Urge Governor to Sign SB 1178!
California’s legislature has recently passed SB 1178 (Corbett), C.A.R.’s sponsored bill to extend anti-deficiency protection to homeowners who have refinanced. C.A.R. is asking all California REALTORS® to contact Governor Schwarzenegger to urge him to sign SB 1178.
Please Contact Governor Schwarzenegger TODAY to urge him to sign SB 1178! To send an automated message provided by C.A.R. Take Action, click here.
What’s At Stake:
C.A.R. is sponsoring SB 1178 (Corbett) to better protect homeowners going through foreclosure. SB 1178 will ensure that homeowners keep the same “anti-deficiency” protections they have in the original loan after the loan has been refinanced.
California’s anti-deficiency protection for “purchase money” mortgages says essentially that if a homeowner defaults on a mortgage used to purchase his or her home, the homeowner’s liability on the mortgage is limited to the property itself. The law has worked well since the 1930s to protect borrowers, ensure the quality of loan underwriting and allow borrowers brought down by financial crisis to get back on their feet.
Unfortunately, the 1930s law hasn’t kept up with current times. Current law doesn’t apply to loans used to refinance the original purchase debt, even if the refinance was only to gain a lower interest rate. Recent years of low interest rates have induced tens of thousands of homeowners to refinance their mortgages. During those years, almost no one realized that refinancing their mortgage to obtain a lower rate, they were forfeiting their protections and were becoming personally liable on the new note.
SB 1178 will correct this injustice by extending anti-deficiency protections to those who have refinanced their loans.
Campaign Expiration Date: October 1, 2010
Below is the sample letter:
Subject: SB 1178 (Corbett) — SUPPORT
Dear Governor Schwarzenegger,
As a California REALTOR®, I respectfully request that you sign SB 1178 (Corbett) to better protect homeowners going through foreclosure or short sales.
SB 1178 will extend existing anti-deficiency protections to those homeowners who have refinanced their home mortgage. When owners refinanced their home to get a better interest rate, lenders never told them that the protection is lost if they eventually lose their home to foreclosure — the lender can not only take their home, but also pursue them personally for the difference between the current value of the property and the new mortgage balance.
It is unfair to allow lenders to use this technicality, since most owners are unaware that they’ve lost their anti-deficiency protection when they refinanced.
I urge you to sign SB 1178.
Sincerely,
Your Name
To send an automated message provided by C.A.R. Take Action, click here.
Paragon Maintenance
Paragon will be down for maintenance. On Tuesday, August 10th, this process will begin at 10:00pm (Pacific) and conclude no later than Wednesday, August 11th at 6:00am (Pacific). During this time the Paragon MLS system will be unavailable.
ccarlive July Relaunch
The July edition of ccarlive, features information about:
● CCAR Scholarship Winners with Photos
● New 2011 CCAR Board of Directors
● REALTOR Safety: Fight or Flight?
● Industry News: How Inmates are Receiving the Homebuyer Tax Credit and Developing the Skill of Qualifying Buyer
● Navigating ccartoday.com
● A R.E.trospective by Jerry Kidd
● New Members from May-July 2010
● A Snapshot of Events from R.E. BarCamp 2010, CCAR Board Walk5k, A Taste of Nations, and the 43rd Annual Scholarship Awards Luncheon
● Eco-Friendly Home Improvement Tips
● and much, much more…
Hard copies are available at CCAR’s Real Estate Shoppe or call 925 295 9200 and request a copy to be mailed to you for a $5.00 shipping and handling charge.
Sincerely,
Your CCAR Team
Want DRE Credits?
Come to the Risk Management Back to Basics Seminar on Wednesday, August 18 at Shadelands Civic Arts Center in Walnut Creek.
Shannon Jones has been approved to offer three (3) DRE credits for this seminar at a cost of $25. If you would like DRE credits in lieu of payment, bring back to school items to the seminar (backpacks, pencil boxes, notebooks, markers, etc.) in support of the Bay Area Crisis Nursery www.bacn.info.
This week 7/18 – 7/24 Office Supply stores are having Giant Back to School sales!
