Monday, November 16th, 2009

Washington REALTORS® Education is now offering audio education that you can listen to online or download to your computer. The course information is free to members and available for 3 clock hours for each course with a fee of $25 per course. To start listening to a course New Audio Education from Washington REALTORS® Education! Washington REALTORS® Education is now offering audio education that you can listen to online or download to your computer. The course information is free to members and available for 3 clock hours for each course with a fee of $25 per course. To start listening to a course,http://www.warealtor.org/education/audio.asp The courses that we have available are:
So long as the transaction closes before the end of the extended tax program, the buyer will be eligible for the tax credit. With enactment of the extended tax credit program, the November 30 deadline becomes irrelevant. For more information and details regarding the extended tax credit program, visit the National Association of REALTORS website at www.realtor.org.
Bonus Legal Q & A
Question:
Can a buyer claim the first-time homebuyer tax credit if buyer purchases using seller financing?
Answer:
Yes. So long as the buyer obtains the “benefits and burdens” of ownership of the property, then the buyer can claim the credit. This is true even if the seller retains legal title as seller would if the financing document used was a real estate contract instead of a note with deed of trust. Factors that indicate that a buyer has the “benefits and burdens” of ownership include: the right of possession; the right to obtain legal title upon full payment of the purchase price; the right to construct improvements; the obligation to pay property taxes; the risk of loss; the responsibility to insure the property; and the duty to maintain the property. All of these characteristics are true of a typical, arms-length seller financing arrangement using either a note with deed of trust or a real estate contract. For more information and details regarding the extended tax credit program, visit the National Association of REALTORS website at www.realtor.org.
Hotline Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of the Week. Please submit questions to legalhotline@warealtor.org or call (800) 562-6027. Please have your NRDS number ready when you call or e-mail the Hotline with your question.
The Legal Hotline lawyer does not represent Washington Association of REALTORS® members or their clients and customers. Research this topic and thousands of others online
Career Help Center
We have scanned and selected interesting tips & tricks articles from a variety of industry publications so you don’t have to. Always check with your broker/owner to see if these practices fit within your company policies.
Promoting Green in Real Estate
Some real estate professionals are transforming the industry by living, working, and educating ‘green.’
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Sixteen Ways to Keep Your Seller Happy
What is the number one thing that home-sellers complain about? According to Jennifer Allan, its lack of commuication.
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Mortgage Rates
Long-Term Rates Fall to Lowest Level in Five Weeks
30-Year FRM Below 5 Percent for Five of the Last Seven Weeks
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.91 percent with an average 0.7 point for the week ending November 12, 2009, down from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 6.14 percent.
The 15-year FRM this week averaged 4.36 percent with an average 0.6 point, down from last week when it averaged 4.40 percent. A year ago at this time, the 15-year FRM averaged 5.81 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.29 percent this week, with an average 0.6 point, down from last week when it averaged 4.35 percent. A year ago, the 5-year ARM averaged 5.98 percent.
The one-year Treasury-indexed ARM averaged 4.46 percent this week with an average 0.6 point, down from last week when it averaged 4.47 percent. At this time last year, the 1-year ARM averaged 5.33 percent.
Government Affairs
Sen. Murray Speaks to REALTORS® about Tax Credit Extension, Support for Housing
“As we all know well, the speed of our overall economic recovery depends on the stability of our housing market,” Sen. Patty Murray expressed in a statement to REALTORS® last week. “And while we have seen signs of stabilization and improvement in areas of the housing market, credit availability and liquidity constraints continue to restrict a strong, swift recovery. I understand these challenges and what they mean to your businesses and livelihood. That’s why I’ve pushed hard to extend an elevated conforming loan limit, raise the FHA loan ceiling, and increase funding for pre and post-purchase housing counseling.”
“Last Wednesday, the U.S. Senate took another critical step to bolster our housing market by passing legislation to expand and extend the homebuyer tax credit. As Chair of the Senate Housing Appropriations Committee, I was proud to be a co-sponsor of this legislation and to fight for its inclusion in the unemployment extension bill. In addition to this measure, I’m currently working with our community banks to identify ways we can improve the credit environment for our small businesses and households which will also have a positive impact on housing. I look forward to continuing to work with all of you to identify additional solutions and steps we can take to accelerate our housing recovery.“
Legislative Days 2010: Join 600+ REALTORS®
Be sure to mark your calendar for January 20 and 21, 2010 when more than 600 REALTORS® will meet and rally together to make their voice heard in Olympia at the largest “Hill Day” in the state. This year, we are encouraging all of our seasoned Leg Day vets to “Adopt-a REALTOR®” for the event. Tell them how exciting it is to bring our message to lawmakers. Bring them along with you and show them the ropes. They will be thrilled! Watch for registration coming soon at http://www.warealtor.org.
