tag:blogger.com,1999:blog-72857905154276131802024-03-13T11:34:30.964-07:00GRRAblogThe official blog of the Greensboro Regional REALTORS® AssociationGRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.comBlogger47125tag:blogger.com,1999:blog-7285790515427613180.post-22434185944091931902010-08-03T12:41:00.000-07:002010-08-03T12:41:22.373-07:00August 4, 2010 Luncheon: The Candidates SpeakIf you weren't able to make it to our monthly membership luncheon today, you're in luck: You can catch up on what the candidates had to say by clicking through the videos below (use the arrows on the right and left to navigate).<br />
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Don't forget, the Elections run August 9 through August 23 -- keep an eye on your e-mail the morning of August 9 for your login info, and cast your vote for the future of the GRRA!GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.com0tag:blogger.com,1999:blog-7285790515427613180.post-47834800442207421872010-07-29T06:28:00.000-07:002010-07-29T06:28:02.662-07:00LDO Changes discussed at Brown Bag<div id="__ss_4865293" style="width: 425px;"><span style="display: block; margin: 12px 0 4px;"><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Representatives from the City of Greensboro's planning department joined us on Thursday to talk about the changes in the city's Land Development Ordinance. If you missed it, catch up with the Powerpoint below!</span></span><strong style="display: block; margin: 12px 0 4px;"><a href="http://www.slideshare.net/GreensboroREALTORS/ldo-changes" title="LDO Changes">LDO Changes</a></strong><object height="355" id="__sse4865293" width="425"><param name="movie" value="http://static.slidesharecdn.com/swf/ssplayer2.swf?doc=ldotrebicversion-100729082230-phpapp01&stripped_title=ldo-changes" /><param name="allowFullScreen" value="true"/><param name="allowScriptAccess" value="always"/><embed name="__sse4865293" src="http://static.slidesharecdn.com/swf/ssplayer2.swf?doc=ldotrebicversion-100729082230-phpapp01&stripped_title=ldo-changes" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="355"></embed></object><br />
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</div></div>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.comtag:blogger.com,1999:blog-7285790515427613180.post-60684098665304105952010-07-28T08:57:00.000-07:002010-07-28T08:57:38.944-07:00Greensboro among Money's 'hot metro areas'<div class="separator" style="clear: both; text-align: center;"><a href="http://www.grra.org/images/money_logo.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://www.grra.org/images/money_logo.jpg" /></a></div>The August issue of CNN's Money Magazine is out, and it has some good news for Greensboro: Our city was given the highest rating among nationwide 'hot' metro areas, a conclusion derived from the strength of a city's housing market and economy.<br />
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Read more about how cities were scored in the link below.<br />
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<a href="http://www.grra.org/pdf/map_july_2010.pdf">Click here to view the map (.pdf)</a>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.comtag:blogger.com,1999:blog-7285790515427613180.post-15188727612471487092010-07-19T11:37:00.000-07:002010-07-19T11:38:47.670-07:00Forms Guy weighs in on Offer to Purchase<span class="Apple-style-span" style="font-size:16px;"><i><div><b><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Revisions to Offer to Purchase and Contract</span></span></span></b></div><div><b><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></span></b></div><div><b><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">by Will Martin</span></span></span></b></div><div><span class="Apple-style-span" style="font-style: normal;"><i><div style="display: inline !important;"><b><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">NCAR General Counsel</span></span></span></b></div></i></span></div><div><i><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></i></div><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Courtesy: Insight Magazine, the </span></span></i></span><i><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">North Carolina Association of REALTORS</span></span><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">®</span></span></span></i><div><b><span style="color:black;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></span></b></div><div><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><i></i></span></span><b><span style="color:black;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Dear Forms Guy</span></span></span></b><span style="color:black;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">:</span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"> </span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">I’ve just been told that the Offer to Purchase and Contract has been completely rewritten. Is it so? </span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Sincerely, Lumpy</span></span></b></span></div><div><b><span style="color:black;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></span></b></div><div><span style="color:black;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><b></b></span></span></span><b><span style="color:black;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Dear Lumpy</span></span></span></b><span style="color:black;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: It’s true that s</span></span></span><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">ignificant changes to the Offer to Purchase and Contract (form 2-T) were recently approved by the NC Association of REALTORS® and the NC Bar Association, but the form hasn’t been completely rewritten. A great deal of the content of the current form (copyright July 2008) has been carried forward into the new form. The organization of the current form has also been significantly changed to group-related provisions in a more logical way. For example, defined terms are grouped together in a new “Terms and Definitions” paragraph at the beginning of the new form, and buyer and seller representations and obligations are grouped together in paragraphs 5 through 8. </span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Sincerely, Forms Guy</span></span></b></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><b></b></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: What are the big changes?</span></span></div><div><a name='more'></a></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: The most significant change in the new form is the elimination of the current “Alternative 1.” Doing away with Alternative 1’s complicated repair negotiation structure will help reduce many of the disputes that have frequently been stumbling blocks to the negotiation of repairs, including disputes over whether an item is “covered” under the list of items in Alternative 1, whether an item is “performing the function for which intended” or is “in need of immediate repair,” whether repair requests and responses to repair requests are timely, whether an item is includable under the Cost of Repair Contingency, whether the estimated cost of repairs is reasonable, and whether and when a contract is “over” following a breakdown in repair negotiations.</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: If Alternative 1 is gone, what will replace it?</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: Replacing Alternative 1 is a new “Buyer’s Due Diligence Process” paragraph (paragraph 4). During an agreed-upon “Due Diligence Period,” the buyer will have the opportunity to investigate the property and the transaction to decide whether the buyer will proceed with or terminate the contract. Prior to the expiration of the Due Diligence Period, the buyer may terminate the contract for any reason or no reason by written notice to the seller.</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: If the buyer decides to terminate, is time “of the essence” regarding the notice of termination?</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: Yes.</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: This sounds a lot like Alternative 2 in the current Offer to Purchase and Contract.</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: The new due diligence paragraph is similar to Alternative 2 but differs from it in some important respects. First, unlike Alternative 2, the description of the due diligence process in paragraph 4 in the new form includes a significant amount of guidance to the parties to aid them in understanding the things they should consider doing during the due diligence period.</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: What kinds of things?</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: Examples listed of things that the buyer may consider doing during the due diligence period include conducting inspections to determine the condition of improvements on the property, reviewing relevant documents such as restrictive covenants, conducting an appraisal and a survey of the property, investigating current or proposed zoning, the availability and cost of property insurance, potential flood hazards, and pursuing qualification for and approval of any loan that the buyer may need to obtain to purchase the property.</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: Does the buyer have to do all those things?</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: No, of course not, but any of those things that the buyer does choose to do should be done during the due diligence period.</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: Did you say that the buyer has to get loan approval during the due diligence period?</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: No. I said that during the due diligence period, the buyer will be entitled to </span></span><i><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">pursue</span></span></i><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"> qualification for and approval of their loan. Depending on the length of time the buyer and seller agree that the due diligence period will last, it’s quite possible that the buyer won’t know for sure when the due diligence period expires that the loan will be approved.</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: So what’s a buyer to do in that situation?</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: Prior to the expiration of the due diligence period, the buyer needs to make a decision based on the information they have from their lender at that time whether to terminate or proceed with the transaction. If they terminate the contract, they get their earnest money deposit back. If they proceed with the transaction and the lender doesn’t approve the loan for some reason, the buyer would lose their earnest money deposit if they were unable to close without the loan.</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: Is it fair to make the buyer put their earnest money deposit at risk?</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: Good question, Lumpy. You may recall that the loan condition in the contract was completely rewritten in 2008. Prior to that time, the loan condition extended right up to the date of closing and if the lender decided not to make the loan at the last minute, the buyer could terminate the contract and get their earnest money deposit back. Many felt this was unfair to the seller. It was felt that the loan condition should be changed to more fairly balance the risk between the buyer and seller of the sale not closing due to the buyer’s loan not being approved. This was accomplished by shifting that risk to the buyer at some mutually agreeable date during the transaction. The new due diligence contract uses this same basic approach. The date that the risk shifts to the buyer is the date that the due diligence period expires</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: What’s a fair period of time to give a buyer to make their decision</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: The buyer typically would like for this date to fall as close to the closing as possible and the seller typically would like for this date to come sooner in the process. Just as the sales price is negotiable, the date that the buyer has to make a decision to terminate or move forward is a matter of negotiation. The “Note” at the end of paragraph 4(a) in the new Offer to Purchase provides: “Buyer is advised to consult with Buyer’s lender prior to signing this offer to assure that the Due Diligence Period allows sufficient time for the appraisal to be completed and for Buyer’s lender to provide Buyer sufficient information to decide whether to proceed with or terminate the transaction."