANGE

2009-12-03T09:32:00.001-05:00

When faced with making a political decision concerning matters of governance our elected representatives be they local, state, or national should focus like a laser in making their decisions based upon on two overriding principles. 1st. Is the matter in question constitutional valid, being in alignment and in accordance with the principal governing document of our Republic 2nd. Is this matter in the best interests of the working men and women of our state. Simply put, Nothing else matters. One man who is running for governor that I know personally exudes these principals from his very core, his name is Andre Bauer. Andre is a public servant, not a politician always has been, and always will be. Ask a senior citizen who has been touched by his tirelessly work on their behalf their opinion, ask an entrepreneur who in the sate house most represents their interests, none other than the man who embodies the entrepreneurial ideal, who has through sheer will, hard work and perseverance succeeded on his own and by his own merits in the real world arena of business and ideas. Andre understands the meaning of the words integrity, duty, self sacrifice, tenacity, and honor. He understands them full well because he has lived them his whole life. Call or email him today with a question or a concern and you will find his response will be one in the same whether you are a CEO, senior citizen, laborer, or a young student needing assistance. That response being, how may I serve.

Buyer Representation

2009-11-25T10:33:00.001-05:00

After years of explaining exclusive buyer agency to buyer clients by their respective agents, buyers still do not understand or appreciate how this representation works. Buyers in mass the last few months have stormed in the model homes of Mungo, Essex, and Hurricane builders just to name a few to a capitalize on the $8,000 tax credit before it expired. Little do they know or understand once they step foot into the model home/office and they are greeted by licensed agents whose sole purpose is to represent the BUILDERS/SELLERS INTERESTS not their own. Despite all the glad-handing and warm smiles from the builder reps, buyers despite their intelligence and life expertise throw away nearly all their buying/negotiating power by going it alone without the exclusive representation of an informed, aggressive buyer agent/ advocate. When I have represented buyers in the past, I have gotten builders to pay ALL BUYER closing costs, build privacy fences, provide custom appliances, and use my lender not the builders plus a myriad of other concessions affording my buyer cleints with literally thousands of dollars of concessions they would have otherwise missed out on, never knowing the better. Couple this with the fact that buyer representation costs the buyer/client NOTHING we are paid entirely by the seller not the buyer client, and you begin to see the incredible power of buyer advocacy. The next time you or a friend or family member decides to entertain buying a new build home priced anywhere from $99,000 or $9,000,000 have them consult and hire an exclusive buyer agent who can and will serve their collective interests save them money and make sure their wants, needs, and desires not the builders are at the forefront of the transaction. I await your call. 803-917-1893 www.troyott.com

Here's the latest info on the Expanded Tax Credit extension.

2009-11-16T21:50:00.001-05:00

Updated Nov. 6, 2009, to note new legislation. The new legislation extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

extends deadlines for purchasing and closing on a home
authorizes the credit for long-time homeowners buying a replacement principal residence
raises the income limitations for homeowners claiming the credit

This page will be reviewed and revised as appropriate soon based on the new legislation.

Q. What is the credit?

A. The first-time homebuyer credit is a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008. For homes purchased in 2008, the credit operates like an interest-free loan because it must be repaid over a 15-year period.

The credit was expanded in 2009 for homes purchased in 2009, increasing the amount of the credit and eliminating the requirement to repay the credit, unless the home ceases to be your principal residence within the 36-month period beginning on the purchase date.

Q. How much is the credit?

A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 ($8,000 if you purchased your home in 2009) for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns. The full credit is available for homes costing $75,000 or more ($80,000 if purchased after Dec. 31, 2008, and before Dec. 1, 2009).

Q. Which home purchases qualify for the first-time homebuyer credit?

A. Any home purchased as the taxpayer’s principal residence and located in the United States qualifies. You must buy the home after April 8, 2008, and before Dec. 1, 2009, to qualify for the credit. For a home that you construct, the purchase date is considered to be the first date you occupy the home.

Taxpayers (including spouse, if married) who owned a principal residence at any time during the three years prior to the date of purchase are not eligible for the credit. This means that you can qualify for the credit if you (and your spouse, if married) have not owned a home in the three years prior to a purchase. If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 or 2009 income tax return.

