GRRAblog

August 4, 2010 Luncheon: The Candidates Speak

2010-08-03T12:41:00.000-07:00

If 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).

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!

LDO Changes discussed at Brown Bag

2010-07-29T06:28:00.000-07:00

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!LDO Changes

Greensboro among Money's 'hot metro areas'

2010-07-28T08:57:00.000-07:00

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.

Read more about how cities were scored in the link below.

Click here to view the map (.pdf)

Forms Guy weighs in on Offer to Purchase

2010-07-19T11:37:00.000-07:00

Revisions to Offer to Purchase and Contract

by Will Martin
NCAR General Counsel

Courtesy: Insight Magazine, the North Carolina Association of REALTORS®

Dear Forms Guy: I’ve just been told that the Offer to Purchase and Contract has been completely rewritten. Is it so? Sincerely, Lumpy

Dear Lumpy: It’s true that significant 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. Sincerely, Forms Guy

Lumpy: What are the big changes?

Forms Guy: 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.

Lumpy: If Alternative 1 is gone, what will replace it?

Forms Guy: 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.

Lumpy: If the buyer decides to terminate, is time “of the essence” regarding the notice of termination?

Forms Guy: Yes.

Lumpy: This sounds a lot like Alternative 2 in the current Offer to Purchase and Contract.

Forms Guy: 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.

Lumpy: What kinds of things?

Forms Guy: 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.

Lumpy: Does the buyer have to do all those things?

Forms Guy: No, of course not, but any of those things that the buyer does choose to do should be done during the due diligence period.

Lumpy: Did you say that the buyer has to get loan approval during the due diligence period?

Forms Guy: No. I said that during the due diligence period, the buyer will be entitled to pursue 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.

Lumpy: So what’s a buyer to do in that situation?

Forms Guy: 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.

Lumpy: Is it fair to make the buyer put their earnest money deposit at risk?

Forms Guy: 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

Lumpy: What’s a fair period of time to give a buyer to make their decision

Forms Guy: 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."

Lumpy: Can the buyer ask the seller to make repairs under the new contract?

Forms Guy: 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.

Lumpy: What does the buyer do if they are negotiating repairs with the seller and the due diligence period is about to expire?

Forms Guy: 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.

Lumpy: So would the buyer lose any right to terminate after the end of the due diligence period?

Forms Guy: 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.

Lumpy: You just said something about a “due diligence fee.” What’s that?

Forms Guy: 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.

Lumpy: 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?

Forms Guy: 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).

Lumpy: 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?

Forms Guy: 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.

Lumpy: Are there other changes that I should be aware of?

Forms Guy: Yes, Lumpy. Other significant changes include the following:

· 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.

· 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)).

· 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.

· An attorney fee provision has been added in paragraph 1(g) in an effort to help discourage frivolous disputes over earnest money.

· 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).

· 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)).

· 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

· The new form requires 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.

· 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).

· 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.

Lumpy: 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.

Forms Guy: 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.

Lumpy: How do I get trained on the new form and when will I have to start using it?

Forms Guy: 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.

Lumpy: Won’t other forms have to change too?

Forms Guy: 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.

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 www.ncrealtors.org. 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.”

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.

Reprinted with permission

Homebuyer Tax Credit closing deadline, flood insurance: Crucial extensions PASSED!

2010-07-01T05:51:00.001-07:00

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. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law.

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.

For additional information on the extension visit www.realtor.org/government_affairs

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. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.

For more information on the flood insurance program visit www.realtor.org/government_affairs

Lead-Based Paint Rules: Enforcement delayed until fall

2010-06-22T08:07:00.000-07:00

The 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 this page):

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.

The EPA will delay taking action against contractors who haven't yet completed their training, putting off enforcement until Oct. 1.

The National Association of Home Builders has more:

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.

NCAR Legislative Day

2010-06-10T07:50:00.000-07:00

This week marked NCAR's 2010 Legislative Meetings, which culminated on Wednesday when REALTORS

® from around the state
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.

(See more photos at the GRRA Facebook Page)

Here are a few topics they discussed:

1) Appraisal Management Company Regulation. Appraisal Management Companies (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. 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.

We support Senate Bill 829 (Regulation of Appraisal Management Companies) introduced by Sen. Clark Jenkins (D – Edgecombe) because it

benefits consumers by regulating AMCs, which directly affect home valuations and loan qualifications.
requires all AMCs doing business in North Carolina to register with the North Carolina Appraisal Board.
requires AMCs to have a compliance manager who is a certified appraiser.
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.
requires AMCs to have systems in place to verify that the appraisers that they use are licensed appropriately and are complying with appraisal laws.

