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Skepticism greets new federal plan to help homeowners

Skepticism greets new federal plan to help homeowners – Tampa Bay Times.

So the latest plan to rescue housing is coming out of Washington. Perhaps not coincidentally in an election year. Putting into place a way for underwater homeowners to refinance at lower interest rates and reduce their monthly payments sounds like it might have a positive impact but seems to fall short of addressing the real problem – underwater mortgages. Jack McCabe says in the article “it’s like putting a Band-Aid on skin cancer”.

Assuming this proposal would ever navigate the gridlock of congressional approval in a still recognizable format is highly unlikely. Assuming it did, I’m concerned that it will solve some problems at the expense of prolonging others. For example, while a wave of refinances should put real consumer dollars into the economy, it does nothing to affect the balance sheets of underwater homeowners that still own a loan worth more than the property it represents.

Additionally, while a move like this provides a much needed boost for lenders, mortgage brokers and title companies through transaction fees, it may discourage sellers from pursuing short sales. This could result in further depression of transactions and home prices . Depending on individual circumstances, getting the monthly payment lower may or may not be of benefit to the homeowner long term.

In summary, we see some potential for short term relief and a nice wave of refinance business resulting from a program such as this. But, we see two primary issues that complicate any benefit. The first is unintended consequences to the housing market at large and the second is that the likelihood of approval amid the analysis paralysis of this highly ineffective congress is highly unlikely.

What is your opinion on this and other government attempts to “right” the housing market?

 

 

New HUD – Consumer Protection or Real Estate Industry Nightmare?

Fresh off revolutionary changes implemented in 2009, Housing and Urban Development, in partnership with the newly formed Consumer Financial Protection Bureau, will be debuting yet another version of the Settlement Statement and Good Faith Estimate. This time however, we get to vote on one of two forms.

You can review the two choices – code named, “Mimosa” and “Sassafras” (you can’t make this up) by logging into the CFPB “know before you owe” website and using the industry tool. Perhaps better codes names would have been “crack” and “dope” since this seems to be more indicative of the mindset of the bureaucrats that think this is a good idea.

Really? The last attempt at simplifying the process, increasing understanding and protecting the consumer resulted in our current HUD which most agree complicated the process, made costs less transparent and presented an administrative nightmare to real estate professionals. Of course, now that we have another federal government agency involved, surely we’ll see much better results (read with healthy dose of sarcasm).

Here is a novel idea – how about before you sign documents and commit yourself to what is likely the biggest purchase of your life – take the time to understand the terms of your loan, the costs associated with your purchase and if your family can afford the payments. Common sense is rarely dispensed, especially by the feds.

Know Before You Owe > Consumer Financial Protection Bureau.

CornerStones of Success Series Seminars for 2012

I am often are asked, how and why does CornerStone sponsor such high-end, high impact educational events. I love getting asked this question because within the answer lies the core philosophy that drives CornerStone. We believe that our surest path to success is to do all we can to support the success of our clients. We also believe in the axiom “anything worth doing is worth doing right” and for this reason, we bring the same commitment to excellence to every event we sponsor that we do to each closing we conduct. In this spirit, I am excited to announce the featured speaker line-up for the 2012 CornerStone’s of Success Seminar Series.

January 26th – Darryl Turner presents “Uncommon Sense: Stop Selling and Start Believing”

Our success and life are the results of the things we think about, the choices we make and how we “show up” each day. Sometimes you have to use “uncommon sense” to see through the fears and obstacles that stand between you and your potential. Do not miss this event as it will positively set the tone to make 2012 your most successful and prosperous year ever! Darryl Turner, founder and CEO of multiple real estate related companies, is one of the industry’s most sought after motivational speakers. Darryl’s mix of motivation, energy and fascinating content has the potential to not only change your career but to impact your life. Darryl’s presentation will reflect the principles explained in his recently published book - The Nine Undeniable  Principle of Uncommon Sense: Stop Selling and Start Believing. You can learn more about Darryl Turner by visiting his website at http://darrylturnerseminars.com and watching this promotional video.

May 10th – Bernie Borges presents “Build Your Business Through Your Personal Brand: How  to use social media to build your personal brand and grow your business”

If you were an early adapter of social media and have fully leveraged its potential to maximize your personal brand and bottom line, Congratulations! On the other hand, if you are like the rest of us and still trying to get the most from this exciting new medium, then this seminar is for you. Bernie Borges, owner of inbound marketing agency Find and Convert, is a leading Internet Marketer and Social Media Speaker. Bernie’s book, Marketing 2.0, Bridging the Gap between Seller and Buyer, lays out a strategic road map to develop, implement and measure social media marketing strategies. Bernie will be sharing his wealth of knowledge and expertise in relationship building through content and online engagement. Attending this seminar will teach you how to engage, educate and entertain your online audience in a way that builds relationship and trust. You can learn more about Bernie, his company and see promotional videos by visiting his website at http://bernieborges.com/.

