WRAP Session October 2, 2012

Congratulations to:Elizabeth / J. (3)

Elizabeth Mc.

Allison Walker

Christie Sox (3)

Mike LeGate

Jacqueline Burg

Larry Wright (2)

Keith Allison

David Collins

Debora Barnes

Carol Zimmer.

Is there anything you learned from this closing that you want to share?

On the Market

130 Ash Avenue $65,900 Christie Sox

313 Brown Wren Way $212,000 Debora Barnes

909 Forest Ridge Circle $224,900 Jacqueline Burg

2205 Ridgecrest Drive $129,900 Carol Zimmerman

1762 Old Highway 68 $49,900 McDaniel/Corbitt

107 w. Copeland Drive $115,000 McDaniel/Corbitt

1443 Oak Haven Road $245,000 Mary-Ann Linkowski

2010 Maple Drive $129,900 Carol Zimmerman

6113 Fresh Garden Drive $269,900 McDaniel/CorbittWhat is the Best Feature of your New Listing and the Source?

On the Market

Condos

7336 English Park Way $149,900 Gene Sims

Lots / Acreage

144 Queen Street $8,500 McDaniel/Corbitt

What is the Best Feature of your New Listing and the Source?

August pending home sales rose 10.7 percent

from a year earlier, according to the National Association of Realtors.

Market Confidence Meter

Price Improvements

8522 Richland Colony Rd $184,900 > $174,900 Christie Sox

8107 Jack Russell Court $185,000 > $179,900 Sam Thomas

124 Lynwood Drive $64,000 > $59,900 McDaniel / Corbitt

3015 Springtime Way $145,000 > $139,000 Jacqueline Burg

3820 Kenilworth Drive $140,000 > $133,500 Carol Zimmerman

111 Caldwell Drive $152,000 > $122,000 McDaniel/Corbitt

260 Oakwood Estates Dr. $192,000 > $172,500 Dottie Webb

Chris Webb – Moneywell Mortgage

According to the Standard & Poor’s Case-Shiller

index, in July home prices rose in all 20 cities tracked, the third consecutive month in which that was the case.

Market Confidence Meter

Mike LeGate10/01

Allison Walker10/12

Birthdays

HUD reported that sales of new homes were up 27.7 percent year-over-

year in August.

Market Confidence Meter

Opportunities for New Business for Our Office

Opportunity Week 2012

Open House guests 0 312

Weichert Lead Network customers 19 797

WRAPTN.com Market Leader 21 703

Expired Listings – Knox Co. 44 1443

Other opportunities 12 378

TOTAL: 96 3740

The Conference Board’s consumer sentiment index

increased to the highest level in seven months in

September.

Market Confidence Meter

Office Training Schedule

THIS

Friday

Three Months to Get EthicalWell, we're actually not serious with that headline, since we expect all of our members to be ethical all of the time!

BUT ...only three months DO remain until all TAR members must have completed a 3-hour local-association-approved course in the Code of Ethics

within the past four years!

As we keep telling people, this has ABSOLUTELY NOTHING to do with your license, or CE requirements, or the Core Course!

And NOBODY is grandfathered or exempt from this Ethics Course requirement!

The requirement that every Realtor in the country take a 3-hour course in the Code of Ethics at least once every four years is a NATIONAL requirement that

NAR established some time ago, to ensure that every Realtor in the U.S. remains somewhat up-to-date on their responsibilities under the Realtor Code of

Ethics. The current 4-year cycle for complying with this mandate began on January 1, 2009, and ends on December 31, 2012!

WRRI Named Relocation ManagementCompany Of The Year

Company News

• Weichert Relocation Resources Inc. was named Relocation Management Company of the Year by the Forum for Expatriate

Management at its Expatriate Management and Mobility Awards (EMMA) ceremony.

• The judging panel, made up of mobility professionals from a wide range of global corporations, cited service excellence and

“robust structure and culture” among the company’s critical competitive distinctions.

October Home Build

October Home Build

HOT LINE: Must Bank Accept Full-Price Offer?

QUESTION: I have a client that made an offer listed in the MLS. It is a short sale. We made almost a full-price offer, but the listing agent has stated the lender is unwilling to accept this because they have too much money in the property. If we make a full-price offer, as it is listed in the MLS, it is my understanding that the lender cannot reject this offer. Is that correct?

ANSWER: The answer is probably no. Often, the bank will not advise the seller as to what they will accept on a short sale. Therefore, the seller is trying to determine a list price which the bank will accept, but is aggressive enough that they can beat the foreclosure. This sometimes leads to a list price that, even if met, the bank will not approve. This does not necessarily mean that either the seller or the agent has done anything wrong. It is only an issue if that home is priced so low that it is completely illogical for the bank to accept.

ANSWER: At this point, your buyer can make another offer (full price or above) and wait to see if the lender will approve it.

Unfortunately, in short sales, the lender is in control. This often means a long process in which the buyer is not sure of anything until the last minute. It is not for the faint of heart. However, buyers often get very good deals on these types of properties, and this is the trade-off.

HOT LINE: Buyer To Verify Square Footage?

QUESTION: It is my understanding that the buyer is responsible for verifying the square footage of a property through an appraiser. Is this correct?

