Newsletter
May/June
2009
Inside this issue:
A Message From the President
Peggy Hill, President/CEO A Message 1
from the
President
Looking to the Past, I’m Positive About the Future
Stress 2
Yes, the recession is dragging on and seems to be getting deeper, judging from the unemployment Management
rate, which jumped nationally to 8.5 percent recently while hitting 13.5% in SC. However, we must
bear in mind that the recession will eventually end and we will be stronger, more prudent, and less
Education 3-5
speculative as a result. Those characteristics are always positive ones to possess as a real estate
professional. Corner
Let’s not forget that the real estate industry has faced and overcome tough economic times before. Courthouse 6
For example, in 1982 – which saw a 10.8 percent unemployment rate, a prime rate of 21 percent Retrieval
and a long-term mortgage rate of 18.5 percent – many of those in the real estate industry were Training
wondering how they were going to pay their bills and whether they should remain in this business.
The real estate had been completely slammed, especially in the second home and resort of Paragon 7
communities. Training Day
But, miraculously, day by day and month by month, bills got paid and the market finally began to SCR Benefits 8
turn. Some of the best days in real estate sales took place over the next three years. Then
rumblings from Congress about changing all the tax laws affecting real estate started coming down NAR News 9-10
the pike. This created tremendous uncertainty, and many buyers had that “wait and see”
attitude. You’ve probably heard that type of response lately, haven't you? Articles of 11-14
Congress did end up implementing those changes, and, as a result, some thought our industry was Interest
over. Others said, "No, we'll just have to start selling property for the right reasons. Not just for
tax advantages, but for rewards for people who purchase them." Focusing on the intangible benefits New Paragon 15
of owning real estate, agents once more prospered. The fear of '86 was finally beginning to wane Feature
and things began to take a positive turn.
Market 15
In October of '87, the stock market had the biggest percentage drop of any one day in the history of
Statistics
the market. Fear was rampant. But, again, things improved and the market came back.
Annual Golf 16
The main point to be learned from looking toward the past is that while the challenges we are
Tournament
dealing with are frustrating, it is not the worst market that has been experienced. Nor is it the best.
Looking to the past, however, we can see that even the most dire economic conditions do improve.
RPAC Social 17
And with that improvement, the market always returns stronger than ever.
Affiliate 18
We can overcome the threats that our industry faces through focusing on the long-term picture and
making sure to sell to the intangible value of real estate. My challenge for you is that you are Corner
prepared, that you remain positive, and that you look to this time as an opportunity for personal
and professional growth. As you become stronger, more prudent, less speculative, you will come RPAC Report 19-24
through this market a more confident real estate professional.
Calendar of 25
Peggy Hill Events
May/June 2009 Page 2
Stress Management
A lecturer when explaining stress management to an audience,
Raised a glass of water and asked 'How heavy is this glass of water?'
Answers called out ranged from 20g to 500g.
The lecturer replied, 'The absolute weight doesn’t matter. It depends on how long you try to hold it. If I hold it for a
minute, that's not a problem. If I hold it for an hour, I'll have an ache in my right arm. If I hold it for a day, you'll have
to call an ambulance. In each case, it's the same weight, but the longer I hold it, the heavier it becomes.'
He continued, ‘And that’s the way it is with stress management. If we carry our burdens all the time, sooner or later, as
the burden becomes increasingly heavy, we won’t be able to carry on. '
'As with the glass of water, you have to put it down for a while and rest before holding it again. When we’re refreshed,
we can carry on with the burden.'
'So, before you go home tonight, put the burden of down. Don't carry it home. You can pick it up tomorrow. Whatever
burdens you’re carrying now, let them down for a moment if you can.'
So, put down anything that may be a burden to you right now.
Don’t pick it up again until after you've rested a while.
Here are some great ways of dealing with the burdens of life:
* If you can't be kind, at least have the decency to be vague.
* Accept that some days you're the pigeon, and some days you're the statue.
* Always keep your words soft and sweet, just in case you have to eat them.
* Always wear stuff that will make you look good if you die in the middle of it.
* Drive carefully. It's not only cars that can be recalled by their maker.
* If you lend someone $20 and never see that person again,it was probably worth it.
* It may be that your sole purpose in life is simply to be kind to others.
* Never put both feet in your mouth at the same time, because then you won't have a leg to stand on.
* Nobody cares if you can't dance well. Just get up and dance.
* Since it's the early worm that gets eaten by the bird, sleep late.
* The second mouse gets the cheese.
* When everything's coming your way, you’re in the wrong lane.
* You may be only one person in the world, but you may also be the world to one person.
* Some mistakes are too much fun to only make once.
* We could learn a lot from crayons... Some are sharp, some are pretty and some are dull. Some have weird names, and
all are different colors, but they all have to live in the same box.
*A truly happy person is one who can enjoy the scenery on a detour.
* Birthdays are good for you. The more you have, the longer you live.
Have an awesome day and know that someone has thought about you today!
May/June 2009 Page 3
Education
Upcoming MCE Classes
For more information or to register for a class, click on the class name.
Top Ten Ways to be Disciplined
MANDATORY!!! MANDATORY!!!
This is the new mandatory core course, required by the SC Real Estate Commission for every licensee
prior to renewal. The topics include common license law violations presented in an interactive format.
Students will leave the class having reviewed license law and developing methods to appropriately deal
with situations in a legal and ethical fashion. This course is also approved for four (4) hours of continuing
education credit for Georgia licensees (course #57218).
This class will be offered 6 times throughout May and June for agents whose license expires on
June 30th, 2009 Click on the dates below to register for any of these classes.