2) Ban on Private Transfer Fees. 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.

We support Senate Bill 35 (Reconveyance Fees Prohibited) introduced by Sen. David Hoyle (D – Gaston) because of the following:

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.
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.
PTFs make it more difficult to obtain clear title and make the transfer of property more costly and less certain.
The legality and enforceability of these covenants is questionable and legislation that prohibits them is a proactive measure to protect consumers.

3) No new taxes or fees on the Real Estate Industry.

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.

We oppose 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.

GDOT visits the GRRA

2010-06-09T13:46:00.001-07:00

Craig 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.

In the meantime, here's a snippet from his talk on Tuesday, in which he discusses the progress of the Urban Loop:

And here's the PowerPoint presentation:Greensboro regional realtors assoc 06 08-10

NAR economist: Pending sales up

2010-06-02T12:52:00.001-07:00

NAR's Chief Economist, Lawrence Yun, talks about how the tax credit has affected national pending home sales.

RPAC Auction Eve: One last sneak peek

2010-06-01T13:00:00.000-07:00

We're down to the zero hour -- the 2010 RPAC Auction is happening tomorrow, June 2, 2010! Get to the GRRA at 11:30 a.m. to make sure you're present when bidding starts!

Here's one last preview to mark the occasion -- view more here.

"Guy's Night Out" Gift Basket

"Diva for a Day" Gift Basket

Decorative Vase

Hand-crafted birdhouses

Family Fun Gift Basket

See you at the auction!

RPAC Auction Sneak Peek: Week 5 (pt. 2)

2010-05-27T12:32:00.000-07:00

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).

And don't forget to come out at 11:30 on Wednesday, June 2 to see the rest of our great inventory! It's a great way to support your REALTORS Political Action Committee!

Hand-carved table

Child's play set w/ mat

The REALTOR's Day Off Gift Basket

Hand turned wood bowl and small wood containers

Two-bike rack for car

Wine gift basket with candles and hand-made wooden stoppers

RPAC Auction Sneak Peek: Week 5

2010-05-26T08:04:00.000-07:00

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 Barbara Gilliland if you have something to contribute!

Here are a few more items that will be on display when bidding opens at 11:30 a.m. June 2

Angel statue

Painting by Johnnye Letterman

NASCAR Memorabilia featuring Kyle Petty-Autographed Seat Cushion

Home Energy Audit

Brian Casey on the changing Furniture Market

2010-05-26T07:16:00.000-07:00

Brian 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:

George Bell talks about the new Offer to Purchase

2010-05-21T06:28:00.000-07:00

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.

See more videos at the GRRA's YouTube Channel!

RPAC Auction Sneak Peek: Week 4

2010-05-19T06:50:00.000-07:00

More 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 Wednesday, June 2 at 11:30 a.m.

We'll be auctioning off original paintings by Nancy Radtke:

"Bill's Peonies"

"Door #1"

And two vacuums, including this super-handy ShopVac:

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.

Commercial mortgage market liquidity must be enhanced

2010-05-12T07:45:00.000-07:00

Liquidity challenges

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.

Increase credit union lending caps

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.

Term extensions could save performing properties facing an equity gap

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.

House actions to date:

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.
Reps. Kanjorski (D-PA) and Royce (R-CA) introduced H.R. 3380, the “Promoting Lending to America's Small Businesses Act,” to increase the credit union commercial lending cap from 12.25% to 25% of total
assets.

What we're asking of our Representatives:

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
refinance.
Support efforts to hold a House hearing solely focused on commercial real estate.
Urge the Federal Reserve and Treasury to encourage banks to provide term extensions for performing
properties.

Senate actions to date:

Sen. Udall (D-CO) introduced S. 2919, the Small Business Lending Enhancement Act, to increase the cap on credit union commercial lending from 12.25% to 25% of total assets.

What we're asking of our Senators:

Cosponsor S. 2919
Support efforts to hold a Senate hearing solely focused on commercial real estate.
Urge the Federal Reserve and Treasury to encourage banks to provide term extensions for performing
properties.

Protecting affordable, safe financing for American families

2010-05-12T07:14:00.000-07:00

Higher loan limits need to be permanent and available in all markets.

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.

Congressional action needed:
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.

House actions to date:

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.

What we're asking of our Representatives:

Pass H.R. 5072 to strengthen FHA while still allowing for access to safe, affordable financing by responsible borrowers.
Pass HR 2483 to make the loan limits permanent, and prevent dramatic decreases in the availability of affordable, safe financing nationwide.

