REALTOR® WEEKLY UPDATE
Weekly Update on PGPCNPREALTORS.com
November 27th, 2008 (Happy Thanksgiving)
Breaking News!
Bylaws have been Amended. In accordance with policy approved May 8, 1979 by the Board of Directors of the NATIONAL ASSOCIATION OF REALTORS®, member boards are requested to adopt and incorporate into their bylaws, effective January 1, 1980, certain selected uniform provisions of the NAR Model Bylaws, as recommended by the National Association and amended from time to time by the Board of Directors of the NATIONAL ASSOCIATION OF REALTORS®. Please click HERE to view the local Bylaws and the changes.
You only have 35 more days to complete your Quadrennial Ethics requirement. All REALTORS® must take NAR Code of Ethics between January 1st 2005 and December 31st 2008. Our Association will not be hosting any additional opportunities to take this class LIVE in person; however, you can still take the on-line version of the course by clicking HERE. If you have any problems accessing the on-line version or have any additional questions, please email David Logan.
ATTORNEY GENERAL’S OPINION: SHORT SALES & THE NEW FORECLOSURE RESCUE LAW - Does Florida's new Foreclosure Rescue Fraud Prevention Act (F.S. 501.1377) prohibit real estate licensees from being involved in short sales? According to Florida Attorney General Bill McCollum in a letter to FAR President Chuck Bonfiglio, the answer is no, provided the only compensation sought by the licensees is the commission on the sale. The new law, which took effect Oct. 1, 2008, seeks to protect homeowners who face the threat of foreclosure from individuals who would prey on them. McCollum's interpretation is based on the following scenario: A licensee secures a listing agreement on a home for sale, ascertains that the fair market value of the home is less than the loan amount, and lists the property at the lower amount. If a buyer agrees to pay less than the loan amount, the licensee then asks the lender to accept the lesser amount in order to avoid foreclosure. "As long as there is no upfront or other fee for the negotiating service other than the normal real estate fee charged for the sale of the property, that activity [participating in a short sale] would not appear to fall under the provisions of F.S. 501.1377," according to McCollum. Questions? Contact Legal Hotline at (407) 438-1409. Click HERE to read the entire letter.Last Week’s Winner!!
Nancy Rector- $25 gift card to Joe Cracker, compliments of Brian Chapman State Farm Insurance. Please email, call (625-9998) or stop by Brian’s office to pick up your prize! Remember, you can't win unless you enter and it only takes a few seconds. See below for this week's drawing compliments of Odette Embury of Calusa National Bank, if you win it could really help your holiday shopping!!
This week’s newsletter is sponsored by Odette Embury with Calusa National Bank. Odette and Calusa National Bank would like to wish you and your families a safe and Happy Thanksgiving. If you’re looking for a professional such as yourself to handle you or your clients needs you don’t need to look far. At Calusa National Bank you and your clients needs will be handled with personal care. In this market you can rest assure that you are referring your clients to a safe and sound financial institution. We are locally owned and managed. Give us a try, whether your needs are personal or for your clients. We are here for you! Call Odette at 941-255-8558
From the President’s Desk
Bill Dryburgh, President
REALTORS®,
If you have not had the chance to read the Attorney General’s Opinion on Short Sales, you need to (see top of newsletter). Also, please read the NAR-DOJ settlement. There is a lot of misinformation out there about who can list in the MLS. Almost all of it is not true. Click HERE to review the entire DOJ settlement and click HERE to read the real story regarding who can and cannot list in the MLS.
Tomorrow is Thanksgiving and there is a lot to be thankful for such as your health and with a little luck we can see the light at the end of the tunnel. I wish each of you a Happy Thanksgiving and hope that this Holiday season is a great one for you and your family.
Be Happy and Sell something
Education Corner
“Taking the hassle out of Short Sales” - FREE One Hour Seminar Dec 4th 10am. Dragonfly Real Estate Holdings Presents: “Making More Money with Less Effort in these Troubled Times” Topics include: 1. How did we get in this mess? What is a Short-Sale? Why the bank doesn’t want the property back. Really! How the Fed works. What does the stock market have to do with it? 2. Statistics - Foreclosure stats for the US, Florida, and the local counties 3. What options do the homeowners have? Options for Home Owners facing Foreclosure. Why Short Sale? What do you do when that Short sale is not appropriate? 4. Why it is a waste of time for most agents to work the “short-sale” market? Wouldn’t you rather be selling? (What is selling in this market?) 5. A Solution to the Problem How to make money on both sides of the deal. This is a free seminar - There will be no books, tapes or CDs to buy. E-mail David Logan to reserve a space for this Free Seminar.
Making the most of your Mid-Florida Membership? Sign up for additional FREE training and unlock the tools to help you succeed! See the list of FREE Mid-Florida educational opportunities. Courses include “Design Web Page”, “iMapp”, “Tools”, “Creating a Professional CMA”, “MLXChange Advanced”, etc. Many classes are HANDS ON with laptops provided. This additional training is included in your Mid Florida membership, so do not miss out on these opportunities. Sign up soon, space is limited.
Need Advice on Technology? What technology should you buy to help you succeed? And who can you call for help when it goes haywire? As a Realtor in Florida, you get exclusive, no-fee access to tech help from FAR from 9 a.m. to 5 p.m. Monday through Saturday. Technology Helpline experts advise you on purchasing hardware, software and digital equipment and then help you install and troubleshoot your computers and gadgets. Put this number on Speed Dial: (407) 587-1450.
