I know everyone has been told repeatedly, but today (September 28) is the deadline for exchanging and returning the grey lockboxes.
Each office has a list of the lockboxes on their listings and based on that list we collected the new blue lockboxes. SABOR has a strict deadline for the return of all the grey lockboxes. Anything not returned will be charged to me at $75 plus tax.
All lockboxes not received in our office by close of business today must be charged to the agents who have not returned the boxes because if they are not returned, they are charged to my credit card.
Wednesday, September 28, 2011
Wednesday, September 14, 2011
All Sellers Disclosures Must be Updated
On September 1st, the a new sellers disclosure went into effect. After a call into the TAR legal hotline, the word is that unless you were under contract prior to September 1st, all listed properties should have the revised sellers disclosure. Here is a report from TAR.
Explanation of Sept. 1, 2011, changes to TAR Seller’s
Disclosure Notice (form 1406)
Through various pieces of legislation, the Texas Legislature made three changes to the
required Seller’s Disclosure Notice. Here are the three additional questions sellers must
answer:
• Whether the property receives liquid propane gas and whether that LP gas is
community (captive) or on property
• Whether the property has a single blockable main drain in pool/hot tub/spa. This
notice must also include a statement that a single blockable main drain may cause
a suction entrapment for an individual
• Whether the property has any rainwater harvesting system connected to the
property’s public water supply that is able to be used for indoor potable purposes
Use of the revised form is mandatory as of Sept. 1, 2011.
Sellers must begin giving the updated notice to buyers Sept. 1; however, you should immediately use the revised notice to avoid having to obtain an updated notice from the seller if the listing does not go under contract before Sept. 1. The updated form is available on TexasRealtors.com and through zipForm.
Explanation of Sept. 1, 2011, changes to TAR Seller’s
Disclosure Notice (form 1406)
Through various pieces of legislation, the Texas Legislature made three changes to the
required Seller’s Disclosure Notice. Here are the three additional questions sellers must
answer:
• Whether the property receives liquid propane gas and whether that LP gas is
community (captive) or on property
• Whether the property has a single blockable main drain in pool/hot tub/spa. This
notice must also include a statement that a single blockable main drain may cause
a suction entrapment for an individual
• Whether the property has any rainwater harvesting system connected to the
property’s public water supply that is able to be used for indoor potable purposes
Use of the revised form is mandatory as of Sept. 1, 2011.
Sellers must begin giving the updated notice to buyers Sept. 1; however, you should immediately use the revised notice to avoid having to obtain an updated notice from the seller if the listing does not go under contract before Sept. 1. The updated form is available on TexasRealtors.com and through zipForm.
Wednesday, July 13, 2011
False Reports on 3.8 Real Estate Transfer Tax
There are incorrect stories being circulated about a real estate transfer tax or sales tax that came about with the new health care law.
The fact is that on certain high income individuals with net investment income an additional 3.8% tax on the net investment income that exceeds $250,000 of adjusted gross income to the extent there may be net investment income.
Since the gain on the sale of a home for a married couple must exceed $500,000 before any becomes "net investment income" and is taxable - only to the extent that the gain on the sale of a home exceeds the $500,000 and pushes your family adjusted gross income over $250,000 would the tax be imposed.
For single individuals, the income level is $200,000 and the gain on the sale of a home non-taxable limit is $250,000.
If you did have a taxable gain on the sale of a home it would be a capital gain and taxed at substantially lower rate than earned income anyway.
As you can see, the rumors about a transfer tax which, which most people look at as a sales tax are incorrect. A correct example of a transfer tax would be if you sold your car. In that case, the entire proceeds on the sale of a car are subject to a sales tax - not just the profits.