Education
Learn the Ins & Outs of Foreclosures!
Short Sales & Foreclosures: What Buyer’s Representatives Need to Know – Another Tour Coming in November!
For many real estate professionals, short sales and foreclosures represent the new “traditional” real estate transaction. Knowing how to maneuver the complexities of short sales as well as how to identify the distinct real estate opportunities in foreclosure are not merely good skills to have in today’s market-they are critical. This course helps students evaluate all available options for distressed homeowners and identify the components of an effective short-sale package. This course looks at how real estate professionals can counsel buyer-clients in the purchase of foreclosure properties. And as a practical resource, this course shows students how consumers can avoid foreclosure in the future. The Short Sales & Foreclosures course counts as a REBAC elective course to be applied towards the ABR designation and also counts as 7.5 clock hours toward real estate license renewal, 7.5 hours for appraisal and 5.75 General Units for LPO’s. This course goes from 8:30am to 5pm except the Tacoma course goes from 9am to 5pm and the schedule is as follows:
• November 17th in Everett @ Location To Be Determined
• November 18th in Tacoma @ Tacoma-Pierce Co. Assoc. of REALTORS Office
• November 18th in Olympia @ Washington REALTORS Office
• November 19th in Vancouver @ New Tradition Homes
~Why Take this Course? Approved toward new NAR Short Sales & Foreclosure Resource Certification!
To qualify for this brand new certification, you must 1) be a member in good standing with NAR, 2) complete this Short Sales & Foreclosures course, 3) complete three 1-hour free webinars (available beginning in October), and 4) submit application to NAR (fee waived through December 31, 2009).
Register Today!
Register Today! GRI 100 Coming to Tacoma December 1-4 & GRI 300 Coming to Silverdale December 8-11
Take the Graduate REALTOR® Institute (GRI) 100 course being offered in Tacoma on December 1-4 at the Tacoma-Pierce Co. Association of REALTORS Office & (GRI) 300 course being offered in Silverdale on December 8-11 at (Location to Be Determined). The course in Tacoma goes from 9am to 5pm and the course in Silverdale goes from 8:30am to 5pm. Each course is 30 clock hours for renewal. “The GRI designation is the most common designation among those who hold any designations, held by 19% of REALTORS” . In today’s competitive business environment, real estate professionals need the advantage of the education one receives in the GRI program. It is the only one that includes Washington State specific information and utilizes in-state instructors. The GRI designation indicates that you have made the commitment to provide a high level of professional service to your clients. GRI 100 topics include: Pricing, Sales & Marketing, Technology, Purchase & Sale Agreements, and Real Estate Finance. The GRI 300 topics include: Business Management, Risk Management Skills, Taxation/Real Estate Investment, and At Home with Diversity. To obtain the GRI designation, GRI 100, 200, 300 levels must be completed and they can be taken in any order.
Register Today!
Seller Representative Specialist (SRS) course being offered in Bellevue on December 7-8!
Washington REALTORS® Education is offering the Seller Representative Specialist (SRS) designation course in Bellevue on December 7-8, 2009 at the Master Builders Association Office. This course offers 14.0 clock hours for renewal and the course goes from 9am to 4:30pm both days. The SRS – Seller Representative Specialist Designation awarded by the SRS Council, LLP, has been delivered nationwide and has received rave reviews. This 2-day, Non-NAR program focuses on providing the real estate practitioner with the tools necessary to represent seller clients in a variety of formats. Particular attention is given to: differing listing models, office policies, field issues, & legal and code ramifications to representing sellers in today’s changing environment. Topics include: manual and e-methods of procuring listings, securing the listing, staging the property and marketing venues, representing the seller client when converting consumer inquiries, co-broking with cooperating agents, protecting the interests of the client when fielding multiple offers, negotiating the offer and inspection phase issues, and following the pending transaction to closing. In order to receive this designation, you must complete the 2-day course.
Register Today!
