Archive for July, 2014

Today’s Teenagers Will Rock Real Estate

Posted by Joel pate in Uncategorized. Tagged:

Significant changes are in store for residential real estate ten years from now. Millions of new households will lift rental and starter home markets, half of the new families will be minorities and their ability to access mortgage finance will determine whether they own or rent.
Those are some of the headlines from the Harvard’s Joint Center for Housing Studies’ 2014 State of the Nation’s Housing Report. The report paints a bright but challenging future for homeownership.
Simple demographics describe how new households will change. Assuming current headship rates hold, the number of households in their 30s should increase by 2.7 million. Many of tomorrow’s younger households will be minorities. By 2025, minorities will make up 36 percent of all US households and 46 percent of those aged 25–34, thus accounting for nearly half of the typical first-time homebuyer market, the report said.
Meanwhile, the aging of the baby-boom generation over the next decade will lift the number of households aged 65 and over by some 10.7 million. Many of these households will choose to make improvements and modifications to their current homes so that they can age in place, while others will seek out new housing options geared toward seniors. One example will be moving from a multi-story home to a single level home.
Since minority households tend to have lower incomes and wealth than white households, their demand for owner-occupied housing will depend in large measure on the availability of mortgage financing that accommodates their limited resources.
“If mortgage markets cannot accommodate the limited financial resources of this new generation of households, there is a real possibility that fewer Americans will be able to enjoy the benefits of homeownership in the future,” said the report.
“That means unless the real estate industry is content to be a boutique player with a hugely smaller pool of potential borrowers, it had better emulate the Fed and ease on down the road,” wrote Mark Fogarty, editor of National Mortgage News, commenting on the report. Aside from the critical issue of credit, the report describes a positive environment for homeownership. “The US homeownership rate fell again last year, marking almost a decade of declines. While there are few signs of an immediate turnaround, the strengthening economy will eventually lift household incomes — a key driver of housing demand. And despite recent increases, house prices and interest rates still favor the homebuyer.”
The future course of homeownership will depend largely on the cost and availability of mortgage financing. On the private side, looser mortgage underwriting standards may help to bolster the housing market recovery. On the government side, with no mortgage market overhaul in sight, Fannie Mae and Freddie Mac — along with FHA — will continue to shape conditions in the short to medium term. After sharply raising their guarantee fees and insurance premiums in recent years, all three entities are taking steps to buoy the homebuying market. For example, FHA recently introduced a counseling-based program that provides borrowers an option to lower their premiums. Federal agencies are also working to expand access to mortgage credit by convincing lenders to extend well-documented loans to lower credit score borrowers without fear of reprisals in the case of default.
In the meantime, rentals are booming. There have been one million new renters annually between the 2005 peak in homeownership and 2013 — double the average pace in any decade since the 1960s. On the strength of this demand, vacancy rates continued to fall and rents continued to rise nationally as well as in many metropolitan areas across the country. According to MPF Research, rents for professionally managed apartments climbed 3 percent in 2013. Meanwhile, increases in the 20 most rapidly appreciating rental markets averaged 6 percent, up from 5 percent.
To read the entire report, click on: http://www.jchs.harvard.edu/research/state_nations_housing.

By: www.realestateeconomywatch.com

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com

T1red of p@sswOrds? Y0u @re N*t @lone!

Posted by Joel pate in Uncategorized. Tagged:

Good thing she doesn’t need a password to get into heaven. That’s what Donna Spinner often mutters when she tries to remember the growing list of letter-number-and-symbol codes she’s had to create to access her various online accounts. “It just gets too confusing,” says the 72-year-old Decatur, Illinois, grandmother.
Frustration over passwords is common across the age brackets.
“We are in the midst of an era I call the ‘tyranny of the password,’” says Thomas Way, a computer science professor at Villanova University. “We’re due for a revolution.”
One could argue that the revolution is already underway, with passwords destined to go the way of the floppy disc and dial-up Internet. There are already multiple services that generate and store your passwords so you don’t have to remember them. Biometric technology is emerging, using thumbprints and face recognition to help us get into our accounts and our devices.
Still, many people cling to the password even though the passwords we end up creating often aren’t very secure at all. Look at any list of the most common passwords on the Internet and you’ll find anything from “abc123,” ”letmein” and “iloveyou” to — you guessed it — “password” as a password.
Bill Lidinsky, director of security and forensics at the School of Applied Technology at the Illinois Institute of Technology, has seen it all and often demonstrates in his college classes just how easy it is to use readily available software to figure out many passwords. “I crack my students’ passwords all the time,” Lidinsky says, “sometimes in seconds.”
Even so, a good password doesn’t necessarily have to be maddeningly complicated, says Keith Palmgren, a cybersecurity expert in Texas. “Whoever coined the phrase ‘complex password’ did us a disservice.” He’s teaching a course on passwords to other tech professionals later this summer and plans to tell them that the focus should be on unpredictability and length — the more characters, the better.
But it doesn’t have to be something you can’t remember. If a site allows long passwords and special characters, Palmgren suggests using an entire sentence as a password, including spaces and punctuation, if possible.
He also suggests plugging in various types of passwords on a website developed by California-based Gibson Research Corp. to see how long it could take to crack each type of password: https://www.grc.com/haystack.htm. According to the site, it could take centuries to uncover some passwords, but seconds for others.
Lidinsky recommends using a “simple mental algorithm,” including those that use a space, if a site allows that. As an example, he says one might try “Ama95 zon” for an Amazon account, and “Yah95 oo” for a Yahoo! account, and so on. (But choose your own combination.)
There are other ways around the password headache. Some people have taken to using password generators, which create and store passwords for various sites you use. Generally, all the user has to remember is a master password to unlock a generator program and then it plugs in the passwords to whichever account is being used. There are numerous password managers like this, including LastPass and Dashlane and 1Password.
Some wonder whether it’s wise to trust services like this. “But sooner or later, you have to trust somebody,” says Palmgren, who uses a password manager himself.
Researchers at the University of York in England are developing a new authentication system called Facelock that asks you to identify familiar faces to get into an account or device.
The Canadian government, meanwhile, has partnered with a company called SecureKey Technologies, which allows citizens of that country to log onto government sites, such as the country’s tax bureau, using a username and password from partner financial institutions, including TD Bank. Because SecureKey serves as the go-between, the system’s developers say the bank username and password are not ultimately shared with the government site. Nor does the bank receive any information about which government site the user is accessing.
SecureKey is now working with the U.S. Postal Service to provide American citizens with similar access to federal health benefits, student loan information and retirement benefit information.
Ultimately, experts say, reducing the stress of online security — and decreasing reliance on passwords — will rest on what’s known as “multi-factor identification.” Those factors are often based on three things:
1. “What you know” — a password, security question or some sort of information that only you would know (but that doesn’t have to be difficult to remember, just exclusive to you);
2. “What you have” — a phone, tablet or laptop, or even a card or token — that an online site or tech-based retail outlet would recognize as yours;
3. “What you are” — biometric information, such as face recognition or a thumb print.
Back in Decatur, Spinner say, “Anything to make it easier for those of us who are technology-challenged I would be in favor of.”

By: Martha Irvine, www.ap.org

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com

3 Tips to Becoming a Local and Data Expert in the Big 3 Era

Posted by Joel pate in Uncategorized. Tagged:

“Instant gratification” is the underlying mantra surrounding the modern real estate consumer growing up with the Internet most of their lives. That means that access to information-on-demand is standard, and their ability to leverage technology to figure out obscure things far outpaces that of their older counterparts.
As this generation enters the housing market, you can bet with certainty they are leveraging every inch of technology on how to find their first house, how to obtain financing, and how to get the best possible deal.
As the homebuyer becomes more sophisticated, agents must figure out ways to effectively communicate their “value proposition” so that such information cannot appear easily on Google or by simply downloading an app. Housing information found on the public domain is only becoming easier to access, and the result is homebuyers entering the purchasing process far later than ever before. With this transition taking place, what implications does this have for real estate agents, and what does a local and data expert look like?
For starters, as mentioned above, agents need to leverage their knowledge that is not readily available on the Internet. Being a part of Generation Y, I can easily find out the best neighborhoods, demographics, schools and restaurants in any given city pretty fast on my smartphone alone. However, these reviews are based on the perceptions of random people I often do not know. It takes trust and guidance frequently found in successful real estate agents to help me cut through the noise and find the perfect place. With so much information on the Internet, it easily becomes overwhelming for the average consumer and, therefore, presents a huge opportunity for agents to help their customers make the best possible decision.
To become a local and data expert in your area, here are three important tips:
1. Microanalyze neighborhoods
Chances are your clients are going to start their real estate search using one or more of the Big 3 — Zillow, Trulia and realtor.com — because those sites simply offer a search experience far superior to anything one agent or any individual brokerage can provide. An agent’s role is to help analyze market trends on a micro level. For example, help clients understand which streets or neighborhoods may offer a better investment opportunity over others. This type of microanalysis is often very difficult or impossible to find on the Web, so it’s one thing that can set you apart from your competition.
2. Share your network
People love referrals, especially real estate agents. To continue receiving those referrals, it is best practice to “pay it forward.” As an agent, you can share your preferred vendor network and provide tremendous value to your clients as you are able to save them the time of scouring the Internet. In addition, it helps save you the time of fielding multiple requests to send such information back and forth. Also, your vendors will greatly appreciate the business.
From my experience growing up in Florida with a mother who was a Realtor, vendors so loved working with her that every so often freshly-caught lobster would be delivered to our house. The point is, of course, that referring others ensures your future success.
3. Tell your clients you will verify Big 3 data
Inaccurate data is the big challenge for the Big 3. Without direct access to each and every MLS, data inaccuracies are a fairly predictable. Whether it is homes that sold six months ago or homes not even for sale, it is a good idea for agents to inform clients to verify listings data found on the Big 3 with them. The last thing you want is your client to become fixated on a house that is not even available.
In other words, microanalysis and being a trusted source of local knowledge is a strong strategy to becoming a local and data expert. In an era where the Big 3 have captured the attention of the average consumer, pointing out the little things offers up a tremendous value proposition to the modern real estate consumer and insures your success in the future.

