Jan O'Brien - Real Estate Coach

Infographic: Top 100 Real Estate Blogs to Follow in 2013

Here's a great list of Real Estate blogs and resources... this real estate coach blog comes in at 51:)

An infographic by the team at CouponAudit

Realty ONE Group to Host Another CDPE Certification Course April 29-30

Realty ONE Group - Green Valley Branch hosted a sold-out CDPE (Certified Distressed Property Expert) last week with over 55 local Las Vegas REALTORS earning the designation - joining  more than 40,000 CDPEs nationwide.

A Certified Distressed Property Expert® (CDPE) has a thorough understanding of complex issues in today’s turbulent real estate industry and knowledge of foreclosure avoidance options available to homeowners. CDPEs can provide solutions, specifically short sales, for homeowners facing market hardships.

There are still seats available for the next CDPE, 2-day course.  Receive 15 hrs of NV continuing education credits in addition to the national short sale designation.

April 29 & 30, 2013
9:00am to 5:30pm

Realty One Group Summerlin
10750 W. Charleston Boulevard Suite 180
Las Vegas, NV 89135

Register NOW to reserve your seat!  Space limited to first 50

 Download The LasVegas-CDPE Flyer

Sponsored by Old Republic Home Protection

Las Vegas Short Sale Training April 19, 2013 - CFAC℠ Designation Course

Certified Foreclosure Alternatives Consultant℠

 CE.5094000-RE 7Hrs. General 
(This course approved by the Nevada Real Estate Commission for continuing education credit) 

Trainers: Jan O'Brien, Steven Kitnick

Next CFAC Class:
Friday, April 19, 2012, 9:00 am to 4:30 pm
Lunch Included 

9121 W. Russell Rd., #210 LV, NV 89148 (215 & W. Russell Rd.)
215 & W. Russell Rd. Take Jerry Tarkanian Way to W. Oquendo.  Look for Imortgage signage on the bldg.

Investment: $99 (Reg. $229)

Register ONLINE Now or call (702) 255-8722

 Get answers to these questions and more.....

• Is a short sale the answer to your client’s situation?      
• What liability will you incur if you recommend a short sale without exploring alternatives?      
• What are the alternatives to foreclosure?      
• Why should you partner with attorneys, CPA’s and other trusted advisors?       
• How do you reduce the potential risk and legal liability when processing and negotiating a short sale?        
• What are the options for negotiating a short sale?  Who can legally do it? 

Once you complete the Certified Foreclosure Alternatives Consultant Designation Course, you’ll be a trained consultant who understands the alternatives to foreclosure with an emphasis on the short sale process.

Course content includes:

• Using the Educational / Consultative Approach
• Advanced Communication & Negotiation Techniques
• Current Market Trends
• HARP, HAMP, HAFA
• Nevda Foreclosure Mediation Program
• Options for Remaining in the Home
• Options to Sell or Give Up the Property
• A Complete Short Sale Listing System
• Effectively Working With Short Sale Buyers
• Loss Mitigation and Servicer Processing Tips
• How to Reduce Your Risk & Liability in Today’s Market
• Legal & Tax Ramifications for the Short Sale Seller

 

No Excuses Celebrates 9 Years as Mastermind Group

Joining or starting a Mastermind Group is a powerful, creative and supportive strategy to implement for your business and personal development.

One such group is a powerful Mastermind success story for five Las Vegas Realtors whose group "No Excuses" meets every Wednesday without fail.  No Excuses founders Mark Sivek and Linda Stegall started the group in 2004.  Three other Realty ONE Group real estate agents round out the group of five:  Joan Brooks, Lori Wayne and Susan Brock.   No Excuses' mission statement is local agents supporting local businesses and the Las Vegas economy.

The group meets every Wednesday to either preview their listings, tour real estate projects or developments, attend a real estate training course or event and support a local business (coffee shop, restaurant).  Each week one of the members takes the lead to plan and facilitate the tour and agenda.

