For any successful organization to move forward and stay current, it must take a moment to evaluate where it currently stands.
Today, your leadership will make that assessment to determine how the last 6 months have been and how we need to adapt in order to be successful in the next 6 months.
The leadership will look at the organization's strategic plan to evaluate the goals -- Are they valid goals? Where do we currently measure in terms of achieving the goals? Where do we want the association to be in five years, and do these goals help to move us down that path?
It is important for our membership and our leadership to have a sense of where we are and the results of today will tell us where we need to head. Stay tuned for the results of the assessment!
Tuesday, June 30, 2009
Wednesday, June 24, 2009
Making Home Affordable Program
What Should You Do If You Think a Servicer Isn’t Following the Making Home Affordable Program Guidelines
Members have called NAR asking what to do if they think that servicers are not following the guidelines for the Obama Administration’s Making Home Affordable Program for modifying eligible mortgages and refinancing Fannie Mae and Freddie Mac mortgages. Here are the recommended steps to take:
1) First, go to http://www.makinghomeaffordable.gov/, the official Treasury website for the Making Home Affordable Program. At the site, determine whether the loan is owned or guaranteed by Fannie Mae or Freddie Mac by clicking “Loan Look Up” on the ribbon on the top of the home page. Only the holder of the loan is allowed to perform this , so do in the presence of your client or after obtaining their written permission.
If the loan is a Fannie Mae or Freddie Mac loan, call (1) 1-800-7Fannie or (1) 1-800-Freddie, as appropriate, describing the specific inconsistency. Do this whether the issue relates to the refinancing or the loan modification program.
2) Next, if the loan is not owned or guaranteed by Fannie Mae or Freddie Mac you can determine if the servicer is participating in the Home Affordable Modification Program (HAMP) by going to the website and clicking “Contact Your Mortgage Servicer” on the top ribbon. To date, 16 servicers are participating, covering more than 80% of all mortgages.
If the servicer is participating, the first step is to contact the servicer using the phone number or email address listed on the site so you can appeal the issue to a supervisor. Be sure to identify the specific provision of the guidance that you believe is not being followed. If the supervisor cannot or will not correct the problem, call 1-800-7Fannie to report the disagreement. Fannie is administering the program for the Treasury Department and will work to resolve the issue.
Making Home Affordable Program Website (consumer friendly)http://www.makinghomeaffordable.gov/
Site for Detailed Information on Making Home Affordable and Other Government Programshttp://www.financialstability.gov/
Tuesday, June 16, 2009
Knowing Your Expertise
Article 11 REALTORS® are knowledgeable and competent in the fields of practice in which they engage or they get assistance from a knowledgeable professional, or disclose any lack of expertise to their client.
REALTORS® are expected to be knowledgeable in the area in which they are practicing. Within the Treasure valley market are several specialty property types: Farms, development land, commercial, industrial and condominium homesites.
These specialities require special education and are not covered by the licensing curriculum or the licensing process for either Salesperson or Broker licenses. A claim may be brought against an agent from a buyer, seller or another agent if their level of competence is below the industry standard of honest and fair dealing. Prior to commencing on listing or selling any of these special property types, an agent should take inventory of which types of special education they have participated in and avoid the areas in which they have no specic or special education without the assistance of a qualified agent with the necessary education.
The National Association of REALTORS® has many different societies and councils to facilitate the education process for these different areas of specialization. All NAR curriculum is approved for continuing education credit in Idaho, however the required hours for license renewal may not be enough to meet the demands of a progressive and complicated industry as is the real estate business.
Many agents may be found having violated the Code of ethics when they have not disclosed to all relevant parties "any lack of expertise", or the ability to prove adequate education demonstating competence. Operate within the bounds of Article 11 and the public will be properly served.
Article summitted by J. Doug Ferguson, ACAR Grievance Committee Member
REALTORS® are expected to be knowledgeable in the area in which they are practicing. Within the Treasure valley market are several specialty property types: Farms, development land, commercial, industrial and condominium homesites.
These specialities require special education and are not covered by the licensing curriculum or the licensing process for either Salesperson or Broker licenses. A claim may be brought against an agent from a buyer, seller or another agent if their level of competence is below the industry standard of honest and fair dealing. Prior to commencing on listing or selling any of these special property types, an agent should take inventory of which types of special education they have participated in and avoid the areas in which they have no specic or special education without the assistance of a qualified agent with the necessary education.
