8government affairs - Greater Las Vegas Association of Realtors

Transcription

southern nevada realtor®
0 3 . 1 0 in this issue
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pr esid ent
fr o m th e d esk of the ce o
p h o to o p p o r tu nitie s
sin g le fa mily h ome report
co nd o / to wn h o m e report
a n n u a l mls sta tistics
r enta l lea sed r eport
ma r ch even t ca l e ndar
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government affairs
GLVAR Awards $20K Grant to
Housing Help for Nevada GLVAR
allocates “Foreclosure Prevention &
Response Program” funds.
9
forms
Forms Updated Nye County Disclosure
& Short Sale Listing Addendum. New
forms for agents and brokers.
10
property management
It’s Not Ready How to make your
property sell or lease in a timely manner.
15
professional standards
Changes to the Interpretations of
the NAR Code of Ethics New case
interpretation #12-25, advertising role
in sales after changing firm affiliation.
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MLs
How to Get Your Offer Accepted on a
Fannie Mae Property Without Really
Trying.
legal
Short Sales Everything you wanted
to know about HAFA the Feds new
program.
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realtor. c o m
88 Million What does that number
mean to you?
20
REALTOR® Safety: Showing
Properties the Safe Way Simple steps
to empower yourself against attack or
theft.
wcr The Clock is Ticking—
Now is the Time for You to Join! The
Women’s Council of REALTORS®, ranks
12th in U.S. Women’s Organizations.
MLX c h a n g e
Do You Want More Training on
MLXCHANGE? In-office visits and more.
29
Mortgages Rates Remain
Stable Federal Reserve Chairman, Ben
Bernanke reports on what’s to come.
30
22
CRS of Southern nevada
March Update 8 Tips for Selling REO
Properties and more.
member benefit partners
Discounts on services and products.
Want lunch or dinner on us?
16
As you read the SNR, watch for your license number. If you find your license number hidden within an
article, call the Association and let Irene Vogel 702. 784.5010 or Felicia Marks, Membership Director
702. 784.5007 know. You will then receive a gift certificate for lunch or dinner at a local restaurant.
president’s message
[ by rick shelton ]
Hello fellow realtors®
Shake the dust off, the holidays are behind
us and spring is around the corner. We have
now successfully completed four short sale
certification work shops at the Greater
Las Vegas Association of REALTORS®,
sponsored by the National Association of
REALTORS® and underwritten by REBAC.
To date, we have graduated over six hundred
(600) GLVAR REALTORS® as certified short
sale specialists, as a jump start to the U.S.
Treasury directive (HAFA) going into effect
April 5, 2010. We feel it would be prudent
as a REALTOR® in today’s challenging
market to be as educated to the short sale
process as possible. The new directive gives
banks the right to participate or not. Early
indicators would suggest that a good share
of banks will. To highlight a few key points
of the directive:
1.Banks would have ten (10) days
from short sale submission to say
whether or not they will entertain the
offer.
2.Banks would respect the REALTOR®
commission.
3.Banks would be incentivized to
President
Rick M. Shelton
[email protected]
Immediate Past President
Sue E. Naumann, CRS, GRI, LTG
[email protected]
President Elect
Paul G. Bell, RRG, CRS, GRI
[email protected]
CHIEF Executive OFFICER
Irene L. Vogel, LTG
[email protected]
Vice President
Min R. Melvin, CRS,GRI, PMN
[email protected]
DIRECT O RS
Treasurer
Paula L. Smith, RRG, CRS, GRI, ABR
[email protected]
Commercial Alliance President
Robin Civish
[email protected]
MLS Director
Scott A. Beaudry
[email protected]
staff up as well as the seller for
relocation expense.
4.Banks would forgo any right to a
deficiency judgment.
This outline could prove to be quite
promising in the processing of over
mortgaged properties. So if you are trying
to find new ways to assist your buyers
and sellers in today’s market or if you
are just an education buff, get signed up
today. In addition to the Treasury short
sale directive there is more positive news,
President Obama has announced that the
federal government will be allocating one
hundred (100) million dollars to our real
estate sector here in Las Vegas. So stay
tuned REALTORS®; it would appear we are
making some good inroads towards our
housing market recovery. n
President Rick M. Shelton can be reached by emailing
[email protected]
Forrest L. Barbee, CRB, GRI, RRG
[email protected]
Trish Nash, CRS, GRI
[email protected]
Heidi W. Kasama,
[email protected]
Norma Jean Opatik, GRI, ABR
[email protected]
Kolleen L. Kelley, RRG
[email protected]
Cheryl Smith, CRB, CRS, RRG
[email protected]
Gina Lyon, GREEN
[email protected]
David Tina
[email protected]
Christine P. McNaught
[email protected]
Debbie Zois, GRI, CRS
[email protected]
Fafie Moore, CRS, LTG
[email protected]
from the desk of the ceo
[ by irene vogel ]
History certainly repeats itself. I was trying to think of what to write
for this month that might be a little different about our economy…
the market…short sales…REO’S and hit a blank wall. I took out
my article from last year at the same time and lo and behold my
first paragraph talked about the Stimulus Bill…which all of us
hoped would allow us to go forward and improve our economy.
We are now talking about a second stimulus bill, which hopefully
will have definite parameters that will help our housing market
and unemployment. Affordability conditions are at historically high
levels…home values are down and mortgage rates are hovering
near historic lows.
We have many articles on our website dealing with short sales and
REO’S…but it is still difficult to get an offer accepted in a timely
manner. It certainly appears that the banks are still calling the shots
when they are encouraging bidding wars and encourage you to
submit your highest and best, which is probably more than the list
price. Then I am told by many agents that when the appraisal is
ordered the value is not the “highest and best” but closer to what it
was listed for and the bank then accepts the appraisal price. We are
going down a slippery slope. We need to have our legislators take
an active position and set guidelines that are fair to all parties…
whether you are the homeowner, the agent or the buyer.
President Rick Shelton will be filming a podcast monthly that will
address all the current issues. You will be advised thru REALTOR®
Bytes when it is posted. Take the time to watch and listen to his
message as it will contain valuable information you can use.
Now for some real positive information….WHAT DO YOU GET
FOR THE “BUCK”?
Many of you are not aware that MLXchange offers beneficial
programs to our members at no additional charge. A few of
them are as follows:
DOCUMENT STORAGE MLS has the Document Storage program
integrated fully within MLXchange. You can become paperless…
The Greater Las Vegas Association of REALTORS®
1750 E. Sahara Avenue Las Vegas, NV 89104
(702) 784-5000 | Fax: (702) 784-5060
www.lasvegasrealtor.com
Articles appearing in Southern Nevada REALTOR® do not necessarily carry
endorsements of The Greater Las Vegas Association of REALTORS® (GLVAR), its
Board of Directors or its Members unless indicated as approved by the GLVAR.
follow a transaction from beginning to end
at no charge. Many of our members were
paying up to $1500 a month for this type
of transaction management program…and
you can get it FREE. Classes are offered at
the MarketLinx training room at 1785 E.
Sahara Avenue, Suite #150. Call for class
schedule…735-0478.
PROPERTY PANORAMA is a Free service included in your MLS
fees. This product will create a virtual tour of your listed property
by utilizing the photos you upload. For more information and
a demonstration of Property Panorama log on to http://www.
propertypanorama.com/marketlinx/.
STATS PAK A feature that allows you to run many different market
analysis reports such as: Inventory Report; Price Analysis; Days on
Market; Listings by Status; Days on Market Breakdown, etc. Again
if you need training do not hesitate to stop by MarketLinx at 1785
E. Sahara Avenue or call 735 0478.
GOOD NEWS MARKETLinx HAS IMPLEMENTED A TEMPORARY
SOLUTION allowing Macintosh users the ability to access
MLXchange. MarketLinx will be introducing a new product in the
near future that will allow access to MLXchange from various
platforms. In the meantime to learn how to access the MLS from
your Macintosh please
click here.
➠
Also to be more transparent…periodically the MLS Committee
will host an open membership forum where you will have the
opportunity to express your concerns…ask questions, etc. The
first one will be held on April 14th in Classroom A. A flyer will be
forthcoming with all detailed information. n
Chief Executive Officer Irene Vogel can be reached by calling
(702) 784-5000 or by emailing [email protected]
E D I T OR I A L S T A F F
WEBSITES AND HOTLINES
E d i t o r I r en e V o gel
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A r t i c l e C o o r di n at o r
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N ev a d a A s s o c ia t io n o f REALTORS®
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product or service by The Greater Las Vegas Association of REALTORS®. Publisher reserves the right to reject or
discontinue any advertisement at its sole discretion.
For information about SNR’s NEW “INTERACTIVE” ADVERTISING
contact Nadine Morris at (702) 784-5032 or [email protected].