No Excuses epitomizes the power of the Mastermind and the members reap the benefits including:

• Mutual support of each other (emotionally, personally, and professionally)
• Sharing of ideas, information and experiences
• Continuous self-education
• Discussion on meaningful topics and challenges
• Accountability

How can you get started?  Contact any member of No Excuses for feedback (no, they are not considering additional members!).  Just click on the links above to their individual websites for contact info. 

Just Do It!  Find some like-minded, committed individuals and meet.  Take the initiative and personal responsibility and you will soon enjoy the rewards of the master mind.

Read my original blog posts from 2007  featuring No Excuses and MasterMind Groups:

Mastermind Groups Part 1: What and Why?

Mastermind Groups Part 2: Who and How?

 

"No Excuses" at a recent panel discussion on High Rise hosted by WCR at Trump Tower.

Real Estate Business Planning and Goal Setting Articles

Real Estate Business Systems

 Business Plan & Goal Setting  
Are you ready, willing and able to join the success group (the less than 20%) who actually complete a written business plan?  Are you willing to do the opposite of what the masses usually do and achieve your desired outcomes?  Start today by following these 3 Steps to Business Planning and Take Action!

The Real Estate Agent Business Plan – 3 Steps to Success

 

Articles on Goal Setting, Productivity and Mindset:

• Keys to an Achievable Outcome
• How to Write Powerful Goals, Pt 1
• How to Write Powerful Goals, Pt 2
• 5 Principles of Success
• Clarity of Purpose - Do you have it?
• Why Resolutions Don't Work-How to Celebrate Your Successess..Then Set Outcomes
• Real Estate Affirmations for a Successful Career
• The Power of Affirmations
• Getting Things Done - A Review
• 4 Questions for Maximum Productivity - Focus on Results
• Five Agreement that Can Change Your Life
• Practicing and Cultivating Gratitude in Your Life

 

Updated Resource Guide: Short Sales, HAFA, Alternatives to Foreclosure

I have updated, revised and added useful links to the Resources for Short Sales, HAMP/HAFA, Alternatives to Foreclosure Guide as of January 8, 2013. Feel free to download the document and use the resources as needed to educate and inform your clients and yourself as necessary!  If you have any recommendations for additional online resources or discover a broken/bad link - please contact me. 

Cheers,
Jan

Download Short Sale Resources 1_2013  Guide for Short Sales, HAMP/HAFA, Alternatives to Foreclosure

Join www.ShortSaleProfessionalNetwork.com
FREE Membership is open to all Real Estate Professionals

Here are links to important downloads, resource sites and articles concerning short sales, HAFA and HAMP, and alternatives to foreclosure.

Bank / Lender  Short Sale Sites

Bank of America

• Agent Short Sale Resource Center https://agentresources.bankofamerica.com/shortsale
• BofA Short Sale Forms & Reference Guides
  https://agentresources.bankofamerica.com/shortsale/process
• Short Sale for Sellers https://shortsale.bankofamerica.com/index.cfm?
• Short Sale Customer Care at 866.880.1232
• www.Equator.com - Set up your Free Account – Initiate/Process Short Sales
• Equator Technical Support – 310-469-9167
• Fax BofA 3^rd Party Authorizations to 805-520-5019

Fannie Mae Short Sale Assitance Desk http://www.homepathforshortsales.com/ 

Wells Fargo Help for Homeowners   https://www.wellsfargo.com/homeassist/

Chase Short Sales & Alternatives   https://www.chase.com/chf/mortgage/hrm_otheralt

CitiMortgage
https://www.citimortgage.com/Mortgage/displayHomeOwnerAssistance.do?page=foreclosure

GMAC Help for Homeowners  https://www.gmacmortgage.com/finform/hhstart.htm

 

Housing Scorecard http://portal.hud.gov/hudportal/HUD?src=/initiatives/Housing_Scorecard

Each month, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury produce a monthly scorecard on the health of the nation’s housing market. The scorecard incorporates key housing market indicators and highlights the impact of the Administration’s unprecedented housing recovery efforts, including assistance to homeowners through the Federal Housing Administration (FHA) and the Home Affordable Modification Program (HAMP).