</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: Can the buyer ask the seller to make repairs under the new contract?</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: Yes. Paragraph 4 in the new form specifically states that the parties may, but are not required to, engage in repair negotiations. There is no limitation on what the buyer can ask the seller to repair, and there is no obligation on the seller’s part to repair anything. The buyer is advised to make any repair requests in sufficient time to allow any repair negotiations to be concluded by the end of the due diligence period.</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: What does the buyer do if they are negotiating repairs with the seller and the due diligence period is about to expire?</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: There is a “Warning” to the buyer in paragraph 4 that unless the seller agrees in writing to an extension of the due diligence period, the buyer should terminate the contract if the buyer is not satisfied with the results or progress of the buyer’s due diligence. If the buyer chooses not to terminate prior to the end of the due diligence period, the buyer would lose any right to terminate the contract later based on any matter that should have been addressed during the due diligence period.</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: So would the buyer lose any right to terminate after the end of the due diligence period?</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: No. The “Note” at the end of paragraph 4(g) makes it clear that the buyer would retain any right to terminate for any other reason permitted under the contract or North Carolina law. For example, if the seller was unable to deliver a deed conveying marketable and insurable title (see paragraph 8(a)), that would be considered a breach of contract by the seller. Paragraph 8(l) specifically provides that the buyer would be entitled to a refund of their earnest money deposit and any due diligence fee, and reimbursement for reasonable costs incurred by the buyer in connection with the buyer’s due diligence. </span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: You just said something about a “due diligence fee.” What’s that?</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: The “Due Diligence Fee” is defined in paragraph 1 of the new form as “[a] negotiated amount, if any, paid by Buyer to Seller with this Contract for Buyer’s right to conduct Due Diligence during the Due Diligence Period” (see paragraph 1(i)). The payment of a due diligence fee is not mandatory under the new version of the Offer to Purchase and Contract. That’s the second significant difference between the due diligence provision in the new form and Alternative 2.</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: Is the contract even enforceable if the buyer doesn’t pay anything but has the right to terminate for any reason or no reason during the due diligence period?</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: A most perspicuous question, Lumpster! To address concerns about the enforceability of the contract in situations where no due diligence fee is paid, a mutual waiver of any defense to the enforceability of the contract based on the absence or alleged insufficiency of any due diligence fee has been added at the end of paragraph 1(i).</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: I guess if I ask you what a fair due diligence fee would be, you’ll tell me that the amount of the fee is completely negotiable between the parties, right?</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: That’s right. The amount of the fee will be influenced by such things as the market for the property and the time it’s been on the market, the buyer and seller’s personal circumstances, and the length of the due diligence period. In determining how much due diligence fee they are willing to pay, a buyer should clearly understand that the fee is generally non-refundable (with some exceptions listed in the Due Diligence Fee definition) and that the seller is not required to make any repairs to the property or agree to any other concessions that the buyer may request. On the other hand, in deciding how much of a fee to accept, the seller should clearly understand that the buyer may walk away from the transaction for any reason or no reason, even if the seller is willing to fix everything that the buyer may request or agree to any other concessions, and that the due diligence fee is all they are going to get for taking their property off the market during the due diligence period. </span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: Are there other changes that I should be aware of?</span></span></div><div><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></b></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"></span></span><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: Yes, Lumpy. Other significant changes include the following:</span></span><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"> </span></span><div class="Indent25TNR10pt" style="margin-left: 49.5pt; mso-list: l0 level1 lfo1; text-indent: -.25in;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></div><div class="Indent25TNR10pt" style="margin-left: 49.5pt; mso-list: l0 level1 lfo1; text-indent: -.25in;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">·</span></span><span style="font: 7.0pt "Times New Roman";"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">The separate appraisal, loan, and flood hazard conditions have been eliminated since obtaining an appraisal and investigating the availability of any necessary financing and potential flood hazards, among other things, will become part of the buyer’s due diligence.<o:p></o:p></span></span></div><div class="Indent25TNR10pt" style="margin-left: 49.5pt; mso-list: l0 level1 lfo1; text-indent: -.25in;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">·</span></span><span style="font: 7.0pt "Times New Roman";"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">The new form recognizes a distinction between “settlement” and “closing” “Settlement” is when all the documents are signed and delivered to the settlement agent along with the funds necessary to complete the transaction. “Closing” is a process that includes the settlement, as well as the title update following settlement, the settlement agent’s receipt of authorization to disburse all necessary funds and the recordation of the deed(s) and any deed(s) of trust (see definitions in paragraphs 1(k) and 1(m)).<o:p></o:p></span></span></div><div class="Indent25TNR10pt" style="margin-left: 49.5pt; mso-list: l0 level1 lfo1; tab-stops: 31.5pt; text-indent: -.25in;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">·</span></span><span style="font: 7.0pt "Times New Roman";"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">The seller’s damages in the event of a breach of the contract by the buyer are limited to the earnest money deposit (see paragraph 1(e)). A seller’s damages can be difficult to determine, and unless the contract sales price is greater that the appraised value of the property at the time of the contract, the seller may not have any significant damages if the buyer breaches the contract. Limiting the seller’s damages to the earnest money deposit will give the parties greater certainty during the negotiation process about possible outcomes if the transaction doesn’t work out. <o:p></o:p></span></span></div><div class="Indent25TNR10pt" style="margin-left: 49.5pt; mso-list: l0 level1 lfo1; text-indent: -.25in;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">·</span></span><span style="font: 7.0pt "Times New Roman";"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">An attorney fee provision has been added in paragraph 1(g) in an effort to help discourage frivolous disputes over earnest money.<o:p></o:p></span></span></div><div class="Indent25TNR10pt" style="margin-left: 49.5pt; mso-list: l0 level1 lfo1; text-indent: -.25in;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">·</span></span><span style="font: 7.0pt "Times New Roman";"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">The separate “Fuel” provision and the necessity of measuring the amount of fuel in any tank(s) prior to closing has been eliminated. In the new form, the buyer will be entitled to whatever fuel may be the tank(s) at Settlement (see paragraph 2).<o:p></o:p></span></span></div><div class="Indent25TNR10pt" style="margin-left: 49.5pt; mso-list: l0 level1 lfo1; text-indent: -.25in;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">·</span></span><span style="font: 7.0pt "Times New Roman";"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">New representations by the buyer have been added regarding other property that the buyer may need to sell and the buyer’s financial ability to complete the transaction (see paragraphs 5(b) and 5(c)).<o:p></o:p></span></span></div><div class="Indent25TNR10pt" style="margin-left: 49.5pt; mso-list: l0 level1 lfo1; text-indent: -.25in;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">·</span></span><span style="font: 7.0pt "Times New Roman";"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">New representations by the seller have been added regarding length of the seller’s ownership of the property, whether the property is the seller’s primary residence and whether there is an owners’ association (see paragraphs 7(a), 7(b) and 7(e)). The length-of–ownership representation has been added in response to loan underwriting guidelines which now commonly require that a seller has owned the property for a minimum period of time. The representation regarding primary residence was added as a result of a new North Carolina law that requires a statement whether the property includes the seller’s primary residence to be included in a deed conveying the property <o:p></o:p></span></span></div><div class="Indent25TNR10pt" style="margin-left: 49.5pt; mso-list: l0 level1 lfo1; text-indent: -.25in;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">·</span></span><span style="font: 7.0pt "Times New Roman";"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">The new form </span></span><u><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">requires</span></span></u><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"> the attachment of an “Owners’ Association Addendum” if there is an owners’ association (see paragraphs 7(e) and 8(k)). Work is still continuing on revisions to the existing Owners’ Association Addendum.<o:p></o:p></span></span></div><div class="Indent25TNR10pt" style="margin-left: 49.5pt; mso-list: l0 level1 lfo1; text-indent: -.25in;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">·</span></span><span style="font: 7.0pt "Times New Roman";"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">The existing “Delay in Closing” provision has been simplified as a result of confusion about how it worked and a few reported problems associated with the payment of accrued per diem interest. In the new form, the per diem interest provision has been eliminated and the permitted delay shortened to fourteen days (see paragraph 13). <o:p></o:p></span></span></div><div class="Indent25TNR10pt" style="margin-left: 49.5pt; mso-list: l0 level1 lfo1; text-indent: -.25in;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">·</span></span><span style="font: 7.0pt "Times New Roman";"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">In the “Fixtures” paragraph, “range/stove/oven” has been added to the list of fixtures to address the common understanding between the parties that such a device generally remains with the property. This addition will eliminate the need to add such a device in the Personal Property paragraph of the contract. In addition, the word “attached” has been added in front of “wall and/or door mirrors” primarily to distinguish bathroom mirrors that are hung like pictures from those that are attached to the wall in a more permanent way. <o:p></o:p></span></span></div><div class="Indent25TNR10pt" style="margin-left: 55.5pt;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></div><div class="Indent25TNR10pt"><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: Wow, Forms Guy. That’s a whole bunch of changes! I’m really worried about understanding them all and being able to explain the new contract to my clients.