Realtor Coaching & Training: realtor coaching
Worth watching Wall Street Journal interview with well respected Real Estate expert John L. Burns.
Mr. Burns reinforces much of what HREU is predicting for the 2010-2011 housing markets.
For example:
1) FHA is the new ’sub-prime’
2) Without continued government intervention the real estate markets will tank.
3) There will be a ‘W’ shaped recovery…and we are in the first stage of the ‘W’….headed up.
NOTE: Watch the CNBC Video we posted yesterday that revealed many simply stunning housing facts…the number of borrowers in foreclosure or headed that direction is staggering. Here is a quick link to that video…check it out after you have seen this one.
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This is a reminder for you to attend this weeks Friday Superstar Interview
The subject this week is…creating your 2010 Real Estate Business Plan
Here is the information for your schedule:
EVENT: Super Star Interview
DATE & TIME: Friday, November 20th at 9:00am Pacific
FORMAT: Simulcast! (Attend via Phone or Webcast — it’s your choice)
TO ATTEND THIS EVENT, CLICK THIS LINK NOW:
Friday Superstar Interview Info:
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Notice: 2010 is the year of the Short Sale.
HREU Students, you should be ready for this….we have been coaching you to become short sale specialists. Get ready, the golden age of short sales is NOW. Remember, attend this weeks FREE Emergency Agent Short Sale Secrets teleconferece. This event is open for HREU students and future students. Everything about short sales is changing. Here is the info for this weeks free short sale event.
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Second wave of foreclosures coming….truly staggering statistics.
If you have any doubt that we are only half way through this epic housing crash/ correction just watch this video.
One thing you can be 100% certain of. Agents who are REO listing agents will absolutely clean up in 2010-2012. There IS still time for YOU to become a REO Listing Agent. Watch the FREE Agent REO Secrets video and download the FREE Agent REO Secrets book.
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This new report shouldn’t be a surprise to any HREU students. We have been preparing our students for nearly 3 years for this. There is a real estate contagion that is spreading.
Here is how it happens….
1) Home loses value. Studies prove that the rate of walk-aways dramatically increases once a homeowner is 20% upside down.
2) Homeowner walks away (foreclosure) or if they are smart they sell the home via a short sale. Either way, home sale recorded reflecting the lower market price.
3) Neighbors learn of the sale…discover that their home is upside down….and they too decide to deleverage out of their own toxic asset.
4) Rinse, wash and repeat.
Nearly half of all owners of single-family homes in the Miami-Fort Lauderdale metropolitan area were underwater at the end of the third quarter, meaning their homes were valued at less than the mortgages owed against them.
Forty-six percent of South Florida homeowners, representing 387,157 homes, were underwater at the end of Sept. 30, compared to 47 percent in the second quarter, according to a new report from Web-based real estate services firm Zillow.com
Nationally, 21 percent of homeowners were underwater as of Sept. 30, down from 23 percent in the second quarter, as home values stabilized in the short term and more underwater borrowers lost their homes to foreclosure, Zillow said.
Agents, in this market…what choice do you have other than learning how to be a Short Sale Listing Specialist. You already know that the listings that are selling are the short sale listings. Learn now how to easily list and sell short sales. Watch the FREE Agent Short Sale Secrets video and then download the FREE Agent Short Sale Secrets book.
Zillow’s home price index showed that the median price of a single-family home in the area was $168,400, down 17.1 percent from the same period a year before. Values were down 2.1 percent from the second quarter.
The Zillow index measures values of all homes, not those sold in a particular period. While values continue falling, the firm said September marked the eighth consecutive month of decreasing year-over-year price declines.
Additionally, 50 percent of all homes sold in September sold at a loss, the firm said. A small percentage, 5.5 percent, saw their values rise over the past 12 months.
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First Time Home Buyer Credit
As promised….here are the details for the home buyer tax credit.
It’s official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.
In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.
So Who Gets What?
The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Deadlines
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.Higher Income Caps in Effect
The amount of income someone can earn and qualify for the full amount of the credit has been increased.Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.First-Time Homebuyer Tax Credit – Frequently Asked Questions
Here are answers to some commonly asked questions about the tax credit.What is a tax credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.What is the tax credit for first-time homebuyers (FTHBs)?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.Who is eligible for the FTHB tax credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How do I claim the credit?
For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).Can you claim the tax credit in advance of purchasing a property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would 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.Are there other restrictions to taking the credit?
Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.
- 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, 2009, 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, 2006, through July 1, 2009.
Can you buy a home from a step-relative and be eligible for the credit?
Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?
Yes.Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years?
No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.
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Important Announcement:
Attention all Harris Real Estate University Agent Short Sale Secrets coaching students….
Meet your new coaches…Kris and Kim Darney!
As you may know the Darney’s have been long time HREU Coaching Students and have also participated on many of the Thursday Short Sale teleconferences.
Why did we ask the Darney’s to coach this program?
Simple, they are the real deal…….
They are tracking to close nearly 100 sides in 2009 year alone….95% Short Sales!
Congratulate the Darney’s if you get the chance..here are their email addresses:
Kris@HarrisRealEstateUniversity and Kim@HarrisRealEstateUniversity.
You can check out there blog (they learned how to use Social Networking and blog set up from their enrollment in HREU’s Agent Tech Secrets.com:
The Darney’s have agreed to accept new Short Sale VIP students starting this week…..attend your class this week for more information.
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