A Review of Social Media for the CEO

Gina and I attended a book release party a few months ago. Eve Mayer Orsburn was releasing her book titled, Social Media for the CEO – The Why and ROI of Social Media for the CEO of Today and Tomorrow.

Social Media for the CEO

Licensed from iStockPhoto

With more and more companies adding social media to their marketing campaigns, many CEOs want to understand how to go about setting up a social media campaign and how to determine the ROI. Eve explains why companies need to embrace social media. She outlines the simplicity of it and drives home the idea that it can have a huge impact on a company’s bottom line.

The main portion of the book is composed of case studies of companies, both large and small, setting up social media campaigns. Many of these are household names—The Mayo Clinic, Anheuser-Busch, Lane Bryant, and General Motors. In all there are 14 case studies presented in the book.

The single biggest take-away is called, “The Social Media Equation.” While I will not give it away here, Eve lays out a simple formula that anybody can execute.

Social Media for the CEO  can be found on Amazon.com.

Tom Branch, Broker, CDPE, SFR

Will Rock Stand The Test of Time?

Growing up in the 1960’s and early 1970’s, I remember all the great Rock Bands—Aerosmith, 38 Special, Molly Hatchet, Lynyrd Skynyrd, Deep Purple, Led Zeppelin, Eric Clapton, and Jimi Hendrix just to name a few.

Sammy Hagar

Live at The Lakewood in Dallas, TX

The 1980’s may have been the best decade for rock with bands like Van Halen, Def Leopard, Whitesnake, Great White, Poison, Kiss, and Bon Jovi.

I went into the Air Force in 1979 and converted to Country for almost twenty years. I missed all of the 1980s rock!  I came back to my roots in 2000 and over the past decade, I’ve been to see all of them and more.

Lately I’ve heard a return to the sounds of the 1970’s and 1980’s. Bands like Three Doors Down, Fuel, Seether, Dokken, Daughtry, Five Finger Death Punch, and Nickelback have all released singles that have that great 70’s and 80’s sound. 

Seether covered Careless Whisper in 2009. They took the George Michael pop song and rocked it out. Five Finger Death Punch’s cover of Bad Company is better than the original in my opinion!

I think there’s a good chance that rock will stand the test of time.

Tom Branch, Broker, CDPE, SFR

Desperate Homeowners, Meet the Millers

Short Sales 101

Base Photos Licensed from iStockPhoto

David and Wendy Miller own a beautiful four bedroom home in the suburbs where they’re raising their two young children. They have a large wooded yard for summer fun, backyard barbecues, and where their dog, Jake, loves to chase squirrels.

The Millers have lived on Cypress Drive for seven years and have become close friends with the neighbors around them. The children take turns playing at each other’s houses, and the adults frequently get together on the weekends for neighborhood cookouts. While the Millers have the same everyday stresses as the typical American household, they are a genuinely happy family.

Then a bomb drops out of the clear blue sky. David gets called into his boss’s office and is told the company has to lay off several employees due to the weakening economy, and he is one of them. David is completely shocked. He’s worked for this company for 10 long years and has given it his all. And now to be let go with just two weeks’ notice? How will he tell Wendy? Just the thought makes him sick to his stomach.

As a Business Analyst for a large corporation, David earned $60,000 a year plus full benefits. Wendy works as a Marketing Manager in the hospitality industry and brings home about $50,000 a year. Losing more than half the household income will put a huge financial strain on the Millers.

David shuffles through the door at the end of a devastating day and breaks the bad news to Wendy. After the initial shock and panic, they quickly formulate a plan to keep their heads above water. David has a couple weeks’ notice and then he’ll be eligible for unemployment. In the mean time, he’ll hit the pavement hard looking for a new job. They’ll cut out most of their discretionary spending, and hopefully there won’t be too much down time between jobs.

Unfortunately, it seems like no one is hiring. Days turn into weeks and weeks turn into months and David is still without work. Something has got to give. The credit cards are now maxed out, and the bills that are being paid are being paid late.

Another month passes. The Miller’s hard earned savings is gone, and the mortgage is looming. As hard as they try, they just cannot make their money stretch far enough to cover the house payment this month. Same with the next month.

David and Wendy are horrified that they might lose their home to foreclosure. What will their neighbors, friends and families think? They are honest, responsible adults and have never had problems managing money or paying their bills on time. Their pride is hurt, they are terribly embarrassed, and don’t know where to turn.

This scenario is quite common. Most of the homeowners we help are good people who have just had bad things happen in their lives. We encourage homeowners across the United States to get educated on the options available should they become financially distressed. Short Sales are a great tool, providing relief to all parties.

