Real Estate Broker NEW

CBS News | Be Your Own Real Estate Broker | May 21, 2004 22:03:39 CBSNews.com The Web Home | U.S. | World | Politics | SciTech | Health | Entertainment | Business | Opinion | NEW --Strange News | Sports | Public Eye | Interactives | FREE CBS News Video The Early Show | CBS Evening News | 48 Hours | 60 Minutes The Saturday Early Show -- | CBS Sunday Morning | Face The Nation | Up To The Minute | Build Your Own Newscast Main Page Living HealthWatch Leisure Series The Saturday Early Show Chef On A Shoestring Second Cup Caf Ask Mike Up Next Program Facts Bios Contact Info Inside Scoop Contributors Bios Special Report Money Matters Early Show financial adviser Ray Martin offers tips to keep your financial house in order. Interactive U.S. Markets History of trading and definitions of key terms RELATED STORIES & LINKS Let The House Hunting Begin Tips For Those Diving Into The Real Estate Market This Spring Taking A Home Equity Loan? Be Careful What You Use The Money For Home Mortgage Rates Up A Bit Both 30 and 15-Year Rates Up, Ending A Three Week Stretch Of Drops Inflation Isn't A Problem Consumer Prices Dip 0.2 Percent In November, After Flat October Be Your Own Real Estate Broker NEW YORK, May 22, 2004 (CBS) The housing market is hot. In fact, homes are in such high demand that many sellers are wondering if they even need to hire a real estate agent to broker the deal. Financial adviser Ray Martin gave some tips on The Saturday Early Show for owners who want to sell a home themselves. Home values are up, mortgage rates are low and properties in hot markets are selling in days. The only fly in the ointment for many sellers is the traditional six percent commission paid to real estate brokers who make the deal. As home values continue to skyrocket, the broker commission skyrockets as well. Meanwhile, it seems as though these brokers are doing nothing more than watching the home sell and then collecting a large commission. The thought of having to pay brokers $10,000 or more to sell a home that fetches a buyer in less than week is causing many sellers to stop and think: "Do I really need to spend that money?" FSBO (For Sale By Owner) can be a good option for some people, Martin says. If your home is in a hot location, at a price that is affordable to many potential buyers, and similar homes are in short supply, this can be a good strategy. But, Martins says, FSBO is not for everyone. The following are three potential pitfalls of being your own broker: Setting A Price: The housing market is constantly changing and you really need to have a good feel for the market in order to set a reasonable price. You don't want to lose money by naming a price that's too low, but your don't want to frighten buyers away by over-charging. Getting the Word Out: Putting a "For Sale" sign in your yard is probably not going to sell your house. Most buyers don't have time to cruise around neighborhoods, searching for signs. When you list your home with a broker, they place your information in the area's MLS (Multiple Listing Service). This alerts all real estate agents in the area that your home is for sale -- making it easy for them to pinpoint potential buyers and bring them by for a visit. You can't do this alone. Becoming Emotionally Involved: Selling a home is the second-most emotional transaction you'll ever make, Martin says, second only to buying a home. Mixing emotion and business is not a good thing. If a buyer comes through the door and immediately points out your home's flaws instead of the beautifully restored floors or lovingly painted walls, it's going to hurt. You may be tempted to turn down this buyer's offer, even if it's fair. This is where a realtor can help. It's not a home to them, it's a business deal -- one they want to close quickly and collect on. Despite these pitfalls, Martin says he is not trying to steer everyone away from selling their homes themselves. He says you need to be aware of the pitfalls and if you think you can tackle them, give it a try -- particularly if you're in a hot market. You can try FSBO for a set amount of time, and if you're not successful, you can turn to a broker. If nothing else, use the knowledge that you could be your own broker to negotiate a commission with your broker. That storied six percent is a result of tradition, not law; nowhere does it say that you have to pay brokers six percent. There are conflicting numbers on how many homeowners are selling their homes themselves. About 14 percent of sellers went solo in 2003, according to the National Association of Realtors. The Boston Globe newspaper reviewed sales in its area and found that closer to 25 percent of sales were FSBO. There's no question that there are a lot of services targeted to sellers looking to go FSBO. If you are looking for an alternative to a traditional real estate agent, here are some popular options: Flat Fee Brokers: There seem to be two major players here -- Help-U-Sell and Assist-2-Sell . Both companies are franchises that connect you with local licensed real estate agents. You show your home yourself, and these agents perform all other duties of a traditional broker. The best part, Martin says, is that you pay them one flat fee that varies based on home's value and location. If you pay them a little more, the realtors from these companies will show your house too. An example: a Help-U-Sell customer in Chicago was selling his home for $345,000. The six percent commission would have totaled $21,000. Instead, he paid Help-U-Sell $4,950 to sell his home. If the agent lists your home on the MLS, and another broker brings you a buyer, you will have to pay that broker their two or three percent commission. FSBO Marketing: Other companies such as FSBO.com and ForSaleByOwner.com offer you a variety of marketing options at different price points. You can choose to have your home listed on the companies' Web sites. You can pay more and have yard signs and color brochures designed for your home. Pay even more and have a virtual tour included in your home's listing. Each company is different and offers different packages. Martin says the ultimate packages, which costs $500 or more, allow you to list your home on the MLS -- the same place real estate agents list houses. Again, there's a catch here: if a buyer is brought to your home by an agent who saw the listing on MLS, you do have to pay that broker's two or three percent commission. Negotiated Broker Commission: Again, Martin says you don't have to pay a six percent commission. So don't! In fact, commissions now average a bit over five percent, according to a survey by Real Trends publishers. If your home is on the expensive side and in a hot market, have a serious conversation with your potential broker. Remind him or her that if you list with them, they will get paid. But if you strike out on your own, they get nothing. Isn't one or two percent better than nothing? MMIV, CBS Broadcasting Inc. All Rights Reserved. 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Real estate successis a

The OurBroker® Real Estate Information Center NEW! -- Have a real estate question? Please press here . Amortization Ask Realty Times Associations Bookstore Calculators Commentary Credit Directories E-Mail Fed Sources Foreclosures Helpful Links Home Repair Gallery Government Library Loan Limits Maps Mortgages Moving NOTICES Phone Info Profession Privacy Reading Room Search Reviews Software TheStreet.com Taxes Trademark Translations Utility Savings Web Design Web Helpers Real estate successis a by-product of real estate information. Whether you're buying or selling,renting or investing, financing or refinancing, this is the top-rated consumersite where you can quickly find practical and usable real estate information. Have a real estate question? Our Consumer Library has dozens of categories and a huge number of answers. Wonder about mortgages? Try our easy-to-use calculators . Interested in what's new in real estate -- and why it's important? See more than 400 Realty Times columns or view today's Realty Times headlines . OurBroker® -- also known as Peter G. Miller -- is: The author of The Common-Sense Mortgage , a book with unit sales well into six figures. The sole author of four other real estate books anda guide to media and communications, all published originally by Harper &Row (now Harper/Collins). The original creator and host of the Real Estate Center with America Online. A regular columnist with Realty Times , the nation's leading online real estate new service. A columnist syndicated in more than 65 newspapers in the United States and Canada through Content That Works . A long-time columnist and contributor to the The Real Estate Professional , the largest independent magazine for leading brokers and salespeople nationwide. Use the keyword "OurBroker" to reach this site from AOL. For easy reference, be sure to bookmark this site now. Also, are you in real estate? Do you need newsletters, postcards and flyers? Do you need materials mailed at the lowest-available rates? If yes, please visit NetGram , the nation's leading discount printer. Search OurBroker.com © 2005 Peter G. Miller . All Rights Reserved

home equity. Why? Certain

