Volume 7, Number 7 www.sccaor.com July 2011
Lockbox Exchange
July 18 - July 22
Exchange your old gray and blue lockboxes for
new Bluetooth iBoxes and upgrade to eKEY!
for more information go to page 5
in thiS iSSuE
Page 4 - President’s Perspective Page 11 - May 2011 New Members
Page 5 - Key Exchange Page 12-13 - Education Information
Page 6-7 - Golf Tournament A Big Success Page 14 - C.A.R. Corner
Page 6 - SCCAOR Golf Tournament Page 15 - SCCR Foundation Updates
Page 8 - MLSListings Update Page 16 - SCCAOR Calendar of Events
Page 10 - Legal Update Page 16 - May 2011 Statistics
AdvERtiSERS
Page 2 - Borelli Investment Company Page 9 - Guaranteed Rate
RE Source 1651 North First St, San Jose, CA 95112; 408.445.8500; www.sccaor.com
The RE Source is the official monthly publication of Board of Directors Education
the Santa Clara County Association of REAlTORS® lisa Cassara James Nichols Brenda Montgomery, Director of Education
James Dill Myron Von Raesfeld Government Affairs
Our Mission Mike Gaines Ron Ricard Anil Babbar, Director of Government Affairs
The Santa Clara County Association of Richard Gonzalez Ralph Rodriguez
REALTORS® exists to meet the business, Craig Gorman Carl San Miguel Membership Services
professional and political needs of its Kathy Julius Mike Sibilia Tracey lee, Membership Services Manager
members and to promote and protect home Kathleen Kingston- Ann Thai Michelle Jacobson, Membership Coordinator
Toombs Don Tornincasa Kathy Simione, Membership Coordinator
ownership and private property rights. Karl lee Quincy Virgilio Kim Dang, Membership Coordinator
Barbara lymberis Dave Walsh Karen Wolz, Membership Coordinator
President
Mike Sibilia SCCAOR Staff Professional Standards
Chief Executive Officer Ellen Santomauro, Professional Standards
President-elect Gene Binsbachar Manager
Barbara lymberis
Administrative Assistant Public Relations/Marketing
Vice President Patricia Maes Alison Martinsen, Director of PR/Marketing
James Nichols Accounting Kim Daley, Marketing/Events Coordinator
Mai le, Controller Brenda Huang, PR Coordinator
Treasurer Karen Huang, Staff Accountant
Myron Von Raesfeld Technology
Cynthia Herrera, Staff Accountant Max Valdez, Director of Technology
SCCAOR is not liable and assumes no responsibility for the accuracy Broker Relations Shawn Oshiro, IT Helpdesk Support
of the information enclosed in this publication. The opinions Gloria Brown, Director of Broker Relations
expressed in this publication are not necessarily the views/opinions Store
of SCCAOR. SCCAOR does not endorse the companies, products or Jahness Valle-Salenga, Store Manager
services advertised in this publication unless stated.
2011 CORPORATE SPOnSORS 2011 MEDiA SPOnSORS
PRESidEnt’S PERSPEctivE
Mike Sibilia – 2011 SCCAOR President
t
his time of the year usually brings a mix- We will soon be hosting our annual Membership
ture of work and play for us REALOTRS®. Appreciation BBQ on July 7th at the Association
Graduations, end of school parties, sum- headquarters. Enjoy some food, drinks and
mer picnics are sprinkled in with our conversations with fellow members. See old
daily work activities to make it a busy friends and meet new ones. Also next month,
time of the year. The Association is no take advantage of another member benefit
exception. by attending Music in the Park in downtown
Your leadership team and staff have been very San Jose on August 11th. It is an evening full
busy promoting the interests of our REALOTR® of music, great food and another networking
members both in the private and public sec- opportunity. Both events are FREE.
tors. One of our big wins This year will continue to challenge REALOTRS®
in June was to fight to and the real estate industry with government
preserve Proposition 90 budget deficits, financing requirements and
in Santa Clara County. regulations, and distressed property sales. We
Our county supervisors will work hard and fight hard. But while you use
had before them a rec- the resources SCCAOR offers to enhance your
ommendation from the career and protect our profession, take advan-
Tax Assessor to eliminate tage of association events to unwind, have fun,
Proposition 90, which and enjoy REALTOR® camaraderie. A balanced
enables people age 55 life boosts your productivity.
or older to transfer their
existing property tax
base to another home
within 8 participating
counties in California.
