If you need the REO Tour information for Saturday May 30th, email rmackanin@kwsv.com

 

 

Short Sale Conference Call

Greetings,

 

We are continuing our Short Sale series on June 2nd at 12pm with Jennifer Hart, Keller Williams Short Sale Expert.  Her team has a combined 12 years of Short Sale knowledge and experience with managing 170 active Short Sales and closing up to 20 Short Sales monthly.  Please join us on the next call in our series scheduled as follows:

 

 

Date:                                      Tuesday, June 2, 2009

 

Time:                                     12:00 p.m. – 1:00 p.m. (PST)

 

Guest Speaker:                   Jennifer Hart, Keller Williams Realty Vancouver, WA

 

Conference Number:        (785) 686-2292

 

Conference Code:              920025#

 

 

Our conference line capacity is limited so we highly suggest hosting this call in your conference room on one speaker phone and opening it up to any interested agents.

 

If you have any questions, please call Suzanne Hawkins at (916) 580-6065 or email her at suzannehawkins@kw.com .  Thanks and look forward to your participation on the Short Sale call on June 2^nd!

 

 

 

 

The Fed's attempt to keep mortgage rates low is failing.

As discussed in Tuesdays team meeting, we all know mortgage rates are artificially low dues to our government influence, but the activity over the past two days may signal the beginning to higher mortgage rates in the very near future.

 

Yesterday afternoon and again today, mortgage rates were pushed significantly higher by about one half a percent. This is an extremely large jump in a very short amount of time which means rates in the 4’s are off the table at least for the foreseeable future.

 

A $417K 30 Year Fixed loan was at 4.5% first thing Tuesday morning and today it is slightly over 5%.

Rates are rising, and when they do they rise fast.  At this point the majority of negative news being reported is not having much downward pressure on interest rates.

The 10 Year Treasury, which although does not have a direct correlation to mortgage rates, it is a very good indicator, is rising very fast.  In the last 14 days the 10 YR has risen 40 basis points from 3.10 to 3.50.

We have seen mortgage rates rising as well, although they have not yet risen the same amount as the 10YR, at least not yet.  Mortgage rates have risen .5% and at the present time there is no sign of that increases will slow.

The Fed's attempt to keep interest rates low is failing.  The Fed continues to purchase treasuries as they had announced many months ago however the market seems to be placing much more weight on the fact that consumer confidence is rising and corporate profits are stabilizing. Basically, from an investment standpoint, corporate bonds with their higher returns are beginning to look more favorable than mortgage bonds at all time lows.

It was announced yesterday that consumer confidence rose the most it has in 6 years.  The stock market rallied, and the 10 YR treasury along with the mortgage backed securities tanked.  In addition, although housing still is a sore spot in the economy, it is no longer the anchor on the economy that it has been in the past 2 years.

Remember, history has shown us that interest rates always rise much faster than they fall, and we once again are seeing history repeat itself.

Now is the time to talk to those buyers who are trying to time the market, their money has just gotten a little more expensive. It also helps to bring a little perspective to the table. In 2000, a Conforming 30 year fixed loan was at 7.5% so a rate today at under 6% is still a great deal.

Please feel free to contact us if you have any questions,

TurnKey Mortgage Solutions

 

 

 

 

 

Congratulations on your Daily Sales!

Congratulations Irene Jacobson

Ø  535 La Baree Drive, Morgan Hill Ca 95037

Ø  Listing price $639,000

 

Congratulations Mike Mendenhall

Ø  1155 Curtner Avenue, San Jose Ca 95125

Ø  Listing price $499,000

 

Congratulations Shannon Rose

Ø  2655 Sand Point Drive, San Jose Ca 95148

Ø  Listing price $359,000

 

 

 

 

 

 

 

Congratulations on your Daily Listing!

Congratulations Bart Marchioni  

Ø  2560 Baton Rouge Drive, San Jose Ca 95133

Ø  Listing price $350,000

 

 

 

Open House Opportunity This Saturday

Hi All…

 

Dan Gonzales would like someone to hold his listing open this Saturday at 561 Brooks Ave in Willow Glen. Check it out on the MLS at MLS #: 80907859.

 

If you are interested please contact Dan at 408-202-8103.

 

Thanks!

