First things first: What is EMERGE? 

EMERGE is a group of young real estate professionals focused on promoting professional relationships, networking opportunities, community involvement and leadership in FAAR.  This FAAR work group is tailored to members in their 20s and 30s, but all are welcome to attend.  It is also not just a group for REALTORS.  EMERGE is open to anyone working in a real estate related field including developers, builders, attorneys, title companies, and lenders. 

For more information about EMERGE, please contact Sarah Stelmok, Chair         Sarah@BuyInFredericksburg.com

Inaugural Event

Join EMERGE on August 16, 2008 (7-9pm) at Maury Commons.  We will be enjoying a cocktail party in one of the Maury Commons units while listening to the Martinsburg Jazz Orchestra, performing for the Bluemont Concert Series.  Beer, wine, and hors d’œuvre will be served.  Attendees are encouraged to bring a $5 donation which will be presented to the Bluemont Concert Series.  (Bluemont supports music programs in our local school systems). 

Parking is available at both Coldwell Banker, Carriage House Realty’s parking lots, located on William Street and George Street, and street parking is available.  Please do not park in the Maury Commons parking lots, as these spaces are reserved for residents. 

Please RSVP by August 14

Registration online at www.faarmembers.com/Events     

The 2008 VAR Conference is taking place September 25-28 in Baltimore, Maryland and here are 8 reasons why you should attend!

1.  Peer Pressure - Ummm… all the cool kidz are doing it!  This should be your #1 reason. 

2.  The Great Virginia Tweet-Up of 2008 - Are you a Twealtor, Twitterbug, Tweet, Twit or a combination of any of these?  Have you ever wanted to meet the people you have been talking to in a 140 characters or less?  Well, now you can! 

3.  Networking Opportunities - There will be plenty of opportunities to netowrk the old fashioned way, face to face.  VAR has even set up a Speed Networking Event on Saturday, September 27 at 4pm.  Don’t forget your business cards!

4.     EMERGE’s State Premier - Come suppport FAAR’s newest young professional initiative!  In conjunction with Richmond Rapport and VAR, EMERGE will be co-promoting the unofficial post-reception party at Roy’s Hawaiin Fusion restaurant and bar on Friday, September 26 at 7pm. 

5.  Meet the President! - Well, the President of VAR.  Who doesn’t want to join VAR’s 2009 President, John Powell, on a harbor cruise?  Baltimore will provide the views; VAR will provide the entertainment!

6.  Vacation From the Family - Need some time away?  This year’s conference hotel is lux.ur.ious!  The Baltimore Marriott Waterfront hotel features an indoor swimming pool, fitness center, and stunning Inner Harbor views.

7.  Education - Need to renew your license?  The VAR Conference is the perfect place to get your CE and PL credits.  This is an amazing opportunity to learn from dynamic national speakers.

8.  Can You Say FREE STUFF!?! - You know you can always use another post-it note pack, koozie, pizza cutter, and variety of pens!  The Expo will be open Friday and Saturday.  I highly recommend bringing a bag on wheels to tote all your freebies around!

Here starts a series to help inform you of the real estate changes taking affect July 1^st, 2008 as passed and approved by the Virginia General Assembly and Governor Kaine.  It will be a five part series starting with the changes made to the Property Owners Association Act (POA) and Condominium Act (COA); bill number is HB 516. 

The POA/COA Change 

One of the two corner pieces to this legislation was the creation of the Virginia Common Interest Community Board.  The Board will consist of appointees who will investigate complaints about community association manager who will now have a licensure requirement through DPOR; the only exception to licensure is if the POA/COA doesn’t contract out to management and does not pay a staff to run the association. 

The second largest change to the POA/COA is to the fee structure and delivery of the disclosure packet.  The new law will now permit sellers, or their agents, to request electronic delivery of the disclosure packet; they can also request two additional recipients to receive the electronic packet at no additional charge. 

The NEW Fee Structure 

The POA/COA is no longer allowed to charge fees beyond its declaration of covenants and restrictions or else provided by law.  The limits are not to go beyond: 

$100 for a property inspection 

$150 for two copies of the disclosure packet in hard copy, and 

$125 for two electronic copies 

$50 for an expedite fee 

$25 for an additional hard copy 

$50 for a post-closing fee 

No more than the actual cost of a commercial delivery service for hand delivery; i.e. UPS, FedEx, etc. 

Also, 

For no more than $50, an update, delivered within 10 days of a written request, may be requested if a packet or resale certificate was issued within the previous 12 months. 

Fees are not paid up front but are deferred to the time of closing 

These changes only apply to associations who have hired a management company or have a full-time staff. 

Come back to FAAR Forum to hear about changes to AVM’s, the Wet Settlement Act, listing and leasing agents disclosure, firm ownership, vested rights, and overcrowding enforcement.