Staples
$0.01 School Glue
$0.25 Pencil Cases
$0.25 Mechanical Pencils (5 pack)
$1.00 Scissors
$1.00 Markers (10 pack)
$3.00 Markers (30 pack)
Buy 3 get 1 free Binders
50% off Backpacks
OfficeMax
$0.20 Scissors
$0.25 Glue and Glue Stick Combo Pack
$0.25 Pencil Sharpener
$0.50 Pens (10 pack)
2 for $3.00 Notebooks (1 subject)
2 for $5.00 Notebooks (3 or 5 subject)
2 for $5.00 Crayola Art Supplies
Buy 3 get 1 free Binders
Office Depot
$0.05 Pocket Folders
$0.25 Notebook Paper (150 sheets)
Buy 2 get 1 free Scissors
25% off Backpacks
40% off Markers and Pens
FREE to CCAR members who do not want DRE Credits. Non-members $30 advance payment. Your name must be on the registration list to attend. For more information, contact Cherie Lilly at 925.295.9207 or cherie@ccartoday.com.
The mission of the Bay Area Crisis Nursery is to prevent abuse and neglect of children by providing support to families who are in stress or crisis.
Wells Fargo’s Subprime Unit
Wells Fargo to shut subprime lending unit, cut 3,800 jobs
by E. Scott Reckard and Kristena Hansen, Los Angeles Times
Banking giant Wells Fargo & Co. is closing its 638 subprime lending offices, of which 74 are in California. The subprime lending offices operated nationwide to supply higher-cost mortgages, auto loans, and credit cards in lower-income neighborhoods.
About 3,800 employees will lose their jobs as the company shutters its Wells Fargo Financial subsidiary.
Of the storefront offices to be closed, 74 are in California, said David Kvamme, president of the subprime unit. “We know that this decision will be extremely difficult for those dedicated team members and their families who will be affected,” Kvamme said.
HSBC, the British banking giant that surprised the industry by buying Household Finance Corp. in 2004, closed the last of its U.S. subprime finance offices last year.
The San Francisco company said that it would continue to supply auto loans and credit cards to those with poor or weak credit through its national network of Wells Fargo Bank branches and offices of Wachovia Bank, the North Carolina giant that Wells acquired in 2008.
“We’re not exiting those products, just relocating them,” said Alanson Van Fleet, a Wells Fargo Financial spokesman.
But Wells, the nation’s largest mortgage lender, said it would no longer offer subprime mortgages, which now make up less than a tenth of 1% of the home loans the company originates.
Wells Fargo Financial offices still originate 2% of all of Wells Fargo home loans, but those loans are nearly all mortgages insured by the Federal Housing Administration, a niche that the prime home loan business, Wells Fargo Home Mortgage, already is in.
Of Wells Fargo Financial’s 14,000 employees, 2,800 will receive pink slips within 60 days and an additional 1,000 during the coming year, the bank said Thursday. The rest will be reassigned to other Wells units.
The announcement is the latest in a long series of closures of subprime lending operations, including the shutdown of independent giants Ameriquest Mortgage and New Century Financial Corp. in Orange County and Full Spectrum Lending, a part of Countrywide Financial Corp., in Calabasas.
Nearly all current and former Wall Street firms had subprime arms that are now defunct.
While regional players still operate subprime finance networks, only Citigroup’s CitiFinancial unit remains as a national player, and it announced this year that it would close hundreds of offices.
Wells Fargo Financial’s shutdown seemed certain to reignite complaints from advocacy groups, which for decades have criticized mainstream banks for abandoning poor and minority communities.
They said the loss of the consumer finance unit, coupled with cuts at CitiFinancial and HSBC’s closure of the Household Finance operation, could create even more inequities.
“If banks are going to focus on making better products available, then that’s a positive thing. If they’re going to exclude people who otherwise might’ve gone to Wells Financial, then that’s a problem,” said Kevin Stein, associate director of the California Reinvestment Coalition in San Francisco.
“It’s really on Wells now to make sure that the better products they’re offering are equally available to everyone,” Stein said.
Robert Gnaizda, a 40-year advocate for better inner-city lending practices, said loan losses and a regulatory crackdown by the federal government “are forcing all the financial institutions to give up [on serving] the 70% of Americans who live from paycheck to paycheck.”
For more information, click here.
Homes Open Today
It is Going to be a HOT Weekend for Open Homes!
Are you a CCAR member holding an Open House? Why not do something to help your open house STAND OUT? Login to ccartoday.com and augment your listing with as many as 25 additional pictures! Its fast and easy, benefits your seller, and helps your listing stand out. Click here for an example of how a listing looks with all those extra pictures. Don’t forget that you can publish your open house via the MLS, or through HOT – HomesOpenToday.com directly. Either way, we will help drive traffic to your open house through the HOT website.
