San Antonio's Rockstar Turned Realtor®: NAR, You Silly Old Goat...Why Would You Let This Be Emailed To Every Realtor® After Yesterday?

NAR, You Silly Old Goat...Why Would You Let This Be Emailed To Every Realtor® After Yesterday?

Screenshot from May 15 NAR (Realtor.org) email referencing the $8,000 Tax Credit Being Used For A Downpayment

photo courtest of NAR and my inbox

I feel like I'm treading water with cement shoes.

After the fiasco that was Donovan's announcement at NAR Midyear in Washington, D.C. that FHA would now allow consumers to use the $8,000 First Time Home Buyer Tax Credit, comes this email in my inbox.  For those of you that have no idea what this is all about, I recommend you read Jeff Belonger's post "Using First-Time Homebuyer Tax Credits for the Downpayment - It's GONE !!!! - The story of the $8,000 tax credit" - I'll wait for you to finish before I continue...

You're back?  Wow, you read fast.

So although the announcement was made, the idea is just that...an idea.  It has not been implemented yet and although I have a feeling they're working on making it possible, until it's official (since words from Donovan's speeches aren't all that official apparently), I'd wait until your qualified FHA lenders tell you differently.  Boots on the ground.

So, moments before I wrote this post (May 15, 2009), I got my latest issue of Realtor® Real Estate News in my inbox.  The lead article?  The announcement made by Donovan (on May 12, 2009) during NAR Midyear.  Back in the days of paper press, you could hardly stop news like this from going to print unless you were willing to yell "stop the presses!"  However, this is the internet age.  Someone could have had this bit of news struck from the email within moments.

Now, instead of having just the population of bloggers and Twitter users that had been following the events of #midyear, you now have every email reading agent across the country calling their clients to give them yesterday's news (that as of this writing is not true).

Nice one NAR - even if this is coming in the next few days, now was not the time to announce this and cause even more confusion.

My opnion = NAR press release FAIL!

(I have decided to keep this a public post on both my ActiveRain blog and my sanantoniorealestaterockstar.com site in order to help consumers see both that this announcement is not true (hopefully it will be soon) and so they understand what a tangled mess we agents sometimes have to go through to deliver them quailty reliable real estate information.)

Comment balloon 109 commentsMatt Stigliano • May 15 2009 02:45PM

Comments

Yes, we pay to get treated this way. I understand that things happen but they really made the messengers look like idiots on this one!

Posted by Danielle Daniels (Real Estate Showcase) almost 11 years ago

Well said.  NAR = Fail is getting old, How can our leadership justify this incompetency?

Posted by Bob Schenkenberger almost 11 years ago

For the next month or more, we'll be hearing from agents that the tax credit can be used for the down payment.

Sadly, they'll be sending that info to their SOI too.

Sadly too, many will cite the NAR newsletter as the authority.

 

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) almost 11 years ago

Danielle - In the world of email communications this could have been fixed in mere seconds.  I hope they at least follow up with a retraction.

Bob - Although I do believe that NAR is often "trying" to do what's right, the message is often lost in mistakes like these.  The biggest problem with this one is that there is only a certain percentage of agents who read blogs daily and view things on Twitter.  Almost every agent reads email though - this whole mess may just get worse.

Posted by Matt Stigliano (Kimberly Howell Properties (210) 646-HOME) almost 11 years ago

Hadn't seen this in my email inbox yet . . . I have always felt (and I am sure that most will agree) that the Internet, the 'me' generation, and the age of computers has caused things to move so much more quickly than ever before--books and magazines come out more quickly, movies are edited so much faster, etc. This is just one of those times that the editor was still writing the NAR article . . . and the information had already changed. Ugh! (Pretty embarrassing, I'd say.

Posted by Melissa Zavala, Broker, Escondido Real Estate, San Diego County (Broadpoint Properties) almost 11 years ago

Our local mls already sent out a huge thing about it saying its out. I sent them a post from here yesterday. I am wondering what they will say to be honest.

Posted by Shane OnullGorman, Eau Claire Wisconsin, Real Estate Agent & Realtor- Buy or Sell (Eau Claire Realty, Inc.) almost 11 years ago

Hi Matt,  My only question now id whether NAR will step up and own the screw up.

Posted by Bill Gillhespy, Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos (16 Sunview Blvd) almost 11 years ago

I was going to get a big mailer ready, and then I read on A|R that it wasn't going to happen. NAR is out, A|R is in for real estate news. :)

-Lisa

Posted by Lisa Udy, Logan Utah Realtor ( Platinum Real Estate Group) almost 11 years ago

Lenn - E-X-A-C-T-L-Y!  I feel bad for the clients of Realtors® who missed the whole thing and are now calling their SOI to tell them the great news.  Much like the rumor/misinformation that the tax credit could be claimed before closing (despite the IRS' insistence that it can not be used in that way) that I was told by a panel of mortgage experts.  Good thing I like to do my research.  Check out my AgentGenius article "The Second Commandment Of Real Estate."  I have a feeling we're going to be seeing the IRS going after people for fraud thanks to bad advice.  I hope we don't, but I do have a feeling it may get to that point with all the incorrect info floating around out there.

Posted by Matt Stigliano (Kimberly Howell Properties (210) 646-HOME) almost 11 years ago

Matt; yes, that was unfortunate. Perhaps something will come together soon that is the truth! Thanks for the post!

Posted by Paul McFadden almost 11 years ago

Melissa - I have come to the theory that being the first to report anything in your market can actually be more detrimental to your career than coming second or third with the correct info.  I try to watch the issues before commenting on them on my blogs.

Shane - I wouldn't be surprised if I saw this in my MLS Monday morning update.  It usually come on Tuesday.

Bill - I really hope they email a retraction.  Imagine how many Realtors® are dancing in the streets right now.

Lisa - I agree somewhat.  I've read enough on here that has been incorrect too.  I just read everything and try to substantiate the facts.  The old rumor of being able to claim the credit before you buy the house was around for awhile before this new method was announced.  I knew it sounded weird and thought to myself, even if it is true, I don't think I could, in good conscience, recommend it to my clients.  Imagine if the home purchase fell through - the implications of holding the governments money for a few months is huge.  I'm sure there would be plenty of penalties and interest on something like that.  I wouldn't want to be the one who directed my clients in that direction.