September 6th  (8:30 Start Time) – Barbara Burke presents “Remedies for Real Property Disputes in Florida” (3 CE Credits)

We guarantee this will be the most fun you’ll ever have earning CE credits! Barbara was our featured speaker at two events last year and if you have seen her before then you know she is an absolute master at bringing a healthy dose of humor and fun to any topic. Barbara has a bachelor’s degree in psychology from Vanderbilt and then went on to earn her Master’s and Doctorate’s Degrees in Communications, followed by a Law Degree from Florida State University.  No longer practicing law, Barbara wrote a a series of books entitled ” Real Estate Law Series” that also serve as the foundation of her Real Estate Law Series  Online University. Barbara will amaze you with her ability to provide enriching real estate law education with such entertaining delivery. You can learn more about Barbara by visiting her website at http://www.realestatelawseries.com/.

Save the Dates, Details to Follow

As a reader of our blog or a social media contact, you are getting early notice of  the seminars so please be  sure to save the date. Each seminar will be held at Polo Grill on Main Street in Lakewood Ranch and begin at 9:00 am for coffee and networking. At 9:30 am, the presentation will start and will run until 12:00 pm (we’ll give you a couple of breaks, we promise).  A complimentary lunch will be served following the seminar! We had great turnouts last year and expect each event to “sell out” this year so once event registration is open, reserve your spot early. Watch your inbox or connect with us on Facebook or Twitter to be one of the first to receive an invitation.

Thankfulness, Gratitude and Thanksgiving Defined

CornerStone wishes you a wonderfully blessed and abundant Thanksgiving! We value each of our professional relationships and appreciate the fact so many have grown into personal friendships. We have much to be thankful for – including the wonderful team of professionals we get to work with, our amazing realtor, lender and mortgage broker clients and the buyers and sellers we are afforded the opportunity to serve each day. With the help of Merriam-Webster, we have defined the terms of the season – thankful, grateful and thanksgiving below…

Thankfulness

thank·ful : being appreciate of benefit received; affording pleasure of contentment

Being thankful is a fine quality and demonstrates not only our understanding of the benefits we receive but also acknowledges the provider of those benefits. Thankfulness is one of the first step of humility and is the way in which we demonstrate our appreciation of others and of the blessings in our own lives.

Gratitude

grate·ful : conscious of benefit received; pleasing by reason of comfort supplied or discomfort alleviated

Gratefulness defines an even deeper level of appreciation than thankfulness. When we are grateful, we are not only appreciative of the benefits we receive but we are conscious of the source of the grace and the mercy so prevalent in our lives. Gratefulness is more a state of mind than an emotional feeling.

Thanksgiving

thanks·giv·ing : the act of giving thanks; a prayer expressing gratitude; a public acknowledgement or celebration of divine goodness.

While we celebrate the Thanksgiving Holiday on the fourth Thursday of November each year, the act of “giving thanks” is not as much an event as something we actually do. We are encouraged to practice “thanksgiving” every moment of every day, even in the most difficult times, we have much to give thanks for.

Thank You!

As we reflect on the things we are thankful for this week, we are reminded of how critically important it is to walk in attitude of gratitude and in the act of thanksgiving  at all times. We are the most fortunate generation, country and society that has ever existed. We enjoy an unprecedented level of opportunity and freedom. CornerStone gives thanks for the opportunity to work each day helping others grow their business, play a part in making dreams come true and the freedom to do so in a way that glorifies God.

 

CornerStone Launches Short Sale Solution – The Service Firm

BRADENTON, FLORIDA – CornerStone Title announces the launch of sister company The Service Firm. The Service Firm was specifically created to serve realtors, brokers and homeowners frustrated and fed up with trying to manage the complexities of a navigating a short sale transaction.

The Service Firm is a locally based, boutique style company that works directly with real estate agents, buyers, sellers and lenders to help facilitate a successful short sale. As a third party faciliator, The Service Firm represents the “transaction,” not just the interests of any one party. This model will provide welcome relief for Realtors involved in managing short sales directly and will provide shorter timelines and higher approval rates for buyers and sellers in short sale transactions.

“We understand Realtors are not in the industry to send endless faxes, sift through droves of email and sit on hold with a lender’s call center,” remarks The Service Firm President and Lead Negotiator Kristi Service. “Our model compliments the work of the Realtor by being a partner in the transaction and results in a win for buyer, seller and the agents involved.”