Declining Home Size
Home Size Continues to Decline; Buyers Increasingly Opt for Single-Story Homes
The size of new single-family homes completed declined last year, dropping to a nationwide average of 2,438 square feet, according to detailed information about the characteristics of new homes completed in 2009 that was released recently by the Census Bureau.
After increasing continually for nearly three decades, the average size of single-family homes completed in the United States peaked at 2,521 square feet in 2007. It was essentially flat in 2008, then dropped in 2009, so that new single-family homes were almost 100 square feet smaller in 2009 than in 2007.
“We also saw a decline in the size of new homes when the economy lapsed into recession in the early 1980s,” said NAHB Chief Economist David Crowe. “The decline of the early 1980s turned out to be temporary, but this time the decline is related to phenomena such as an increased share of first-time home buyers, a desire to keep energy costs down, smaller amounts of equity in existing homes to roll into the next home, tighter credit standards and less focus on the investment component of buying a home. Many of these tendencies are likely to persist and continue affecting the new home market for an extended period.”
Crowe also pointed out that the average square footage of new single-family homes completed is only one measure of new home size. “The Census Bureau also reports average square footage in a quarterly release based on starts rather than completions, which is sometimes useful when market conditions are changing rapidly,” he said.
In keeping with their slightly smaller size, new single-family homes completed in 2009 had fewer bedrooms than previously. After increasing for almost 20 years, the proportion of single-family homes with four bedrooms or more topped out at 39 percent in 2005; it was 34 percent last year. The proportion of single-family homes with three bedrooms increased from 49 percent to 53 percent between 2005 and 2009.
New single-family homes completed last year also had fewer bathrooms than previously. The proportion of homes with three or more bathrooms was 24 percent last year, a decline from the peak of 28 percent in both 2007 and 2008. The percentage of single-family homes with two bathrooms increased from 35 to 37 last year, and the percentage with 2½ bathrooms was at 31 percent for the third consecutive year. The proportion of single-family homes with 1 or 1½ bathrooms has been below 10 percent for more than a decade.
In 1973, the first year for which the Census Bureau reports characteristics of single-family homes completed, most new single-family homes – 67 percent – had only one story. Twenty-three percent had two or more stories, and 10 percent were split levels.
The proportion of one-story homes declined steadily for more than three decades, dropping to a low of 43 percent in 2006 and 2007. At the same time, the proportion of single-family homes with two or more stories increased, rising from 23 percent in 1973 to a high of 57 percent in 2006 (split level homes currently account for less than one percent of all single-family homes). Since 2006 the trends have been reversed, as the share of single-family homes with one-story increased to 47 percent last year, while the share with two or more stories dropped to 53 percent.
Regional Differences in Completed Single-Family Homes
The Census Bureau’s data on characteristics of completed single-family homes also showed regional differences.
In 1973, less than half of all new single-family homes completed had air conditioning; in 2009, 88 percent were air conditioned nationwide. Regionally, the proportion ranged from a low of 69 percent in the West to a high of 99 percent in the South. The Northeast and Midwest were at 75 percent and 90 percent, respectively.
Nationwide, 62 percent of new single-family homes completed in 2009 had two-car garages, and 17 percent had garages for three or more cars. However, there were clear regional differences. Three-car garages were found in only about 11 percent of homes in the Northeast and the South. In the Midwest, 30 percent of all homes had three-car garages, and in the West, 26 percent.
Regional differences were especially pronounced in the selection of exterior wall material. Nationwide, 34 percent of all single-family homes completed in 2009 homes had vinyl siding, 23 percent were brick, 19 percent were stucco, and 13 percent had fiber cement siding.
Vinyl siding predominates in the Northeast, where it accounted for 74 percent of the market; wood was a distant second with a 12 percent market share. In the Midwest, vinyl siding accounted for 62 percent of the market while wood and brick were at 15 percent and 11 percent, respectively.
Brick was the leader in the South, where it was found in 40 percent of new single-family homes. Twenty-eight percent of new homes in the South had vinyl siding and 13 percent had stucco.
The Census Bureau began reporting statistics on fiber cement siding, which is relatively new to the market, in 2005. It already accounts for 24 percent of the market in the West. Stucco and wood account for 52 percent and 15 percent of the market, respectively, in that region.
For more information, click here.