Posted by Matt Stigliano (Kimberly Howell Properties (210) 646-HOME) almost 11 years ago

Paul - I do think they're working on this exact plan, but they haven't worked out the kinks.  Hopefully they can get it together.  Of course, the method described is still a bit hard on the owner - it's still a loan, so there will still be some cost to it.

Do you think this got featured just because I called NAR a "silly old goat?"  I hope so, because that makes it funny.

Posted by Matt Stigliano (Kimberly Howell Properties (210) 646-HOME) almost 11 years ago

Very nice post...it does show what we, as real estate professionals, are often up against.  There is enough erroneous information being bantered about in the mainstream media already without having "our own organization" adding to the confusion.  Nice job NAR. 

Posted by Anonymous almost 11 years ago

A few descriptive words like future plans and possible new lending options could make the news more accurate. I don't think this is the first time info. has been released too soon. Remember, the news that first time buyers could get back up to $14,000 and then it got whittled down to 8,000?

Posted by Sabrina Kelley, Woodland Park Colorado Mountain Homes and Land (ERA Herman Group Real Estate) almost 11 years ago

I think the headline is HILARIOUS!  This is so frustrating.  They are a bunch of teases.

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) almost 11 years ago

Thank you Matt for saying exactly what I think most of us have been thinking! Thank goodness for AR so we can find out what is ACTUALLY happening!!!! :-)

Posted by Marney Kirk, Towson, Maryland Real Estate (Cummings & Co. Realtors) almost 11 years ago

The problem is, most of these "Fat Cats" don't care if Realtors succeed or not and that is sad but true. I have done many Real Estate Trade Shows over the last few years and I swear to God I will never forget one conversation I had with a Head of an Association in an un-named area.

I was talking about Twitter, Social Media and Video. I was trying to saying how these tools help "your agents" get ahead. He gave me a smirk as I said, "don't care if these Realtors stay ahead of the curve". He shook his head and said no, I was shocked? I said,geez "these people pay you fees don't you care if they sink or swim?" He said "NO"!

It really makes you question if what some of these people are saying is "transparent"! I would be willing to guess, NO!

PS - I looked at the front of the Newspaper the other day in one of those machines. I knew ever front page story cause I saw them the day before on Twitter.

Posted by Greg Afarian, @ZipvoGreg almost 11 years ago

Matt...I was following the #midyear stream and tweeted the ever loving s##t out of the news...only to have to retract it all day the following day.

Huge fail.  Monsterous.  Made a bunch of us look foolish.

Fail.

Twice.

Posted by Clint Miller almost 11 years ago

I guess I have some great sources.  I had it on good information that this was not a done deal and posted on facebook, my comments here on AR and on Twitter.  However, it seems that even NAR could not get this right. 

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) almost 11 years ago

Matt, Thank goodness for Active Rain.  I was almost ready to draft the card and grab the phone but thanks to all the great info on AR I managed to NOT look like an idiot speading misinformation.

Posted by Marian Goetzinger, Crystal Coast Real Estate NC (Pine Knoll Shores Realty 252-422-9000) almost 11 years ago

Matt, I'm so happy I delete the NAR newsletters before I read them. I too get my real estate news form AR.

Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) almost 11 years ago

Wow, not that I give the NAR all that much credibility in the first place but that's kind of a big one to mess up.  I have my issues with FHA doing that anyway after doing away with seller down payment assistance because of the higher rate of defaults.

Let's here it for the next self created foreclosure crisis!

Posted by Brian Brumpton, Boise Idaho Real Estate (Keller Williams Boise) almost 11 years ago

Yes, it's unfortunate that NAR repeated this bit of misinformation, but let's face it: they were only repeating information received from HUD.

I personally feel that Secretary Donovan and the people at HUD are culpable for this mess for 1) announcing the program to a huge audience at MidYear 2) releasing details of the program in mortgagee letter 09-15 3) subsequently retracting it and 4) providing absolutely no explanation of why they retracted it.

Posted by @bkmcae Ben Martin, Va Assn of Realtors almost 11 years ago

As one of the many people ushering in the computer era, I can repeat the mantra, "If it is in print, it is out of date."  This applies as much to electronic print as anything else.

Posted by Robert T. Boyer, San Diego Real Estate & Mortgage Loans, Ph.D. | VA Home Loan (FHA Loan, VA Loan, Jumbo Loan,FHA Loans,VA Loans,Jumbo Loans) almost 11 years ago

Thanks for this post, it really saved me some embarrassment.  I just had a Seller come back $1670 short on the Buyer's required closing costs.  I was on Active Rain to see if the first time home buyer tax credit could be of assistance to the buyer after reading the NAR email.

Kim

Posted by Kim Knox, Principal Broker (Landline Real Estate, LLC of Southern Oregon) almost 11 years ago

Anonymous - It wasn't just NAR from what I understand.  I think HUD Secretary Donovan spoke too soon as well.

Sabrina - That's why I tend to be a few days behind on my blogs with "good news."  I've learned to let the dust clear first.  Not to say I haven't mispoke at times, but I try my best.

Renee - Thanks, I actually laughed when I wrote it!

Marney - I do find ActiveRain to be an excellent resource, although much like anything (and especially since it's user generated content and we have so many different people here), I'm still cautious about what I read here.  It only takes one bad (ie, wrong) blog post to be spread like wildfire.

@ZipvoGreg - Shouldn't you be out buying a minature blocker, goalie stick, and pads right now?  Just kidding.  It's just dissappointing that we don't have a single source that we can always rely on.  It frustrates consumers and us when we give incorrect info.  It also creates a lot of distrust.  I know things can change in seconds, especially when we're talking about policies, but we need some sort of order to all of this.

Clint - My stream was full of tweets from everyone talking about it.  I wanted to save it for a blog post and now I'm glad I did.

Joan - I saw your comments early on that.  Good thing you had a good source.  But in reality, who wouldn't think that the HUD Secretary wouldn't be more cautious with this sort of info.

Marian - Imagine the people who already went to press with their print materials.  Maybe they should send NAR and HUD the bill.

Bryant - I usually scan the headlines.  And of course, this was the first headline, so I had to read it.  Before the page even opened I was already writing this post in my head.

Posted by Matt Stigliano (Kimberly Howell Properties (210) 646-HOME) almost 11 years ago

We all make mistakes, and NAR is no different. They are a large machine, and it is difficult to make changes on the fly. Not to mention the fact that everything is changing so rapidly right now, it is downright scary!