The Service Firm’s website can be found at www.theservicefirm.com and offers detailed explanations of the benefits professional short sale facilitation provides to real esate agents, buyers and sellers. Additionally, the website offers an extensive list of short sale frequently asked questions and a blog keeping readers up to date with the latest in short sale news, tips and tricks and industry trends.

The Service Firm is located at 11061 Gatewood Drive, Suite 102, Bradenton, Florida 34211
Telephone: (941) 708-5484
Website: www.theservicefirm.com.

CE Credit Seminar – Contracts and Cocktail Napkins

We are closing in the final installment of the 2011 CornerStone’s of Success Seminar Series. Our fourth and final seminar for 2011 will be held from 8:30 am to Noon on Tuesday, September 27th at The Polo Grille – Lakewood Ranch Main Street. The subject is Contracts: Why You Can’t Write a Deal Up on a Cocktail Napkin and will be presented by Barbara Burke. This seminar  is FREC Approved for 3 CE Hours and includes a complimentary lunch so register now!

Barbara was with us in March when she presented on foreclosures, short sales and alternatives. For those of you who attended, you know that Barbara possesses a unique ability to make any subject fun. While she is widely recognized as one of the most knowledgeable real estate legal experts in the state, she also possesses a sharp wit and unique sense of humor. Yes, we are talking contracts but with Barbara at the podium, you can count on not only gaining education but being engaged and entertained as well.

We will be digging deep into contracts, defining requirements, identifying common and not so common issues and reviewing potential real estate agent liabilities. We will also take a look at the primary differences between the 2007 FAR, 2007 FAR/BAR and 2010 FAR/BAR forms. We’ll wrap up with some real life case studies involving contract disputes and their outcomes.

Download a Brochure and don’t forget to REGISTER NOW! Any questions or prefer to register by email – contact Mary at mary@cornerstontitle.biz

We will  soon be working on lining up speakers and subjects for the 2012 CornerStone’s of Success Seminars. If you have a subject you would like to see addressed or have heard an outstanding speaker you would like us to invite, please send your suggestions to me by emailing me at tom@cornerstonetitle.biz.

Here is a look back at the 2011 line-up:

• January – “Jet Pilots Don’t Have Rear View Mirrors” by Alan Thompson
• March – “Foreclosures, Short Sales and Alternatives” by Barbara Burke
• June – “Social Media Marketing for Realtors” by Alan Thompson
• September – “Contracts: Why You Can’t Write a Deal Up on a Cocktail Napkin”

The Role of the Independent Title Agent

The independent title agent truly represents the real estate transaction in a purely arm’s length manner. This is important because the role of the title agent is to protect the transaction, which in turn protects not only the buyer, seller and lender but the Realtors as well. An independent title agency is a true free market player and has the highest incentive to close the deal in a timely and compliant fashion backed by courteous professional service.

Independents and Arm’s Length – Defined

According to www.investopedia.com, an arm’s length transaction is defined as:

A transaction in which the buyers and sellers of a product act independently and have no relationship to each other. The concept of an arm’s length transaction is to ensure that both parties in the deal are acting in their own self-interest and are not subject to any pressure or duress from the other party.

According to the National Association of Independent Land Title Agents (NAILTA), an independent title agent is defined as:

CornerStone’s Hot Properties featured in Gulf Coast Business Review

The Hot Properties Event presented by CornerStone Title was featured in a recent edition of Gulf Coast Business Review. Hot Properties is a unique marketing event for area real estate professionals that offers a high energy, all business “speed networking” type environment to list and see the areas best feature properties. We call it 50/50/50 – 50 top Realtors pitching 50 unique properties in 50 minutes! Hot properties offers the best of both worlds – cutting edge technology and old school face to face selling.

Our next event is Friday, August 26th at 8:30 am at the Polo Grill in Lakewood Ranch. You can get more information on Hot Properties and register to attend online by visiting our website.

Are you ignoring your best prospect?

Real Estate Professionals - Now that I got your attention, please ask yourself this simple question. Immediate family and friends aside, who is your best prospect? Go ahead, take a couple of minutes to think about it… Remember, people buy from people, so it stands to reason the people most likely to buy from you are the ones who have done so in the past. Yes, your past customers are not only your best prospect but over time can become a steady source of qualified leads. According to N.A.R., about 90% of home buyer’s would do business with their agent again, but only 10% can remember how to get in touch with them!

What’s his name?

While it seems counter-intuitive, up to 90% of realtors do not do any type of post-close marketing at all. Of those that do, nearly all stop post-close marketing after 90 days. Does this make sense given the average home ownership last 8 years? No, it really doesn’t and in to be frank, marketing post close for 90 days to a prospect that is almost positively not coming back into the market may actually be perceived as an irritation and have an undesired affect on the relationship. On the other hand, nearly all realtors admit that they have repeatedly missed opportunities because they did not stay in touch with clients post-close. It may be time to take an honest inventory and determine if you are missing out on this reliable source of qualified leads.