May 6th: 1:30-5:30 pm
May 20th: 8:30am-12:30pm
June 3rd: 8:30am-12:30pm
June 10th: 1:30-5:30 pm
June 17th: 1:30-5:30 pm
June 24th: 8:30am-12:30pm
Upcoming MCE Classes in May
South Carolina Real Estate Contracts
May 6th - 8:30am-12:30pm
This course covers contract fundamentals, listing and buyer agency agreements, as well as purchase and
sales agreements. Closing with a section on presentation of multiple offers and procuring cause, this
should be a “must take” on your 2009
calendar.
Buyer Representation in Real Estate
May 20th - 1:30-5:30pm
Buyer Representation in Real Estate covers the "street skills" of buyer agency in an interactive format.
Focusing on buyer presentation and diligence, the student will develop an outline of an effective buyer
agency presentation emphasizing developing a partnership with the potential buyer client. Also
discussed are types of agreements, client selection, and fee issues. This course is also approved for four
(4) hours of continuing education credit for Georgia licensees (course #52093).
May/June 2009 Page 4
Education
Upcoming MCE Classes
For more information or to register for a class, click on the class name.
Upcoming MCE Classes in June
Don’t Be A Case Study
June 3rd - 1:30 - 5:30pm
First offered at the South Carolina Association of REALTORS® Annual Convention, this course focuses
on recent case law in the area of property disclosure, fair housing, anti-trust, and RESPA. It’s a risk re-
duction course without agency and is chock full of updates. This course is also approved for four (4)
hours of continuing education credit for Georgia licensees (course #52100).
Consumer and Agent Protection Through Property Disclosure
June 10th - 8:30am-12:30pm
This course focuses on the high-risk area of property disclosure issues and the agent’s role under SC li-
cense law. An examination of case law relating to the issues of misrepresentation, negligent misrepresen-
tation, fraud, and negligence round out the information needed to give the student the knowledge to pro-
tect the consumers they serve. The course covers topics ranging from wetlands to sexual offenders and
has a special section on environmental considerations. Supplemented with video and internet resources.
This class is also approved for four(4) hours of education credit for Georgia licensees (Course #52097).
Buyer Representation in Real Estate
June 17th - 8:30am - 12:30pm
Buyer Representation in Real Estate covers the "street skills" of buyer agency in an interactive format.
Focusing on buyer presentation and diligence, the student will develop an outline of an effective buyer
agency presentation emphasizing developing a partnership with the potential buyer client. Also discussed
are types of agreements, client selection, and fee issues. This course is also approved for four (4) hours of
continuing education credit for Georgia licensees (course #52093).
Incentives, Rebates, Bundled, and Unbundled Services
June 24th - 1:30-5:30pm
This is new for 2009 and focuses on the legal and ethical issues involved in client rebates, incentives, and
bundled services. It also examines the minimum requirements of an agent in license law when unbundled
services are offered. This course is very timely, informative, and sure to spark debate.
To view the complete list of courses offered before the June 30th license renewal date, click here.
May/June 2009 Page 5
Education
Online MCE Classes
Our new online courses allow you to take your continuing education anytime, anywhere-even in your pj's!
That's right. Just log on at your leisure, select from one of the four or six-hour elective courses we have
available, and "get educated" anytime, anywhere.
Plus, our online courses are ARELLO, IDECC, and LLR approved to ensure the highest quality in online de-
livery.
You can start and stop the class anytime you choose. Re-entry is no problem, as the program itself keeps
track of where you are in the class.
Our prices are competitive and the titles are reflective of what you need in today's market. Choose from:
• Introduction to Commercial Real Estate (6 hours)
• Homes for All: Dealing with People with Disabilities (6 hours)
• Risk Management (6 hours)
• Buyer Representation in Real Estate (4 hours)
Click here to register and take these classes.
We look forward to "seeing you" online, whether or not you are in your pajamas!
May/June 2009 Page 6
May/June 2009 Page 7
When: May 14, 2009 and
June 4, 2009
Where: Western Upstate MLS Office
Cost: Free
Paragon Essentials
9:00am-12:00pm
Learn the basics of Paragon including browser settings, basic navigation of system,
property searches (General, Hotsheet, etc.), emailing and printing listings, setting up
different views, basic contact management and inputting and maintaining listings.
Creating CMAs in Paragon
1:00-3:00pm
Learn how to create a CMA presentation packet in Paragon by creating subject
properties and using the CMA presentation tools and setting up user preferences.
Contact Management in Paragon
3:00-5:00pm
Learn how to create contacts, create and manage saved searches to your
prospective buyers, setting up automatic notifications to yourself and your
prospective buyers of listings, and manually emailing listings to your clients.
To RSVP for these classes, email sandy@westernupstatemls.com or call the
association office at 864-224-7941
May/June 2009 Page 8
SCR Benefits
The South Carolina Association of REALTORS® endorses a new group health plan. Members, families and
employees both 1099 and/or w-2 are now eligible and encouraged to participate in Hi-Plus and/or Mid Med
medical plans, underwritten by Continental American Insurance Company. Beginning April 1, 2009 seven
plans will be offered through your State Association in partnership with Central Insurance Advisors, LLC.
GUARANTEE ISSUE MEDICAL COVERAGE
All medical plans are guaranteed to be issued, the Hi-Plus plans have no pre-existing condition waivers and the Mid
Med plans have a 12 month wait for Pre-existing conditions unless you had prior coverage. Regardless, all plans are
guaranteed to be issued. All plans include: doctor visits, lab, x-ray, hospital/surgical benefits, as well as, critical
illness, accident coverage. All plans include a fully insured $10 co-pay drug card providing generic drug coverage.