<o:p></o:p></span></span></div><div class="Indent25TNR10pt"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></div><div class="Indent25TNR10pt"><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: I understand your concerns, Lumpy. I know it may not seem like it to you right now, but there is absolutely no doubt that this new contract is simpler than the current one. It has significantly fewer “moving parts.” There are only two dates in the whole contract — the date the due diligence period will end and the settlement date. And, as you and I have discussed, many of the different conditions and contingencies in the current form have been eliminated. With practice, I am confident that agents will find it simpler to use and simpler to explain. Of course, the form will not work magic. You’ll still need parties who are motivated to buy and sell in order to have successful transactions, and disputes over the return or forfeiture of earnest money aren’t going to go away.<o:p></o:p></span></span></div><div class="Indent25TNR10pt"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></div><div class="Indent25TNR10pt"><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: How do I get trained on the new form and when will I have to start using it?<o:p></o:p></span></span></div><div class="Indent25TNR10pt"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></div><div class="Indent25TNR10pt"><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: The new form won’t go into effect until Jan. 1, 2011. In the meantime, you will have ample opportunities to become familiar with it. A significant portion of the Real Estate Commission’s 2010-2011 Update Course will be devoted to the new contract, and many other training opportunities will be offered through NC REALTORS® beginning soon. <o:p></o:p></span></span></div><div class="Indent25TNR10pt"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></div><div class="Indent25TNR10pt"><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Lumpy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: Won’t other forms have to change too?<o:p></o:p></span></span></div><div class="Indent25TNR10pt"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></div><div class="Indent25TNR10pt"><b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Forms Guy</span></span></b><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">: Yes. Work is still continuing on necessary changes to the various addenda to the Offer to Purchase and Contract, the Offer to Purchase and Contract-Vacant Lot/Land, the Guidelines for using the contract forms, and other related forms. Also, a new, separate Offer to Purchase and Contract for new construction is being developed. It is expected that those changes will be approved this coming fall.</span></span></div><div class="Indent25TNR10pt"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></div><div class="MsoNormal"><span style=" line-height: 115%;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">A sample of the revised Offer to Purchase and Contract form can be found on the North Carolina Association of REALTORS® website. To access the sample form, please login at </span></span><a href="http://www.ncrealtors.org/"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">www.ncrealtors.org</span></span></a><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">. Then click on the “Forms & Contracts” tab in the upper left-hand corner. At the bottom of the “Forms and Contracts” page under “Downloads,” click on the linked named: “Sample of 2011 Offer to Purchase.”<o:p></o:p></span></span></span></div><div class="MsoNormal"><span style=" line-height: 115%;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></span></div><div class="MsoNormal"><span style=" line-height: 115%;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Two educational programs relating to the revised Offer to Purchase and Contract will be offered at the 2010 NC REALTORS® Convention & Expo in Myrtle Beach. NC REALTORS® also will distribute a training video in DVD format to all local boards for use/distribution as each board may determine appropriate. In addition, the revised Offer to Purchase and Contract will comprise a significant part of the N.C. Real Estate Commission’s 2010-2011 update course. <o:p></o:p></span></span></span></div><div class="MsoNormal"><span style=" line-height: 115%;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></span></div><div class="MsoNormal"><span class="Apple-style-span" style="line-height: 18px;"><i><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size: medium;">Reprinted with permission</span></span></i></span></div></div>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.com0tag:blogger.com,1999:blog-7285790515427613180.post-20749377289813518902010-07-01T05:51:00.001-07:002010-07-01T06:46:20.937-07:00Homebuyer Tax Credit closing deadline, flood insurance: Crucial extensions PASSED!<div class="MsoPlainText">After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed.<span style="mso-spacerun: yes;"> </span>The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010.<span style="mso-spacerun: yes;"> </span>There is will be no gap between June 30 and the date the President signs the bill into law.</div><div class="MsoPlainText"><br /></div><div class="MsoPlainText">NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.</div><div class="MsoPlainText"><br /></div><div class="MsoPlainText">For additional information on the extension visit <a href="http://www.realtor.org/government_affairs">www.realtor.org/government_affairs</a></div><div class="MsoPlainText"><br /></div><div class="MsoPlainText">Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010.<span style="mso-spacerun: yes;"> </span>This will allow transactions to move forward.<span style="mso-spacerun: yes;"> </span>The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.</div><div class="MsoPlainText"><br /></div><div class="MsoPlainText">For more information on the flood insurance program visit <a href="http://www.realtor.org/government_affairs">www.realtor.org/government_affairs</a></div>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.com0tag:blogger.com,1999:blog-7285790515427613180.post-22453952125694763112010-06-22T08:07:00.000-07:002010-06-22T08:21:39.862-07:00Lead-Based Paint Rules: Enforcement delayed until fallThe Wall Street Journal is reporting important news out of the EPA about the new Lead-Based Paint standards for property owners (see the brief at the end of <a href="http://online.wsj.com/article/SB20001424052748704895204575321103022820526.html?mod=ITP_pageone_1">this page</a>):<br /><blockquote><i>The Environmental Protection Agency decided to delay enforcing a new lead-paint regulation following pressure from home builders and members of Congress ... The rule would require contractors who work in older homes to become certified by a government-approved trainer and follow a series of safety precautions.</i></blockquote>The EPA will delay taking action against contractors who haven't yet completed their training, putting off enforcement until Oct. 1.<br /><br /> The National Association of Home Builders <a href="http://www.nahb.org/news_details.aspx?sectionID=148&newsID=10957">has more</a>:<br /><blockquote><span class="Apple-style-span" style=" ;font-family:Arial, Helvetica, sans-serif;font-size:small;color:#333333;"><span class="Apple-style-span" style=" line-height: 19px;font-size:13px;"><i>In revised guidance released on Friday, EPA acknowledged that remodelers in many parts of the country have been unable to obtain the required training to comply with the rule – a problem that NAHB has urged the agency to solve since the rule was announced two years ago...The issue came to a head in May after floods devastated parts of Tennessee and there weren’t enough certified remodelers to complete much-needed home repairs. NAHB and its state home builders association proposed a delay in enforcing the rule -- a decision EPA consented to in its letter on Friday.</i></span></span></blockquote>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.comtag:blogger.com,1999:blog-7285790515427613180.post-59059272355580923902010-06-10T07:50:00.000-07:002010-06-11T07:10:06.057-07:00NCAR Legislative Day<div class="separator" style="clear: both; text-align: left;"><span class="Apple-style-span" style="font-family: inherit;">This week marked NCAR's 2010 Legislative Meetings, which culminated on Wednesday when REALTORS</span><b></b></div><b><div class="MsoNormal" style="display: inline !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: inherit;">® </span><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-family: inherit;">from around the state </span></span></div></b><span class="Apple-style-span" style="font-family: inherit;">visited their representatives at their offices. Greensboro had a strong showing, with a group of GRRA leaders visiting the offices of Sens. Phil Berger and Katie Dorsett, and Reps. Earl Jones, Maggie Jeffus, Pricey Harrison, John Blust and Alma Adams. </span><br />
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</span></div><div class="separator" style="clear: both; text-align: center;"><a href="http://hphotos-snc3.fbcdn.net/hs301.snc3/28663_448714076176_111172816176_5816403_6874435_n.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span class="Apple-style-span" style="font-family: inherit;"><img border="0" height="240" src="http://hphotos-snc3.fbcdn.net/hs301.snc3/28663_448714076176_111172816176_5816403_6874435_n.jpg" width="320" /></span></a></div><span class="Apple-style-span" style="font-family: inherit;"><br />
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<span class="Apple-style-span" style="font-family: inherit;">(See more photos at the </span><a href="http://www.facebook.com/home.php?#!/album.php?aid=224717&id=111172816176"><span class="Apple-style-span" style="font-family: inherit;">GRRA Facebook Page</span></a><span class="Apple-style-span" style="font-family: inherit;">)</span><br />
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<span class="Apple-style-span" style="font-family: inherit;">Here are a few topics they discussed:</span><br />
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<b><span class="Apple-style-span" style="font-family: inherit;">1)</span></b><span class="Apple-style-span" style="font-family: inherit;"> </span><b><span class="Apple-style-span" style="font-family: inherit;">Appraisal Management Company Regulation.</span></b><span class="Apple-style-span" style="font-family: inherit;"> Appraisal Management Companies</span><span style="color: black;"><span class="Apple-style-span" style="font-family: inherit;"> (AMCs) are not new, but the number of AMCs and the frequency of their use has increased since the adoption of the Home Valuation Code of Conduct in 2008. </span></span><span class="Apple-style-span" style="font-family: inherit;">That code prohibits mortgage professionals from ordering appraisals and mandates that lenders have either a separate department to order appraisals or use third party companies to select appraisers (these companies are commonly referred to as Appraisal Management Companies). Many lenders have chosen to use AMCs rather than to restructure their operations. AMCs are not currently regulated by the Federal government or the state of North Carolina.</span><br />
