Daily Archives: February 1, 2013

IRS provides guidance on HAMP principle reductions | Katonah Real Estate

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The Home Affordable Modification Program (HAMP) was established a few years ago by the Departments of the Treasury and Housing and Urban Development to help homeowners who are underwater avoid foreclosure.

Since 2010, one of HAMP’s programs has been the Principal Reduction Alternative (HAMP-PRA). Borrowers who qualify for the program have their mortgage principal reduced by a predetermined amount (called the PRA forbearance amount).

A borrower qualifies for the HAMP-PRA program only if:

  • the mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac
  • the borrower owes more than the home is worth
  • the house is the borrower’s primary residence
  • the borrower obtained the mortgage before January 1, 2009
  • the borrower’s mortgage payment is more than 31 percent of gross (pre-tax) monthly income.
  • up to $729,750 is owed on the 1st mortgage.
  • the borrower has a financial hardship and is either delinquent or in danger of falling behind
  • the borrower has sufficient, documented income to support the modified payment, and
  • the borrower has not been convicted of a real estate related fraud or felony in the last ten years.

The end goal of the HAMP-PRA program is to reduce the borrower’s mortgage loan until the borrower’s monthly payment is reduced to a monthly payment amount determined under the HAMP guidelines.

via inman.com

Words, copy, content and opportunity | Bedford Corners Homes

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Note: This is the fourth article in the “Breakaway Brokerage” series. Read part 1, part 2 and part 3.

The content opportunity in real estate has been obvious for a decade. A well-executed content strategy helps you get found on search engines, engages site visitors, lends authority to your brand, and differentiates you from your competitors.

But in 2013, it’s time to get even more specific about content. We’re no longer talking about slapping together a WordPress blog, filling it with pretty charts, market data, listings, a few posts here and there about local events and sending it off in a tiny URL over Facebook and Twitter.

via inman.com

Condo association can recover for damage caused by guest | Chappaqua NY Real Estate

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Q: I own a townhouse that I rent out. The rules of the association make owners responsible for damage that is done by themselves, guests or renters. Our renter had a guest who was involved in a robbery attempt at the complex; he damaged a sign and light pole, but he escaped and the police haven’t been able to find him or the owner of the car he was driving. Now the association is trying to get me to cover the repair costs. Can the association do this? –Alex B.

A: Your association’s rules are common and legal. You are responsible for common-area damage you might cause, and if you invite people to your home, you likewise become responsible for the damage they might cause. The same is true for renters. Because they stand in your shoes, if they cause damage, you are ultimately on the hook.

This doesn’t mean, however, that you cannot attempt to recoup any money you pay the association by looking to the real cause of the damage: your guests, your renters or your renters’ guests. That would require a lawsuit if the responsible party doesn’t pay up. Meanwhile, the association will have been paid by enforcing its rule, and if you don’t comply, it will take whatever actions its rules provide for when members fail to make good on financial obligations.

Sometimes, an insurance policy can cover the costs of these mishaps. If, for example, you accidentally hit a sign while backing out of your driveway, your auto insurance would cover; and the same is true for your renters and their car insurance. Or, if the renters damaged association property by accidental misuse (of a meeting room, for instance), their renters insurance would cover (assuming they had the “liability” part). Even a guest’s accidental damage of association property, in a non-auto situation, might be covered by that guest’s own homeowners or renters policy.

via inman.com

3 Reasons Your Business Should Be Using Video | Armonk NY Realtor

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Your website visitors won’t wait. They take a micro-second to decide to stay or leave your website, even after all the money and hard work you just spent getting them there. One of the best ways to keep them there is by adding online video to your home page. Adding an online web video will increase time spent on site, decrease bounce rates and drive more page views – three key ranking metrics to getting better search engine results.

Studies indicate conversion rates from 6-52% depending on the type of sales and part of the sales cycle (ecommerce, lead conversion, lead nurturing, deeper into the funnel).  

  • Website video marketing content elicits action thus has a strong impact in generating qualified leads
  • Online video builds trust and confidence during your pre-sales process and sales prociess
  • Online video plays an important role throughout the purchase funnel –  from initial interest to  consideration through to final purchase

However, if you’re not yet convinced that an investment in online video will support your revenue targets and marketing goals, here are three reasons that may start changing your mind:

  1. Simply put, your customers love online video because it helps them get educated on your product and service offerings and is easier to consume than text. So give your customers what they want. If presented with video on your website vs. the text option, wouldn’t you rather watch a business to business video that gives you the information you need, or would you rather be forced to read and figure things out for yourself?  Today’s savvy consumers want, and expect, highly engaging and meaningful interactions with companies, products and services. Not only do website promo videos give more information to prospective customers, but they are much more entertaining and engaging.
  2. Evergreen video marketing content can be amortized over 4+ years.  From a return on marketing investment perspective, there is nothing better than online video. Most business online videos are focused on telling stories about a businesses’ products, services, people and processes that will be relevant for many years.  Video testimonials and case studies can last even longer – as these are real life examples and testimonies of a company’s accomplishments that will never go away. Take your initial investment in your business to business online promotional video production and divide it by 4 years. This significantly brings down the investment and increases the return on investment of online video.
  3. The value of your business video production can repurposed across almost every aspect of your marketing and sales cycle:
  • Post your video to all your social media channels like Twitter, LinkedIn, Facebook, Pinterest and YouTube.
  • Increase click thru rates on your email campaigns by adding it to your email marketing campaigns.
  • Drive website metrics with adding a video to every page of your website.  Each video is an opportunity to write a separate blog post.
  • Increase engagement in traditional offline advertisements by including video (via QR code) to your offline advertising
  • Give links to your sales team so they are sending engaging video in their day to day sales communications to new prospects and potential customers instead of those pieces of paper they send out now.  

