Recent Legislation Benefits Self-Employed
The Small Business Jobs Actwas signed by President Obama on September 27, 2010. The legislation provided for tax breaks which included a new health insurance deduction for the 2010 tax year specifically for the self-employed. In addition, loan provisions for the SBA (Small Business Administration) were extended until December 31, 2010. Both of these benefits offer real estate agents the opportunity to realize substantial savings and provide financial assistance to an industry hit hard by the recession.
Self Employed Health Insurance Deduction - Up to $3500 in Savings
Self-employed individuals pay 15.3% of their net earnings which is known as the self-employment tax. The self-employment tax rate is the sum of 12.4% for Social Security (old age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance). The Social Security tax applies to the first $106,800 of net earnings in 2010; there is no ceiling on the Medicare tax.
If an average family (self-employed income) paid $14,000 for health insurance coverage then the 15.3% self-employment tax on earnings used to pay that premium would be $2142. Families with higher earnings and monthly insurance premiums could save as much as $3500. The new legislation (Section 2042) allows the self-employed to deduct this premium on their self-employment tax as well as their income tax. The rationale is that this tax savings can be re-invested in their businesses. For more information regarding this tax benefit go to Health Insurance Tax Break.
Real Estate Brokers and Agents Qualify for SBA Loan Assistance
The Small Business Jobs Act extended loan provisions for reduced closing costs and a 90% loan guarantee. This provides incentives for both the lender and borrower to take advantage of the programs before year's end.
Real estate agents and Brokers qualify as small businesses and can benefit by refinancing credit card debt and/or obtaining loans through the 7 (a) loan program. The interest rates for these programs are substantially lower than credit card interest and is tax deductible. Go to Loan Assistance for more information.
About the Author
Founder and CEO of Virtual Homes Real Estate, a New England based independent residential brokerage firm. The Virtual Homes Real Estate portal provides consumers with an interactive real estate resource offering information and tools making the home buying and selling process easy. Search MLS listings by location with our map based tools. Experience the Future of Real Estate Today!
Tuesday, November 30, 2010
Real Estate in a Virtual World.: Real Estate Agents Receive Tax Benefits and Loan Assistance from the Small Business Act of 2010
Monday, November 22, 2010
Massachusetts Virtual View: Waltham MA Homes Sold Report - Q2 2010
Waltham MA Homes Sold Report for the Second Quarter - 2010
The Waltham, MA 2nd quarter real estate market report indicates that there were 94 homes sold in Q2 2010 as compared to 61 in 2009. This represents a 54% increase in the number of homes sold. The average sales price changed from $408495 in 2009 to $430794 in 2010, a 5% increase in value. The days on market changed -26 % from 77 to 57.
Compare this report to the Waltham MA real estate Q1 report where average sales prices and activity also increased over 2009. The average sales prices were much higher in the second quarter which is primarily due to the higher priced inventory being sold during the spring market.
Visit Waltham MA real estate for a virtual tour, relocation, school, home buying and selling information which will assist you in evaluating property values.
The Waltham MA homes sold market report was compiled by Virtual Homes real estate from data collected from the MA MLS (MLSPin). The information is not guaranteed to be accurate.
Waltham MA homes sold report with a 4 year trend analysis for activity in the second quarter.
Sunday, November 21, 2010
Real Estate in a Virtual World.: Burlington Vermont Real Estate Market Report - 10/2010 YTD
Burlington Vermont Real Estate Report - Homes Sold as of 10/30/2010
The Burlington Vermont real estate year to date activity reports an increase in average sales price with a decrease in the number of homes sold. Visit Burlington Vermont real estate for a complete report including condominium activity in 2010. The Burlington VT real estate and homes for sale site provides community information that includes MLS search, relocation, school and home buying information.
Burlington VT Single Family Homes
There were 125 homes sold in 2010 as compared to 138 with only 103 sold in 2008. The average sales price in 2010 has increased 3% from $269,527 in 2009 to $284,813 in 2010. In 2008, the average sales price was at $324,075 which was the peak for the last four years as values were at $310,911 in 2007.
The average selling time increased from 56 days in 2009 to 77 in 2010.
The Burlington Vermont real estate homes sold report was compiled with data obtained from the NNEREN MLS system and is not guaranteed to be accurate. Contact Virtual Homes Real estate if you require further information on properties listed in Vermont or New Hampshire.