The good news is that we have people like Matt to create the awareness, and an awesome community like A|R to get the message out.

If an agent is not an A|R member, they are missing out on one of the best tools to improve their reputation, help their clients, and improve their business.

Thanks again Matt!

- Harrison Painter

Posted by Harrison Painter, New Media Consultant (GoGladiator Media) almost 11 years ago

Matt,

There were still Twitter and other announcements today about this great enhancement to the tax credit.

At this point, I cannot imagine that the various departments have time to implement a tax credit for downpayment program. There are just not that many months remaining. My guess is that there are numerous steps in bureauocracy to implementation of this type program.

Good news travels fast, even when it may not be all that accurate.

Richard

Posted by Richard Byron Smith, NMLS #184479, Mortgage Loan Officer (Mortgage Loan Officer, Fairway Independent Mortgage Corporation NMLS #2289) almost 11 years ago

Yep, silly NAR.

Posted by Levi Woods (Hathaway Real Estate Group) almost 11 years ago

Ahhh that is what I was talking about on my AG post. I got that today too. Couldn't upload the photo here. But, if you can put a link on AG on my post here, that would be great.

Nice to talk today.

 

 

Posted by Missy Caulk, Savvy Realtor - Ann Arbor Real Estate (Missy Caulk TEAM) almost 11 years ago

I can just see it...a gitty writter sitting on an email getting ready to presss the send button. Not a thought to the timeliness and the ripples that this causes.

As you said, with the speed that things move now a days, you would think that someone would check one..twice or maybe three times before sending a national press release.

Posted by Hugo Torres (Coldwell Banker Residential Brokerage) almost 11 years ago

Lesson learned.

The news story Matt is referring to was picked up from an NAR Public Affairs press release. Shortly after the press release came out, people started asking questions: If the monetization of the tax credit was, in fact, true, where were the details? Mary Trupo in the Public Affairs group put out this clarification:

"Secretary Donovan gave us a preview announcement of the plan to 'monetize' the tax credit. However, the program will not be officially or formally announced until some time next week. So, we do not have the details on how this all will work. You can keep an eye on hud.gov or realtor.org for information as it becomes available."

We immediately added a clarification to the REALTOR.org home page. Meanwhile, the little promotional blurb you see in our newsletter was written by a Chicago staffer who wasn't aware of the questions on the press release or the clarification.

Harrison Painter is right that this was a case of things moving too quickly. My apologies to all REALTORS -- and to NAR -- for not catching this before it went out. 

As soon as we know anything more about HUD's plans, we'll let you know. 

 

 

 

 

She didn't hear about the

 

The announcement by Donovan at the Real Estate Summit on Tuesday was greeted with a lot of excitement.

Posted by Stacey Moncrieff almost 11 years ago

Crazy stuff - it would be nice if the right arm knew what the left arm was doing. Treading water with cement shoes sums it up just right! :0(

I had heard somewhere (maybe even on AR????) that builders are allowing buyers to use the tax credit at closing....????

Would be curious to know if anyone knows about that or how it might work...???

Edith Schreiber - Dallas, Texas

Posted by Edith Schreiber, Dallas Area Real Estate (Luxury Homes, Move Up Buyers, 1st Time Homebuyers, New Construction) almost 11 years ago

Talk about being caught with you pants down at your knees!

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 11 years ago

Poop on my Shoes. Sent it to 6 new homes buyers. Had the retraction sent as well. How poopy do I look. My Last time to play parrot for Realtor.com

Posted by Claude Cross, Charlotte NC Homes For Sale (Homes By Cross, Inc. ) almost 11 years ago

Yes, mine too.  My Lender actually e-mailed me and I forwarded the great news along ....with a retraction the next day!  Wouldn't it be nice to get some great news ...like a $15,000 tax credit for anyone who bought a home this year - now that's something that would help us all!

Posted by Sharon Kolb, Broker - Atlanta Decatur Homes (Atlanta Decatur Homes) almost 11 years ago

Matt, I know you don't care IF I post this here but look what I got a Google Alert for.

Posted by Missy Caulk, Savvy Realtor - Ann Arbor Real Estate (Missy Caulk TEAM) almost 11 years ago

Hi Matt!
Wow...somebody really blew it! Thanks for letting us know this...I had only heard about it, but I did believe it.  Now I think I will do a little more research before I take someone at their word.

Posted by Paula Swayne, Realtor-Land Park, East Sac & Curtis Park -Dunniga (Dunnigan, Realtors, Sacramento (916) 425-9715) almost 11 years ago

Talking about dropping the ball... not putting us in the best light these days!

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) almost 11 years ago

I saw this article for NAR yesterday and called the FHA lender I work with right away to get clarification.  He told me that it is not official but keep an eye on it because it may come to be but don't get buyers excited yet.

Posted by Jessica Wallace, Santa Cruz Realtor (831) 419-9345 (Coldwell Banker - Santa Cruz) almost 11 years ago

Hello People,

Great comments by all. Let's not lose site of the fact that this is a GREAT idea. We need to keep the pressure on HUD to make this happen. Secretary Donovan let the proverbial cat out of the bag & I think NAR took the opportunity to push the statement out to the masses feeling they were only passing on the good news albiet not fully factual. NAR didn't anticipate the harm they could cause there members credibility. Now were pissed. The use of this tax credit up front at closing must happen NOW!

Posted by Paul Daivs Adams almost 11 years ago

The best thing about this is for those of us here in the Rain, we know what the inside scoop is and don't have to mislead our clients by perpetuating erroneous info. We are in a better position to educate our clients and the general public that anyone else, so it's great that you're using this forum to do so.

Posted by William James Walton Sr., Greater Waterbury Real Estate (WEICHERT, REALTORS® - Briotti Group) almost 11 years ago

Brother Matt...

This whole issue has been a back and forth fiasco ... I guess we all need to sit back and wait for final resolution.

Posted by Richard Weisser, Richard Weisser Retired Real Estate Professional (Richard Weisser Realty) almost 11 years ago

Maybe, just maybe, this is a case of wishful thinking -- just like Dorothy.  Maybe NAR forgot to click their heels three times?!?

Posted by Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive) almost 11 years ago

Whether NAR or its stepchild Move/Realtor.com they both turn a deaf ear to their customers, US. They are a huge organization with no competition. The monthly NAR magazine goes mostly unread by the agents I know.