Just remember to choose a REALTOR® with a proven Short Sale track record to negotiate on your behalf. Making the right choice can mean the world of difference to your financial future.

David and Wendy Miller own a beautiful four bedroom home in the suburbs where they’re raising their two young children. They have a large wooded yard for summer fun, backyard barbecues, and where their dog, Jake, loves to chase squirrels.

The Millers have lived on Cypress Drive for seven years and have become close friends with the neighbors around them. The children take turns playing at each other’s houses, and the adults frequently get together on the weekends for neighborhood cookouts. While the Millers have the same everyday stresses as the typical American household, they are a genuinely happy family.

Then a bomb drops out of the clear blue sky. David gets called into his boss’s office and is told the company has to lay off several employees due to the weakening economy, and he is one of them. David is completely shocked. He’s worked for this company for 10 long years and has given it his all. And now to be let go with just two weeks’ notice? How will he tell Wendy? Just the thought makes him sick to his stomach.

As a Business Analyst for a large corporation, David earned $60,000 a year plus full benefits. Wendy works as a Marketing Manager in the hospitality industry and brings home about $50,000 a year. Losing more than half the household income will put a huge financial strain on the Millers.

David shuffles through the door at the end of a devastating day and breaks the bad news to Wendy. After the initial shock and panic, they quickly formulate a plan to keep their heads above water. David has a couple weeks’ notice and then he’ll be eligible for unemployment. In the mean time, he’ll hit the pavement hard looking for a new job. They’ll cut out most of their discretionary spending, and hopefully there won’t be too much down time between jobs.

Unfortunately, it seems like no one is hiring. Days turn into weeks and weeks turn into months and David is still without work. Something has got to give. The credit cards are now maxed out, and the bills that are being paid are being paid late.

Another month passes. The Miller’s hard earned savings is gone, and the mortgage is looming. As hard as they try, they just cannot make their money stretch far enough to cover the house payment this month. Same with the next month.

David and Wendy are horrified that they might lose their home to foreclosure. What will their neighbors, friends and families think? They are honest, responsible adults and have never had problems managing money or paying their bills on time. Their pride is hurt, they are terribly embarrassed, and don’t know where to turn.

This scenario is quite common. Most of the homeowners we help are good people who have just had bad things happen in their lives. We encourage homeowners across the United States to get educated on the options available should they become financially distressed. Short Sales are a great tool, providing relief to all parties.

Just remember to choose a REALTOR® with a proven Short Sale track record to negotiate on your behalf. Making the right choice can mean the world of difference to your financial future.

Tom Branch, Broker, CDPE, SFR

Based on “Avoiding Foreclosure – The Field Guide to Short Sales”, Copyright 2010 – Tom & Gina Branch

New Single Level Townhomes in Craig Ranch

CB Jeni Homes has announced the development of new single-level townhomes in The Settlement at Craig Ranch in McKinney, Texas.

Townhomes in The Settlement at Craig Ranch

Concept Drawing

These two and three bedroom, single-level townhomes will range from 1600 to 2100 square feet and will be priced from $195k to $230k. The standard up-scale finish-out will include granite counters, stainless appliances, crown molding and tall baseboards.

The floorplans will be handicaped adaptive with wider doors, lower light switches, higher electrical outlets, and levered doors.

The Craig Ranch website reads:

The concept of a “New Urban” development, outside an existing urban setting, provided the spark that is Craig Ranch. The idea was to combine the essential elements of community life – home, work and play – into a self-sustaining environment with a twist.

Craig Ranch was designed with recreation in-mind:

The TPC Craig Ranch private golf course is the centerpiece of the community and a member of the Audubon Cooperative Sanctuary program.  The open green spaces and small-town ambiance of Craig Ranch serves as a natural setting for outdoor concerts, farmer’s markets, festivals and exhibits. Soccer and baseball fields, hike and bike trails and unique amenities give residents a sense of place they are proud to call home.  Craig Ranch is an AT&T Connected Community. Its marquee venues include: the TPC Craig Ranch, the Michael Johnson Performance Center, the Cooper Fitness Center & Spa at Craig Ranch, the Hospital at Craig Ranch, Dr Pepper StarCenter McKinney at Craig Ranch, The Ball Fields at Craig Ranch, The Premier Soccer Fields at Craig Ranch and The Beach at Craig Ranch, a youth to pro-level sand volleyball venue.

Located just north of State Highway 121 and Custer Road, Craig Ranch offers easy access to North Dallas including extensive retail and restaurants in Frisco, Allen, Plano, McKinney, and Fairview.

Construction and pre-sales should begin in the spring of 2011.

Tom Branch, Broker, CDPE, SFR

The Branch Team with RE/MAX Dallas Suburbs is the exclusive listing broker for CB Jeni Homes.


