Useful Tip for Real Estate Salespersons and Loan Originators

I attended a meeting of the California Association of Mortgage Professionals and heard a useful marketing tool mentioned again by Nelson Otero, President of the Southern Los Angeles County Chapter. I say again because Professional Real Estate Broker Terry Yapp of Mission Viejo has followed this technique with me many times.

Just after the first of January, Nelson and Terry sent out Closing Statements to their clients for that year (Sales and Refinances). Why? I imagine that many people are like me, and like me cannot locate the statements when I have to visit my Tax Consultant, Earl Salter or Norwalk. I appreciate this greatly and keep it while I will probably throw out postcards with large photos of the agents with notes like “Number One in Your Area” or “Need Listings”.

One important point for people who do their own taxes, when you refinance or finance a rental property and pay points, the points paid cannot be deducted in that year. They are prorated over the life of the loan, like 30 years. This means in most cases when someone refinances a property for a second time, they would have a balance of points not charged off. Just a question you might want to ask a professional tax person. See you April 15th at the Post Office. Wait, I can’t say that anymore, because we are all filing online and most real estaters get their extension automatically.

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