With tough times and many agents dropping out of the field, NAR will start to feel the pinch. It is amazing that they cannot connect the dots and see that fewer paying agents means less money for the big-wigs at the top. Personally, I have found my state association more useful in the services it provides its members. As far as I am concerned, NAR could disappear and I would be happy with more local organizations.

Posted by John Elwell, You Deserve a Full-Time Agent, Not Reduced Results (CENTURY 21 Bill Nye Realty, Inc.) almost 11 years ago

The "announcement" is posted on my local MLS site. Both public and agent sides. I have sent a link to this post to our head geek with a suggestion to remove it for a bit

Posted by Ron Tiller (Star Referral - Grand rapids MI) almost 11 years ago

It's great to see informed agents helping to spread accurate information quickly.  Thank you!!!

Posted by Juli Vosmik, Scottsdale/Cave Creek, AZ real estate 480-710-0739 (Dominion Fine Properties) almost 11 years ago

Some good comments, and one or two focused on NAR's inability to change, get things right, old fogies, etc.

I'm wondering how many of those commenting in this vein are attending the NAR mid-year meetings, gettting involved in the committees either in NAR, CRS, etc.

I attended one committee meeting on the CRS side today where one of the younger members, Brian Copeland, made a truly signigicant contribution to change by commenting from his perspective as an agent who is truly "up on" today's Internet world....outstanding, and we need more folks like Brian to get involved and turn this ship around.

Easy to sit on the sidelines, more difficult but more effective to get involved, join committees, run for office, etc.

It's a great day here on the lake in Reston...hope it's a great day wherever you are, too!

Allen F. Hainge, CRS

Senior Instructor, CRS 206 Technology Course

Posted by Allen F. Hainge, CRS almost 11 years ago

Matt... I finally made it over... boy was it a long day... lol  In any case, hey, people make mistakes. This can start with HUD... or could it?  I guess what stopped me from posting the news when it first came out was because I found the letter, the information, very misleading. And under HUD's guidelines, that it was wrong, well, 15% of it... but enough. I guess that is why they rescinded it?  Who knows.

In any case, I had a realtor from AR, out west, forwarded me an e-mail that shared one that she received from another loan officer. It was dated the 13th. So I decided to call him. I didn't introduce myself, but asked him about his e-mail. I then told him that it was rescinded, that he was wrong in promoting this. He jumped all over me telling me that I was wrong,... lol  I said, well, go to HUD's site, HUD clips, and call HUD...  he still gave me grief and asked me where I got my info. I then repeated myself and ended with... CALL HUD... lol  He then said, oh, thanks for the heads up.  lol   I think many loan officers and realtors will be turning their heads, pushing this, just to pick up business from it. To be a total sales person, telling the borrower, hey, we'll still help you. But using it as an informational piece to rope people in first... oh well, we just need to promote against it, telling the truth, and discrediting others....  thanks for the post and for the polite mention.

jeff belonger

Posted by Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc) almost 11 years ago

Boy, I knew this would open up a can of worms... not surprising to see so many posts and am sure they are being monitored.  

First thing I did was read it TWICE... couldn't believe my eyes.. and found the loop hole.  Approved banks, govt programs,etc.  Nobody is approved "yet" and there are no "govt programs"

Second thing I did was email my lender- no way he says

It's interesting that NAR stil touts having 1.2 million members, which we all know isn't true.  Our local boards are down 25% at least and our real estate schools are dead except for continuing ed.. and even that I can get for free from any title company or mortgage banker...  

My partner did a final walkthrough on a house she sold a month or so ago.. the buyer casually mentioned she had already recieved her $8000.  My partner said WHAT??  How is that possible??  You haven't even closed on the house yet.  Buyer said she went in to the IRS web site, applied for the $8K and had the money wired to her account in 3 days... now thats oversight right??????????? Who needs special programs when all they need to do is go in, fill in some blanks and poofff.. you get the money.

But... it IS a good idea to let them use it for DP... or is it??  If they use it for DP they won't buy furniture or a new car or window coverings.. that's what the money is all about isn't it???  Give away $8,000 so they'll go out and buy "stuff" and spur the economy..???  What a plan..

 

Posted by Gloria Handley, Broker/Owner CRS, GRI, ABR (Homelight Realty and Management, LLC) almost 11 years ago

I really enjoyed Jeff's post (though not as quickly as many...) and it's just an incredible clusterf*%#! out there when info is spread by folks who should KNOW BETTER!

*WHEW* It takes wings to stay above it sometimes!

Posted by Russell Lewis, Broker,CLHMS,GRI (Realty Austin, Austin Texas Real Estate) almost 11 years ago

My head is absolutely spinning.  The email, the news, the broker are all on different pages.  thanks NAR for setting it all straight -- or NOT. 

Posted by Gina Zimmerman, Fort Wayne Real Estate (North Eastern Group Realty) almost 11 years ago

I emailed my local Realtor association this AM and got an entirely different set of details, too  - very tangled web here.

Posted by Courtney Cooper, 206-850-8841 (Ben Kinney Brokerages Leadership at our Keller Williams North Seattle Office) almost 11 years ago

This whole mess just adds to the buyers confusion of should I buy now or wait for a better deal.  You know they are waiting for that better deal.  Such a mess! 

I no more than emailed it to our office manager and I received the next one about it being incorrect.

Maybe everyone should wait until the ink dries on the paper before they open they mouth to spread the word or send an email to spread the word.  Facts....first.  Verify.....second.  They speak.

Posted by Peggy Gist, ABR CRS GRI LTG PMN SRES e-Pro (ERA Preferred Real Estate Inc) almost 11 years ago

How glad I am that I read your post, Matt!  I've given the heads-up to my associates so that they don't repeat NAR'S misinformation to their buyer prospects.  Thank you for sharing!

Posted by Elke McMenemy almost 11 years ago

It was VERY nice to see Stacey #32 come forward and say he was sorry.  Yes, it was a bad mess up but he owned up to the mistake and has said sorry.  He does a GREAT job keeping education and information available to us.  Yes, this is a BIG screw up and will cause a LOT of confusion but lets please note that he has come to this very public forum to appologize.  Kuddos to A/R for again grabbing the attention of the "higher ups".  We had a VP from a mortgage co come forward earlier in the week to help a consumer... This is social networking power!!

