January/February 2010 Update Magazine

T h e V o i c e f o r r e a l e s T a T e i n n o r T h e r n V i r g i n i a nvar.com

StreSSBuSterS!

published by the northern virginia association of realtors®

January/February 2010

realtor®

SAVE THE DATE: Spring Forecast 3/25/10 Page 12

GoVErnmEnT AFFAirS: meet Your DelegatesPage 29

lEGiSlATiVE buS Trip cominG Soon: 2/4/10Page 31

Who Ya’ Gonna Call?StreSS BuSterS!Overcoming Stress by Staying Organized & Fit

JanFeb_10.indd 1 12/30/09 8:15:34 PM

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2010 Chairman of the Board

By Vinh Nguyen, 2010 Chairman of the Board

NVAR Offers Life-Changing Opportunities

UpdateRealtoR®

Interested in advertising? Please call 703. 207. 3206 for information.

chairman of the board

January/February 2010 Volume 93, Issue 1

2010 BOARD OF DIRECTORSChairman of the Board: Vinh Nguyen, CRBChairman-Elect:Karen TrainorImmediate Past Chairman: Susan Mekenney, ABR, CRS, GREEN, GRI, eProSecretary/Treasurer: Pat Kline, GRI, SRES

DIRECTORS-AT-LARGEVal August, CRS, GRIJulie Avent, ABR, CRS, GRITammy BagnatoRobyn Burdett, CRS, GRIChris CallDelk HamakerScott MacDonaldPeter Rickert, ABR, ePro, GREENMario Rubio, SRESTrudy Severa, ABR, CRS, GRI, SRESMerlin Smith, ABR, CDPE, GRIJon Wolford

Publisher/CEO: Christine M. Todd, CAE, RCEEditor-In-Chief: Jill M. LandsmanManaging Editor: Ann GutkinE ditorial Assistant: Ainsley McDougalMarketing & Sales Manager: Tracy ReynoldsGraphic Designer: Tricia ChroussisContributors: Kipp Burgoyne, Anne Gardner, Michele Lerner, Lisa Vierse May, Sarah Louppe Petcher and Lisa A. Sturtevant

The Realtor® UPDATE (ISSN 10988475) is published bi-monthly by the Northern Virginia Association of Realtors® as follows: combined issues for January/February, March/April, May/June, July/August, September/October and November/December. Periodicals postage paid at Fairfax, VA 22030 and additional mailing offices. Subscriptions account for $19 of each member’s annual dues. Annual subscriptions are available to non-members for $39. Subscription inquiries may be sent to the Realtor® UPDATE at the address below. Copyright 2010 by the Northern Virginia Association of Realtors®. All rights reserved.

Postmaster: Please send address changes to: Realtor® UPDATENorthern Virginia Association of Realtors®8403 Arlington Boulevard, Suite 100 Fairfax, VA 22031-4601

Telephone: 703. 207. 3200FAX: 703. 207. 3268Web: nvar.comE-mail: [email protected] Advertising Info: [email protected]

Follow us on Twitter and become a fan of our Facebook page.

It’s a privilege for me to be elected chairman of one of the largest local Realtor® associations in the U.S. I have big shoes

to fill after the leadership of Susan Mekenney. Thanks Susan.

I came from a long way to get here – as a matter of fact, half the world away! And the journey here was not uneventful. I was a teenaged refugee at the end of the Vietnam War, fleeing for freedom on a flimsy river boat with my entire family. Life or death at sea depended on the size of the next wave. Yet these threats were overcome by sheer determination and a yearning to reach a land where nobody could take away our freedom and liberty.

We Americans tend to take things for granted. We are richly blessed and born with a lot of givens. Please do not forget that there are some who are constantly deprived of these basic rights.

We are fortunate to be part of an organization whose leaders work hard to ensure that all Americans have access to safe and affordable housing.

At NVAR, we are surrounded by many fine leaders. We often overlook the accomplishments and the dedication of these unique individuals. And we need more like them.

