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     

Newbie

I have been a licensed Real Estate Agent for the past 6 months and in those 6 months I have learned A LOT! After thinking about it, I thought I should share what I learned with everyone. Some of the things I have learned are a little more serious than others, but this is what I’ve learned.

1.) Real Estate is NOT as Glamorous as you may think.

When I decided to get into Real Estate, everyone was telling me, “you are going to drive around in a fancy car, making tons of money!” Reality Check - Real Estate is A LOT of hard work, which involves driving around in car on hot day getting sweating, trying to make lots of money. We may like to portray being Glamorous but really we spend every day trying to do the best work so that our clients get the best house!

2. Educate yourself

The one thing you hear over and over again when you get your license is, finish your 30 hours of post licensing education in the first year. You groan and think, “well heck I just went thru all of this and now I have to learn more.” It not hard at all, its actually fun! I take every class or designation that I can. I love learning new stuff and it can only help me help my clients! What more could you ask for?

3. Get involved

That can mean getting involved in your local Association, your community, or your church. I believe in Karma and the more I give back the more I hope eventually comes back to me. If that means doing a little extra work helping others, well I am there!

4. I @ do you? Technology is a GOOD thing!

One of my favorite applications that I use online is Twitter. Its best explained as a mini-blog, where in 140 character you answer the question, “what are you doing?”. I have made some very good friends and learned some very good information on Twitter. I suggest it! (You might also want to try, Facebook, Flickr and Linkedin)

5. DO NOT close on a day before a holiday!

It may sound obvious but on my second deal, I did just that. And Guess what the deal did not close on the day! So, just listen to me, Do not, may I repeat, DO NOT close on a day before a holiday!

And Last but certainly not least. Drum roll please………..

6. Pat Breme is the Most Fabulously Dressed Woman at FAAR!

I mean seriously, have you seen the fabulous clothes that this woman wears! She is amazing! Pat Breme is FAAR’s exceptionally wonderful CEO. Not only is Impeccable dress but she has an Impeccable reputation dealing with the Association, its members and the community. I can only hope to one day be as well respected as Pat Breme!

These are the few of the things that I have learned in my first six months in Real Estate. It is by no means a complete list but if I had listed all the things I learned, well lets just say, I would still be typing!

Is it worth it?

That is a question I will be asking myself in the future. It is a question I will ask myself when it appears that I will be writing a Short Sale contract for a client. Frankly, I believe it is a question you might want to ask yourself if your client is contemplating purchase of a home that has been designated as a potential or actual short sale situation.

In February of 2008 I wrote a contract for a long-time client who wanted to purchase a home that was identified as being subject to third party approval in the listing. The home was in Fredericksburg, Virginia. The contract was ratified by the seller five days after the contract was written. A close date of March 31, 2008 had been agreed to. The closing date came and went; no word on contract. In mid-April I was advised by the listing company that the bank had ordered a Broker’s Price Opinion (BPO) and then it would reconcile that with one already done by the listing company. He expected the BPO to take between 7 and 21 days to complete.

About a week later I called again for an update. Also mentioned that I saw that the listing was being shown as Active in MRIS. Was told that we should have a firm answer on the BPO within 24-72 hours. The bank claimed that they did not have sufficient forms signed by the Seller. Listing company sent the forms and allegedly a learned decision could be made.

In early May I spoke with my point of contact at the listing agency. The negotiator at the listing company was looking into the matter since there were two mortgages on the property. Both, coincidently, were with the same lender. Was told that he would call me in the middle of the following week with an update. Since I had not heard anything for 5 days I called back. Later that day the agent phoned me to say that the bank told the negotiator that they had yet to get to the case to make a decision. He explained that the decision makers were very busy and were not depending (like we were) on any particular case to close since they were on salary. Not assuring words!!

In late May received a call from someone at the listing broker’s office asking that I prepare an addendum to the contract changing the settlement date and revising the price to a figure that we discussed. Did it and it was returned to me. The sales price was adjusted because of market deterioration. In early June I received the signed addendum back from the listing agent. BTW, the settlement date was changed to June 30, 2008.

Should I continue? Why not! The revised settlement date came and passed with no word from the listing agency. Not content with the status quo I called my point of contact on 15 Julyonly to hear that the negotiators at the bank had left the employ and that the bank wanted to start renegotiations all over. The listing agency was not for that at all. Told me they were going to get this case resolved by the end of the week and woud let me know what transpired. Guess what? No call.