 

 

Free Top Producer Webinar w/Darin Franzen

		Join us for a Webinar on May 29
		As your local reps we always want to provide a high level of service and training so we are now hosting FREE LIVE ONE HOUR WEBINARS on a weekly basis.  This Friday from 2-3pm eastern/     11-12am west coast time. PLEASE PROMOTE TO OTHERS BY FORWARDING Each week we are focusing on a specific topic or feature of the program and all of the suggestions for topics will be coming from the agents we meet in our office visits and hotel trainings. This week we will share best practices and current successes using the tools you already have available to you through Top Producer.  We often hear that you may only know 10% of what it does so we will be showcasing the MUST KNOW features within 8i and Market Snapshot. PLEASE support our business by directing orders to us, it is what allows these sessions to be FREE, and by FORWARDING this to ANYONE ELSE who may be interested in or currently owns Top Producer.  Put us on in the conference room!! Christopher Smith              Chad Humphrey           Darin Franzen Top Producer Florida         Top Producer NW US   Top Producer N. Ca.   Title:   Low and No Cost solutions using 8i and Market Snapshot       Date:   Friday, May 29, 2009       Time:   2:00 PM - 3:00 PM EDT   After registering you will receive a confirmation email containing information about joining the Webinar.     System Requirements PC-based attendees Required: Windows® 2000, XP Home, XP Pro, 2003 Server, Vista   Macintosh®-based attendees Required: Mac OS® X 10.4 (Tiger®) or newer     Space is limited. Reserve your Webinar seat now at: https://www2.gotomeeting.com/register/945047594

 

 

Thanks and Have a Great Day,

 

Debra Kested

Agent Services Coordinator

Keller Williams Silicon Valley

(Phone) 408-583-3619

(Fax) 408-583-3620

(Email) asc@kwsv.com

 

Education Schedule For the Week of May 26- 29th

Education Schedule For the Week of May 26- 29th

 

Wednesday May 27th

Level 2 - Accountability Meeting

With Jim Myrick

From-11:00-12:00

 

Thursday

Shift Class - Tactic #1

With  Linda Forester

From 10:00-12:00

Team Meeting Power Point Presentation for Tuesday May 26th

Here is the link to review today's team meeting

 

https://www.onlinefilefolder.com/2sIn1OmkzkupLR

 

 

Recent Court Ruling

Hi Everyone,

I hope you are enjoying a great Holiday weekend.  I wanted to share with you a recent court decision that may or may not affect you.

A class action suit was filed against a very large real estate company in the Southeast.  The plaintiffs (thousands of clients) sued the RE Company because they charged a $295 transaction/service fee on all their deals.  The customers’ basis against the RE Company was that it was illegal to charge additional fees to customers where actions are conducted during the everyday course of business and the agent is getting commission for those actions.  Understand that the company disclosed these charges up front and did everything “by the book”.    The 11^th circuit (Southeast Region of USA, we in CA have the 9^th) ruled with the plaintiff (thousands of real estate clients) and the RE Company is faced with a multimillion dollar judgment.  Although everyone thinks the ruling was off base (NAR, CAR, and sane people J), there now is a Federal ruling, even if not for our Region.  Hopefully the ruling will be appealed.

I know some of you charge a transaction coordination fee or other fee in addition to your commission and temporarily, this is of concern and the basis of the suit.

Until there is an appeal or future legal decisions, this is what you need to do:

1. Don’t charge the fee OR
2. Charge 6.1% or put the expense/charge in the total commission percentage OR
3. Commission of 6% plus $XXX.  (Need to disclose amount, just don’t say what the fee is for).  They got in trouble for labeling that it was a transaction fee.

 

I’m sure I will get more updates on this at CAR in a few weeks but I wanted to share this with you so you can adjust your business practice ASAP.

 

Thanks,

Mike

 

 

 

Congratulations on your Daily Sales!

Congratulations Dave Keefe

Ø      26 Annie Laurie Avenue, Mountain View Ca 94043

Ø      Listing price $915,000

 

Congratulations Amie Chilson

Ø      474 White Chapel Avenue, San Jose Ca 95136

Ø      Listing price $389,000

 

 

 

 

 

 

OPEN HOUSE OPPORTUNITY - 1665 Miramonte Ave, Mountain View

Good Afternoon,
Charles Coachman, an agent at The Gateway Office has this great listing that needs somebody to hold it open this weekend. It shows well! For more information, please contact Charles at 408-439-0766 or ccoachman@kwsv.com.

Have a great weekend.

 

 

 

 

Congratulations on your Daily Listing!

 

Congratulations Leslie Lang

Ø      3490 Blue Grass Court, Morgan Hill

Ø      Listing price $1,050,000

 

Congratulations Doug Kwan

Ø      3478 Shafer Drive, Santa Clara Ca 95051

Ø      Listing price $649,000

 

 

Congratulations on your Daily Sales!