Senate actions to date:

The Senate has not acted on FHA reform.

What we're asking of our Senators:

Pass legislation to strengthen FHA while still allowing for access to safe, affordable financing by responsible borrowers.
Make the current FHA loan limits permanent, and prevent dramatic decreases in the availability of affordable, safe financing nationwide.

GSE reform and loan limits

2010-05-12T07:00:00.001-07:00

This week, GRRA CEO Mike Barr and 2010 GRRA President Bill Guill 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.

The GSEs remain critical to ensuring mortgage market liquidity.

On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac (the GSEs) into conservatorship. FHFA took this action “to help restore confidence in Fannie Mae and Freddie Mac, enhance their
capacity to fulfill their [housing] mission, and mitigate the systemic risk that has contributed directly to the
instability in the current market.” At that point, it was expected that the debate on the future structure of Fannie
Mae and Freddie Mac would begin in earnest. However, with Congress attention focused elsewhere, legislation is

not expected to be enacted until 2011 at the earliest.

Higher loan limits need to be permanent and available in all markets.
Despite the higher limits being extended through year-end 2010, their temporary nature continues to make lenders and investors wary of supporting them. Making the limits permanent at levels appropriate in all parts of the country will provide homeowners and homebuyers with safe, affordable financing and help stabilize local housing markets. Currently the higher GSE limits are set to expire on December 31, 2010.

Congressional action needed:

Enact legislation to restructure Fannie Mae and Freddie Mac (the GSEs) in a manner that provides the federal
government a continued role in the secondary market in order to ensure mortgage liquidity in all markets.
Enact legislation that makes permanent the higher GSE loan limit formula and caps in order to provide affordable financing for all borrowers in all markets.

Congressional actions to date:

The House Financial Services Committee held its first hearing on housing finance reform on March 23, 2010. The
Committee plans to continue holding hearings throughout the year, with the hope of drafting a housing finance
reform proposal by year's end. NAR testified at the March 23, 2010 hearing.
The Senate Banking, Housing, and Urban Affairs Committee held a hearing titled the "Future of the Mortgage
Market and the Housing Enterprises" in October 2009. Since then, there has been no substantive discussion of the
GSEs by the Committee.
H.R. 2483, the "Increasing Homeownership Opportunities Act," to make the current GSE and FHA loan limits
permanent, has been introduced by Brad Sherman (D-CA) and Gary Miller (R-CA).

What we're asking of our Representatives and Senators

The federal government must have a continued key role in the secondary mortgage market in order to ensure
that there is capital for mortgage lending in all mortgage markets and all market conditions.
Support H.R. 2483, the "Increasing Homeownership Opportunities Act," to make the current GSE and FHA
loan limits permanent.

Why we need affordable and available property insurance

2010-05-12T06:08:00.001-07:00

Affordable property insurance is not widely available.

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.

Short extensions to the NFIP do not provide market certainty.
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.

Taxpayers are now subsidizing under-insured properties.
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.

Forward-looking U.S. policies will reduce taxpayer burden.
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.

House actions to date:

The House has approved a series of short-term NFIP extensions.
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.

Senate actions to date:

The Senate approved H.R. 4213 that extends the NFIP to December 31, 2010.

Here's what we're asking our Senators and Representatives to do:

Reauthorize the NFIP long-term to provide property insurance market certainty.
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.

RPAC Auction Sneak Peek: Week 3

2010-05-11T09:47:00.000-07:00

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)

Here are three more advance looks for our blog readers (hit the jump for more) -- mark your calendar for June 2 at 11:30 a.m. to come out and bid on these and other great deals!

Turquoise necklace

Basket of scrapbooking supplies

Rock climing harness + three instructional books

See you at the auction!

Kid-Friendly Food To Go

2010-05-11T09:25:00.000-07:00

Thanks 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.

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).

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.

Membership Breakfast - May 4, 2010

2010-05-04T11:54:00.000-07:00

Today 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.

To mark the occasion we wanted a blockbuster guest speaker, and Greensboro City Manager Rashad Young didn't disappoint.

View more excerpts from Mr. Young's talk at the GRRA YouTube Channel. Thanks to the City Manager, and to all our members who helped make our first breakfast a success!

RPAC Auction Sneak Peek: Week 2

2010-04-29T07:03:00.000-07:00

New items are coming in almost daily for the 10th Annual RPAC Auction on June 2 -- here's another look at what's in store when the bidding opens:

Ladies Motorcycle Boots - Size 9B

Ergonomic office chair

Vera Bradley Purse

Southern Living "Dress Me Up" Plate

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!