 

HAMP/HAFA

Making Home Affordable http://www.makinghomeaffordable.gov/

Home Affordable Admin Site for Servicers https://www.hmpadmin.com/portal/index.html

HAMP Participating Servicers
http://www.makinghomeaffordable.gov/contact_servicer.html

Outreach Toolkit – Documents, Flyers, Banner Ads for Blogs & Websites

http://makinghomeaffordable.gov/toolkit.html

 Downloads:

Making Home Affordable – HAFA page with latest Program Guidelines; Borrowers Documents
https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html

From Realtor.org - Download brochures and info on HAFA
http://www.realtor.org/government_affairs/short_sales_hafa

NAR Guide to Understanding HAFA

http://www.realtor.org/topics/home-affordable-foreclosure-alternatives-program-hafa/guide-to-understanding-hafa

Fannie Mae & Freddie Mac

Fannie Mae HAFA - https://www.efanniemae.com/sf/servicing/hafa/index.jsp#
Freddie Mac HAFA - http://www.freddiemac.com/singlefamily/service/hafa.html

Fannie & Freddie Loan Lookup - http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx

• For Fannie Mae
  • 1-800-7FANNIE (8am to 8pm EST).
  • www.fanniemae.com/loanlookup

• Freddie Mac 
  • -800-FREDDIE (8am to 8pm EST)
  • www.freddiemac.com/mymortgage

Fannie Mae Short Sale Assistance Desk - http://www.homepathforshortsales.com/

 

FHA Pre-Foreclosures

www.hud.gov/offices/hsg/sfh/nsc/rep/pfsfact.pdf  

http://www.hud.gov/offices/hsg/sfh/nsc/faqpfs.cfm  

 

Veterans

VA Compromise Sale Program
http://www.vba.va.gov/ro/houston/lgy/compsale.html

Homeowners Assistance Program (HAP)
http://hap.usace.army.mil/

 

Resources for Short Sales

• Realtor.org Short Sales: The Basics http://www.realtor.org/realtors/basics_short_sales 
• Realtor.org - Short Sales Tools, Tips http://www.realtor.org/realtors/short_sales_tips_tools
• NAR Field Guide to Short Sales
  http://www.realtor.org/field-guides/field-guide-to-short-sales
• GLVAR Short Sale/Foreclosure Resource Guide http://www.lasvegasrealtor.com/reo/ GLVAR has compiled a resource guide of informational articles dealing with short sales, foreclosures and REO transactions. Covering tips on the short sale and REO market, representation, taxes, and disclosure.

 

Alternatives to Foreclosure

FTC – Mortgage Real Estate Publications/Downloads
http://www.ftc.gov/bcp/menus/consumer/credit/mortgage.shtm

Download FTCFactsforConsumers  Clearly defines all alternatives to foreclosure - from FTC

Avoid Foreclosure – Loan Modification Resources

• RentalForeclosure.com http://www.rentalforeclosure.com/ Tenants can find out if a property is in Foreclosure – NOD file
• Freddie Mac – Working with Your Lender to Avoid Foreclosure http://www.freddiemac.com/avoidforeclosure/stop_foreclosure.html
• Hope Now – https://www.hopenow.com/ http://www.housinghelpnow.org/
  An alliance between counselors, mortgage companies, investors, and other mortgage market participants.
• Hope Loan Port - http://hopeloanportal.org/   HOPE LoanPort™ helps homeowners get a faster answer, via a housing counselor, on whether or not they qualify for a modification loan.
• HUD.gov Avoiding Foreclosure page http://portal.hud.gov/portal/page/portal/HUD/topics/avoiding_foreclosure
• HUD Foreclosure Avoidance Counseling http://www.hud.gov/offices/hsg/sfh/hcc/fc/ 
• LoanWorkout.org - Loan Modification resources - http://loanworkout.org/