By: Will Caldwell, www.inman.com

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com

Mortgage and Housing Outlook at Midyear Is a Muddle

Posted by Joel pate in Uncategorized. Tagged:

No one’s satisfied with the pace of the housing recovery, but there’s no doubt things are getting better. Still, a quick snap back to normal is unlikely.
“While it seems we have made our way out of the turbulent times that have bounced the market around for the last few years, there is still plenty of uncertainty ahead,” says Keith Gumbinger, vice president of HSH.com, the mortgage and housing research company.
In his midyear analysis, Gumbinger says rates on 30-year fixed mortgages could edge up to 5% or 5.25% by the end of the year, from today’s 4.233%. With the economy improving, the Federal Reserve will continue to wind down efforts to keep long-term interest rates down, Gumbinger says. A 5% rate would still be low by historical standards.
But the Fed will still strive to keep short-term rates down, he says. As a result, introductory rates on adjustable-rate mortgages will stay low. The widening gap between ARM and fixed-rate loans will make ARMs a wise choice for more borrowers. Hybrid, 5/1 ARMs, which carry a fixed rate for five years, then adjust to market conditions every 12 months, could charge initial rates of between 2.9% and 3.9%, he says.
Qualifying for a mortgage will not be as difficult as it was in the depths of the economic crisis but will probably continue to be more difficult than in “normal” times, Gumbinger says. That’s due partly to tougher federal regulations to ensure borrowers will be able to make their payments.
Still, he notes that a few lenders have been dipping their toes into the subprime mortgage market, which involves loans to applicants with less-than-stellar credit. A wave of subprime loans gone bad helped trigger the crisis, and it is not likely that the most toxic products, such as “liar loans” that required no proof of income, will return, he says.
Driving this gingerly return to the subprime market is the lenders’ search for more borrowers, Gumbinger says. For several years, the market was shored up by the huge volume of mortgage refinancing due to record-low rates. But refinancing has fallen off a cliff in the past year or so as rates have drifted up.
“We’ve come through a period of time where borrowers have needed fairly pristine credentials to get access to the mortgage market, or at least access to the best possible mortgage rates,” Gumbinger says. “However, that’s a finite pool of potential borrowers, and a lot of them were homeowners. With refinancing falling back to more typical levels, there will be a lot of hungry mortgage lenders and investors scouring the market for business.”
Gumbinger also notes that the recent rise in home prices has slowed. It is unlikely prices will rise at the double-digit pace of 2013, he says. A key reason is that tighter federal regulations will prevent the re-emergence of “affordability” products that in the past have come to market when home price gains outstripped income gains — things such as zero-down-payment loans, interest-only loans and loans to borrowers with high debt levels.
So, for the rest of this year, prospective loan applicants will be wise to do all they can to polish their credit records and raise their credit scores. With home prices unlikely to rise quickly, but also unlikely to fall, neither buyers nor sellers need to rush to market.
And as for regulations, Gumbinger said this: “We’re about six months into the era of the new rules and documentation, and so far, it’s been pretty smooth sailing. Worries that the implementation of the new regulations and documentation would constrict credit or slow down the process of getting loans through have not come to pass, and the market seems to be managing these items comfortably. That said, it would appear that we won’t see a minimum down payment requirement as part of the QM definition, but regulators still haven’t agreed on this. If they do, there will probably be trigger provisions to review or adapt the regulation at regular intervals if risks appear to be rising.”

By: Jeff Brown, www.thestreet.com

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com

MMRecap for July 28th

Posted by Joel pate in Uncategorized. Tagged:

There were no economic reports last Monday, giving the markets a chance to assess what had happened and set their sights on the week.
Last week on Monday the stock markets worldwide took a hit due to the shooting down of the Malaysian airliner and the Israeli attack on Gaza. At noon EDT the three major U.S. indices were posting losses of between 0.40% and 0.45%. The 10-year note, whose yield moves in the opposite direction of price, fell one basis point to 2.47% and closed there.
When the closing bell rang on Monday, stocks had recovered a good portion of their earlier losses but remained negative for the session. The Dow fell 48.45 points, while the Nasdaq shed 7.45 points. The S&P 500 closed down 4.59 points, recovering exactly half of its earlier losses.
On Tuesday the “worry meter” was cranked up a bit. CNN reported that U.K. Prime Minister David Cameron said the weight of evidence suggests that the rebels brought the plane down, adding that “Russia cannot expect to continue enjoying access to European markets, European capital, European knowledge and technical expertise while she fuels conflict in one of Europe’s neighbors.”
Then the U.S. government showed its teeth, targeting Russian companies and oligarchies (power groups that dole out responsibilities to only a few). Our government appears to have taken a tougher approach, focusing on Russian businesses, some with ties to Vladimir Putin.
Mixed in with all the bad news were three encouraging economic reports. The consumer price index dipped to 0.3% in June, while the core rate that excludes food and energy prices edged down to 0.2% from 0.3%. Existing home sales rose to an annual rate of 4.75M units in June, and the FHFA housing price index in May was up 0 4%.
When the markets closed on Tuesday the Dow had added 61.81 points, the Nasdaq rose 17.68 points and the S&P 500 was up 3.48 points. The 10-year yield slipped to 2.48%.
Questions lingered on Wednesday about the downed plane, but there were no market-moving reports. When the closing bell rang on Wednesday afternoon, the Dow was down 26.91 points, while the Nasdaq rose 17.68 points, and the S&P 500 added 3.48 points.
Thursday’s reports read like “The Tale of Two Cities.” One was good and the other was bad. First-time jobless claims for the week ended July 19 fell by 14,000. And continuing claims, people filing for a second or more weeks of unemployment benefits, rose by only 1,000.
Unfortunately, new home sales tanked in June, hitting a three-month low — from an annual rate of 504,000 units to an annual rate of 475,000. However, more revisions are expected. Determining home sales is not an easy job, but the older the data, the more reliable it gets.
When the markets closed Thursday, the stock indices showed very little change. The Dow fell 2.83 points, and the Nasdaq edged down 1.59 points. The S&P 500 was the only index free from red ink. It added 0.97 points. The 10-year note added four basis points, to close at 2.51%.
Friday morning Amazon reported a huge loss and its stock plummeted, taking a lot of other stocks down with it. But, a couple of hours later, it shook off the shock and began creeping back up. It’s hard to say whether the durable goods report for June had a hand in the turnaround, but after a miserable report in May, the June numbers looked pretty good. Orders for durables, high-priced items meant to last more than three years, were up 0.7% vs -1.0% in May, while durable goods excluding transportation rose to 0.8%.
At noon last Friday, the indices were still under water, and that’s where they closed. The Dow lost 125.23 points. The Nasdaq fell 22.58 points, and the S&P 500 dropped 9.46 points. The good news? The 10-year fell four basis points to close at 2.47%.
The Mortgage Bankers Assn. had better-than-usual news for the week ended July 18. Mortgage applications increased 2.4% from a week earlier. On an unadjusted basis, it was up 3.0% from the previous week. The refi index increased 4% from the previous week, while seasonally adjusted purchase index increased 3% from one week ago. The share of refis rose to 54.4%, its highest level since March of this year.
After a fairly lean calendar last week, this week is packed with multiple reports ranging from today’s June pending home sales to the employment report on Friday. Pending home sales were up 6.1% in May, but so far no estimates for June.
That will be followed on Tuesday with the Case-Shiller 20-City index, which looks at home prices in the nation’s 20 largest cities. More interesting will be the consumer confidence report for July. It is expected to increase to 85.7 from 85.2 — not a WOW, but better than a decline. The FHFA Housing Price Index jumped from 0% in April to 0.4% after the May survey. That was encouraging.
On Wednesday the payroll giant ADP will release its estimate on the employment picture for July. More alphabet soup: the advance 2nd quarter GDP will also be released. The 1st quarter GDP came in at -2.9%. Analysts predict a big turnaround — an increase to 3.2%. The FOMC rate decision will be announced at the close of its 2:00 p.m. meeting. There’s a small (very small) chance that the Fed will hike the Fed funds rate this time around.
Thursday begins with reports on jobless claims. First-time claims for the week ended July 26 come out first, followed quickly by continuing claims.
The employment cost index for the 2nd quarter follows. Thursday’s final report is the Chicago PMI for July, which looks at manufacturing conditions in the greater Midwest.
On Friday we leap into August, where seven reports are waiting. The big one, of course, is the employment report for July (6.1% in June).
Personal income and spending reports for June are up next; these reports show, to some degree, what people do with their income. Spending is a major component because of its effect on the economy. Last month it rose only 0.2%, while income grew by 0.4%. The PCE core, a major inflation indicator, ticked up to a benign 0.2%.
The final trio of reports includes the University of Michigan sentiment survey for July, which should rise to 81.9 from 81. Next is the ISM index on July manufacturing. It could hit 56, a healthy number for the ISM. The final report will show how construction spending fared in June. It was up only 0.1% in May, but analysts expect a 0.4%.

