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Roanoke Valley REALTOR®
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Greetings!
You are receiving this online newsletter as a benefit of being a member of the Roanoke Valley Association of REALTORS®.
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Member Type|Count ------------------- REALTOR® 1,107 Offices 125 Affiliate 128 Click here to see which RVAR members have switched firms, gone inactive, or joined recently. |
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Supra Lockbox Exchange Scheduled
Mark your calendar for the week of July 23rd! RVAR's Board of Directors has agreed to a contract extension with Supra and a lockbox exchange. (Don't worry if you are out of town that week -- makeup sessions will be available the following week at the RVAR office.)
Details are being finalized and will be provided to all MLS members soon. Here are the basics:
- Supra will conduct the lockbox exchange during the week of July 23rd -- one day at a Lake location and three days at a Roanoke location (specific locations yet to be determined). If you are not available that week, you may exchange your lockboxes the following week at the RVAR office.
- All MLS members with an active Supra key (meaning currently paid in full with Supra) may exchange their lockboxes (both grey and blue) on a 1 for 1 basis for new BlueTooth lockboxes.
- MLS members may retain their current Display Key OR may opt for access via their smart phone. Members may change their key option at the lockbox exchange or any time thereafter. Click here for a list of smart phones that may be used as your lockbox key.
- No money will be owed at the exchange. Supra will mail its next invoice in August. It will be for a 6-month period (September - March.) Thereafter, Supra will mail out an annual invoice each March.
Special thanks to the Lockbox Work Group members, who worked over a year to finalize negotiations with Supra: Chairman Joe Sutliff, Daniel Brown, Billy Kingery, Richard Limroth, Patty Meyers, Lori Shultz-Moore, Brian Smith and Tom Wilson.
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Membership Meeting
The best way to prepare for the July changes (agency changes as of July 1st and lockbox exchange beginning July 23rd) is to attend RVAR's Membership Meeting, June 12th, 9:30-11:30AM at the Roanoke Council of Garden Clubs (3640 Colonial Ave. in Roanoke.) The guest speaker is Sean Luther, President and CEO of Downtown Roanoke, Inc. who will share the latest plans for the Downtown Market. This event is FREE and everyone who attends will be entered into a drawing for a $100 cash prize! Click here for more information or to register.
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RoanokeValleyOpenHouse.com
Open house season is in full swing! Public promotion of RVAR's new website, RoanokeValleyOpenHouse.com, begins this week -- with digital billboards (rotating through locations around the Valley), ads in local real estate magazines and radio spots on Q99 and K92. The public promotion campaign will last about 60 days. Encourage your buyers to take a look each weekend!
Please do your part -- and be sure your open houses are entered into FlexMLS. (It's a very simple process.) Open houses entered into FlexMLS will appear on RoanokeValleyOpenHouse.com, as well as on REALTOR.com® and the REALTOR.com® Smartphone app. Open houses automatically expire in FlexMLS, so no further action is required following the open house.
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How Do You Compare?
Though most of us enjoy being unique, we also like to know how we compare to the norm. NAR recently surveyed over 6,000 REALTORS® to determine the characteristics of the typical REALTOR® today. Eleven years of experience, 10 transaction sides in 2011 and work 40 hours per week. Click here to determine how you compare.
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Agency Training
June 21, 9AM-Noon at the new South Roanoke Regional Library. This class will be conducted by Jay DeBoer, VAR's Vice President of Law and Policy.
NOTES: All active licensees renewing their license between 7/1/2012 and 6/30/2014 must complete 3 hours in Residential Standard Agency. If your license expires prior to 7/1/2012, you may take this class -- but will need to take it again for required credit in your next renewal cycle. Also, you may obtain a waiver from this requirement only if you agree in writing to DPOR that you will not practice residential standard agency during your license term. Click here for DPOR's waiver form. |
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Agency Forms Will Be Ready
In order to comply with the July 1st agency changes, RVAR is revising four of its existing forms: Seller Listing, Exclusive Buyer Listing, Dual Agency and Designated Agency. The revised forms will be ready in zipForm® prior to the July 1st deadline. NOTE: The revised forms will be available online only -- and will not be printed for resale.
Two additional forms, needed to comply with the July 1st changes, are being finalized: Non-Exclusive Buyer Listing and Disclosure of Brokerage Relationship for Unrepresented Parties. These new forms will also be available in zipForm® prior to July 1st.
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Leadership Openings on 2013 RVAR BOD
RVAR's Board of Directors has announced the following leadership openings for 2013: President-elect, Vice President and 4 Director positions. The only stipulation for applicants is that there can be no more than two REALTORS® from the same firm serving on the Board at any given time. NOTE: The Immediate Past President is exempt from this requirement.
August 1st is the deadline for receipt of written applications. The Nominating Committee will request a personal interview with each candidate in early August and recommend a slate of Officers and Directors to the Board of Directors. The membership will be notified of this slate in early September. Petition candidates may also file during September. Should there be any contested positions, an election by ballot will be held in the fall.