CCAR Closed 7/2 and 7/5
Just a reminder: Contra Costa Association of REALTORS® will be closed Friday, July 2 and Monday, July 5 in observance of Independence Day. We will reopen for business Tuesday, July 6. Enjoy your weekend!
C.A.R. Member Benefits
MEMBER BENEFITS WEBINAR FOR REALTORS®
Learn more about your C.A.R. member benefits by participating in this webinar. This is your passport to growth, knowledge and professionalism within the real estate industry. We are committed to bringing you the very finest tools and information to help you succeed. The information allows you to access a variety of tools, services and products that your Association provides for your professional growth. We wish you the very best as a REALTOR®.
Title: Member Benefits
Date: Wednesday, July 14, 2010 https://www1.gotomeeting.com/register/335769768
Time: 9:30 AM – 10:30 AM PDT
Title: Member Benefits
Date: Wednesday, August 18, 2010 https://www1.gotomeeting.com/register/477550936
Time: 9:30 AM – 10:30 AM PDT
CCAR Open Thursday
UPDATE: CCAR will be open all day Thursday, June 24th to provide you with exceptional service.
Local Tax Support
Voters Overwhelmingly Support Local Taxes
According to the California Taxpayers Association, voters approved 44 out of 64 local tax measures on the June 8 ballot, and three remain too close to call as election officials continue counting ballots. These local measures included two of three general bonds, 15 of 20 school bonds, three of five hotel taxes, 15 of 22 parcel taxes, five of five sales taxes, and two of five utility users’ taxes.
No doubt riding on that momentum, local officials in cities around California are reportedly considering more increases for the November ballot. According to Cal-Tax, San Francisco Supervisors are considering several new proposals, including a tax on commercial rents, an increase in the property transfer tax on certain properties, and an increase in the parking tax from 25 percent to 35 percent.
Cal-Tax also cites reports that the Santa Rosa City Council is considering extending the city’s utility users’ tax to cell phones, coupled with a lowering of the rate on telecommunications from 5 percent to 4 percent. Also under consideration is an increase in the $3,000 cap on the city’s business tax. The council also unanimously agreed to move ahead with the formation of a Business Improvement Area that would allow local hoteliers to levy an additional 3 percent tax on rooms.
Lastly, Cal-Tax reports that the Los Angeles Board of Library Commissioners has asked the city council to place a parcel tax on the November ballot to provide funding for the city’s libraries. If approved by two-thirds of the voters, the parcel tax of $39 per year would cost taxpayers $30 million. Surprisingly, this request comes only days after Los Angeles voters soundly defeated a measure that would have enacted a $100-per-year parcel tax to provide more money to the Los Angeles Unified School District.
May 2010 Statistics
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Jerry Kidd Training
Smart Phones, iPhones, Droids, and Blackberrys… Oh My!
Friday, June 18 2010, 9:30-11:30am. 1870 Olympic Blvd, Walnut Creek, Small Conference Room.
With all of the hype surrounding new phones, how does an agent decide which phone is right for him or her? This class cuts through the mystery and delivers tools and techniques anyone can use to make the right decision. Space is limited sign up here, today.
Click here to view the flyer for this event.
For more information, contact Betty at 925 295 9226 or betty@ccartoday.com.
Risk Management Seminar
CONTRA COSTA ASSOCIATION OF REALTORS® PRESENTS
C.A.R. Update and Risk Management Legal Seminar
Wednesday, June 23, 2010
9am Check In & Refreshments
9:30am-12pm Program
Shadelands Civic Arts Center, 111 N. Wiget Lane, Walnut Creek
FREE to CCAR MEMBERS
Seating is Limited: Register today!
FEATURING
AN UPDATE FROM C.A.R. DIRECTORS
AND
SHANNON B. JONES
This leading East Bay real estate attorney will discuss issues affecting real estate professionals such as Disclosure issues, agent trouble areas, and fallout of the short sale market
Members register by 6/21/10
at ccartoday.com/1318
Non-members $30 advance payment. Non-members not paid in advance will be admitted if seats are available. Your name must be on the registration list to attend. For more information, contact Cherie Lilly at 925 295 9207 or cherie@ccartoday.com.
CCRIM Location Change
On Tuesday, June 8th, Contra Costa REALTORS® in Motion, the marketing meeting, will be held at Bing Crosby’s Restaurant & Piano Bar located at 1342 Broadway Plaza in Walnut Creek. If you have any question please contact Jason Catalano at 925 292 2202 or jason@ccartoday.com.