You’ve spent the time getting professional online video production content, now watch it grow in value as it is watched, shared and commented. Your web video production services company should be able to give you some other ideas on how to get the most out of any web promotional video investment.

Hands down, video can work for you to grow your business because video is the best way to captivate, engage and persuade customers, thus increasing lead conversions of casual browsers into paying customers.

via socialmediatoday.com

Florida Markets Still the Best Places to Buy Foreclosures | Pound Ridge NY Real Estate

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Hot foreclosure markets have come and gone over the past seven years but one thing seems to stay the same.  The markets with the most and the cheapest foreclosures are still located in Florida.

A judicial state that has had its share of controversy over robo-signing practices as well as high levels of negative equity and deep declines in home values since 2006, Florida markets still offer investors the best opportunities to buy and profit by either flipping or renting and holding renovated foreclosures.

To select the best places to buy foreclosures in 2013, RealtyTrac scored all metro areas with a population of 500,000 or more by summing up four numbers: months’ supply of foreclosure inventory, percentage of foreclosure sales, foreclosure discount, and percentage increase in foreclosure activity in 2012.

Topping the list of best places to buy foreclosures in 2013 was the Palm Bay-Melbourne-Titusville metro area in Florida with a total score of 394: 34 months’ supply of inventory, foreclosure sales representing 24 percent of all sales, average foreclosure discount of 28 percent, and a 308 percent increase in foreclosure activity in 2012 compared to 2011.

Five other Florida cities ranked among the Top 20 best places to buy foreclosures: Lakeland, Tampa, Jacksonville, Orlando, and Miami.

Late last year, Zillow calculated that the foreclosure discounts in Palm Beach, Broward and Miami-Dade counties shrank to 2.9 percent discount in September, down from 6.8 percent a year earlier  Accordiong to Zillow, South Florida’s peak foreclosure discount was 22.7 percent in August 2008. But during the past year, a lack of homes for sale has frustrated buyers and led to multiple offers and bidding wars.

via realestateeconomywatch.com

Appraisers Warn: Bad Neighbors Can be Very Costly | Bedford NY Real Estate

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Bad neighbors with annoying pets, unkempt yards, unpleasant odors, loud music, dangerous trees and limbs, or poorly maintained exteriors can cost homeowners big time.

The Appraisal Institute today cautioned homeowners and potential homebuyers that bad neighbors can significantly reduce nearby property values.

The Institute advised owners and buyers to walk streets neighboring a property on several days at various times to learn more about what is happening in the neighborhood. A home’s proximity to a bad neighbor also can impact the rate of potential decline in value.

“I’ve seen many situations where external factors, such as living near a bad neighbor, can lower home values by more than 5 to 10 percent,” said Appraisal Institute President Richard L. Borges II, MAI, SRA. “Homeowners should be aware of what is going on in their neighborhood and how others’ bad behaviors could affect their home’s value.”

Appraisers refer to this as “external obsolescence,” which is depreciation caused by external factors not on the property. External obsolescence may be caused by economic or locational factors, and may be temporary or permanent, but it is not curable by the owner, landlord or tenant.

via realestateeconomywatch.com

Case-Shiller Downplays the Doubters | Bedford Hills NY Real Estate

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Weak prices in a number of late fall markets as evident in NAR’s latest pending sales index has been causing concern in the real estate circles, but Case-Shiller, the final word on prices, downplayed the doubters today.

Through November 2012, the S&P/Case-Shiller Home Price Indices showed home prices rose 4.5 percent for the 10-City Composite and 5.5 percent for the 20-City Composite.

Year-over-year prices rose in 19 of the 20 cities and fell in New York. In 19 cities prices rose faster in the 12 months to November than in the 12 months to October; Cleveland prices rose at the same pace in both time periods. Phoenix led with the fastest price rise – up 22.8 percent in 12 months as it posted its seventh consecutive month of double-digit annual returns.

“The November monthly figures were stronger than October, with 10 cities seeing rising prices versus seven the month before.” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices.

“Phoenix and San Francisco were both up 1.4 percent in November followed by Minneapolis up 1.0%. On the down side, Chicago was again amongst the weakest with a drop of 1.3 percent for November.

via realestateeconomywatch.com

Foreclosure Hot Spots are Far from Healed | Katonah NY Homes

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Data reports showing prices zooming in Florida and California markets that once led the foreclosure hit parade mask the reality that prices fell so far in some of those metros they still have a long way to go to reach their peaks in 2007-if they ever do so.

Many markets lost more than 60 percent of equity and the latest November price report from Lender Processing Services shows how far some have to go. Big differences between peak-to-current prices are a measure of how many homeowners are underwater and still far from the point when they will be free of negative equity, the single greatest factor in foreclosures.

Moreover, such great differences between 2007 and current prices locks an entire generation of owners into their existing homes and makes it impossible to refinance or sell.

Peak to current price differences in the largest states that are still hurting: Florida 40.1 percent; Arizona 37.4 percent; California 35.9 percent; Illinois 30.1 percent; Georgia 27.7 percent and Michigan 26.1 percent.

Perk to current price differences in the largest metros that are still hurting: Las Vegas 53.9 percent; Riverside/ San Bernardino 44.8 percent; Orlando 43.4 percent; Sacramento 41.8 percent; Miami 40.5 percent; Phoenix 38.5 percent; Tampa 37.7 percent; and Oxnard 34.8 percent.

via realestateeconomywatch.com