Home Equity Scams: Borrowers Beware! Home Equity Loans : Borrowers Beware! D o you own your home? If so, it's likely to be your greatest single asset. Unfortunately, if you agree to a loan that's based on the equity you have in your home, you may be putting your most valuable asset at risk. Homeowners-particularly elderly, minority and those with low incomes or poor credit-should be careful when borrowing money based on their home equity. Why? Certain abusive or exploitative lenders target these borrowers, who unwittingly may be putting their home on the line. Abusive lending practices range from equity stripping and loan flipping to hiding loan terms and packing a loan with extra charges. The Federal Trade Commission urges you to be aware of these loan practices to avoid losing your home. The Practices Equity Stripping You need money. You don't have much income coming in each month. You have built up equity in your home. A lender tells you that you could get a loan, even though you know your income is just not enough to keep up with the monthly payments. The lender encourages you to "pad" your income on your application form to help get the loan approved. This lender may be out to steal the equity you have built up in your home. The lender doesn't care if you can't keep up with the monthly payments. As soon as you don't, the lender will foreclose-taking your home and stripping you of the equity you have spent years building. If you take out a loan but don't have enough income to make the monthly payments, you are being set up. You probably will lose your home. Hidden Loan Terms: The Balloon Payment You've fallen behind in your mortgage payments and may face foreclosure. Another lender offers to save you from foreclosure by refinancing your mortgage and lowering your monthly payments. Look carefully at the loan terms. The payments may be lower because the lender is offering a loan on which you repay only the interest each month. At the end of the loan term, the principal-that is, the entire amount that you borrowed-is due in one lump sum called a balloon payment. If you can't make the balloon payment or refinance, you face foreclosure and the loss of your home. Loan Flipping Suppose you've had your mortgage for years. The interest rate is low and the monthly payments fit nicely into your budget, but you could use some extra money. A lender calls to talk about refinancing, and using the availability of extra cash as bait, claims it's time the equity in your home started "working" for you. You agree to refinance your loan. After you've made a few payments on the loan, the lender calls to offer you a bigger loan for, say, a vacation. If you accept the offer, the lender refinances your original loan and then lends you additional money. In this practice-often called "flipping"-the lender charges you high points and fees each time you refinance, and may increase your interest rate as well. If the loan has a prepayment penalty, you will have to pay that penalty each time you take out a new loan. You now have some extra money and a lot more debt, stretched out over a longer time. The extra cash you receive may be less than the additional costs and fees you were charged for the refinancing. And what's worse, you are now paying interest on those extra fees charged in each refinancing. Long story short? With each refinancing, you've increased your debt and probably are paying a very high price for some extra cash. After a while, if you get in over your head and can't pay, you could lose your home. The "Home Improvement" Loan A contractor calls or knocks on your door and offers to install a new roof or remodel your kitchen at a price that sounds reasonable. You tell him you're interested, but can't afford it. He tells you it's no problem-he can arrange financing through a lender he knows. You agree to the project, and the contractor begins work. At some point after the contractor begins, you are asked to sign a lot of papers. The papers may be blank or the lender may rush you to sign before you have time to read what you've been given. The contractor threatens to leave the work on your house unfinished if you don't sign. You sign the papers. Only later, you realize that the papers you signed are a home equity loan. The interest rate, points and fees seem very high. To make matters worse, the work on your home isn't done right or hasn't been completed, and the contractor, who may have been paid by the lender, has little interest in completing the work to your satisfaction. Credit Insurance Packing You've just agreed to a mortgage on terms you think you can afford. At closing, the lender gives you papers to sign that include charges for credit insurance or other "benefits" that you did not ask for and do not want. The lender hopes you don't notice this, and that you just sign the loan papers where you are asked to sign. The lender doesn't explain exactly how much extra money this will cost you each month on your loan. If you do notice, you're afraid that if you ask questions or object, you might not get the loan. The lender may tell you that this insurance comes with the loan, making you think that it comes at no additional cost. Or, if you object, the lender may even tell you that if you want the loan without the insurance, the loan papers will have to be rewritten, that it could take several days, and that the manager may reconsider the loan altogether. If you agree to buy the insurance, you