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Allen Texas Homebuyer Video Testimonial

Video testimonial from recent clients who purchased a home in Allen, Texas.

Working with first-time homebuyers is always a rewarding experience for both of us!

Tom Branch, Broker, CDPE, SFR

Short Sale vs. Foreclosure: What’s the Difference?

If you are a homeowner having trouble making your mortgage payments, you may have considered doing a short sale or letting the home go into foreclosure. You must understand the difference between the two so that you can make the best decisions for your future.

A short sale of real estate happens when the sale proceeds fall short of the balance owed on the property’s loan(s). If a homeowner can’t make the monthly payments and the house can’t be sold for the amount of the loan(s) and other liens, then the lender may agree that selling the property at a loss is better than foreclosing on the loan. A lender may agree to a short sale if the homeowner can show financial hardship such as job loss, high debt from medical bills or business loss, or other financial difficulties that a homeowner will not be able to overcome.

A foreclosure is a legal process in which a lender or other lien holder seeks to take back a property if the homeowner stops making the payments or hasn’t met other commitments, like paying real estate taxes or homeowner association fees.

Illinois is a “judicial foreclosure” state. This means that the lender or other lien holder files a lawsuit to show that the borrower has missed payments. If the homeowner doesn’t make up the amount owed in a specific period of time, the lender may ask the court to allow that the property be sold at auction to pay off the debt. In Illinois the County Sheriff conducts an auction in which anyone can purchase the home to pay off the debts. Usually, though, the only “bidder” is the lender who owns the mortgage. The lender takes back the property and after a series of other legal steps is allowed to sell the home to pay off the mortgage.

Other options for distressed homeowners are loan modification programs or deed-in-lieu of foreclosure.

Know your options: consult your lender, a real estate attorney, a government-sponsored counselor, a tax professional and a real estate broker experienced with short sales.

SHORT SALE VS. FORECLOSURE: WHAT’S THE DIFFERENCE?

Item Short Sale Foreclosure
Fannie Mae Guideline (Primary Residence) Eligible for new Fannie Mae insured loan after 2 years, no restrictions. Eligible for a new Fannie Mae loan with restrictions after 5 years, no restrictions after 7 years.
Fannie Mae Guidelines (Non-Primary Residence) An investor who has done a short sale is eligible for a Fannie Mae backed mortgage after 2 years. An investor who has had a property foreclosed cannot get a Fannie Mae backed loan for 7 years.
Credit Score Late payments on a mortgage will appear after completion of a mortgage. The effect can be as short as 12 to 18 months. Credit score affected by 50 to 100 points. Typically will affect credit scores for at least 3 years. Scores may be negatively affected between 200 and 300 points.
New Credit Application Questions (Form 1003) No questions on an application regarding a short sale. Questions: have you had property foreclosed upon or given title or deed in lieu in the last 7 years?
Credit History A short sale may or not be reported by a lender on a credit history. Remains as a public record for 10 years or more.
Security Clearance Usually does not raise red flags regarding security clearance. Security clearance will be questioned.
Deficiency Judgement Negotiable between seller and lender. No negotiations between the home-owner and the lender. It is up to the lender to file a deficiency judgement.

This post was written by Leslie Ebersole and originally published on FoxValleyRealEstate. Use or reproduction without express consent of the author is prohibited.

Is it Ethical for Lenders to Influence Short Sale Values?

A couple of weeks ago a lender ordered an appraisal on one of my Short Sale listings. He had been hired by the lender to set the value. He was an out-of-area appraiser and did not have a SUPRA key, so one of us had to meet him at the property.

Foreclosure Notice

Licensed from iStockPhoto

As we went through the property together, we noted the overlay roof with rotting decking and soffits, carpets that would need to be replaced, deteriorating siding, and rotted beams on the front of the house. I suspect that the buyer will have to pay cash or perhaps a 203(k) rehab loan due to the roof and rot.

As we talked, he shared his comparables.  I asked him why he did not use the three foreclosures on the same street rather than going into another subdivision to find sales. He told me that the lender’s directions were “not to use foreclosures or Short Sales” as comparables. Of course, when the value came in it was at least $20k too high.

If this was a normal mortgage, you can be sure those three foreclosures would have been used to determine value but in a Short Sale, they will not. This process almost guarantees that the home will go into foreclosure.

Let me understand the situation. We created HVCC to allow appraisers to operate without influence. The AMCs are usually owned by the lenders, so now the lenders are telling appraisers how to value properties!

So all we’ve done is to have the appraisers work for the lenders (through the AMCs) rather than the borrowers.  This has driven up the cost to the borrower, reduced the income of the appraisers, and increased lender profits.

Tom Branch, Broker, CDPE, SFR