 

Congratulations Leslie Lang

Ø      733 W Fremont Avenue, Sunnyvale Ca 94087

Ø      Listing price $489,888

 

 

Congratulations Pat Hairston

Ø      535 Valley Forge Way #1, Campbell Ca 95008

Ø      Listing price $275,000

 

Congratulations Brett Jennings

Ø      6590 Eagle Ridge Court, Gilroy Ca 95020

Ø      Listing price $775,000

 

Congratulations Pat Hairston

Ø      5813 Eisenhawer Dr, Riverbank Ca 95367

Ø      Listing price $165,000

 

 

 

Help with selling a Timeshare

Do you have a referral for a reputable company who purchases timeshares ?

Please send your information to   AYoung@kwsv.com or call 408 605 1252

;) Thanks !

 

 

Congratulations on your Daily Sales!

Congratulations Darrell Martin

Ø      169 Belvue Drive, Los Gatos Ca 95032

Ø      Listing price $1,039,000

 

 

 

 

 

 

 

Congratulations on your Daily Listing!

Congratulations Shannon Rose

Ø      2841 Garden Avenue, San Jose Ca 95111

Ø      Listing price $289,900

 

Congratulations Mattie Baker  

Ø      701 Asbury Place, Santa Clara Ca 95051

Ø      Listing price $650,000

 

Congratulations Shannon Rose

Ø      14620 Jacksol Drive, San Jose Ca 95124

Ø      Listing price $539,000

Ø       

 

 

 

 

 

 

SHIFT 2 OVERDRIVE is HERE!! Only $25 NOW includes Shift Book & Workbook!!!

SHIFT 2: Overdrive

It's Time to Put the Pedal to the Metal!!

is coming to Pleasanton on June 10^th, and you & your associates absolutely need to be there.

Only $25 includes Shift Book & Workbook

You may be saying to yourself, "I've read the book. I've attended the training. I've got it!" 

                                                                  

If this sounds like you, ask yourself:

• Do you know the right scripts for buyers who want to wait?
• Is every one of your listings priced in the market?
• Do you know exactly how many listing appointments you need to meet your goals?
• Are your lead generation efforts producing the RIGHT leads?
• Are you armed with the skills to generate REO and short sale business?
• Do you know exactly what activities are growing your profit?
• Are you holding your money accountable?

If you can't answer "Yes" to every one of these questions, you need to be there!

 

 

 

 

 

 

Thanks and Have a Great Day,

 

Debra Kested

Agent Services Coordinator

Keller Williams Silicon Valley

(Phone) 408-583-3619

(Fax) 408-583-3620

(Email) asc@kwsv.com

 

 

Here is the Power Point Presentation for Tuesday May 19 meeting.

 

https://www.onlinefilefolder.com/2sw0fFdz5wY5c5

 

 

HUD rescinds FHA Tax Credit for Down Payment

Please use caution when discussing this possibility with your clients. Thanks ~ Mike

 

(UPDATE)    Tax Credit Being Used For Down Payment.

 

Quick update on the $8,000 FHA Tax Credit Loans for down payment- the offer is off the table, for now, they took info off of website Now HUD has pulled/rescinded their Mortgagee Letter 9-15 which allowed tax credit loans. They are apparently analyzing the issues with it. "IMPORTANT REMINDER : Just because HUD or any other source puts information out there, doesn't mean it will happen. Keep in mind that most lenders have overlays and can add to certain rules and or guidelines.  It has now been retracted, and the letter removed from the HUD site. There have been questions about FHA/HUD putting out mortgagee letter 2009-15.  At this point it's no longer there.. Here is why....  In regards to FHA loans, a borrower can only obtain monies for their actual down payment of 3.5% by the following : Their own funds up to 100% of a gift from a relative/family member From the Federal, state, and local governmental agencies and nonprofit instrumentalities of government FHA approved non-profits  monies from their employer in a form of employee contribution monies from secured borrowed funds... IE. borrowing equity from your home to buy another home or borrowing against your car that is free and clear or borrowing from your 401-k, etc, etc   Here is the major confusion that was put out:   both HUD, NAR, and many realtors and loan officers that wrote about this.  In the body of the mortgagee letter, ML 09-15, at the bottom, it stated :   The Tax Credit: Short-Term Loan:  Entities that can offer the tax credit advance with short-term loans: Federal, state, and local governmental agencies and nonprofit instrumentalities of government, FHA-approved nonprofits, and FHA-approved mortgagees may provide short-term or "bridge loans" secured only by the anticipated tax credit due the homebuyer as collateral.    The confusion : It states, As collateral and not as a secured lien against the home, but as a secured loan against the collateral. Which in this case would be the $8,000 tax credit, which would be secured against. Because of this, HUD does not allow for monies to be borrowed or given to in any form that wasn't mention above, to be used for the down payment.  The reality of it all, basically everything that was stated in the mortgagee letter, that has been revoked for now, is old school FHA. When it comes to FHA loans / FHA mortgages, you could get monies for your down payment from the items that mentioned above. One caveat to all of this is that HUD was going to allow for lenders to secure a short term loan or bridge loan against the $8,000 to be used to purchase a home. But again, that can't be used for the actual down payment, because it goes against the basic FHA guidelines of down payment monies of 3.5%."

