LoudounScene.com Is Now Mobile-Friendly

If you've ever pulled up LoudounScene.com on your PDA/cell web browser, you've probably said to yourself "Man, this looks like crap and isn't very functional!" Well, no longer. As of today, you can get a PDA/cell web browser friendly version of LoudounScene.com (and LoudounForeclosures.com) via MoFuse.

Mofuse is a service that takes web site and blogs and creates a PDA/cell web browser-friendly version that is simple, functional and loads very quickly. And no, it's not just for iPhones (I have a Blackberry and it works great). The posts come up only as headlines hyperlinked to the full post. The posts are formatted to fit within your particular screen for easy viewing, pictures and all.

MoFuse even integrates "Email", "Bookmark on del.icio.us" and "Share On Twitter" buttons at the bottom of each post. The navigation is simple with a "Next" as well as a "See full HTML" button at the bottom of each post.

There is absolutely no software for you to download nor do you need to register for the service. All you need to have is the url of the mobile version of the site.

To get the url to the mobile version of LoudounScene.com, click on this button:

(You can also find this button at the top of the first right-hand column on each page of LoudounScene.com)

And if you'd like to get the url to the mobile version of LoudounForeclosures.com, click on this button:

If you run into any issues or concerns while using the mobile version, please let me know so I can contact MoFuse about it.

Mortgage Rate Round-Up - August 23, 2008

Rates dipped down for the second straight week despite the not-so-good news about inflation. Wholesale prices jumped 1.2 percent in July, much more than expected (and at the fastest pace since 1981). Normally, you would expect interest rates to rise on such news, but they didn't.

Despite the lower rates, mortgage applications fell to their lowest level in almost eight years. The Mortgage Bankers Association's index of loan applications was down 1.5 percent compared with the previous week, and was down 34.2 percent compared with the same week last year.

One thing to keep a close eye on is the Fannie/Freddie situation. Both suffered further losses to their stock prices especially after the Barron's article "The Endgame Nears for Fannie Freddie" was published August 18. Some say that a government takeover would lead to an increase in rates because of uncertainty regarding the transaction. Others say that a takeover would end the period of uncertainty, not start one, and the effect on rates would be minimal, if any. We'll have to wait and see…

Source: BankRate.com

***UPDATE: The Department of Veterans Affairs (VA) is raising their loan limits from $417,000 to as much as $729,000 in some areas. The increases are effective immediately under the Housing and Economic Recovery Act of 2008.

Ameridream and Nehemiah Downpayment Assistance Programs In Jeapordy

The Ameridream and Nehemiah seller-funded downpayment assistance programs are in jeapordy. They may be eliminated this fall unless Congress approves the FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694). 

For more on this story, check out the post over at LoCo Real Estate Musings. Here's an excerpt:

The Department of Housing and Urban Development apparently would rather eliminate these programs entirely than regulate them.

…the bottom line is that thousands of potential homebuyers will not be able to purchase homes if the programs are discontinued.

If you're a future home buyer that may be interested in utilizing seller-funded downpayment assistance programs such as Nehemiah or Ameridream, take the time to check out the links and make your voice heard.

Further Reading

http://www.supporthomeownership.com/

Groundswell - Fighting To Save Downpayment Assistance

Your Asking Price Determines If and When You Sell…Period.

Not all sellers understand that their asking price is the ultimate determination of whether they will sell their property or not. Not only does the asking price affect if you'll sell, but when and for how much. The longer it takes you to get to the correct fair market value asking price, the greater your Days On Market are and the more of a negative stigma buyers will have of your property. This can translate into lower offers and ultimately, a lower selling price.

Sure, how well your agent markets the property matters. But even the best agent in the world can't fool today's buyer and a good buyer's agent. Today's buyer has access to way too much information and data to overpay for a property. And a good buyer's agent will provide comps and their personal expertise to even the most uniformed buyer so that they don't make a bad decision and overpay for a property.