Here is an example of the law as I understand it. Assume a couple makes $200,000 a year of adjusted gross income which includes $20,000 of dividends, interest, and net capital gains. However, they sell their home for a million dollars. They bought the home for $300,000 twenty years earlier and spent $50,000 on putting in a new pool and spent $20,000 for a new roof and another $20,000 for a new A/C system and other landscaping and capital repairs. So their basis in the home is $390,000. When they sold their home they paid $60,000 commission and another $20,000 of closing costs. So, their net proceeds from the sale was ($1,000,000 minus $60,000 minus $20,000) $920,000. Consequently their gain on the sale is ($920,000 minus $380,000)$530,000. Since their gain is $30,000 more than the tax free $500,000 gain for the sale of their home - that amount would be added into net investment income.
In our couples case, their adjusted gross commission income was $200,000 and if you add in the $30,000 of net investment income from the home sale - they still do not exceed the $250,000 threshold over which net investment income becomes taxable at 3.8percent. So,there would be no tax.
A true transfer tax is a sales tax. Gain has nothing to do with it. This is not a transfer tax.
The fact is that on certain high income individuals with net investment income an additional 3.8% tax on the net investment income that exceeds $250,000 of adjusted gross income to the extent there may be net investment income.
Since the gain on the sale of a home for a married couple must exceed $500,000 before any becomes "net investment income" and is taxable - only to the extent that the gain on the sale of a home exceeds the $500,000 and pushes your family adjusted gross income over $250,000 would the tax be imposed.
For single individuals, the income level is $200,000 and the gain on the sale of a home non-taxable limit is $250,000.
If you did have a taxable gain on the sale of a home it would be a capital gain and taxed at substantially lower rate than earned income anyway.
As you can see, the rumors about a transfer tax which, which most people look at as a sales tax are incorrect. A correct example of a transfer tax would be if you sold your car. In that case, the entire proceeds on the sale of a car are subject to a sales tax - not just the profits.
Here is an example of the law as I understand it. Assume a couple makes $200,000 a year of adjusted gross income which includes $20,000 of dividends, interest, and net capital gains. However, they sell their home for a million dollars. They bought the home for $300,000 twenty years earlier and spent $50,000 on putting in a new pool and spent $20,000 for a new roof and another $20,000 for a new A/C system and other landscaping and capital repairs. So their basis in the home is $390,000. When they sold their home they paid $60,000 commission and another $20,000 of closing costs. So, their net proceeds from the sale was ($1,000,000 minus $60,000 minus $20,000) $920,000. Consequently their gain on the sale is ($920,000 minus $380,000)$530,000. Since their gain is $30,000 more than the tax free $500,000 gain for the sale of their home - that amount would be added into net investment income.
In our couples case, their adjusted gross commission income was $200,000 and if you add in the $30,000 of net investment income from the home sale - they still do not exceed the $250,000 threshold over which net investment income becomes taxable at 3.8percent. So,there would be no tax.
A true transfer tax is a sales tax. Gain has nothing to do with it. This is not a transfer tax.
Monday, June 13, 2011
No Excuses - All Things are Possible
When we think of reasons why we can't do something, think of Matt Stutzman, a young man in his late twenties, born with no arms. Matt never let his handicap slow him down, and could do most things as good or better than a person with arms. Matt does everything with his feet, and I mean everything — eat, drive a car, ride a motorcycle. You won’t find a handicap sticker on Matt’s car, nor is his car adapted for a person with no arms. He purposely challenges himself to do any and everything a “normal” person can do.
Matt was into archery in a big way, having placed high and winning several national competitions shooting against people without handicaps.
Are you sitting down? If not, you might want to, ‘cause here’s some really big news. Matt Stutzman has qualified for the National U.S. Olympic team in archery! Not the Special Olympics. The Olympic Team.
Thursday, June 9, 2011
Circlepix 24/7 sign rider - San Antonio office
I am happy to help folks by printing the labels for the sign rider. Before requesting, please make sure that the listing is already in Circlepix. That helps me a lot because I am not having to log in, go to your account, and look up your listings and then find out there is no info there for me to print the label.
Thanks for your help!
Bernie
Thanks for your help!