Burlington Vermont real estate market update as of October 2010 with a 3 year trend analysis of homes and condos sold with average selling prices.
Real Estate in a Virtual World.: Bedford New Hampshire Foreclosures for Sale
Bedford New Hampshire Foreclosures for Sale - Bank Owned Real Estate
Bedford NH foreclosures, bank owned and REO (Real Estate Owned) are terms commonly used to describe properties that are owned by a lender (investor, financial institution; typically a bank), after an unsuccessful sale at a foreclosure auction or property obtained by a "deed in lieu." The lender will then resell the property by direct sale or market their inventory through a Realtor. The lender will price the property for a quick sale as they have no interest in maintaining a foreclosed asset.
The foreclosure process begins when the homeowner defaults on their mortgage. The first step for the lien holder(s) is to obtain the right to sell at auction. In NH, this process takes a minimum of 75-90 days and if the homeowner contests the process in court or files bankruptcy the delay can be significant. To obtain current bank owned and short sale listings go to Bedford NH foreclosures. You will receive updates of new foreclosures as they come on the market.
Bedford NH Short Sales
There are cases where a home owner will attempt to sell their home before the lender begins foreclosure proceedings. The home owner is either already behind on their mortgage payments or will not be able to sell for a price that the net proceeds and additional resources would cover the balance owed on their mortgage. This is commonly referred to as a short-sale and requires the lender's approval. Obtaining approval can be a long and frustrating process. Additionally, there are no guarantees that the lender will accept an offer at or above the listed price or any viable contract presented.
New Hampshire Foreclosure Law
In New Hampshire, foreclosure is done by various methods which include Judicial or Non-judicial methods and by special methods such as Entry under process, Entry and publication, or possession and publication. The typical process, depending on the method, is approximately 60-70 days long. Publication of the sale requires 24 days in New Hampshire. In a NH foreclosure there is no right of redemption and deficiency judgments are permitted.
In New Hampshire judicial foreclosure is similar to strict foreclosure in other New England states. A lender needs to file a complaint against a borrower and obtain a court ruling from the county court. If the court finds a borrower in default, it provides the borrower time to pay back the debt. If borrower does not pay within the allowable time frame, the court orders sale of the property.
A non-judicial foreclosure is conducted only when a power of sale clause exists in the deed of trust/mortgage. This clause pre-authorizes the sale of a property to pay off the balance of the loan in the incidence of a buyer's default. In such cases, power is given to the lender or its representative (generally referred to as a trustee) to sell the property.
Buying Bedford NH Real Estate at Foreclosure Auction
For most consumers, purchasing at a foreclosure auction is a "risky" undertaking and, in most cases, buying from the lender after the auction is a better option. Experienced investors understand the process and may have success in taking the risk. As a result, not many Bedford NH foreclosure auctions end with a bidder being successful with an accepted offer. The title then reverts back to the financial institution holding the lien. These properties are referred to as REO (Real Estate Owned) or Bank Owned properties.
Bedford New Hampshire Foreclosed or Bank Owned Real Estate
After a bank (lender, financial institution) forecloses on the property (after an unsuccessful auction), they mitigate items owed by the prior borrower, such as homeowner association fees. The lender also attempts to remove any tax liens against the property. The current owners are usually evicted or provided financial incentives to vacate.The property is cleaned and minor repairs are made to the property. The lender hopes to obtain a higher net sales price with minor improvements.
Banks want to sell foreclosed property quickly because they don't want to tie up their money these assets. Additionally, managing a foreclosed property may see further reductions in value and is a "headache". Lenders that have significant REO inventory often have a separate department to manage their inventory.
Most lenders hire experienced Bedford real estate agents to market their properties and list their inventory in the Multiple Listing Service (MLS) to ensure full market exposure. Bank owned listings compete with other available listings and buyers have the opportunity to inspect and investigate property prior to the final purchase. Some lenders will negotiate repairs and concessions, but in most cases their preference is to sell "as is" at a "discounted price". Go to Bedford NH foreclosure listing service to receive a list of bank owned property.State and Federal requirements regarding property disclosure must be followed by lenders. They usually disclose that they have no knowledge of the property and can make no representations as they have never occupied the property. Banks may or may not provide incentive financing on their REOs but in most cases, this would apply only to property that was in very bad condition. Property that has major structural defects or will require extensive repairs will be the buyer's best value.