RAF Kickoff
Contra Costa Association of REALTORS®
invites you to the
2010 REALTOR® ACTION FUND KICKOFF!
Come and find out how to protect your business.
May 24, 2010
5-7pm
Scott’s Seafood Grill and Bar
1333 N. California Boulevard, Walnut Creek, CA
Complimentary wine, beer, and appetizers for CCAR members.
RSVP required to attend.
Email Chris at GovAffairs@ccartoday.com
Identity Theft Prevention
Top 10 Tips for Identity Theft Prevention
Identity theft is a serious and costly crime. People whose identities have been stolen can spend months or years cleaning up the mess thieves have made of their good name and credit record. In the meantime, victims may lose job opportunities, be refused loans, housing or cars, or even get arrested for crimes they didn’t commit.
The following tips can help you lower your risk of becoming a victim.
1. Protect your accounts against fraud.
Contact the fraud department of any of the three consumer reporting companies— Equifax®, ExperianSM and Trans Union®—to place a fraud alert on your credit report. The fraud alert automatically lets credit card companies and other creditors know they must contact you before opening any new accounts or making any changes to your existing accounts.
2. Don’t get caught by “phishing.”
Scam artists “phish” for victims’ information by posing as representatives of banks, stores or government agencies. This is done over the phone, through regular mail, and especially via e-mail. Don’t respond to a request to verify your account number or password. Don’t give out your personal information unless you made the contact. Legitimate companies will not request this kind of information in this way.
3. Keep your identity from getting trashed.
Invest in a paper shredder and shred all papers with personal information before you throw them away, including unwanted credit card applications and “convenience checks” that come in the mail, credit card receipts with your account number, outdated financial papers and papers containing your clients’ personal information.
4. Control your personal financial information.
Many states have laws requiring banks and other financial institutions to get your permission before sharing your personal financial information with outside companies. You also have the right to limit the sharing of your personal financial information with most of your companies’ affiliates. Write to your companies that you want to “opt-out” of sharing your personal financial information with their affiliates.
5. Shield your computer from viruses and spies.
Use passwords with at least eight characters, including a combination of letters, numbers, and symbols. Use firewall and virus protection software and update it regularly. Download free software only from sites you know and trust, and don’t install software without knowing what it is. Set browser security to at least “medium.” Don’t click on links in pop-up windows or in spam e-mail, and don’t download any file from an e-mail address you don’t know.
6. Click with caution
When shopping online, check out a Web site before entering your credit card number or other personal information. Enter personal information only on secure Web pages with “https” in the address bar and a closed padlock symbol at the bottom of the browser window.
7. Check your bills and bank statements.
Open your credit card bills and bank statements right away. Check for any unauthorized charges or withdrawals and report them immediately. Call if bills don’t arrive on time. It may mean that someone has changed contact information to hide fraudulent charges.
8. Stop pre-approved credit offers.
Stop most pre-approved credit card offers by calling toll-free 888 5OPTOUT (888 567 8688) to have your name removed from credit bureau marketing lists.
9. Ask questions.
Ask questions whenever you are asked for personal information that seems inappropriate. Ask how the information will be used and if it will be shared. Ask how it will be protected.
10. Check your credit reports — for free.
One of the best ways to protect yourself from identity theft is to monitor your credit history. You can get one free credit report every year from each of the three national credit bureaus. Order your free annual credit reports by phone, toll-free, at 877 322 8228, or online at www.annualcreditreport.com.
(Sources: The Federal Trade Commission, The Office of Privacy Protection in the California Department of Consumer Affairs)
Visit NAR’s REALTOR® Safety Web site at www.REALTOR.org/Safety
REBarCamp East Bay
Contra Costa Association of REALTORS® Sponsors First East Bay Real Estate REBarCamp Event at 555 YVR
Well-Known Roundtable Forum Brings Together Visionaries in Real Estate Social Media Marketing Practices for One Day Event
May 17, 2010 • The Contra Costa Association of REALTORS ® is pleased to announce that it will be sponsoring the first REBarCamp East Bay at 555 Ygnacio Valley Road on Wednesday, May 19, 2010 from 8am-4:30pm. The REBarCamp is the first one-day gathering of its kind in the East Bay, and will be staffed by many of the best technology-minded real estate professionals in the industry.