N ev a d a R ea l E s t a t e D iv isi o n
www.red.state.nv.us
L ega l H o t l in e
(NVAR in Reno) (800) 748-6999
T ec h n o l o gy H o t l in e
(702) 869-HELP (4357)
GOVERNMENT AFFAIRS
GLVAR Awards $20,000.00 Grant
to Housing Help for Nevada
[ b y S e a n F e l l o w s , G o v e r n m e n t Aff a i r s D i r e c t o r ]
I am pleased to report that after months of formal
grant writing, the Greater Las Vegas Association
of REALTORS® received funding from the
National Association of REALTORS® through
their “Foreclosure Prevention and Response
Program.” I would like to sincerely thank the
Nevada Association of REALTORS®, led by CEO Rob
Wigton and 2010 President Linda Rheinberger for their
steadfast encouragement and support. A committee was
formed to determine the best way to allocate the funding
and that committee voted unanimously to give a grant of
$20,000.00 to Housing Help for Nevada.
homeowner is guaranteed to receive a professional and
personally focused resolution.
If you would like more information about the efforts of
Housing Help for Nevada, I encourage you to attend the 1st
Quarter General Membership Luncheon (Friday, March 26,
2010 at the Four Seasons Hotel) where Alisa Juni, Founder
& Executive Director of Housing Help for Nevada, will give
a presentation of current loan modification programs and
the criteria and eligibility for those programs. Reservations
are required as seating is limited. You can register at
www.lasvegasrealtor.com or by calling (702) 784-5000 by
Monday, March 22, 2010.
Housing Help for Nevada is a nonprofit agency that was
founded in response to Clark County’s housing crisis. The
program is solution based, while being deadline and results
driven. They undertook careful thought and consideration
when
establishing
their
criteria
development plan to ensure that every
homeowner, regardless of social economic
make up, receives the same effort of
assistance. Housing Help for Nevada
understands that the housing crisis crosses
line and demographics like no other time
since the great depression.
Nevada to receive $100M for Housing Assistance
During a February visit, President Obama announced that
Nevada will soon receive more federal money to help with
our housing crisis. At a town hall meeting
at Green Valley High School the President
announced, “…a $1.5 billion fund for
housing finance agencies in the states
that are hardest hit by the housing crisis.
And that means here in Nevada.” These
funds were allocated from the Emergency
Economic Stabilization Act of 2008, better
known as TARP. While no concrete details
exist for this assistance, Senator Harry
president rick shelton presents check
Reid’s office announced that Nevada’s
for $20,000 to alisa juni, of housing
share will be at least $100M.
help for nevada.
The complexity and nature of Southern
Nevada’s housing crisis makes it
impossible for anyone, regardless of their
educational level, to understand the full
spectrum of solutions without a specific understanding of
the lending institutions core makeup and mode of operation.
Even then, the variables at each institution make it near
impossible for a homeowner to navigate and understand
the system and the plethora of options before them.
While this program is not a complete solution, it is a step in
the right direction. I will be sure to pass along more details
of this program as they become available.
get involved in the 2010 Campaign Season
GLVAR in conjunction with NAR will host an educational
program, “Politics for REALTORS®, on Wednesday,
March 24, 2010 from 1:00PM-3:00PM. We have lined up
a few great speakers to include: John Ferruggiaro II, NAR
Managing Director of Field Operations; and Ryan Erwin,
principal of Ryan Erwin & Associates, a nationwide political
consulting firm. John and Ryan will share the ways to
navigate the political landscape and how your involvement
can determine the political future of Nevada for decades to
come. Please contact Tiffany James at [email protected] or
at (702) 784-5038 to register. n
The goal of Housing Help for Nevada is to provide a safe,
professional and free environment for homeowners in Clark
County to learn about and to understand their options.
Housing Help for Nevada has a solemn commitment to
our community through their pledge to ensure that every
homeowner who receives their services is counseled
through the entire process until a resolution is obtained.
Unfortunately, sometimes the best solution is not always
the preferred solutions. However, through their one on
one counseling and action plan referral process, every
[8]
SOUTHERN NEVADA REALTOR® MARCH 2010 www.LasVegasRealtor.com
forms
forms updated
GLVAR recently published a new form to assist agents and brokers
working with Nye County properties, as well as an updated listing
addendum to use with short sales.
Nye County Disclosure
Properties in Nye County often experience different issues than Clark
County. To ensure that buyers understand the area a bit better, the
Nye County Disclosure form advises the buyer on several issues
including the flood plain, soil conditions, utilities and water and the
planned detention center.
official
notice
MLS, CLS and
KEY Access Fees
Are Due April 1st
In addition, the disclosure informs buyers about a few unique
issues such as desert tortoises, exotic animals and the legality of
brothels in Nye County. Finally, the disclosure addresses propertyspecific issues such as existence of master plan restrictions outside
of common interest communities, division or assemblage or parcels
and boundaries.
In each case, the buyer is provided with contact information to find
out more, and is advised to seek assistance from surveyors and other
professionals where necessary.
Short Sale Listing Addend um
A few minor revisions to the Addendum to Listing Agreement—Short
Sale have major impact.
First, the paragraphs within the form were re-ordered for a better
and more logical flow, starting with defining a short sale, advising the
seller that other options are available, and advising the seller of the
consequences of a short sale.
Next, every paragraph now includes space for the seller to initial. This
is designed to encourage agents to explain each paragraph, and ensure
that the seller has read and understands each and every paragraph.
Finally, additional language was added in paragraph 1 to incorporate
other entities that may have an interest in the property (such as
mortgage insurers) into the definition of “Lender.” In addition, the
seller is advised that the terms of the Lender Approval may not be
known until closing, and such terms may or may not be favorable to
the seller.
As with all short sale listings, agents should continue to advise
their clients to seek professional advice for the legal, credit and tax
consequences of a short sale. Remember, the banks may be asking
for a promissory note for all or some of the difference between a loan
amount and the sales price, and sellers need to understand these
consequences. n
[9]
E-billing notices have been sent for
MLS, CLS and KEY Access fees.
Check your e-mail for our e-billing
notice for MLS, CLS and/or D Key or
E Key access fees. E-mail is from
GLVAR with a subject line: “GLVAR
Billing: Semi Annual Service Fees”.
Fees are due April 1st for the period
April 1, 2010 – September 30, 2010
and are non refundable. Accounts
outstanding at 5 pm on Saturday,
April 10th will be assessed a late fee
and services will be suspended.
Make your payment by logging
on to www.lasvegasrealtor.com
with your public and private ID .
Select “view/pay my account” and
pay your access fees today. Need
help? Please call our accounting
department at 784-5053.
We will process “auto pays”
on Thursday, April 1 for those
members who have signed up for
that option.
Thank You
short
legal
Sales Information, Clauses and Forms
for the New Federal Program
[ by Deanne M. Rymarowicz, Esq. ]
Next month on April 5, a new federal
program designed to streamline short sales
will officially begin. The “Home Affordable
Foreclosure Alternatives” (HAFA) program
is a companion program to the Home
Alternatives Modification Program (HAMP).
Loan servicers must offer a short sale or deed-in-lieu of
foreclosure (DIL) alternative to those borrowers who meet
HAMP eligibility requirements, but are still unable to meet
other program requirements.
How does the HAFA program work?
The servicer is required to offer a short sale agreement to
a borrower within 30 days after the borrower does at least
one of the following:
• Does not qualify for a HAMP trial period plan.
• Does not successfully complete a HAMP trial period
plan.
• Is delinquent on a HAMP modification (misses at
least 2 consecutive payments).
• Requests a short sale or DIL.
In a successful HAFA transaction, the seller will have no
additional personal financial liability after closing. The lender/
investor, any subordinate lienholder and the mortgage
insurer must each agree not to pursue the seller for any
remaining deficiency.
Thus, the homeowner may initially request a HAFA review.
In any of these instances, the servicer will contact the
borrower and offer a standard “short sale agreement.” The
borrower then has 14 calendar days to respond.
Although the government has issued guidelines, the loan
servicer may institute its own policy consistent with investor
guidelines, so there may be some variations among lenders.
These lender policies may include such factors as the
severity of the loss involved, local market conditions, the
timing of pending foreclosure actions, and the borrower’s
motivation and cooperation.
Who is eligible for HAFA?
The seller must meet the basic eligibility criteria for HAMP:
• The property must be the principal residence;
• First lien originated before 2009;
• Mortgage payments delinquent or default is
reasonably foreseeable;
• Unpaid principal balance no more than $729,750;
and
• Borrower’s total monthly payment exceeds 31
percent of gross income.
Because in most circumstances the borrower will have
already applied for HAMP assistance, the financial
documents and proof of hardship will already be available
to the servicer, and that will help speed the short sale
approval process. However, even if the borrower has not
applied for HAMP, the servicer must still consider a short
sale if the borrower requests it.
If the servicer has never been contacted or spoken with a
homeowner about a short sale or deed-in-lieu, the servicer
must offer the short sale agreement to the borrower and
provide 14 calendar days to respond. If the borrower does
not respond, the servicer’s duty to offer HAFA is satisfied.
What does the short sale agreement do?
The HAFA short sale agreement is not a listing agreement.
It is an agreement between the servicer and the borrower
that grants a certain time period to list and sell the home.
(Extensions up to 12 months are available.) The agreement
spells out the terms of the HAFA program, including that the
sale must be an arm’s length transaction; that a seller/real
estate licensee may not earn a commission from the sale;
and that the purchase agreement must include the buyer’s
agreement to not sell the home within 90 calendar days of
the transaction closing.