Q. If a taxpayer purchases a mobile home (manufactured home) with land and qualifies for the credit, is the amount of the credit based on the combined cost of the home and land?

A. Yes. The first-time homebuyer credit is ten percent of the purchase price of a principal residence. The total purchase price (mobile home and land) is used to determine the amount of the first-time homebuyer credit.

Q. Is a taxpayer who purchases a mobile home and places the home on leased land eligible for the first-time homebuyer credit?

A. Yes. A mobile home may qualify as a principal residence and it is not necessary that the taxpayer own the land to qualify for the first-time homebuyer credit.

Q. Can a taxpayer who purchases a travel trailer qualify for the credit?

A. A travel trailer that is affixed to land may qualify as a principal residence.

Q. Can an individual who has lived in an RV qualify for the credit?

A. For purposes of the first-time homebuyer credit, an RV with a built-in motor is personal property that is not affixed to land and does not qualify as a principal residence. Accordingly, someone who has owned and lived in an RV within the past three years may still qualify as a first-time homebuyer.

Q. Can I apply for the credit if I bought a vacation home or rental property?

A. No. Vacation homes and rental property do not qualify for this credit.

Q. Who is considered to be a first-time homebuyer?

A. Taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase.

Q. Can a dependent on someone else’s tax return claim the first time homebuyer credit if they otherwise qualify?

A. Yes. There is no limitation under section 36 that a first-time homebuyer cannot be a dependent. However, taxpayers who do not otherwise qualify for the credit do not become eligible for the credit simply by using a minor child’s name. In addition, under state law children under the age of 18 generally are not bound by any contract they sign and cannot be required to comply with the terms of the contract. Thus, it is extremely unlikely that a seller of a home, or a lender if financing is required, would enter into a bona fide sale of a home to a child. Merely using the child’s name to purchase a home does not qualify the child for the credit if, in substance, the child is not a bona fide purchaser of a home.

Q. When do I have to buy a new home to get the credit?

A. The home must be purchased after April 8, 2008, and before Dec. 1, 2009, in order to obtain the credit. For a home you construct, the purchase date is considered to be the date you first occupy the home.

Q. How do I apply for the credit?

A. The credit is claimed on new IRS Form 5405, First-Time Homebuyer Credit, and filed with your 2008 or 2009 federal income tax return.

Q. Are there income limits?

A. Yes. The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on your modified adjusted gross income (MAGI). For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000. This means that the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

Q. Can a taxpayer claim the first-time homebuyer credit after entering into a contract for the purchase of a residence but before closing on the purchase?

A. No. Taxpayers cannot claim the credit before there is a completed sale and purchase of the residence. The sale and purchase are generally completed at the time of closing on the purchase. (New 7/2/09)

Q. Can a taxpayer claim the first-time homebuyer credit if the purchase is pursuant to a seller financing arrangement (for example, a contract for deed, installment land sale contract, or long-term land contract), and the seller retains legal title to secure the taxpayer's payment obligations?

A. If the taxpayer obtains the "benefits and burdens" of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property. (New 7/2/09)

Q. I purchased a home that qualifies for the first-time homebuyer credit. I will be renting two of the bedrooms and reporting the rental income on Schedule E. Will I still qualify for the credit if I use the home as my principal residence?

A. Yes, if you meet all first-time homebuyer eligibility requirements. See Form 5405, First-Time Homebuyer Credit, for more details.

Q. I purchased a duplex home with two separate dwelling units. I will live in one dwelling and will rent out the other dwelling unit and report the rental income on Schedule E. May I qualify for the first-time homebuyer credit, and what amount do I use for the purchase price to determine the amount of the credit?

A. Yes, you may qualify for the credit for the dwelling unit that you use as your principal residence. To determine the amount of your credit, you must allocate the purchase price of the duplex between the two separate dwelling units. Your credit is 10% of the portion of the purchase price of the duplex allocated to your dwelling unit that you use as your principal residence, up to a maximum credit of $8,000. You may not use the entire purchase price of the duplex to determine the amount of your credit.

Q. If two unmarried people buy a house together, how do they determine how much each may take of the credit?

A. IRS Notice 2009-12 provides guidance for allocating the first-time homebuyer credit between taxpayers who are not married.