Certified Negotiation Expert (CNE) Designation Course Coming to Vancouver on December 7-8
The Certified Negotiation Expert (CNE) Designation course is being offered in Vancouver on December 7-8 at the New Tradition Homes Office. This course goes from 8:30am to 5pm both days and is approved for 15.0 clock hours. This seminar is focused on negotiation training applied to real estate negotiation situations. This course is a non-NAR designation course. This course will cover different approaches, persuasion principles, and the psychology of buying along with role plays, case studies, and group discussion topics. This course will help real estate professionals become skilled negotiators in order to provide a higher standard of service to clients and to better help achieve client goals. Course content includes: How Buyers Buy & Sellers Sell; Building Trust; Identifying Listing/Offer Options for Clients; Persuasion Principles; Power/Emotions/Deadlocks; & Stand Area Motivator Model.
Why Attend:
~98% of buyers believe negotiation skills are “Very Important” or “Somewhat Important” in their real estate agent. *
~Buyers give negotiation skills the lowest satisfaction rating of all agent skills and qualities. *
*According to the NAR 2006 profile of Home Buyers and Sellers.
Register Today!
Have the GRI designation? Join the New GRI Chapter!
Would you like to receive referrals from other GRI’s? If so, a GRI chapter was formed just for GRI designees. Become a charter member today! The REALTORS® Institute is more than twenty-five years old and has graduated thousands of REALTORS®. These professionals find the GRI designation a powerful tool for attracting and building new business. Membership is open to anyone who is a member in good standing of Washington REALTORS® and NAR, and who has earned the GRI designation. Membership dues are only $25 per year. Membership incentives include: $10 off ED CON 2009 and a roster of members emailed to you each quarter. Plus, new incentives are being added frequently!
Don’t miss out on this exciting opportunity, Apply Today!
GRI Chapter Members: Don’t forget that you can take advantage of this GREAT Offer!
Now any GRI Chapter Member can take GRI 100, 200 & 300 for $59 per class! What a great way to get 30 hours and refresh your GRI knowledge. To register, contact Washington REALTORS® Education @ 800.748.7053.
Online Renewal Packages Offered by Your Realtor Association!
Washington REALTORS® Education offers online renewal packages that are affordable and in a convenient way, receive quality education anytime, anywhere you have internet access! Our online renewal packages allow you to take your real estate training at your pace, in your own space and are for the busy real estate professionals or beginning agents. Save time and money by taking these classes today! Available are the 30 hour renewal package and the 60 hour First-time renewal package. Also available, are other individual courses. For more information or to register, go to www.warealtor.org/education
New Audio Education from Washington REALTORS® Education! Washington REALTORS® Education is now offering audio education that you can listen to online or download to your computer. The course information is free to members and available for 3 clock hours for each course with a fee of $25 per course. To start listening to a course, CLICK HERE NOW! The courses that we have available are:
Current Issues in Residential Real Estate -Mandatory Core Curriculum – 3.0 Clock Hours – Instructor: Annie Fitzsimmons The Washington State Real Estate Commission and the Department of Licensing have adopted new rules that will require the completion of 3 clock hours of prescribed core curriculum. The 3.0 mandatory clock hours must be included in the 30 hours required for all active licensees. Topics Include *Sellers Disclosure *Current Legal/Regulatory Issues *Licensing Issues
Legislative Update: What Happened in 2009 – 3.0 Clock Hours – Instructor: Annie Fitzsimmons
The class will provide critical information for REALTORS regarding changes to real estate laws and related topics arising from the discussions, debates and decisions of the 2009 Legislative Session.
New ‘Short Sales’ Video Class with Annie Fitzsimmons
• From pre-listing to the post closing celebration. Walk through an entire short sale with the Legal Hotline lawyer. Analyze the types of buyers and sellers who should and should not consider participating in a short sale. Learn to recognize the red flags that signal potential fraud and how you can avoid it. Understand the forms and how to use them to achieve your client’s desired outcome. In short, take control of the short sale process by knowing what to do and when to do it to achieve the greatest efficiency for buyers, sellers, lenders and real estate agents.
• 3.0 clock hours
• Once you have viewed the class and want clock hours, you will download and sign an affidavit. Return it to us with a $25 class fee and we will send you a certificate for clock hours. The information is free for members if no clock hours are desired.
• CLICK HERE TO VIEW NOW!
For more information on any of these classes, or to register contact Washington REALTORS® Education at 800.748.7053.