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Developers/Builders Beware: New RESPA Limitations on Homebuilder Incentives will Require Changes to Procedures and Contracts

(Effective 1/16/2009)

For many years, it has been common for homebuilders and developers of condos and other residential real property to offer incentives to buyers to induce them to use preferred or affiliated title agencies and affiliated mortgage companies.  Sometimes, these incentives were substantial, exceeding $10,000 or more.  However, developers that offer those incentives after January 16, 2009 will violate the federal Real Estate Settlement Procedures Act (12 U.S.C. �� 2601 et seq.), commonly known as RESPA. These RESPA violations can result in civil penalties as well as criminal prosecution.

The final rule including these amendments is available online at http://www.hud.gov/offices/hsg/sfh/res/finalrule.pdf. Most of the amended rule applies to changes in the forms of the Good Faith Estimate and the HUD-1/HUD-1A settlement statements that become effective January 1, 2010. As a result, the changes to the required use provisions affecting homebuilder incentives have not received much public attention.

Required Use Changes

The changes to the definition of “required use” in the new rule will effectively eliminate the ability of homebuilders to provide incentives to buyers for using a preferred or affiliated title agency, affiliated mortgage company or other affiliated settlement service provider. The changes also prohibit the use of disincentives if a buyer does not use a preferred or affiliated settlement service provider. These changes to the required use rules take effect sooner than the other RESPA rule changes, specifically on January 16, 2009. This impending deadline will require developers and builders to quickly change their contracts and procedures to avoid violations of the new rule.

What does this mean to you, the home buyer?  If the builder is willing to pay your closing costs, he will pay them whether you use his lender or not!  Fair is Fair

 

 COLDWELL BANKER INTRODUCES INTERNATIONAL HOME SEARCH FOR iPhone and Blackberry

COLDWELL BANKER INTRODUCES INTERNATIONAL HOME SEARCH FOR iPHONE AND BLACKBERRY

Listings in 28 Countries Now Available on Mobile Devices

PARSIPPANY, N.J. Jan. 6, 2009 – Coldwell Banker Real Estate LLC announced today that international Coldwell Banker^® real estate listings in 28 countries including Canada, Australia, Mexico, Italy, Aruba, and Colombia will now be accessible via a customized platform for iPhone^TM and BlackBerry^® users.

 When viewed on an iPhone, BlackBerry or other smartphone the Coldwell Banker flagship Web site, coldwellbanker.com has a different look and feel, along with navigation specifically tailored for optimal viewing the mobile device.  This includes property listings search and home value estimator functions.  When a user accesses the site through his or her handset, the Coldwell Banker Web site automatically recognizes that it is being accessed by a mobile device and will serve up that specialized interface.  Users do not need to download any special software to benefit from this enhancement to the Coldwell Banker mobile technology.

 Now consumers in the home buying and selling process can easily search both domestically and internationally using their mobile devices,said Michael Fischer, senior vice president of marketing for Coldwell Banker Real Estate LLC. Coldwell Banker will continue to find ways to blaze a trail with technology that provides consumers with listings anytime, anywhere.

 Those looking for a home both domestically and internationally will be able to search for homes and utilize the brands home value estimator.In addition, consumers will be able to enter specific search criteria such as city, state, price as well as optional filters including number of bedrooms and bathrooms.  When a property is selected, users can view all of the specifications for that home and contact an agent directly.

 For photos visit: http://www.flickr.com/photos/30794625@N05/sets/72157612203017008/

 iPhone is a registered trademark of Apple Computers, Inc.

 BlackBerry®, RIM®, Research In Motion®, SureType® and related trademarks, names and logos are the property of Research In Motion Limited and are registered and/or used in the U.S. and countries around the world. Used  under license from Research In Motion Limited.

 

About Coldwell Banker^®

Since 1906, the Coldwell Banker^® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,700 residential real estate offices and 108,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International^® division. It is a pioneer in consumer services with its Coldwell Banker Concierge^® Service Program and award-winning Web site, www.coldwellbanker.com Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker^® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

 BEST KEPT SECRET IN CENTRAL TEXAS – SALADO LAKEVIEW

BEST KEPT SECRET IN CENTRAL TEXAS – SALADO LAKEVIEW

Lake View Community is Developed Just in Time for the Harker Heights Expansion

 

Harker Heights has been experiencing serious growth.  Along with it comes the need for more housing; housing of every shape, size and price range.  Salado Lakeview is not a new lake view community.  Actually it has been around for quite some time.  What is new is the fact that it is being marketed and developed into the premier community that everyone is talking about.  The community now boasts a new gorgeously landscaped entrance with many plans for expansion.  With talk of becoming a gated premier community, the developers have future plans of adding a park and walking trail along the lake.

 

As Mark Twain says, “Buy land, they are not making it anymore” Even though more land is not being made, the existing land that we have available is being discovered and developed into wonderful communities.  Lake view properties are hard to come by.  With the prices for these prime pieces of land sky rocketing, it is amazing that the Salado Lakeview community is offering their lots at such a reasonable price!  Compare these prices with the homes on Belton Lake being sold for $1,300,000.00 and most of the lake view lots are selling close to $130,000.00.

Salado Lakeview is attracting many types of buyers from far and wide.  It is experiencing interest from the Temple area doctors, the military community as well as people that are trying to move out of the Austin areas.   Each of these prospective buyers sees the potential for a fantastic investment.  While most homes are sitting on the market for many months, lake view homes are selling rather quickly and at an amazing profit.