Spoke with my client and he told me that he wanted me to call the listing agency and tell them that he was going to revise his offer to reflect the current market conditions and gave me a figure. Also wanted them to know that he wanted to settle on July 29th or he was going to consider the contract void.

I relayed that to my POC and he said that the market reflected an improvement and that the previously agreed upon price was too low. Told him that we were considering the contract null and void.

Yes, my friends, after patiently waiting for almost five months to get a contract to settlement, I am frustrated. Will I ever be involved with another Short Sale? Perhaps. But will it drag on this long. Most definitely not. There will be some “drop dead” dates built in and that is for sure. Will the banks be expediting their review of these cases given the shaky condition of so many lenders? I think so.

In summary, Is it worth it?

” You have the right to remain silent.  Anything you say can and will be used against you in a court of law…” 

When I read blogs this is what goes through my mind, Miranda rights.  Since blogging became popular in 2004, there have been 159 civil and criminal court actions involving bloggers.  Seven of these have resulted in penalties totaling more than $18 million.  What is amazing is that it’s not just the blogger’s articles that are facing scrutiny, but the comments left on blogs are getting blog authors in trouble.  So, where should real estate bloggers draw the line?  Where does the right to free speech end and the fear of litigation begin? 

Questions have been raised recently as to who is responsible for educating bloggers on their risks and limiting their risks. Some insurance companies have come out with Blogger Insurance that works similarly to insurance offered to newspapers.  But, in leiu of not being able to afford insurance, it will cost upwards of a few hundred dollars for a minimum coverage policy, there are a few rules you can remember as you sit down to write your next blog.

1.  Do not plagarize someone else’s work.  Copyright laws do apply to blogs.  Whether it is a newspaper article or another blogger’s blog, you need to give credit where credit is due.   

2.  Think Fair Housing!  I can not tell you how many blogs I have read from real estate agents that violate Fair Housing laws.  It doesn’t matter what day of the week it is or who you are talking to, Fair Housing laws apply to people who have real estate licenses all the time!  Your past blogs will be found and will be used against you to prove a history of discrimatory behavior.  This goes for your comments on other’s blogs, too.  And by the way, delete doesn’t mean it disappears forever.  There are people paid very well to find information on the internet that you deleted.  Violating Fair Housing laws is also unethical.

3.  If you are referring to a person in a defamatory way and the reader can easily find out who you are talking about, you should not publish your blog.  Defamation is a hot topic in blogger lawsuits.  This can also be an Ethics violation for REALTORS.   Article 15 - Realtors shall not knowingly or recklessly amke false or misleading statements about their competitors, their businesses, or their business practices. 

4.  Manage the comments on your blog.  Although I am an advocate for free flowing dialogue on my blogs, I will not condone blasting someone’s opinion or violating anybody’s rights.  If you do need to delete someone’s comments it is best to notify them why you did so and document that there was a need to censor a contributor. 

Of course there are many more ways to get yourself in trouble while blogging, but if you follow these 4 tips you will be steering clear of some pretty obvious lawsuits waiting to happen.  And if all else fails, just remember, you do have the right to remain silent.     

I, like many of you, was surprised to learn that the Virginia Real Estate Board (VREB) recently amended the Virginia Residential Disclosure Statement to comply with House Bill 837. HB 837. This disclosure requires a new 7th notice be given to all prospective purchasers advising them that the seller makes no representations with regard to whether the property is located in a “dam break inundation zone.”

The new form was adopted by the VREB on July 10, 2008, and was posted to the VREB website that evening which means Listing agents should get the new disclosure signed by their sellers and use it for all contracts ratified Friday, July 11, 2008, forward.

Buyers who received the old form before July 11 do not need to receive a new form.

Remember: As with the changes effective January 1 of this year, It doesn’t matter when you took the listing. If you are giving a form to a prospective buyer on or after July 11, it must be the new disclosure form. If your seller or agent gave the old form on July 11 -15, you might want to give the current form to the buyers to avoid creating a potential loop-hole for a non-performing buyer to discover later in the process.

You can download the document below or Here is a link to the form: Virginia Residential Disclosure Form

Here is a link to thew new disclosure law.

Virginia Residential Property Disclosure Form - Free Legal Forms