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<b><span class="Apple-style-span" style="font-family: inherit;">We support</span></b><span class="Apple-style-span" style="font-family: inherit;"> </span><b><span class="Apple-style-span" style="font-family: inherit;">Senate Bill 829 (Regulation of Appraisal Management Companies)</span></b><span class="Apple-style-span" style="font-family: inherit;"> introduced by Sen. Clark Jenkins (D – Edgecombe) because it </span><br />
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<ul><li>benefits consumers by regulating AMCs, which directly affect home valuations and loan qualifications.</li>
<li>requires all AMCs doing business in North Carolina to register with the North Carolina Appraisal Board.</li>
<li>requires AMCs to have a compliance manager who is a certified appraiser.</li>
<li>prohibits AMCs from acting in an unethical manner. Regulation will help ensure that homeowners will have accurate valuation of their residences and lenders will have accurate valuation of their collateral. There is the potential for fewer foreclosures, which will protect banks and consumers.</li>
<li>requires AMCs to have systems in place to verify that the appraisers that they use are licensed appropriately and are complying with appraisal laws.</li>
</ul><div><b><span class="Apple-style-span" style="font-family: inherit;">2) Ban on Private Transfer Fees. </span></b><span class="Apple-style-span" style="font-family: inherit;">Private Transfer Fees (PTFs) are fees paid to a third party upon the transfer of real property. The fee is usually paid by the seller and can either be a fixed amount or a percentage of the sales price.</span></div><span class="Apple-style-span" style="font-family: inherit;"><br />
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<b><span class="Apple-style-span" style="font-family: inherit;">We support</span></b><span class="Apple-style-span" style="font-family: inherit;"> </span><b><span class="Apple-style-span" style="font-family: inherit;">Senate Bill 35 (Reconveyance Fees Prohibited)</span></b><span class="Apple-style-span" style="font-family: inherit;"> introduced by Sen. David Hoyle (D – Gaston) because of the following:</span><br />
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<ul style="margin-top: 0in;" type="disc"><li class="MsoNormal" style="margin-bottom: 6.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><span class="Apple-style-span" style="font-family: inherit;">PTFs require consumers to pay thousands of dollars to parties that hold no ownership interest in the property for the right to buy or sell real estate. <o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 6.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><span class="Apple-style-span" style="font-family: inherit;">Sellers lose equity and earn less money on their most important investment, and often PTFs are hidden from consumers who are likely to learn about them just days before closing.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 6.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><span class="Apple-style-span" style="font-family: inherit;">PTFs make it more difficult to obtain clear title and make the transfer of property more costly and less certain. <o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 6.0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><span class="Apple-style-span" style="font-family: inherit;">The legality and enforceability of these covenants is questionable and legislation that prohibits them is a proactive measure to protect consumers. <o:p></o:p></span></li>
</ul><div><b><span class="Apple-style-span" style="font-family: inherit;">3) No new taxes or fees on the Real Estate Industry. </span></b><b></b><br />
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<b><div class="MsoNormal" style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-family: inherit;">In North Carolina, we are facing economic challenges. Even our real estate sector, historically the most stable and vibrant segment of our state’s economy, is dealing with adversity. One industry cannot repeatedly be called upon to fund a disproportionate share of services and programs provided by state and local governments. </span></span></div></div></b></div><div><b></b><br />
<b><div class="MsoNormal"><span class="Apple-style-span" style="font-family: inherit;"><o:p></o:p></span></div><div class="MsoNormal"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-family: inherit;"><br />
</span> </span></div><div class="MsoNormal"><span class="Apple-style-span" style="font-family: inherit;"><span class="Apple-style-span" style="font-weight: normal;"></span></span></div><div class="MsoNormal" style="mso-layout-grid-align: none; mso-margin-bottom-alt: auto; text-autospace: none;"><b><u><span class="Apple-style-span" style="font-family: inherit;">We oppose</span></u></b><span class="Apple-style-span" style="font-family: inherit;"> </span><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-family: inherit;">any new taxes or fees on REALTORS® or taxes and fees that negatively impact the real estate market, such as taxing REALTOR® services, increasing the privilege license tax, real estate transfer taxes, impact fees, increasing taxes on Limited Liability Companies, and changes to or elimination of the mortgage interest deduction. </span></span><o:p></o:p></div></b></div>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.comtag:blogger.com,1999:blog-7285790515427613180.post-2200631096132364632010-06-09T13:46:00.001-07:002010-06-09T13:47:08.323-07:00GDOT visits the GRRACraig McKinney with the Greensboro Department of Transportation spoke to a packed house at our Roads and Highways Brown Bag on June 8. When we scheduled the event, we anticipated that the new draft TIP would be out; unfortunately, it has been delayed. If you missed the Brown Bag, Craig has graciously offered to do a follow-up Brown Bag on August 17, at which point the TIP should be available.<br />
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In the meantime, here's a snippet from his talk on Tuesday, in which he discusses the progress of the Urban Loop:<br />
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<div id="__ss_4456168" style="width: 400px;"><strong style="display: block; margin: 12px 0 4px;"><span class="Apple-style-span" style="font-weight: normal;">And here's the PowerPoint presentation:</span></strong><strong style="display: block; margin: 12px 0 4px;"><a href="http://www.slideshare.net/GreensboroREALTORS/greensboro-regional-realtors-assoc-06-0810" title="Greensboro regional realtors assoc 06 08-10">Greensboro regional realtors assoc 06 08-10</a></strong><object height="355" id="__sse4456168" width="400"><param name="movie" value="http://static.slidesharecdn.com/swf/ssplayer2.swf?doc=greensbororegionalrealtorsassoc06-08-10-100609153710-phpapp01&stripped_title=greensboro-regional-realtors-assoc-06-0810" /><param name="allowFullScreen" value="true"/><param name="allowScriptAccess" value="always"/><embed name="__sse4456168" src="http://static.slidesharecdn.com/swf/ssplayer2.swf?doc=greensbororegionalrealtorsassoc06-08-10-100609153710-phpapp01&stripped_title=greensboro-regional-realtors-assoc-06-0810" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="400" height="355"></embed></object><br />
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</div></div>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.comtag:blogger.com,1999:blog-7285790515427613180.post-54016875042707605692010-06-02T12:52:00.001-07:002010-06-04T05:49:27.756-07:00NAR economist: Pending sales upNAR's Chief Economist, Lawrence Yun, talks about how the tax credit has affected national pending home sales.<br /><br /><embed src="http://c.brightcove.com/services/viewer/federated_f8/1465406675" bgcolor="#FFFFFF" flashvars="videoId=89312847001&playerId=1465406675&viewerSecureGatewayURL=https://console.brightcove.com/services/amfgateway&servicesURL=http://services.brightcove.com/services&cdnURL=http://admin.brightcove.com&domain=embed&autoStart=false&" base="http://admin.brightcove.com" name="flashObj" width="400" height="412" seamlesstabbing="false" type="application/x-shockwave-flash" swliveconnect="true" pluginspage="http://www.macromedia.com/shockwave/download/index.cgi?P1_Prod_Version=ShockwaveFlash"></embed>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.com0tag:blogger.com,1999:blog-7285790515427613180.post-35494072510109331022010-06-01T13:00:00.000-07:002010-06-01T13:00:20.089-07:00RPAC Auction Eve: One last sneak peekWe're down to the zero hour -- <b>the 2010 RPAC Auction is happening tomorrow, June 2, 2010!</b> Get to the GRRA at 11:30 a.m. to make sure you're present when bidding starts!<br />
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</div><div>Here's one last preview to mark the occasion -- view more <a href="http://greensbororealtors.blogspot.com/search/label/RPAC%20Auction">here</a>.<br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4661077388/" style="margin-left: auto; margin-right: auto;" title="DSC03925 by greensbororealtors, on Flickr"><img alt="DSC03925" height="300" src="http://farm5.static.flickr.com/4002/4661077388_c62fdff2bf.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">"Guy's Night Out" Gift Basket</td></tr>
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<tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4661077474/" style="margin-left: auto; margin-right: auto;" title="DSC03924 by greensbororealtors, on Flickr"><img alt="DSC03924" height="300" src="http://farm5.static.flickr.com/4063/4661077474_ba81a96719.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">"Diva for a Day" Gift Basket</td></tr>
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<tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4661077630/" style="margin-left: auto; margin-right: auto;" title="DSC03928 by greensbororealtors, on Flickr"><img alt="DSC03928" height="400" src="http://farm5.static.flickr.com/4033/4661077630_ab1b1e2557.jpg" width="300" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Decorative Vase</td></tr>
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<tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4661077704/" style="margin-left: auto; margin-right: auto;" title="DSC03927 by greensbororealtors, on Flickr"><img alt="DSC03927" height="300" src="http://farm5.static.flickr.com/4017/4661077704_98a46d0223.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Hand-crafted birdhouses</td></tr>
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<tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4661077814/" style="margin-left: auto; margin-right: auto;" title="DSC03926 by greensbororealtors, on Flickr"><img alt="DSC03926" height="300" src="http://farm5.static.flickr.com/4012/4661077814_bb2a532580.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Family Fun Gift Basket</td></tr>
</tbody></table>See you at the auction!</div>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.com0tag:blogger.com,1999:blog-7285790515427613180.post-3572436254363073182010-05-27T12:32:00.000-07:002010-06-01T12:56:49.671-07:00RPAC Auction Sneak Peek: Week 5 (pt. 2)More great items continue to roll in to the GRRA offices for next week's RPAC Auction. Here's another taste of what's to come (hit the jump for more).<div><br />
</div><div>And don't forget to come out at <b>11:30 on Wednesday, June 2 </b>to see the rest of our great inventory! It's a great way to support your <b>REALTORS Political Action Committee</b>!<br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4645022869/" style="margin-left: auto; margin-right: auto;" title="DSC03916 by greensbororealtors, on Flickr"><img alt="DSC03916" height="376" src="http://farm5.static.flickr.com/4009/4645022869_205a6cec18.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Hand-carved table</td></tr>
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<tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4645022931/" style="margin-left: auto; margin-right: auto;" title="DSC03917 by greensbororealtors, on Flickr"><img alt="DSC03917" height="308" src="http://farm5.static.flickr.com/4022/4645022931_efa2bfabcb.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Child's play set w/ mat</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4645637454/" style="margin-left: auto; margin-right: auto;" title="DSC03918 by greensbororealtors, on Flickr"><img alt="DSC03918" height="300" src="http://farm5.static.flickr.com/4055/4645637454_5984130285.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The REALTOR's Day Off Gift Basket</td></tr>