The short sale agreement also provides a list price, or an
acceptable net proceeds number, in addition to acceptable
closing costs, closing date (not less than 45 days from the
date of the purchase agreement) and other important terms.
It is also important to note that the short sale agreement
includes the seller’s obligation to complete a deed-in-lieu
of foreclosure if the short sale is not successful.
CONTINUED ON NE X T PAGE
[ 11 ]
legal
To accept the short sale agreement the borrower/seller must
act quickly—within 14 calendar days—and include all of the
required information, including a signed listing agreement.
For a sample of the short sale agreement,
click here.
➠
What do I need to add to the listing agreement?
All listing agreements for properties that will be sold under
the HAFA program must include the following clauses:
• Cancellation Clause: “Seller may cancel this Agreement
prior to the ending date of the listing period without
advance notice to the broker, and without payment of
a commission or any other consideration, if the
property is conveyed to the mortgage insurer or the
mortgage holder.”
• Listing Agreement Contingency Clause: “Sale of the
property is contingent on written agreement to all
sale terms by the mortgage holder and the mortgage
insurer (if applicable).”
What do I need to add to the purchase agreement?
The sales contract must contain the following clauses:
• “Seller and Buyer each represent that the sale is an
“arm’s length” transaction and the Seller and Buyer are
unrelated to each other by family, marriage or
commercial enterprise.”
•
•
Buyer’s documentation of funds or Buyer’s
pre-approval or commitment letter on the lender’s
letterhead; and
A status update on the negotiation of any subordinate
liens.
The seller has three business days to send these documents
to the servicer. Practically speaking, the seller’s agent will
likely facilitate this step. For a copy of the Request for Short
Sale Approval,
click here.
➠
What if the sellers’ home is already listed and
they don’t have a short sale agreement, can they
still request a short sale approval?
Yes, if the seller otherwise meets the HAMP eligibility
requirements, a purchase agreement may still be reviewed
under the HAFA program. A pre-approved short sale
agreement is not required. Once an executed contract
is obtained, the seller will use the Alternative Request for
Approval of Short Sale which requires some additional
information. For a copy of the Alternative Request for
Approval of a Short Sale,
click here.
➠
Note: at the time of the request for short sale approval (see
below), the seller, but not the buyer, is asked to swear to
the above two points under penalty of perjury, and also
that there are no agreements or understandings between
the parties that the seller will remain in the property as a
tenant or later obtain title or ownership of the property;
and neither seller nor buyer will receive any funds or
commissions from the sale of the property. Although these
terms are not spelled out as “required” in the purchase
agreement, they are nonetheless requirements in the short
sale agreement. Thus, it is a good idea that this verbiage be
used in an addendum to avoid any misunderstanding or
possible rejection.
Upon what grounds may a short sale be rejected?
The servicer has ten business days to accept or reject a
short sale transaction. The HAFA rejection form provides
the following points for rejection. The servicer may reject
on any of these points, or on the basis that the transaction
is not in compliance with some other term of the short sale
agreement:
• Failure to provide executed sales contract or addenda;
• Failure to provide buyer’s documentation of funds
to close or buyer’s pre‐approval or commitment letter
on letterhead from lender;
• Contract sales price below list price stated in Short
Sale Agreement;
• Net proceeds amount is less than acceptable net
proceeds stated in Short Sale Agreement;
• Excessive financial concessions;
• Excessive commissions;
• Excessive closing costs; or
• Excessive payments to subordinate liens/mortgages
OR release of subordinate liens did not occur.
What happens when the seller accepts an offer?
Once the seller accepts an offer, the seller must send the
servicer:
• A completed Request for Approval of Short Sale
(RASS);
• A copy of the fully executed offer, including all
counteroffers and addenda,
What about commissions?
Under HAFA guidelines, the servicer will pay the commission
as stated in the listing agreement, up to six percent.
However, neither a real estate broker nor agent may
receive a commission if they are a party to the transaction.
In addition, there must be no agreement to do side deals to
pay a commission indirectly.
• “The Buyer agrees not to sell the property within 90
days of closing of this sale.”
[ 12 ]
What are the incentives to participate in the
program?
• $1,500 for borrower relocation assistance (paid at
close of escrow);
• $1,000 for servicers to cover administrative and
processing costs; and
• Up to $1,000 match for investors for allowing a total
of up to $3,000 in short sale proceeds to be distributed
to subordinate lien holders (on a one-for-three
matching basis; up to three percent of the unpaid
principal balance of each subordinate loan).
What about second mortgages?
The seller must provide the servicer with written
documentation on all subordinate liens. HAFA allows up to
three percent of the unpaid principal balance of each loan
(not to exceed an aggregate of $3,000 for all the loans in
total) to be paid from the sale proceeds to help get a lien
release. However, it is up to the seller to clear those liens.
To start, the seller should determine if there are other loans,
judgments or liens secured on the property, such as a home
equity line of credit or a second mortgage. If there are such
liens, seller will need to either pay these loans off in full or
negotiate with the lien holders to release them before the
closing date. Under HAFA, the seller must make sure other
lien holders will agree not to pursue other legal action related
to the pay off of their lien, such as a deficiency judgment.
must obtain approval from the mortgage insurer for the
HAFA alternatives.
What banks are participating?
All loan servicers who participate in the Home Affordable
Modification Program (HAMP) must participate in HAFA.
A complete list of servicers is available at http://www.
makinghomeaffordable.gov/contact_servicer.html. Among
the participating servicers are Bank of America, CitiMortgage,
Countrywide Home Loans Servicing, GMAC Mortgage LLC,
JP Morgan Chase Bank, Ocwen Financial Corporation,
Wachovia and Wells Fargo Bank.
Please note, Fannie Mae and Freddie Mac will be releasing
their own HAFA guidelines.
As you can see, HAFA is a complex and detailed program,
and brokers and agents are encouraged to use all of the
resources available in the sidebar to understand this
program. n
This article is of a general nature and is not intended to address any specific
legal or ethical situation. Suggestions for revisions to GLVAR forms should be
forwarded to the Forms Committee at [email protected]. Legal questions may
be directed to NVAR’s Legal Answerline at 1-800-748-6999.
R e s ou r ce s
Sellers may ask their real estate agent to assist with these
negotiations, and the HAFA short sale agreement encourages
sellers to do so. The Real Estate Division has issued a
position statement that when such negotiations are part of
a real estate transaction, services that might other require
a separate license for loan modification are covered under
the real estate license. Be aware, however, that separate
compensation is not allowed for such services, even if the
click here for a copy of the
transaction does not close.
Division’s statement. In addition, brokers and agents must
always be mindful of the line between practicing real estate
and practicing law and advise their clients to seek legal
advice when necessary.
Click on a resource to open a PDF or link to an external site.
What about mortgage insurance?
The goal of HAFA is to get the borrower free and clear once
the short sale closes. HAFA guidelines state, “A mortgage
loan does not qualify for HAFA unless the mortgage
insurer waives any right to collect additional sums (cash
contribution or a promissory note) from the borrower.” The
guidelines indicate that it is the loan servicer/investor who
Home Affordable Mortgage Program
www.makinghomeaffordable.gov
➠
HAFA Resources
Complete HAFA Guidelines
NAR’s Frequently Asked Questions
NAR’s HAFA Brochure (Text only)
NAR’s HAFA Brochure (Full Color)
Short Sale Agreement
Request for Approval of Short Sale
Alternative Request for Approval of Short Sale
Other Resources
NAR Short Sale Homepage
www.realtor.org/realtors/basics_short_sales
Nevada Real Estate Division Position Statement
[ 13 ]
property management
Over the past 15 plus years,
I have worked with quite a
number of REALTORS®, some
very experienced, professional
and competent – others not so
much. Most of these dealings
have had to do with rental properties,
since I’m primarily involved in Property
Management. More than once,
I’ve decided not to show particular
company’s
rental
properties
because of how one particular
property looked. Curb appeal is
one thing, but the interior must
also be appealing.
IT’S NOT
READY
[ b y D e e Sw e e t
P r op e r t y M a n a g e r ]
It’s not that these properties weren’t
properly staged; they weren’t even
cleaned! One house in particular
appeared as though the kitchen
had been sub-leased to a large
family of cockroaches who were
enjoying crumbs in the cabinet
drawers, grease in the range hood,
and who knows what underneath
the sink. In another, the carpets in one
part of the house had been replaced,
but in the rest of the property it was
evident that the carpet had not even
been vacuumed, let alone shampooed.
In still another property, there was a large
amount of nasty looking stuff in the master
bathtub and the rest of the house was just as
bad. In each case, by the time I had finished apologizing
to my customers for the condition of the property, I knew
I had lost not only my customers but also any referral fee
I might have earned. Now, I know what you’re thinking,
I should have previewed those properties before I took a
customer in. That works fine with sales, but with rentals
there frequently isn’t that much time.
Most importantly, what can each of us do with each
property, whether for sale or for rent, to make that
property sell or lease (or just get off the market and out
of our hair) in a timely manner? First, put yourself in the
buyer or lessee’s shoes. What would you like to see in a
property? A HOUSE HAS TO BE CLEAN! No crumbs in
the kitchen cabinets or drawers, no greasy residue on the
cabinets or the range hood, no bugs anywhere, no rings
in the bathtubs and NO nasty smells in the refrigerator
or elsewhere. Clean means different things to different
people. What is needed is a professional
cleaning for each property. There are
companies that can take a messy, overlived-in property and turn it into a
showplace. We call them turn around
companies and they’re not cheap.