really are paying extra for the loan by buying a product you may not want or need. Mortgage Servicing Abuses After you get a mortgage, you receive a letter from your lender saying that your monthly payments will be higher than you expected. The lender says that your payments include escrow for taxes and insurance even though you arranged to pay those items yourself with the lender's okay. Later, a message from the lender says you are being charged late fees. But you know your payments were on time. Or, you may receive a message saying that you failed to maintain required property insurance and the lender is buying more costly insurance at your expense. Other charges that you don't understand-like legal fees-are added to the amount you owe, increasing your monthly payments or the amount you owe at the end of the loan term. The lender doesn't provide you with an accurate or complete account of these charges. You ask for a payoff statement to refinance with another lender and receive a statement that's inaccurate or incomplete. The lender's actions make it almost impossible to determine how much you've paid or how much you owe. You may pay more than you owe. Signing Over Your Deed If you are having trouble paying your mortgage and the lender has threatened to foreclose and take your home, you may feel desperate. Another "lender" may contact you with an offer to help you find new financing. Before he can help you, he asks you to deed your property to him, claiming that it's a temporary measure to prevent foreclosure. The promised refinancing that would let you save your home never comes through. Once the lender has the deed to your property, he starts to treat it as his own. He may borrow against it (for his benefit, not yours) or even sell it to someone else. Because you don't own the home any more, you won't get any money when the property is sold. The lender will treat you as a tenant and your mortgage payments as rent. If your "rent" payments are late, you can be evicted from your home. Protecting Yourself You can protect yourself against losing your home to inappropriate lending practices. Here's how: Don't: Agree to a home equity loan if you don't have enough income to make the monthly payments. Sign any document you haven't read or any document that has blank spaces to be filled in after you sign. Let anyone pressure you into signing any document. Agree to a loan that includes credit insurance or extra products you don't want. Let the promise of extra cash or lower monthly payments get in the way of your good judgment about whether the cost you will pay for the loan is really worth it. Deed your property to anyone. First consult an attorney, a knowledgeable family member, or someone else you trust. Do: Ask specifically if credit insurance is required as a condition of the loan. If it isn't, and a charge is included in your loan and you don't want the insurance, ask that the charge be removed from the loan documents. If you want the added security of credit insurance, shop around for the best rates. Keep careful records of what you've paid, including billing statements and canceled checks. Challenge any charge you think is inaccurate. Check contractors' references when it is time to have work done in your home. Get more than one estimate. Read all items carefully. If you need an explanation of any terms or conditions, talk to someone you can trust, such as a knowledgeable family member or an attorney. Consider all the costs of financing before you agree to a loan. For More Information The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues , visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel , a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad. FEDERAL TRADE COMMISSION FOR THE CONSUMER 1-877-FTC-HELP www.ftc.gov April 1998

real estate investment management

Real Estate CU Home Libraries Home Search | Site Index | FAQ | Help Search Library Catalog: Title (start of title) Journal (start of title) Author (last, first) Keyword (and, or, not, "") Subject Go To CLIO Find Databases: Title Keywords Title (start of title) Keywords Go To Databases Find E-Journals: Title (start of title) Title Keywords Subject Keywords Go To E-Journals Search the Libraries Website: Go To Advanced Website Search Libraries & Collections About the Libraries Libraries Collections Digital Collections Special Collections -- Hours Directions to Columbia Map of Campus Libraries Locations & Contact Info More... Catalogs CLIO (Columbia's Online Catalog) Course Reserves Educat (Teachers College) Pegasus (Law) WorldCat More... E-Resources Citation Finder Databases E-Journals E-Books E-Data E-News E-Images DigitalCommons -- Subject Guides More... Report Problems Request It BorrowDirect Medical Center/Morningside In Process/Ordered Science Fast Track Interlibrary Loan Recommend Titles for Purchase More... Ask Us Contact a Reference Desk Email a Question