</tbody></table><br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4645023079/" style="margin-left: auto; margin-right: auto;" title="DSC03919 by greensbororealtors, on Flickr"><img alt="DSC03919" height="246" src="http://farm5.static.flickr.com/4006/4645023079_dd17f19391.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Hand turned wood bowl and small wood containers</td></tr>
</tbody></table><br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4645637680/" style="margin-left: auto; margin-right: auto;" title="DSC03920 by greensbororealtors, on Flickr"><img alt="DSC03920" height="400" src="http://farm5.static.flickr.com/4015/4645637680_6b63216d2d.jpg" width="300" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Two-bike rack for car</td></tr>
</tbody></table><br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4645023255/" style="margin-left: auto; margin-right: auto;" title="DSC03921 by greensbororealtors, on Flickr"><img alt="DSC03921" height="300" src="http://farm5.static.flickr.com/4061/4645023255_131d0c9844.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Wine gift basket with candles and hand-made wooden stoppers</td></tr>
</tbody></table></div></div>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.com0tag:blogger.com,1999:blog-7285790515427613180.post-83810838952127328332010-05-26T08:04:00.000-07:002010-06-01T12:56:49.671-07:00RPAC Auction Sneak Peek: Week 5<span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';">We're exactly one week out from the 10th annual RPAC Auction here at the GRRA. There's still time to donate if you haven't already -- contact </span></span><a href="mailto:bpgilliland@grra.org"><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';">Barbara Gilliland</span></span></a><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"> if you have something to contribute!</span></span><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';"><br /></span></span></div><div><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';">Here are a few more items that will be on display when bidding opens at </span></span><b><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-family:'trebuchet ms';">11:30 a.m. June 2</span></span></b></div><div><b><br /></b><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody><tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4641992630/" style="margin-left: auto; margin-right: auto;" title="Angel statue by greensbororealtors, on Flickr"><img alt="Angel statue" height="400" src="http://farm4.static.flickr.com/3372/4641992630_085ee14b8c.jpg" width="275" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Angel statue</td></tr></tbody></table><br /><br /><a name='more'></a><br /><br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody><tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4641992492/" style="margin-left: auto; margin-right: auto;" title="Still Life by Johnnye Letterman by greensbororealtors, on Flickr"><img alt="Still Life by Johnnye Letterman" height="300" src="http://farm5.static.flickr.com/4066/4641992492_e718565772.jpg" width="400" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Painting by Johnnye Letterman</td></tr></tbody></table><br /><br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody><tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4641992780/" style="margin-left: auto; margin-right: auto;" title="NASCAR Memorabilia by greensbororealtors, on Flickr"><img alt="NASCAR Memorabilia" height="400" src="http://farm4.static.flickr.com/3413/4641992780_ff75862a40.jpg" width="300" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">NASCAR Memorabilia featuring Kyle Petty-Autographed Seat Cushion</td></tr></tbody></table><br /><br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody><tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4641992926/" style="margin-left: auto; margin-right: auto;" title="Home Energy Audit by greensbororealtors, on Flickr"><img alt="Home Energy Audit" height="300" src="http://farm4.static.flickr.com/3372/4641992926_0a8affa91d.jpg" width="400" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Home Energy Audit</td></tr></tbody></table></div>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.com0tag:blogger.com,1999:blog-7285790515427613180.post-7863400518763457542010-05-26T07:16:00.000-07:002010-05-26T07:17:46.410-07:00Brian Casey on the changing Furniture MarketBrian Casey, president of the High Point Market Authority, spoke at the GRRA-REALTOR Commercial Alliance luncheon on Tuesday, and he had a lot of interesting things to say about the evolution of the market over the past few years. A few excerpts:<br /><br /><object height="385" width="400"><param name="movie" value="http://www.youtube.com/v/wnndheq0wxc&hl=en_US&fs=1&"><param name="allowFullScreen" value="true"><param name="allowscriptaccess" value="always"><embed src="http://www.youtube.com/v/wnndheq0wxc&hl=en_US&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="400" height="385"></embed></object><br /><br /><br /><a name='more'></a><br /><br /><br /><object width="400" height="385"><param name="movie" value="http://www.youtube.com/v/5ymDqYOKNxM&hl=en_US&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/5ymDqYOKNxM&hl=en_US&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="400" height="385"></embed></object>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.comtag:blogger.com,1999:blog-7285790515427613180.post-64398757371139039632010-05-21T06:28:00.000-07:002010-05-21T06:29:38.453-07:00George Bell talks about the new Offer to Purchase<span class="Apple-style-span" style=" ;font-family:Arial, Helvetica, sans-serif;font-size:12px;">George Bell, WSRAR President and member of the NCAR forms committee, took a break from teaching his CE course on Thursday to give a quick update on the new Offer to Purchase form.</span><br /><div><div style="text-align: center;"><span class="Apple-style-span" style=" ;font-family:Arial, Helvetica, sans-serif;font-size:small;"><span class="Apple-style-span" style="font-size:12px;"><br /></span></span></div></div><br /><object height="385" width="400"><param name="movie" value="http://www.youtube.com/v/HKlTZ4CYdHM&hl=en_US&fs=1&"><param name="allowFullScreen" value="true"><param name="allowscriptaccess" value="always"><embed src="http://www.youtube.com/v/HKlTZ4CYdHM&hl=en_US&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="400" height="385"></embed></object><br /><br />See more videos at the <a href="http://www.youtube.com/user/grra1">GRRA's YouTube Channel!</a>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.comtag:blogger.com,1999:blog-7285790515427613180.post-76943351449792707732010-05-19T06:50:00.000-07:002010-06-01T12:56:49.672-07:00RPAC Auction Sneak Peek: Week 4More new items for our blog readers this week, and stay tuned: We have some very exciting announcements on the horizon! Don't forget to mark your calendars for the start of bidding on <b>Wednesday, June 2 at 11:30 a.m.</b><br /><br />We'll be auctioning off original paintings by Nancy Radtke:<br /><div style="text-align: center;"><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody><tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4621621856/" style="margin-left: auto; margin-right: auto;" title="Bill's Peonies by greensbororealtors, on Flickr"><img alt="Bill's Peonies" height="400" src="http://farm4.static.flickr.com/3397/4621621856_72d16c23e8.jpg" width="312" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">"Bill's Peonies"</td></tr></tbody></table><br /><a name='more'></a><br /><br /><br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody><tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4621621818/" style="margin-left: auto; margin-right: auto;" title="Door1 by greensbororealtors, on Flickr"><img alt="Door1" height="400" src="http://farm4.static.flickr.com/3341/4621621818_53c586a144.jpg" width="300" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">"Door #1"</td></tr></tbody></table>And two vacuums, including this super-handy ShopVac:<br /><br /><div style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4621621788/" title="ShopVac by greensbororealtors, on Flickr"><img alt="ShopVac" height="400" src="http://farm5.static.flickr.com/4022/4621621788_1974b207c2.jpg" width="309" /></a></div><br />We've got a lot of great items, but still need more! If you have something you'd like to contribute, contact Barbara Gilliland at bpgilliland@grra.org or 854-5868.GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.com0tag:blogger.com,1999:blog-7285790515427613180.post-44780260303468488622010-05-12T07:45:00.000-07:002010-05-12T08:34:24.393-07:00Commercial mortgage market liquidity must be enhanced<span class="Apple-style-span" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px; border-collapse: collapse; line-height: 18px;color:#333333;"><i><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">This week, GRRA CEO </span></i><a href="http://www.twitter.com/barrmike" style="color: #3366cc; font-weight: bold;"><i><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Mike Barr</span></i></a><i><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"> and 2010 GRRA President </span></i><a href="http://www.twitter.com/billguill" style="color: #3366cc; font-weight: bold;"><i><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Bill Guill</span></i></a><i><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"> are in Washington, D.C. talking with our representatives about several different issues. This is part of a series of in-depth looks at issues that affect the housing market in Greensboro and around the country.</span></i></span><i><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><br /></span> </span><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><br /></span> <span class="Apple-style-span" style="font-style: normal;"><b><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Congress must take action to enhance liquidity in the commercial real estate market to avoid driving down economic recovery.</span></b></span><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><br /><span class="Apple-style-span" style=" font-style: normal;font-family:Georgia, serif;"><i><b><i></i></b></i></span></span></i><i><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style=" font-style: normal;font-family:Georgia, serif;"><i><b><i></i></b></i></span></span></i><i><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style=" font-style: normal;font-family:Georgia, serif;"><i><b><i><div style="display: inline !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-style: normal;"><b><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-family:Georgia, serif;"><span class="Apple-style-span" style="font-weight: normal;"><br /></span></span></span></b></span></div></i></b></i></span></span></i><div><i><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style=" font-style: normal;font-family:Georgia, serif;"><i><b><i><div style="display: inline !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-style: normal;"><b><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Liquidity challenges</span></b></span></div></i></b></i></span></span></i><i><b><i></i></b></i><br /><i><b><i><div style="display: inline !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Despite providing more than 9 million jobs and generating billions of dollars in federal, state and local tax revenue, the commercial real estate market is still in the midst of a serious financial crisis. Many property owners are underwater, and will face serious trouble refinancing the $1.4 trillion in commercial real estate loans that will mature by 2014.<br /></span></span></span></div></div></i></b></i><i><div style="display: inline !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-style: normal;"><i></i></span><br /><span class="Apple-style-span" style="font-style: normal;"><i><div style="display: inline !