Property owners must
realize that they have become
small business owners. They
have an investment in the
property they bought to rent
out. Either that or they need
to bring their current home up
to acceptable standards to rent.
By the same token, they must
realize that they may need to
invest more money in order
to make their income property
viable. Carpeting needs to be
thoroughly shampooed. Vacuuming
alone doesn’t remove the ground in
dirt or the depressions left by furniture.
Light colored carpet that will not come
clean may need to be dyed. Replacing
carpet, unless it is totally worn out, is a
last resort.
Re-painting may not be necessary unless
there is visible damage to the walls. Touchup painting, unless a professional is hired
to do it, can sometimes make the perceived
problem even worse. Have you ever walked into a
house, looked at the walls and noticed five or six different
shades of the same off-white color? That’s bad touch-up.
When you walk into a vacant house, one of the first things
you notice is the smell. If it’s too perfumed, you have to
think maybe they’re trying to mask something. It should
smell clean as well as look clean.
We are all in this business to make money. I know of very
few REALTORS® who got into the business because it
looked like it would be so much fun. (All those marvelous
houses! Look at those fantastic, super-fit, smiling people!)
I believe you are doing a huge disservice to your clients if
you put a property on the market for rent or for sale when
it’s simply not ready! Would you buy or rent a property
in the condition of any of those mentioned in the second
paragraph? I’m thinking not — no matter how good a deal
it is. It’s just not ready! n
[ 14 ]
professional standards
Changes to the
Interpretations of the
NAR Code of Ethics
New Case Interpretation #12-25, Advertising Role in Sales After
Changing Firm Affiliation, was adopted as follows:
REALTOR® Q was a non-principal broker licensed with ABC,
REALTORS®. REALTOR® Q specialized in buyer representation.
A prominent feature on her website carried the headline “I sold
these – and I can help you buy or sell, too!” Under the headline
was a list of over a hundred street addresses of properties for which
REALTOR® Q had found buyers.
For personal and professional reasons, REALTOR® Q chose
to leave the ABC firm to affiliate with XYZ, REALTORS®. As she
transitioned to her new firm, REALTOR® Q was careful to disclose
the name of her new firm in a readily apparent manner on her
website. Her website also continued to display the list of properties
she had found buyers for during her time with the ABC firm.
REALTOR® Q’s parting with ABC had been amicable, so she was
surprised to receive a complaint brought by her former principal
broker, REALTOR® C, alleging a violation of Article 12, as interpreted
by Standard of Practice 12-7, based on her website’s display of
sales made while REALTOR® Q had been affiliated with ABC.
At the hearing, REALTOR® C, the complainant, noted that Standard
of Practice 12-7 provides, in part, “Only REALTORS® who
participated in the transaction as the listing broker or cooperating
broker (selling broker) may claim to have ‘sold’ the property.”
“It was ABC, REALTORS®,” REALTOR® C added, “that was the
selling broker in these transactions, not our former sales associate
REALTOR® Q. Her advertising our sales under the umbrella of her
new firm, XYZ REALTORS®, is confusing at best, and potentially
misleading to consumers who may get the impression the XYZ firm
was involved in these transactions when that’s not the case.”
REALTOR® Q defended herself and her website arguing that the fact
that she had found the buyers for each of the properties listed on her
website was still true, and that the only thing that had changed was
her firm affiliation. “If it was true when I was licensed with ABC, then
it’s still true even though I’m now licensed with XYZ,” she reasoned.
The hearing panel agreed that REALTOR® Q had, in fact, sold
the properties, albeit while licensed with ABC. The ad, however,
suggested that the sales were made while the REALTOR® Q
was licensed with XYZ, which was not the case. Consequently
REALTOR® Q was found in violation of Article 12. n
Source: NAR
[ 15 ]
mls
How to Get
Your Offer Accepted
on a Fannie Mae property
(without really trying)
[ b y t o dd m i l l e r , m l s c o m m i t t e e m e m b e r ]
As an REO
agent the #1
question I get is “How do
I get my offers accepted?”
There are, of course, the
usual answers; Bring cash, be
owner-occupants, close fast, waive inspections,
and write a clean offer.
Of course that doesn’t help you when you are working with
that FHA buyer who is going to need 45-60 days to close,
full inspections, barely has the funds to close, and an entire
slew of other conditions and reasons why they need special
dispensation during the escrow process.
What normally happens is that on a given property there
will be numerous offers, and many times, all of them
FHA or similar types of financing. The seller typically likes
those which are 1) likely to close, and 2) net them the
most money.
So the going secret strategy (which isn’t much of a secret) is
to write an offer for way above list price and market value
[ 16 ]
to secure the contract, and then try to negotiate it down
after the appraisal, which will certainly come in lower. Of
course what usually happens is that a lower offer gets
accepted because the seller believes that it will more likely
financed than the higher offer, and the “secret strategy”
seems to be useless. Since most sellers have figured this
one out, this leaves the poor FHA buyer with only one other
recourse; write as many offers as possible, and hope one
gets accepted. In many cases, you are the lucky agent who
gets to do this, and many times, you have been the one to
suggest this strategy.
purchases with HomePath, then it goes up to 25%
for the next six (6).
5) No mortgage insurance. That means no extra up
front or back end payments for the borrower.
6) Free home warranty. Well, I guess there is really
no such thing as free but let’s just say that the buyer
doesn’t have to come out of pocket for it.
7) Renovation Financing. Does the property need
some light repairs? This option gives the borrower
the chance to fund those repairs into the loan and
pay for them after COE.
Don’t worry if this is your frustration. The good news is you
aren’t alone and there are some solutions, one in particular
for Fannie Mae REOs.
So now that I have your attention, you are probably
wondering why you haven’t done this before. You are
probably even wondering why no one mentioned this to you
as a choice. I’ll save you the hassle of calling your favorite
lender and asking him/her why they didn’t recommend this
to you. The likely answer is simple. Their company cannot
do HomePath financing. The reason is that the product is
not highly profitable for lenders, so they tend to not offer it.
The good news is that there are a bunch of lenders that do
offer it. Simply go to HomePath.com and search for lenders
online. Most of them do not have offices in every city, so do
some due diligence and interview a few of them with your
clients and figure out who you think will give them the best
service and go from there.
You can spot a Fannie Mae from miles away. No, following
the billowing smoke is not the reason why. As a matter of
course, Fannie Mae tends to rehab more of their properties
than any other institutional seller. The main way to tell if it is
a Fannie Mae is, 1) Federal National Mortgage Assn is listed
in the tax records, or 2) Homepath is mentioned in the MLS.
Since about 97% of all Fannie properties are Homepath
eligible, you will likely be able to capitalize on this and have
a much better chance of getting an accepted offer.
Here’s why.
Fannie Mae has partnered with a bunch of lenders to create
a type of financing for its properties. This type of financing,
Homepath, is only for Fannie Mae properties, but has a few
interesting features.
1) No Appraisal. Yes, you heard right. They don’t
do an appraisal. If your client wants to offer $50,000
over list price, go ahead. They stand a good chance
of getting it accepted over any other type of
financing because whatever they offer is what the
loan is going to be.
2) Owner occupants as little as 3% down. Additionally,
this money can be a gift, from their funds, a grant,
from the government, employer, etc. It is less than
the 3.5% that FHA requires, and can come from
more sources.
3) Fast closings. Most of the Homepath lenders will
tell you they can close a loan in 17 days. Certainly
the lack of appraisal helps a great deal in this factor.
4) Investors can buy for 10% down. With most other
investor loans, the minimum down payment
is 25%. Being able to have investors buying with
less cash gives them more funds for other
purchases They can do this for the first four (4)
A couple of extra tidbits are also going to help out. Fannie Mae
is offering up to 3.5% incentive for buyers who purchase and
close on a Fannie Mae-owned home between January 28
and April 30, 2010. Buyers purchasing properties listed may
receive up to 3.5% of the final sales price for the following.
1) Closing costs.
2) The purchase of new Whirlpool appliances.
3) A combination of the above.
To be eligible for the above, the buyer must:
1) Offer accepted after January 28, 2010.
2) Must close escrow no later than May 1, 2010.
3) Buyers must be owner occupants.
These incentives, along with the newly extended First Time
Homebuyer Tax Credit are great tools to help make the home
buying process easier for your clients, and you as well.
So keep your eyes peeled for HomePath and Fannie Mae in
the MLS, and armed with this new knowledge as well as a
HomePath Preapproval letter, your clients are going to have
a much better time during the entire process.
And by default, so are you. n
[ 17 ]
realtor.com®
What does
that Number
mean to you?
[ b y j a s o n p l a t n e r , RE a l t o r . c o m ® ]
Last year REALTOR.com® delivered over 88
million leads to Las Vegas agents! Las Vegas
leads the nation as the most searched city and
REALTOR.com® sends the most leads to its
members.
How do you as an agent cash in on these outstanding
numbers? The first thing you need to do is make sure that
your personal account is set up on REALTOR.com®.