Through our team’s
efforts, headed by Government Affairs Director
Anil Babbar, we were able to meet with the
supervisors individually and discuss with them
the benefits of preserving Prop 90. The super-
visors voted 5-0 to unanimously support the
REALOTRS®’ position, preserving a tax benefit for
existing and soon-to-be senior citizens. Thank
you to all of our members who acted on our Call
to Action and voiced their concern to the super-
visors and those who attended the supervisors’
meeting.
The association is also creating opportuni-
ties for members to relax and have a good
time. Many members enjoyed attending the
58th SCCR Foundation Golf Tournament at the
Cinnabar Hills Golf Course. The event raised a
lot of money for the Foundation, and also gave SCCAOR will be closed
REALTORS® an opportunity to have fun and net-
work. Monday, July 4 in observance
of independence Day.
RE Source | 4
Lockbox Exchange July 18 – July 22
WATCH yOuR EMAil FOR iMPORTANT iNFORMATiON FROM SCCAOR AND SuPRA!
Exchange your old gray and blue lockbox- • Android – Select “Market” icon, select
es for new Bluetooth iBoxes and upgrade Search and search for Supra eKEY, select
to eKEY! Lockboxes are exchanged 1 for 1. the app and tap Install
SCCAOR and Supra are hosting a lockbox • BlackBerry – On your phone, open the
exchange in July. Make your smartphone your Internet browser, type in www.ekeymobile.
lockbox key and carry only one device! com and download
3
What you need to do What to bring to your appointment:
1
Know where and when your appoint- We will verify ownership of your lock-
ment is: Watch out for emails from box onsite.
Supra and SCCAOR that inform you of • A government issued photo ID
the date, time and location of your appoint-
• Your old gray and blue lockboxes, exchanged
ment for the lockbox exchange. The appoint-
1 for 1
ment will take place between July 18 and July
22, and the location will be one of three hotels • Your smartphone, if you use it as your
in the area. You may also visit www.sccaor.com lockbox key. You’ll need to return your
for updates. DisplayKey, cradle and power cord
2
eKey is an app that turns your smart- • Payment for the iPhone adapter or fob
phone into your lockbox key. You in forms of American Express, Discover,
must download the eKEY app before MasterCard, or Visa. An adapter is required
attending the event. for iPhone to open lockboxes, $54.95
before tax; a fob is needed for Android and
• iPhone – Select “App Store” icon, select
BlackBerry, $49.95 before tax. Prices may
Search and search for Supra eKEY, select
be subject to change.
the app and tap Install
SccAOR Annual Golf tournament A Big Success
The Cinnabar Hills Golf Course was jam-packed
as a full slate of golfers took to the links on a per-
fect day for SCCAOR’s premier networking event.
Close to 200 real estate professionals enjoyed a
leisurely day and had a terrific opportunity to chat
with colleagues at the 58th SCCAOR Annual Golf
Tournament on June 14, 2011.
The event was sold out. On the day of the tourna-
ment, players’ cars lined the entrance road to the
golf course after the parking lot was packed. While filiate
a Hudelson, Af
CAOR Affiliate laur DeVlaminck.
the players had a great time, the event raised funds (left to right) SC d Member Mona
an
for the Santa Clara County REALTORS® Foundation, yo landa Reason,
which is the charitable arm of SCCAOR.
After a day of fun in perfect weather, players and
guests stayed for the awards ceremony, a delicious
buffet dinner and raffle drawings. REALTORS® and
affiliate members chatted with old friends and got
to know new ones.
ThE WInnERS ARE AS fOLLOWS:
Men’s first place: Tom Gibbons, Doug Evans,
Vince Howell, Matt Paulo;
Mixed men and women’s first place: James
Miller, Cindy Miller, Dave Cameron, Alicia (left to right) SCCA
OR
Trowbridge and Di CEO Gene Binsbachar, Affiliate Co
Takahara; rector Quincy Virg
ilio.
rrin
Closest to the Pin: Robert at Lake; Uriel Vargas
at Canyon; Greg Pelican at Mountain;
LOngEST DRIvE:
Men’s first place at Lake: Joe Garcia Jr.; Women’s
first place at Lake: Gloria Alvord; ovides lunch to play
ers.
Bank of America pr
Men’s first place at Canyon: Doug Evans;
Women’s first place at Canyon: Minnette
Thompson;
Men’s first place at Mountain: Kraig
Constantino; Women’s first place at Mountain:
Gail Yribar;
RE Source | 6
Members mingle at the bar.