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scorei nc.com

More LO Marketing Ideas from Bliss Sawyer

Posted by Joel pate in Uncategorized. Tagged:

My Business Facebook Page
A few weeks ago, I started my business Facebook page. An amazing thing happened: I have one new loan in process and another referral that will likely turn into a loan soon. Both are a direct result of launching this business page. Of course I was hoping for that type of response but wasn’t totally expecting it. Since six weeks makes anyone a Facebook expert, here’s what I did and my thoughts for a successful business page:
I sent an email to my database (past clients, REALTORs®, SOI) telling them about my page and asking for reviews.
$100 gift card giveaway. I plan on doing this once a month. That first loan has already covered this expense for quite a while.
Post randomly. If you post too much people will stop reading or will “unlike” the page. My posts have ranged from credit score advice to thanking my team to spotlighting a closing to a local charity event. My plan is to post about twice a week, and I hope to create a database of ideas to pull from when I am busy.
I added this to my email signature: “PS: I would greatly appreciate it if you would pass along my name to anyone you know that needs a mortgage. Also — LIKE my Facebook page to win great prizes. Thanks!”
I will tweak what I do over time to keep things fresh and keep expanding the page; so far, so good!
Giving back
I am on the board for the REALTOR® Community Involvement Committee, and we recently implemented a “Give Back” program that I feel is fabulous.
REALTORs® (and affiliates) can purchase reusable cloth bags (the kind people use for shopping) for $2 and give them to their clients who are getting ready to make a move. We have a one-page flyer that can be branded with the agent’s phone, logo, etc. that has all of the local resources for donating items. Food bank, Habitat for Humanity, etc. The REALTOR® can offer to pick it up or simply give it to them with the instructions on how they can make a donation.
This is just one more marketing tool for agents and a way for them to help their clients give back to the community.
Closing happiness
I haven’t been in the habit of taking a photo of my customers at closing, and I will probably never be that person who posts every single closing on Facebook. But I do think that, randomly and sporadically, this is a great tool to share the “closing love.”
You have an opportunity to tag your clients and REALTOR® and give a shout out to the title team, your staff and everyone involved. It’s a great way to build name recognition and lots of good will.
FSBO Sellers
Our local market is very tight right now and is definitely a seller’s market. This always results, of course, in more FSBO transactions. I’ve had a few lately and have realized that this is a great marketing opportunity to reach out to a potential buyer.
When I start a FSBO transaction, I call the seller to cover the following points:
Introduce myself;
Get all of their contact info for me and the appraiser;
Find out if they are using a different title company;
Make sure they understand their costs as a seller (surprising how many times they don’t realize they have additional costs);
See if I can help them with their next transaction (how critical is that!?);
Always look for opportunities to reach out and connect with a potential buyer!
Asking for referrals
Asking for referrals is one area most of us could always improve on. I’m pretty good at asking in my email signature, handwritten notes and even on the back of my business card; but verbally asking during a conversation is not something I do very often — primarily because I have never taken the time to get in the habit of doing it.
One of my coaching clients and I decided to tackle this task together and hold each other accountable. (Thanks, Cindy!) I use a legal pad to track my to-dos (yes, I’m old fashioned), and so I’ve chosen to add three boxes at the bottom of the page each day. Cindy uses her calendar to track. It doesn’t really matter how you track but that you do track.
We initially tried five a day, but three is a better number for me. I try to be pretty laid back as I don’t want people to feel that I am pushy. If it is a client or prospect, I say “I would love it if you would pass along my name to your friends or family that might be looking to buy a home.” To a REALTOR® I say “Let me know if you have any clients I can get prequalified or help answer their questions. I would love to work with you again soon.”
Today, I used this method when talking to a prospect about their credit approval and also with two REALTORs® — one that I have done quite a bit of business with and one that was referred to me by another agent. Task accomplished!

By: Bliss Sawyer, www.blisssawyer.com

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com

8 Things You Need to Know about Relocation Companies

Posted by Joel pate in Uncategorized. Tagged:

There are many ways in which relocation real estate differs from the traditional buying and selling process, but there’s perhaps no bigger difference than the presence of relocation companies, which operate as the eyes and ears of the relocating employee’s corporation. To get a firmer grasp on how relo companies work — and how you as an agent can most efficiently work with them — we spoke with Brian Fudenberg, vice president of business development with Plus Relocation Service.
1. How Relo Companies Refer Their Business – Relocation referrals follow a very simple process: first, the relocation company receives its customer — the relocating employee — from its client, the corporation; they then contact a brokerage and offer them the real estate business of that employee. How do relocation companies, though, settle on what brokerage to bring their business to?
There are two methods, Fudenberg explains. One method involves networks, in which relo companies have contractor brokers who get first dibs on their referrals. The second method is where the company is independent of a network and instead refers business to brokerages based on things like market share, expertise and the quality of the brokerage’s relocation department.
2. Choosing a Brokerage and Agent to Work with – Companies using the second method do not limit their solicitations to a single brokerage. Instead, they contact two brokerages, and ask them to recommend an agent from their relocation team. Then, the chosen agents apply for the relocation business. They send in a broker’s market analysis, or BMA (essentially a CMA written to the company’s specifications); they submit marketing plans and other details that they feel distinguishes them from the competition; and often interview with a home sale counselor in the company. The company then determines with the transferee which of the two agents is best for the transaction.
3. What Relo Companies Provide the Brokerage – Once the relo company partners with a brokerage and agent, they offer detailed information about not only the listing, but also the buying/selling timeframe (based on the employee’s relocation schedule) and some of the personality traits and requests of the transferring employee. They provide the information, Fudenberg says, as early in the process as they can.
4. What Relo Companies Look for in Agents – When agents interview for the business, the company is primarily looking at the agent’s experience in relocation and in the overall real estate market, as well as any certifications they may have. The CRP designation is not required to practice relocation real estate, but Fudenberg says it does show a certain initiative on the agent’s part. “It’s a body of work. It’s a commitment to the business,” Fudenberg says.
5. What Relo Companies Want from Agents – So, you’ve received a relocation referral and are now working on selling that transferee’s home. What now? What kinds of things does the relo company need from you?
Thankfully, those things will be spelled out clearly by the relocation company. Typical guidelines include when market reports must be submitted and what kinds of photos should be taken. The trick is for the agent to work with the relo company. “They can work fast with us by being part of the process and by agreeing to the requirements that we’ve put in place, because those requirements generally help us create success,” says Fudenberg.
6. A Relo Company’s Services Will Fluctuate – Relo companies, Fudenberg says, provide a similar scope of services, but the specific offerings to a transferee will depend upon what benefits the corporation has approved. Those benefits, he adds, can stem from four things: the industry the corporation is a part of (energy companies, for instance, are generous with their packages); the unique culture of that corporation; the talent of the particular employee, and the corporation’s efforts to retain their business; or shifting market trends. That latter detail, Fudenberg says, was particularly notable with the nation’s rental market, which is more prominent in relocation than in years past due to economic conditions and Millennial attitudes on homeownership.
7. How Agents Must View a Relocation Transaction – When agents are working in relocation, Fudenberg says, it’s essential that they view the process from the perspective of the transferee’s corporation, aka, the company forking over the money and making the relocation business possible. “The average relocation cost right now is $91,500,” Fudenberg says. “It’s a major investment. Senior executive moves can cost $200,000 to $500,000, so we always want the agent to look at it from the employee’s and employer’s perspective. It’s a lot different moving between suburbs in Chicago than it is taking someone from Chicago and moving them to Sarasota, Florida.”
8. How Agents Must View Referral Fees – Finally, there are relo company referral fees, which are the percentage fees that they charge to the agent’s commission. Referral fees are quite controversial among agents but, for anyone considering relocation real estate, the fees must be looked at as part of the grander scheme. “Referral fees need to be viewed as part of your portfolio of business,” Fudenberg says. “You can certainly choose not to have this investment as part of your portfolio, but those fees help support the corporate clients’ relocation program.”

By: Peter Ricci, www.chicagoagentmagazine.com

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com

8 Ways Homebuyers Annoy Sellers

Posted by Joel pate in Uncategorized. Tagged:

Selling a home is stressful. And poorly behaved buyers just add to the strain. A little give-and-take is normal, but some buyers push the envelope, as well as the sellers’ buttons. Here are eight ways that homebuyers annoy sellers. Buyers can take this as a list of things not to do, and agents need to be on the lookout for buyers who exhibit these behaviors.
Skipping appointments
For sellers, “the No. 1 complaint is not showing up after you’ve set an appointment,” says Mark Ramsey, broker with The Ramsey Group at Keller Williams Realty in Charlotte, N.C.
To prepare for a showing, a smart seller spends time clearing up every-day clutter and making the home shine, then grabs the kids and/or pets and vacates for a few hours so buyers can tour in peace.
Imagine how a seller feels when buyers announce at the last minute that they’ll visit next week instead — or simply don’t show up, without an explanation.
Ignoring “house rules”
Some prospective buyers treat a home like they’ve been living there for decades — unlocking doors, cranking up the heat or air conditioning, and letting their kids run wild, bounce on the furniture, and borrow toys. Some use the toilet — which gets problematic if the water has been turned off.
Sellers are allowed to include some ground rules (“no shoes” is a popular one) in the showing instructions. And if sellers aren’t home, it’s up to agents to enforce those rules, Ramsey says.
Another tactic that’s helpful to both sides: “I talk to my buyers about the trend of sellers putting (microphones and) cameras in the home,” says Lisa Ramsey, Realtor with The Ramsey Group. “I assume there’s a recording device in every house,” she says. “We’re not going to talk money or strategy in the house.”
Nitpicking
Complaining about small issues, like carpet and paint colors, is a no-no says Matt Laricy, managing partner with Americorp Real Estate in Chicago. In many cases, such an objection — like carpet color — is not a price-reduction strategy, he says. “If it was their strategy, I would say it’s a bad one, though,” Laricy says. Instead, focus on the big-picture items, like location and light level, he adds.
One couple took it even further on a walkthrough, criticizing the sellers themselves, says Ron Phipps, principal with Phipps Realty in Warwick, R.I. The sellers were listening in electronically (legally) — and they were not pleased. “You can’t un-ring that bell,” he says.
Presenting a laundry list of defects
One weapon in the buyers’ negotiating arsenal is to write a long list of what’s wrong with the house. Big mistake, says Phipps. “You really do a disservice to your strategy.”
“Sellers don’t care why you’re discounting the house,” he says. They’re looking at that bottom-line number. Include a roll call of defects and the question becomes, “Why do you want this place?” The sellers will conclude that you and their house “are not a good match,” Phipps says.
Instead, he recommends a kinder, gentler approach for buyers: Submit a list of comparables, your offer and a personal letter introducing yourself and why you want the house.
Requesting multiple visits before closing
This happens “again and again,” says Mike Lubin, associate broker for Brown Harris Stevens in New York: “A buyer wants a lot of access after they’ve committed to purchase. They want to bring in decorators, architects, family or even visit it themselves.”
Meanwhile, the seller is getting repairs done, accommodating inspectors, packing and moving, Mark Ramsey says. Because the seller has a tight deadline, the onus is on the buyer not to add to the load by requesting additional showings, he says.
One of the many reasons sellers hate those “drop-in” requests? Some buyers are scouting for ammunition to ask for price reductions or improvements, Laricy says.
Trying to renegotiate after striking a deal
Barring unwelcome surprises or revelations that a seller concealed something, the negotiated price should be the final price, Laricy says. If you estimate the furnace has about five good years left, then confirming that detail in black and white is not an excuse to demand a new furnace or its monetary equivalent, he says.
But a signed contract “doesn’t stop a purchaser from trying to renegotiate,” Lubin says. “It’s extremely awkward. It’s violating the terms of the contract, and it’s insulting.”
Generating “iffy” commitment letters
Call this one “seller’s limbo.” Buyer and seller reach an agreement. Then a letter from the buyer’s bank informs the seller that financing is conditional on a list of things that the borrower must do. Depending on the length of the list — and exactly what’s on it — “the seller doesn’t know if they have a commitment, if they can go ahead and move or not,” Phipps says.
The bank’s list may offer some clues. If the buyer is being asked to clarify where the down payment comes from, account for a string of late payments or explain a drop in credit score, that could signal serious problems, Phipps says. If the bank just wants proof of the agent’s escrow deposit or the insurance binder, that doesn’t sound as dire, he says.
Rushing the closing date
Even in the best of circumstances, it’s hard to leave a home for good. It’s more difficult when buyers try to commandeer the closing (and moving) date. “It’s annoying to the seller for the buyer to want to close before the seller is ready to move out,” Lubin says.
Buyers are often trying to time the transaction to their own schedule or the sale of another house, he says. Instead, the date should be comfortable for all parties. “Each side has to coordinate a schedule and still be respectful to the other side.”

By: Dana Dratch, www.bankrate.com

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com

Hints to Close Your Purchase Loan in Fewer Calendar Days

Posted by Joel pate in Uncategorized. Tagged:

As mortgage rates have dropped this year, so have mortgage processing times. Data from mortgage software firm Ellie Mae shows that lenders needed 40 days, on average, to close a home purchase.
The U.S. housing market is in recovery, driven mostly by demand for homes outpacing supply. Buyers are competing hard, and many have offered “quick closings” to potential sellers as a means to make their purchase offer stand-out. “Quick closings,” however, are without a specific definition.
With a quick closing, there is less time to get a mortgage approved; less time to scour the home inspection; and, less time to prepare for your final settlement. A quick closing may be one of 30 days or fewer; or one which is completed before the end of the month.
For buyers wanting to offer a quick close, though, be sure to check first with your lender. Not all banks and mortgage companies can accommodate. Ellie Mae reports that the time required to process, approve and fund a purchase loan remained at 40 days in May, on average.
If you’re about to buy a home and want to minimize your days-to-close, consider follow these helpful behaviors. Your loan can be approved more quickly, and you may get a lower mortgage rate.
How to Get Your Purchase Loan Approved More Quickly
Note that many loan factors will be beyond your control. For example, you cannot control how fast an appraisal is performed because the appraisal requires the cooperation of the seller; nor can you control how quickly a title search is performed by a title company. However, there are steps you can take to make sure your loan gets approved as fast as possible.
1. Know Your Paperwork Requirements
It’s no secret. Mortgage lenders like paperwork. When you’re buying a home, you’ll want to be prepared with the most commonly-required verification documents. This can include W-2 statements and federal tax returns from the last 2 years; your two most recent paystubs; and your last two bank statements. You should also have a copy of your driver’s license handy, as well as the social security numbers of everyone whose name will be listed on the mortgage.
If you know you have a unique credit situation such as a recent short sale or foreclosure, child support or alimony payments, or gift funds from a relative, have the relevant documentation ready. This “gathering paperwork” step can be the most time-consuming one in the mortgage approval process. You know you’re going to need the documents. Consider scanning them and having them ready in advance. This can save days off your approval time and help you reach your closing more quickly.
2. Don’t Keep Secrets from Your Lender
Be honest and open with your lender — even if you worry that what you share may harm your approval. There are two reasons for this. First, withholding information from your mortgage application can constitute loan fraud, which is a far worse outcome than not getting your mortgage approved. The second reason is that your mortgage lender will often uncover what you’re electing not to share anyway. As part of the mortgage approval process, a credit check is performed and various “occupancy tests” are conducted by an underwriter. Employers are contacted to verify job status and public records are sometimes checked as part of the approval.
3. Use Pre-Approvals to Speed Closing Time
Mortgage pre-approvals are among the most under-used tools to speed a purchase closing. Home buyers with pre-approvals in-hand at the time of offer can typically reduce closing times by one week or more. Mortgage pre-approvals are “dry runs,” approvals based on an expected set of loan criteria which will eventually go to closing. During the pre-approval process, your lender will take a complete loan application which includes performing an income and asset verification, and he will account for specific loan traits which may affect your final approval such as your personal credit scores, any required child support payments, and the availability of a co-signer, as examples.
In fact, when a pre-approval is issued, the only missing item is often the physical property address of the home being purchase. To compensate, lenders use dummy information based on probable loan data including a sample purchase price, a sample real estate tax bill, and a sample homeowners insurance policy and/or homeowners association assessment, where applicable.
With their loan “pre-approved,” buyers can move immediately from the “Writing the Contract Phase” to the “Underwriting the Loan Phase.” This can save 7 days or more from the approval process.
Pre-approvals will also help strengthen the offer you make a home. So get started with a pre-approval today, and see how much home you’ll qualify for.

By: Dan Green, wwww.themortgagereports.com

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com

Working on Multigenerational Buyers

Posted by Joel pate in Uncategorized. Tagged:

Pleasing just one house hunter can be tough. Pleasing a couple, their parents and their kids is a tall order for even the most seasoned agents. In addition to their individual requests, there are also features that they may have overlooked that will make their living arrangements more convenient or even safer. So, nail your sale by addressing both.
Common multigenerational requests include:
Main Floor Accessibility. As seniors and their adult children age, accessibility will play a huge role in the longevity of their stay at a property. Save time by skipping homes with numerous barriers to entry, especially to the main common areas.
Stellar Schools. Quality school systems still top the lists of clients with children — but test scores aren’t everything. Consider speaking to the students’ interests. Schools that excel in specific arts or athletic programs may be an even stronger selling point than outstanding academics.
Two Master Suites. A home with two master suites is a rare find. If necessary, make a traditional home work by selecting a house with a master on the main (usually for grandparents) and a bedroom elsewhere in the house with an adjacent bathroom.
Facilitate Planning. Most properties won’t have all of the features that families are looking for. One major factor in quickly closing multigenerational deals is to minimize guess work. So, it is very important to develop a list of contacts that specialize in accessibility features such as adding support rails, creating barrier-free entryways and installing walk-in bathtubs. With this list, clients can quickly get quotes for potential upgrades. Or go above and beyond by getting a few quotes to have ready when showing the property, giving a realistic price for what the family would need to live in the home comfortably.
Ready to earn bonus points to seal the deal? Tackle these challenges:
Multigenerational Neighborhood. This is rarely on family lists, but it’s bound to make an impact. A neighborhood that feels “too old” or “too young” will isolate some members of the household. By seeking out a diverse neighborhood, every member of the family can find their niche and age-appropriate activities. It’s always critical, of course, to follow all federal, state and local laws dealing with fair housing, discrimination, steering, etc.
Tech-Ready Living. Home automation makes it easy to turn off unattended appliances, lock doors and control temperature settings remotely. These conveniences are perfect for households with children and seniors. Note properties with home automation framework already in place, and be able to clearly and accurately present the benefits of such systems.
Public Transit for Seniors. Today’s seniors value their independence. Even if your senior customers are capable drivers now, a home near public transportation will provide independent travel options in the future. It’s also great for teens.
Daytime Care Providers. When adults need a few hours away from caregiving to care for themselves or run errands, proximity to daytime care providers will be worth its weight in gold. The availability of such services could be a “make or break” factor in the purchase.
Finished Basement. Families don’t know the beauty of finished basements until they actually have one. A finished basement is a perfect playroom for kids and teens, making the upper levels a peaceful refuge for adults.

By: Erica Rascón, www.point2.com

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com