Buyers with accepted contracts have the option to conduct full home inspections even though the property is being sold "as is". If major unknown material defects are found, the lender usually will negotiate to either a substantially lower price or make the repair. Generally, negotiating with a lender is an easier process than negotiating with a homeowner. Lenders are typically unemotional about the process and are interested in making a "good business" decision for the company. It is not in a buyer's best interest to attempt to renegotiate a contract over trivial items that were disclosed or obvious prior to negotiation of the contract.
A Bedford NH bank owned property isn't always the best value for a consumer. It's an old myth that "foreclosures" are a bargain. Visit Bedford NH homes for sale to view all available listings for sale.
Making an Offer on a Bedford Property
Before making an offer, have your agent obtain all available disclosures and information on the property and ask questions such as: Are there any documented inspections? Has the lender agreed to any repairs not completed? Is there a special "as is" form?How quickly will the lender respond?How is the offer negotiated? Since lenders do not typically work on weekends and due to the volume of REO inventory, the negotiating process may take longer and create frustration for the buyer.
Make sure that your offer contains your "credit" approval which demonstrates your qualifications as a buyer as the lender is more motivated to negotiate with a qualified buyer.
Understand that lenders will sell at "fair" market value and do not expect "fire-sales" that you have seen of heard of in the media. As mentioned earlier, properties that need substantial structural and mechanical repairs will be negotiated aggressively There are fewer buyers qualified to buy these properties so lenders will offer greater discounts.Virtual Homes real estate agents will assist you in the purchase of Bedford NH foreclosures and bank owned real estate for sale. In addition, we can represent you as a Buyer's agent and represent your interests in the property search, research, negotiations, home inspection and closing of the transaction.
Bedford NH real estate resource for foreclosures, short sales and bank owned real estate for sale.
Thursday, November 4, 2010
Real Estate CRM for the Virtual Office
rate or flag this pagehttp://hubpages.com/t/1b8b28">Tweet thisReal Estate CRM for the Virtual Office
50By fdoleac
Real Estate Customer Resource Management
Operating a successful real estate virtual office, whereby most of the agents work from their home offices, requires an integration of on-line tools training and support. A critical web based tool is the company CRM (Customer Resource Management) which is the automated hub of agent, staff and management tasks and activities. The tool should include a powerful contact manager, an interactive database and lead management system.
Source: Zoho CRMContact Management
Agents, staff and management require a contact management feature that maintains all import information and data of company representatives as well as customers and clients. Remote access to this information ensures proficiency in all aspects of communication, transaction flow and automated functions.
In addition to the basic information of name, address, telephone numbers and email the system should provide for multiple customizable fields. Entry options would include important dates, notes, web site and blog addresses.
The contact management system should provide for extensive prompting fields for manual and auto data entry when interacting with customers and clients. A major asset of the company is the permission database generated through inbound marketing. The value is the variety and volume of pertinent information obtained in the communication with consumers.
Inbound Marketing
The company inbound marketing process should include web sites, blogs and direct response marketing. Integrated marketing communications are designed to generate web form registrations that must auto populate the data base, organize and store the information. The contact manager is only one important element of the database. Once the information is obtained, it is important for automated functions to be built into the system to provide prompt and timely responses and follow-up. This process should include auto responders, lead notification and distribution.
Lead Notification and Distribution
The typical web form registration may require only an email address. However, it is beneficial to obtain a name and phone number. You must analyze your registration metrics in order to determine the optimal required fields for your value proposition. In all cases, the system must automate the process of distributing the leads. Agents and staff (including call centers) must be notified of a new lead via email, text while populating the data base. Response factors are critical in converting Internet based leads and most motivated consumers will work with the first responder.
Lead Management
The CRM system is more effective if lead management tools are integrated into the system. Features should include call prompting, scheduled activities, auto responders, drip email, automated campaigns and reports. Users are more efficient when prompted to perform follow-up tasks and will convert more business.
Management and Staff
Features for management and staff include a recruiting module for the target lists and agent databases. Automating the messaging of the value can be built into the drip and blast email campaigns. The CRM tool can be utilized with the intranet so that staff can manage agent contract renewals, birthdays, reports, notices and important dates
Virtual Homes Real Estate
- Virtual Homes Real Estate & Homes for Sale
Real Estate resource providing consumers with an interactive portal of tools and information including MLS search, Map based search, and foreclosures to make the home buying and selling process easier.Real Estate in a Virtual World
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