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August 2009
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In This Issue
KAR Convention & Expo
9 Twitter Myths
KAR Online - Social Networks
Online rental ads could be phony
Field of Bling
Important KAR Deadlines
NAR Director: possible opening
Major changes to TILA (Regulation Z)
HVCC update
Home sales show third month of gains
REALTOR Federal Credit Union
4 ways to cultivate 1st time home buyers
Selecting the right brokerage
12 Things Top Agents do Every Day that You Probably Don't
Don't let it expire: tax credit
Online CE courses available
KHC: Find down payment assistance for your clients
Convention
KAR Convention & Expo
 
Early-bird deadline extended through August 15 - save by registering now!

September 29 - October 1
Galt House
Louisville, KY
 
As part of KAR's Stimulus Package, registration rates are being held much lower than last year making the 2009 gathering a tremendous value!

David Knox will be the keynote speaker!

You'll have the opportunity to earn a full year's worth of continuing education credit, see the latest products and services at the Expo, network with your peers from across the state, socialize at the ever-popular KAR reception/Field of Bling event and advance your Association via our business functions.

 
 
9 Twitter myths

Twitter is the social networking app that has taken the world by storm. Everyone, including big name celebrities and real estate agents, are getting in on the act.

You want others to "follow" you but there are many reasons why they wouldn't.  Check out these 9 humorous tips.

Read More 

 
KAR is online

Join now and become a member of the KAR groups! If you are not currently on these sites, getting started is easy. Just log on to www.facebook.com, www.linkedin.com, www.activerain.com or www.twitter.com and set up a profile.

Joining is free and once you become a member, you can request to be added to the KAR groups. That's all there is to it.

To locate the KAR groups, use the search feature or go directly to the group:


 
Online rental ads could be phony
 
From the FBI
 
You can't believe your good fortune-you find a rental home in a nice area through a Craigslist classified ad at an unbelievably low rate. The landlord-who had to leave the country and travel to Nigeria-asks that you wire him two months' worth of rent. You arrive at the home on the agreed-upon date, but there's just one small problem-the house is not actually for rent and its owners know nothing about your agreement.

Read More
KAR Convention & Expo
Field of Bling 

Get your chance to win a one carat loose diamond by giving to RPAC. For a $50 donation, you have a chance to select the winning number at the Field of Bling event, held annually at the Convention. You can purchase your chance (max. 10 per member) online or download a form from the Convention webpage. 

You do not have to be present to win. 

Download Form
 
20 websites that can make you money
 
So many websites out there....but which ones can build your business and make you money?

Here's a list of 20 sites from Allen Hainge which show how agents can make money, save money and save time using them. 
 
Read More

Quick Links
 
Important KAR Deadlines
 
Nat Sanders Education Award
Deadline: Saturday, August 15, 2009

REALTORŪ Community Service Award
Deadline: Saturday, August 15, 2009

KAR Elections
Deadline: Monday, August 17, 2009
Openings include President-elect, At-large Director, Region Director for 1, 3 & 5 and At-large Delegates. Voting will take place at KAR's Annual Convention & Expo in September.
 
NAR Director: possible opening
 
Based on anticipated membership counts, KAR may be entitled to another National Director position. KAR was advised that written confirmation from NAR would not be provided until Friday, August 14. NAR conducts an audit of each state association and local association membership counts prior to releasing any numbers.
 
Since the deadline for receipt of nomination forms for KAR's elections is August 17, 2009, members interested in seeking the National Director position may submit completed nomination forms up until that date. You will submit your nomination form with the understanding that there may or may not be an election for the National Director position at the Convention in September.
 
KAR will advise all nominees via email as soon as confirmation is received by KAR as to whether or not KAR is eligible for another National Director position.  

Nomination Form
 
Major changes to TILA (Regulation Z)
 
On July 23, 2009, the Federal Reserve Board (the Fed) proposed changes to its Truth in Lending Act (TILA) regulations designed to improve consumer disclosures received in connection with mortgages and home equity lines of credit (HELOC). The changes are based on consumer testing conducted by the Fed and are designed to enhance the ability of consumers to shop for and understand the cost of mortgages and HELOCS.

