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| Mortgage Fraud |
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Here’s a quick test: Do you know what any of these terms mean?
- straw buyer
- nominee loans
- silent second
- marketing fees
- property flip
- chunking
You will want to become familiar with these terms because they are often used in connection with what is known as mortgage fraud.
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| Don’t Get Caught Up in Mortgage Fraud (MLS Changes Aimed at Reducing Agents Exposure to Fraud) |
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According to the FBI’s most recent Financial Crimes Report to the Public, the FBI investigated and convicted more Mortgage Fraud criminals in 2006 than any previous year with $388.9 million in restitutions, $1.4 million in recoveries, and $231 million in fines.
With enforcement up, some agents caught in the dragnet were on the fringe of the illegal activity and had no idea what was coming or that they were even involved in fraud. Current law does not require a participant in fraud to be aware that they are actually engaging in illegal activity so it is important for agents to be aware of the signs of potential fraud and be wary of suspicious transactions.
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| Mortgage and Real Estate Fraud |
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Mortgage and Real Estate Fraud is no doubt out of control and is a blight on our industry. Fraud has been described as the White Collar Epidemic of the Real Estate and Mortgage Industry. Mortgage Lenders have always been aware of fraud, but the criminals have taken it to an incredible new level. According to recent statistics from the FBI, residential real estate loan fraud is costing communities nationwide an estimated $1 billion in 2005, compared to $429 million in 2004. Those numbers will be small in comparison to what it will cost our society in 2006 and 2007. According to the Federal Financial Institutions Examination Council, 10 percent of all mortgage loan applications in the $3 trillion annual U.S. residential real estate market involve some material misrepresentation, and no doubt since those statistics were published the percentage is probably much higher.
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| Houston Market Continues to Defy National Gravity as Single-Family Home Sales Drop While Prices Continue to Rise |
Market Maintains Healthy Status Despite First Decline in Three Years
Single-family home sales for March were down compared to the same month last year for the first time since 2004 in the Houston real estate market, but it was still the second highest number of sales ever recorded for the month of March and a 23.3 percent increase from last month. The fact that this March did not result in the total number of sales generated in March 2006 did not prevent a simultaneous increase in sales prices. The Houston area real estate market continued to outpace most of the nation and experience growth, although the rate of increase slowed from recent years, according to statistics released by the Houston Association of Realtors®.
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| LeadCall Upgrade: Immediate Response to Leads from HAR.com |
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According to The 2005 National Association of Realtors® Profile of Home Buyers and Sellers, 93 percent of buyers considered responsiveness a very important quality that they looked for in a real estate agent. To help our members meet this need, we created the LeadCall system, a lead notification system that sends alerts to listing agents of leads generated on HAR.com via the telephone. By instantly notifying the listing agent of the lead by telephone, we prevent our members from having to wait to view their leads until they check their e-mail, hence allowing them to respond to the consumer as quickly as possible.
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| Celebrating 50 Years in Real Estate! |
2007 HAR Chairman Rob Cook, James Jax, Henry Gavens, Donald Ollenburger, Carl Taylor, Wayne Thorburn, and HAR President & CEO Bob Hale.
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It is a rare occasion that we honor HAR members who have been continuously licensed by the Texas Real Estate Commission for 50 years or more. But at HAR’s April 16th Board of Directors meeting we paid a special tribute to HAR members Henry Gavens, James Jax, Thomas Mabray, Donald Ollenburger and Carl Taylor for their decades of service in the real estate industry. The awards were presented by Wayne Thorburn of the Texas Real Estate Commission.
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| Leslie Louis Appelt |
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Leslie Louis Appelt, passed away peacefully at his home in Bastrop, Texas, Sunday, April 22. He served as HAR President in 1966. Mr. Appelt was a highly respected leader in the commercial real estate industry on both a local and national level for many decades.
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| 2007 TREPAC INVESTORS |
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**All Investments as of April 9, 2007.**
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| And The Survey Says... |
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HAR released the 2005 HAR Survey of Home Sellers & Buyers last year to great acclaim, and each month we are highlighting one of its findings.