To access this account please go to www.solutioncenter.
realtor.com. At this site you will be able to log into your
account. When you go to this web page and log into your
account for the first time your user name is going to be your
MLS Public ID, and your password is the same Public ID.
Once you are into your account you will be asked to change
your password.
What you do once you are logged in
First you need to go to your account information section and
fill out all of your personal information. All of this information
will be displayed on all of your listings be it resale or rental.
Also, all of this information will be displayed on the yellow
page feature of REALTOR.com®.
If you are having problems with this, please e-mail Jason
Platner at [email protected].
In-office Training
Jason Platner is the local contact for REALTOR.com®. If
you would like for him to teach your office how to use
REALTOR.com®, please call him at 702-449-3690 or email
him at [email protected] to set up your in-office
training. The training is FREE, so please take full advantage of it.
How do you capitalize on this lead generation?
Make sure that when you spend money on marketing, your
message is in front of people that are looking to do a real
estate transaction. REALTOR.com® is the number one real
estate website in the world and that is what we provide,
people that are looking to do a real estate deal sooner than
later.
Branding Your Service in the Las Vegas Market
During the month of March you can do a banner on Realtor.
com® at no risk to you. This is the most exclusive part of
Realtor.com®. When you sign up for a banner on REALTOR.
com® you are going to get a 90 day test drive of that spot.
You will still be billed per month for your spot, but you will
have a 90 day test period. After this test period has expired
and you want to cancel, you can do so at no penalty to you.
We have a very limited number of banners in Las Vegas
that are still open. Please get in touch with Jason Platner
at [email protected] or at 702-449-3690 to place
your order.
Thought of the Month
The definition of Branding: In
marketing, the use of logos, symbols,
or product design to promote
consumer awareness of goods and
services.
IF YOU BRAND YOURSELF YOU
WIN! PERIOD! n
[ 18 ]
mlxchange
DO YOU WANT
MORE TRAINING ON
MLXCHANGE?
[ by Kathy Heaney ]
Very often at the beginning of the year,
agents decide that this is the year they will
become more proficient on MLXchange. We
offer many options for this: Classes, office
visits and computer labs.
Many of you have asked if we can bring the training to you.
The answer is YES. We offer on-line training video classes
available for you to take advantage of at your leisure.
These training videos are located within MLXchange. While
you are logged into MLXchange, simply click “Help” at the
top right of your MLXchange screen. You will see three
tabs: Main, Help & Support. If you click on the Support
Tab you will see some options along the left “MLXchange
Tutorials.”
You can also access
this directly from www.
mlxhelp.com
Select your Association
(in the Select your Site,
choose Greater Las
Vegas Association of
Realtors). Then enter
your user name and password (same as you use to log into
MLXchange or LasVegasRealtor.com).
mls
t i p
You will then be presented with these same three tabs.
When you select the Support tab, you will see the
following options on the left side of the screen. Select
MLXchange Tutorials, and
you will be presented with a
list of MLXchange Tutorials
and Demos. These tutorials
contain step-by-step screen
shots of advanced MLXchange
topics. Please note that these
are generic tutorials on the
functionality of MLXchange
and may not address specific
topics pertinent to the Las
Vegas Association’s business
rules.
Please check these out and if
you have any questions, please
call us at 702-735-0478 or
email us at LasVegasSupport@
Marketlinx.com. n
open
houses
1
2
3
4
Planning on holding an Open House? Were you aware if you
add an Open House in MLXchange it appears on the GLVAR
website www.lasvegasrealtor.com for consumers to search?
To add an open house to a listing in the MLS database:
From the Listing Summary page, click Open Houses to expand the section.
Click the Add an Open House button. The Add New Open House page opens,
with the related fields highlighted.
Enter the Open House Type, Date, Time, and Office Phone information.
Note: You can even indicate whether there will be refreshments served!
Click Submit.
[ 20 ]
[ 22 ]
SOUTHERN NEVADA REALTOR® FEBRUARY 2010 www.LasVegasRealtor.com
Mortgage rates
Bernanke details how
Fed will tighten
when time comes
remain stable
[ by inman news ]
Federal Reserve Chairman Ben Bernanke says the Fed
will hold the line on short-term interest rates for now, but
Bernanke also detailed the steps the Fed will eventually have
to take to head off inflation, which are expected to raise the
cost of borrowing. In prepared testimony to lawmakers,
Bernanke said the Fed intends to hold a key short-term
interest rate, the federal funds overnight rate, at its current
record low for an “extended period” (the Fed chairman was
scheduled to testify before the House Financial Services
today, but the hearing was cancelled due to weather).
of shutting it down are more severe than expected.
Bernanke said that once the Fed decides it’s time to tighten
monetary policy, it could also choose to sell securities
including the MBS it has been purchasing to help keep
mortgage rates low. That could put upward pressure on
mortgage rates. If the Fed tried to unload its MBS purchases
“By increasing the interest rate on
reserves, the Federal Reserve will
be able to put significant upward
pressure on all short-term interest
rates…” Ben Bernanke, Federal Reserve Chairman
But when the time comes to tighten monetary policy to
“prevent the development inflationary pressures,” Bernanke
said the Fed intends to raise the rate it pays on banks’ excess
reserves. That would push short-term interest rates up, and
put upward pressure on long-term rates as well.
“By increasing the interest rate on reserves, the Federal
Reserve will be able to put significant upward pressure
on all short-term interest rates, as banks will not supply
short-term funds to the money markets at rates significantly
below what they can earn by holding reserves at the Federal
Reserve Banks,” Bernanke said. “Actual and prospective
increases in short-term interest rates will be reflected in
turn in longer-term interest rates and in financial conditions
more generally.”
too quickly, investors might not be eager to snatch them up,
pushing their prices down. When bond and MBS prices fall,
yields move in the opposite direction.
Mortgage rates are expected to rise after the Federal Reserve
wraps up ongoing purchases of $1.25 trillion in mortgagebacked securities (MBS) at the end of March.
For now, he said, the Fed is simply allowing the MBS it has
purchased to run off as they mature or are prepaid, and is
also rolling over maturing Treasury securities.
In a Jan. 12 forecast, the Mortgage Bankers Association
projected rates on 30-year fixed-rate mortgages will rise
from an average of 4.9 percent during the final quarter of
2009 to 6.1 percent in the final quarter of 2010, 6.3 percent
in the last quarter of 2011, and hit 6.6 percent during the
last three months of 2012.
Shrinking demand for purchase loans outweighed a slight
bump in applications for refinancings, pushing applications
for mortgages down a seasonally adjusted 1.2 percent for
the week ending Feb. 5, the Mortgage Bankers Association
said in releasing B.0003356 results of its Weekly Mortgage
Applications Survey.
William Dudley, president of the Federal Reserve Bank of
New York, has said that while he expects the Fed to wind
down its MBS purchases at the end of March as planned,
the program could always be restarted if the consequences
Although mortgage rates were mostly down, demand for
purchase loans fell by a seasonally adjusted 7 percent from
the previous week. Applications for refinancing were up 1.4
percent, the MBA said. n
Bernanke promised that any sales of MBS and other
investments the Fed has made to prop up the economy
“would be at a gradual pace, would be clearly communicated
to market participants, and would entail appropriate
consideration of economic conditions.”
Copyright 2010 Inman News Reprinted with permission of Inman News
[ 23 ]
SAFETY: KNOWLEDGE AWARENESS EMPOWERMENT
Showing Properties the Safe Way
When you are showing an empty property, you can take
these simple steps to empower yourself against attack or
theft.
•
Be sure to use the lockbox property-key procedure
that has been established to improve real estate agent
safety. A reliable, secure lockbox system such as
Supra® ensures that keys don’t fall into the wrong
hands.
•
Preview the property and don’t go into a neighborhood
that you perceive as unsafe. Be familiar with the area
so you know the location of the nearest police station.
Drive there immediately if you feel you are in
danger.
S A FE T Y T I P S
Tip #6
Block identity theft
Contact the fraud department of any of the three
consumer reporting companies— Equifax®, ExperianSM
and Trans Union®—to place a fraud alert on your credit
report. The fraud alert automatically lets credit card
companies and other creditors know they must contact
you before opening any new accounts or making any
changes to your existing accounts.
• Try and call the office once an hour to let people
know where you are.
• At the beginning of the showing, mention to the client
that you have another appointment to show the
house within a short time.
•
Tip #7
Auto safety: 99% preparation
Prepare a scenario so that you can leave, or encourage
someone who makes you uncomfortable to leave.
Examples: Your cell phone or beeper went off and
you have to call your office, you left some important
information in your car, or another agent with buyers
is on his way.
Keep roadside breakdown essentials in the trunk,
including flares, a tire-inflation canister, basic hand
tools, spare belts and hoses, water, a flashlight and a
first-aid kit. Have your vehicle inspected regularly, keep
it well maintained and learn how to change a flat tire.
Tip #8
Wear your REALTOR® ID
• In showing a property, always leave the front door
unlocked for a quick exit while you and the client are
inside. As you enter each room, stand near the door.
•
It is better to not display purses while at a property
Lock your purse in the car trunk before you arrive.
Carry only non-valuable business items (except for
your cell phone), and do not wear expensive jewelry or
watches, or appear to be carrying large sums of money.
