Shasta Association of REALTORS®

The world of mortgage lending is always in flux. Today, more than ever, the rules and requirements are constantly shifting. That’s why the guests of the General MLS meeting on Wednesday June 16 2010 were so important. These 3 lenders represent a broad range of different areas of expertise, but share a common goal of trying to get your clients into a home with the mortgage that best suits their needs. The underwriting environment has become increasingly tough since the recent meltdown of the housing market, and that’ s making things ever more difficult. It quickly became apparent that this was a topic of great interest to the membership, and we also heard from other mortgage professionals in the audience.
Topics ranged from the ever tightening loan standards, to new loan products, and to the hot hot topic of Short Sales. Judy has provided us with training on how to use the Equator program for dealing with Bank of America Short Sales, and we are presenting that here for our membership (Thanks Judy!)EquatorShortSaleTraining
There were questions and comments and expressions of frustration. Tim Berry revealed a key take-away from all turmoil REALTORS and Mortgage Lenders must deal with to get through a transaction. Change is constant, and the lender landscape is what it is, so you might as well get used to it, and learn how to keep your spirits up in the face of adversity. It was a good reminder. If you were unable to attend, we have made arrangements for you to hear the presentation as a webcast.
Addtitionally, REALTOR Deborah McCarty spoke on behalf of the Green Committee about the importance and cost effectiveness of adequate roof ventilation. It was another terrific presentation from your Shasta Association of REALTORS.

Podcast: Play in new window | Download

On April 28th the general membership meeting of the Shasta Association of REALTORS featured Russell Marsan, Assistant Vice President and National Sale Manger of IPX1031. This Certified Exchange Specialist and self confessed “tax nerd” brought his insightful mixture of humor and insight about using the tax laws to your client’s advantage. Among the topics covered was using a 1031 exchange to purchase vacation property. There was a discussion of estate tax implications for this year and next. And one the most intriguing parts of the talk was Russell’s explanation for investors about how a negative cash flow may not be such a bad thing in real estate investing, despite the popular conceptions to the contrary. His talks are always engaging and light hearted treatments of serious financial issues, and the time invested listening goes by quickly. If you were unable to attend, and many of you were, the board has made arrangements for you to be able to listen to the talk as a webacast below. You will be asked the single most important thing to remember from the presentation, and so you should know it is this: Russell’s phone number 800 406 1031.<a href=”http://shastamls.com/wordpress/wp-content/uploads/2010/05/4-28-101031Guy.jpg”> Another excellent and educational presentation from the Shasta Association of Realtors. Skip Murphy

Podcast: Play in new window | Download

Don D Davis began the General MLs meeting, and led a salute to our many members who are veterans on this fine Veterans Day 2009. Thank you Veterans!

Our featured guest was the always informative Earl Salter of Pacific Financial Exchange Corporation. As an Enrolled Agent, he is qualified to represent clients before the IRS, and thus is well informed on the latest changes to complex tax laws.

Hi talk today concerned two subjects: the extension and expansion of the Homebuyer Tax Credit, and the Tax Implications  of doing a Short Sale or Foreclosure. The extended tax credit talk raised many questions from members. It seems that in real life, individual circumstances are seldom as straightforward as this tax law assumes. What about divorce? What if one person in a marriage is first time buyer and ther other isn’t? What if they want to keep their existing house and buy another one? All these questions and more were adressed. If you were unable to make it to this informative meeting we have arranged to have this available to you as Podacst #20 on the Shasta Association of REALTORS Podcast Page.

Earl says that if he gets 10 calls a day, 7 of them will be about Short Sale, Foreclosures, and Reposessions, which are all viewed the same by the IRS. As he says, “This is not and H&R Block type tax question.” Your clients will need the advice of a full time expert to avoid making a costly tax mistake. How does the Tax Credit deadline apply to Short Sales, in terms of the timing? Based on the contract with the seller, or with the acceptance of the lender, hmm? How does a loan modification affect tax liability? Earl also points out that the IRS is really coming after real estate agents with audits this year, and expects that trend to expand. If you were unable to make it to this informative meeting we have arranged to have this available to you as Podacst #21 on the Shasta Association of REALTORS Podcast Page. In these complex discussions, you will have questions. You can’t ask questions of a Podcast, so our meetings provide you with the opportunity to add your voice to the discussion to the benefit of all. Your attendance is encouraged. Skip Murphy

Podcast: Play in new window | Download