Business Partners
Our Association is blessed to have an amazing variety of Business Partners who help us serve our clients every day. Our business partner’s also work very hard to help sponsor various Association events which provide everyone with a better experience. When was the last time you contacted one of your Business Partners to find out what is going on in their industry? There is no better resource for your business than Your Business Partners. We are blessed to have professionals from all the affiliated industries which help to support and improve your business. Also, if there is a business that you regularly work with who is not a business partner, ask them why they are not taking advantage of this opportunity and have them email david-logan@comcast.net to get more information. Remember, we are all in this TOGETHER! See the Business Partner page on our website to contact someone today.
Where in the World is……
Greg Loomis Utopia Commercial Realty
Janith Schwarz Utopia Commercial Realty
Wanda Hoover Utopia Commercial Realty
Ruthanne Blackmon Sun Realty
Nicholas Ionashku Sun Realty
Women’s Council of REALTORS®
Meetings 1st Wednesday of each month 11:30am
Next meeting: Wednesday December 3rd at St. Andrews Golf Club in Punta Gorda beginning at 6:00pm. We will celebrate the installation of our 2009 officers. There is no charge for WCR members and you must RSVP to the invitation that you received. Thank you to Brian Chapman State Farm Insurance for sponsoring this event. We will also be holding our annual Christmas Ornament Exchange and a Chinese Auction.
Don’t miss the Caravan.
A Caravan is a great opportunity to showcase your listing, network with fellow Realtors®, get pricing opinions, and have a good time. No listing to show…just come along for the ride!
Punta Gorda Caravan – 1st Thursday every month – 8:15am – Home Choice Real Estate - 6101 Duncan Rd. To have your listing included contact Mike no later than noon on the Tuesday prior to the caravan.
Port Charlotte Caravan – 3rd Thursday every month – 8:15am - PGPCNP Association Office **Please note that due to upcoming events and holidays, this caravan will be meeting the 2nd Thursday until 2009** E-mail Karen Martin two days prior to the caravan date to have your listing included. Listings can also be faxed to Karen at 941-743-9023.
Market Watch
Florida Homes Sales Rise - For the second month in a row, Florida's existing home sales rose in October: Florida Realtors reported a 15 percent increase in activity in the year-to-year comparison; last month's sales of existing condos statewide increased 5 percent in the year-to-year comparison. Meanwhile, NAR reports that existing-home sales fell 3.1 percent from the strong gain seen in September. Read the full story HERE.
Banks in Real Estate? - The banking crisis has resurrected an ongoing issue for NAR - banks in real estate. GMAC's recent request to become a holding company prompted NAR to write a letter to Fed Chairman Ben Bernanke opposing the move. Read the full story HERE
NAR Applauds Fed Mortgage Purchase Commitment - In an action backed by NAR, the Federal Reserve yesterday said it would purchase mortgage-backed securities from Fannie Mae, Freddie Mac, and Ginnie Mae for up to $500 billion. "This is one of the key actions we've been advocating ever since the Treasury altered its course on how it would use the $700 billion recovery package passed in September," says NAR President Charles McMillan. NAR Chief Economist Lawrence Yun says the action stands to bring down long-term interest rates to a meaningful extent. "If the Fed action brings down rates by even one percentage point, it would increase homes sales by 500,000 units," Yun says. "That should help to draw inventory down and stabilize prices."
Reminder: ForSaleByOwner Claim Misleading - Access the statement that NAR released last week setting the record straight on the erroneous and misleading claim by ForSaleByOwner.com that REALTOR.com is allowing unrepresented listings on its site. Click HERE for the full Statement.
REACHING BUYERS
When real estate sales are slow, smart marketing is particularly important. Here are ideas that would work anywhere:
• Offer tours of the office : Jack Persin, president of Ryan Hill Realty in Naperville, Ill., tours elementary school children through his offices, and shows them how homes are bought and sold. The tour introduces his business to parents and teachers as well as children.
• Do well by doing good: Chicago brokerage Baird & Warner sponsored a winter coat drive at all its offices and also invited the public to drop off coats at open houses. It collected hundreds of coats for needy people.
• Make showing houses an art : Associates at Sudler Sothebys International Realty, which sells homes in Chicago's most upscale neighborhoods, offered local artists free space to display their work on the walls of empty homes for sale. They advertised the open houses as holiday shopping events. The four-hour "art shows" attracted more than 200 people, who received a shopping bag at the door for any purchases. The bags also contained a flyer about the homes, as well as a brochure detailing other homes for sale.
Source: Chicago Tribune, Mary Ellen Podmolik (11/21/2008) © Copyright 2008 INFORMATION, INC. Bethesda, MD (301) 215-4688
NAR MEMBER BENEFITS
Are you taking advantage of your NAR benefits? You are eligible for discounts and special offers from companies such as American Home Shield, ZipLogix, Dell, Lonovo, Lowe’s, FedEx, Xerox, Avis, Budget and Hertz along with many more. To view updated benefits package and take advantage of this, click HERE.
Real Estate Trivia
This Week’s Question(s) (TV Real Estate Edition part 2)
Questions: Do you know what TV characters lived at the following addresses?