Mailbox Seller Contributions
Buyers Getting Younger
At 39 years old, the typical homebuyer is two years younger than in 2006, earns $74,000 and purchases a home costing $215,000.
Source: 2007 National Association of REALTORS (NAR) Profile of Home Buyers and Sellers
In response to the Legal Hotline question-and- answer section entitled “Mortgage Practices” [see November 2007 issue, page 20], I sympathize with the listing agent only if he or she is a rookie. All sales associates must understand that our job has many facets, and we need to have a good working knowledge of contracts, the loan process, the inspection process, the title process, the closing process and any red flags that arise from contract to closing. One such red flag is a seller contribution. Banks [usually] will allow seller contributions with very specific criteria. Experienced sales associates who are representing the seller should ensure that the buyer’s lender will allow a seller contribution.
[My office has] created a four-page listing-to-closing checklist with every potential issue that we’ve encountered so it never becomes a problem for future clients. Madeleine Romanello Arcadia Real Estate
Miami Let’s Protect the Consumer
Realtors® must support any bill that proposes to protect the consumer.
We need to stop all prepayment penalties and have all lenders and brokers disclose upfront, and at least three days before closing, their loan-origination fees, including yield spread premiums.
I recently saw a closing statement where the borrower was charged $12,000 in loan-origination fees on a $200,000 simple refinance that I know I could’ve processed in less than three hours of work. I know this because I used to be a mortgage broker. Jorge (George) Vila Coldwell Banker
Maitland Tax Properties, Not People
It’s time to level the playing field so that all homeowners, property investors and businesses can thrive on a stable economy. There are numerous models across the country. We do not have to reinvent the wheel. Property tax is about taxing property, not people. Rosanna Pirri Coldwell Banker
Delray Beach Praise for President Riley
We all need to applaud 2007 FAR President Nancy Riley’s steadfast efforts in striving to find common, sensible ground to reduce property taxes in a fair, equitable manner. Michael W. Davis Davis Suncoast Realty
Indian Rocks Beach Keep Up the Good Work
I’d like to add my endorsement to Nydia Norman’s letter, “It’s All About Attitude,” in the February issue of Florida Realtor magazine. A better letter could not have been written. I should have written that to you years ago. I use Florida Realtor magazine at all my sales meetings. Know the Law, Technology & You and especially the Legal Hotline, are always the best! And the article “Tips for Better Sales Meetings,” on page 29, is great. Even after 34 years as a broker, I still learn from you. Bob Hatton Prudential Bob HATTON Realty
Tampa Submit letters to “Editor” via e-mail to FLRealtor@far.org, mail to P.O. Box 725025, Orlando FL 32872-5025, or fax to (407) 438-1411.
Letters are edited for space and clarity. Publication of a letter does not constitute an endorsement of the writer’s views by the Florida Association of Realtors®.