Posted by Sheri Spain, Wake Co. NC REALTOR Apex to Raleigh to Wake Forest (Next Home Team) almost 11 years ago

Am I the only one out of lock step here? Do you really think that the $8000 tax grant should be the source of down payment to get a buyer into a house?

This band-aid to get home sales moving is a terrible idea. Are we that desperate to sell a house that we are willing to make a new bubble?

 

Posted by Gregory Bain, For Homes on the Jersey Shore (Mezzina Real Estate & Insurance) almost 11 years ago

Matt, Here is the link that Matt Carter put on my Agent Genius post. IT is the Pre-Published letter, by Shaun Donovan, Secretary that started the whole mess. 

Everyone should read it.

http://www.hud.gov/news/speeches/2009-05-12.cfm

Posted by Missy Caulk, Savvy Realtor - Ann Arbor Real Estate (Missy Caulk TEAM) almost 11 years ago

I heard about this from sources other than NAR. In fact today at our office meeting our in house mortgage person was telling us about it.

Posted by Barbara Tretola (RAC Real Estate Associates, Inc.) almost 11 years ago

Matt:  Glad you pointed it out to the AR group, at least we know what's going on - sorta?? I sent this same email to Sheldon with a laugh attached this afternoon.  I had just read Jeff Belonger's post and commented yesterday how great the news was and then 'POOF' it was gone.

NAR= 'N'ot 'A'lways 'R'elevant aka 'You Silly Old Goats'.  You are right this should have been caught but someone on the lower decks never got told.

Came back to tell you after reading Missy's link to the speech  - I don't think that they ACTUALLY SAID IT WAS IN EFFECT!  Somebody really blew it here!

Posted by Lyn Sims, Schaumburg IL Real Estate (RE/MAX Suburban) almost 11 years ago

Thanks for your post. How confusing for everyone. Thanks for your claification.

Posted by Alice & Jim -- Team Hayes Realtors, Double the Service - Double the Care! (Loveless Realty) almost 11 years ago

Amazing...and we pay these people.  Nothing like making the people who pay you look foolish...these days we have enough of a "head wind" with the mainstream media.  What a shame that instead of helping real estate agents, NAR has managed to leave many of us with egg on our faces.

Posted by Kellie Fitzgerald (Kellie Fitzgerald - Chiricahua Real Estate) almost 11 years ago

I just got my linkedin local group e-mail and an agent has written about the "great" news from NAR!!!!! Oh, no. I feel like I should comment with a link to the great post by Jeff. Should I? I won't make friends with the agent but he is following along with the misinformation. Sigh. ~Rita

Posted by Brian Burke, Broker & Advising Expert-Denver Luxury Real Estate (Kenna Real Estate) almost 11 years ago

I am not sure how this happened but this type of information should not get out unless it was done intentionally as a way for this idea to get some traction.  The NAR should know better than to publish stories that don't have any validity.

Posted by Mark MacKenzie almost 11 years ago

I haven't seen this email yet, but I did hear about it, and then I heard that it wasn't happening.  I'll keep my ear out to determine what finally shakes out.

Posted by Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) almost 11 years ago

Hi Matt -- What a mess.  I was following this and "assumed" it was going to become available this week, but no go eh?  HUD needs to hire a good PR firm.

Posted by Chris Olsen, Broker Owner Cleveland Ohio Real Estate (Olsen Ziegler Realty) almost 11 years ago

once again, we look like self serving idiots. I still think it will happen, probably be all set up by november 28th.

Posted by Mike Russell, Overland Park Kansas Real Estate (Mike Russell & Associates) almost 11 years ago

Oh, just wanted to add that we also got an e-mail from lender about this - (shaking head) ~Rita

Posted by Brian Burke, Broker & Advising Expert-Denver Luxury Real Estate (Kenna Real Estate) almost 11 years ago

What a mess.  I heard about this at the Rebar Camp in Charlotte.  Thanks for the clarification.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty) almost 11 years ago

yeah, this is really stupid. the so called downpayment has been nothing for sure as of yet. thanks for posting this..

Posted by Greg Nino, Houston, Texas (RE/MAX Compass, formerly RE/MAX WHP) almost 11 years ago

I'm sure this was already programed to be sent out.. But again.. they should have pulled this one.

Lenn is correct.. will create mass confussion to many.

Posted by Roland Woodworth, Q Realty - Power In Real Estate (Q Realty) almost 11 years ago

Matt: It is going to take some time for them to stop playing ping pong with this issue, hopefully for our buyers it will be soon.

Posted by Sandy Childs, Realtor - Spartanburg, SC (Keller Williams Realty) almost 11 years ago

Hello Matt,

I was about to email this information to my clients, but I am glad I read your post. Thanks

Posted by Mayra Espinosa Realtor San Mateo Pacifica Homes, Pacifica -San Mateo,CA Real Estate agent, Buy,sell (Red C Realty| Call 650-996-8961) almost 11 years ago

Amazing & thanks for link to the right news ...

Posted by Tina Gleisner, Home Tips for Women (Home Tips for Women) almost 11 years ago

Matt - I'm not sure at all that NAR is with it!  Thanks for posting.  I got the same stuff in my inbox!

Mary

Posted by Bruce & Mary Smith, REALTORS, Savannah Lakes Village McCormick SC (Savannah Lakes Homes) almost 11 years ago

I am amazed with all the work we put into getting buyer's to buy NOW, that we have given them yet one more reason to wait to see what happens.   Why don't we just tell our buyer's to save up their money and come back in 10 or 15 years and we are sure things will be different...then roll up our flag and go home.  To think we pay money for this kind of abuse!

Posted by Mike Vickrey, Mike Vickrey (Mike Vickrey & Associates) almost 11 years ago

I couldn't believe it when I got that email, a day AFTER the announcement was taken off the table.  How could they be so out of touch?  Thank goodness (and Jeff Belonger) we knew the info was wrong when we received it from them and had already corrected any announcements we made when Donovan spoke.

Posted by Margaret Woda, Maryland Real Estate & Military Relocation (Long & Foster Real Estate, Inc.) almost 11 years ago

I couldn't believe it when I got that email, a day AFTER the announcement was taken off the table.  How could they be so out of touch?  Thank goodness (and Jeff Belonger) we knew the info was wrong when we received it from them and had already corrected any announcements we made when Donovan spoke.