Frequently Asked Questions Make a Suggestion Online Chat Service (Ask Us Now) Report an E-Resource Problem Schedule a Research Consultation Staff Contacts & Directories More... Using the Libraries My Library Account Borrow & Renew Computing, Laptops, Wireless Course Reserves Info Frequently Asked Questions Hours Library Access & Privileges Printing & Photocopying Workshops & Research Help More... Real Estate In addition to the resources found in the Business and Economics Library, Avery Library has an extensive real estate collection. These resources were selected for their authority, ease of use, and accessibility. If you need more assistance, speak to a reference librarian. See http://www.columbia.edu /cu/lweb/indiv/business/refservices.html for Reference Desk hours or email the reference librarians: business@libraries.cul.columbia.edu Additional resources can be found in CLIO , the library catalog. Contents: Directories Handbooks Periodicals Indexes, Abstracts and Full Text Internet Resources DIRECTORIES Crittenden Directory of Real Estate Financing. HG2040 .C7 (Reference) Alphabetical directory of real estate lenders (banks, REITs, pension funds, etc.) throughout the U.S. Includes type of financing, type of projects, and contact information. Cross-indexed by real estate sector (apartments, offices, industrial, etc.). Crittenden Directory of Real Estate Investors & Buyers HD1361.D57 (Reference) Directory of real estate investors. Manhattan Cooperative and Condominium Directory. AA50 M3 (Avery Reserves) Directory of cooperative and condominium apartment houses in Manhattan. Nelson's Directory of Institutional Real Estate. AA50 N33 (Avery Library Reference) Separate sections cover real estate investment management firms, real estate service firms, pension funds and foundations that invest in real estate, the 2,000 largest corporations with active real estate operations, and real estate investment trusts. Each entry includes an overview of the firm, names of key executives, and contact information. Searchable geographically and by type of service offered. Covers mainly the U.S., with some foreign entries. Back to the table of contents. HANDBOOKS Handbook of Real Estate Terms. HD1390 .D48 (Reference) Brief definitions of 2,700 terms and acronyms. McGraw-Hill Real Estate Handbook. HD1375 .M17 1993 (Reference) Has 31 chapters by various authors on aspects of the real estate business, financing, buying and selling, and taxation. Back to the table of contents. PERIODICALS National Real Estate Investor http://www.columbia.edu/cgi-bin/cul/resolve?clio3327469.001 Also available in print: Slot N-254 (Current Periodicals) Forecast -- Conditions in Leasing, Financing, Construction and Investment Trends: published in February. Real Estate Alert http://www.columbia.edu/cgi-bin/cul/resolve?clio3327945.002 Professional newsletter covering the industry. Real Estate Economics: Journal of the American Real estate and Urban Economics Association http://www.columbia.edu/cgi-bin/cul/resolve?clio3430028.004 Also available in print: Slot R-200 (Current Periodicals) Scholarly journal covering various aspects of real estate markets. Real Estate Finance http://www.columbia.edu/cgi-bin/cul/resolve?clio3430029.001 Also available in print: Slot AB R221 (Avery Library Reserves) "The quarterly review of commercial finance techniques." Published by Institutional Investor, Inc. Real Estate Finance and Investment http://www.columbia.edu/cgi-bin/cul/resolve?clio4814204.002 Also available in print: KF5698.3.Z9 .R42 (Business Reserves) Professional newsletter covering the industry. Real Estate Forum http://www.columbia.edu/cgi-bin/cul/resolve?clio3431203 Also available in print: Slot R-206 (Current Periodicals) Real Estate Issues http://www.columbia.edu/cgi-bin/cul/resolve?clio3430030.001 Also available in print: Slot AB R224 (Avery Library) Real Estate Review Print: Slot R-220 (Current Periodicals) Covers real estate market trends, financing and investment opportunities. Back to the table of contents. DATABASES ABI/Inform on ProQuest Direct . http://www.columbia.edu/cu/lweb/eresources/databases/4371876.html Online database which contains citations and abstracts of over 1700 business and economics journals with over 700 of these available full-text and/or imaged. Delivery options include email, downloading, and printing. Coverage: 1971 to present; Updates: Weekly Bloomberg. Business Electronic Resources (Library Use Only) Bloomberg is rich with information on Real Estate Investment Trusts, Real Estate Financing, and related data. Tye "REL" and hit the GO key for the real estate menu of equity analytics. Coverage: varies; updates: constant. Business Source Premier http://www.columbia.edu/cu/lweb/eresources/databases/4784657.html Covers all disciplines of business, including marketing, management, accounting, finance, international business, econometrics and