Networking is one of the best ways to generate new clients for your business. Going to various organizational meetings or events allows you more exposure with people who have a particular interest. It doesn’t have to be anything related to real estate, but if you share the interest with the other people at the event and you mention you are a Realtor®, then you are more likely to receive the call when that person you met decides now is the time to buy or sell a home.
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| Look What HAR Members Are Saying About Quality Service Certification… |
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76% of sellers who participated in the "2005 HAR Survey of Home Sellers & Buyers” indicated they would benefit from accessing Realtor® ratings by previous customers.
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| New Member of HAR Wins Survey Drawing!! |
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We asked about you and 7,420 of you answered! The HAR Member survey beat all expectations with a 30% response rate and as surveys go, this is extremely high.
This first online member survey included a drawing for participants to win a $500 American Express Gift Card. Rita M. Hejl of Coldwell Banker United Realtors® office in The Woodlands is the winner.
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| The Furniture Bank: One HAR Member’s Unforgettable Experience |
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Tim Surratt.
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After our story about The Furniture Bank in the April issue of the Houston Realtor®, we received a request from a member who wanted to share his story about dealing with The Furniture Bank and how it has made a personal difference in his life.
Tim Surratt, a top producer with Greenwood King Properties, knows first-hand how valuable The Furniture Bank can be.
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| Casino Royale ’07 – TREPAC James Bond Style |
John Marr, Laura La Castro and Kristen Holland with Startex Title smile for the camera as they enjoy the casino atmosphere. Startex Title was one of many generous sponsors for the 2007 Casino Royale event.
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2007 was the foundation year for this in-town event, and it was a tremendous success benefiting our political voice. Casino Royale on Friday, March 23 was a great opportunity to meet more people involved with HAR, foster positive relationships for the future, and have a great time!
Special thanks to our Host Committee for lending their names and support to increase awareness of TREPAC. Host Committee members include: Amy Bernstein, John A. Daugherty, Jr., Karen Derr, Marilyn Eiland, Julie Greenwood, Linda King, Dovie Morgan, Robin Mueck, Madeline O’Brien, Edith Personette, Carol Peyton, George Stephens, Martha Turner, Beth Wolff, Mark Woodroof and Lynn Zarr.
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| HAR Realtors® Prepare for the Annual National Association of Realtors® Mid-Year Congressional visits in Washington, D.C. |
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Federal Political Contact Team Members (left to right): Jill Bagley, Sandy MacNaughton, HAR's Dana Kaufman, Mary Starr, Debi Trahan, Carolyn Matthews, Rob Cook, NAR's John Ferruggiaro, Vicki Fullerton, Carlos Garcia, Cameron Hill, Barbara Stubblefield, John Nichols, Sabrina Miller, Chaille Ralph, Delora Wilkinson, George Stephens, NAR's Michael Rendina, Larry Littlejohn, Ray Holtzapple, and Ed Gonzales.
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In preparation for the National Association of Realtors® annual Mid-Year Congressional visits in Washington, D.C., many of HAR’s Federal Political Contact Team Members, as well as Political and Governmental Affairs Advisory Group Members had the opportunity to participate in a federal legislative update with John Ferruggiaro, Managing Director of Political Field Operations, and Michael Rendina, Political Field Representative, from the National Association of Realtors®.
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| Houston Realtors® Make a Difference in Austin! |
State Representative Kevin Bailey (center-left) met with Daniel Goon, Team Leader Minnette Boesel, John Farrell, Jeff Kuchar, and Richard Ortiz. Representative Bailey chairs the Urban Affairs Committee and serves on the Business & Industry and General Investigating & Ethics Committees.
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On Tuesday, March 27, HAR members were well represented by approximately 75 of their fellow Realtor® and affiliate members at the State Capitol for the biennial Realtor® Lobby Day in Austin. Leading the HAR citizen lobby team were HAR Chairman Rob Cook, Vice Chairs Vicki Fullerton and Margie Dorrance, and Immediate Past Chair Lorraine Abercrombie. Directors participating in the legislative visits included John Nugent, Billy Hartman, Mario Arriaga, Judi Barr, Kenneth Li, and Patrick Luby. Playing important roles in political fundraising and Lobby Day were TREPAC Trustees, HAR Director Chaille Ralph, Rochelle Barrow, Billy Burt, Ray Walker, Becky Hill, and Ed Wolff. Ray Holtzapple, 2007 Political Affairs Advisory Group Chairman, also led contact teams during the legislative visits.