This free event is designed to provide real estate pros with cutting edge trends in social media practices that will empower them to more effectively market, sell, connect and communicate to their clients and customers today.
To register online, please visit www.REBarEastBay.com or become a fan on Facebook at www.facebook.com/REBarCampEastBay.com.
Member Photo Day
CCAR Photo Day was a big success. Over 30 of our members had their pictures taken throughout the course of the day. We would like to extend a special thanks to Tim and Jane of Vaughn’s Photography for their time and expertise. Given the positive response we had yesterday, CCAR will be hosting another Member Photo Day in early fall. Please continue to check out www.ccartoday.com to keep up to date on all our member offerings.
Paragon Maintenance
On Wednesday, May 19th, we will be performing maintenance to the Paragon MLS system and this WILL involve downtime for you. This process will begin at 11:59pm (Central) and conclude no later than 8:00am (Central) on Thursday, May 20th. During this time, the Paragon MLS system will be unavailable. We apologize for any inconvenience this may cause you.
Home Safety Devices
TDS TO BE AMENDED FOR HOME SAFETY DEVICES
Starting January 1, 2011, the Real Estate Transfer Disclosure Statement (TDS) will be amended to streamline the disclosure of home safety devices. First, the TDS will include a new disclosure of whether the seller has a carbon monoxide detector. This disclosure addresses a new law requiring California homeowners to install or plug in a carbon monoxide device in an existing single-family residence by July 1, 2011 (next year), and other existing dwelling units by January 1, 2013. The new TDS will specifically state that installation of a carbon monoxide detector, among other appliances and devices, is not a precondition of sale or transfer of the dwelling.
Second, the TDS will be amended to incorporate a seller’s certification that, by close of escrow, the seller will be in compliance with existing requirements for smoke detector and water heater bracing. Effective January 1, 2011, the new TDS will eliminate the need for a separate standard form Water Heater and Smoke Detector Statement of Compliance (C.A.R. Form WHSD) for applicable transactions.
The new requirement to install or plug in a carbon monoxide detector will apply to dwelling units with a fossil fuel burning heater or appliance, fireplace, or attached garage. “Fossil fuel” means fuel gases, wood, oil, coal, kerosene, or other petroleum or hydrocarbon products that emit carbon monoxide as a combustion byproduct. Special rules apply to residential landlords.
C.A.R. will update our standard form TDS in the November 2010 forms release to reflect these changes, and provide members with more information about this law as the effective date draws nearer. The full text of this law, Senate Bill 183 (Lowenthal), is available here.
C.A.R. Agent JumpStart™
The CALIFORNIA ASSOCIATION OF REALTORS® and the Contra Costa Association of REALTORS® present
C.A.R. Agent JumpStart™ Program
Are You Prepared for Today’s Real Estate Market?
Learn Proven Methods for Success and Winning Tactics for Working with Buyers and Sellers!
C.A.R. Agent JumpStart™ is a 3-day course designed to familiarize new and returning real estate licensees with the fundamentals of representing buyers and sellers in California transactions. Each day covers a specific aspect of how to achieve business transactions in a productive and professional manner, while adhering to the standard of the CALIFORNIA ASSOCIATION OF REALTORS®.
Register today and get started on a successful future in real estate!
How you will benefit from taking this 3-day course:
Convert an incoming ad or sign call into an appointment.
Recognize the distinctions between salary versus commission income.
Learn the four qualifying questions to ask buyers and sellers.
Identify the parameters to establish a geographic prospecting farm.
Understand the legal documentation and contracts used in everyday transactions.
And so much more!
Space is limited! Reserve your seat now.
Dates
Tuesday, May 11, 2010
Wednesday, May 26, 2010
Wednesday, June 2, 2010
Time
8:30 a.m. to 4:30 p.m.
Location
Contra Costa Association of REALTORS®
1870 Olympic Blvd., Suite 200
Walnut Creek, CA 94596
Cost
$89 Member per class ($267 for all 3 classes)
$110 Non-Member per class ($330 for all 3 classes)
To Enroll
Please call (925) 295-9226
For more information about C.A.R.’s Face2Face programs, click here.
calREDD®, MRMLS merge
calREDD®, MRMLS announce intent to merge the two MLSs; new multiple listing service will serve more than 33,000 real estate professionals statewide
LOS ANGELES (April 28) – calREDD® and the Multi-Regional Multiple Listing Service Inc. (MRMLS) today announced their intent to merge the operations of the two organizations, creating one dynamic multiple listing service (MLS) provider serving more than 33,000 real estate professionals and 22 REALTOR® associations statewide. Both boards of directors have agreed to a framework within which to finalize an agreement that will be presented to their respective associations and boards of directors for final approval.