(left to right) SCCA
OR
Nichols, and Presid President Mike Sibilia, Vice Presid
ent-elect Barbara ent James
lymberis.
(left to right) SC
e Campagna, Bay East CA
(left to right) SCCAOR Affiliate Dav er Joe Brown, Otto Catrina, an OR President Mike Sibilia, Ba
Memb d SCCAOR Direct y East Presiden
President Otto Catrina, SCCAOR or Dave Walsh. t
Director Quincy Virgilio and Pre sident Mike Sibilia.
58th Annual Golf Tournament
Tuesday, June 14, 2011
Cinnabar Hills Golf Club
23600 McKean Rd., San Jose
Tee Off: 12:00 p.m.
Thank You to our Hole Sponsors
1-800-Got-Junk KSFO
Bay Area Self Storage MLSListings
Bradshaw Roofing NARPM
Comerica Bank Old Republic Home Protection
CSR Real Estate PocketListings
Cutco Business Gifts Property ID
DisclosureSave Stewart & Soss Mortgage
Giorgio's Italian Food & Pizzeria / Taps Termite
Frankie, Johnnie & Luigi's, Too The Mercury News
Italian Heritage Real Estate Group Three Flames Restaurant
JCP-LGS Disclosure Valley Credit Union
Keller Williams - Silicon Valley Wizard Screens
KeyPoint Credit Union Women's Council of REALTORS®
Special Thanks Lunch Sponsor
Excel Sign & Decal Company, Inc
Bank of America Home Loans
Frontier Infiniti
The Santa Clara County REALTORS® Foundation supports housing, education and social ser vices for needy
families, seniors and children throughout the county.
Pro 3.25 Release Features new Photo upload tool,
Enhanced Online Self-help, Other updates
The recent Pro 3.25 Release added some long- listing management will be seamlessly migrated
requested improvements as well as retiring a to the new application.
few outdated functions. User-facing Listing The new photo upload tool requires Flash 10.2
Management changes include a new photo or higher, in parity with the previous tool. Step
upload tool, as well as compliance-related by step instructions for using the new photo
changes. upload tool are available in the Support section
The release also includes updates for the of our new enhanced information Portal, here.
REALTOR® Ratings pilot program participants Note: Migrated images cannot be edited within
as we further tailor the program based on sub- the new tool; users wishing to edit such photos
scriber workflows and feedback, and impacts to must make changes separately,
Teams impersonation process. Additional details and re-upload the new
were provided to the respective subscriber sub- version. New imag-
sets, and in the Release Notes. es should be in
new Photo Upload Tool: Similar process, bet- final form prior to
ter quality, higher resolution MLSListings uploading; how-
replaced the original photo management tool ever users can
with a new application that provides significant crop and rotate
enhancements, including: images in the new
• expanding the maximum number of photos tool during the
per listing from 9 to as many as 25 upload process.
Users can manage
• reporting and displaying all photos, up to 25 changes to photos
• enhancing photo quality by increasing resolu- by discarding an
tion of photos to 640x480 existing image to
The new tool is integrated with the RETS data- the Recycle Bin and
base for distribution to all IDX feed vendors and uploading a new
clients with no changes. All existing photos in version.
Join us on our Facebook or Twitter pages by
August 31th, 2011, and be entered to win a free
ad in this REALTOR Association Publication!
®
Let us help you reach out to your target market!
Free ad copy design and set-up included!
RE Source | 8 Winners chosen at random. Contest ends 11:59 pm, 8/31/2011. Existing advertisers eligible to
win additional ad. Ad will be featured in October 2011 issue. No cash value.
FREE Membership Appreciation BBQ
Join us for this FREE member appreciation event! Enjoy an evening of good old fashion summer fun, including
a mouth-watering BBQ dinner, all-you-can-drink ice cold beverages and music.
Date: Thursday, July 7, 2011
Time: 4:30 p.m.-7:00 p.m.
Location: SCCAOR Courtyard Area
1651 N. First St., San Jose, CA 95112
Make Your Reservations: FREE to SCCAOR Mbrs.
2 Free reservations/mbr. Extra reservations $20/person
* Only 300 spots available (First-come, first serve basis) *
Register Now!