Exceptional savings are also offered for all brand names with deep discounts at 55,000 participating pharmacies.
Mail order is available for increased savings. Yearly benefits as high as $6000 for families. Choose a plan that fits
your budget and your needs.
OTHER COVERAGE SUPPLEMENTS
Also available to supplement your other coverage needs. Plans offered will include Dental; Vision; Accident Care;
Critical Illness; medically underwritten major medical for individuals and group major medical for companies.
For more information and to enroll, visit www.scrbenefits.com
May/June 2009 Page 9
Realtors® Support Mortgage Lending Reform
To help Americans continue to achieve their dreams of homeownership, there must be a balance between safeguard-
ing consumers in the lending process and ensuring reasonable access to mortgage capital. That is the message that
the National Association of Realtors® delivered to Congress today, reiterating its support of comprehensive legisla-
tion to reform mortgage lending.
At a House Financial Services Committee hearing, NAR President Charles McMillan testified that reform to the
mortgage lending system is needed to restore consumer confidence in the economy and the housing market.
“Historically low mortgage rates and a significant tax credit for first-time home buyers have begun to bring people
back to the housing market. However, we need wholesale reform of the mortgage lending sector to give consumers
the protection they need and the confidence necessary to expedite the housing recovery,” said McMillan, a broker
with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.
The recently introduced Mortgage Reform and Anti-Predatory Lending Act of 2009, H.R. 1728, contains many of the
reforms NAR has been seeking, but McMillan cautioned against overregulation. “We must strike an appropriate bal-
ance between safeguarding consumers and making sure they have access to mortgages at a reasonable cost. Undue
regulation of the mortgage market could be as harmful to consumers as the lack of regulation that led to irresponsi-
ble lending and other abuses,” McMillan said. “We must be sure there are no unintended consequences here.”
NAR believes the current definition of mortgage originator as “any person who assists a consumer in obtaining or
applying to obtain a residential mortgage loan” is too broad, since Realtors® as part of their normal level of service
provide advice, counsel and assistance across all aspects of the real estate transaction. In addition, NAR supports the
safe harbor provisions in the legislation, but as written, these provisions may be too narrow.
“The safe harbor should include more products than 30-year fixed-rate mortgages. We need to protect more home
buyers from risky lending products, and that requires some flexibility in financing terms,” McMillan said.
NAR supports regulations that require lenders that make sub prime mortgage loans to establish appropriate escrow
accounts. Borrowers making at least a 20 percent down payment should have the option to budget for these pay-
ments independently.
NAR also believes that a strong and independent appraisal industry is vital to restoring faith in the mortgage origina-
tion process. “H.R. 1728 strikes a good balance by strengthening the accountability and oversight of appraisers while
creating new consumer protections,” said McMillan.
“We applaud the efforts of this committee and the authors of H.R. 1728. This bill is a major step in the right direc-
tion and we look forward to working with Congress to adjust and improve the legislation to make it even more
meaningful and safe for all consumers,” McMillan said.
Click here for the testimony.
May/June 2009 Page 10
For Realtors®, Every Month is Fair Housing Month
Realtors®’ ongoing commitment to remove housing discrimination and advance fair housing laws takes on added
meaning in April during Fair Housing Month. This year marks the 41st anniversary of the Fair Housing Act, which
establishes a policy of fair housing for all Americans.
“Realtors® build and sustain communities, and equal opportunity in housing for all Americans is a big part of that,”
said National Association of Realtors® President Charles McMillan, a broker with Coldwell Banker Residential Broker-
age Dallas-Fort Worth. “For Realtors®, fair housing means opening the doors to homeownership for everyone in
America whose goal it is to own a home, regardless of their background – and Realtors® across the country remain
committed to doing just that.”
To help inform Realtors® and their clients about rights and responsibilities under fair housing laws, NAR provides a
wealth of education, information and brochures. One example is the new FHA Toolkit, which helps educate
consumers about finding the FHA-insured loans right for them.
Education is also available to help Realtors® address the homeownership needs in our diverse society through the At
Home with Diversity® certification program. During April, NAR is waiving the At Home with Diversity® program fee
for any local or state Realtor® association that sponsors the course − Realtors® can also save 50 percent off the
online course fee this month.
NAR’s new Leading with Diversity is a free strategic planning workshop for Realtor® association executives, staff and
leaders to help incorporate diversity initiatives into their association’s business model.
Realtors® who want to learn more about expanding housing opportunities in their communities can soon participate
in a new six-hour course that helps Realtors® leverage key partnerships and resources to expand housing
opportunities to benefit clients and communities. The course will be piloted in May at NAR’s Midyear Legislative
meetings in Washington, D.C.
Also in May, NAR will join five real estate diversity partners in sponsoring the HOPE Awards (Home Ownership
Participation for Everyone). The awards showcase exceptional individuals and organizations that are working to in-
crease minority homeownership.
By establishing partnerships with other allies and civil rights groups, NAR is helping to increase awareness about fair
housing laws, explore current fair housing issues and develop solutions that promote inclusion and diversity in our
communities, and bring Realtors® together with fair housing advocates and community leaders.
Keeping families in their homes is just as important to Realtors® as helping them into those homes, which is why NAR
launched the Foreclosure Prevention and Response Program. The program helps state and local Realtor® associations
strengthen efforts to combat foreclosures in their communities through counseling techniques, expertise in the han-
dling of short sales and best practices for partnerships to help address the adverse impacts of foreclosures.