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-style: normal;"><b><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Increase credit union lending caps</span></b></span></div></i></span></div></i><br /><i><span class="Apple-style-span" style="font-style: normal;"><i><i><i></i></i></i></span><i><i><i></i></i></i></i><i><i><i><i></i></i></i></i><i><i><i><i><div style="display: inline !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Credit unions are hampered by a business lending cap of 12.25% of total assets. Many commercial real estate owners have strong relationships with credit unions, which could help them refinance their properties but find the lending cap presents an obstacle.</span></span></span></div></div></div></i></i></i></i><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-family:'Times New Roman';"><b><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><br /></span></b></span></span><br /><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-family:'Times New Roman';"><b><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Term extensions could save performing properties facing an equity gap</span></b></span></span><br /><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Instead of requiring a refinance at the end of a loan term (and having to deal with a troublesome equity gap), lenders should be encouraged to extend the term of the current loan for commercial properties that can support their current debt service. Currently, lenders do not offer term extensions because they are wary of regulatory oversight concerns.</span></span></span></div></div><br /><span class="Apple-style-span" style="font-style: normal;"><b><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">House actions to date:</span></b></span><br /><ul><li><span class="Apple-style-span" style="font-style: normal;"><i><span class="Apple-style-span" style="font-style: normal;"><i><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">79 Members of the House, led by Reps. Kanjorski (D-PA) and Calvert (R-CA), signed onto a letter to Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke, urging them to take a more active role in addressing the problems facing commercial real estate markets.</span></span></div></div></i></span></i></span><i></i><i><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i></i></span></i></li><li><span class="Apple-style-span" style="font-style: normal;"><i><i><i><i><i><i><i><i><i><i><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Reps. Kanjorski (D-PA) and Royce (R-CA) introduced H.R. 3380, the “Promoting Lending to America's<span class="Apple-style-span" style="font-family:'Times New Roman';"><i> </i></span></span></span><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><i><i><i><i><i><i><i><i><i><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-family:'Times New Roman';"><i><i><i><i><i><i><i><i><i><i><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><i><i><i><i><i><i><i><i><div style="display: inline !important;"><div style="display: inline !important;"><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Small Businesses Act,” to increase the credit union commercial lending cap from 12.25% to 25% of total</span><span class="Apple-style-span" style="font-family:Georgia, serif;"><i> </i></span></span></div></div></div></div></i></i></i></i></i></i></i></i></i></span></span></div></i></i></i></i></i></i></i></i></i></i></i></span></span></span></div></div></i></i></i></i></i></i></i></i></i></i></span></span><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-family:'Times New Roman';"><i><i><i><i><i><i><i><i><i><i><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><i><i><i><i><i><i><i><i><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><i><i><i><i><i><i><i><i><i><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><i><i><i><i><i><i><i><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><i><i><i><i><i><i><i><i><i><i><div style="display: inline !important;"><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">assets.</span></span></div></div></div></i></i></i></i></i></i></i></i></i></i></i></span></span></div></i></i></i></i></i></i></i></i></i></span></span></div></i></i></i></i></i></i></i></i></i></i></i></span></span></div></div></i></i></i></i></i></i></i></i></i></span></span></div></i></i></i></i></i></i></i></i></i></i></i></span></span></span></div><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><i><i><i><i><i><i><i><i></i></i></i></i></i></i></i></i></i></span></span><br /><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><i><i><i><i><i><i><i><i></i></i></i></i></i></i></i></i></i></span></span><br /><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><i><i><i><i><i><i><i><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><i><i><i><i></i></i></i></i></i></span></span></div></i></i></i></i></i></i></i></i></i></span></span></div></i></i></i></i></i></i></i></i></i></i></span></li></ul><span class="Apple-style-span" style="font-style: normal;"><b><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">What we're asking of our Representatives:</span></b></span><br /><ul><li><span class="Apple-style-span" style="font-style: normal;"><i><span class="Apple-style-span" style="font-style: normal;"><i><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Cosponsor H.R. 3380, increasing the cap on credit union business lending from 12.25% to 25%. Credit Unions can provide an important additional source of funding for small commercial properties that need to<i> </i><span class="Apple-style-span" style="font-family:'Times New Roman';"><i><span class="Apple-style-span" style="font-style: normal;"><i></i></span></i></span></span></span><br /><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><span class="Apple-style-span" style="font-style: normal;"><i><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><div style="display: inline !important;"><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">refinance.</span></span></div></div></div></i></span></span></div></div></i></span></i></span></span><br /></div></div></i></span></i></span><i><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i></i></span></i></li><li><span class="Apple-style-span" style="font-style: normal;"><i><span class="Apple-style-span" style="font-style: normal;"><i><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Support efforts to hold a House hearing solely focused on commercial real estate.</span></span></div></div></i></span></i></span></li><li><span class="Apple-style-span" style="font-style: normal;"><i><span class="Apple-style-span" style="font-style: normal;"><i><i><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Urge the Federal Reserve and Treasury to encourage banks to provide term extensions for performing<span class="Apple-style-span" style="font-family:'Times New Roman';"><i> </i></span></span></span></div><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><i><i><i><i><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">properties.</span></span></div></div></i></i></i></i></i></span></span><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><i></i></i></span></span></div></i></i></span></i></span></li></ul><span class="Apple-style-span" style="font-style: normal;"><b><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Senate actions to date:</span></b></span><br /><ul><li><span class="Apple-style-span" style="font-style: normal;"><i><i><i><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Sen. Udall (D-CO) introduced S. 2919, the Small Business Lending Enhancement Act, to increase the cap </span></span><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><i><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><i><i><i><i><div style="display: inline !important;"><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">on credit union commercial lending from 12.25% to 25% of total assets.</span></span></div></div></div></i></i></i></i></i></span></span></div></i></i></i></span></span></div><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><i></i></i></span></span></div></i></i></i></span></li></ul><span class="Apple-style-span" style="font-style: normal;"><b><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">What we're asking of our Senators:</span></b></span><br /><ul><li><span class="Apple-style-span" style="font-style: normal;"><i><i><i><i><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Cosponsor S. 2919</span></span></div></div></i></i></i></i></span></li><li><span class="Apple-style-span" style="font-style: normal;"><i><i><i><i><i><i><i><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">S<span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">upport efforts to hold a Senate hearing solely focused on commercial real estate.</span></span></div></div></i></i></i></i></i></i></i></span></li><li><span class="Apple-style-span" style="font-style: normal;"><i><i><i><i><i><i><i><i><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">Urge the Federal Reserve and Treasury to encourage banks to provide term extensions for performing </span></span></div><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;"><i><i><i><i><i><i><div style="display: inline !important;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;"><span class="Apple-style-span" style="font-family:'Trebuchet MS', sans-serif;">properties.</span></span></div></div></i></i></i></i></i></i></span></span></div></i></i></i></i></i></i></i></i></span><i><i><i><i><i></i></i></i></i></i></li></ul>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.comtag:blogger.com,1999:blog-7285790515427613180.post-41410600006207756732010-05-12T07:14:00.000-07:002010-05-12T07:19:55.659-07:00Protecting affordable, safe financing for American families<i>This week, GRRA CEO </i><a href="http://www.twitter.com/barrmike"><i>Mike Barr</i></a><i> and 2010 GRRA President </i><a href="http://www.twitter.com/billguill"><i>Bill Guill</i></a><i> are in Washington, D.C. talking with our representatives about several different issues. This is part of a series of in-depth looks at issues that affect the housing market in Greensboro and around the country. </i><br /><i></i><i></i><i></i><br /><i><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span class="Apple-style-span" style="font-style: normal;">Without FHA, our economy could not be on the verge of recovery.</span></b></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-style: normal;">The Federal Housing Administration is not a subprime lender, has strong underwriting criteria to protect American taxpayers, and has never required a federal bailout. FHA borrowers are not subsidized, and pay both upfront and annual premiums. In 2009, more than 50 percent of first-time buyers used FHA, and nearly 80 percent of FHA’s purchase loans were to first-time home buyers. FHA also serves those who need to refinance out of risky adjustable rate mortgages (ARMs) or subprime loans with high interest rates. In 2009, approximately 835,000 borrowers refinanced into lower interest rate FHA insured loans, saving them an estimated $1.3 billion.</span></div></i><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-style: normal;"><a name='more'></a><br /></span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span class="Apple-style-span" style="font-style: normal;">Higher loan limits need to be permanent and available in all markets.</span></b></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-style: normal;">Many argue that the FHA loan limit increases help only higher cost areas, but this is not the case. Currently, only 3 percent of FHA loans are above $362,750, and less than 2 percent are above $417,000. However, decreasing the current loan limits would reduce the availability of mortgages in 612 counties in 40 states, plus the District of Columbia. The resulting average limit reduction of more than $50,000 would have a dramatic impact on liquidity and could halt the housing recovery.</span><span class="Apple-style-span" style="font-style: normal;"><br /></span></div><br /><b>Congressional action needed:</b><br />Strengthen the FHA mortgage insurance program, make permanent the higher FHA loan limits and exercise caution before considering additional proposals that may have a profound adverse impact on FHA programs that serve such a critical role to our nation’s families.