RPAC Auction Sneak Preview

2010-04-21T08:28:00.000-07:00

The 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:

First Act Mini Guitar Amp, for the musician in your life

Gold brocade carpet bag

10-pound Galaxie Bowling Ball w/ carrying bag

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!

Tax credits and March housing numbers

2010-04-15T09:17:00.000-07:00

It was a long, cold winter, but warmer weather seems to have brought out the buyers.

Sales of existing homes in Greensboro were up 48 percent in March over February of this year.

In High Point, March home sales climbed by 106 percent.

From News 14's report on March home sales in the Triad.

More Greensboro numbers.

Mo Green visits the GRRA

2010-04-08T06:39:00.000-07:00

Thanks to Guilford County Schools superintendent Maurice "Mo" Green for coming out to speak at our luncheon on April 6. In case you missed it, he outlined several areas where the schools had made good or excellent progress (ABC Honor designations, EOG grades in math, reading and science), and some where much work remained (e.g. the number of schools designated as "low-performing" which currently stands at 10).

He brought along excerpts from the school's strategic plan, which you can view in full here.

One topic the superintendent wasn't able to talk about in detail was the budget for the coming school year, which he planned to unveil to the school board later that day. He did warn of further belt tightening, and news reports from the meeting outline exactly what that might mean.

Housing numbers down due to weather

2010-02-26T07:16:00.000-08:00

The existing home sales totals for January 2010 are in, and it appears the weather took its toll.

But spring is approaching, and you can expect tax-credit seeking buyers to be out in full force.

Realfast2go Brown Bag -- in case you missed it

2010-02-19T08:06:00.000-08:00

We had a great Brown Bag on Thursday with Linda Tant of Realfast. CEO John Mayes was also on hand to talk about their latest product, RealFast2Go.

If you were unable to attend the training, you can download the quick reference guide and the full manual from the Realfast website with the links below:

Full Manual

Quick Reference Guide

Thanks to all who participated, and thanks to John and Linda for coming in -- look for more Realfast info in the coming months here at the GRRA!

A few notes from our FHA panel

2010-02-17T06:10:00.000-08:00

Thanks to everyone who came out to our FHA panel discussion last week. For those of you who couldn't make it, here are a few quick bullet points that might interest you (in no particular order):

Despite rumors to the contrary, the down payment for an FHA contract is not currently expected to increase.

As a rule of thumb, allow between 30 and 45 days to process an FHA loan.

There aren't FHA-specific appraisers, but conventional appraisers typically know when they're dealing with an FHA loan as opposed to a conventional loan.

You may have heard of "Rapid Resolve" changes to credit scores for potential borrowers -- while some agencies use these, most lenders won't look at Rapid Resolve because it's not always accurate.

Seller-paid closing costs can sometimes adversely affect FHA loans because the FHA requires the buyer to have a certain level of investment in the property. If the seller covers too much, the loan won't go through because the buyer doesn't have enough invested in the property.

The FHA loan to value percentage is 96.5% based on sale price.

How lenders generally use the terms "pre-approved," "pre-qualified" and "approved":
- Pre-qualified: Lender has run a credit check and conversed with the buyer, but no paperwork has been completed
- Pre-approved: Buyer has submitted W-2 forms, pay stubs, etc.
- Approved: Loan has been successfully submitted to underwriter.

To ensure enough time has been allowed, FHA loan packages should typically go to attorneys 72 hours in advance of closing.

As a general rule, communication is key -- lenders differ in their standards, and just because the FHA doesn't require it doesn't mean the lender won't want to see it. Keep the lines of communication open to ensure that you're providing everything to the lender that his or her company requires.

Finally, be sure to notify the lender of any changes in the contract. It could affect your closing.

Thanks to Kelly Krants of Wells Fargo Mortgage, Barbara Stewart of Forman, Rossabi & Black Attorneys at Law, Christie Caldwell and Chris Coffin of Elm Street Mortgage, Rai Alexander of Taylor Pope and Herring Inc., and Patrick Burns of Re/Max of Greensboro for helping make this a great panel.

2010-02-12T13:45:00.000-08:00

Confused by the new RESPA laws? Check out NAR's video explanation:

RESPA Explained

And stop by the GRRA on March 5, when Robbie Cox of Chicago Title will be on hand to explain the new laws more in-depth.

Perkins talks aerotropolis at GRRA-RCA lunch

2010-01-27T13:18:00.000-08:00

“Job growth is the key. It’s got to be the number one focus for every politician in this country.”

