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Appraisers Seek Comments on Seller Concessions
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An appraisal board part of The Appraisal Foundation is seeking public comment on a proposal about how to adjust comparable sales for seller concessions when making valuations.
"A common tool used to help facilitate a property transaction is to have the seller provide financial assistance or incentives to the buyer," the board's proposal states. "Such assistance may be considered a seller concession or financing concession and this is important because it may have an influence on the contract price. The purpose of this guidance is how to identify, verify, analyze and adjust sale comparables for both seller and financing concessions."
You can view the appraisal board's second draft at the Appraisal Foundation web site, and submit public comment on the draft proposal through Feb. 29.
After the board collects feedback, it will vote on whether to adopt the proposal as official guidance from The Appraisal Foundation board, which was formed to issue guidance on recognized valuation methods among appraisers.
The board also said it will be developing guidance on other appraisal topics that will likely be coming up soon for public comment as well, although it was vague on what those other topics will pertain to about with the appraisal process.
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Fed Vows to Keep Rates Low Until 2014
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The Federal Reserve announced that short-term interest rates will likely stay near zero for nearly three more years, a move that is expected to spillover to long-term mortgage rates for home buyers and home owners. In August, the Fed had made a rare move to say it would keep rates near zero until at least mid-2013. The Fed said Wednesday that the economy still needs more help and it will now extend that period to 2014.
Fed Chairman Ben Bernanke said in a news conference that the Fed isn't happy with the modest economic recovery and that the Fed may need to take additional steps to spur recovery. Some critics say that the Fed's vow to keep mortgage rates low won't do enough to help the economy and the housing market. They argue that too many Americans are already unable to take advantage of the record low mortgage rates because of the tightening of lending standards.
For more, see the related New York Times article.
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"Effective Negotiating for Real Estate Professionals" with Adorna Carroll, Feb 15 in Baton Rouge
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Discover how to gain the winning edge through effective negotiations in this class with national instructor Adorna Carroll. Agents will learn various negotiation styles and practices and how to apply them based on the situation. This course will teach agents how to employ tactics such as positional bargaining and value negotiating, thus gaining the win-win scenarios. Adorna will leave students with a versatile toolkit used to achieve optimal results from negotiations, and agents will leave her class with newfound confidence and ability.
The course is scheduled for Wednesday, February 15 at the Louisiana REALTORS office in Baton Rouge. Tuition for REALTOR members is $135 and students will earn 8 hours of CE, 1 GRI credit. The course also counts as an approved REBAC elective that counts toward the ABR designation. Register online here or contact Brei Delahoussaye at 800-266-8538. Space is limited, so register soon!
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LARPAC Online Auction Ends Tuesday! Bid now and Support the PAC!
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LARPAC, the Political Action Committee of Louisiana REALTORS, is conducting an online auction fundraiser at 32auctions.com. There are two items available - a signed George Rodrigue LSU football-themed "Blue Dog" print and an event package for 2013 Washington D.C. Mardi Gras. Proceeds will benefit LARPAC, and REALTORS can bid until the end of business Tuesday, January 31. Check out the auction here, and support your PAC!
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Relationship Management: Bounce Back From 5 Technology Blunders
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Technology can be your best ally or worst enemy. How can you recover from an embarrassing or humiliating incident over e-mail, social networks, or the phone, or even avoid a tech mishap in the first place? We all make mistakes sometimes, but a mistake delivered over technology can be a lasting one — even at times an “archived” one on the Internet that plays over and over again. In this REALTOR Magazine Online article, Melissa Dittmann Tracey identifies five common hi-tech mishaps and shows you how to recover from them.
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eNEWS DIGEST BACK ISSUES ARCHIVE
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Source: Freddie
Mac
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30-YR Fixed:
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3.98
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15-YR Fixed:
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3.24
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5/1-YR ARM:
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2.85
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1-YR ARM:
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2.74
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