NAR recently announced the Ira Gribin Workforce Housing Grants, which provide funds of $50,000 or more to state
Realtor® foundations or associations to promote workforce housing initiatives in their states. NAR also provides
financial resources to local and state Realtor® associations for programs and activities that advance smart growth,
diversity and housing opportunities. Grants of up to $5,000 are awarded through these programs twice a year.
May/June 2009 Page 11
Fair Housing and You
The purchase of a home is one of the most significant events that any person will experience in his or her lifetime. The process is more than the
simple acquisition of housing, as it encompasses the hopes, dreams, and financial destiny of those involved. During the month of April each year,
REALTORS® nationwide renew their commitment to fair and equal treatment to all persons seeking to become homeowners.
The Federal Fair Housing Act makes it illegal to discriminate in the sale or rental of housing based on seven protected classes:
• Race
• Color
• Religion
• National Origin
• Sex
• Handicap
• Family Status
South Carolina also has its own fair housing law, which mirrors federal law and is enforced by the South Carolina Human Affairs Commission. A
copy of this law can be found at http://www.scstatehouse.net/code/t31c021.doc.
Discrimination in housing can take the form of:
• Refusing to sell, lease, or otherwise make unavailable a dwelling to a particular individual who has the ability to purchase or rent the
• property.
• Inducing a person to sell or rent by referring to the entry of persons of a protected class (blockbusting).
• Setting different terms or conditions for different people in the sale or rental.
• Falsely denying that the house is available for sale or rental.
• Steering a person to a particular property based on a protected class.
In addition, all property advertising and promotion by real estate professionals must comply with both the letter and spirit of fair housing laws and
regulations.
Tips for Fair Housing Advertising:
All property advertising and promotion must comply with both the letter and the spirit of the fair housing laws. To that end, advertising should
focus on the characteristics of the property itself instead of characteristics of likely buyers. Advertising that includes photographs of people
should show a mix of ages and ethnicities. Avoid mentioning religion or using religious symbols. Architectural descriptions (handicapped-
equipped, walk-in-closet, mother-in-law suite) are permissible when used in a nondiscriminatory fashion.
Although not required by law, it is advisable to add the Equal Opportunity in Housing symbol to all advertising and to display it on business cards
and other mailings. The Equal Opportunity poster should be prominently displayed in all brokerage offices and model homes.
Exemption to Fair Housing Law:
The Federal Fair Housing Act provides an exception for “qualified housing for older persons” that meets certain requirements. In order to qual-
ify, at least 80% of the occupants must be 55 years of age or older and considerable amenities must be in place for the older adult. The other
exception is when 100% of the occupants are more than 62 years of age. In either case, HUD recommends these communities be called “housing
for older persons” and that the term “adult” should be avoided.
Tips for Fair Housing Compliance:
To ensure equal service is provided to everyone, it is important to have a standardized list of qualification criteria for clients based on desire,
motivation, resources, ability, and whether the consumers’ needs can be met. A diligent agent will ask the same questions of everyone regarding
neighborhood selection and will keep records of the consumers’ responses. In order to avoid accusations of steering, make thorough notes of
how you selected the properties introduced to each buyer. Since not all fair housing violations involve purchasers of property, be sure to discuss
your commitment to fair housing with sellers prior to signing a representation agreement.
Your REALTOR® organization is committed to both the spirit and the letter of the Fair Housing Act. Local Boards of REALTORS® will accept
complaints and have a responsibility to enforce the Code of Ethics through professional standards procedures. Article 10 of the REALTOR®
Code of Ethics is the “fair housing article” and should be thoroughly reviewed. An Internet field trip to www.realtor.org will yield articles, tool
kits, logos, and other valuable information regarding equal housing opportunity.
Not only is fair housing the law—it’s the right thing. Each year we ask you to renew your commitment to equal housing opportunity for all
Americans. Show your dedication to this cause by displaying the fair housing logo and renew your pride in being a REALTOR® as you dedicate
yourself to both the spirit and the letter of the law.
May/June 2009 Page 12
Short Sales and How to Handle Them
Many listing agents are finding themselves faced with a new set of challenges due to the rising tide of short sales and foreclosures, and are search-
ing for guidance on how to successfully navigate this rocky terrain.
To get a proper handle on this issue, it is necessary to identify what a short sale is and how it differs from a “potential short sale.” A short sale is
one where title has transferred; where the sales price was insufficient to pay the total of all liens and costs of sale; and where the seller did not
bring sufficient liquid assets to the closing to cure all deficiencies. A potential short sale, on the other hand, is one where the listing agent rea-
sonably believes the purchase price may not be enough to cover payment of all liens and costs of sale and the seller is unwilling or unable to bring
sufficient liquid assets to the closing.
If, after full reflection and consultation with appropriate legal, credit and tax professionals, the homeowner decides that a short sale makes the
best sense, there are a series of steps the listing agent can follow to help ensure the short sale process goes as smoothly and is as successful as
possible.
First, the agent needs to make sure the property is worth less than is owed by doing a careful Comparative Market Analysis. The lender will
need to see clearly that there is no chance that the property will sell for enough to cover all liens and closing costs.
It should also be established that the seller has some hardship that makes it impossible or extremely impractical for the seller to keep the prop-
erty. The seller will need to help write a narrative of the hardship involved and will be asked by the creditor to reveal all details of the seller’s
financial situation. In addition, if there is a formal short sale application, the seller will have to complete it. This can often be embarrassing and
uncomfortable for the seller. As such, the agent will need to be supportive, but also must be prepared to explain that he or she can’t help the
seller unless the seller cooperates.