That was part of a message Greensboro City Councilman Robbie Perkins delivered at the monthly luncheon of the GRRA-REALTORS® Commercial Alliance on Tuesday.

He spoke in support of an aerotropolis for the Piedmont Triad (“aerotropolis,” if you’re not familiar with the term, refers to a business structure designed to attract and support airline-dependent businesses and industries).

Creating more jobs, he said, started with identifying our assets, such as our mid-Atlantic location, our highway infrastructure, our health systems, colleges and universities. An aerotropolis could harness the power of an “underutilized” PTI.

“We need to take advantage of that asset and build up a new economy around the airport,” Perkins said, noting that the chances to do so are coming soon, as FedEx and HondaJet ramp up their presence (the talk came just one day before the new runway at PTI was officially opened).

Here are a few quick points from Perkins’ talk:

He expects the aerotropolis to have a 60-mile draw, from Southern Virginia to southern Randolph county.

He believes a lower corporate tax rate at the state level would help attract more businesses to the area

Because of the massive scale of such a project, cooperation between all the affected cities and counties is a prerequisite. That means collaborating on land use planning and steering the land toward development that is friendly to businesses who might one day want to locate in the airport area.

Greensboro should consider hiring a lobbyist to campaign for federal dollars

Having “shovel-ready” highway projects would greatly help in securing those dollars.

The current state of broadband in the area will likely not support the scale of this project. The airport area needs a fiber optic network that would allow companies to conduct their business globally and instantaneously. This will require significant communications infrastructure upgrades (an estimated investment of between $20 and $25 million).

The success of the aerotropolis depends on “a positive attitude toward our friends in other areas,” Perkins said.

GRRA members haven’t heard the last of the aerotropolis – representatives from the Piedmont Triad Partnership will be on-hand at the March 2 luncheon to talk about its benefits.

Some positive housing news to start 2010

2010-01-14T07:30:00.000-08:00

The 2009 year-end housing report was released Wednesday at a press conference at the GRRA.

We received coverage from several local media outlets -- here are a few highlights:

Home sales in Greensboro end '09 on upswing (N&R)

Greensboro Realtors Release 2009 Housing Numbers (WFMY/DigTriad.com) - with video

Thanks to Dr. Don Jud, who led the press conference, and our friends in the local media for their interest.

The full report will be up shortly on the GRRA's Market Information page.

http://www.news-record.com/content/2010/01/13/article/home_sales_in_greensboro_improving

Holiday House raises $1,500 for Clara House

2009-12-16T08:08:00.000-08:00

Social Committee chair Matt Sullivan reports that the GRRA's Holiday House on Dec. 10 had approximately 300 attendees who helped us raise $1,500 for Clara House.

That's an all-time high, both for attendence and fund-raising for this worthy cause, so a big thank you to everyone who came out, and also to Gary Jobe and his staff for the use of their beautiful home, FurnitureLand South for the furniture and decorations, Culinary Visions for the fantastic food, and to Linda McKnight and Family Services of the Piedmont for the good work they do.

See photos from the Holiday House at the GRRA Facebook Page.

How the extended Homebuyer Tax Credit works

2009-12-15T09:24:00.000-08:00

If you don't know how the new tax credit works, NAR has provided a quick FAQ at their Extended Homebuyer Tax Credit information page:

Who Qualifies for the Extended Credit?

First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.

Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by two additional factors:

The price of the home.

The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale

Credit: Realtor.org

Good news from NAR

2009-08-27T09:02:00.000-07:00

Existing home sales continue to rise nationally.

Roads and Highways Brown Bag

2009-08-06T06:18:00.000-07:00

Here are a few notes from Wednesday's Roads and Highways Brown Bag. If you missed it, you can download GDOT's PowerPoint here.

The city currently has 8.8 miles of greenways with another 31 in the planning stages.

Greensboro has 946 miles of streets, 28% of which are currently rated poor or worse.

Powell Bill funding from the state now goes entirely to resurfacing and operations.

Most project funding now comes from bonds passed by voters.

Battleground Rail Trail came in $1 million under bid, and will open in November of this year.

Below is a partial list of major projects, with expected start dates where available:

New Garden Road (Jefferson Road to Brassfield Drive) -- Contract is on, and construction is expected to begin soon to relieve congestion and add sidewalks to both sides.

Hornaday Road extension (Hornaday Road to Chimney Rock Road) -- will establish a connection with I-73, but funding from the state is still pending.

Merritt Drive (I-40 to High Point Road) -- Widening to five lanes and adding sidewalks -- construction expected to start in 2010.

