Posted by: Todd Long | May 30, 2009

Lake Norman Real Estate Pro’s Friday update

Thank you to all who attended rebarcamp Charlotte a few weeks ago.  We had a turn out of about 160 people and just a great sharing of idea for Real Estate Pro’s.   A special thanks to ALL of our sponsors and my fellow organizers Chad Huck, Michael Gibbons, Lori Bee, Debe Maxwell, Sandy Aichner.  What a team!  If you were not able to attend this year please keep an eye on the website as we plan an even bigger and better event for  next year.


Subject: Government Affairs Update 05/29/09 

Tax Credit Bridge Loans Get Okay
The government has given the green light to the financing of bridge loans of up to $8,000 to first-time home buyers who qualify for tax credits under the Obama administration’s economic stimulus plan. The new mortgagee letter stipulates that government agencies, nonprofits and FHA-approved lenders can give advances on the tax credits.

It’s anticipated that the money (if granted) would finance some of the closing costs for first-time homebuyers. The bridge loan will actually be recorded as a second lien. Also, consumers cannot receive cash back from the loan. The government notes, “The tax credit advance second mortgage must not provide for a balloon payment before 10 years.”

The federal tax credit is for $8,000 or 10% of the purchase price of the home – whichever is smaller. It expires later this year.

The mortgagee letter notes, “A phase-out of the credit begins when the taxpayer’s modified adjusted income exceeds $75,000 or $150,000 if married filing jointly, and is eliminated at $95,000 or $170,000 if married filing jointly.”

David Knox created a video to help you explain the $8,000 tax credit to the consumer visiting your website.  You can use this video for $100 or create something of your own but be creative, be memorable and provide something of value to web consumers if you want them to remember you.

Three Golden Rules for Cultivating Referrals

To win referrals, you have to follow three important rules. Follow just two of the three rules and growth of your referral-based business will be stunted. Follow all three, and you’ll open the floodgates to success. <>


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