Continuing their service on the 2013 Board will be: President Betty Kingery (Mountain to Lake Realty); Immediate Past President Melissa Morgan (Renaissance Properties); and Directors Bryan Musselwhite (Poe & Cronk); Jeff Snyder (The Real Estate Group) and Richard Wimberley (RE/MAX All Points).
Any questions about leadership responsibilities or the nominations process should be addressed to Nominating Chairman Richard Limroth or Chief Executive Officer Laura Benjamin.
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Showing Properties Safely
As the market begins to pick up, the number of showing increases. Your safety comes first! Review tips for showing properties safely.
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Breaking National News
Supreme Court Decision Supports NAR RESPA Position: Last week, the U.S. Supreme Court issued a unanimous opinion in the Freeman et al v. Quicken Loans, Inc. case, ruling in favor of NAR's position in a pivotal RESPA case. According to NAR, "in a case involving mortgage lending but which has direct application to real estate brokerage, the Supreme Court has determined that a violation of Sec. 2607(b) of the Real Estate Settlement Procedures Act (RESPA) only occurs when a split of a settlement-service fee paid by a consumer to a real estate settlement-service provider is split with a third party."
Suits alleging a RESPA violation have been brought against real estate brokerages that charge consumers a flat fee in addition to a percentage-based commission. In light of the Supreme Court ruling, such fees do not violate RESPA unless the broker who is paid the fee splits it and pays a portion to a third person outside of the brokerage firm who provides no services in exchange for the fee.
New Short Sale Directives: The Federal Housing Finance Agency (FHFA) recently announced new directives requiring servicers of Fannie Mae and Freddie Mac loans to:
- Review and respond to borrower requests for short sales within 30 days after receipt of a short sale offer and a complete borrower request.
- If the review is still under way after 30 days, give the borrower weekly status updates. (This allows more time where necessary, such as where subordinate lenders and/or mortgage insurance is involved.)
- Advise the borrower of the final decision within 60 days after receipt of a short sale offer and a complete borrower request.
The new timelines apply both to HAFA loans and to other short sales approved by Fannie Mae and Freddie Mac. Additional enhancements are planned by the end of 2012 addressing borrower eligibility, simplifying documentation, valuing property, payments to subordinate lien holders and mortgage insurance.
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Upcoming Education Offerings
Lender Panel: Navigating the Mortgage Maze: This July 19th class (10-11:30AM at the RVAR Office) will focus on everything from the perfect loan file to what NOT to put in a contract. Presenters will be: Paula Brown (BB&T Mortgage); Tom Floyd (Valley Team Mortgage); and Gail Perry (American National Bank.) This session is FREE! Click here for more information or to register. GRI 405 Pricing, Listing and Marketing: This June 27th course will be offered via live remote classroom instruction, with instructor Pam Ermen. This course is required to earn the GRI designation and will focus on getting your listing sold -- with the right price, staging suggestions and plans to get your listing noticed. (CE 7 hours real estate related; PL 4 hours elective credit.) Click here for more information or to register. Those with the GRI designation may attend this class for $35, earn the CE credit and no exam required. Fair Housing: This June 28th class (9-Noon at the RVAR Office) will provide 3 hours CE or PL credit. Click here for more information or to register. No charge for new members; $10 charge for others. More education to come: RVAR's Education Committee has planned a full calendar of education offerings through the end of the year (e.g., Legal Update in September, LeRoy Houser is coming back in October). Take a look and mark your calendar for upcoming classes.
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Relay for Life
RVAR's Community Service Committee is sponsoring two teams in the Roanoke RELAY FOR LIFE. On June 15th & 16th the RVAR Stars will have a tent site at the Reserve Avenue Athletic Fields (old Victory Stadium site). We need your support! Come walk with us or make a donation to help us reach our goal. Contact any member of the Community Service Committee or Jan Settle at the RVAR office. Make donations checks payable to 'Relay For Life'.
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Our RVAR Family
In Sympathy
RVAR expresses sympathy to those members who have recently lost loved ones: Susan Beasley of Long & Foster upon the recent death of her mother and Karen Bittinger of MKB upon the recent death of her father.
RVAR also expresses sympathy to friends and colleagues of MKB REALTOR® Lee Mastin who passed away recently.
Congratulations
RVAR salutes John Dickinson of Hall Associates and Steve Hoover of MKB, REALTORS® who were recently installed into NAR's RPAC Hall of Fame. The Hall of Fame recognizes dedicated members whose RPAC investments total an aggregate lifetime amount of at least $25,000.
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Upcoming Events
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June 12
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Membership Meeting
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June 21
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Mandatory Agency Training
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June 27
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GRI 405
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June 28
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Fair Housing
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July 4
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RVAR Office Closed for Holiday
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July 19
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Lender Panel
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July 23
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Supra Lockbox Exchange Begins
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Roanoke Valley Association of REALTORS®
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