•
Park at the curb in front of the property rather than in
the driveway. You will attract much more attention
running and screaming to the curb area. It is much
easier to escape in your vehicle if you don’t have
to back out of a driveway. Besides, parked in a
driveway, another vehicle could purposefully or
accidentally trap you. n
Always wear visible company identification such as a
badge. It is also best to drive a vehicle clearly marked
with your company name. These will be invaluable for
identification if you need to get assistance.
Tip #9
Choose flight over fight
While every real estate agent should take a basic selfdefense course, the primary goal in any threatening situation
is to escape from immediate danger and call for help.
Visit NAR’s REALTOR® Safety Web site at www.REALTOR.
org/Safety. Source: This article is part of the NATIONAL ASSOCIATION OF
REALTORS®’ 2009-2010 REALTOR® Safety Resources Kit.
[ 25 ]
wcr
the clock is ticking—
now is the time for you to join!
[ by sharon exarhos, wcr las vegas chapter president ]
The Women’s Council of REALTORS®, ranks
12th in U. S. Women’s Organizations. The WCR
have established benchmarks of excellence year
after year after year. It is not by accident – it is a
very definite plan. What is the secret? They work
together – both locally and nationally. Members
receive a success mixture of networking, business planning
and systems, personal performance, cultural awareness,
and negotiation. It is a strengthening formula that empowers
every chapter and ALL members. We reach out to each other,
member to member and chapter to chapter, providing the
winning edge year after year after year.
Of course you want to network effectively, be social media
savvy, maximize your time, your money, be effective in
your negotiations, be aware of cultural preferences, and all
the latest elements that will keep your business on the road
to success.
Annual Fashion Show May 8, Saturday, come to our
annual “Dress for Success,” at Cili’s, Bali Hai Golf Club.
The extravaganza will show off the latest fashion trends,
vendors will have a myriad
of accessories, bobbles, and
beads. Interspersed will be
our photographer, our hat
parade, prizes, gift baskets,
and plenty of good food. This
will be a day of pampering and
spring 2009 fashion show
fun. This event is open to the
public. Sponsorship opportunities are available. Tickets
may be purchased for $50.
www.wcrlv.org: The Las Vegas Chapter Website Invites
YOU to Join or Renew Now. Your membership will include
a Free Web Photo and your complete contact information.
This is a valuable tool for your networking. n
Our local chapter is humming too Diversity
Committee – New Networking Tool: The “Recipes for
Success” cookbook will be used for networking both locally
and nationally. Each member may submit 3 family recipes,
their photo and complete contact information. Recipes may
be ones that are passed from generation to generation
or a new one. These are the recipes YOU are known for
preparing better than anyone else.
Email me your comments to
[email protected]
save the date
Joint Meeting with CRS Our April meeting will be a joint
meeting with CRS Southern Nevada.
MARCH 3
•
APRIL 7
Join Us For
Breakfast
?
WCR.ORG Question of the Month
When you go to our national website
what single piece of information
did you find valuable?
Cili Restaurant at Bali Hai Golf Club
5160 S. Las Vegas Blvd (1 block south of Russell)
7:30 a.m. - 9:00 a.m.
$25 for RSVP’d members,
$35 for RSVP’d non-members
Register early to avoid the $5 additional late fee
RSVP @ www.wcrlv.org or 702-944-4434
Annual
Fashion
Show
[ 26 ]
Saturday
05.08.10
See article
for details
Using zipForm® 6
Easy as 1-2-3
• Go to www.LasVegasRealtor.com
• Log on using your public ID and password
2. Click on the forms button. The first time you log in
zipForm® 6 sets up and configures the Form Viewer.
• Click on the ZipForm button
Important Note—If an alert window appears, install Java.
Select NO if asked “Do you want to find a secure website?”
Attention
1. Click on zipForm® 6 Professional Edition (online)
OR zipForm® 6 Standard Edition (desktop)
We have detected that you do not meet the system requirements to run
zipForm® 6 Professional
You have a missing Java Runtime Environment
Between 1.6.0_11 and 1.6.0_15 version of the Java Runtime
Environment is required.
Click Here to install.
Once Java is installed you will need to restart Internet Explorer.
3. Form Viewer page. To download form highlight
and Double Click.
NEED ASSISTANCE?
call Tech Support @ 866.693.6767 or
visit online @ http://support.zipform.com
crs
crs of southern nevada
[ by nancy l. anderson, president ]
CRS…The Council of Residential Specialist is
an organization which certifies residential real
estate career professionals who are, or aspire
to be, respected industry experts and value
education, credentials, and opportunity that
certification provides. Unlike other residential
real estate professional membership organizations, CRS has
stringent requirements for designation, including education
and market experience, and is the internationally recognized
industry gold standard, providing superior education,
exceptional referral and networking opportunities, and
relevant, timely resources to keep dedicated professionals
and those they serve on THE PROVEN PATH TO SUCCESS…
so think about becoming a CRS.
MARCH MEETING
March meeting will be at Lawry’s The Prime Rib on March
17th, St. Patrick’s Day, so come out and join
us at 11am and learn more about what is
happening with Robert Noggle and team
from Black and LoBello. It should be an
interesting meeting with a lot of information
regarding this current market.
APRIL
In April we will be co-hosting WCR’s meeting on the 7th,
so plan on attending. Also in April on the 16th we will be
in Mesquite hosting a general meeting and
CE class on contracts, so if you don’t mind
traveling, or if you live in Mesquite, come
spend the morning with us. Pat Kornychuk
from iMortgage and Lea Jackson from First
American Home Protection will be sponsoring the event.
8 TIPS FOR SELLING REO PROPERTIES
Just recently I received a paper from friends out in California
and I want to pass on what they said about
REOs. First, REOs and Short Sales have
become our market here in Nevada, so as a
CRS you will be involved if you are active in
the business. Here are some tips:
1.
2. Identify the obvious buyers – best way is
through communication and easier and less
expensive is email.
3.
In order to be good at REOs set up a good
support group consisting of a home inspector,
an attorney, a mortgage rep, home protection
company, and skilled contractors who can fix
anything.
4. Know what makes it a DEAL; is it price,
condition, availability, financing?
5. Become the source of information! Use your
website to showcase on how to find, buy and
sell them.
6. Stay informed!!! Take CRS111 Short Sales and
Foreclosures: Protecting your Client’s Interest.
7.
Register with HUD to become a seller of HUD
REOs. This is something your broker can do
so all in your office can sell these properties.
HUD is an excellent source of REO properties
as well as financing in a “tough” market.
8.
All REOs are not created equal – know when to
walk away. The listing agent can make the
difference; must have excellent communication
and negotiation skills as well as extensive
information regarding the property and lender
requirements.
Above are just a few good hints for you in this market
place.
WANT TO KNOW MORE ABOUT CRS? CALL US !!!!
Nancy L. Anderson, President: 521-3499
Jackie Porter, President-elect: 321-8797
Tim Kurtz, Secretary/Treasurer: 896-5500 n
Make sure when viewing the MLS listing that it
states it is a REO. Our MLS service does have
this function of identification.
11am networking 11:30am-1pm lunch & meeting
@ Lawry’s “The Prime Rib”
March 17 • June 16 • September 15 • December 15
April 16 Mesquite • Watch for Nye County date
[ 29 ]
member benefit partners
Contact these vendors to see what discounts are available or
➠
click here
1-2-3 Automotive
AppleOne Employment
CSI Services LLC
FixYourPDA.com
1-800-GOT-JUNK?