ANSWER: Generally speaking, yes. If a TAR Purchase and Sale Agreement is used, there is language within it which puts the buyer on notice that if they have concerns about the square footage, they should get independent expert advice:

"Lines 286-297:10. Disclaimer. It is understood and agreed that the real estate firms and real estate licensee(s) representing or assisting Seller or Buyer and their brokers (collectively referred to as "Brokers") are not parties to this Agreement and do not have or assume liability for the performance or nonperformance of Seller or Buyer. Buyer and Seller agree that Brokers shall not be responsible for any of the following, including but not limited to those matters which could have been revealed through a survey, flood certification, title search or inspection of Property;

for the condition of Property, any portion thereof, or any item therein; for the necessity or cost of any repairs to Property; for hazardous or toxic materials; for the tax or legal consequences of this transaction; for the availability, capability, and/or cost of utility, sewer, septic, or community amenities; for applicable boundaries of school districts or other school information; for the appraised or future value of Property; square footage of Property; any condition(s) existing off Property which may affect Property; for the terms, conditions, and availability of financing; and/or for the uses and zoning of Property whether permitted or proposed. Buyer and Seller acknowledge that Brokers are not experts with respect to the above matters and that, if any of these matters or any other matters are of concern to them, they should seek independent expert advice relative thereto."

3 Ways to Get More Listings

What does it take to attract more listings in today's

competitive market? Real estate coach Tom Ferry

shared his insights at Agent Reboot this summer with a

mix of the best of the old infused with a 2012 twist.

Skip open house and head to Starbucks

Are you tired of sitting at open houses where you get virtually no traffic? If so, instead of dealing with

those cumbersome open house signs, Ferry suggests spending an hour or two at Starbucks.

His reasoning: First, Starbucks attracts more traffic than any open house. Second, you have an

opportunity to have conversations with people who live in the local area. Third, there is a good chance

you may run into past or current clients who may be with friends or family. It's a great opportunity to

meet face to face without having to manufacture an excuse about why you are contacting him or her and

asking for a referral.

Skip open house and head to Starbucks

When you do end up speaking to a stranger, don't try to hard close this person on your

services. Instead, be curious. You can start by asking about his or her favorite

Starbucks drink. You can also ask what he or she likes about living in this area. What

are the drawbacks? If the stranger asks about the market, be prepared with specific

facts and figures.

"Direct mail on the rise by agents who are crushing it"

Ferry encourages agents to consider going back to using direct mail. The

U.S. Postal Service's direct-door bulk rate is only 14.5 cents. If the other

agents in your area are no longer mailing, then making a shift back to

direct mail can be a smart move. You need to be strategic, however, in

terms of how you do it.

"Direct mail on the rise by agents who are crushing it"

Instead of sending the typical agent postcard with the glam photo of you

on it, use the postcard to let people know about the family who lost out

on the multiple-offer situation and is still looking for a home in their

area. Remember, the best advertising for your business is not a "Just

Listed" card -- it's a "Just Sold" card

Hold a private open house luncheon for the neighbors

Ferry outlined a five-day plan for using this strategy. The first step to

keep in mind is that your No. 1 goal is to get a listing. Since

approximately 1 out of every 7 homeowners will move this year, if you

have 28 neighbors who attend your open house luncheon, you have a

probability of speaking with four potential listing leads.

In terms of Ferry's plan, here's what he recommended:

Hold a private open house luncheon for the neighbors

Monday: Record a video invitation inviting neighbors to the open house.

Tuesday: Email the information to your personal database. You can also ask the

seller to email it to her neighbors and friends as well.

Wednesday: Have the seller post the open house luncheon to her Facebook page.

Thursday and Friday: Knock on 100-200 doors inviting them to attend your open

house.

Hold a private open house luncheon for the neighbors

When you hold the open house luncheon, have information available on

what is happening in their local neighborhood -- what has sold, what is

pending, plus upcoming neighborhood events. Better yet, have it either

bound in an attractive notebook or in a PDF version downloadable to their

iPhone.

http://marketleader.wistia.com/medias/hmbcj0gq7n

Another Listing Opportunity

Ordinarily, if all or part of a home loan is forgiven by the lender,

either in a short sale or foreclosure, the amount forgiven is taxable

income. Thus, for example, a homeowner who had $100,000 in

mortgage debt forgiven through a short sale would have to pay

income tax on the $100,000.

Another Listing Opportunity

However, Congress adopted the Mortgage Debt Relief Act of 2007

 to save millions of underwater homeowners from this tax disaster.

Under the Act, homeowners can exclude from their taxable income

up to $2 million of debt forgiven on their principal residence

during 2007 through 2012.

Another Listing Opportunity

The Act applies to debt reduced through mortgage restructuring, as well as forgiven

in connection with a foreclosure.

But the Mortgage Debt Relief Act expires on January 1, 2013. Any mortgage debt

forgiven after that date will be fully taxable, unless the Act is extended. To avoid this

deadline, a home must not only be sold before the deadline, but the lender must

formally forgive the loan in a letter issued before January 1, 2013.

A gathering of the Weichert Family from across the US in one of America’s most

legendary cities…Atlantic City, NJ!

Join us at…

“Come Together”The Weichert® National Convention

October 16 - 18, 2012

Register now at www.WeichertEvents.com/Convention. Enrollment is only $369/person.

Special room block at the Tropicana Resort.Book now, limited availability.

Call 800-345-8767 and reference the code HWRE or book your room online at: http://tinyurl.com/weichertconventionrooms.

Announcements

THANKS for Coming