Q. I am a single co-owner of a home. How do I get this credit?

A. Depending on the year of purchase, you will claim the credit on either your 2008 or 2009 federal income tax return.

Q. I don’t owe taxes and/or my income is exempt from tax and I do not have a filing requirement. Do I qualify for the credit?

A. The credit is fully refundable and, if you qualify as a first-time homebuyer, having tax-exempt income will not preclude eligibility. Although there are maximum income limits for qualifying first-time homebuyers, there are no minimum income criteria. Thus, someone with no taxable income who qualifies as a first-time homebuyer may file for the sole purpose of claiming the credit for a refund.

Q. Does the first-time homebuyer credit apply to homes located in the U.S. Territories?

A. No.

Q. Would I be considered a first time homebuyer if I owned a principal residence outside of the United States within the previous three years?

A. Yes. A taxpayer who owned a principal residence outside of the United States within the last three years is not disqualified from taking the credit for a purchase within the United States.

Q. If qualified, are homebuyers required to claim the first-time homebuyer credit?

A. No.

Q. Who cannot take the credit?

A. If any of the following describe you, you cannot take the credit, even if you buy a new home:

Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Q. Does previously inheriting a home and living in the inherited home automatically disqualify an individual as a first-time homebuyer with respect to a different home that is purchased within the prescribed 2008 and 2009 time frames?

A. Yes, an ownership interest in a prior principal residence would preclude the taxpayer from being considered a first-time homebuyer. As long as the taxpayer owned and used the prior home as his principal residence, then he is not a first-time homebuyer. There is no exception for taxpayers who did not buy their prior residences. (05/06/09)

Q. Is a step-relative considered a related party?

A. Step-relatives are neither ancestors nor lineal descendents and are therefore not related persons for purposes of the first-time homebuyer credit. (05/06/09)

Q. If I claim the first-time homebuyer credit in 2009 and stop using the property as my main home before the 36 month period expires after I purchase, how is the credit repaid and how long would I have to repay it?

A. If, within 36 months of the date of purchase, the property is no longer used as the taxpayer's principal residence, the taxpayer is required to repay the credit. Repayment of the full amount of the credit is due at that time the income tax return for the year the home ceased to be the taxpayer's principal residence is due. The full amount of the credit is reflected as additional tax on that year's tax return. Form 5405 and its instructions will be revised for tax year 2009 to include information about repayment of the credit. (05/06/09)

Q. If a person does not actually make the payments on a home that’s their primary residence, but the deed and mortgage documents are in their name, can they be considered a first-time home buyer?

A. Yes. If a taxpayer purchases a home to be used as a primary residence from an unrelated person and has not owned a home within the previous 36 months, the taxpayer is eligible for the first-time homebuyer credit regardless of who makes the mortgage payment. (05/06/09)

Q. Do taxpayers affected by Hurricane Katrina or other disasters qualify as first-time homebuyers if their principal residence (i.e. main home) became uninhabitable more than three years ago and they have not formally disposed of the uninhabitable home or purchased or built a new home in the interim?

A. A first-time homebuyer is an individual (and the individual's spouse, if married) who has not had an ownership interest in a principal residence (within the meaning of Section 121 of the Internal Revenue Code) during the three years before the date a new principal residence is purchased. Applying Section 121, a taxpayer can be a first-time homebuyer if the taxpayer has not owned and used a property as a principal residence at any time during the three years before the date of purchase of the new residence. Taxpayers affected by Hurricane Katrina who have owned but not used their property as a principal residence within the last three years may be eligible for the first-time homebuyer credit when they purchase a new principal residence. (05/07/09)

FROM THE BROKERS DESK

2009-11-11T08:38:00.001-05:00

With the nations unemployment rate now rising to over 10%, 10.2% to be exact, for the first time since 1983, the increase in joblessness will lead invariably to an upswing in residential mortgage delinquencies. President Obama has signed legislation extending the $8,000 first time home buyer tax credit and giving additional tax breaks as well to certain homeowners who are trading up in their real estate purchases. Passed overwhelmingly by Congress, this bill provides a $6,500 tax credit to homeowners who are buying a new primary residence beginning December 1, 2009. the language mandates that to get the credit the homeowner must have owned their home for five consecutive years of the previous eight. But there are caps on the tax credits. They only apply to individual buyers who make no more than $125,000 individually and $250,000 for couples. There is also an anti-flipping provision: any homeowner who collects the credit and sells within three years must return the money to Uncle Sam. The FTHB was extended to cover consumers signing a contract by April 30th and closing by June 30th 2010.