Special Thanks to our Corporate Sponsors
• Bank of America • DisclosureSave • Giorgio’s Italian Food & Pizzeria / Frankie, Johnnie and Luigi’s, Too! •
• Keller Williams Realty - Silicon Valley • MLSListings, Inc. • Pocket Listings • Wizard Screens •
Special Thanks to our Media Sponsors
• KSFO • The Mercury News •
Register Today as Reservations are Going Fast!
Click to register or email: kdaley@sccaor.com
Ticket Cancellation Policy: All reservations must be cancelled by July 1, 2011,
otherwise a $10/ticket fee will be billed to your account.
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LEGAL uPdAtE
Q & A on Loan Analysis for
underwater Property
By Shannon Jones
client if the client opts for a foreclosure sale.
Q: I am a listing agent. When I receive a The attorneys will also apply that analysis to
call from a seller who says that their property the other options and advise the client on the
is “underwater” (worth less than the loans), expected outcomes. For example, the attor-
before listing the property I always recom- ney will address whether a short sale, deed in
mend that the seller consult with an accoun- lieu of foreclosure, or bankruptcy is a feasible
tant and attorney. My clients always ask what option for the client. The seller receives this
an attorney does in this analysis in writing. The attorney will then be
case and how much it available to answer any questions by phone
costs. or in person, depending on the desire of the
A: In this situation, an client.
attorney will undertake If the client chooses to pursue a short sale,
a loan analysis. The attorneys are available to help the client and
attorney will evaluate a the agent negotiate the terms, including the
seller’s options, includ- extent of the releases, with the lenders.
ing foreclosure, short
Q: What does this analysis cost?
sale, loan modification,
deed in lieu of foreclo- A: It costs in the range of $1,000 to $1,200,
sure, bankruptcy, and assuming the client is organized and diligent
other options, such as about providing the requested documents.
renting the property. However, it is standard to ask for a retainer of
$1,500. Any unused portion of the retainer
To undertake this
will be returned.
analysis, the attorney will request copies of
applicable promissory notes and deeds of trust Q: Is it possible to consult with a client for
with a chronology outlining the background thirty (30) minutes to provide them with this
of the matter. The chronology includes the information?
following information: when the property was A: No. It is not possible to provide clients
purchased; history of the loans; whether there with the necessary information in a thirty (30)
were refinances; if a second loan was added; minute consultation. A loan analysis is a com-
and whether a line of credit was repaid; and plicated evaluation of a seller’s circumstances.
if there were draws, the purpose of the draws. The law is also complicated and many times
The attorney will ask whether the property difficult for a seller to understand. It is more
was ever rented or if the owners have always effective to provide a seller with the analysis
occupied it. The attorney will also interview in writing, so they can read and digest it and
the seller to determine if there are any per- the attorney is available to answer any ques-
sonal circumstances that may impact their tions.
decisions. For example, for some people, their Shannon B. Jones is a partner of Danville-based
employment prohibits a foreclosure sale. Shannon B Jones Law Group. She can be reached
After reviewing all the information, the attor- at sbj@sbj-law.com.
ney will analyze the lender’s rights against the
RE Source | 10
introducing Our new Members
APPROvED In MAY
AffILIATE Darian, Javad E Li, Mary Hong
Cogliandro, Lynn L Davari, Shahram Liu, Hong J
Cuevas, Salvador Devender, Paul Lucero, Guadalupe L
Flynn, Richard Diep, Christine Maglines, Albert Paul
Norgard, John Dy, Melinda Maguire, Rosemary
Roberts, William Brett Elyassnia, Roosevelt Mutia, Grego D
Fulton, Valerie C Myer, Warren H
PRIMARY Garcia, Isidra Nguyen, Kha T
Adari, Manuel Giang, Larry Padilla, Ada
Agresta, Keriann I Gunter, Daniel A Patel, Katki
Albright, Dale I Han, Bing Pham, Anhminh Thi
Averbukh, Vladimir Helmand, Sulaiman Pimentel, Elizabeth
Aylesworth, Sharon Laurie Hernandez, Isaias Rabidou, Lawrence M
Bajwa, Yogambra S. Hessling, William Lawrence Sanchez, Juan Antonio
Belveal, John Hoang, Phuong Dong Swaminathan, Jawahar
Boyce, Kristina M. Howard, Lance Swensen, Cynthia
Carreno, Sherrie Hsu, Andrew Tremaine, Gail Anne
Castro, Bertha B Hunter, Joann Wahl Vu, Anh
Chahal, Paul S. Kessler, Kristy Wall, Kenneth J.