The National Association of REALTORS® has many different societies and councils to facilitate the education process for these different areas of specialization. All NAR curriculum is approved for continuing education credit in Idaho, however the required hours for license renewal may not be enough to meet the demands of a progressive and complicated industry as is the real estate business.
Many agents may be found having violated the Code of ethics when they have not disclosed to all relevant parties "any lack of expertise", or the ability to prove adequate education demonstating competence. Operate within the bounds of Article 11 and the public will be properly served.
Article summitted by J. Doug Ferguson, ACAR Grievance Committee Member
Friday, June 12, 2009
Top 10 Best Places to Live
U.S. News & World Reportmagazine looked at areas with strong economies, low living costs, and plenty of fun things to do to identify this year's best places to live.
The editors reviewed more than 2,000 locations nationwide, considering such factors as sales taxes, housing prices, average number of children per square mile, proximity to healthcare, and the availability of educational institutions. Readers can use a database search to tailor the results to their own situation.
"Choosing where to live is a difficult decision for any family," says Brian Kelly, editor of U.S. News & World Report. "With U.S. News's Best Places to Live, we've crunched the most important geographic, economic, and educational data and provided the search tools to help make this decision a little easier for families."
The 10 cities honored as Best Places to Live are (listed alphabetically):
Albuquerque, N.M.
Auburn, Ala.
Austin, Texas
Boise, Idaho
Durham, N.C.
La Crosse, Wis.
Loveland, Colo.
San Luis Obispo, Calif.
St. Augustine, Fla.
Upper St. Clair, Pa.
The editors reviewed more than 2,000 locations nationwide, considering such factors as sales taxes, housing prices, average number of children per square mile, proximity to healthcare, and the availability of educational institutions. Readers can use a database search to tailor the results to their own situation.
"Choosing where to live is a difficult decision for any family," says Brian Kelly, editor of U.S. News & World Report. "With U.S. News's Best Places to Live, we've crunched the most important geographic, economic, and educational data and provided the search tools to help make this decision a little easier for families."
The 10 cities honored as Best Places to Live are (listed alphabetically):
Albuquerque, N.M.
Auburn, Ala.
Austin, Texas
Boise, Idaho
Durham, N.C.
La Crosse, Wis.
Loveland, Colo.
San Luis Obispo, Calif.
St. Augustine, Fla.
Upper St. Clair, Pa.
Tuesday, June 9, 2009
Fox News Knows Tax Credit Advance
There is still a lot of confusion about the Tax Credit, the FHA program and the IHFA program here in Idaho.
However…Fox News is doing their best to understand and promote it here in Boise. Here’s the link to the story. The video link is at the top of the text piece. http://tinyurl.com/n8uonm
There are some inaccuracies in the story, but overall, I’d give them an A for effort and an A-/B+ for accuracy! The key, I think, is the buyer (supplied last minute, with about 15 minutes notice by ACAR Treasurer Brenda Kolsen, who’s yard sign didn’t make the air) who says “"If we weren't able to use the tax credit we wouldn't have been able to get a house,"…
BTW – NAR published this Tax credit Quiz http://tinyurl.com/n4uscy
See how you do. Be honest…did you really get the “houseboat” question right?
Its up to the REALTOR organization to continue to push the message out…”The tax credit advance is available, right now, in Idaho.” “Yes, some lenders are not participating, but dozens of other lenders, throughout Idaho are. For a list of approved participating lenders go to http://tinyurl.com/ljun4y
FYI – Susan Semba, IHFA, told Miguel Legarreta and me that as of last week almost 800 Idahoans statewide have “reserved” or applied for the tax credit advance!
In Dan Hamilton’s story he mentions the “grant from NAR” to pay the interest for the tax credit advance. We will be sending a press release later today (after we get the NAR quotes) on the program we are calling “Welcome Home Idaho”. Please note that we have received a total of $60,000. We believe that this will allow us to pay off the interest for approximately 200 first time buyers; but that’s not enough! We’d like to try to leverage this $60,000 into $100,000 or more. So far the IMLS has indicated that they want to participate. Also, US Bank has shown some interest. Hopefully the other local associations will be able to identify more partners for the Welcome Home Idaho program.
