Last October, we set goals for 2012 which included an aggressive goal of a 25% increase in income. With January on the books, you are B-L-O-W-I-N-G those goals out of the water. We set a goal for listing sales of $43,351. You sold $92,341.
For buyer side transactions we set a goal of $97,945. You sold $145,537.
We were anticipating total income of $141,296. We ended January with $242,189!
Meanwhile, we continue to hold expenses steady. We were actually under budget by $309. :) I also want to thank all of the Agents that used Clear Title and Waterstone Mortgage this past month. Not only did we have several transactions "revived" by our great partners, they contributed to profitability with $9,481. -- Jessica Fox
MORTGAGE HOT TOPICS TIDBITS YOU MAY HAVE MISSED:
Make sure you review, download and save the forms that Kathy Jasper and Mark Wimmer are emailing today.
They include the "Purchase Checklist" and "Loan Requirements Comparison". Both will make your life much easier!
During our lunch and learn today, Kathy and Mark taught us...
1.) The different options buyers have with MI (mortgage insurance) and benefits that may come with an upfront mortgage insurance premium
2.) The trends they are seeing with first time buyers debt to income ratios being affected by school loans
3.) The new appraisal scores that are coming out. Conditions are rated 1 - 6. If a home gets a 5 or 6 remediation will need to occur before closing! This includes items such as torn carpet, missing trim, etc. Could be deal killers for many of our listings so see Mark or Kathy for financing opinions.
4.) Moving forward there will be a trend requiring that the Borrowers funds are wired vs. paid with a cashiers check.
5.) Tax return money used for a down payment must be a verified deposit which takes 3 - 4 days after it is deposited.
6.) When a Buyer deposits their down payment funds, make sure the actual deposit is NOT commingled with any other money.
7.) All deposits will need to be verified, that are not 60 days old (seasoned). These deposits should not be commingled to make this process easier.
8.) When turning in the contracts, make sure you provide Kathy and Mark contracts with both Buyer and Seller signature. You will also need to include ALL counters.
9.) REO purchases... as soon as you know title company and settlement agent, let your lender know ASAP! Title needs to be ordered right away and there are several mistakes being made due to out of state companies not following our local customs.
10.) Seller credit typically is 3% or around $3500. Start with this in the offer. If you add it later or adjust price this will be a red flag. A standard calculation that is safe to assume is $2,000 in closing cost plus 3 months of taxes.
11.) Coming out in March is a fantastic program that Mark and Kathy will be able to bring to anyone in your database that would like to refi but owe more than their home will appraise for. It's called HARP2. They will send you more info about this. However, if you know of anyone that would benefit with a refi, call Mark (217-1171) or Kathy (445-8275) today.
12.) WOW ARE THERE A TON OF CHANGES AND NUANCES WITH LENDING! The best thing that you can do is to connect your buyers with our Waterstone Mortgage Crew so they can share with your Buyer all their options.
HOW TO PRICE YOUR HOME BY SHAWN KRIEWALDT
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