<br /><br /><b>House actions to date:</b><br /><ul><li>The House Financial Services Committee marked-up H.R. 5072, sponsored by Reps. Waters (D-CA) and Capito (RWV) in April. This legislation allows FHA to increase (and decrease) the annual mortgage insurance premiums, and provides significant safeguards against unscrupulous lending. H.R. 2483, the "Increasing Homeownership Opportunities Act” (Sherman, D-CA; G. Miller (R-CA), making the current FHA loan limits permanent, has been introduced. Currently these higher FHA limits are set to expire on December 31, 2010.</li></ul><div><b>What we're asking of our Representatives:</b></div><ul><li>Pass H.R. 5072 to strengthen FHA while still allowing for access to safe, affordable financing by responsible borrowers.</li><li>Pass HR 2483 to make the loan limits permanent, and prevent dramatic decreases in the availability of affordable, safe financing nationwide.</li></ul><b>Senate actions to date:</b><br /><ul><li>The Senate has not acted on FHA reform.</li></ul><b>What we're asking of our Senators:</b><br /><ul><li>Pass legislation to strengthen FHA while still allowing for access to safe, affordable financing by responsible borrowers.</li><li>Make the current FHA loan limits permanent, and prevent dramatic decreases in the availability of affordable, safe financing nationwide.</li></ul>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.comtag:blogger.com,1999:blog-7285790515427613180.post-19274400554502710032010-05-12T07:00:00.001-07:002010-05-12T08:34:45.058-07:00GSE reform and loan limits<i>This week, GRRA CEO </i><a href="http://www.twitter.com/barrmike"><i>Mike Barr</i></a><i> and 2010 GRRA President </i><a href="http://www.twitter.com/billguill"><i>Bill Guill</i></a><i> are in Washington, D.C. talking with our representatives about several different issues. This is part of a series of in-depth looks at issues that affect the housing market in Greensboro and around the country. </i><br /><i><i></i></i><br /><i><i><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-style: normal;"><b>The GSEs remain critical to ensuring mortgage market liquidity.</b></span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-style: normal;"><b><br /></b></span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-style: normal;">On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac (the GSEs) into<i> </i></span><span class="Apple-style-span" style="font-style: normal;"><i><i><i><i><i><div style="display: inline !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">conservatorship. FHFA took this action “to help restore confidence in Fannie Mae and Freddie Mac, enhance their </span></div><span class="Apple-style-span" style="font-style: normal;"><i><i><i><i><i><i><div style="display: inline !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">capacity to fulfill their [housing] mission, and mitigate the systemic risk that has contributed directly to the </span></div><span class="Apple-style-span" style="font-style: normal;"><i><i><i><i><i><i><i><div style="display: inline !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">instability in the current market.” At that point, it was expected that the debate on the future structure of Fannie </span></div><span class="Apple-style-span" style="font-style: normal;"><i><i><i><i><i><i><i><i><div style="display: inline !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">Mae and Freddie Mac would begin in earnest. However, with Congress attention focused elsewhere, legislation is <i><i><i><i><i><i><i><i><i></i></i></i></i></i></i></i></i></i></span></div><span class="Apple-style-span" style="font-style: normal;"><i><i><i><i><i><i><i><i><i></i></i></i></i></i></i></i></i></i></span><br /><span class="Apple-style-span" style="font-style: normal;"><i><i><i><i><i><i><i><i><i><div style="display: inline !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">not expected to be enacted until 2011 at the earliest.</span></div></div></i></i></i></i></i></i></i></i></i></span></div></i></i></i></i></i></i></i></i></span></div></i></i></i></i></i></i></i></span></div></i></i></i></i></i></i></span></div></i></i></i></i></i></span></div></i><span class="Apple-style-span" style="font-style: normal;"><i><br /></i></span><i><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-style: normal;"><b>Higher loan limits need to be permanent and available in all markets.</b></span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-style: normal;">Despite the higher limits being extended through year-end 2010, their temporary nature continues to make lenders <i><i><i><i><i><div style="display: inline !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-style: normal;">and investors wary of supporting them. Making the limits permanent at levels appropriate in all parts of the <i><i><i><i><i><i><div style="display: inline !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-style: normal;">country will provide homeowners and homebuyers with safe, affordable financing and help stabilize local housing <i><i><i><i><i><i><i><div style="display: inline !important; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-style: normal;">markets. Currently the higher GSE limits are set to expire on December 31, 2010.</span></div></i></i></i></i></i></i></i></span></div></i></i></i></i></i></i></span></div></i></i></i></i></i></span></div></i></i><br /><i><span class="Apple-style-span" style="font-style: normal;"><b>Congressional action needed:</b></span></i><br /><i></i><ul><i></i><li><i><span class="Apple-style-span" style="font-style: normal;"><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">Enact legislation to restructure Fannie Mae and Freddie Mac (the GSEs) in a manner that provides the federal </span></div><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">government a continued role in the secondary market in order to ensure mortgage liquidity in all markets.</span></div></i></i></span></i></li><li><i><span class="Apple-style-span" style="font-style: normal;"><i><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">Enact legislation that makes permanent the higher GSE loan limit formula and caps in order to provide affordable <i><i><i><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">financing for all borrowers in all markets.</span></div></i></i></i></i></span></div></i></i></span></i></li></ul><span class="Apple-style-span" style="font-style: normal;"><b>Congressional actions to date:</b></span><i><span class="Apple-style-span" style="font-style: normal;"><br /></span></i><ul><li><span class="Apple-style-span" style="font-style: normal;"><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">The House Financial Services Committee held its first hearing on housing finance reform on March 23, 2010. The </span></div><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">Committee plans to continue holding hearings throughout the year, with the hope of drafting a housing finance </span></div><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">reform proposal by year's end. NAR testified at the March 23, 2010 hearing.</span></div></i></i></i></span><i><i></i></i></li><li><span class="Apple-style-span" style="font-style: normal;"><i><i><i><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">The Senate Banking, Housing, and Urban Affairs Committee held a hearing titled the "Future of the Mortgage </span></div><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">Market and the Housing Enterprises" in October 2009. Since then, there has been no substantive discussion of the </span></div><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">GSEs by the Committee.</span></div></i></i></i></i></i></i></span><i><i><i><i><i></i></i></i></i></i></li><li><span class="Apple-style-span" style="font-style: normal;"><i><i><i><i><i><i><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">H.R. 2483, the "Increasing Homeownership Opportunities Act," to make the current GSE and FHA loan limits </span></div><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">permanent, has been introduced by Brad Sherman (D-CA) and Gary Miller (R-CA).</span></div></i></i></i></i></i></i></i></i></span></li></ul><span class="Apple-style-span" style="font-style: normal;"><b>What we're asking of our Representatives and Senators</b></span><br /><ul><li><span class="Apple-style-span" style="font-style: normal;"><i><i><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">The federal government must have a continued key role in the secondary mortgage market in order to ensure<i> </i></span></div><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">that there is capital for mortgage lending in all mortgage markets and all market conditions.</span></div></i></i></i></i></span><i><i><i></i></i></i></li><li><span class="Apple-style-span" style="font-style: normal;"><i><i><i><i><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">Support H.R. 2483, the "Increasing Homeownership Opportunities Act," to make the current GSE and FHA </span></div><i><div style="display: inline !important;"><span class="Apple-style-span" style="font-style: normal;">loan limits permanent.</span></div></i></i></i></i></i></i></span></li></ul>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.comtag:blogger.com,1999:blog-7285790515427613180.post-21607244155524208222010-05-12T06:08:00.001-07:002010-05-12T08:34:55.135-07:00Why we need affordable and available property insurance<i>This week, GRRA CEO </i><a href="http://www.twitter.com/barrmike"><i>Mike Barr</i></a><i> and 2010 GRRA President </i><a href="http://www.twitter.com/billguill"><i>Bill Guill</i></a><i> are in Washington, D.C. talking with our representatives about several different issues. This is part of a series of in-depth looks at issues that affect the housing market in Greensboro and around the country. </i><br /><b><br /></b><b>Congress must adopt legislation that encourages the availability and affordability of property insurance</b>, including a long-term reauthorization of the National Flood Insurance Program (NFIP) and natural disaster coverage.<div><br /></div><div><b>Affordable property insurance is not widely available.</b> </div><div>Insurers have responded to recent natural disasters by raising premiums or declining to write policies in many parts of the United States. Because the standard homeowner’s policy does not cover flooding, windstorms or earthquakes, most Americans rely on the NFIP or a state program for coverage for natural disasters. Without a federal role, affordable property insurance would not be consistently available.<br /><br /><b>Short extensions to the NFIP do not provide market certainty.</b><br /><b></b>Since September 2008, Congress has approved six short-term extensions and allowed the NFIP to expire twice. Homebuyers and small business owners require certainty to make the long-term real estate investments that are critical to our nation’s economic recovery.<br /><br /><b>Taxpayers are now subsidizing under-insured properties.</b><br />Today the federal government mostly reacts to natural disasters by providing financial assistance to victims. For example, following Hurricane Katrina, $26 billion went directly to under-insured property owners, according to the GAO. Those are taxpayer expenditures that would not have been necessary, if affordable property insurance for these events was more widely available.<br /><br /><b>Forward-looking U.S. policies will reduce taxpayer burden.</b><br />By becoming more proactive, i.e. ensuring that property owners have insurance as well as incentives to mitigate property against the full range of natural disasters, the federal government could reduce the amount of disaster relief taxpayers would have to provide.<br /><div><br /><b>House actions to date:</b><br /><ul><li>The House has approved a series of short-term NFIP extensions.</li><li>The House Financial Services Committee held a hearing on H.R. 2555 (Klein, D-FL), the Homeowners Defense Act, which offers federal reinsurance for state property insurance programs for natural catastrophes. </li></ul><b>Senate actions to date:</b><br /><ul><li>The Senate approved H.R. 4213 that extends the NFIP to December 31, 2010.