Posted by Margaret Woda, Maryland Real Estate & Military Relocation (Long & Foster Real Estate, Inc.) almost 11 years ago

This not the first, nor will it be the last time NAR has been just plain wrong. I got caught up in one of these wrong decisions years ago. I won't go into the details, but there attorneys were incorrect in their assessment of a situation.

Be careful of people who have agendas.

Posted by Norma Brandsberg (Marks Realty Co. Inc., Lynchburg, VA, 540-586-9496) almost 11 years ago

The public has heard about this and are asking questions.  I'm telling my clients that it will only be available when the Mortgagers have the info and go-ahead. One I spoke with said 30 - 60 days. 

Posted by Ed Vogt, Grandville, MI Midwest Properties (Midwest Properties of Michigan) almost 11 years ago

I was thinking the same thing!!! WHOOPS!

Posted by Christianne O'Malley, Exceptional Service - Delivering Results in Reno! (RE/MAX Realty Affiliates) almost 11 years ago

I'm here in Washington, heard the speeches, and yes, I feel like an idiot!  I heard the speech, the 'possibility' of the monetization,  then saw the NAR article and went with it. I notified lots of folks, and now have to back track with a very red face. Shame on me.  Should have known better. 

Posted by Brenda almost 11 years ago

The problem with NAR is it's a trade association whose primary focus is lobbying. Often I read press releases pumped out by some PR employee that contain spelling errors and misinformation. It's not staffed by real estate agents, you know. They're just employees of a trade association who may or may not give a hoot about their jobs.

sacramento agent

Posted by Elizabeth Weintraub Sacramento Realtor Top 1%, Put 40 years of experience to work for you (RE/MAX Gold) almost 11 years ago

Where is Yogi Berra when we need him for a comment? All I can say about the down payment fiasco is, it aint over until its over.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) almost 11 years ago

Personally, I think NAR is much like some of our elected officials in Congress. Totally out of touch with reality and what their constituents really need.

Case in point...how is it that we are the single largest trade association in the US, yet we can get no kind of health insurance or dental insurance (after I cracked a tooth yesterday!) I know there are some laws out there preventing it...HELLO, repeat....we are the single largest trade association.....so we have NO muscle to get something done? What ARE we spending all our lobbying monies on then?

Realtor.com? Ok, I guess that is the gun pointed at my head and why I stay. That, and if your Broker is a member of a local board, you MUST be a member too, or you can't be there. Gun number 2.

And the beat goes on......

 

Posted by Thom Abbott, Midtown Atlanta GA Condos For Sale (MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living) almost 11 years ago

Matt - On Thursday and Friday, I spent some time talking to many of my FHA lenders as well as to some CA state agencies and the state of CA is trying to come up with some kind of program and/or plan to implement this option of allowing first time buyers to use their tax credit to purchase a home.  The details aren't published yet but something is in the works and I plan to keep tabs on this development (CA First Time Buyers May Be Able To Use Your Tax Credit Towards Your Down Payment).

When/if the state of CA does come up with a plan, I assure you, I will be promoting the plan to my clients.  I'm all for anything that helps my low-medium income first timers get into their first home.  Buying your first home here in SoCA is really tough for the low-medium income buyer.  They need all the help they can get.  

Posted by Donne Knudsen, CalState Realty Services (Los Angeles & Ventura Counties in CA) almost 11 years ago

Thanks NAR and Mr Donovan. Not!!  We  don't need your help in making us look like we are not sure what is going on in the real estate market.  It is snafus like this that chip away at our credibility. 

 Thanks Matt for keeping us(and them) on the straight and narrow. 

Posted by Terry Meyer (Berkshire Hathaway HomeServices Sound Realtors) almost 11 years ago

There seems to be a combination of these programs out, some of them fast moving in and out of windows.  There are some at federal level and some states (including Georgia) are getting involved in the tax credit checker game.  I too am disappointed in the misinformation because I take pride in advising my clients correctly and it's really tough choking down bad information and trying to set the record straight.  Who to believe?  From now on, caution will rule the day and keeping tighter communications with sources like A/R for the most credible info.  Good on you Matt for showing the good old EXIT spirit and sparking this great discussion.

Posted by James Searcy almost 11 years ago

The inaccurate info is still being perpetuated all over the Internet as we speak. This from Bankrate.com:

Tax credit becomes down payment

Under the plan announced Tuesday by Donovan, buyers can get a piggyback mortgage or an unsecured bridge loan for the amount of the tax credit when they get a Federal Housing Administration-insured mortgage. The piggyback or bridge loan can take the place of a down payment. Typically, FHA-insured loans require a down payment of at least 3.5 percent.

Cleaning up this mess will make the Katrina clean-up look like a tea party by comparison. I foolishly emailed HUD Secretary Shaun Donovan to see if he could help with the clean-up by issuing an official statement as to the staus of the program, but my email to him was bounced because it was "Probably in a routing loop" (per the error message I got. So, I forwarded it to Asst. Secretary Brian Montgomery instead. That email has not been bounced...yet...but neither has it been delivered that I know of. I'll probably never get a reply, but what the heck, can't say I didn't try.

Posted by Pat & Wayne Harriman, Broker/Owners, Wallingford CT Real Estate (Harriman Real Estate, LLC (203) 672-4499) almost 11 years ago

Here are the relevant paragraphs from Shaun Donovan's now famous speech in Washington:

"And we are taking action to further help the housing market recover. I'm excited to announce here at NAR that FHA's policy on the "monetization" of the first-time homebuyer tax credit will soon be published. I know that you've been waiting anxiously to hear FHA's position on the matter. We, like you, believe that this new tax credit is not only a tremendous opportunity for first-time homebuyers, but also an enormous benefit for communities struggling to deal with an oversupply of housing. According to estimates by the National Association of Home Builders, this new tax credit will stimulate 160,000 home sales across the nation - 101,000 of which will be first time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first time buyer purchased their home.

We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a downpayment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to "monetize" the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit. FHA will be publishing the details shortly."

As someone further up in the comment thread pointed out, it looks like someone goofed, probably the author of the NAR article that first announced it. The parts of the speech I bolded does make it sound like something that will take place in the future, not something that has already been approved and implemented. The NAR article certainly appears to have taken Donovan's remarks out of context and applied some wishful thinking to it, resulting in giving life to something that wasn't yet alive.

Hopefully, someone in authority will take some initiative and issue a statement before more irreparable damage is done. But I won't hold my breath...