Read More
 
HVCC Update
 
The Home Valuation Code of Conduct (HVCC) establishes standards for solicitation, selection, compensation, conflicts of interest and appraiser independence. It is effective May 1, 2009, for any mortgage that will be sold to Fannie Mae or Freddie Mac; Federal Housing Administration (FHA) and Federal Home Loan Bank (FHLB) mortgages are not covered in the agreement. 

REALTORSŪ and mortgage brokers are prohibited from selecting appraisers. Lenders are may use "in house" staff appraisers to conduct appraisals. However, the loan production staff is prohibited from selecting, retaining, recommending, or influencing the selection of an appraiser; and, conducting any substantive conversation with an appraiser or appraisal management company regarding the appraisal assignment.
 
 
Home sales show third month of gains
 
Existing-home sales rose for a third month in a row in June, and prices may stabilize in many areas by the end of the year if inventories continue to decline, the National Association of Realtors said today.
 
Sales of resale homes, including single-family homes, townhomes, condominiums and co-ops, rose 3.6 percent from May to June, to a seasonally adjusted annual rate of 4.89 million units -- virtually the same as a year ago, NAR said.
 
At that rate of sales, the 3.82 million homes on the market represented a 9.4-month supply, down from 9.8 months in May.  
KAR Convention & Expo
REALTOR Federal Credit Union

Dedicated to the unique financial needs of members, the REALTOR FCU, a new partner in NAR's Realtor Benefits Program and a major component of NAR's Second Century Initiatives, offers a full range of products supporting the professional and personal interests of REALTORS.

"REALTORS are busy people," says NAR President Charles McMillan. "REALTORS FCU offers convenient, accessible financial services to our members when and where they need it. The FCU is friendly to members and truly a partner that members can trust."

Read More
 
4 ways to cultivate 1st time home buyers

You need to cultivate your first-time home-buying clientele after they purchase their first home because the average home turnover is about 11 years. You definitely want to build relationships with your younger clients, knowing they could move again in just a few years.

Since they average around 32 years of age, these clients will crave and need information about caring for their biggest investment. Here are some easy ways you can get started fulfilling their needs:

- Take note of what they focus on upgrading in the home
- If you feel it's appropriate, invite them to join you on your favorite social network
- E-mail them when a larger home in their neighborhood lists or has sold
- Invite them to subscribe to your blog or news articles on your website

Read More
 
Selecting the right brokerage
 
The most important decision you make as a real estate agent is to select the right brokerage, whether you are new to the business or a veteran.

There are many things to consider when evaluating a brokerage, but here are six important elements to examine when choosing a broker affiliation.

1. Stability
2. Reputation
3. Training
4. Location
5. Experienced leadership
6. Listings
 
Read More
 
12 things top agents do every day that you probably don't

Newly licensed agents and 20 year veterans in real estate need to stay focused on "business development" activities instead of spending their time focused on "business support" activities.

While it might be easier to focus on the activities that will "never tell you no," getting in front of customers and clients will be what not only keeps you in the business, it will make you a star.
 

Read More
 
Don't let it expire: tax credit
 
Deadline is November 30, 2009

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.

Information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream can be found at KAR.
 
Read More
 
Online CE courses available
 
It is now possible to earn CE credit for your real estate license renewal without leaving your home or office. These courses may be entered and exited at your convenience. Once you register for a course, you can begin immediately.

All course work must be completed in a 12-month period to earn CE credit. Your completion date of the course determines the year the credit will be issued.

Three courses are available:

Enviromental Issues in Real Estate - 6 hours (3 hours law credit & 3 hours elective credit)

Real Estate Finance Today - 3 hours (3 hours elective credit)

Fair Housing - 3 hours (3 hours law credit)
 
Find down payment assistance for your clients
KHC

Kentucky Housing Corporation (KHC) has a new down payment assistance program, First Home Advantage, which allows first-time home buyers to use a second mortgage for down payment and closing costs to help purchase a home with P&I payments deferred until July 1, 2010. 

KHC has set aside $5 million for this program through November 30, 2009.  For full details, visit KHC's website, under Lender Services, Lender Resources, First Home Advantage Flier.

You can learn about more KHC homeownership programs and the current housing market at the 2009 Kentucky Affordable Housing Conference.  The conference is designed to offer valuable information about affordable housing from industry experts and leaders.  We hope you will register on KHC's Web site and look forward to seeing you Wednesday, October 28, and Thursday, October 29!