The next step involves contacting the lender to find out if the lender will entertain a short sale. The agent should let the lender know the situa-
tion and the agent’s proposed short sale solution, and should request a list of documents that the lender will require. Unless the lender indicates
it will categorically refuse a short sale under any circumstance (a rare occurrence), the agent can proceed with listing the property.
The listing agreement should state that the seller’s acceptance of any offer will be subject to the lender’s approval of the offer without requiring
that the seller bring cash to close escrow, and an agreement by the listing broker to accept the commission as approved by the lender. Offers to
purchase the property would need the same caveat regarding lender approval. This protects the seller against agreeing unconditionally to sell the
home, only to have the lender disapprove the short sale.
With regard to pricing, it makes no sense in a short sale to start unreasonably high. A price that attracts no offers will hurt the seller. The agent
should adjust the price quickly if he or she sees no activity or has no offers. To make the short sale work, the agent needs to get an offer to the
lender quickly.
Short sales present a special problem with conditional compensation being offered to a cooperating broker. A listing agent is not entirely sure
what his or her commission will be until the terms of a short sale are approved by the lender.
Multiple listing services, at their discretion, may adopt rules and procedures enabling listing brokers to communicate to potential cooperating
brokers that gross commissions established in listing contracts are subject to court approval or to lender approval; and that compensation pay-
able to cooperating brokers may be reduced if the gross commission established in the listing contract is reduced by a court or by a lender. In
such instances, the fact that the gross commission is subject to court or to lender approval and either the potential reduction in compensation
payable to cooperating brokers or the method by which the potential reduction in compensation will be calculated must be clearly communicated
to potential cooperating brokers prior to the time they produce an offer that ultimately results in a successful transaction.
This provision allows listing brokers to identify listings in which the gross commission is subject to approval by a third party and that the compen-
sation payable to the cooperating broker may be reduced by a specified method or formula.
Continued on next page...
May/June 2009 Page 13
Short Sales and How to Handle Them
Continued from page 12…
When it comes to marketing the property, it’s important for both the seller’s sake and to generate lender confidence that the agent market the
short sale listing as aggressively he or she would an ordinary listing. The agent may want to accelerate the marketing if there is a foreclosure
deadline looming. The lender will need to understand that the agent has done everything possible to sell the property at the highest price.
The ideal offer should be from a pre-qualified or pre-approved buyer, with no unusual contingencies, and should be flexible in terms of closing.
The ideal buyer is willing to
be patient. Of course, not all offers will be ideal. If the agent receives a very low offer, he or she may wish to attempt to negotiate it between
the seller and the buyer as in an ordinary sale setting. Once the offer is fully negotiated between buyer and seller, it should be signed by both,
subject to the approval by the lender.
When an offer has been accepted by the seller, it should then be presented to the lender. The agent needs to recognize that lenders will want to
see “as-is” offers without credits for repair or closing costs paid to buyers. License law requires that if an agent receives an offer on the low side
of “reasonable” from a qualified buyer, he or she must still pass the offer along to the seller who will discuss the offer with the lender. In a short
sale it is more important to get the lender a bona fide offer than it is to negotiate the perfect sale price. The very fact that an offer is presented
to the seller and then to lender for approval may persuade the lender to put the foreclosure process on hold, at least temporarily.
In addition to presenting the offer to the lender, the agent will want to submit a completed hardship letter, a short sale package and a narrative,
written by the agent, about the market and market trends in the immediate area of the property being sold. Once these items have been submit-
ted, the agent should stay in touch with the lender every day if possible.
The lender can do one of several things. The lender can ignore the offer. The lender can refuse the offer, either with or without an indication of
what net proceeds would be acceptable. The lender can also ask the seller to bring some or the entire shortfall to escrow. In the best case sce-
nario, the lender can approve the offer.
If the lender refuses the offer, the agent should try to determine the net proceeds the lender would accept. He or she should go back to the
buyer and see if the buyer will increase the offer to provide those proceeds. This process can be similar to any counteroffer situation, but it
takes more time. If the buyer refuses, the agent should obtain a cancellation and ask the lender to give him or her some time to place the prop-
erty in the MLS as an “approved short sale” at the price and terms the lender will accept. If the agent then obtains a buyer who agrees to that
price and those terms, the agent can proceed to close normally.
If the lender approves the offer, it will typically be with the conditions of a demand to the effect that the lender will accept no less than X dollars
in proceeds no later than X date. The lender may also attempt to reduce the agent’s commission. The agent can certainly argue with the lender
about this, but ultimately, the lender will decide. That possibility with discussed at the short sale listing presentation.
This is why it is so important that the estimated closing statement be accurate. If the lender approves the short sale, it will generally not care
what problems the agent might have closing the property on time or what unanticipated costs the agent might face. There will simply be a dollar
amount that will need to be available at the close of the property. Once the closing attorney has the short sale approval letter, the agent can
proceed to close in the ordinary way.
The agent needs to remember that the seller is responsible for all the usual disclosures of material defects in the property and in most instances
will be required by law to give the buyer the Residential Property Condition Disclosure Form prior to the buyer’s writing an offer to purchase.
The seller is still the owner of the property and the seller is required to comply with all disclosure requirements.
You can find additional details on handling short sales online at http://www.realtor.org/library/library/fg335.
May/June 2009 Page 14
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has
passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become
part of the American dream.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
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.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, town-
homes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive
the maximum 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 $75,000 and $95,000 for single buyers and between $150,000 and $170,000
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 $95,000 for singles and over $170,000 for couples are not
eligible for the credit.