Contributions to the Welcome Home Idaho fund can be made through ACAR’s REALTORS Community Foundation which is a tax exempt 501c3 foundation. For more information on how to contribute, contact Judy McLaughlin jmclaughlin@adacounty-realtors.com or 2009 foundation President Kit Fitzgerald kitf@redbarnrealestate.com
The above has been posted to our Watercooler blog at http://acarwatercooler.blogspot.com/
However…Fox News is doing their best to understand and promote it here in Boise. Here’s the link to the story. The video link is at the top of the text piece. http://tinyurl.com/n8uonm
There are some inaccuracies in the story, but overall, I’d give them an A for effort and an A-/B+ for accuracy! The key, I think, is the buyer (supplied last minute, with about 15 minutes notice by ACAR Treasurer Brenda Kolsen, who’s yard sign didn’t make the air) who says “"If we weren't able to use the tax credit we wouldn't have been able to get a house,"…
BTW – NAR published this Tax credit Quiz http://tinyurl.com/n4uscy
See how you do. Be honest…did you really get the “houseboat” question right?
Its up to the REALTOR organization to continue to push the message out…”The tax credit advance is available, right now, in Idaho.” “Yes, some lenders are not participating, but dozens of other lenders, throughout Idaho are. For a list of approved participating lenders go to http://tinyurl.com/ljun4y
FYI – Susan Semba, IHFA, told Miguel Legarreta and me that as of last week almost 800 Idahoans statewide have “reserved” or applied for the tax credit advance!
In Dan Hamilton’s story he mentions the “grant from NAR” to pay the interest for the tax credit advance. We will be sending a press release later today (after we get the NAR quotes) on the program we are calling “Welcome Home Idaho”. Please note that we have received a total of $60,000. We believe that this will allow us to pay off the interest for approximately 200 first time buyers; but that’s not enough! We’d like to try to leverage this $60,000 into $100,000 or more. So far the IMLS has indicated that they want to participate. Also, US Bank has shown some interest. Hopefully the other local associations will be able to identify more partners for the Welcome Home Idaho program.
Contributions to the Welcome Home Idaho fund can be made through ACAR’s REALTORS Community Foundation which is a tax exempt 501c3 foundation. For more information on how to contribute, contact Judy McLaughlin jmclaughlin@adacounty-realtors.com or 2009 foundation President Kit Fitzgerald kitf@redbarnrealestate.com
The above has been posted to our Watercooler blog at http://acarwatercooler.blogspot.com/
Thursday, June 4, 2009
Free Stuff From NAR
NAR is pleased to offer you four new eProducts for FREE as part of the RIGHT TOOLS, RIGHT NOW initiative:
Save Now With the Homebuyers’ Tax Credit Download
Help your buyers save now with this updated brochure on the Homebuyers' Tax Credit.
Order your copy now for FREE. (Member login required.)
Homebuyers' $8000 Tax Credit Promotional Letter
Generate leads with this personalized promotional letter that highlights the Homebuyers’ Tax Credit.
Order your copy now for FREE. (Member login required.)
It's a Great Time to Buy! Download
Get buyers off the fence with this updated consumer brochure.
Order your copy now for FREE. (Member login required.)
H1N1 Flu and You - What You Need to Know Now
NAR has compiled information from the CDC in response to the H1N1 virus (Swine Flu.) Order your copy now for FREE. (Member login required.)
These special product offers are exclusively available to REALTORS®. To access these and the hundreds of other free downloadable products, you must login at the REALTOR.org website.
Save Now With the Homebuyers’ Tax Credit Download
Help your buyers save now with this updated brochure on the Homebuyers' Tax Credit.
Order your copy now for FREE. (Member login required.)
Homebuyers' $8000 Tax Credit Promotional Letter
Generate leads with this personalized promotional letter that highlights the Homebuyers’ Tax Credit.
Order your copy now for FREE. (Member login required.)
It's a Great Time to Buy! Download
Get buyers off the fence with this updated consumer brochure.
Order your copy now for FREE. (Member login required.)
H1N1 Flu and You - What You Need to Know Now
NAR has compiled information from the CDC in response to the H1N1 virus (Swine Flu.) Order your copy now for FREE. (Member login required.)