Bernie
Thursday, June 2, 2011
Wednesday, May 11, 2011
Wednesday, May 4, 2011
Prudential Wins Major Award at BBQ Cook-Off
The crowd roared with the announcement. Prudential Don Johnson won the coveted Showmanship Award at the Canyon Lake Chamber of Commerce Annual Cook-Off. The picture gallery is on our company facebook site.
Tuesday, April 26, 2011
Monday, April 25, 2011
Prudential Barbeque Team Smells Victory
This weekend 4/30/2011 - the Prudential Barbeque Team hosted by our Canyon Lake culinary char-kings and queens are up at Canyon Lake for a big fundraiser. Details to follow. Lots of fun and everyone is welcome.
Free Missions Tickets
Last minute notice. Tuesday April 26th at 11:05 AM the Missions are playing the Frisco Roughriders at Wolfe Stadium (off HWY 90). Imelda Lynch has four free tickets to a suite with a parking pass. You have to buy your own food, but these are $25 tickets and the value of the tickets and parking pass are around $105.
First Come, First Served. Please call Imelda on her cell at 508-3461 if you want them.
First Come, First Served. Please call Imelda on her cell at 508-3461 if you want them.
Lynn Nestor visit scheduled
Good afternoon everyone,
Lynn Nestor with Prudential Real Estate Affiliates will be in town the first week of May on the 5th and 6th. Lynn is meeting with Bernie on Thursday the 5th to go over the results of the Operations Review Questionnaires. Bernie has called for a companywide meeting for Lynn Nestor to speak with all of us on Friday, May 6, 2011. The meeting is scheduled for 10:00 a.m. at Homewood Suites By Hilton located at 125 N. Loop 1604 West (210 497-8200). This is the same location at which we met when Lynn was last here, 2 years ago. Coffee and water will be available during the meeting and then we will be served a luncheon sandwich buffet at the hotel after the meeting. This will be a great opportunity for you at ask Lynn any questions regarding PREA, Profit Planning, Brand Identity or any other questions you may have. We encourage all that can attend to do so.
To ensure a proper amount of materials and food we will need a headcount of those attending by Wednesday, May 4th , 2011.
Thank you,
Admin for Bernie Johnson
Wynn Czarnecki
Office Administrator – San Antonio
Prudential Don Johnson Co. REALTORS®
210 493-1766 Ext. 133
Lynn Nestor with Prudential Real Estate Affiliates will be in town the first week of May on the 5th and 6th. Lynn is meeting with Bernie on Thursday the 5th to go over the results of the Operations Review Questionnaires. Bernie has called for a companywide meeting for Lynn Nestor to speak with all of us on Friday, May 6, 2011. The meeting is scheduled for 10:00 a.m. at Homewood Suites By Hilton located at 125 N. Loop 1604 West (210 497-8200). This is the same location at which we met when Lynn was last here, 2 years ago. Coffee and water will be available during the meeting and then we will be served a luncheon sandwich buffet at the hotel after the meeting. This will be a great opportunity for you at ask Lynn any questions regarding PREA, Profit Planning, Brand Identity or any other questions you may have. We encourage all that can attend to do so.
To ensure a proper amount of materials and food we will need a headcount of those attending by Wednesday, May 4th , 2011.
Thank you,
Admin for Bernie Johnson
Wynn Czarnecki
Office Administrator – San Antonio
Prudential Don Johnson Co. REALTORS®
210 493-1766 Ext. 133
Friday, April 22, 2011
Wells Fargo 203(K) Training/Lunch
Subject: Fw: Wells Fargo 203K Training/Luncheon
Brandon Stellges, from Wells Fargo will be at our office offering training, on April the 28 at 11:00 am. Wells Fargo has a 203k product for properties that will make renovation financing possible. This is great for sellers or buyers who want to sell or purchase a property that is in need of repair. Please RSVP so we will have a head count for lunch. Thank You.
Joe Orozco- Sales Manager, Blanco Office
Brandon Stellges, from Wells Fargo will be at our office offering training, on April the 28 at 11:00 am. Wells Fargo has a 203k product for properties that will make renovation financing possible. This is great for sellers or buyers who want to sell or purchase a property that is in need of repair. Please RSVP so we will have a head count for lunch. Thank You.