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 prop-
erty is sold during the three-year period, the credit will be recouped on the sale.
Ken Brown (706)886-6083
PO Box 122 Aprilb@ampest.com
Toccoa, GA 30577 Www.Ampest.com
May/June 2009 Page 15
New Paragon Feature
In the latest release of Paragon, two new features were added to listing views, agent and client hit
counts. Many questions have come up regarding these two features so below will explain what each of
these are, and how the totals are calculated.
Agent Hit Count
A total of how many times a listing has been viewed by another agent or appraiser in Paragon.
• Count is calculated only for listings with an Active status
• Hits will not count if accessed by the listing agent
• Only unique views per login are counted (multiple hits on a listing during the same Paragon session
will only count as one hit)
• Only counted when the detail view of a listing is accessed (viewing a listing on a spreadsheet only
does not constitute as an agent hit since there are multiple listings on the page)
Client Hit Count
A total of how many times a listing has been accessed through an email from an agent to a client.
• Count is calculated one hit per day. If a client views the email once a day, the total count for the day
will be 1.
• When multiple listings are emailed, counts will only be recorded when the client selects the listing in
the email.
Market Statistics
Market Statistics for Western Upstate MLS Year to Date (January - April 2009)
Class Current Active Avg List Price Avg DOM
All Properties 9,375 $246,931 226
Residential Properties 4,440 $293,362 160
Land Properties 4,352 $179,649 280
Commercial Properties 504 $418,360 337
Multi-Family Properties 79 $250,228 257
Class Num Sold Avg List Price Sold Avg Sale Price Sold Avg DOM Sold
All Properties 753 $171,214 $157,118 162
Residential Properties 657 $178,093 $164,657 156
Land Properties 83 $115,549 $99,471 211
Commercial Properties 7 $224,957 $180,500 223
Multi-Family Properties 6 $125,216 $101,750 95
May/June 2009 Page 16
May/June 2009 Page 17
May/June 2009 Page 18
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May/June 2009 Page 19
RPAC. Those four little letters represent a big part of the success of the
REALTOR® Organization. RPAC opens doors, but does not buy votes.
The REALTORS® Political Action Committee is our voice for change and for strong
representation at the State House and on Capitol Hill. Through RPAC we support
candidates who care about our issues. RPAC encourages the election of candidates
who understand the incredible contribution that a healthy real estate industry makes to the state and
national economy. Think of RPAC as an investment in the real estate industry and your professional
future.
Our RPAC committee is doing a great job on the local level to meet our goal this year. We salute them
for their accomplishments.
2009 RPAC Investors
1st Choice Realty - Seneca 1st Choice Realty/West Keowee
Anderson Area Properties
Kevin Cope Mary Bentley
Quainette Latimer
Debbie Davis Brenda Isbell
Neal Long
Larry Hoeben Gary Isbell
Christopher Merlo
Chellee Hunter Jacqueline Kyle
Danny Mize
Patsy Morgan Selena Martin
Tom Naegler
Kathy Shiner Laverne Page
Billy Pickens
John Steed Vanessa Penton Cindy Speight
Stan Story Beth Pruitt Ricky Speight
Steven Taylor Bo Wilhite Martin Struth
Gray Watson
1st Choice Realty @ Keowee Key Access Realty Denise Wohlford
Gary Cason Adrienne Edwards
Patti Cason Anderson Homes of SC
John Greer Aggressive Realty Ken Walker
Buddy Guess Judy Booker Marla Walker
Sharon Guess Sherry Traynum
Kathie Jaeger Assist 2 Sell Buyers & Sellers
Robin Mcmahan AHO Realty Bernard Wright
Rebecca Patton Christine Kyllonen
Elly Simmons Richard Kyllonen Azalea Realty
Jim Van Senus Robin Cromer
All Star Company
1st Choice Realty/Lake Hartwell Carol Asti Baron Agency
Gary Harper Daniel Burdette Rhonda Conner
Judy Hopper Robert MacNary
Tracey Johnson Anderson Area Properties Angie Poole
Laura Owen John Boatwright
John Pulliam Alan Cannon Bill Brissey Real Estate
Beth Timmons Dave Chamblee Bill Brissey
Amy Chapman Rick Matney
Sammy Hargrove Dawn Shore
May/June 2009 Page 20
RPAC Contributions Continued
Blue Sky Sales & Marketing Century 21 Bob Capes/Seneca
Carolina Land Company
Garry Freeman Wayne Bishop
Scott Cornelson
Pat Elliott
Patrick McNamara
Bob Hill Realty GMAC Real Estate
Freddie Hurley
Donna Absher Carolina Living Realty Sandra Hurley
George Bolen Susan Koehler