If you're wondering how much of an effect getting the asking price right has on if and when your property sells, consider this…

I took a look at the last 30 properties (not including foreclosure/REO or short-sale properties) that have sold (gone under contract) in Loudoun County. Here's what I found:

• These properties went under contract in an average of 25.4 days of their last price change/adjustment
• Some of these properties had been on the market for months, but once they adjusted their price to or below the correct current market value, they sold in less than a month
• Some of these properties went under contract in as little as 4 days and had multiple offers
• Some of the properties that sold were at the $700K mark and a few were over $800K so even the properties in the upper price brackets are selling quickly when priced correctly

No matter how well known your agent is, how good your marketing plan is or how many open houses you hold, it comes down to price.

It takes a good and gutsy agent to be honest and share with you your property's real and accurate market value - no matter how much lower it is than you thought. It's then up to you to listen to them, review the comps and data (aka CMA) and be objective with yourself and the situation. Once you do that and then list your property at a price that reflects today's fair market value and market conditions, you will actually sell it.

***UPDATE: This post was featured on Active Rain - check out the post and the 80+ comments/feedback.

The MLS 5.0 - Good or Bad?

There has been a lot of talk about an NAR controlled "MLS 5.0" and whether it's good or bad for the RE industry - agents, brokers and consumers alike. Saul Klein wrote a post about its pros and I wrote a post about its cons.

So what do you think?

Case Study: Why Owner’s Title Insurance Is Important

Many home buyers wonder why they should purchase Owner's Title Insurance. Afterall, it's anywhere from several hundred to a few thousand dollars, which is definitely not chump change. To be honest with you, most of those who purchase Owner's Title Insurance will never need it.

But the reason why you should always purchase it is because a title issue could cost you tens, if not hundreds of thousands of dollars and possibly your home.

Here's a recent real life example of Owner's Title Insurance coming to the rescue:

My buyer clients submitted an offer on a foreclosure/bank-owned property in Broadlands. The seller, Wells Fargo, accepted the offer and we continued on with the closing process.

At the 11th hour, the settlement agent, Mike McFarlane from Highland Title and Escrow, and the seller's title agent, Samuel I. White, PC, noticed that there was a discrepancy on one of the forms. The form, which was signed by the previous owners (who were foreclosed on), took the wife's name off the deed and gave the husband sole rights to the property. The husband had signed for the wife using a Power Of Attorney. The problem was that the Power Of Attorney was dated the day AFTER the deed was signed. This meant that the deed was invalid.

This presented a huge problem for everyone because it meant that the wife may still have claim to the property. But…that's where title insurance comes in.

Since Wells Fargo had foreclosed on the property and had title insurance on the property, the title insurance company was responsible for previous owner's issue and Wells Fargo and the buyers were off the hook. The sale could go on.

Had the seller not purchased title insurance, the sale would most likely not have gone on and the buyers would have been without a home. In addition, Wells Fargo would have been stuck with a huge legal mess.

Here's another real life example:

Years ago, there was a plot of land in Countryside that was bought by a developer. The developer built a community of town homes which were all sold to home buyers. Once the development was complete, someone contacted the developer and all of the homeowners in that community saying that they had rights to that land and they were illegally on it.

It turns out that this person, a Native American Indian, provided proof that this land was rightfully theirs based on an 100+ year old written contract. In fact, the land the community was on was a Native American Indian burial ground with some of their ancestors buried in it.

The story ends as such…each home owner's title insurance company got together with the other and they ended up settling with the person for millions of dollars.

But what if one of the home owners did not have title insurance? That homeowner would have to come up with their share of the settlement on their own or give up their home, neither of which are good.

As you can see, once a title issue arises, it's usually not small. Though the possibility of it happening is very small, are you willing to gamble your greatest asset and your family's home on it not happening to you? Several hundred to a couple thousand dollars is a small price to pay when compared to what could happen (IMHO).

NOTE: There's a way to save up to 30 percent off of Owner's Title Insurance. Click here to find out how.

Related Articles

What Is Title Insurance? And How Much Did You Say It Was?!

Accepted Into Virginia Leadership Academy, Class of 2009

It is an honor to announce that the Virginia Association of REALTORS® has accepted me into the Virginia Leadership Academy, Class of 2009. This is a huge honor because only 22 members across Virginia were selected.

In addition to being focused on providing clients with the best possible service as their Loudoun County Real Estate Consultant and REALTOR®, I'm also focused on being involved on the local and state (and soon national) level. There are a lot of changes and improvements that need to be made within the real estate industry for the benefit of real estate professionals and consumers alike. The Virginia Leadership Academy will open up many doors that will enable me to be a part of making those changes.