Clark, Everett T La, Tracy Warthen, Harlan
Dang, Ngoclan Thai Leung, Sylvia L Zulueta Jr., Felipe
ow!
egis ter N
R
Join SCCAOR for the ultimate event in after work fun! Music in the Park is San Jose’s most anticipated concert series of the year.
Members will enjoy access to our VIP section, light appetizers, drinks, great Jazz music and a summer evening under the stars!
Time: Thursday, August 11, 2011 from 5:30 p.m. - 9:00 p.m.
Location: Plaza de Cesar Chavez
Market St. & San Fernando St., Downtown San Jose
Make Your Reservations: FREE to SCCAOR Mbrs.
2 Free reservations/mbr. Extra reservations $20/person
* Only 300 spots available (First-come, first serve basis) *
Special Thanks to our Corporate Sponsors
• Bank of America • DisclosureSave • Giorgio’s Italian Food & Pizzeria / Frankie, Johnnie and Luigi’s, Too! •
• Keller Williams Realty - Silicon Valley • MLSListings, Inc. • Pocket Listings • Wizard Screens •
Special Thanks to our Media Sponsors
• KSFO • The Mercury News •
Register Today as Reservations are Going Fast!
Click to register or email: kdaley@sccaor.com
Ticket Cancellation Policy: All reservations must be cancelled by July 1, 2011,
otherwise a $10/ticket fee will be billed to your account.
EducAtiOn
Certified Distressed Property Expert (CDPE Instructor: MLS Instructor
Certification) To enroll: Go to the education page of the SCCAOR website at www.
Attend the Industry’s Leading Short Sales Program! sccaor.com for a complete calendar of upcoming classes and enroll
July 7 & 8, 2011 today or for more information contact Brenda Montgomery at
9:00 a.m. – 5:00 p.m. Brenda@sccaor.com
$449.00 (Use code: DSC150)
The Certified Distressed Property Expert (CDPE) Course aims to gRI #113 Real Property, Tax and Exchanging
educate real estate professionals on how to handle and mar- July 12, 2011
ket distressed properties. CDPEs can confidently guide sellers 8:00 a.m. – 5:00 p.m.
through a short sale process to avoid foreclosure, which can be $149.00
devastating to homeowners. This 8-hour continuing education course details various tax
Learn how thousands of agents are listing 7 times and closing issues involved in owner occupied residential property... Capital
5 times as many properties as the average agent, all while help- gains taxation information... Federal tax policies on an individual
ing homeowners and saving their communities. This is the only real estate practice... Exchange transactions.
short sales training program endorsed by industry icons and This course is designed to enable students:
legends, including: Brian Buffini (Founder of Buffini & Co.), Dave • To become familiar with property tax concepts
Liniger (Chairman & Co-Founder of RE/MAX International), Dave • To recognize various potential tax problems
Jenks (Co-author of The Millionaire Real Estate Agent), Howard • To gain an understanding of federal and state taxes laws that
Brinton (Founder of STAR POWER) and Joe Stumpf (Founder and apply to the taxation of transactions of real property
National Spokesman of By Referral Only). Location: SCCAOR University,1651 North First Street, San Jose, CA
Don’t wait ... register today. You don’t want to miss this! 95112
Location: SCCAOR University, 1651 North First Street, San Jose, CA Instructor: TBA
To enroll: go to www.cdpe.com or call 800-482-0335 To enroll: Go to www.edesignations.com or call 888-785-4800
Contract Comparison The how & Why of BPOs
July 11, 2011 July 13, 2011
1:00 p.m. – 4:30 p.m. 9:00 a.m. – 12:00 p.m.
$39.00 for all SCCAOR members; $55.00 non-member $39.00 SCCAOR members
REALTORS®; $85.00 non-REALTORS® $55.00 non-member REALTORS®; $85.00 non-REALTORS®
This class will cover the similarities and differences between the Topics covered:
C.A.R. & PRDS purchase agreements. • What is a BPO?
• Learn about the new PRDS contract • How BPOs are used
• How is it different from the C.A.R. Contract • Why you should do BPOs
• Learn how the changes affect you and your client • How to get started
Location: SCCAOR University, 1651 North First St, San Jose 95112 • Finding BPO companies
Instructor: Guy Berry • General BPO guidelines
To enroll: Go to the education page of the SCCAOR website at www. • Once assigned a BPO
sccaor.com for a complete calendar of upcoming classes and enroll • Photos
today or for more information contact Brenda Montgomery at • Choosing comps
Brenda@sccaor.com • Bracketing the comps
• Comments for the comps
The Essentials of MLS Matrix • Comments on the market
July 12, 2011 • BPO automation
10:30 a.m. – 12:00 a.m. • BPO tips & tricks
FREE Location: SCCAOR University, 1651 North First Street, San Jose, CA
This course will provide you with the requirements for the Matrix 95112
search application. Upon completion you will have learned: Instructor: Bob Barrie
• Sorting Results To enroll: Go to the education page of the SCCAOR website at www.