Joe Orozco- Sales Manager, Blanco Office
Thursday, April 14, 2011
FHA MIP Change
Effective for all FHA case numbers on or after April 18, 2011 MIP Changes on all FHA Loans:
FHA continues to increase their mortgage insurance requirements. They are keeping their up front fee the same at 1% of the loan amount, which is rolled into the borrowers loan. Effective April 18th, the monthly Mortgage Insurance is going to increase from .90% to 1.15%
This will increase your buyers monthly payments. On just a $200,000 FHA loan, it will increase their monthly payments by more than $40.00 per month or $480.00 per year. If you have someone on the fence, this could be a good tool to help pull the trigger.
Jack Feise
Pilgrim Mortgage
Loan Officer
16635 Huebner Rd.
San Antonio, Texas 78248
Office: 210-499-4200
FAX: 210-499-0989
Cell: 210-380-7916
FHA continues to increase their mortgage insurance requirements. They are keeping their up front fee the same at 1% of the loan amount, which is rolled into the borrowers loan. Effective April 18th, the monthly Mortgage Insurance is going to increase from .90% to 1.15%
This will increase your buyers monthly payments. On just a $200,000 FHA loan, it will increase their monthly payments by more than $40.00 per month or $480.00 per year. If you have someone on the fence, this could be a good tool to help pull the trigger.
Jack Feise
Pilgrim Mortgage
Loan Officer
16635 Huebner Rd.
San Antonio, Texas 78248
Office: 210-499-4200
FAX: 210-499-0989
Cell: 210-380-7916
Tuesday, April 12, 2011
All Office Meeting Friday April 15th
Lynn Nestor with Prudential Real Estate Affiliates will be in town this week. Lynn is meeting with Bernie on Thursday to go over the results of the Operations Review Questionnaires. Bernie has called for a company wide meeting for Lynn Nestor to speak with all of us on Friday, April 15, 2011. The meeting is scheduled for April 15, 2011 at Homewood Suites By Hilton located at 125 N. Loop 1604 West (210 497-8200). This is the same location we met at when Lynn was last here, 2 years ago. Breakfast will be served at 8:30am and the meeting will start at 9:00am and last to 11:00AM. This will be a great opportunity for you at ask Lynn any questions regarding PREA, Profit Planning, Brand Identity or any other questions you may have. We encourage all that can attend to do so.
Monday, March 28, 2011
PREA matching Japan Relief Contributions
Affiliates Can Double Their Contributions for Japan Disaster Relief
Prudential Financial recently announced that The Prudential Foundation is contributing $6.1 million to support disaster-relief efforts in Japan.
Prudential Real Estate Network representatives can contribute to the relief effort, and get their funds matched by The Prudential Foundation, by following the respective procedures linked for U.S. and Canadian affiliates.
For additional information, contact Mary O'Malley, Prudential Local Initiatives, at 973-802-7675.
Prudential Financial recently announced that The Prudential Foundation is contributing $6.1 million to support disaster-relief efforts in Japan.
Prudential Real Estate Network representatives can contribute to the relief effort, and get their funds matched by The Prudential Foundation, by following the respective procedures linked for U.S. and Canadian affiliates.
For additional information, contact Mary O'Malley, Prudential Local Initiatives, at 973-802-7675.
Monday, March 14, 2011
Rio Guadalupe Condos Open House
Bring a non-Prudential Realtor for a special door prize. One entry for each non-Prudential Realtor you bring. Yeahhhhh!
Tuesday, March 8, 2011
Media Center - Now Free!!!
Prudential announced at the convention in San Diego that they were making the Media Center free of charge. This is awesome news. Although the cost was only $10 a month - making it free allows us to us the Center as a uniform distribution point of marketing materials.
Thursday, February 17, 2011
Lisa O Sullivan & Kirk Riedel manning our booth.
Congratulations and thanks to Lisa and Kirk for mannning Prudential's booth at the Winter Texan Reception.
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