</li></ul><b>Here's what we're asking our Senators and Representatives to do:</b><br /><ul><li>Reauthorize the NFIP long-term to provide property insurance market certainty.</li><li>Improve the availability and affordability of property insurance by approving legislation, including H.R.2555, to encourage state property insurance programs to proactively address the need for much-needed insurance coverage.</li></ul><br /><b><br /></b></div></div>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.comtag:blogger.com,1999:blog-7285790515427613180.post-41463079488564980652010-05-11T09:47:00.000-07:002010-06-01T12:56:49.672-07:00RPAC Auction Sneak Peek: Week 3<div>We're one week closer to the 10th Annual RPAC Auction! New items continue to make their way into the GRRA offices -- if you have something you'd like to donate, contact Barbara Gilliland (bpgilliland@grra.org)</div><div><br /></div><div>Here are three more advance looks for our blog readers (hit the jump for more) -- mark your calendar for <b>June 2 at 11:30 a.m.</b> to come out and bid on these and other great deals!</div><div><br /></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody><tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4599057278/" style="margin-left: auto; margin-right: auto;" title="Untitled by greensbororealtors, on Flickr"><img alt="" height="240" src="http://farm2.static.flickr.com/1398/4599057278_91f46a37ab.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span class="Apple-style-span" style="font-size:medium;">Turquoise necklace</span></td></tr></tbody></table><div></div><div><br /><a name='more'></a><br /><a href="http://www.flickr.com/photos/49516234@N04/4599057278/" title="Untitled by greensbororealtors, on Flickr"></a></div><div><br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody><tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4598437795/" style="margin-left: auto; margin-right: auto;" title="Scrapbooking Gift Basket by greensbororealtors, on Flickr"><img alt="Scrapbooking Gift Basket" height="240" src="http://farm4.static.flickr.com/3392/4598437795_9f6990b0b6.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span class="Apple-style-span" style="font-size:medium;">Basket of scrapbooking supplies</span></td></tr></tbody></table></div><div><a href="http://www.flickr.com/photos/49516234@N04/4598437795/" title="Scrapbooking Gift Basket by greensbororealtors, on Flickr"></a><br /><br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody><tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4599057116/" style="margin-left: auto; margin-right: auto;" title="Climbing Harness & Guides by greensbororealtors, on Flickr"><img alt="Climbing Harness & Guides" height="240" src="http://farm2.static.flickr.com/1020/4599057116_bc94275092.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span class="Apple-style-span" style="font-size:medium;">Rock climing harness + three instructional books</span></td></tr></tbody></table></div><div><b>See you at the auction!</b></div><div style="text-align: center;"><br /></div>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.comtag:blogger.com,1999:blog-7285790515427613180.post-720917460698343342010-05-11T09:25:00.000-07:002010-05-12T08:35:25.551-07:00Kid-Friendly Food To GoThanks to everyone who donated to the GRRA REALTORS Community Service Committee's May food drive. Yesterday, RCSC Volunteers delivered two car-loads of kid-friendly food items to the Inasmuch Ministry, a local group comprised of numerous church families who serve the less fortunate in our area.<br /><br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody><tr><td style="text-align: center;"><a href="http://www.flickr.com/photos/49516234@N04/4598303859/" style="margin-left: auto; margin-right: auto;" title="May Food Drive by greensbororealtors, on Flickr"><img alt="May Food Drive" height="240" src="http://farm5.static.flickr.com/4021/4598303859_853fc9c9e0.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><br /></td></tr></tbody></table>GRRA members collected more than 30 paper boxes of food throughout April and early May (the donations took up the better part of one of the GRRA's offices).<div><br /></div><div>Inasmuch will be distributing the food in the next couple of weeks to families whose children depend on school meals to eat. With summer vacation looming, these donations will make a big difference in the lives of a lot of local families. Hats off to the RCSC, Inasmuch and all the donors who helped make this possible.<br /><div><br /></div><div><br /></div></div>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.comtag:blogger.com,1999:blog-7285790515427613180.post-56161283933129931172010-05-04T11:54:00.000-07:002010-05-04T11:56:08.464-07:00Membership Breakfast - May 4, 2010Today was a landmark for the GRRA -- instead of our usual luncheon on the first Tuesday of the month, for the first time we hosted our monthly membership meeting as a breakfast.<br /><br />To mark the occasion we wanted a blockbuster guest speaker, and Greensboro City Manager Rashad Young didn't disappoint.<br /><br /><object height="385" width="400"><param name="movie" value="http://www.youtube.com/v/l4wXxrzJqS8&hl=en_US&fs=1&"><param name="allowFullScreen" value="true"><param name="allowscriptaccess" value="always"><embed src="http://www.youtube.com/v/l4wXxrzJqS8&hl=en_US&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="400" height="385"></embed></object><br /><br />View more excerpts from Mr. Young's talk at the <a href="http://www.youtube.com/user/grra1#p/a/u/1/99HWIAt1XGs">GRRA YouTube Channel</a>. Thanks to the City Manager, and to all our members who helped make our first breakfast a success!GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.com0tag:blogger.com,1999:blog-7285790515427613180.post-79779453368573256802010-04-29T07:03:00.000-07:002010-06-01T12:56:49.672-07:00RPAC Auction Sneak Peek: Week 2New items are coming in almost daily for the <span style="font-weight: bold;">10th Annual RPAC Auction on June 2</span> -- here's another look at what's in store when the bidding opens:<br />
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<div style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpSILYy7aedi7nKfc0jkzQ6nNJ6YZogWXduqivn8pSx1GzsIggLY7UCMRevTBUtkKi_YqvVgMqKxV190xE8liUGi6vczfdkETOB8jCPaGnjKCVzWzktBSCWJ8ro1VHbouNPa2V7Z6fniQ/s1600/DSC03838.JPG" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5465560113810204546" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpSILYy7aedi7nKfc0jkzQ6nNJ6YZogWXduqivn8pSx1GzsIggLY7UCMRevTBUtkKi_YqvVgMqKxV190xE8liUGi6vczfdkETOB8jCPaGnjKCVzWzktBSCWJ8ro1VHbouNPa2V7Z6fniQ/s320/DSC03838.JPG" style="cursor: pointer; height: 240px; width: 320px;" /></a><br />
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<span style="font-weight: bold;">Ladies Motorcycle Boots - Size 9B</span></div><br />
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<div style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLPkNouAEeA8O0pM9Uy1Dyp6sCBo_wlMpRQrEsDR15WuNevkKgliqMiFiH18ZBc2i_Gj8xkfelKQKqod3gMsunQu4_44dX5QY0RQnwv94D96sBaL-x3BdbZjji5Ci-u5Ac-NKc9N4b8M0/s1600/DSC03864.JPG" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5465560402948911378" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLPkNouAEeA8O0pM9Uy1Dyp6sCBo_wlMpRQrEsDR15WuNevkKgliqMiFiH18ZBc2i_Gj8xkfelKQKqod3gMsunQu4_44dX5QY0RQnwv94D96sBaL-x3BdbZjji5Ci-u5Ac-NKc9N4b8M0/s320/DSC03864.JPG" style="cursor: pointer; height: 320px; width: 240px;" /></a><br />
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<span style="font-weight: bold;">Ergonomic office chair</span><br />
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</div><div style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfcvvLBN1iSsaUQEw-LpxRqqcFvM0LgRPCMp_JefjdVyOaxhGgCtutZgWVuDnZb8_uu-jsO5qn61DPG0pW4ekzaLXjOBUX8czVRptnnlt753E5VipJy7IQdtbD97gkCmiFLFQYAghHTgg/s1600/DSC03841.JPG" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5465560322334294802" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfcvvLBN1iSsaUQEw-LpxRqqcFvM0LgRPCMp_JefjdVyOaxhGgCtutZgWVuDnZb8_uu-jsO5qn61DPG0pW4ekzaLXjOBUX8czVRptnnlt753E5VipJy7IQdtbD97gkCmiFLFQYAghHTgg/s320/DSC03841.JPG" style="cursor: pointer; height: 240px; width: 320px;" /></a><br />
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<span style="font-weight: bold;">Vera Bradley Purse</span><br />
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</div><div style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYpUMautTsws3Q3M7j9pHWMp1LTsU9xKxCOSjrX2VmgUKnuHjmwbtcXc2SWDQPWa-TSfERKWxaDJ37GSW6LArGqhwLyHcW0F6ZcJTcW64BQVdgixExU2LkKGBDeCQ6Qb_M5NxjAN9xRUk/s1600/DSC03839.JPG" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5465560242160404306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYpUMautTsws3Q3M7j9pHWMp1LTsU9xKxCOSjrX2VmgUKnuHjmwbtcXc2SWDQPWa-TSfERKWxaDJ37GSW6LArGqhwLyHcW0F6ZcJTcW64BQVdgixExU2LkKGBDeCQ6Qb_M5NxjAN9xRUk/s320/DSC03839.JPG" style="cursor: pointer; height: 320px; width: 240px;" /></a><br />
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<span style="font-weight: bold;">Southern Living "Dress Me Up" Plate</span></div><br />
We'll be adding more in the coming weeks, but if early contributions are any indicator, this year's auction is going to be one of the best!GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.com0tag:blogger.com,1999:blog-7285790515427613180.post-69430146565698143402010-04-21T08:28:00.000-07:002010-06-01T12:56:49.673-07:00RPAC Auction Sneak PreviewThe 10th Annual RPAC Auction is coming at the beginning of June, and we've already received some great items -- here's the first of several sneak peaks:<br /><br /><a title="First Act mini guitar amp by greensbororealtors, on Flickr" href="http://www.flickr.com/photos/49516234@N04/4540891404/"><img style="width: 384px; height: 289px;" src="http://farm5.static.flickr.com/4018/4540891404_dc6aec4082.jpg" alt="First Act mini guitar amp" /></a><br /><p style="text-align: center;">First Act Mini Guitar Amp, for the musician in your life</p><br /><p style="text-align: center;"><a name='more'></a></p><br /><a title="DSC03836 by greensbororealtors, on Flickr" href="http://www.flickr.com/photos/49516234@N04/4540258213/"><img style="width: 384px; height: 289px;" src="http://farm3.static.flickr.com/2703/4540258213_58ff959895.jpg" alt="DSC03836" /></a><br /><p style="text-align: center;">Gold brocade carpet bag</p><br /><p style="text-align: center;"></p><br /><a title="DSC03835 by greensbororealtors, on Flickr" href="http://www.flickr.com/photos/49516234@N04/4540890284/"><img style="width: 385px; height: 291px;" src="http://farm3.static.flickr.com/2790/4540890284_63aa2f1cef.jpg" alt="DSC03835" /></a><br /><p style="text-align: center;">10-pound Galaxie Bowling Ball w/ carrying bag</p><br /><p style="text-align: left;">We'll be updating with more items in the coming weeks, so stay tuned. We're constantly looking for donations of new items services, tickets, anything that will bring in the bids! If you have something in mind, contact Barbara Gilliland at 854-5868 or bpgilliland@grra.org. And mark your calendar for June 2, when we'll open the floor to bidding!</p><br /><p style="text-align: left;"></p>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.com0tag:blogger.com,1999:blog-7285790515427613180.post-19114517728146908982010-04-15T09:17:00.000-07:002010-04-22T11:25:50.958-07:00Tax credits and March housing numbersIt was a long, cold winter, but warmer weather seems to have brought out the buyers.<br/><blockquote>Sales of existing homes in Greensboro were up 48 percent in March over February of this year.<br/><br/>In High Point, March home sales climbed by 106 percent.</blockquote><br/><p style="text-align:left;">From <a href="http://news14.com/triad-news-94-content/headlines/624550/tax-credits-help-fuel-march-sales-of-existing-homes">News 14's report</a> on March home sales in the Triad.</p><br/><p style="text-align:left;"><a href="http://www.news-record.com/content/2010/04/13/article/home_sales_in_greensboro_up_in_march">More Greensboro numbers.</a></p>GRRA Staffhttp://www.blogger.com/profile/04628939131221360686noreply@blogger.com0