2September

HUD Extends “Dollar Home” Program

HUD is offering “aged inventory properties” to local governments for the price of $1.00– plus closing costs. On Friday, August 12th HUD announced the extension of the “Dollar Home Sales Program” to Local Governments. The program was originally launched on May 1, 2000.  The goal is to assist local municipalities in their efforts create “affordable housing” options for “low to moderate income families.”

Eligible (1-4 unit) properties must have been marketed for six months or longer without success.  The “as is” value of an eligible property cannot exceed $25,000.

Non-profits and governmental housing authorities are not permitted to purchase the homes independently, however they may strategically work with local governments to purchase properties on their behalf.  The program encourages local municipalities to team up with local non-profit agencies to accomplish the objective of safe, affordable, sanitary and secure housing for “low to moderate income families.”

Local governments are being informed of the program extension via a national notification campaign launched at HUD’s direction. Eligible properties can be found at www.hudhomestore.com . For full details including required forms and procedures, visit HUD’s “Dollar Home Sales Extension” press release.

For more information, please join us at FirstPrestonHT.com or on our Facebook and Twitter pages.

 

30August

Five ‘Attention-Getting’ Cloud-Based Tools for Realtors®

A number of the most innovative new Realtor® tech tools are free and reside “in the cloud.” They feature anytime access to key documents, applications or storage of information. You can now access powerful apps ‘free of charge’ or on a usage-sensitive payment basis. This trend allows real-time document sharing and really speedy responses to client requests for CMAs, Listing Presentations, Property Tour presentations, etc.

Here are five great technologies that were featured in a recent Inman News free webinar, titled “5 Must Use Cloud Based Technologies for REALTORS®”:

The tempting technologies are outlined below with brief overviews found on their websites.

  1. Google Docs—Allows users to upload files from their desktops. Accessible almost anywhere. Documents can be ‘shared with’ and ‘edited by’ teammates or clients. This type of online collaboration can save time and money, and the price is right (it’s free).
  2. SlideShare.net—This is an online slideshow hosting service that accommodates PowerPoint, PDF, Keynote or OpenOffice. Slide presentations can also be embedded on other sites. Originally intended as a space for business presentations to be shared by employees.  Now postings range from business-related offerings to “just for fun” viewing. This is similar to YouTube, except SlideShare is designed primarily for slide presentations versus video presentations. This can be a helpful tool for training a remote team.
  3. Carbonite—Online backup with “anywhere access.”
  4. DropBox—DropBox is a free service that lets you access your photos, docs, and videos anywhere and share them easily. Never email yourself a file again!
  5. Cloud CMA—A web-based CMA has the potential to send many other CMA software vendors back to the drawing board. Touted as easier, more innovative and intuitive than most competitor applications.

For full details, check out this link to the webinar.  It’s fun, informative and a great way to get the scoop on cloud-based technologies and how they can elevate sales.

Visit us at FirstPrestonHT.com or follow us on Facebook and Twitter.

23August

First Preston HT – Combining Exemplary Real Estate Services and Intelligent Technologies

First Preston HT has combined dynamic real estate services and technology to sell more than 400,000 properties – managing a portfolio value of over $35 billion for our clients.  Our well known brands in the asset management industry which include First Preston, HomeTelos®, HomeTracker®, Lender Center® and BidSelect® are now in the market under our new company name – First Preston HT.

For 23 years, the company has had an impressive record of servicing large real estate inventories owned by financial institutions, government sponsored entities, portfolio investors and large corporate clients.  “We’ve remained committed to the third party asset management sector since 1988. Our unique experience and combination of real estate services and technology allow First Preston HT to create scalable asset management solutions that deliver the best outcomes for our clients,” according to Lisa Barrentine, President of First Preston HT

Visit us at FirstPrestonHT.com or follow us on Facebook and Twitter.

 

First Preston HT

5040 Addison Circle, Suite 400

Addison, TX 75001

Contact:  Robbi Rice Dietrich

(972) 715-1524

rdietrich@firstprestonht.com

16August

Measure Up: Power Apps for Realtors®

Just how tall are those cabinets? Will the buyer’s furniture fit into that bedroom? Would you like to know how far it is from the front door of your listing to the park around the corner, or perhaps the nearest bus stop or subway station?

Here’s a great review of 10 apps that can enable you to measure just about anything—by using your iPhone as a digital measuring device. If your client needs to know if Aunt Priscilla’s antique sideboard will fit into the dining room, you can take a room photo with your iPhone and have the measurements marked on the photo. Email it to your client and you’ve added value.