 

Nevada Foreclosure Help and Loan Modification Resources

• Nevada Foreclosure Mediation Program http://foreclosure.nevadajudiciary.us/ - This program allows homeowners to sit down with mortgage lenders, under the leadership of trained mediators, to discuss alternatives to foreclosure.
• Nevada Home Again  - http://www.homeagainnevada.gov/
• Nevada Hardest Hit Fund (currently suspended) http://nevadahardesthitfund.nv.gov/
• Nevada Foreclosure Help http://foreclosurehelp.nv.gov/   
  Useful resources and info from Nevada Department of Business & Industry
• Nevada Hope at Home http://www.nvhopeathome.org/   
  Collaborative effort between Nevada Public Radio, local nonprofit organizations and local financial institutions to help provide residents in southern Nevada access to reliable, easy-to-find information on the foreclosure crisis in southern Nevada
• Legal Aid Center of Southern Nevada http://www.lacsn.org/
• Legal Aid Center of Southern Nevada (LACSN) is a private, non-profit (501 (c) (3)) corporation which is a charitable organization dedicated to providing free community legal services to those in need. 
• HUD Approved Housing Counseling Agencies - Nevada  http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=NV
• Nevada Division of Mortgage Lending - http://mld.nv.gov/Index.htm - Get Current List of Eligible Loan Modification Companies
• Loan Mod info from NV Foreclosure Help http://foreclosurehelp.nv.gov/LoanModification.htm

How a Short Sale Effects Credit
Impact on Consumer VantageScore Credit Scores Due To Various Mortgage Loan Restructuring Options - http://www.vantagescore.com/research/loanoptions/

 

Legal and Tax Ramifications for Sellers

IRS.GOV useful links

The Mortgage Forgiveness Debt Relief Act of 2007
http://www.irs.gov/individuals/article/0,,id=179414,00.html

Home Foreclosure and Debt Cancellation – (IRS.gov) http://www.irs.gov/newsroom/article/0,,id=174034,00.html

IRS Release of Lien
http://www.taxalmanac.org/index.php/Internal_Revenue_Code:Sec._6325._Release_of_lien_or_discharge_of_property

IRS Pub 1450 – How to Request Release of Federal Tax Lien
www.irs.gov/pub/irs-pdf/p1450.pdf

IRS Pub 783 – Discharge of Lien Request
www.irs.gov/pub/irs-pdf/p783.pdf

IRS Pub 4681 Canceled Debts – Foreclosures
http://www.irs.gov/publications/p4681/index.html

IRS Pub 908 – Bankruptcy Tax Guide
http://www.irs.gov/publications/p908/index.html

 

State Foreclosure Laws Summary  

http://www.foreclosurelaw.org

 http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp

http://www.all-foreclosure.com/procedures.htm

 

The National Consumer Law Center - http://www.consumerlaw.org/

This site has some excellent resources regarding programs for foreclosure mediation by state. 

• State and Local Foreclosure Mediation Programs: Can They Save Homes?, September 2009  http://www.consumerlaw.org/issues/foreclosure_mediation/content/ReportS-Sept09.pdf
• State and Local Foreclosure Mediation Programs – Updates and Developments – 01/10 http://www.consumerlaw.org/issues/foreclosure_mediation/content/ReportS-UpdateJan10.pdf  
• Summary of Programs by State
  http://www.consumerlaw.org/issues/foreclosure_mediation/content/SummaryOfPrograms.pdf

 

Recommended Blogs to Read/Subscribe to:

• DailyDose email from http://www.dsnews.com/
• Calculated Risk blog -  http://www.calculatedriskblog.com/
• Housing Wire - http://www.housingwire.com/
• Bubble Meter blog - http://bubblemeter.blogspot.com/
• Dr. Housing Bubble - http://www.doctorhousingbubble.com/
• Jan OBrien-Real Estate Coach - http://www.janobrien.com/