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| Richard Celli, Housing & Community Development Director, HAR’s Special Guest at Board Meeting |
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New City of Houston Housing and Community Development Department Director, Richard Celli, was HAR’s special guest at the March 19 Board of Directors meeting. HAR and the City of Houston have partnered to educate Realtors® on the City of Houston’s downpayment assistance programs. Realtor® education workshops were held in February, March, and April. A class will be offered on May 17, so watch your e-mail for notification. Reservations will be made on HAR.com. Classes will be offered in the summer on an as-needed basis. Incoming HAR Chairman Michael Levitin and former HAR Chairman Shad Bogany co-chair the Affordable Housing Task Force. HAR Vice Chair Margie Dorrance is also a valuable task force member.
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| Understanding Today’s Consumer: The Expanding Dividends of Community Service and Environmental Awareness |
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During the past few years the sales associates and brokers of the North American real estate industry have been working hard to understand and deliver on the demands and expectations of the recently arrived Generation "X” consumer. Currently between 30 and 44 years of age the "X’er” buyer and seller has challenged the industry by presenting an Internet empowered consumer agenda that has required real estate professionals to rethink their current approach to marketing, communications and negotiation.
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| International Factoids Spotlight: The Netherlands |
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Each month the HAR International Council spotlights a different country or region that currently purchases a large volume of real estate in the United States. This information is meant to assist you in your international real estate transactions.
This month, we discuss the Kingdom of the Netherlands and it’s culture:
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| People don’t fail. Oh, wait. Yes they do. |
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Ever hear the old saying, "Failure is an event, not a person.” That statement is half right. Failure is an event AND a person.
The bigger statements are: Failure is avoidable. Failure is a lesson -- a hard one.
No one celebrates failure – unless you’re from Philly and you just beat Dallas. No one goes into an event, a business, or a sales call expecting to fail, or wanting to fail. Yet failure occurs time after time.
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| Repurpose and Sell |
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Repurpose. A very straightforward word that simply means giving something a new purpose or use. According to Miriam Webster, the word itself has only been around since 1984. Certainly, the term has been put to good use since its inception.
In the world of real estate, the act of repurposing has gained momentum as people are becoming more mobile and changing homes more frequently. To a homeowner, for instance, it’s common practice to change the use of an old piece of furniture when buying a new home. Changing the use of something familiar feels almost like having a new piece of furniture. But more and more, it’s becoming a popular tool when selling a home. Repurposing gives everything a fresh perspective.
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| The Greater Northwest Welcomes Spring at Its TREPAC Basket Auction |
On March 14, the Greater Northwest Area Networking Committee hosted its annual Spring Basket Auction benefiting TREPAC. From left to right are HAR TREPAC Trustee Becky Hill who gave a TREPAC update that morning, GNW Programs Coordinator Carolyn Rogers, Chris Sears, HAR and TAR Past President John Nichols who was the morning’s auctioneer, HAR Director Sharon Teusink and GNW Chair Peggy Rudolph.
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On March 14, the Greater Northwest Area Networking Committee held its annual TREPAC basket auction at its March breakfast. John Nichols, Past President of HAR and TAR, was a gracious auctioneer and the event raised more than $7,000 for TREPAC 2007. Special thanks to Peggy Rudolph, Carolyn Rogers, Sharon Teusink and Greater Northwest Area TREPAC Coordinator Deborah Spangler for all their hard work on this event.
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| Sales Meetings |
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Most of us who have to conduct or attend sales meetings appreciate a professional forum.
So, what do we do first when we are in charge of the meeting? A few of the items below can keep your meeting flowing successful.
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| Realtors® Throw a Strike For TREPAC |
On August 24, HAR Greater Northwest hosted their seventh annual TREPAC Bowl-a-thon. The AMF Willow Lanes bowling alley was spilling over with 32 teams of Realtors® and others stopping by for an afternoon of fun
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