Mary Bolen Choice One Real Estate Services
Michael Sherrill
Barbara Brackett Bob Brown
Sharon Simmons
Sue Chamberlain Eric Stegall
Chuck Ruff Realty
Gretchen Griffin John Walter
James Hansen
Bob Hill Sheila Winstead
Robert Mixon
Clardy Real Estate
John Thompson Carolina Properties
Darrell Kanagy
Marcia West Carrie Drennon
Coldwell Banker Caine/Easley
Bolding Realty Carolina Real Estate/Clemson
Alan Abshire
Beverly Pierce Linda Abbot
Debbie Clark
Jane Simpson Pam Atkinson
Suzanne Cook
Teresa Jones
Campbell Real Estate Kathy Gallamore
Susie Kohout
Jenny Campbell Melissa Hall
John Malmgren
Terry Campbell Susan McCoy
Allowee Merck
Carmen Matzke Ken Miller
Coldwell Banker Caine/Seneca
Cassie Simpson Kenneth Miller
Dottie Shuman
Kimberly Miller-McCracken
Carithers Real Estate Reg Tatum
Lisa Richardson
Larry Bailey
Tom Winkopp Coldwell Banker Durham & Associates
Charles Brock
Bruce Dehaven
Bobby Fretwell CENTURY 21 Anderson Properties
Jim Deloache
Charles Strickland Scott Akins
Hugh Durham
Kathy Gibson
Carolina Home Real Estate Stephanie Francis
Pete Jenkinson
Lisa Ancona Ray Hammond
Reba Metz
Sherry Cabra James King
Joy Sasnett-Rigell
Joseph Christoff Betty Moore
Grady Wells
Connie Onate Boyce Parks
Donna Eskridge John Powell
Century 21 Bob Capes
Jose Valdez Gus Vaughn
Jennifer Crowe
Tammy Johnson
Debbie Kirkley
May/June 2009 Page 21
RPAC Contributions Continued
Commonwealth Realty Hartwell Lake Properties
Exit VIP Realty
Traverse Foster Sandy Brabham
Marilyn Green
Ted Morlok Don Cleveland
Patrick Panuccio
Marion Welborn Patricia Cleveland
Ted Wentzky Chris Collins
Foothills Property Management
Trish Crowell
Layvonne Foster
Dew South Real Estate Company Alicia Hack
Paige Lee
Allyson Binnicker Linda McAvoy
Robin Smith
Jim Miller
Dreamfinders Real Estate Group Jennifer Vuknic
Lance Luttrall
HOMZ Company
Terri Simpson Frontier Real Estate
Joanna Ayala
Shannon Wilson Kim Hopkins
Joseph Cann
Elliott’s Lake One Realty General Agency Real Estate
J. Mungo Company
Albert Hazen Mark Perry
Jim Mungo
ERA Kennedy Group Gerald Terry Realty
Kerri Berlin Jean & Dean Realty
Larry Budreau
Joshua Bishop Dean Thomas
Ken Stoddard
Benita Griffin Jean Thomas
Dianne Kay Golden Corner Realty
Floyd Makison Jo Houston & Company
Sonia Cantarero
David Martin Janet Brooks
Paul Davis
Anita May Teresa Conley
Amy Starr
Farris McCall Curtis Houston
Camilla Megge Jo Houston
Got Real Estate
Tiffany Patterson Lindsey Lewis
Julie Gifford
Parker Stuart Kathy Murphy
Cathy Tarleton Carol Storz
Gwen Fowler Real Estate
Greg Tarleton Vickie Towe
Henry Brown
Nancy Zimmerman
Susie Cornelius
Exit Upstate Realty Gwen Fowler
Amanda Farnum Jocassee Real Estate Company
JT Hinson Bruce May
Jeenath Kuttan Marian Multer
Susan McCarter Jeffrey Rochester
Dustin Retherford
Travis Shultz
Phillip Wilson
May/June 2009 Page 22
RPAC Contributions Continued
Joey Brown Real Estate Maxwell & Company
Keowee Area Real Estate
Joey Brown James Vickery
Charles Allen
Nancy Hoffman Jackie Wall
Maxwell Realty & Development
John Hamrick Real Estate Baylis Maxwell
Keowee Pines Real Estate
Patricia Emerson Brett Maxwell
Gregory Amsden
Melanie Fink
Cammy Greer McAlister Realty
Lake & Land Realty
John Hamrick Gary Simonson
James Danforth
Andy Lee Jackie Donahue
McCoy Wright Inc
Heather Kizer
Joy Real Estate Mike Pavey
Charles Kormelink
Shirley Cash Timothy Roller
Becky Martin
Pam Cruell John Wright
Melissa Smith
Christina Duncan Cynthia Spejewski
Betty Dunn Meehan Realty & Development
Gerald Spejewski
Jennifer Lollis Dino Hicks
Phyllis McNamara Lake and Mountain Realty
Angela Norwood-Bovee Mell Gerrard Realty
John Wilson
Whitney Wittebort Wayne Coats
Roberta Garvin
Lake Keowee Properties
Kasey Maddox & Associates George Gerrard
Joan Connelly
Stacy McGraw George Hunter
Nancy Cottingham
Christal Pereira Colleen Muldoon
Dawn Galvin
Keese Realty Mimms Realty & Development
Lakefront Real Estate
Carolyn Keese Julie Johnson
Susan Shannon
Deryl Keese
Ryan Keese Monaghan Company
Lennar Corporation
Neil Monaghan
Judith Gibbs
Keller Williams Realty Atlanta
Jay Hufnagel Moss & Associates
Lorraine Harding Real Estate
Ben Alter
Lorraine Harding
Keller Williams Realty Greenville Corky Moss
Brandon Lilje Rhonda Moss
Martin & Martin Auctioneers
William Parks Kim Smallwood
Maria Areiza
Charlotte Balentine
Keller Williams Realty Spartanburg Mountain Lakes Realty
George Martin
Rebecca Wood Ron Priddy
Jennifer Upton
May/June 2009 Page 23
RPAC Contributions Continued
