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Banks Need to Do Their Part

I’ve been working on a short sale transaction, waiting four months to close the deal with no foreseeable end. With delays like this, most willing buyers would just walk away. If the banks would do their part by effectively coming up with a better procedure to move these short sales, it would improve the real estate market. Part of the bailout money that banks received should be used to facilitate this process. Banks need to hire more personnel or revamp what they do have in place.

Many real estate professionals have had contracts on short sales with closing dates scheduled only to find out days before closing that the property has gone into foreclosure. This is costing more money. Are they deliberately trying to sabotage the real estate industry? Is there some advantage for the bank when a property goes into foreclosure status? Am I missing something? When is the madness ever going to stop in the banking industry?

Linda Cummings, Prudential Gary Greene, Friendswood, Texas

Market Conditions Form Poses Problems

There have been several articles written recently on the use of the HVCC and how that is impacting the appraisal efforts. (September 2009, “The Trouble With the HVCC,” page 24; July 31, 2009, Speaking of Real Estate Blog, “HVCC Appraisal Rules are Posing a Challenge.”) I wanted to point out that there are also problems with Fannie Mae’s new market conditions form. These problems primarily exist because the use of the form assumes a uniform sale rate over the year. It doesn’t take into consideration that many markets have a strong seasonal nature and that the use of the market conditions form will cause lenders and appraisers to come to incorrect conclusions.

For a great discussion on that topic, visit www.focus1st.com to see the “Visual Appraisal for Real Estate” demo. While the 15-minute demo is primarily a sales tool for the company’s product, the example that they show is an eye-opening example of the problem that the market conditions form creates.

Tim DeLeon, CRS®, GRI, associate broker and partner, The Group Inc. Real Estate, Fort Collins, Colo.

The Social Web in Action

Regarding the article on the business value of social media sites (September 2009, “Connections Made. Now What?” page 18), I found it to be very well written, useful, and practical. I loved the approach you took of talking about the realities of it, as opposed to the “limitless potential” I always hear people talk about.

John Morley, CRS®, Morley Real Estate Group, Huntsville, Ala.

On Our Blogs

SPEAKING OF REAL ESTATE

http://speakingofrealestate.blogs.REALTOR.org

Getting the Tax Credit Extended: Outlook

What are the chances of getting the first-time home buyer tax credit extended, particularly before its expiration Dec. 1? What’s clear is that the leadership in Congress wants it extended—and if you have the leadership on board, you’re in a strong position.

POSTED Sept. 25, BY ROBERT FREEDMAN, SENIOR EDITOR

What readers said:

Why is NAR so willing to to spend my grandchildren’s money just to goose up sales and REALTOR® commissions? Shame on NAR and its . . . leadership for putting future generations in debt just to put some money in their pockets. — DAN

Dan, would you rather see the banks get your grandchildren’s money? The first time home buyer tax credit has a better ROI than anything the government has done in my lifetime. The majority of buyers I have worked with are investing that money back into their homes. This puts money into the local economy and provides jobs and tax revenue!  — AUDREY

YPN LOUNGE

http://ypnlounge.blogs.REALTOR.org/

Does Social Networking Result in More Closings?

“Can I really close more business using social networking sites like Facebook, Twitter, YouTube, and a blog?” The answer is yes! I interviewed quite a few REALTORS® to find out what their experience has been over the past year. . . . On average, they have closed three to five additional transactions as a direct result of their activity on Facebook. . . . Of the more online-savvy, I found REALTORS® telling me that they average more than 50 percent of their business from their blogging efforts.

POSTED Oct. 2, BY DREW BURKS, YPN LOUNGE BLOGGER

What readers said:

Great stuff, Drew! Thanks for sharing this with me. I am so passing this on to my agents. — DARRIN FREEDMAN

Frankly, there’s nothing scientific here. Drew claims to have interviewed “quite a few people.” I agree that this could be interesting, but it’s all anecdotal at this point. — RYAN LUCIA 

WHAT DO YOU THINK?

We want your feedback about this issue of REALTOR® magazine. Send letters to narpubs@REALTORS.org.

Note: Letters and blog posts are edited for space and clarity. Publication of a letter doesn’t constitute an endorsement of the writer’s views by the NATIONAL ASSOCIATION OF REALTORS® or REALTOR® magazine. Submission of a letter constitues permission to publish it in any form or medium.