Creek Ridge Road (Randleman Road to U.S. 220) -- Widening to 3 lanes and adding curb/gutter.

Fleming Road Relocation/Isaacson Blvd Extension -- Extend Isaacson to Fleming and add a connection to Horse Pen Creek Road -- Scheduled to start in Spring 2010.

High Point Road/West Lee Streetscape -- 1st public meetings to discuss will be held August 20.

N Church Street (Wendover Avenue to Cone Blvd) - Widening to 4 lanes w/ curb and gutter, adding bike lanes and sidewalks to both sides -- funding pending

Cone Blvd/Nealtown Road Ext. -- awaiting funding

Market Street/College Road intersection improvement -- waiting on funding for right-of-way purchase.

Battleground Avenue Intersection Improvements planned at following intersections: Brassfield, New Garden, Westridge and Cone

Mackay Road (Atwater Drive to Williamsborough) -- will tie into state's High Point Road expansion to five lanes plus curb and gutter.

Thanks to Chris Spencer and Craig McKinney for a great presentation. If you weren't able to make it, but have questions about any roads project, contact GDOT at 373-4368.

REALTOR® Partners Program - Summer

2009-06-03T11:36:00.000-07:00

June Partner of the Month

Available to NC REALTORS® is a guaranteed-issue limited benefit medical plan called Transchoice®, underwritten by one of the nations leading insurance carriers, Transamerica Life Insurance Company and Central Insurance Advisors, LLC. Transchoice®, helps pay basic medical expenses related to hospitalization, surgery, physician office visits, prescription drugs, accidents, x-rays, lab tests and much more. Guaranteed issue means everyone is accepted for this plan, without any preexisting or age restrictions. The benefits are paid directly to you to help cover those out-of-pocket costs, or they may be assigned to your physician or hospital. Three plans will be available to pick and choose the best benefits for you and your family at very affordable rates. For a detailed outline of the plan please call Central Insurance Advisors, LLC toll free at 1-877-925-1840 or visit www.transchoicencar.com.

Link to all our REALTOR® Partner Discounts

http://www.ncrealtors.org/uploads/realtor_partnerbrochure.pdf

Register for 2009 Convention

The 2009 NC Association of REALTORS® Convention & Expo will be held Sept. 27-29 in beautiful Savannah, GA. This is your chance to make new contacts and cultivate old ones. When you attend Convention, you will share ideas and interact with a 1,000 of the most successful REALTORS® in our great state who are dedicated to the business, just like you. The NCAR Convention & Expo is one of the best and most cost-efficient educational and networking tools available to members. Sign up today at: www.ncarconvention.org.

RPAC Auction, Part 2

2009-05-28T09:02:00.000-07:00

RPAC Auction Sneak Peek!

2009-05-26T12:56:00.000-07:00

Ready for the RPAC Auction next Tuesday?

So far we've assembled a great slate of items -- hit the jump for a sneak peak at a few of this year's offerings, and be sure to come out Tuesday, June 2 at 11:30 p.m. and place your bids!

Here's a little taste of what's in store for you:

[caption id="" align="aligncenter" width="255" caption="Callaway Golf Bag"][/caption]

[caption id="" align="aligncenter" width="430" caption="Tureen and Ladle"][/caption]

[caption id="" align="aligncenter" width="490" caption="Picnic Basket with Goodies"][/caption]

[caption id="" align="aligncenter" width="294" caption="Robe and Slipper Set"][/caption]

[caption id="" align="aligncenter" width="367" caption="Decorative Lamp Set"][/caption]

[caption id="" align="aligncenter" width="426" caption="Handbag"][/caption]

[caption id="" align="aligncenter" width="366" caption="Margarita Set"][/caption]

And for you or the Tarheel you love:

[caption id="" align="aligncenter" width="288" caption=""A Coach's Life" by Dean Smith"][/caption]

[caption id="" align="aligncenter" width="367" caption="2009 UNC Championship T-Shirt"][/caption]

[caption id="" align="aligncenter" width="243" caption="Championship Sports Illustrated signed by Head Coach Roy Williams and Assistant Coach Steve Robinson"][/caption]

Also on the block:

- Two tickets to the Chris Hicks Band show at Triad Stage on July 9 (a part of EMFfringe)

-Two tickets to the Larry McCray Band show at Triad Stage on July 24 (a part of EMFfringe)

-A three-night stay at Ocean Isle Beach in a four-bedroom canal home

-A 4-pack of NCSU Football Tickets for the Saturday, Sept. 12 game against Murray State (incl. 1 parking pass and four seat backs)

-A one-year family membership to the Greensboro Children's Museum

-One hour of computer work (networking, instruction, setup, tutorial, design, software upgrade, etc.)