These special product offers are exclusively available to REALTORS®. To access these and the hundreds of other free downloadable products, you must login at the REALTOR.org website.
Monday, June 1, 2009
Summary of Actions Taken by the NAR Board of Directors at the Mid-Year Meeting - and what they mean to you...
REALTORS® Federal Credit Union Launches
Your credit union was formed as a world-class member benefit by the National Association of REALTORS® and is designed to accommodate REALTORS®’ busy professional and personal schedules.
We‘ve started one of the world's very few totally virtual financial institutions. This means it is open for you 24-hours a day, seven days a week, and accessible, easily, via the Internet or Member Care.Membership is open to all REALTORS® and their immediate family members, as well as members and employees of NAR’s institutes, societies and councils.
NAR staff and the staffs of State and Local REALTOR® associations and boards, and their families, are also eligible. Finally, Credit Union membership is also open to member-owned business.They offer a full menu of checking and savings accounts, lines of credit, consumer and mortgage loans which are friendly to REALTORS®.
REALTORS® FCU is a not-for-profit financial cooperative owned by its members and directed by an elected board of volunteers. It is a stand-alone entity, and is not owned nor operated by the National Association of REALTORS®.
What this means to YOU: You finally have a financial institution that understands who you are (independent contractor with an irregular paycheck) and has money to lend. Changes to Code of Ethics and Member Policy
Article 15 says that REALTORS® will not make “knowingly or recklessly” false or misleading statements. One Standard of Practice was amended and a new one was approved to strengthen members’ obligations to refrain from making false or misleading statements about competitors, including the use of social media tools.
The new amendment includes the duty to publish a clarification about, or to remove statements made by, others on electronic media the REALTOR® controls once the REALTOR® knows the statement is false or misleading. For example, if you’re publishing a blog and someone posts a false or misleading comment about a fellow REALTOR® on it, it’s your duty to remove the post or publish a clarification when you become aware of it.
What this means to YOU: One more social media obligation. Note that its only for “blogs” that you control. There is no obligation to correct someone else’s “knowingly or recklessly false post”...yet.
Article 11 requires that REALTORS not offer specialty services outside their area of competence. For instance, a residential specialist would not undertake to provide commercial brokerage services. The article contains a list of such services that members should refrain from offering without training. That list was expanded t include “land brokerage”.
What this means to YOU: If you want to be a “dirt merchant” you need to know what you’re doing. No content change.
Article 3 addresses cooperation between REALTORS. Standard of Practice 3-2 was amended to establish a clear definitional marker of the point in time at which a listing broker’s offer of cooperative compensation is accepted. Any change in the compensation offered must be communicated to the cooperating REALTOR® before the REALTOR® submits an offer to purchase or lease the property.
What this means to YOU: This should make arbitration cases a little easier to solve.
Standard of Practice 16-20 was amended to clarify that if a REALTOR®’s relationship with his or her brokerage is terminated, he or she can’t take any action to induce clients to cancel exclusive contractual agreements with the brokerage, regardless of who terminates the relationship.
What this means to YOU: No change from current policy.
Policies on Short Sales
Short sale commission reductions. The board gave MLSs the discretion of whether to permit participants to communicate to each other how any reduction in the gross commission established in the listing contract by the lender, as a condition of approving a short sale, will be apportioned between the listing and cooperating participants.
What this means to YOU: You need to read agent comments very carefully. Also…make certain your buyer-client knows what will trigger their participation in your compensation.
Short sale definition. The board added the following definition of a short sale to the Handbook on Multiple Listing Policy: "a transaction where title transfers, where the sale price is insufficient to pay the total of all liens and costs of sale and where the seller does not bring sufficient liquid assets to the closing to cure all deficiencies."
What this means to YOU: It matches Idaho law.
NAR Dues
The board voted to keep dues at $80 per year and to continue the $35 per member special assessment to fund the Public Awareness Campaign.
What this means to YOU: No dues increase from NAR for 2010!
2010 officers
The board elected the following slate to lead the association in 2010: President, Vicki Cox Golder, Tucson, Ariz. President-elect, Ronald Phipps, Warwick, R.I. Treasurer, James Helsel Jr., Lemoyne, Pa. First Vice President Maurice (“Moe”) Veissi, South Miami, Fla.