Open House Realty/Downtown Prudential C. Dan Joyner RE/MAX Foothills Real Estate/Seneca
Linda Nichols Lisa Meinte Dianne Allen
Bryant Moss Jane Day
Palmetto Properties Real Estate Sharon Short Kimberlee Goss
Sherri Turick Anush Showghi Darren Phillis
Marjorie Strall Sonja Reed
Pendleton Real Estate Robert Ryerse
Robert Bond Prudential/Pleasantburg Beth Wilson
Margarett Calcutt Steve Bahan RE/MAX Foothills Realty/Anderson
S.E. Calcutt Moyer Albergotti
Sheila Calvert Queen of the Lake Realty Richard Bennett
Mei Dong Bill Bertram Tim Benson
Frederick Hamilton Ginny Bertram Kathy Bishop
William Bertram Myra Bridges
Porter Real Estate Joe Bridwell
Harry Stancill RE/MAX Foothills at Lake Keowee Suzette Christopher
Suzanne Daddis Jessica Cox
Powell Real Estate Debbie Craft
Lloyd Anderson RE/MAX Foothills Downtown Greenville Charlene Dryden
Kathy Earnhardt Pam Cofer Lauren Gillespie
Tana Evans John Womble Tony Goodin
Tom Newman Yovanna Hargett
John Powell RE/MAX Foothills Real Estate/Greenville Nora Hooper
Terri DeLisle Maranda Hunnicutt
Prime Realty Inc. Jeremy Russell Jo Massey
Jason Starnes John Smith Belinda Moore
Patricia Smith Randall Moore
Prudential C. Dan Joyner Rebecca Van Leeuwen Kat Nimmons
Joseph Arena RE/MAX Foothills Real Estate/Clemson Brenda Poling-Chandler
Donna Aronson Shaila Amin Parker Quigley
Candace Bishop Kathy Field Cameron Saylors
Mary Blakely Lenora Granberg Yvonne Schmidt
Gwen Burnett Lew Jordan Gary Smith
Carola Dauchert Steve Sacks Ashley Sumner
Melanie Dugan Robert Smith Tina Thomas-Wilson
Robin Dunlap Glenda Towe Cathy Wohlford
Darlene Gould Jon Vosburgh
Mimi James
Denise Larson
May/June 2009 Page 24
RPAC Contributions Continued
Real Estate Associates, Pat Loftis Terri’s Team Real Estate
Silver Star Real Estate
Lois Collins Janie Reeves
Mark Brian
Tamiko Davis Gloria Robinson
Edna Burton
Pat Loftis Ray Robinson
Jennifer Green
April Rogers
Ives Neely
Real Estate Incorporated Sherry Skelton
David Phillips
Travis Farmer Rhonda Vitale
Coy Pless
Daniel Heltness Janice Waters
Stephen Weymouth
Wilton King Steven Wood
Perry Rogers Simpson Realty
Sally Rogers The Les Walden Team
Grady Metz
Tracey Demer
Ann Simpson
Realty South Properties Andy King
Lisa Thorndyke
Russell Fendley Les Walden
Sandy Temples Stathakis Realty
The Tarrant Company
James Stathakis
Regal Realty Billy Tarrant
Ashley Garrick Summit Realty Linda Tarrant
Bob Newton Pamela Harkins Liz Tidwell
Delina Roll
Marie Sitton Sundance Realty Thomas Realty
Dick Hull Russell Jordan
River Street Realty Shelby Hull
Tom Harvey Weichert the Waterlink Group
Van White Terri’s Team Real Estate Ron Rapp
Terri Anderson Jack Vukelic
Sabrina Crumpton Realty Pat Baird
Sabrina Crumpton Wright Group Realty
Johnny Bernhardt
Marie Anderson
Nancy Bishop
Savannah Lakes Homes Debbie Burger
Jean Buffington
Bruce Smith Trina Edmondson
Ala Chappelear
Mary Smith Jane Jones
Margaret Heg
Chad Mustin
Shelltree Realty Sandy Jordan
Carolann Newton
Klaus Westerwelle Stephanie Lynn
Sarah Perez
George Maso
Signature of the South Shirley Pilgrim
Ivan Meadows
Steve Sams Tatiana Melnik
Xtreme Team, LLC
Eileen Mendyka
Rusty Garrett
Bill Middleton
Brenda Masters
Amanda Miller
Ryan Masters
Berenice Ramage
Cathy Pinion
Western Upstate Association of REALTORS®
Western Upstate Multiple Listing Service, Inc.
Schedule of Events for May May 2009
• 6 - 8 Hours MCE Education Sun Mon Tue Wed Thu Fri Sat
• 7 - Association Luncheon at
1 2
Hilton Garden Inn - Noon
• 14 - Paragon Training Day 3 4 5 6 7 8 9
• 19 - New Member Orientation 10 11 12 13 14 15 16
• 20 - 8 Hours MCE Education
• 22 - Association Golf Tournament 17 18 19 20 21 22 23
• 25 - Association/MLS Closed 24 25 26 27 28 29 30
for Memorial Day
31
• 26 - CRS Training
Schedule of Events for June
June 2009
• 1,2,8,9 - Post Licensing Courses
Sun Mon Tue Wed Thu Fri Sat
• 3 - 8 Hours MCE Education
1 2 3 4 5 6 • 4 - Paragon Training Day
• 10 - 8 Hours MCE Education
7 8 9 10 11 12 13
• 12 - CRS Training
• 17 - 8 Hours MCE Education
14 15 16 17 18 19 20
• 24 - 8 Hours MCE Education
21 22 23 24 25 26 27
28 29 30
Western Upstate Association of REALTORS®
Western Upstate Multiple Listing Service, Inc.
600 McGee Rd
Anderson, SC 29621
Phone: 864-224-7941
Fax: 864-224-7942
E-mail: info@westernupstatemls.com
Website: www.westernupstatemls.com
The Association encourages and supports affirmative advertising and marketing programs in which there are no barriers to obtaining housing because
of race, color, religion, sex, handicap, familial status or national origin.