Back when her life ran smack into the foreclosure crisis, Stephanie Alison Walker started blogging. It didn’t stop offers from evaporating or credit scores from plummeting. It didn’t keep her and her husband out of bankruptcy court. But it did turn out to be a great little love story. 
Walker strung together her blog entries and created a book called Love in the Time of Foreclosure. You ride with her and her husband, Bob, down the rocky path that millions have traveled since the start of the housing crisis. Originally they had put 20% down on a 30-year, fixed-interest loan, with the income to back it up. Then, Bob lost his job and their dream house wasn’t too far behind.
Here at the Book Scan blog, we’ve covered the real estate + romance novel mashup. But Walker’s story isn’t about poofy blouses or forbidden trysts. This memoir is about how to keep a marriage together and romance alive under one of the most stressful situations a couple can go through together. And this isn’t about the perfect couple that can handle any of life’s problems, either. Stephanie and Bob have almost broken up before. What’s to say the end of homeownership might not also be the end of their union? Continue reading »
By Erica Christoffer, Multimedia Web Producer, REALTOR® Magazine
The only way you’ll be winning the real estate game is if your clients are. Industry veteran Richard Steinhoff wants to help you help them. With more than 30 years under his belt, Steinhoff drew from his plethora of client-centric experiences to write his new book, Turning Myths into Money: An Insider’s Guide to Winning the Real Estate Game. He’s blowing open misconceptions and busting myths that may be tripping-up your clients’ real estate process.
Q&A with Richard Steinhoff:
How did you get your start in real estate?
Steinhoff: I had a friend who just got their real estate license and they needed some help getting a house sold. I already had a college education and I decided to get my broker license. We opened our own office and that’s how I got started. My specialty was in commercial, but our office dealt with both residential and commercial real estate and we grew to have about 40 agents.
I’ve wanted to write a book for years and my daughter always encouraged me. When the market took a turn and I started to see all this bad information out there, it became apparent that this was the right time to write a book that helps people by giving them good advice from someone inside the real estate industry.
You include 90 real estate myths in your book. Which ones, in your opinion, are the most important to understand?
Steinhoff: I originally write more than 100 myths, but we cut them down to 90. There’s a whole section on how to find a good agent. Also, the section on short sales and foreclosures are must-reads for people.
What do you cover in the short sale section of your book? Continue reading »
By Erica Christoffer, Multimedia Web Producer, REALTOR® Magazine
Tax code is complex and often difficult to understand, including when it comes to the sale of a home. Help your sellers understand the rules and ways in which they can save money with Julian Block’s new book, Home Seller’s Guide to Tax Savings.
A nationally recognized tax attorney, Block outlines clear and easy-to-understand methods to lower one’s taxes. Specifically, Block’s book offers advice for home owners who profit more than $500,000 on a sale for married couples and $250,000 for single sellers (or couples who file separately). Those who profit below these respective amounts at closing are exempt, as they qualify for tax exclusion.
What was your main goal in writing this book and how can it serve as a resource for REALTORS®?
Block: My perception is there is a need for this type of book. It’s a way for the REALTOR® to reach out to their clients and provide them with a resource that clearly outlines tactics to reduce the amount of taxes owed following the sale of a home.
Maybe your client is operating a business out of a home. Maybe they’re going through a divorce. Or maybe they’re a widow or widower who is selling a home. Or they live in a vacation home-turned permanent residence. It’s all covered in the book. People can also make deductions to reduce their taxable profit if they’ve kept track of the improvements they’ve made to their home. More than 150 items qualify.
This book is really a way for the REALTOR® to point out this information to the client – including the fact that whatever commission the REALTOR® is receiving is tax deductible by the client. All of this will help the seller build up the cost and reduce the taxable profit.
How should real estate professionals respond when they get questions about taxes? Continue reading »
Some properties are being advertised as a short sale when they really aren’t in an attempt to lure bargain-hunter buyers. A new book,Foreclosures, Short Sales, REOs, and Auctions: Tools for Success in Today’s Real Estate Market, published by Dearborn, provides guidelines for using the term correctly. Here’s an exclusive excerpt:
There are a number of licensees who are attempting to attract buyers by using the term short sale in marketing property. It is very similar to the furniture stores that are constantly advertising that they are going out of business to draw purchasers. The fact that a home has lost value or that the loan has increased in amount and is now more than the value of the property does not automatically make the transaction a short sale.
It’s important that a licensee conduct a thorough analysis, not only of the property value and loans but of the prospective seller’s financial condition as well. As was indicated, according to some licensees who are experts in the field, only a small percentage of short sales are approved by lenders.
What is to be gained by these licensees who advertise properties as short sales when they really aren’t? The answer is attracting more buyers, of course.
Some licensees are describing properties as preforeclosure listing or short sale and use the terms synonymously. Appropriately, a preforeclosure sale of property would involve one where the owner is in default. The property may or may not be worth less than the loan amount. Continue reading »
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