-A full page ad in The Real Estate Book

Trust us, there's plenty more; consider this a taste of what you can bid on when you come out to the 2009 RPAC Auction on June 2 at 11:30 a.m. See you there!

P.S.

If you want to donate, there's still plenty of time. We'll be taking items until 2 p.m. June 1. Contact us at 854-5868 to learn how!

Microsoft Outlook for REALTORS -- RESCHEDULED

2009-05-20T06:14:00.000-07:00

We had to cancel our Microsoft Outlook for REALTORS Coffee Talk back in April, which was disappointing since interest was quite high.

Good news: We've rescheduled it as a Brown Bag Lunch on June 10 at 11:30 a.m. We'll also host an e-Pro workshop that morning, which is a great companion piece to the Outlook seminar, though obviously it's not required that you take one to participate in the other.

Randall Fullerton will be teaching the sessions, both of which are free -- call us for more details at 336-854-5868!

Jordan Lake, ctd.

2009-05-14T13:01:00.000-07:00

House Committee OKs revised Jordan Lake clean-up rules.

Not sure what it's all about? Click here for the rundown.

"Holding the Deal Together"

2009-05-08T11:51:00.000-07:00

A few facts and pointers gleaned from Thursday's "Holding the Deal Together" panel here at the GRRA:

If you're a buyer's agent working a short sale, be prepared to deal with more parties and less flexibility. You'll have to work with the seller, their lender and attorney, as well as the listing agent. Open communication among all parties is a must!

Though it has been as high as 60% in years past, mortgage brokers only originated 15% of mortgages in the U.S. last year.

When listing a short sale, it's a good idea to contact the closing attorney and order a title search as soon as you get the listing. This will cost, but it could end up saving the transaction down the road.

It's up to the lender if a seller qualifies for a short sale, and criteria vary. Often -- though not always -- there will be some months of delinquency, and sellers generally have to prove a major change in financial circumstances.

A short sale does not wipe out judgments and tax liens.

A short sale will not have as much of an impact on a seller's credit as a foreclosure.

If you're thinking about jumping into foreclosures and short sales, you should consider earning a CDPE (Certified Depressed Property Expert) designation.

Appraisers have recently gotten much busier because of the tide of refis. Because of this, your appraisal may take a little longer than it used to, but you should generally still see an appraisal completed within about a week of ordering it.

As a buyer's agent, don't be afraid to ask a listing agent: "Are you absolutely sure your seller will be able to make it to the closing table?"

The bullet points touch on several different areas, as did the panel itself. This is only a taste of what was said, but we received a lot of positive feedback for this panel from those who attended, so you can bet we'll have more like this in the future. Special thanks to moderator Barbara Mann and panelists Joyce Pusey, John Overfield, Guy Lizotte and Michelle Porter.

Jordan Lake Rules Update

2009-05-07T11:15:00.000-07:00

From our friends at TREBIC:

Please take just a minute to email the members of House Judiciary Committee 1 to urge them to pass HB 239. Then share this with your colleagues and ask them to do the same. You can cut and paste this group of addresses:

'Deborah.Ross@ncleg.net'; 'Melanie.Goodwin@ncleg.net'; 'Paul.Stam@ncleg.net'; 'Bonner.Stiller@ncleg.net'; 'Martha.Alexander@ncleg.net'; 'John.Blust@ncleg.net'; 'Angela.Bryant@ncleg.net'; 'Larry.Hall@ncleg.net'; 'Pricey.Harrison@ncleg.net'; 'Veria.Insko@ncleg.net'; 'Grier.Martin@ncleg.net'; 'Annie.Mobley@ncleg.net'; 'Wil.Neumann@ncleg.net'; 'Sarah.Stevens@ncleg.net'; 'Roger.West@ncleg.net'

In addition, you can call Reps. John Blust (919-733-5781) and Pricey Harrison (919-733-5771) and voice your support for HB 239.

Here’s what my email said:

“On behalf of roughly 4000 members (and their employees and customers!) of the real estate and building industry in Guilford and Alamance County, I urge you to pass HB 239 at HJ1 Committee meeting on Monday. The bill is not perfect yet, but we have made great progress resolving the untenable requirements of the Jordan Lake Rules as passed by the EMC. The bill must make crossover for us to continue this good work that will benefit all North Carolinians as we set new precedent in stormwater management rules for the state. Thank you for your help.”