 

Las Vegas Short Sale Training - CFAC℠ Designation Course - January 24, 2013

Certified Foreclosure Alternatives Consultant℠

 CE.5094000-RE 7Hrs. General 
(This course approved by the Nevada Real Estate Commission for continuing education credit) 

Trainers: Jan O'Brien, Steven Kitnick

Next CFAC Class:
Thursday, January 24th, 2012, 9:00 am to 4:30 pm
Lunch Included 

9121 W. Russell Rd., #210 LV, NV 89148 (215 & W. Russell Rd.)
Take Jerry Tarkanian Way to W. Oquendo into the Desert Canyon Business Park

Investment: $159 (Reg. $229)  (Realty ONE Group agents call 702-858-9191 for 25% discount code)

Register ONLINE Now or call (702) 255-8722

"Jan O’Brien & Steven Kitnick have given me new insights, depth of knowledge & access to the ever-changing world of short-sales. The information, paperwork & service I give my clients has increased tenfold. I am fully confident as a short-sale listing agent and buyer’s agent. I highly recommend this course to anyone who understands that short-sales are the new standard of listings." Mark Karten, ABR, CDPE, CFAC, CIAS, CSP, SFR, SRES, ASREOS, e-PRO ~Rothwell-Gornt

Get answers to these questions and more.....

• Is a short sale the answer to your client’s situation?      
• What liability will you incur if you recommend a short sale without exploring alternatives?         
• What are the alternatives to foreclosure?      
• Why should you partner with attorneys, CPA’s and other trusted advisors?       
• How do you reduce the potential risk and legal liability when processing and negotiating a short sale?        
• What are the options for negotiating a short sale?  Who can legally do it? 

Once you complete the Certified Foreclosure Alternatives Consultant Designation Course, you’ll be a trained consultant who understands the alternatives to foreclosure with an emphasis on the short sale process.

Course content includes:

• Using the Educational / Consultative Approach
• Advanced Communication & Negotiation Techniques
• Current Market Trends
• HARP, HAMP, HAFA
• Nevda Foreclosure Mediation Program
• Options for Remaining in the Home
• Options to Sell or Give Up the Property
• A Complete Short Sale Listing System
• Effectively Working With Short Sale Buyers
• Loss Mitigation and Servicer Processing Tips
• How to Reduce Your Risk & Liability in Today’s Market
• Legal & Tax Ramifications for the Short Sale Seller
  
  Register ONLINE Now or call (702) 255-8722

Mortgage Debt Forgiveness Act – Extended for One Year

POST UPDATE for January 2, 2013:

Great News... The Mortgage Debt Relief Act of 2007 will be extended for one year.

On January 1, 2013 the Senate and House passed H.R. 8, legislation to avert the "fiscal cliff," the bill will be signed by the President on January 2, 2013.

Here is the text from H.R.8:

SEC. 202. EXTENSION OF EXCLUSION FROM GROSS INCOME OF DISCHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS.

(a) IN GENERAL.—Subparagraph (E) of section 108(a)(1) is amended by striking ‘‘January 1, 2013’’ and inserting ‘‘January 1, 2014’’.

(b) EFFECTIVE DATE.—The amendment made by this section shall apply to indebtedness discharged after December 31, 2012.
Download and read the NAR Issue Brief Regarding Fiscal Cliff Bill

 

If you are in the real estate business and especially if you work short sales... the big question with no clear answer as of the writing of this article is whether or not the Mortgage Forgiveness Debt Relief Act of 2007 will be extended after the December 31, 2012 expiration.

From IRS.gov site regarding the Act:

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

There are multiple bills currently with congressional committees that, if passed, will extend these protections. Which bill will pass and how long will the extension be?.... Stay Tuned

The push is on to get an extension. Here are the current bills in Congress:

• U.S. House of Representatives:
  • Resolution 4336   Summary: To amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness. This bill would extend tax protections through December 31, 2013
  • Resolution 4202 Summary: To amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness. This bill would extend tax protections through December 31, 2014. Companion bill S 2250.

