Million Dollar Challenge $8000 Tax Credit

WARNING….. A CHALLENGE, KNOWLEDGE, FUN AND PRIZES BELOW…….. I Challenge YOU To Read…. A Million Dollar Challenge!

Have a blessed week….. We are here for you… call us at 972-278-3400 or email us at ldavidson@servicefirstmtg.com. Linda


An Important Read……. A Million Dollar Challenge!
In today’s difficult real estate and mortgage lending world I think it’s key to understand that partnerships are critical. I have great working partnerships with a fantastic group of realtors and I think it’s really important to know and trust the person you’re working with. That goes both ways.

In the years past, if the buyer had a pulse, very likely there was a loan out there for them. It became much less important for us to work with key players and partners on our team. I think today more than ever is not the time to be handing out three business cards and telling buyers to check out a bunch of lenders. I really think you need one go-to lender- and I hope that it is us! I think it’s important that the lender you choose to work with has demonstrated a level of professionalism and trust with you. It is also important for your buyers’ benefit that they have a wide array of lending products available, that they’re experts at underwriting, especially FHA loans, which can be a little more time-consuming, experts with credit repair and I think it’s key to be local and accountable. You want to have access to and a personal relationship with the lender you have partnered with. I think that’s key and my most enjoyable moments with clients and working with real estate agents are from those key partnerships we’ve built over the years.

So here is how we are going to do it and the tools to get it done…….

Over the next 140 days, I have a challenge…. And it is A Million Dollar Challenge. I have a challenge to work in partnership with you to put 125 First Time Home Buyers in a home of their own. Where does the $1,000,000 come from? Taking the $8000 Tax Credit and multiplying it by 125 Families equals One Million Dollars!


First Things to Know
So, who is the typical first-time home buyer today? Over the last several years, this person has changed from what we thought was typical. They are younger and making more money than they were in the past few years.

This individual is someone who has just entered his or her 30’s, has a household income of just over $60,000, typically has funds for a down payment of roughly 4% and is ready to buy.

More importantly, they represent over 50% of all home buyers today both in recent sales -- and are projected to buy throughout the rest of the year. In fact, first-time home buyers represent over 53% of all people expecting to purchase a home in the second half of this year.

The clock is ticking on both low rates and the availability of tax credits for first-time home buyers. The first date to remember is November 30. For any first time home buyer who wants to take advantage of this incentive, he or she must close before December. As we progress, you will want to make sure you have all contracts written by no later than the end of October.

The second date to remember is December 31. Unless the Fed decides to alter its current plan for buying mortgage-backed securities and bonds, it is very easy to predict that rates will rise. To what extent is unknown, of course, but it is conceivable that rates could return to the mid 6% - and even 7% would not be out of the question. As we already addressed, increasing interest rates can have more of an impact to affordability than hoping that prices will decline even further.

Bottom line, the time to act is NOW, NOT LATER. For all of us, today could seem like the “the good old days” as we progress into 2010 and beyond!

In order to completely unlock the value that lies before you, we need to embrace first-time home buyers with a vengeance. This market is ripe for the taking and one tremendous benefit with this segment is that all of these people have friends that are in the same position. Referral opportunities are tremendous here.

The second thing that you want to do is partner with a professional such as The Davidson Group. When I say partner with a professional, it needs to be someone who is well-versed not only in programs that appeal to the first time home buyers but also has the tools and knowledge at his or her disposal to build confidence in the client to stay the course. We must assist with structuring loan programs that will not only get them in the home but do so at a competitive rate and costs. Our knowledge and expertise (did you know that every person on The Davidson Group has their FHA underwriting certification?).

Now that we have the first two components in place, we need to get the word out to the community to make them aware that we are their resource to get it done. Seminars, proper use of ads, websites and listings all will be essential to accomplish this.

If we do all of this and act quickly, all of us will benefit from increased sales and more closings.

Everyone wins here. When we reach our goal, we will help 125 families achieve the dream of home ownership. As a nice little bonus, since we do work for money, we will also generate potentially $1. 5 Million in commissions assuming an average sales price of $200,000 on both sides.