Jordan Lake Rules is a VERY controversial issue, and meeting crossover deadline is by no means a done deal. Contacting HJ1 right away is critical.

What’s going on and where we are:

We have been working feverishly in the state House alongside the local governments with the bill sponsors Representatives Lucy Allen and Pryor Gibson, DENR and now the environmental community. We’re working on bill language that fixes the problems with the Rules as passed by the Environmental Management Commission. We’re have under the gun to meet “crossover” deadline next Thursday, May 14th – the date by which bills introduced in one chamber must be passed in order to be sent to the other chamber for further consideration. If we don’t make crossover, we’re stuck with the rules as passed by the Environmental Management Commission. House Environment Committee passed new language on Tuesday, even though we’re not all satisfied. Now House J1 Committee must hear and pass language on Monday so that the full House can vote on it 2 separate times next week. This will keep the bill alive so we can continue working on it in the Senate, where we’ll have somewhere between 1 and 3 months to finish it, then get it to “conference” where the House version and the final Senate version will be reconciled for final votes by both chambers.

Here’s the substance of what changes we’re discussion - As you know, we are participating in an informal coalition with local governments to seek changes to the rules in the state legislature. Three bills have been introduced, all of which simply disapprove all 13 rules, but “Total Disapproval” bills virtually never make it to a vote. Instead, “substitute language” representing compromise is the norm. The main bill we are working with is HB239 by Representatives Lucy Allen and Pryor Gibson, co-chairs of House Environment Committee. We get new substitute language once or twice a week now, and we’re cautiously optimistic that we will be able to live with most of it in the end, but there will be much work still to be done because some of our “must haves” have yet to be discussed.

Our 3-4 other “must haves” include making the state responsible for the expense of stream buffer rule implementation (like everywhere else in the state) instead of forcing it on to local governments; and changing the new development nutrient “buy-down” limits to match requirements elsewhere in the state, so we don’t have to build more BMPs on site than anywhere else in the state.

Stay tuned, and thanks for the support!

Marlene Sanford

President

TREBIC

Triad Real Estate & Building Industry Coalition

RSS, explained

2009-05-01T11:19:00.000-07:00

Now that you're an expert, why not add us to your RSS feed? Click the RSS logo to the right of the page to get started.

If you don't have an RSS reader yet, we recommend Google Reader.

More education in May

2009-05-01T09:00:00.000-07:00

Last month, we hosted a string of educational offerings on topics ranging from Short Sales to the Federal Housing Stimulus.

In May, we're proud to offer a number of networking and learning opportunities for our members. Mark your calendars!

May 5 is our May Membership Luncheon, where our guest speakers will be Maurice "Mo" Green and school board chairman Alan Duncan.The two officials will be on hand to discuss the system's budget and strategic plan for the coming school year.

If you'd like to attend, RSVP to Sharon Gray, 854-5868 or sgray@grra.org.

On May 7 we'll host a panel discussion entitled "Holding the Deal Together." Have you ever had a deal fall through at the least minute? Do you want to to learn how to avoid some of the most common pitfalls?

This seminar is for you. "Holding the Deal Together" draws on the experience of a group of seasoned Real Estate professionals to help you make sure you have your bases covered right up to the closing table. The discussion will start at 9:30 a.m. Admission is free, but seats are limited -- RSVP today to Sharon Gray, 854-5868 or sgray@grra.org.

On May 12, we'll host another Interactive Marketing Brown Bag with our friends from the News & Record. This program was very well received earlier this year, so we're offering it again for those of you who couldn't make it. More and more, buyers are turning to the Internet for their housing search. Learn how to raise your web profile through strategic Internet marketing!

On May 19, our Brown Bag will focus on Beginner's Yoga. Have you always been curious about yoga, but never explored it? Now's your chance! We'll welcome instructor Judy Rossabi to talk about the health benefits of this popular form of exercise.

Both Brown Bag Lunches start at 11:30 a.m. -- bring your lunch and we'll provide the drinks and desert!

It all wraps up with our CE Day on May 28, with Mandatory Update and BICAR -- to sign up for either course, contact Megan Tasman, mmoore@grra.org or 854-5868.

We look forward to seeing you at the GRRA during the month of May!

Jordan Lake Rules revisions released

2009-04-29T06:27:00.000-07:00

...and according to the N&R, neither side is pleased.

Welcome to the GRRAblog

2009-04-27T07:59:00.000-07:00

We're still getting situated here at our new home on Wordpress. We'll be posting all sorts of news, events and legislative calls to action in this space, so add us to your RSS feed!

More details to follow.