The highlighted measuring apps in this blog can enable you to measure everything from wind speed to acreage. One even converts currency. Note that one of the apps is really a medical application (#5 on the list). Some of the apps feature ‘lite’ versions and ‘loaded out’ versions at different price points. Those listed in the recap range in price from “free” (for lite versions) to $4.99. Most fall within the $1.99-$2.99 range.

Review these tech tools—you can use them to wow your clients and take your listing descriptions to the next level.

These ‘app recaps’ were originated by TopAppCharts.com. Inman News featured the story and I think it is well worth sharing.  Enjoy!

For more information, join us at FirstPrestonHT.com or on our Facebook and Twitter pages.

10August

$10K – $20K Short Sale Incentives Offered by Lenders

Several of the nation’s largest lenders have announced monetary incentives for short sales utilized as an alternative to foreclosure. The incentives include streamlined procedures for some and more generous relocation offers for others.

In the case of Wells Fargo, “enhanced financial relocation assistance offers” may apply to certain borrowers who agree to a short sale or to a ‘deed-in-lieu,’ in which the deed is transferred back to the bank.

Incentives may be considered for first-lien loans owned by the lender that is offering the incentive. Such enhancements are becoming more common in states where the foreclosure process has become extremely lengthy and complex.

According to a DSNews.com account, Wells Fargo stated that relocation offers can be as much as $10,000 or $20,000. A Florida agent reportedly confirmed that Chase offered $20,000 to a borrower he represents.

The average incentive offered by Citi has been confirmed at $12,000 – provided that Citi owns the loan.

Bank of America has reportedly implemented procedural revisions designed to minimize ‘red tape’—saving time for agents who are attempting to complete short sales.

According to DSNews.com, JPMorgan Chase is offering a range of incentives to borrowers who agree to a pre-foreclosure sale “because if we can’t work out a modification, a short sale is a better result for the borrower, the servicer, the investor, and the neighborhood than a foreclosure.”  In all cases, lenders indicate that incentive decisions are made on a case-by-case basis, depending upon a variety of circumstances.

Question: How will this trend influence distressed borrowers?

For more information about real estate, join us at FirstPrestonHT.com or on our Facebook page.

4August

Foreclosed Properties – Flipping the Script

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Are you ready for the next big thing in real estate television?  Stay tuned for reality TV, REO-style. Real estate owned (REO) properties refers to foreclosures.  The Wall Street Journal recently reported that several networks are planning reality REO shows that will feature property rehabs.  In September watch for Viacom Inc.’s—Spike TV’s “Flip Men”. Before the summer ends, check out Bravo’s “Flipping Out” series, which features a former “house flipper turned designer.” Watch as A&E Television Network, in cooperation with Walt Disney Co, Hearst Corp and Comcast Corp’s NBC Universal, take their best shot in the upcoming REO reality show wars by featuring a former “Survivor” contestant who attempts to buy, rehab and sell houses in Houston.

If this all sounds a bit déjà vu, it’s probably because of the explosion of such shows during the 2005-2007 real estate boom.  Back then excitement was driven by remarkable profit potential due to high property values and high sales prices. Now the emphasis is on value-priced purchasing and long-term rental income potential. HGTV is in the right space at the right time with their “Income Property” series, in which homeowners gain income and equity by converting basement or attic space into rental income.

A hot new HGTV rehab show – “Property Brothers,” demonstrates how owner occupants can get a lot more ‘house for the money’ by selecting properties in great neighborhoods and customizing them into dream homes. Twin brothers—one a Realtor® and the other a remodeling contractor—host the action from “house hunting” to the final “reveal.”   There are a number of special loan programs for owner occupants, such as HUD’s 203K and Fannie Mae’s HomePath Mortgage financing, which cater to owners who have the vision to remodel or update existing properties.

Many Realtors®, together with buyer clients, are exploring the value added possibilities of property rehab. With all the new programs available, it may be easier than you think.

For more information about real estate, join us at FirstPrestonHT.com or on our Facebook page.

25July

Foreign Investors Spend $41 Billion on U.S. Housing

You’ve no doubt seen the headlines– $150 million Spelling House sells to British Heiress. This is a high profile example of a developing trend evident in U.S. housing sales, even in moderate price ranges.

While mainstream American media speculates about whether the market has “bottomed out,” foreign buyers are snapping up U.S. houses and commercial buildings across the country. Off shore investors spent approximately $41 billion in U.S. residential real estate last year and the trend continues.

A recent Trulia survey reports investors abroad are focused on America’s “incredible housing values.”  They are amazed at the amount of square footage they can get for the price and confident they will profit handsomely as U.S. markets recover. Prices here may be 30-40% off peak values in some areas; the weak dollar provides an additional 20-25% off for European and Japanese buyers. Interest rates are at historic lows, making the U.S. housing market a popular investment for foreign investors.