Posted by Pat & Wayne Harriman, Broker/Owners, Wallingford CT Real Estate (Harriman Real Estate, LLC (203) 672-4499) almost 11 years ago

UPDATE: I just received notification that HUD Assistant Secretary Brian Montgomery has read my email! Now, to see if he replies personally or I get a form letter...

Posted by Pat & Wayne Harriman, Broker/Owners, Wallingford CT Real Estate (Harriman Real Estate, LLC (203) 672-4499) almost 11 years ago

Stacey - I see you mentioned you added a clarification on Realtor.org, but when I followed the link on the email, there was no clarification.  I just checked the link and the full article is there as it was when it was written on May 12, 2009.

We immediately added a clarification to the REALTOR.org home page. Meanwhile, the little promotional blurb you see in our newsletter was written by a Chicago staffer who wasn't aware of the questions on the press release or the clarification.

Realtors® need to know what's going on and having an email and its link with the original information and no comment or clarification is detrimental to everything we're trying to build.  I have taken issue with NAR from time to time, but in most regards, I am not a NAR hater.  I think we (both the membership and the leaders) have a lot of work to do to repair two different wounds - those between the membership and the association and those between Realtors® and the public.  When we wind up passing off erroneous info as gospel and then have to go back to the public to say "we're sorry about that, we were wrong" and NAR has yet to step up and do something as simple as a mass email to us explaining what happened and why...well, we're going to have more to heal.  There is a disconnect going on (as was evidenced by the uproar over the MLS-Google-scraper issue that was well handled by NAR at Midyear, in my opinion) and without that being repaired, we'll all suffer.

Missy - You can post anything you want in my blog's comments anytime.  It was great talking to you today, wish I had found this out before we spoke - can you imagine the conversation we would have had then?

Pat & Wayne - Please keep us posted on what you find out.  Better yet, tell them to stop by and engage their members.  I would love to hear direct from them on the issue.

All - I appreciate everyone joining this conversation.  As I learned this week on AgentGenius with the whole MLS-Google-IDX-Scraper issue, we can work to make change.  I was rather inspired this past week by many agents I had already admired.  I would like to not that although Mortgagee Letter 9-15 (which is the reference for this program) was on the HUD site briefly, but was pulled.  However, they did leave the letter up on their site (if you know where to find it (Word .doc file)).  I have read Secretary Donovan's prepared remarks and I see that it was possible to misconstrue intent for action.  Regardless of what the prepared remarks said or what he actually spoke in his speech, the fact remains that the information was on their site and many people started the buzz.  I don't think you can truly blame any one party and my intent wasn't to place blame, but rather to point out the folly and hopefully, get some action taken that would help agents and consumers alike, since there is so much confusion right now.  We don't need to be confusing a buying public already beaten down with the last few months' news and ups and downs.

I apologize that I didn't comment to everyone individually, but I have a busy weekend.  I am reading, so keep 'em coming.

Posted by Matt Stigliano (Kimberly Howell Properties (210) 646-HOME) almost 11 years ago

Matt, thanks for your response to my note. The clarification was made at REALTOR.org, where the following language was added: "Details on down payment option expected next week."

Meanwhile, we old goats at REALTOR Magazine remain redfaced over having sent out the NAR press release as a news story (silver lining: it didn't go to all NAR members, just to subscribers to our daily news). I wasn't aware of the issue until seeing your post late Friday afternoon, and, unfortunately -- because we don't have direct control over changes to our site (apart from our blogs) -- we won't be able to post a clarification until Monday.

So thanks for getting out the news and keeping us honest and alert.

Posted by Anonymous almost 11 years ago

Matt:  Wow, thank you for pointing this out.  I didn't have a chance to check with my lender this week and was taking NAR at their word.  Yikes!!!

Posted by Carrie Sampron, ABR SFR & Kathy Sampron (303) 931-3629 Highlands R (Home Smart Realty Group) almost 11 years ago

Matt - I read that on Realtor on May 12th...and the thought came through my mind that we already were through something similar already - that ppl could actually apply for the 8K (get it in advance) and use it as a downpayment...blah, blah, blah...now this perennial! And as a matter of fact I fell for it again and blogged on it, however, with the quotation from Realtor. Just minutes later I called my mortgage guy and ask about it. He didn't know anything about it at the time but called me later and told me about all the strings attached and actually that the whole thing is not in 'practice' yet...Too many chiefs not enough workers! And these are our paid leaders....

with smiles,

Bo

Posted by Bo Kociuba, Realtor - Mustang, Yukon & OKC Metro 405-812-1572 (Berkshire Hathaway HomeServices Anderson Properties ) almost 11 years ago

My head hurts.  The family is out... maybe I should have a couple of B-52s in order to better understand all of this. 

 

Posted by Lane Bailey, Realtor & Car Guy (Century 21 Results Realty) almost 11 years ago

Actually...I think the "silly old goat" moniker is quite accurate and is very reflective on who NAR really is.  After all they scarf up almost anything, chew on it for a while, and then let it slip out the back...(pun intended!)

Posted by Mike McCann - Nebraska Farm Land Broker, Farm Land For Sale 308-627-3700 or 800-241-3940 (Mike McCann - Broker, Mach1 Realty Farmland Broker-Auctioneer Serving Rural Nebraska) almost 11 years ago

Stacey - Although I see your point about you being left holding the bag too, I just have to wonder why it took a blogger with one year's experience to catch on and "make the announcement."  I'm not saying that mistakes won't be made, by all means, I'm the first one to admit that nobody's perfect.  I'm just shocked that all this took place I guess.  I don't place the blame (and I'm not trying to blame everyone either) squarely on the shoulders of NAR.  HUD made a huge mistake by putting the links up to Mortgagee Letter 9-15 and getting that in to so many hands.  Secretary Donovan's prepared remarks could have read better in order to keep this from getting to the point it has.  Many Realtors® jumped the gun with exciting news and some of it was "whisper down the lane" information.  It's a complex issue really.

On one hand, HUD and NAR should always be the final desitination for solid information.  After all, if we can't trust those two sources, who can we trust?  I'm sure everyone has learned a lesson from this and I hope it serves them well into the future.  Just the fact that there are this many comments on a post such as this should help explain why this is so important to agents.  Imagine how many agents didn't "get the memo" and are out there right now trying to make this work.  Although I fully expect HUD to get this moving as of right now, it doesn't exist.