What this means to YOU: One more year without an Idahoan as NAR President!
Your credit union was formed as a world-class member benefit by the National Association of REALTORS® and is designed to accommodate REALTORS®’ busy professional and personal schedules.
We‘ve started one of the world's very few totally virtual financial institutions. This means it is open for you 24-hours a day, seven days a week, and accessible, easily, via the Internet or Member Care.Membership is open to all REALTORS® and their immediate family members, as well as members and employees of NAR’s institutes, societies and councils.
NAR staff and the staffs of State and Local REALTOR® associations and boards, and their families, are also eligible. Finally, Credit Union membership is also open to member-owned business.They offer a full menu of checking and savings accounts, lines of credit, consumer and mortgage loans which are friendly to REALTORS®.
REALTORS® FCU is a not-for-profit financial cooperative owned by its members and directed by an elected board of volunteers. It is a stand-alone entity, and is not owned nor operated by the National Association of REALTORS®.
What this means to YOU: You finally have a financial institution that understands who you are (independent contractor with an irregular paycheck) and has money to lend. Changes to Code of Ethics and Member Policy
Article 15 says that REALTORS® will not make “knowingly or recklessly” false or misleading statements. One Standard of Practice was amended and a new one was approved to strengthen members’ obligations to refrain from making false or misleading statements about competitors, including the use of social media tools.
The new amendment includes the duty to publish a clarification about, or to remove statements made by, others on electronic media the REALTOR® controls once the REALTOR® knows the statement is false or misleading. For example, if you’re publishing a blog and someone posts a false or misleading comment about a fellow REALTOR® on it, it’s your duty to remove the post or publish a clarification when you become aware of it.
What this means to YOU: One more social media obligation. Note that its only for “blogs” that you control. There is no obligation to correct someone else’s “knowingly or recklessly false post”...yet.
Article 11 requires that REALTORS not offer specialty services outside their area of competence. For instance, a residential specialist would not undertake to provide commercial brokerage services. The article contains a list of such services that members should refrain from offering without training. That list was expanded t include “land brokerage”.
What this means to YOU: If you want to be a “dirt merchant” you need to know what you’re doing. No content change.
Article 3 addresses cooperation between REALTORS. Standard of Practice 3-2 was amended to establish a clear definitional marker of the point in time at which a listing broker’s offer of cooperative compensation is accepted. Any change in the compensation offered must be communicated to the cooperating REALTOR® before the REALTOR® submits an offer to purchase or lease the property.
What this means to YOU: This should make arbitration cases a little easier to solve.
Standard of Practice 16-20 was amended to clarify that if a REALTOR®’s relationship with his or her brokerage is terminated, he or she can’t take any action to induce clients to cancel exclusive contractual agreements with the brokerage, regardless of who terminates the relationship.
What this means to YOU: No change from current policy.
Policies on Short Sales
Short sale commission reductions. The board gave MLSs the discretion of whether to permit participants to communicate to each other how any reduction in the gross commission established in the listing contract by the lender, as a condition of approving a short sale, will be apportioned between the listing and cooperating participants.
What this means to YOU: You need to read agent comments very carefully. Also…make certain your buyer-client knows what will trigger their participation in your compensation.
Short sale definition. The board added the following definition of a short sale to the Handbook on Multiple Listing Policy: "a transaction where title transfers, where the sale price is insufficient to pay the total of all liens and costs of sale and where the seller does not bring sufficient liquid assets to the closing to cure all deficiencies."
What this means to YOU: It matches Idaho law.
NAR Dues
The board voted to keep dues at $80 per year and to continue the $35 per member special assessment to fund the Public Awareness Campaign.
What this means to YOU: No dues increase from NAR for 2010!
2010 officers
The board elected the following slate to lead the association in 2010: President, Vicki Cox Golder, Tucson, Ariz. President-elect, Ronald Phipps, Warwick, R.I. Treasurer, James Helsel Jr., Lemoyne, Pa. First Vice President Maurice (“Moe”) Veissi, South Miami, Fla.
What this means to YOU: One more year without an Idahoan as NAR President!
The Latest Social Media Jargon
I found this in the April issue on "DeltaSkyMag"...