Which cities are most popular with overseas buyers?  A recent Trulia review indicates the top five hot spots are:

1)    Los Angeles

2)    New York

3)    Cape Coral, FL

4)    Ft. Lauderdale, FL

5)    Las Vegas

The greatest interest has been expressed by buyers from:

  1. United Kingdom
  2. Canada
  3. Australia

International interest is widespread, with Trulia reporting that Brazilians are shopping Miami and Russian and Chinese buyers are house hunting in Chicago.

Foreign investors reportedly demonstrate a “longer term view” of anticipated return on investment. They are willing to buy low, invest their time and ride market values back to the top.

Have you noticed an international investment trend in your region? How might this trend impact sellers in your area?

For more information about metropolitan areas and real estate, join us at FirstPrestonHT.com or on our Facebook page.

15July

Forbes’ Top 10 Best Places For Business and Careers 2011

On July 11, 2011, Forbes published its 13th annual list of the “Best Places for Business and Careers.” The key ingredients for success include ”a strong university presence, low business costs, strong jobs outlook, a strong industry presence—particularly for regions with ’extractive industries’ such as oil and gas or mining.”

The annual review examined and ranked the “200 largest metropolitan statistical areas in the United States.” In addition to a series of statistical metrics, the study also factored in crime rates, cultural and recreational opportunities, net migration patterns” and other quality of life indicators.

Here are this year’s top 10 picks:

1. Raleigh, N.C.

2. Des Moines, Iowa

3. Provo, Utah

4. Lexington, Ky.

5. Fort Collins, Colo.

6. Nashville, Tenn.

7. Austin, Texas

8. San Antonio

9. Denver

10. Dallas

Curious about how your city or region ranked? Check out the rankings by using the navigation arrows to the upper right of the slide show or click the Read Full Story link for more details. Each city’s key metrics are summarized in the slide show.

What are your picks for top 3 up and coming metros for business, careers and real estate recovery?

For more information about metropolitan areas and real estate, join us at FirstPrestonHT.com or on our Facebook page.

14July

First Preston HT Leaders Sponsor Benefit Concert for Fire Fighters

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First Preston HT’s community outreach extended this past weekend to Palo Pinto County, Texas in response to wildfires that ravaged 3.5 million acres in Texas so far this year.  We were a key sponsor of the first Buckets & Boots Benefit Concert for firefighters. Over 4,000 people attended and the event netted over $425,000 for equipment, repairs and training.

Concert headliners included Lee Ann Womack, Pat Green, Stoney LaRue, Randy Rogers, and Wade Bowen—a who’s who of country artists.  They rocked the crowd at the “Rocker B Ranch” with performances that lasted well into the night.

Craig James, Nancy Richards, Lance Byrd and Mike Patterson were the four board members behind Saturday’s Buckets and Boots fundraising concert.

Photo courtesy of MineralWellsIndex.com

For Chief Ronnie Ranft and all area fire fighters, April was a month of unimaginable devastation and disruption.

Those who battled the flames had to perform “way beyond their resources. It changed our community, said the Chief, but it also brought us together.”

In the aftermath of such devastation, silver linings are illusive. The Buckets and Boots Benefit Concert honored area fire fighters, encouraged local residents and delighted fans. It was a star-studded boost of morale for a recovering region. Read more»

29June

Emergency Homeowners Loan Program – A Lifeline for Unemployed Homeowners

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Do you know someone for whom a recent pink slip may lead to foreclosure? For 35,000 distressed and unemployed homeowners, help is on the way.

On Monday, June 20th HUD and NeighborWorks America announced a program designed to “buy time” for unemployed homeowners in jeopardy of foreclosure.

Congress appropriated one billion dollars for HUD to implement the Emergency Homeowners Loan Program (EHLP). It is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

“The program will assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment, underemployment due to economic conditions or a medical condition.” Qualified applicants could receive an interest free loan for use in paying a portion of their mortgage for up to two years or a maximum of $50,000.00.

Get the Word Out

The challenge is getting the word out to those who need it.  As a real estate professional, it pays to know about options such as this. The deadline is looming, so add value in your community by sharing the news in your social networking and newsletters.

Application Deadline

The deadline to apply is July 22, 2011. For full details and a screening worksheet refer homeowners to www.FindEHLP.org or 855-FIND-EHLP (346-3345).

Under the program, 27 States and Puerto Rico are eligible. The program’s predecessor the “Hardest Hit Fund” targeted 18 states with the most severe unemployment hardships.

For a list of the 27 eligible states, follow this link to the official HUD press release or check here for a DSnews.com overview.

Find out more about First Preston HT and real estate industry news, visit us at FirstPrestonHT.com or find us on Facebook.