6-6 WILL NO LONGER WORK

2009-11-09T22:46:00.000-05:00

Steve Spurrier made three promises to the Carolina faithful upon being hired to lead our University's football team. 1st. he would create a powerhouse offense which is his trademark, being known for this throughout the land, having created them previously at both Duke and Florida. 2nd he would win a SEC conference championship 3rd. He would establish a winning mindset that would transcend over 100 years of abject futility concerning Gamecock football. He is and has been after 5 years a regrettable failure at all three. Is there anybody out there in Gamecock nation who honesty believes this man and can deliver on any of his promises, if you do you are deluding yourself. The game has passed the Old Ball Coach by, Dabo Swinney who makes one third of Spurrier's salary and is in his first year as a head coach will win far more ball games by this years end, and to add insult to injury will beat us yet again at home this year as well. Carolina desperately needs a courageous young lion for a coach who can once and for all infuse real heart and a burning desire to win into the program, we need someone who is in the ascendency if his career not in its denouement as is the case with Spurrier. When Steve looks in the mirror at night he knows in his heart of hearts his time has past, he needs to swallow his monstrous ego for the benefit of the fans and move on to retirement and take his son with him. Gamecock Nation will wish them both a fond farewell.

Oscar Ott

2009-11-03T20:59:00.000-05:00

HEART ATTACKS AND THE GENDER GAP Scientists are reasserting that middle aged men are far more susceptible to heart attacked than their female counter parts. However new research suggests the gap may be narrowing. 2.5% of men ages 35-54 reported having had a heart attack in the early 1990'S study compared with only .07% of women the same age. The numbers as of late have changed though in 2004 heart attacks rose for women rose to 1% while dropping to 2.2% for men. The changes in lifestyle and work related stress seems to be leveling the playing field herein so it is safe to say women need to acknowledge this trend and maintain an ideal weight coupled with better diet and exercise. Men are no longer the only ones who need to maintain this regime. How unfortunate that as the ranks of women and mothers are forced into the labor pool just to make ends meet, they are also being put at risk for decreased life expectancy as well. Remember if you are over 40 you need to have an annual physical and develop a sincere trusting relationship with you care giver so that candor and full disclosure prevails between you both. Walking and moderate exercise coupled with improved nutrition and weight management are the keys to offset this trend for both sexes. Good advice for all. And on another note, please remember to call a REALTOR when buying or selling ANY Real Estate. I happen to know a very good one. 803-917-1893 www.troyott.com Expect Great Things!!!

Higher Taxes are coming!!!!

2009-10-29T20:36:00.001-04:00

The tax cuts sponsored by former President Bush are set to expire at the end of next year. That means of course unless Congress and President Obama in their infinite wisdom decide to extend them which is highly unlikely, prepare to bite the proverbial bullet. These cuts saved individual tax payers and cost the government 2.34 trillion. Once these tax cuts expire the top two tax rates up from 33 percent and 35 percent to 36 and 39.6 percent respectively. The average family making 500,000 the tax will be about 6,000 per year for a family making 1 million about 30 per year. Depending on your fiscal orientation you may resist or embrace this change. For those of us who believe the key to growing this economy and truly ending thus recession putting more money back I the hands of John Q.Public is the way to go. For those others who concur with our President government growth and largess is more preferable to an enriched populace. Please remember Uncle Sam, is broke and penniless to the tune of about 4.5 trillion dollars only by taking it from you and I does he have the power to keep spending. One thing for sure is elections have consequences. Please remember there is one constant in this ever changing universe and it is I your friendly REALTOR, if you are buying or selling or know someone who is, the right number to call is 803-917-1893 www.troyott.com you will be glad you did. God Bless and Good Fortune to you all.