The community we live in benefits with increased sales helping to stabilize values, sellers benefit by moving property, and buyers become happy neighbors.

Finally, keep in mind that, if we need to, we can also negotiate for concessions on the selling price to help buyers even more. Everyone wins!

One thing we do need to do in order to accomplish this is to help consumers know about the importance of buying now. There is an education component here that we need to address. One thing that we all know about that a sizable portion of the general public does not, is that the $8,000 tax credit is available and how it works. We need to drive this point home. $8,000 is a lot of money, and there is one thing I think you should be aware of. If I were to ask you, of buyers who are eligible for the credit, what percentage would you say is aware of this free money?

100%?
90%?
75%?


Only about 50% of all eligible buyers are aware that this credit exists! If they do not know it exists, they certainly do not know of its pending deadline. Less than 20% of the first time home buyers planning on buying a home were aware of it and planned to utilize it. Put another way, and this is what excites me about this opportunity, over 80% were not aware of the credit or planned to use it to buy a house - 80%! This is who we need to appeal to, to inform and educate and engage! And, this is where we will make our money.
T
hey say the difference between a dream and a goal is a deadline. Well, we have one. It’s not self-imposed, and it is very real. November 30, 2009. The clock is ticking and it is time to move!


So…. Let’s Get Started!!!!!!!!!!!!!!


First- Getting The “Know-How”

I have designed a three- hour “boot camp” for our realtor partners. For your convenience, we are offering this class at two different dates/ times:

Ø Tuesday 7/21 from 1-4 PM (RSVP Needed 972-278-3400 or ldavidson@servicefirstmtg.com)

Ø Wednesday 7/29 from 9 AM- 12 noon (RSVP Needed 972-278-3400 or ldavidson@servicefirstmtg.com)


In this fast-pace, “everything you need to know boot camp” we will cover:

Hour One- The Top 10 Things You Need To Know About 1) Foreclosures 2) HUD Homes 3) Short Sales

Hour Two- The Top 10 Things You Need To Know About 1) Databasing 2) Time Management 3) Credit Optimization

Hour Three- The Top 10 Things You Need To Know About 1) FHA 2) USDA 3) VA

PLUS…. The Top 10 Ideas to Market On A Budget
PLUS… Marketing materials that you can immediately implement!


Second- FTHB Classes For Your Buyers!
We will be offering FTHB classes in the month of August (with a “back to school theme”) that you can bring your clients (and come with them) so that they are educated on the process. Stay tune for dates (they will be in the evening and weekends)


Third- Marketing Material
We will be providing for you each week specific marketing tips and offers of marketing materials market update so be sure you are reading each one!

We will also be offering some fun “prizes”….. so the first one (just to see who is reading this)….IS…… the first two people who email me at ldavidson@servicefirstmtg.com with the word “I Love This Challenge!”, I will send 100 First Class Stamps to use for your marketing of the $8000 Tax Credit!

Stay Tune for More Fun and Prizes.


Be sure to RSVP for the Knowledge Boot Camp ……. And let’s take on the Million Dollar Challenge Together!

Have a blessed week….. We are here for you… call us at 972-278-3400 or email us at ldavidson@servicefirstmtg.com. Linda


Linda Davidson, Senior Loan Officer, Certified FHA Underwriter
Service First Mortgage
972-278-3400 office
972-497-6452 fax
1-866-963-3777 Toll Free
http://www.davidsongroup.net/

The Davidson Group
Ranking 7th Nationally in FHA/VA Units Closed!
Ranking 17th Team in the Nation in Total Purchase Units Closed!
Ranking #45th Team in the Industry for Total Units!
Voted #1 Area Mortgage Team For The Past 12 Years
We ARE The Mortgage Experts!

****Thanks to the American Recovery and Reinvestment Act signed into law on February 17th, FIRST TIME HOME BUYERS are now eligible for a tax credit up to $8000 if they buy a home between January 1st, 2009 and December 1st, 2009. This is an exciting opportunity. Don't miss a chance to buy a house and get cash back! Referrals are always welcomed and considered the greatest compliment.****

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