Few people use social networking media better than Tim Kinzler (Google search: “Facebook Tim Kinzler”). At last week’s NAR 2009 Midyear Expo Tim told me this story.
“A client of mine from New Jersey buys a one bedroom, one bath condo on the beach in South Palm Beach for $97,500. He takes advantage of the $8,000 tax credit as a first-time buyer at the age of 72! I posted the transaction on Facebook. Within a short time I had a host of real estate professionals reply indicating interest in similar undervalued properties. Three of them are now in my active Hot Prospect files waiting to hear from me when the next property-on-the-sand beach deal arrives! While in DC at NAR midyear I bumped into one of these prospects and his wife on the tradeshow floor. He recognized me and introduced me as his ‘Facebook buddy’! Amazing!”
Nice work, Tim! How cool is that to use Facebook for a Just Sold announcement!
When I asked Tim what else was new with him, he shared another tale of success. At closing Tim posted photos of the settlement below to show that affordable homes, FHA financing and tax perks are making today’s market work:
“A single mom, two kids, working with affordable housing program, contacts me to find a home she can afford. We look at a host of homes with the need to find a home with low taxes typically associated with a primary residence owned by the seller. This was significant because full-time resident real estate taxes are capped at a 3% a year increase on assessed value versus non-homestead property that carries a full assessment and might be over assessed based on soaring home prices in 2004-2006 market. Two homes, side-by-side, same size and basic details could be assessed at $100,000 or at $250,000. The taxes could range from $1,000 a year to $5,000 a year. We needed to find a property on the lower end for the single mom. We did!
Once we discovered a $104,000 property in Lake Worth, we negotiated a contract on the foreclosure with the seller paying 3% closing cost. Buyer financed max loan amount, had $2,000 on deposit and brought $4,000 to closing. She will file an amended tax return and get $8,000 back from IRS for incentive. In essence she is a few thousand ahead, but more importantly a proud homeowner and able to give her two children their own bedrooms and backyard! Tears of joy flowed!”
Tim is a top agent in Delray Beach, Florida, and Allen F. Hainge CyberStar with Coldwell Banker ( www.PalmBeachCountyRelo.com ). He speaks on many topics including how to use social networking to grow your business.
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