 

Don’t let the name fool you!  Although the community is located in Salado, it is located just 10 minutes south of Harker Heights .  Convenience and location all wrapped up into one.

 

Salado Lakeview is being marketed by Lisa Jay, REALTOR of Coldwell Banker United REALTORS.  Her website, www.FtHoodRealty.com offers more information about the new upscale community.

 

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If you’d like more information about this topic, or to schedule an interview with  Lisa Jay, please call Lisa at 254-493-2101 or e-mail Lisa at Lisa@FtHoodRealty.com

 Recent Quotes & Excerpts about the Positive Signs in the Real Estate Market:

Recent Quotes & Excerpts about the Positive Signs in the Real Estate Market:

 

 

Pending Home Sales Jump to Highest Level Since July 2007

 

Pending sales of existing homes unexpectedly jumped in August to the highest level in more than a year. The National Association of REALTORS^® Pending Home Sales Index, based on contracts signed in June, rose 7.4% in August. The August reading was 8.8% higher than a year earlier, and the highest level since June 2007. Home sales are considered pending when the seller has accepted an offer, but the deal has not yet closed. Sales are picking up in places that have seen the most severe declines in housing prices — including California, Florida Nevada and Arizona, plus Rhode Island and the Washington, D.C. area.

 

 

 

-- “Pending Home Sales up 7.4% in August,” Today, Oct. 8, 2008.

 

 

Mortgage Rates Continue to Drop; Applications Rise

 

Fixed mortgage rates fell in the latest week, according to Bankrate Inc.'s survey released (October 9). The average conforming 30-year fixed mortgage rate dropped to 6.20% from 6.41% a week ago, while the average 15-year fixed mortgage rate declined to 5.95% from 6.14% a week earlier.  “From the standpoint of a homebuyer, interest rates aren't in any way a barrier.”

 

 

-- Greg McBride, senior financial analyst at Bankrate.com. “Lower Mortgage Rates May Be Silver Lining in Turmoil,” by Jeff Plungis and Alexis Leondis, Bloomberg, Oct. 9, 2008.

 

 

Interest rates on fixed-rate mortgages decreased last week, and mortgage seekers took advantage: Applications filed for mortgages rose a seasonally adjusted 2.2% compared with the week before, according to the Mortgage Bankers Association. Applications for mortgages to purchase homes rose a seasonally adjusted 3.2% on a week-to-week basis, while refinance applications increased 0.9%.

 

 

-- “Mortgage Applications up 2.2% Last Week,” by Amy Hoak, MarketWatch.com, Oct. 8, 2008.

 

 

Regional Update: Good News from Markets around the Nation

 

 

Orlando, Fla.

 

Orlando area Realtors sold 1,335 homes in September, up 37.6% from the same month a year ago. The median sales price of the homes sold in September rose by 5% to $210,000 from August's revised $200,000 median, according to an Orlando Regional Realtor Association report.

 

 

-- “Number of Existing Home Sales Rise in Orlando Area,” by Jerry W. Jackson, Orlando Sentinel,
Oct. 9, 2008.

 

 

 

Denver

 

Last month provided some encouraging signs for the Denver housing market, according to a monthly report released by Coldwell Banker Residential Brokerage. Home sales in the Denver metro area rose 14.1% last month in comparison to September 2007. Also, the inventory of unsold homes and sale prices for homes in September dropped compared to the same time last year. “People are realizing there are some great deals right now and they are acting on it.”

 

 

-- Greg Zadel, president of the Colorado Association for Real Estate Brokers, “Local Sales Up, Inventory Down, According to Report,” Denver Daily News, Oct. 9, 2008.

 

 

Myrtle Beach, S.C.

 

A new report released Wednesday showed the number of homes with accepted offers jumped by more than 7% in August to the highest level in a year. “We are seeing property that’s actually getting multiple offers, if you can believe that or not. We’re seeing properties sold as much as full-price and some properties sold for higher than their list price. We are at historical interest rate lows, we have ample inventory on the market right now and this inventory has been reduced to a level that the buyers can take advantage of this and really save a lot of money.”   

 

 

-- Rod Smith, director of a Myrtle Beach, S.C. brokerage, “Is the Housing Market Turning Around?,” by Michelle Corrolla, WBTW-TV, Oct. 9, 2008.

 

 

Tulsa, Okla.

 

“I think we’re in a normal market right now. There are a lot (of houses) on the market, but the houses are selling. The average sale price of homes in the Tulsa area has actually increased.”

 

 

-- Harriett Dunham, owner of a Tulsa-area brokerage, “Hope for Home Ownership,” by Sommer Woodward, Pryor Daily Times, Oct. 6, 2008.

 

 

New Haven, Conn.

 

Good job, good credit, no problem! Consumers who want to buy a car or a house should be able to get a loan, as long as they have a job and a good credit score, say those whose livelihood depends on a vibrant credit market. “For people going for conventional financing or FHA financing, there’s plenty of opportunity. I think just the whole economic climate right now is affecting people’s attitudes, but there’s still mortgage money out there.”

 

 

-- Marc Seigel, president of the Greater New Haven Board of Realtors^®, “Credit-Worthy Borrowers OK,” by Ed Stannard, New Haven Register, Oct. 5, 2008.