• Statistics from Results sccaor.com for a complete calendar of upcoming classes and enroll
• CMA’s from Results today or for more information contact Brenda Montgomery at
• Area Statistics Brenda@sccaor.com
• Customizing Results
• Building Hotsheets
The 45-hour Panic Program
RENEW YOUR LICENSE FOR ONLY $145.00!
• Emailing Results
July 15, 2011
• Auto Emailing
9:00 a.m. – 1:00 p.m.
Location: SCCAOR University, 1651 North First Street, San Jose, CA
$145.00
95112
Topics Covered:
RE Source | 12
• Agency
• Ethics
• Trust funds
• Fair housing
• Risk management
Location: SCCAOR University, 1651 N. 1st Street, San Jose, CA
Instructor: Charlie Krackeler JULY
For registration and payment info, please contact Lisa at (800) July 7 & 8 CDPE Certification (Certified Distressed Property Expert)
54-RENEW (73639) or call 650-941-4321
July 11 Contract Comparison
www.charliekrackelerpresents.com
July 12 GRi #113 “Real Property, Tax and Exchanging”
Use video to Promote Your Listings Online
June 28, 2011 July 12 The Essentials of MlS Matrix
1:00 p.m. – 3:00 p.m. July 12 Mastering MlS Matrix
$20.00 SCCAOR members; $35.00 non-member REALTORS®;
July 13 The How & Why of BPO’s
$65.00 non-REALTORS®
Attend this class and learn about YouTube and a host of other July 15 45-Hour Panic Program
sites that will help you list and
July 19 use Video to Promote your listings Online
gain the maximum amount of online exposure for your listings.
You will learn: July 26 Street Smart Negotiating Skills
• how these tools can help you build Search Engine Optimization
• the benefits of uploading to private player sites
• how to email to clients for best results AUgUST
• how to effectively use YouTube to post your listings August 2 GRi #114 “Essential Concepts of the C.A.R. Residential
Location: SCCAOR University, 1651 North First St, San Jose 95112 Purchase Agreement”
Instructor: Hilda Ramirez
August 9 MlS listings
To Enroll: Log-on to the education page of the SCCAOR website at
www.sccaor.com for a complete calendar of upcoming classes and August 9 MlS listings
enroll today or for a flyer contact Brenda Montgomery at Brenda@ August 10 Escrow Red Flags and understanding the GFE/HuD
sccaor.com
August 12 Contract Essentials
Street Smart negotiating Skills
August 16 How to be a Successful REO Buyers Agent
July 26, 2011
9:00 a.m. – 3:00 p.m.
$45.00 SCCAOR member fee; $60.00 non-member REALTORS®;
$90.00 non-REALTOR® fee
SEPTEMBER
September 6 GRi Designation Course
At this seminar you will learn:
- Information is power September 7 45 Hour Renewal
- Low risk places to practice negotiating skills.
September 9 Social Media Boot Camp
- Different personality styles in negotiating.
- Common gambits used in negotiating. September 12 STEP Series Begins
- The offer and the counter offer. September 13-14 ASP Designation (Accredited Staging Professional)
- Working with deadlines (yours and theirs).
- Working through the dreaded deadlock. September 13 MlS listings
- Working with buyers (as the seller). September 13 MlS listings
- Working with sellers (as the buyer).
- Negotiating on the telephone. September 16 Escrow Coordination Secrets
- Tips for negotiating with lawyers. September 20 Red Hot Buyers
- And much more...