“This is a compelling development for both calREDD® and MRMLS and, more importantly, for our respective members and participating REALTOR® associations,” said MRMLS President Richard Stone. “We look forward to a beneficial relationship that builds on our past successes and will continue to deliver an innovative, state-of-the-art MLS system to our expanded membership.”
MRMLS approved the concept at its April 26 board of directors meeting, following a similar decision by the calREDD® board of directors at its April 22 meeting. The merger is expected to go to a vote of MRMLS’ 12 member associations at their May meeting and to C.A.R.’s board of directors at their June meeting.
“Serving the needs of our members has been the driving force behind the calREDD® initiative from the start,” said REALTOR® Mike Silvas, CALMLS chairman. “The merger of our two entities would be a positive step forward for our members, and opens up new opportunities to provide choice, efficiencies, and new technology opportunities to real estate professionals throughout the state.
“We expect the merger to be seamless, with calREDD® and MRMLS participants experiencing, few, if any changes or disruptions to service,” he said.
In other news, calREDD® announced that it has secured exclusive rights to its MLS software in California and has taken over ongoing development of its software system. This change has been seamless to system users and was made in cooperation with calREDD®’s former vendor, Concentric Software LLC.
The mission of Pomona, Calif.-based MRMLS is to deliver, through local member associations, the most affordable, reliable, and convenient listing technology service available, and to provide products and services that support REALTORS® in maximizing use of property data to achieve business goals. MRMLS Inc. is a member organization made up of 12 local associations of REALTORS® with a service area covering a large area in Southern California, and was one of the founders and integral forces behind the CARETS initiative.
calREDD® is a service of CALMLS, a subsidiary of the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
For more information, click here.
Code of Ethics
SHORT SALE | code of ethics
by Phil Deutscher, CCAR Professional Standards Committee Chair
Short sales are now a major factor in this current real estate market. They do not reflect the “normal transactions” of the past, but they have become a normality of the present. Because of this, focuses have shifted and different tools are now employed by REALTORS®. The methodology used by REALTORS® can be called into question if the rules of the road are not understood and adhered to. One way to understand appropriate behavior is to look to the Code of Ethics for measurable guidelines.
I heard an excellent presentation on this topic by Kathy Mehringer, CRB, SFR, a liability expert for Coldwell Banker, at C.A.R.’s February Professional Stands Committee meeting.
Pertinent Articles of the NAR Code of Ethics that might help you evaluate others’ practices as well as your own in the area of short sales are:
Article 1: REALTORS® shall treat all parties fairly. (Reminder this doesn’t just mean your client who is your fiduciary).
1.3 Shall not mislead Seller as to value
1.6 Shall submit offer(s) objectively and quickly
1.7 Shall continue to present all offers
1.9 Confidentiality survives the relationship
1.12 Shall advise Seller of Company policy on Co-op compensation
1.15 In response to inquiries from Buyer or Co-op, with Seller approval, shall disclose (i) other offers (ii) if asked whether offers obtained from listing broker, agent in firm or Co-op
There are many factors that could contribute to an intentional or unintentional violation of the Code of Ethics. By virtue of the article itself we must be careful not to engage in any practice that even by perception could be conceived as not treating all parties fairly.
Article 2: REALTORS® shall avoid exaggeration, misrepresentation or concealment of pertinent facts relating to property or transaction
Article 3: REALTORS® shall cooperate with other brokers
3.6 Shall disclose the existence of accepted offers including offers with unresolved contingencies
Article 7: REALTORS® shall not accept compensation from more than one party, even if permitted by law, without disclosure and informed consent of the parties
Article 11: REALTORS® shall not undertake to provide specialized professional service concerning a type of property or service outside the scope of competence unless they engage assistance from one who is competent
Article 12: REALTORS® shall be honest and truthful in their real estate communication and shall present a true picture in advertising (inclusive of internet) “Short Sale Expert” or “Results Guaranteed” or “I can stop your foreclosure” or “I can save your home”
Article 13: REALTORS® shall not engage in activities that constitute the unauthorized practice of law and SHALL recommend that legal counsel be obtained when the interest of the parties require it. Do not give legal, tax or financial advice to clients