economics. Contains full text of the Harvard Business Review, California Management Review and other important journals. BSP also includes country reports from EIU and Global Insight as well as company reports from Datamonitor. Factiva http://www.columbia.edu/cu/lweb/eresources/databases/3272677.html Factiva is an excellent resource for finding company and industry information. Factiva contains a database of nearly 8,000 publications, including: academic and trade publications, industry newsletters, international and regional newspapers, business magazines, and business newswires. The two sections of the database that are most commonly used for this assignment are the "Factiva Library" (which allows researchers to search the 8,000 sources) and the "Quick Company Search" (which contains company profiles - information about: finances, competitors, company history, etc.). LexisNexis Academic http://www.columbia.edu/cu/lweb/eresources/databases/2100385.html Comprehensive online database which affords access to hundreds of information sources, including the full text of newspapers, magazines, wire services, newsletters, journals, and broadcast transcripts. Coverage: Varies by source; Updates: Varies by source ULI Development Case Studies http://www.columbia.edu/cu/lweb/eresources/databases/4823442.html Access to more than 300 detailed case studies of completed projects ranging from low-income housing to mixed-use downtown developments to commercial and industrial projects. The case studies provide photographs and site plans, information on costs and rents, innovative features and strategies of the project, and an explanation of the entire development process. It covers projects from 1985 to the present. Thirty new case studies are added every year. Back to the table of contents. All electronic services are restricted to current students, staff, and faculty at Columbia University, Teachers College, and Barnard College with a valid CUNIX ID and logon. © Columbia University Libraries My Library Account | Hours | Contacts | Suggestions Last update: 2005-11-30

Selling Home

Selling Your Home Home | Contact IRS | About IRS | Site Map | Español | Help Advanced Search Search Tips News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Problem Alerts Around the Nation e-News Subscriptions The Newsroom Topics Tax Tips 2006 Radio PSAs Fact Sheets Armed Forces Disaster Relief Offshore Compliance Scams / Consumer Alerts Tax Shelters More Topics . . IRS Resources Compliance & Enforcement Contact My Local Office e-file Forms and Publications Frequently Asked Questions News Taxpayer Advocacy Where To File Selling Your Home Tax Tip 2005-55, March 18, 2005 If you sold your main home, you may be able to exclude up to $250,000 of gain ($500,000 for married taxpayers filing jointly) from your federal tax return. This exclusion is allowed each time that you sell your main home, but generally no more frequently than once every two years. To be eligible for this exclusion, your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale. You also must not have excluded gain on another home sold during the two years before the current sale. If you and your spouse file a joint return for the year of the sale, you can exclude the gain if either of you qualify for the exclusion. But both of you would have to meet the use test to claim the $500,000 maximum amount. To exclude gain, a taxpayer must both own and use the home as a principal residence for two of the five years before the sale. The two years may consist of 24 full months or 730 days. Short absences, such as for a summer vacation, count as periods of use. Longer breaks, such as a one-year sabbatical, do not. If you do not meet the ownership and use tests, you may be allowed to exclude a reduced maximum amount of the gain realized on the sale of your home if you sold your home due to health, a change in place of employment, or certain unforeseen circumstances. Unforeseen circumstances include, for example, divorce or legal separation, natural or man-made disaster resulting in a casualty to your home, or an involuntary conversion of your home. If you can exclude all the gain from the sale of your home, you do not report any of that gain on your federal tax return. If you cannot exclude all the gain from the sale of your home, use Schedule D, Capital Gains or Losses, of the Form 1040 to report it. For more details and information, download a copy of Publication 523, Selling Your Home, or order it by calling toll free 1-800-TAX-FORM (1-800-829-3676). Links: Publication 523, Selling Your Home ( PDF 194K ) Schedule D, Capital Gains and Losses ( PDF 136K ) Tax Topic 701  — Sale of Your Home Publication 3, Armed Forces Tax Guide ( PDF 206K ) Highlights: Military Family Tax Relief Act Subscribe to Tax Tips Accessibility | FirstGov.gov | Freedom of Information Act | Important Links | IRS Privacy Policy | U.S. Treasury