Approved by the California DRE for 6 DRE Credits September 23 Street Smart Negotiating Skills
(Consumer Protection) September 27 Kick Start your Business
Location: SCCAOR University, 1651 North First St, San Jose, CA
95112 September 30 HElP Seminar
Instructor: Charlie Krackeler
To enroll: Go to the education page of the SCCAOR website at www.
sccaor.com for a complete calendar of upcoming classes and enroll
today or for more information contact Brenda Montgomery at
Brenda@sccaor.com
13 | RE Source
c.A.R. corner
conforming Loan Limit
Barring Congressional action, FHA, Fannie Mae, The mortgage loan limits are critical to providing
and Freddie Mac high-cost area loan limits will liquidity in today’s housing market and are essen-
decline to $625,500 beginning Oct. 1, 2011. C.A.R. tial to our housing recovery. Making the limits
has been working with NAR to urge Congress to permanent will provide home owners and home
extend or make permanent the current $729,750 buyers with affordable financing and help stabilize
FHA loan limit in high-cost areas, set to expire local housing markets. In the event that Congress
Sept. 30, 2011. fails to extend the loan limit, FHA and the Federal
C.A.R. and NAR will continue to make this a prior- Housing Finance Agency have published their new
ity issue and will vigorously advocate for an exten- loan limits. (View the new FHA loan limits.) (View
sion of the higher limit or making it permanent. the new loan limits for Fannie Mae & Freddie Mac.)
down Payment Requirement
Another vital issue that would significantly (QRM). C.A.R. and NAR believe a 20 percent
affect home buyers and sellers is a decision by down payment with no private mortgage insur-
federal banking regulators that will seriously ance option coupled with the other requirements
affect down payment and underwriting rules would only add to the challenges the housing
on home mortgages. As proposed, a 20 percent market faces and threaten our economic recovery
down payment and strict debt-to-income ratios for years to come. C.A.R. wishes to thank the 27
would be required for mortgage loans to be California members of Congress who have spoken
designated as a Qualified Residential Mortgage out against this proposal.
MARS Rule
A new rule by the Federal Trade Commission short sale transaction, especially when advertis-
(FTC) that aims to protect home owners from ing short sale negotiation services or other short
mortgage relief scams is causing confusion for sale expertise; communicating with a consumer
real estate professionals who represent clients about a possible short sale before the listing
involved in short sale transactions. REALTORS® agreement is executed; negotiating a short sale
who negotiate short sales with lenders and on behalf of a consumer; or arranging a short
those who promote their services as a way sale negotiation for a consumer. NAR has
to help consumers avoid foreclosure may fall been having ongoing discussions with the FTC
within the requirements of the federal Mortgage about MARS, including the confusion caused
Assistance Relief Services (MARS) rule. The rule by some of the requirements. In the meantime,
bans all upfront fees for renegotiating mortgage REALTORS® must already be complying with the
terms and mandates that certain disclosures are rule by not taking any upfront fees and using
made to consumers if a short sale is negotiated specific disclosure language. The rule specifies
with a lender on their behalf or when advertis- when and how the disclosures must be present-
ing short sales experience. ed to consumers and that they are made clearly.
The rule, which applies only to residential C.A.R. has published a new legal article, “MARS
real estate transactions, is primarily directed at Rules for Short Sales,” which discusses the MARS
companies that offer loan modification services requirements as they may apply to California
to consumers, but it also may impact real estate REALTORS®.
professionals who represent clients involved in a
RE Source | 14
SCCR foundation 3rd SCCR foundation
Annual Chili Cook Off Texas hold-em Poker
September 9, 2011 Championship
Join us for the 3rd Annual Chili Cook Off pre- DATE: Friday, July 22, 2011
sented by the Santa Clara County REALTORS® TIME: 5:00 p.m. - 10:00 p.m.
Foundation. Enjoy samples of local chili reci-
pes, hot dogs, beer, ice cream, music! A celeb- LOCATIOn: Sonoma Chicken Coop, 5925
rity judging panel will preside over the contest. Almaden Expressway, San Jose, CA 95120
There will be lots of fun, good food and awards BUY In: $100.00
for all to enjoy! RE-BUYS: $40.00
DATE: Friday, September 9, 2011 ADD On: $40
TIME: 4:00 p.m. to 7:00 p.m. Includes appetizers, beer, and $1,500 of
COST: $10 per person or $20 per family of four playing chips. Open to everyone over
(children under 10) 21. Prizes awarded to top 10 players.
LOCATIOn: Almaden Lake (between Winfield & Limited number of players, sign up now!
Coleman) Contact Steve Bonafede at 408-558-8500
or steve@csrteam.com
For more information or to enter contact Patricia
Maes at 408-445-5061 or patricia@sccaor.com. Sponsored by CSR Real Estate Services.
Wizard Screens
*Free Estimates
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*Custom Built “The Magic of Retractable Screens”
Proud Home Depot Vendor
(408)615-9400 Show your DRE card and
receive a discount!