Of course, we as agents need to work hard to try and confirm our information.  Jeff Belonger made a great point of this in his posts.  I had read him off and on, but you can be sure after what I read coming from him during all of this, that I will be following him much closer.  Because of the ease with which information flows through blogging and social media such as Twitter, we need to be careful.  One wrong word and we could ruin a lot of lives.  That's powerful and dangerous at the same time.  I do think we need to have a "trusted" source though, so I can understand why so many took it as gospel when they heard the news...I mean, HUD and NAR wouldn't steer us wrong, would they?

I appreciate your efforts to come here and engage the public.  I don't know if you've been speaking with Todd Carpenter and receiving some of his wisdom on social media, but if so, please report back to him that it's working.  I'm sure it's frustrating for all of you to come onto blogs and feel you have to defend yourselves and the organization when people are frothing at the mouth, but the fact is, whether we think you're right or wrong, the interaction counts for something.  Todd had discussed his role at NAR recently on some of the blogs and if it does truly bring about meaningful interaction between NAR and its members on the interwebs, then I'm all for it.  I don't have to agree with NAR all the time, but to know they're listening and available to give comments makes a world of difference.

As for the "silly old goat" comment, I hope no one was offended.  It was a line my mom used to say.  I actually love goats strangely enough.  I raised them when I was a kid (no pun intended) and other than their really creepy eyes, I like them.  Ask any German kid who has my autograph and you'll probably find a reference to goats (I used to get a little bored trying to come up with substitutions for "You Rock" and "Rock On", so I took to writing gibberish to keep myself amused).

Posted by Matt Stigliano (Kimberly Howell Properties (210) 646-HOME) almost 11 years ago

I also believe the best source for Real Estate news is right here. I'm surprised that the "Old Goat" made such a mistake, HUD as well.

Posted by Scott Baker, Realtor Homes for Sale in Cincinnati, West Chester, Mason, OH Area (www.eHomeReports.com Coldwell Banker West Shell) almost 11 years ago

The best real estate updates happen on activerain. This has been my experience in the last five weeks. Thank you all for participating. I love this community of professionals. I am here to serve.

Posted by Harry F. D'Elia III, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (RentVest) almost 11 years ago

I suggest you confirm what you read. I call FHA and asked if it were true? They said not at this time. I think we should impeach the basterd and put someone in there who can do the job. It's rediculus for NAR to put out such untruths. It goes to show you what kind of help we get for our money. " If I had foresaw the results of sugigation of people, I would have choosen to die on the battle field along side my great men,with my sword in my right hand.' Genral Robert E Lee July 1865.

Posted by Anonymous almost 11 years ago

The NAR bringing yesterdays news today.  Not too mention wrong.

Posted by Gene Riemenschneider, Turning Houses into Homes (Home Point Real Estate) almost 11 years ago

Thanks for getting the info out there Matt...I can't tell you how many borrower's I've had recently asking about this. 

Posted by Dan Magstadt (Paramount Residential Mortgage Group, Inc) almost 11 years ago

I am happy to report that my local board, SABOR (San Antonio), did not send out the bad information.  Unfortunately, I have heard from several ActiveRain members that when they received their Monday updates from their local boards that the info was in there.  If the local boards need information, I would assume they would turn to NAR, so they probably got the news and ran with it.

I would also like to issue a public apology and retraction.

Apparently, in one of my posts somewhere on the internet (and I can not find it for the life of me), I referred to Stacey's involvement here at this blog.  Within that reference, I mistakenly called Stacey a "she."  I would like to publicly  apologize to Stacey for my mistaken gender reference and also ask anyone who sees the post that I made the reference in to let me know where it is, because I'd like to fix my mistake and retract/apologize there as well.  I should have known better.

Posted by Matt Stigliano (Kimberly Howell Properties (210) 646-HOME) almost 11 years ago

Hi. I'm the VP of Publications at NAR, and I've been following the discussion about this here and on Agent Genius. The Editor-in-Chief of REALTOR Magazine commented earlier to apologize for our lack of specifics in our origibal reporting on this.

So, I just wanted to check in to let you all know that we published the following story in the REALTOR Magazine Online daily news yesterday and also made this information available from the home page of REALTOR.org. http://budurl.com/xh5e

The bottom line is that HUD intends to allow the monetization of the first-time homebuyer tax credit, but is still working out the details. They'll spell out these details "shortly," according to the a HUD spokesperson.

We're tracking this daily now with HUD and will let you know when the official guidance is released. We'll tweet about it and will also post to our Speaking of Real Estate blog, http://budurl.com/lyk5

Hope this information is helpful to all the readers here.

 

Posted by Pamela Kabati almost 11 years ago

Matt,

Stacey is a "she." I've worked with her for almost 20 years, so I'm very certain about that!

Best,

Pamela

Posted by Pamela Kabati almost 11 years ago

Pamela - Thanks for stopping by.  I'm glad to hear that the updates have been published, although after reading through, I would have liked to have seen a little more clarity on why this happened (and I mean more from HUD's position - they put it all over their website, then took it down just as quick).  It's obvious to me that there is some plan and even if there wasn't, after all of this, I'm sure HUD would be working on one asap to at least save face.  I thank you for taking the time to report back to those that are following these discussions, the new way forward for all of us certainly starts with this sort of direct communication.  I still stand by my shock that the email slipped through the cracks, but that's just because I saw the damage it was causing so rapidly throughout the Realtor® community.

And as for Stacey, it looks like I got some wrong info.  I apolgize for that now.  My original assumption was correct I guess.  Yikes!  Stacey - PLEASE forgive me?  I think ActiveRain needs to give you accounts so that you can comment and we can associate you with faces.  Now who's the "silly old goat?"

Posted by Matt Stigliano (Kimberly Howell Properties (210) 646-HOME) almost 11 years ago

Well the update is now here that is good news.  The curse of the Chinese, "May you live in interesting times."

Posted by Mike Henderson, HUD Home Hub - 303-949-5848 (Your complete source for buying HUD homes) almost 11 years ago

I'm totally disappointed with NAR announcing such bogus fact. I've sent out a few message to buyers in regards to tax credit for downpayment with FHA loan and now to find out it was not. Thanks for the clarification. Government needs to learn how to do math

Posted by Cindy Le over 10 years ago

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