The TAR Digest: The Membership Newsletter of the Tennessee Association of Realtors
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The 8-2-11 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


CONTENTS
1. Changing Your Approach To Match the Times
2. More Lawsuits Due to Short Sales
3. Congratulations to New TREC Members!
4. HOT LINE: A Possible Meth Lab?
5. HOT LINE: Extension & Price Change With One Form?
6. Upcoming GRI & Other Courses
7. Mortgage Rates Low, Relatively Flat
8. Useful Web Links

To ask a TAR Legal and Ethics Hot Line question, CLICK HERE.

For other questions about this newsletter, please use the “CONTACT” form HERE.


1. Changing Your Approach To Match The Times

A recent article on RISMedia (“Don’t Sell Me…Help Me!” by Jose Perez) makes several good points about changing consumer behavior and what it means for REALTORS:

*** BEGIN QUOTE ***

  • If it used to take 30 days to get a transaction closed, it now takes 120 or more
  • If it used to take 20 contacts to get someone to listen to you, it now takes 100 or more
  • If someone was inclined to do business with you before, they are now inclined to make sure they are getting the best deal regardless of their relationship with you

It’s a scary world for your clients. As a result, you must recognize this and change the way you approach “sales,” or you are likely to suffer.
*** END QUOTE ***

To read more about what it means to help your clients in the current housing market, CLICK HERE.

[SOURCE: RISMedia]


2. More Lawsuits Due to Short Sales

The National Association of REALTORS “2011 Legal Scan: Legal Issues Facing Real-Estate Professional” shows that the top three issues of concern among respondents are dual agency, disclosure, and breach of fiduciary duty.

Nearly 55 percent of respondents said many current disputes involve short sales, with failure to disclose that a property is in a short sale situation putting them near the top of the list of expected future issues. More than three-quarters of respondents said REO sales will be among the biggest issues they will face in the future, and almost 60 percent predicted that disputes tied to REOs – mainly due to a lack of disclosure – will rise during the next couple of years. Respondents also said more training is needed with regard to RESPA, Fair Housing, and antitrust regulations.

To read more, see Bob Hunt’s article (“Brokers Foresee an Increasing Number of Lawsuits Related to Short Sales”) on RealtyTimes by CLICKING HERE.

[SOURCE: Realty Times; Information, Inc.]


3. Congratulations to New TREC Members!

Our sincere congratulations to two new members of the Tennessee Real Estate Commission: REALTOR Janet DiChiara, with Exit Select Realty in Jackson, TN, and Austin McMullen, an attorney with Bradley, Arant, Boult, Cummings, in Nashville!

We also extend best wishes and support to REALTOR Isaac Northern, with Northern, Inc. in Memphis, who was reelected Chairman of the Commission in July, as well as REALTOR Bear Stephenson, with Stephenson Realty & Auction in Clinton, who was elected TREC Vice-Chair!


4. HOT LINE: A Possible Meth Lab?

QUESTION: My client wants to buy a house that has been rumored to have had a meth lab. There was supposedly a big bust at this property. I have researched and can not find any information supporting this rumor but I believe it to be true. What legal steps can I take to protect myself and my clients?

ANSWER: We would recommend that the buyer contact the local police department as well as the Sheriff’s Department. They should be able to advise as to any incidents at the property. Further, if the property was quarantined, then the Register of Deeds should have documentation of this. The buyer can consult with them or have their attorney do so.  Finally, the buyer can check with the Tennessee Department of Environment and Conservation. They have a data base of meth properties.  Be careful that you do not be “too helpful”.

Advise the buyer of things they can do, BUT you should NOT take on that responsibility. Another option would be to have it inspected by an inspector.

[SOURCE: TAR's Legal & Ethics Hot Line Attorneys]


5. HOT LINE: Extension & Price Change With One Form?

QUESTION: I have a land listing that is expiring soon. How do extend the listing and also do a sales price adjustment? Is there one form for this that I can use to do both?

ANSWER: You may use form F81, the Amendment to the Listing Agreement.  This can be used to extend the list period as well as change the price.  This can be used on any listing agreement.

[SOURCE: TAR's Legal & Ethics Hot Line Attorneys]


6. Upcoming GRI & Other Courses

Aug. 4: GRI 4, From Offer to Contract to Closing (16 hrs. CE) – MAAR Office, Memphis. For more information or to register, CLICK HERE.

Aug. 4 – Sept. 7: GRI 2, Smart Marketing (16 hrs. CE) – An E-Class distance-learning course. For more information or to register, CLICK HERE.

Aug. 8: 2011-2012 Residential Core Course (6 hrs. CE) – Winchester, TN. For more information or to register, CLICK HERE.

Aug. 9: 2011-2012 Residential Core Course (6 hrs. CE) – GNAR Office, Nashville, TN. For more information or to register, call 615-254-7516.

Aug. 11: 2011-2012 Residential Core Course (6 hrs. CE) – SMTAR Office, Columbia, TN. For more information or to register, call 931-381-5556.

The complete 2011 schedule of GRI courses (both Classroom and E-Class) is online HERE.

Watch each week’s TAR DIGEST for schedule changes and additions!


7. Mortgage Rates Low, Relatively Flat

Mortgage rates were relatively flat from a week ago, Freddie Mac reports. The 30-year fixed rate rose to 4.55 percent last week, up from 4.52 percent the previous week and 4.54 percent a year ago; and interest on 15-year fixed loans averaged 3.66 percent, flat from a week earlier but down from 4 percent a year earlier. Five-year adjustable-rate mortgages fell to 3.25 percent from 3.27 percent a week earlier and 3.76 percent a year ago; while one-year ARMs settled at 2.95 percent compared to 2.97 percent the prior week and 3.64 percent a year ago.

[SOURCES: Freddie Mac; Information, Inc.]


8. Useful Internet Links

Click on any of the following to access:

Back Issues of the TAR DIGEST
Tennessee Assn. of REALTORS
TAR Education
TAR on LinkedIn
TAR on Facebook
Follow TAR on Twitter
Online Risk Reduction Resources
Online Resources for Association Leaders
Tennessee Real Estate Commission



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