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We all are watching our industry change by the day, living for the moment when funding actually goes through. What are you doing to be proactive? Are you aware of the changes possible for subprime adjustable-rate mortgage (ARM) users?
According to the New York Times, the goal of President Bush’s plan is to convert as many subprime ARMs as possible into “more sustainable loans.” However, the freeze applies only to borrowers who:
• Took out their loan between January 2005 and July 2007 and whose rates are set to increase between January of 2008 and July of 2010; and
• Have less than three percent equity in their homes; and
• Are current on their payments (or no more than 60 days behind); and
• Are able to handle their current lower rate, but will not be to handle a higher payment.
Analysts estimate that the plan will help between 240,000 to 250,000 borrowers.
The freeze is a voluntary agreement on the part of lenders, so no legislation is required for this plan. However, congressional approval is necessary in order to increase current FHA loan limits.
And you are aware that the changes in the foreclosure laws are in effect, right? If not, seek a foreclosure class at AAR!
MLS enhancements
Through an unprecedented arrangement, Information and Real Estate Services, LLC (IRES) and Metrolist have agreed to share data.
The Colorado Cooperative MLS (CCM) has been used in the past for the Pikes Peak Association of REALTORS®; adding IRES and Metrolist to the mix takes it to a much higher level. You don’t have to worry about joining both IRES and Metrolist to gain access to their information – under CCM, you get information from all three front range MLSs without having to pay three separate fees. More fields will be shared allowing more complete searches and listing information. Here’s what you can expect:
• Embarking on a remarkable data sharing arrangement, Front Range MLSs will exchange comprehensive listing content.
• Front Range REALTORS® can access shared listings using their MLS of Choice, transcending geographic boundaries.
• The system’s use of industry best practice for data sharing, the Real Estate Transaction Standard (RETS), will efficiently resolve issues with the least amount of turmoil and disruption to our marketplace.
While other areas in the United States have accomplished this by creating new companies or merging MLSs, we are retaining our own asset and are able to do this without losing our identity. Congratulations to the leadership teams of both companies for their outward, progressive vision.
Make the most of a year of changes
Following along with the general marketplace, some of us might find ourselves in a slowing down phase in the year ahead. If that’s you, why not make the most of your time in 2008 and capitalize on some opportunities? You could...
• Finish (or start!) the educational designation you have always promised yourself you’d achieve.
• Find the contact management system that fits your business and put it in place.
• Really learn how powerful your PDA can be or how you can use your laptop computer to maximize your business.
• Refine your web page so you can track the back end to see who is visiting your site and which pages they are clicking through to.
• Learn how to use your digital camera, integrating your updated knowledge into your printing and publishing software.
• Most of all, remember this is still a business based on face-to-face meetings and conversations. Get out there and make it work for you. Remember how important it is to be seen.
Have a great 2008!
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