Welcome to Wizard Screens
Manufacturer of the Wizard Retractable Screen Door and
Wizard Screens also provides the following services:
window solutions. Manufactured to the highest Standards Screen and re-screen windows and patio screen doors
using the highest quality components available. The Screen and re-screen retractable screen doors and retractable windows
Wizard Retractable Screen Door stands above all the rest.
Sell and install awnings (commercial or residential)
Sell and install new patio screen doors and window screens
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Our REALTOR® Logo Visor Is the
SccAOR cALEndAR OF EvEntS Perfect Way to Advertise Yourself!
Membership Appreciation BBQ – July 7, 2011 SCCAOR STORE SPECiAL
As always, the Membership BBQ is a must-attend event,
and it’s free! Join us for an evening of good, old-fashioned
$2 off REALTOR® Logo Visor
summer fun. SCCAOR Member Price: $12.95
Music in the Park – August 2011 Regular Price: $15.99
Summer wouldn’t be the same without Music in the Park!
100% cotton
SCCAOR will host a party for members in the VIP section with
food, drinks, and lots of fun. Perfect for golf, events, outdoor activities
and just for fun to wear
General Membership Meeting – August 18, 2011 High style fabric with Velcro closure on the back to
Join us for this informative meeting! Elena Celestine, of the adjust for comfort fit
Short Sale External Engagement Team of Bank of America
Home Loans, will discuss Bank of America’s short sale pro- Call 408.445.5075 or email store@sccaor.com.
cess and equator processing.
MLSlistings inc. Statistics for May 2011
May 2011 - Santa Clara County - Single Family Residence
Area/City New Listings Cur Inv # of Closed Sales Ave. DOM Ave. Price Med. Price % LP Rec’d Total $ Vol.
CA 36 96 24 91 698,072 678,500 98.55 16,753,750
CU 57 81 35 21 1,106,031 1,045,000 101.81 38,711,101
GY 73 280 42 81 405,702 362,500 97.59 17,039,490
LA 42 72 29 21 1,821,941 1,759,000 99.41 52,836,300
LAH 22 67 11 103 2,185,227 2,200,000 96.05 24,037,500
LG 78 177 35 87 1,410,036 1,125,000 95.34 47,941,226
LGM 21 51 7 119 456,142 350,000 96.83 3,193,000
MI 52 120 24 56 550,097 557,750 99.77 13,202,350
MS 2 11 4 81 1,657,000 1,685,000 97.11 6,628,000
MH 77 247 35 137 540,555 469,000 98.34 18,919,444
MV 34 52 20 26 1,121,610 1,086,000 102.54 22,432,219
PA 58 61 51 21 1,669,822 1,420,000 103.94 85,160,968
SJ 859 2349 524 69 560,413 500,000 98.92 293,656,640
MR 10 28 1 437 335,000 335,000 98.53 335,000
SC 73 163 42 72 570,433 550,000 98.79 23,958,220
SA 71 165 24 71 1,647,082 1,461,500 94.83 37,882,892
SU 72 148 59 36 744,992 750,000 100.24 43,954,566
Summary 1637 4168 967 66 773,722 N/A 99.21 746,642,666
May 2011 - Santa Clara County - Condos & Townhouse
Area/City New Listings Cur Inv # of Closed Sales Ave. DOM Ave. Price Med. Price % LP Rec’d Total $ Vol.
CA 22 64 12 102 422,916 405,500 95.70 5,075,000
CU 12 24 8 34 718,000 726,500 99.93 5,744,000
GY 1 11 1 2 110,000 110,000 100.0 110,000
LA 7 10 5 20 699,800 699,000 98.34 3,499,000
LG 24 57 6 25 589,833 582,500 98.69 3,539,000
MI 22 71 19 103 364,778 350,000 97.75 6,930,800
MH 15 36 4 63 273,250 274,000 97.60 1,093,000
MV 31 85 28 43 482,228 494,000 99.27 13,502,395
PA 12 35 14 34 804,178 830,500 99.73 11,258,500
SJ 335 1105 230 93 282,153 250,000 98.92 64,895,396
SC 43 140 24 100 439,083 422,500 99.11 10,538,000
SA 2 11 3 52 616,833 555,500 97.79 1,850,500
SU 53 104 25 68 438,866 430,000 98.43 10,971,655
Summary 579 1753 379 82 366,773 N/A 98.77 139,007,246