HIGHER JOBLESS RATES COULD BECOME "NEW NORMAL"

2009-10-20T21:01:00.001-04:00

I think the present unemployment rate will be permanently higher, or at least higher for the foreseeable future" so says Mark Zandi chief economist and co founder of Moodys Economy.com Hello again friends, a lot of you may not be aware but the above headline is the proverbial 800 pound gorilla in the room that no one wants to talk about. While our state wide unemployment rate holds steady around 12+% the national average is now precariously close to 10% with no signs of abating. Wall Street's principal barometer (the dow) has returned to 10,000 for one day at least while the working people of this great country continue to suffer heavily with no end in sight. The corporate elites have discovered with all their massive recent layoffs they can maintain profitability and productivity with far less folks and have no desire to start rehiring. Those in the know understand this is not an aberration but the new reality, permanent national unemployment at or above 10% INDEFINITELY. Unless we demand more of our elected representatives and choose ones go forward who understand this quagmire, we have no way of undoing this, the evil corporate/ government synergistic cabal threatens us all. The principal question for each and every one of our representatives at the national, state and local level should be, is their paramount focus on the wants, needs and interests of the working people of this country if it is not kick then them to the street, it is now or never. Make yourself heard America, wake up organize and vote with a enlightened conscious. In the meantime feel free to hire yours truly to zealously represent anyone looking to buy or sell real estate anywhere in our beautiful country. God Bless you all. 803-917-1893 www.troyott.com

The Lower Richland Heritage corridor farmers market

2009-10-16T19:54:00.000-04:00

The Lower Richland Heritage corridor farmers market will be held this Saturday from 12- 4 PM, the event will be in downtown Hopkins @ 214 Hopkins Road, at the corner of Lower Richland Blvd., y'all come now ya here. Emile Defelice emile.defelice@gmail.com a good friend and one hell of an organic farmer conducts his own robust farmers market on Devine street in downtown Columbia as well and it and it should not be missed. Produce from local farmers will be featured at both venues. On another timely matter Richland 1 office of adult education will be offering free employment workshops from 6-8PM Tuesday and Thursdays 10/22/09 through 11/10/09. to register call 343-2935 space is limited to the first 15 registries. Always remember if you are buying or selling real estate of any kind, call me to make sure you protected and profitable in your transaction, you will be glad you did. Wishing you love and all green lights. EXPECT GREAT THINGS. 803-917-1893 www.troyott.com

Afghanistan love it or leave it baby!!!!!

2009-10-06T22:49:00.000-04:00

Afghanistan love it or leave it baby!!!!! 8 brave Americans hero's endured the bloodiest day in combat since July 2008 just 48 hours ago. Once again American blood and treasure are being expended in mass on foreign lands without a clear mission for victory. Obama's hand picked General Stanley McChrystal has requested an additional 40, 000 boots on the ground to quell the insurgence posed by Al -Qaida and the Taliban. Obama in his infinite wisdom has postponed the decision for several weeks while he weighs his options. Does the phrase( WAR OF NECCESITY) resonate with anyone. In the meantime Americans are fighting and dying looking to their commander in chief for an absolute commitment to victory so they can some day return to their families. One can only hope that these brave men and women are given what they need in materials and manpower to pacify this country and neutralize the ever present threat posed by these insurgents. One thing is for absolute sure, we either kick their ass on their home turf, or we will face them once again here at home in a repeat of 9/11. You decide and keep your political representatives abreast of that decision please as well.

Columbia - Ranked among the TOP

2009-10-05T16:26:00.000-04:00

Columbia, SC kicks ass nationwide baby, we are now ranked among the top ten places in the country to retire according to US News and World report. The myriad of local attributes that influenced their decision are our own national park, our major university , gorgeous Lake Murray, and AFFORDABILITY that is right brothers and sisters, with an average single family home price of 140k that sets the record for value nationwide. No more bitching and moaning we have a hell of a lot to appreciate and be thankful for right here in our own backyard. Fort Jackson was conspicuously left out, as the largest army depot intake station in the country you would think that would have been apart of their criteria as well but it was not. Close proximity (as in 2 hours away) to some of the most pristine beaches and mountains in the country were also mentioned as well. So rest assured brothers and sisters rebel flag, joe wilson, mark sanford and all, they are coming our way and glad to be doing so, ask any retireee who has settled here if they would consider moving back from whence they came and you will get a mouthful. Until next time my friends, I wish you love and all green lights. 917-1893 www.troyott.com