  • HR 4250 Summary: To amend the Internal Revenue Code of 1986 to provide a 3-year extension of the exclusion of income from the discharge of indebtedness on qualified principal residences. This bill would extend tax protections through December 31, 2015.

  • Homeowner Tax Fairness Act (HR 4290)  Summary: To amend the Internal Revenue Code of 1986 to extend the income exclusion for discharge of qualified principal residence indebtedness, to provide exclusions from income for certain payments under the National Mortgage Settlement, and for other purposes. This bill would extend tax protections through December 31, 2015.

• Senate: Senate Bill 2250  Summary: Mortgage Foregiveness Tax Relief Act - Amends the Internal Revenue Code to extend through 2014 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

Forty-one state attorneys general signed a letter urging Congressional leaders to extend the act.

Nevada Real Estate Agents... Earn the Certified Foreclosure Alternatives Consultant designation and 7 hours of Continuing Education!

Next Class is Thursday,  January 24, 2013, 9:00am to 4:30 pm
iMortgage - 9121 W Russell Rd, #210; Las Vegas, NV 89148

(215 & Russell Rd.) Take Jerry Trakanian Way to Oquendo into the Desert Canyon Business Park.

Register at http://shop.stevenkitnickseminars.com/

Realty ONE Group agents - call Jan at 702-858-9191 for a 25% discount.

2012 Year in Review

A collection of the best of 2012 - news, headlines, music, movies, culture.

Zeitgeist 2012: Year in Review

Google 2012 Search Trends: http://www.google.com/zeitgeist/2012/#the-world

50 Most Viral Videos of 2012 from BuzzFeed

MUSIC

NPR - The Year in Music 2012

Billboards Best of 2012 - the Year in Music

DJ Earworm's United States of Pop 2012 (Shine Brighter)

MOVIES

Rotten Tomatoes - Top 100 Movies 2012

Top Grossing Movies for 2012 (US)

New Short Sale Guidelines for Fannie Mae & Freddie Mac

On August 21st a news release was issued by the Federal Housing Finance Agency (FHFA) providing new standard guidelines for Fannie Mae (FNMA) and  Freddie Mac (FHLMC) short sales.

Download The FHFA NEWS Release on Short sales 82112

Starting on November 1, 2012, Fannie Mae and Freddie Mac will ease the rules to speed up the short sale process on the loans they guarantee, even for borrowers still current on their mortgage.

One of the positives  -  homeowners could enter a short sale while current on their mortgage payments, but only with hardship reasons of:

• Death

• Divorce (legal separation may apply)

• Disability

• Employment relocation of 50 miles or more.

Other notable highlights of the new FHFA short sale guidelines include:

• Servicers are required to reviewand respond to short sales within 30 days of receipt of a short sale offer; they must provide weekly status updates to the borrower if the offer is still under review after 30 days.
•  Servicers must make and communicate final decisions to the borrower within 60 days of receipt of the offer and complete borrower response package.
• These borrowers will  be eligible for a new mortgage backed by Fannie Mae or Freddie Mac for at least two years after a short sale.
• Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders
  to expedite a short sale.
• Military families who receive Permanent Change of Station orders will be eligible for a short sale.
• Fannie Mae and Freddie Mac will waive the right to pursue deficiency judgments in exchange for a financial contribution when a borrower has sufficient income or assets to make a cash contribution or signs a promissory note.

Real estate agents... time to focus on taking more listings!  The Las Vegas market and many markets around the country are experiencing unprecedented low inventory.  Here is some positive news that hopefully will make Fannie and Freddie short sales easier to process... time will tell!

Need a Short Sale Certification?  Become a Certified Foreclosure Alternatives Consultant (CFAC).