Double your closings!

How big a problem is this? The answer is closely tied to the agent’s tenure and success rate but the longer you have been in business and the more deals you have closed, the bigger the problem. Wow, talk about being a victim of your own success!

Let’s break it down to real numbers. To keep it simple, let’s say you have been in the business for 10 years and you are closing an average of 15 deals per year. This means  you have a “likely to make a move” population of around 45 prospects in your pipeline each year. This number comes from those clients that bought/sold  between 7 and 9 years ago. Let’s assume 80% of the prospects come back into the local market and 90% are willing to use you again – this works out to about 32 prospects a year.

Ironically, in this example, just a 50% close ratio with clients you have already sold would effectively double your current volume of business.

Stay in Touch by Being “The Resource”

So now you understand you need to stay in touch. So all you need to do is send a birthday card, a football schedule and be sure to remind your clients of  their one year anniversary in their new home, right? Well, that might help but think about how much more  effective your efforts would be if you stayed top of mind through relevant touch points instead? This is where we can help. CornerStone Title now includes our digital closing documents with every closing. This includes amazingly convenient digital access to all closing documents for your clients (they love it). Our digital closing documents  also includes a built-in “forever marketing” system that keeps you top of mind with you customers by keeping them up-to-date with critical updates on information specific to their property. You contact information is  displayed in each email and every time your customer accesses their closing documents.

The Silver Bullet

So we’ve laid out how to automatically stay top of mind for life with every customer you close, the only thing  left to do is to actually identify the precise moment your customer is coming back into the market. This sounds too good to be true and unfortunately, it probably is. However, it is possible to notify you when your client accesses any of their critical closing documents which is the leading indicator they are making a move to buy or sell. For example, your client logs into to CornerStone’s digital closing documents system to access their mortgage – you get a notification. Granted, they might just be downloading their documents for some light poolside reading, but let’s face it, not everyone finds closing documents as interesting as we do. 

For More Information

If  you would like to learn more about how to effortlessly implement and maintain a comprehensive post close marketing system that alerts you when your customer is considering buying or selling, you can watch our digital closing documents video here.

Boost Website SEO with Free Real Estate Videos

When is the last time you tried to explain title insurance or closing costs to a client? Was it a fun, entertaining and engaging conversation? Probably not for you nor your client. CornerStone Title has a solution and we’re offering it free to any Florida real estate broker, agent, mortgage broker, loan officer or builder. It has been said many times that a picture is worth a thousand words, but sometimes a video, even a simplistic one, can be worth one hundred thousand words.

Check out the Videos!

Check out these two videos  that provide a quick, entertaining explanation of both “Title Insurance” and “Closing Costs” and then read on to discover how these videos are going to help you get found and convert more of your website visitors to buyers and sellers.

CornerStone Title: What is Title Insurance?

CornerStone Title: What are Closing Costs?

Video Increases Your Website SEO (search engine optimization)

In addition to being a great resource to your prospects and clients, these videos are killer marketing tools. By embedding these videos on your website, you drastically increase the odds of being “found” by search engines. Websites that include video are 53 times more likely to appear on page one of Google. Even if you have existing video, these videos will further enhance your videos ranking. We have embedded keywords into the video related to Bradenton and Sarasota Real Estate and these will convey SEO points to your site.

Videos Makes Your Website Sticky

Additionally, these videos make your website more “sticky” by keeping visitors on your site longer. The average time spent on your website is a key metric to use to gauge how effective your site is. The longer visitors spend on your site, the better. When they are on your site for an extended period of time, the likelihood they will visit other pages goes up and the chances they are going to bounce off to one of your competitors sites goes down.  Translation, you create additional opportunities for your site visitors to contact you, do an MLS search or bookmark your page.

Technical Details

You can include the videos on your site in one of two ways. First, you can simply add a link to the YouTube url and direct your visitors there.  Another approach, and the one we recommend, is to embed the YouTube code directly into your site. This provides a much cleaner look and will result in more views. You can see samples of embedded video in this post or on our resources page.  Depending on your technical abilities, you may need the assistance of your webmaster to get this done. To get the link or embed code or for technical assistance, drop me a line at tom@cornerstonetitle.biz or call me at 941.744.0492.

What’s the Catch?

Oh, I forgot to mention there is one little catch.. If you are going to use the videos, there is no charge but we do ask that you include a link back to our website at http://www.cornerstonetitle.biz. Please choose one the following link back formats:

Video compliments of CornerStoneTitle - Bradenton/Sarasota Title Company

Video provided by our friends at CornerStone Title, the Title Company of Choice in Sarasota and Manatee

 

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