Capital Gains Tax Rules Tighten Up

The recently passed housing stimulus bill (H.R. 3221) includes new, more strict guidelines when it comes to capital gains taxes. The new guidelines go into effect January 1, 2009 and apply in situations in which someone who owns a second home sells their principal residence and moves into the second home to use it as their principal residence. When the former second home is sold, some portion of the gain may be taxable.

For more information and examples, check out the full article at the Dulles Association of Realtors web site.

Post Article on Consumers and Agents Connecting Online Features Danilo Bogdanovic

The Washington Post ran an article in their Real Estate section today entitled "Making Connections - Web 2.0 Creates New Ways For Agents, Home Shoppers To Find Each Other." The article on "Real Estate Agent Hunting 2.0" talks about how more and more home buyers and sellers are using the internet and social media/social networking to help find and connect with a real estate agent that works best for them.

With the rise in use of "Web 2.0," platforms such as personal real estate blogs, Twitter, LinkedIn, Facebook, Trulia and others are becoming a valuable tool in helping consumers find and learn about agents. Consumers are "interviewing" agents online prior to interviewing them in person to determine whether the agent is a good fit for them or not.

Blogs and social networks help determine things such as an agent's credibility, real estate knowledge, track record and personality. These are all key components in the decision making process a consumer goes through when choosing an agent to work with.

Here's what Bob Carney's client had to say in the article:

"I'd been told to never pick a Realtor out of a hat, but I feel like Bob was recommended to us out of the comments on the Internet," she said. "I just remember reading Bob and going 'Oh, yeah. He's the one.' "

And here's what my clients had to say:

"It came down to these other two agents. I didn't know anything about them," Shields said. Bogdanovic "was the only one you could get a personality from."

Helping consumers get a better idea of an agent's professional as well as personal experience and personality is why there are widgets for Twitter, Facebook, LinkedIn, Trulia and others on the side of many blogs and profiles (including this blog and my profiles). Another useful tool is an agent's About Page on their blog(s).

Though there is no substitute for interviewing an agent in person, consumers can get a good idea of an agent's track record, experience, skill set and personality through their online presence and what search results come from "googling" their name. This will help determine whether they even want to take the time to interview them in person in the first place.

The article features people such as Bob Carney, an agent and blogger in Frederick; Steve Schultz, senior director of product and business development for Yahoo Real Estate; Jonathan Washburn, CEO of ActiveRain, Frank Borges Llosa of Frankly Realty and FranklyMLS.com and myself. It's flattering and an honor to be included in the same article as them, all of which are very respected and have "been around the block" when it comes to real estate and social media.

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Links to my profiles/about page:

Twitter

Facebook

LinkedIn

Trulia

FranklyMLS.com

Inman

About Page

RE Bloggers: See How You Stack Up Against Other RE Bloggers

Are you getting direct results from your blogging efforts? Are you getting the same, fewer or greater results from blogging than other real estate bloggers? What is the correlation between things such as tenure, subscribers, quantity of posts and actual clients. These are the types of questions getting answered in the Center for Real Estate and Social Technology’s (CREST) second survey, which is focused on results.

Participation in the first survey was well above expectaions. And the results were eye opening in a lot of ways - check out some of the reactions and analysis. We look forward to participation in the second survey being just as big, if not bigger than the first especially since this one is focused on the "bread-and-butter" - results.

Those who take the 5-minute survey will get a free copy of the aggregated results*. This will allow you to compare your results to those of others across the US and perhaps tweak your blog and efforts accordingly. No matter how long you’ve been blogging, you can always learn from others.

If you’d like to see the full results of the survey, just take 5 minutes to take it by clicking here. The deadline to take the survey is coming up soon so don’t procrastinate (not that agents are known for procrastinating).

*All responses and personal information will be confidential and will not be shared with any third parties.

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The Center for Real Estate and Social Technologies (CREST) is the definitive research and education resource for social technologies in the real estate business, conducting surveys and other projects to generate benchmarks and best practices that REALTORS® can employ to improve their social networking, blogging, and social media marketing efforts.

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