It’s about Family

Last night as a storm entered into our neighborhood, I realized that at about 2:30 am it was one of the worst we had; had in awhile. I started to leave my bed, at the same time my three young daughters entered the threshold. Jennifer and I did our typical storm-ritual, we rolled out the blankets and pillows on the floor next to our bed, lit candles, said prayers thanking God for comfort and peace and made sure flashlights worked and were near-by.

As Jennifer and I nestled back in my bed I was thankful that we had been provided a place to make our children feel safe and then began to think about all the people who had no idea what tomorrow held for them, by way of housing. Yesterday I checked realtytrac.com and found that in Spotsylvania alone there were over 800 homes for sale, that were in some stage of distress, from short-sale to foreclosure. RealtyTrac estimates that one of every 200 or so homes is in foreclosure in Spotsylvania.

What about the People?

Back in December of last year I wrote about the serenity that some people found in having the burden of a home payment relieved in one fashion or another. This is not to say that I agree with individuals being allowed to walk away from the property, I don’t. However, there are many people who MUST sell right now and their home is no longer worth what they owe on it. In some cases it is because of not handling their finances well, and in other circumstances it could be the loss of work, family illness or a plethora of other issues. It seems that training for agents is ubiquitous, I know that I’ve taught more foreclosure and short sale classes that anything else. Jim Rake and I have just completed the Certified ShortSale Professional class and look forward to teaching it in the future, but these classes teach contracts forms, the need to protect commissions and typically protecting buyers. Not one of the courses talk about the people who are suffering through this market crises. We spend far too little time talking about the fear and embarrassment that families suffer when their home is foreclosed upon or to have to reveal to strangers that they cannot pay for their home and must sell.  We fail to address how humbling it must be to ask for benevolence from all involved with cut commissions, inherent delays and uncaring loss mitigation officers.

Agents who Care

More and more I hear agents telling me that they are talking their buyers out of looking at what appears to be distressed homes or those in short-sale. I get it, I really do. The majority of agents listing such properties aren’t properly prepared to do so. Sellers and agents have not priced a lot of these homes at a level that a lender would accept and have not started the process with the Seller in a timely enough manner to get to closing in a reasonable amount of time. HOWEVER, education is helping in these areas, lenders are starting (ever so slowly) to put better people and procedures in place to help with these clients.

My real issue is that all the bravado and gimcrack in the industry, in relation to what an agent chooses to show and not to show “their clients” is hurting many people. Only with the expressed permission of the buyer can an agent decline to show property that otherwise matches what the buyer desires. Yes, I know that it’s harder and you get paid less, but those will be the most loyal clients in the future. It’s hard for everyone right now and all we can do is pray that we will all have wisdom to overcome this in the near future. By looking at the current trends, it seems that there is some improving in the market, but with the large inventory of homes on the market; we’ve got a ways to go.

Today I decided to preview two homes that came on the market within the past 24 hours.  My trip was to be about 26 miles of travel.  At today’s gas prices I looked forward to spending quite a bit of money and a moderate amount of time.

Decided to preview a home in Clearview Heights (in Stafford County) first and then travel over to Fox Point in Spotsylvania County.  The home in Stafford County was listed by a firm whose office is in Annandale and the one in Spotsylvania is listed by a local company.

The one in Stafford county said that access could be gained by “Lockbox-Frnt Dr,Lockbox-Supra,Vacant” while the one in Spotsylvania showed I could get in by “Lockbox-Supra,Show Anytime,Sign on Property,Vacant.”

Common to both was “Lockbox-Supra” as you can read.  However, when I went to the home in Clearview I learned quickly that I could not access the home; the lockbox was the type where you had to place a keypad in a recessed area to retrieve the key.  The one In Fox Point worked fine with my Palm device through an electronic beam.  Needless to say I was frustrated at the first location since I could not get in since I did not bring along my Display Key.

After entering the second home I found that there was no access the “wing” (appears to be a finished garage) at the right side of the home; it was not accessible from the main home.  The key in the lockbox would not open the lock at the door of the wing.  Searched the home for a key that might open it but none was found!

Frustrating?  To say the least!  We need to show that access is by an electronic lockbox (one that provides access through a beam).  There is an option for that type and we need to use it.  By the way, I am assuming that is the proper description for the “blue” lockboxes that most of us in FAAR use.

Right now I am going to assume that any homes that are listed by a NVAR office do not have the “blue” lockbox.  We are in an area where the local association issues the blue lockboxes to its Realtor® members.  Appears to me that people who list home in our area would comply with the local custom if they wish it to be shown by all of the local agents.

Let’s get to the second home; the one in Fox Point.

If you have a listing that your fellow Realtors® will not be able to preview or show completely then provide comments that are appropriate for the situation.  Is there a key to the shed available in the home?  Is there a key available to the wing that is under separate lock?  Where is that key?

What are your thoughts on these issues?  Am I being too picky?