Attention to Signs
Victor L. Vega
501-0799
Custom Benefits Consultants
Tom Delaney
251-5865
Fung Shui-Design Solutions
1st Choice Flooring
bb king’s blues club las vegas
george contreras
696-1517
Custom Furniture Rental
Dede Beno
485-5555
A & D Cleaning Services
Beno’s Flooring Services
Nick Beno
221-9241
Dans Heating & Cooling INC
Linda Dyar
752-8990
AAA
Best Home Pro
Desert Shine Window Cleaning
Tony Levoyer
622-8440
Jeff Johnston
919-794-3350
Rob Watson
227-7221
A Beautiful Smile
Black Ledger
Desert Valley Maintenance
Candy Dixon
876-2525
Emily Vidrine
801-645-1146
Demetrios Arvanitis
641-6937
A Fresh Clean Carpet
BR Signs & Graphics
Distinct Energy Performance
Harvey Brown
591-3116
Luis Cajueiro
348-9740
Kevin Parkinson / Annette Bubak
396-5080
Accusign Sign Company
Brand Source LV Valley
Diversified Protection Systems
Bill Bilansky
597-2057
Wolfgang Bednar
269-1551
Rod Stanley
332-8034
Advanced Accounting eTax
Bush & Levy, LLC
Ductz of Henderson
Luke Joseph
835-9244
Susan Bush
868-4411
Craig Nuhfer
560-5077
Aesthetic orthodontics
camp bow wow las vegas
Dumont Cleaning
Bob Donovan
784-0500
Jennifer O’hare
255-2267
Margret Dumont
808-9662
Aesthetic Staging & Design
Car Perks
Edge Design Group, Inc
Laurie Baroff
73-STAGE
Nicole Martin
904-394-8190
Esther Cruz
378-2464
Affinity Dental
Carpets N More
Elite Financial Planning Group
Robert Donovan
562-5044
krystal brown
458-9999
Dr. Geoffrey VanderPal
383-5092
Aflac
City saver
Enterprise Rent-A-Car
Patrick Sullivan
456-7520
mike clough
325-2338
Marissa Birch
597-4560
Alliance Cleaning & Restoration
Clear
ER Law
John & Kamilla Fox
558-8900
David Mayne
997-1228
Cristina Evans
463-7529
Aliante Dental
Club Sport Green Valley
Executive Service Contractors
Melinda Mindietz
515-1888
Nancy Ottmann
216-3282
Foster Holloway
460-7505
Allegian Identity Solutions
Concentra Medical Centers
Euro-Kitchen & Cabinets, Inc
Jimmy Smith
255-3000
Andrew Klein
227-1835
Georg J Wyink
328-1596
Almost Anything
Colonial life
Everett Agency
kelly ware
275-0515
Jabari Everett
738-8661
Ameriplan
Colorful lines
Faultless Home Inspections
Cheryl Lockhart
735-1181
scott olsen
290-3556
Christian F. Falter
469-6659
Amerigis
CORT
Ferguson Bath, Kitchen & Lighting
Tricia Bernard
822-7368
Bob Bauer
368-2284
CPG Tours
Fingertip Books and Kits
Andrew Maline
595-2640
Traci Ignozzi
426-9842
Thomas Fookaris
234-2662
Anthem BCBS
Laura Tyler
696-1087
Ann Moore
227-1274
Samantha Kolari
258-3010
Alex Ripoll
838-2777
Larry Burzynski
384-6996
Dan Fleisder
616-2534
Jack Lyons
310-941-7100
Michael Cole
888-525-5251
[ 30 ]
Clinton Montgomery
327-4962
Rochiel Wallers
354-6809
Fung Shui Interiors.com
Shelley Deegan
947-0857
Health Quotes of Nevada
Joe Tegano
228-0715
henderson hyundai
gary wesolowsk / joe biscardi
565-1500
Home Staging by Lyn
Lyn Houben
768-9273
Howard Marstellar Virtual Tours
Howard Marstellar
821-1165
Idea Wide Inc
Todd Hartman
835-6888
iHOUSE Web Solutions
Lisa Fasana
866-645-7700 x525
INSURELASVEGAS.COM
Michael J. Connolly III
914-6911
JCS Video Productions
Jack Vosburgh
596-9291
jump 2 it plumbing llc
darrick jump
438-3106
kcp properties
kevin parkinson / annette burbak
396-5080
Kings Appliance Repair
Antonio & Maria Reyes
294-2900
Kruyer Dental
Paul Kruyer
432-2223
La Paloma Affinity Pre-Need
Sannene Garehime
809-9556
Las Vegas Handyman
Mike Ives
248-0550
Las Vegas Home Watchers, Inc
Dan & Ginni Kruger
493-2755
Las Vegas Local Advertising
Ryan Dunn
630-3866
Las Vegas Publications, LLC
Jennifer Mahar
444-4088 ext 224
Legoland California
www.legoland.com/buytickets
Code 295-DEALS
Long term Care Financial Partners
Daurene Lee
685-9105
Love Your Carpet & Upholstery
Steven Correa
898-6070
Margots Online Insurance
Margot Allaire
279-5141
Massage Heights
A. Mizener
431-1300
Massage Envy
David Nydam
368-3689
Menopause The Musical
Linda Germany
238-4187
Metro Bee & Pest Control
Scott Krienke
250-5588
MLS Photos
Tyrone Boyer
596-5462
Move 4 Less
Avraham Cohen
889-6683
National Health Administrators
Mitchell Kuhn
1-800-432-0091
Needham Law Firm
Evan Needham, Esq.
258-5858 ext. 1
Nevada Drug Card
Suzanne Domoracki
510-0100
Nevada Insurance & Financial
Peter Kran
326-9229
NY Hair Company
Nikki Tucker
515-9445
OBEO.com
Kristin Combs
801-637-4663
ODOR Masters
Ian Simon
491-2526
OfficeMax Impress
Fred Bennett
204-9873
Opportunity Village Document
Destruction
Paul Shlisky
880-4092
Par 4 LLC
Charles Skvarek
232-4922
Paul’s Handyman Service
Paul Sanchez
497-8436
Sourcing Point Solutions
Waddell & Reed Financial
Spectrum Home Services
Warren’s Homework
Sterling Pest Control
Williams Heating & Cooling Inc
Storage One
World Ventures
Straighten Up! Professional
Organizing
Verticals, Blinds, & Shades
Dave Denny
388-9940
PDQ Printing
Kristi Swasey
876-3235
Christopher Spahr
214-7928
Photography In Motion
David Panter
358-3328
Justin Anderson
293-5533
Power Clean Pressure Washing
David Figeroa
489-5985
Alicia Braach
270-2147
Precision Ultrasound
Gary Scully
760-327-6770
Samantha Ratliffe-D’Arrigo
630-2448
Presidential Save Shop
Nina Williams
248-7428
Steamatic Total Cleaning &
Restoration
Michael Esposito
633-0383
Professional Pressure
David LaMarca
326-9101
Stouall & Associates
Michael Iglinski
258-3034
Professional Website Content
Terri & Anthony Arnold
592-4446
Surfboard Dreams M.P.D.
Penny Tyner
473-9522
Promotional Imaging USA
Ester Boyter & Macey Schoen
240-7558
Tastefully Simple
Wendy Schaller
561-0132
Rare Capture Photography
Michael Markovic
434-5840
Tavarez Handyman
Eduardo Tavarez
742-6890
Raquel Stewart Cleaning
Raquel Stewart
979-9764
The Block Group
Joel Block
888-465-6067 x107
R.C. Willey Home Furnishing
Dennis Lucas
801-856-6683
The Daily Post
Darrel & Barbara Barnett
878-8513
Recognition Express
Jeffrey Tino
798-0800
Robb & Stucky Interiors
The International Affiliation
Network
Sharon Allen
531-0577
Jennifer Pence
796-6363
Scentsy
The Maids
Karen Winn
349-7422
Peggy Lagomarsini
870-3360
Send Out Cards
The Pipeline / The Funding House
Jan & Geoff Riddle
813-3671 / 612-9200
Shirlee Rose
542-3421
Sentry West Insurance Services
Tire Works Total Car Care
Brian Jenson
800-328-1827
Barry Temple
883-7300
Servpro of Southwest Las Vegas
Titan Stairs and Trim Inc
Randolph Farias
429-3621
Mark Hundley
221-9980
Service Master 1st Response
Travel Our Globe
Erica Tomlin
896-4197
Randy Sotka
202-6851
Signature Flowers
Unique Landscaping LLC
Cheryll Icasa
562-8884
Spiros Filios
869-4242
[ 31 ]
William Tarasen
736-3656
Kathryn Affentranger
876-9610
Dwayne Williams
403-6096
Dawn Houlf
236-6266
Jack Vosburgh
596-9291
Virtual Tour Outlet
Angeline & Scott Olsen
260-7420
Xtreme Advertising, Inc
Kurt Schaefer
644-7313
Yosemite Lighting and Home Decor
Tami Bogenschutz
327-8585
photo
opps
toiletry drive
GLVAR held its 11th Annual Toiletry
Drive; all proceeds benefited Shade
Tree, Safe Nest and Child Haven.
Members of GLVAR out did themselves
again by donating thousands of dollars
worth of toiletries to the women and
children at these 3 shelters. Once again,
GLVAR would like to thank our members
who supported this fundraising effort
for their support.
—Irene L Vogel, CEO
MORE PHOTO OPPS PAGE 3 4
Jim Losell
a ff i l i a t e
Elizabeth
Hanson
at safe
nest.
Diane Dobson makes
a delivery to child
haven’s peggy’s attic.
from left: Cheryl Smith, Francine Willis and Joan Katsuda
fr o m l e ft : C a s s a nd r a Patterson, J oan Katsu da,
R i c h a rd L y b b e r t , Na d ine M orris, K evin Chil d,
A sh l e y D e B u sk a nd A l e xi s Ruck.
[ 32 ]
photo
opps
Jeremy Daugherty
from B ank o f A merica
Home L oans hoste d an
Aff iliate Lunch & L earn
on February 18, 2010,
to a ful l ho us e . It
provi de d an in formative
overview on REG X an d
REG Z changes in the real
estate in dustry an d a
Q& A s e s s i o n o n REO a nd
S hort S ale changes with
the Tre a s ury cha nge s .
from the
classroom
GLVAR provides seminars and
classes from Tech Forums to the
“Green” Designation. Here are
February’s highlights.
b r o k e r ’ s f o r u m — V e r i se C a m p be l l , D e p u t y D i r e c t o r , S t a t e o f N e va d a Fo r e c l o s ure Me di a ti o n Pro gra m
gi ve s a n u p d a t e o n t h e p r o g r a m . i nse t P r e si d e nt E l e c t , P a u l B e l l w i t h V e r i se ca m pb e l l .