Blackberry Jam \BLAK-ber-ee jam\noun: Delay caused by a person walking slowly, nose glued to PDA.
Brickberry\BRIK-ber-ee\noun: The old clunker of a phone you're using while you iPhone is being repaired.
Defaced\DEE-feyst\adjective: Deleted from someone's list of Facebook "friends".
Designated texter\Dez-ig-neyt-ed TEX-ter\noun: Someone who receives and responds to the driver's text messages to ensure their own safety.
DLS\DEE-el-ess\noun: A prime piece of personal info (Dirty Little Secret) you share only with your BFF.
Kthxbi\kay-Thangks-bie\interjection: Fast end to an online conversation that's going nowhere.
ShyPod\SHI-pod\noun: Someone who won't share his or her iPod for fear of being exposed as a disco/country/Neil Diamond lover.
Textrovert\TEX-tro-vert/noun: Someone who's comfortable revealing emotion via his or her thumbs.
I bet you feel better already...
Blackberry Jam \BLAK-ber-ee jam\noun: Delay caused by a person walking slowly, nose glued to PDA.
Brickberry\BRIK-ber-ee\noun: The old clunker of a phone you're using while you iPhone is being repaired.
Defaced\DEE-feyst\adjective: Deleted from someone's list of Facebook "friends".
Designated texter\Dez-ig-neyt-ed TEX-ter\noun: Someone who receives and responds to the driver's text messages to ensure their own safety.
DLS\DEE-el-ess\noun: A prime piece of personal info (Dirty Little Secret) you share only with your BFF.
Kthxbi\kay-Thangks-bie\interjection: Fast end to an online conversation that's going nowhere.
ShyPod\SHI-pod\noun: Someone who won't share his or her iPod for fear of being exposed as a disco/country/Neil Diamond lover.
Textrovert\TEX-tro-vert/noun: Someone who's comfortable revealing emotion via his or her thumbs.
I bet you feel better already...
Bills Introduced to Extend, Expand Tax Credit
Several House members have introduced bills reflecting their support for the homebuyer tax credit and urging that it be expanded and extended. NAR is saluting their efforts, but has not endorsed any particular approach. The bills have differing details, but, taken together, all would have beneficial effects on the housing market. NAR anticipates additional bills in the near future.
The bills introduced so far:
H.R. 2562: Ron Kind (D-WI) and 3 bipartisan cosponsors. The bill extends the tax credit through December 1, 2010, but limits the extension to individuals who served for 3 months or more in the military during 2009.
H.R. 2606: Eddie Bernice Johnson (D-TX). The bill expands the credit to all purchasers, not just first-time purchasers. The bill extends the credit through December 31, 2010. Her bill also eliminates the repayment feature that applies to the $7500 2008 tax credit.
H.R. 2619: Kenny Marchant (R-TX). The bill makes the credit available to all purchasers and also extends the credit through June 30, 2010. The bill also provides a temporary $3000 tax credit that has the effect of refunding the closing costs associated with refinancing a mortgage, so long as the refinanced amount was no greater than the outstanding balance on the mortgage being refinanced.
Contacts: Linda Goold, 202-383-1083 Contacts: Megan Booth, 202-383-1222 Contacts: Kenneth Trepeta, 202-383-1294
The bills introduced so far:
H.R. 2562: Ron Kind (D-WI) and 3 bipartisan cosponsors. The bill extends the tax credit through December 1, 2010, but limits the extension to individuals who served for 3 months or more in the military during 2009.
H.R. 2606: Eddie Bernice Johnson (D-TX). The bill expands the credit to all purchasers, not just first-time purchasers. The bill extends the credit through December 31, 2010. Her bill also eliminates the repayment feature that applies to the $7500 2008 tax credit.
H.R. 2619: Kenny Marchant (R-TX). The bill makes the credit available to all purchasers and also extends the credit through June 30, 2010. The bill also provides a temporary $3000 tax credit that has the effect of refunding the closing costs associated with refinancing a mortgage, so long as the refinanced amount was no greater than the outstanding balance on the mortgage being refinanced.
Contacts: Linda Goold, 202-383-1083 Contacts: Megan Booth, 202-383-1222 Contacts: Kenneth Trepeta, 202-383-1294
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