 

 

OPEN HOUSE - help me help you!

Hi everyone.  I’m looking for an open house opportunity this Saturday (23^rd) in Areas 10, 11, 12, 13, 14, 15!

 

Thanks,

 

Hans Heller

Keller Williams

408-891-0212

 

 

SHIFT 2 OVERDRIVE is HERE!! Only $25 NOW includes Shift Book & Workbook!!!

SHIFT 2: Overdrive

It's Time to Put the Pedal to the Metal!!

is coming to Pleasanton on June 10^th, and you & your associates absolutely need to be there.

Only $25 includes Shift Book & Workbook

You may be saying to yourself, "I've read the book. I've attended the training. I've got it!" 

                                                                  

If this sounds like you, ask yourself:

• Do you know the right scripts for buyers who want to wait?
• Is every one of your listings priced in the market?
• Do you know exactly how many listing appointments you need to meet your goals?
• Are your lead generation efforts producing the RIGHT leads?
• Are you armed with the skills to generate REO and short sale business?
• Do you know exactly what activities are growing your profit?
• Are you holding your money accountable?

If you can't answer "Yes" to every one of these questions, you need to be there!

 

 

 

 

Foreclosure Tour of Campbell this Saturday

Description This Saturday, "The Foreclosure Team" for Keller Williams Realty - Silicon Valley will be conducting an 8 property tour of the most recent Foreclosure Properties in Campbell of Santa Clara Valley. An Agent will be at each property for 30 minutes in sequence with 15 minute over laps allowing for you (The Public) to view the hottest Foreclosure listings (REO) available in this area. If you wish to get a list of the properties being toured then please email your contact information to REO@KWSV.com and we will send you the list and the time of the properties being toured on Friday morning. This is being done every Saturday from 10:00am to 12:30 pm for the next four weeks for different areas May 9th - Blossom Valley and Santa Teresa May 16th - Cambrian May 23rd - Campbell May 30th 0 Downtown San Jose - Willow Glen Keller Williams Realty - Silicon Valley 2110 S. Bascom Ave Suite 101 Campbell, Ca 95008 Profile Service Area: Campbell Market Focus: Premium Powered by vFlyer.com vFlyer Id: 2447087

Sample of Possible Citations

Citation Schedule

 

ARTICLE 3: Attempt to change offer of compensation after

being made aware of signed offer to purchase.

 

Failure to disclose existence of dual or variable rate

commission.

 

Failure to disclose existence of accepted offers to

cooperating brokers.

 

ARTICLE 4: Failure to disclose REALTOR® interest

in property being bought or sold.

 

ARTICLE 5: Providing professional service without

disclosing interest in property.

 

ARTICLE 6: Accepting any commission, rebate or profit

on expenditures without client's knowledge or consent.

 

ARTICLE 12: Failure to present a true picture in

real estate communications and advertising.

 

Failure to disclose professional status

in advertising and other representations.

 

Failure to disclose compensation from 3rd party

for services provided free to a client.

 

Advertisement offering to sell/lease property

without authority of owner or listing broker.

 

Failure to disclose name of firm in advertisement

for listed property.

 

Failure to disclose status as both owner/landlord

and REALTOR® or licensee when advertising property

in which REALTOR® has ownership interest.

 

Falsely claiming to have "sold" property.

 

Registration or use of deceptive URL or domain name.

 

ARTICLE 14: Failure to cooperate in any professional

standards proceeding or investigation.

 

ARTICLE 16: Use of terms of an offer to modify listing

broker's offer of compensation.

 

Placement of for sale/lease sign on property without

permission of seller/landlord.

 

 

 

New Listing

Congratulations Gene Baker

Ø      694 Kings Row, San Jose, 95112

Industrial Bldg

2700 square feet for Lease @ .90 GRS SF

2 offices and Warehouse/Mfg

 

 

 

Gene Baker
Realtor ®
Keller Williams Realty

2110 South Bascom Ave.
Campbell, CA 95008

Mobile: 408-425-4284

Work: 408-583-3708

Fax: 408-583-3709

www.genebakerhomes.com