T h e MLS T e c h n o l o g y Ad v i s o r y S u b c o m m i t t e e h o s t ed t h e i r 1 s t q u a r t e r T e c h F o r u m o n February 11, 2010. Over
8 0 memb er s a t t e nd e d t h i s f r e e t r a i ni ng w h i c h c o ve r e d MLX c h a ng e t o o l s & se r vi c e s a s we l l a s the Im m o b e l
t r a n s la t io n a p p l i c a t i o n w h i c h a l l o w s m e m be r s t o t r a nsl a t e MLS l i st i ng s i nt o 1 3 d i ffe re nt l a ngua ge s . fro m
lef t : W a lt C o ffe y MLS V i c e C h a i r , J a ne t C h o yno w sk i , CEO I m m o be l , G e o r g e T r o m bl e y MLS Tre a s ure r a nd Te rry
F it zpa t r ick , M a r k e t L i nx .
Lee Barrett teaching another
s u c c e s s f u l NAR a p p r o v e d , S h o r t
Sale & Foreclosure Resource
certification course.
[ 34 ]
congratulations to the nvar leadership 2009 graduating class
from left: Sharon Exharos, Forrest Barbee, Leslie Cain, Linda Murphy, Ellen Fahr, Brett Gordon, Amy Shocket, Gina Lyon, Mike Pristow,
G a r y M a n s o u r , H e i d i M c F a dd e n , M a r i s s a M c C o n n e l l , B r u c e S o l i .
G l va r r e c e i v e d fundi ng
f r o m na r t hro ugh the i r
“ F o r e c l o s u re Prevention
a nd R e sp o ns e Pro gra m . ”
A l i sa J u ni , o f Ho us i ng
H e l p fo r N e va da accepts
A g r a n t of $20,000 on
b e h a lf o f t he nonpro fit
a g e n c y fo u n de d in
r e s p o n s e t o Clark
C o u nt y’ s h o us i ng cri s i s .
S t o r y o n p age 8 .
guy amato of
habitat for
humanity
photo
opps
a day of
giving
bryan menzelle
of shade tree
marie
outcalt
of safe
nest
President Rick Shelton
presented checks to
reps from the three local
charities that benefited
from the $20,000 raised
at the “Silent Auction”
held during the 2010
President’s Installation
Luncheon.
[ 35 ]
single family home report
[ january 1- january 31, 2010 ]
new listings
Existing single family H omes
sales
price range
2 bdrms
3 bdrms
4+ bdrms
total units
s/fam units
$49,999 or Under
29
73
22
124
136
$50,000 to 59,999
18
61
18
97
77
$60,000 to 69,999
15
57
14
86
116
$70,000 to 79,999
11
69
29
109
146
$80,000 to 89,999
19
80
27
126
205
$90,000 to 99,999
21
89
43
153
241
$100,000 to $119,999
25
224
91
340
480
$120,000 to $139,999
26
224
110
360
511
$140,000 to $159,999
19
175
99
293
465
$160,000 to $179,999
11
108
113
232
374
$180,000 to $199,99
4
66
79
149
311
$200,000 to $249,999
11
66
154
231
469
$250,000 to $299,999
4
31
81
116
266
$300,000 to $399,999
0
23
78
101
251
$400,000 to $499,999
3
11
30
44
108
$500,000 to $999,999
2
7
29
38
121
$1,000,000 to $2,999,999
0
0
5
5
49
$3,000,000 to $4,999,999
0
0
3
3
5
$5,000,000 and Over
0
0
1
1
5
218
1,364
1,026
2,608
4,336
96,600
120,000
167,500
134,925
150,000
114,296
131,903
218,980
164,687
215,253
totals
median price
average price
LISTED VS. solD
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
38%
2006
24%
41%
2008
2007
LISTED
2009
2010
SOLD
For more comprehensive statistical reports
49%
77%
➠
click here
[ 36 ]
condo / townhome report
new listings
Existing condo/townhomes
sales
price range
1 bdrm
2 bdrms
3 bdrms
total units
condo units
$49,999 or Under
54
98
27
179
245
$50,000 to 59,999
15
42
10
68
131
$60,000 to 69,999
6
62
20
90
109
$70,000 to 79,999
3
58
15
76
111
$80,000 to 89,999
2
30
15
47
70
$90,000 to 99,999
1
11
19
31
54
$100,000 to $119,999
1
24
20
45
76
$120,000 to $139,999
0
11
9
20
66
$140,000 to $159,999
1
6
5
13
47
$160,000 to $179,999
2
6
6
14
15
$180,000 to $199,99
1
3
1
5
20
$200,000 to $249,999
0
3
1
4
18
$250,000 to $299,999
0
1
0
1
6
$300,000 to $399,999
0
0
1
1
8
$400,000 to $499,999
0
0
0
0
4
$500,000 to $999,999
0
0
0
0
6
$1,000,000 to $2,999,999
0
0
0
0
1
$3,000,000 to $4,999,999
0
0
0
0
0
$5,000,000 and Over
0
0
0
0
0
86
355
149
594
987
median price
44,498
65,000
80,000
65,000
70,000
average price
51,094
71,021
86,280
72,045
91,164
totals
LISTED VS. sold
20,000
15,000
10,000
5,000
0
37%
2006
21%
28%
2008
2007
LISTED
2009
2010
SOLD
60%
61%
➠
click here
[ 37 ]
annual mls statistics
TOTAL UNITS
SINGLE FAMILY CLOSINGS
4000
3500
2006
3000
2007
2500
2008
2000
2009
1500
2010
1000
500
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
1000
900
TOTAL UNITS
CONDO/TOWNHOME CLOSINGS
Jan
800
2006
700
2007
600
2008
500
400
2009
300
2010
200
100
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
$300,000
$250,000
AVERAGE PRICE
$170,118 $164,687
2009
Year End Average
$200,000
$150,000
$87,696 $72,045
$100,000
2010
Thru January
$50,000
$0
SINGLE FAMILY
CONDOMINIUM
➠
click here
[ 38 ]
residential rental leased report
new listings
residentia l rent al unit s l eas ed
sales
price range
2 bdrms
3 bdrms
4+ bdrms
total units
$500 or Under
16
2
0
18
9
$501 to $800
281
26
2
309
324
$801 to $1,000
155
191
20
366
375
82
421
139
642
539
$1,001 to $1,300
$1,301 to $1,500
25
68
99
192
192
$1,501 to $1,700
10
28
46
84
111
$1,701 to $2,000
14
18
47
79
102
$2,001 to $3,500
12
16
55
83
104
$3,501 to $5,000
0
2
4
6
22
$5,001 to $8,000
0
0
1
1
8
$8,001 to $10,000
0
0
1
1
5
$10,001 and Over
0
1
2
3
2
totals
595
773
416
1,784
1,793
median price
820
1,100
1,400
1,100
1,100
average price
915
1,364
2,938
1,582
1,305
LISTED VS. LEASED
average price
$3,000
$2,500
$2,000
s/fam units
$1,784
$1,784
$1,500
$1,000
$500
January 2009
February 2009
March 2009
April 2009
May 2009
June 2009
July 2009
August 2009
September 2009
October 2009
November 2009
December 2009
January 2010
median price
$1,597
$1,419
$1,365
$1,461
$1,348
$1,299
$1,405
$1,255
$1,477
$1,264
$1,261
$1,313
$1,582
January 2009
February 2009
March 2009
April 2009
May 2009
June 2009
July 2009
August 2009
September 2009
October 2009
November 2009
December 2009
January 2010
0
LISTED
LEASED
➠
click here
[ 39 ]
$1,200
$1,200
$1,200
$1,200
$1,200
$1,200
$1,195
$1,195
$1,150
$1,150
$1,125
$1,150
$1,100
SUNDAY
M arc H 2 0 1 0
MONDAY
TUESDAY
1
UNLESS
OTHERWISE
NOTED ALL
MEETINGS ARE
HELD @ GLVAR
7
14
WEDNESDAY
8
9:00am Risk
Management
3:00pm Zipform
Training
15
1:00pm Finance
Committee
21
22
28
29
2
9:00am Property
Management
Committee
9:30am
Technology
Committee
11:00am
Executive
Committee
9
16
23
8:30am
Grievance
Committee
10:00am MLS
Committee
10
17
11:00am CRS
Meeting (Lawry’s,
“The Prime Rib”)
1:00pm
Politics 101 for
REALTORS®
30
CALENDAR SU B J ECT T O C H AN G E
3
7:30am WCR
Meeting (Cili’s
Restaurant)
24
THURSDAY
4
FRIDAY
SATURDAY
5
6
11
12
13
18
19
20
26
27
10:00am Forms
Committee
8:30am Political
Affairs Committee
10:00am CALV
BOD
25
8:30am Board of
Directors Meeting
8:30am Faculty
Committee
10:00am
Charities
Committee
11:00am General
Membership
Meeting
2:00pm CE Class
(Four Seasons
Hotel)
31
➠
®
c l i c k h e r e F O R CURRENT IN F O R M ATI O N
REALTOR® Trademark
Did You Know…
Use non-member,
instead of non-REALTOR®,
when referring to one
who is not a member.
[ 40 ]
PAID ADVERTISEMENT

8government affairs - Greater Las Vegas Association of Realtors

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