One of my personal goals is to reach out to the younger members. We need more of you to step up and participate. We need you to get involved and help others become engaged! There are many seats at the table for you to create a positive impact!

When I started to get involved in NVAR, I saw that I actually could impact the policies that influence our industry.

I have had opportunities such as: visiting the White House during the last year of President George W. Bush’s administration, where I recommended immediate action to aid our industry; dining with the Secretary of Housing and Urban Development, Steve Preston, along with other housing leaders; briefing a delegation of the Chinese State Council, responsible for advising the Chinese Premier on the U.S. Housing Market; and speaking at the first major Vietnamese real estate conference about how our government stabilizes our housing market.

Let’s not kid ourselves – our industry is changing. We need to be alert to properly accommodate our members. We will revisit our strategy and plan accordingly. There is work to be done.

Thank you for your trust and confidence in me. Thank you for your contributions to our association.

NVAR ReAltoR® UPDATE JANuARy/FebRuARy 2010 3

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The views expressed in this publication may not reflect NVAR policy, and may be the opinions of the writer or interviewee.

3 Chairman of the Board Column: Vinh Nguyen Promises Opportunities

6 New Members; NVAR Partners

7 NV/RPAC Major Investors Recognized at Tower Club Breakfast

8 NV/RPAC 2010 Contributors List

11 Ask NVAR: New and Revised NVAR Forms Summarized

12 Spring Forecast: Market Momentum March 25, 2010

14 2009 Installation and Appreciation: New Leaders Sworn In; Honorees Named

15 Agents Need to Know: How Walkable is Your Listing?

17 Agents Need to Know: Treasury Department’s HAFA Program Unveiled

22 Legal Perspective: HUD Regulations to Address Sexual Orientation, Gender Identity

23 NAR's HouseLogic.com: New for Consumers

28 Government Affairs: Realtor® Legislation – a Look Back, a Look Ahead

29 Meet Your Delegates: Virginia’s Newest Legislators Introduced

30 MRIS Explains: Data Integrity Critical to MRIS Success

31 NVAR Sponsors Drumstix Dash Fundraiser Race; Legislative Bus Trip: February 4, 2010

32 What Projects, Replacements are Remodelers Selecting?

34 New HUD Form FAQs: GFE and HUD-1 Changes Explained

39 Education Column: Your Mission – Thaw Out Sellers for Spring Market

40 Education Calendar; ABR Graduates Named

44 Appraiser & Affiliate Directories

in this issue

Features 18 market update: All Calculations Are Not Equal

20 metro-D.c. Year-End real Estate press conference: Navigating Normalcy

24

In This Issue

November Statistics 43


StreSS BuSterS!

Who Ya’ Gonna Call?

StreSS BuSterS!Overcoming Stress by Staying Organized & Fit

JanFeb_10.indd 5 12/30/09 8:15:44 PM

EkkT I T L EO

elcome New MembersWnew members

Charles Adamavage IIIStephane Allinquant

Stephanie AndreLourdes Angulo

Alex AnvariRebecca Arnold

Rohit AroraLinda Bailey

Lancelot BarbozaMaria Batt

Stephan BattSteven BenitezTatyana Boneta

Rebecca Borges SotoMary BowenChristy BretzJodie Burns

Kaci CalvaresiYasuko Carr

Xiukun ChangYu Chen

Vincent ChengKong ChhourKyong Choe

Giovanna ColanJames ConwayReginald Crone

Silvia DaiRaymond Deleonard

Pallavi DharamsiSean DickersonGrant Doe Jr.

Trinity EdwardsBrenda Erickson

Tatjana FernandezKathryn FridayJessica GarciaJack GardnerDavid Grafton

David GruendelCraig Guffey

Leekwei GumagayLaurie Hamilton

April HesseniusEric HollandRobert Horan

Patrick HuckabayStephen Ingersoll II

Tracy JonesShashikala Kasala

Jillian KeckSiang Kung

Jennifer LamsonDaljae Lee

Nathan LindElizabeth Littlefield

Daniel LuskMary MachadoSuzanne MajaliRosalynn Manee

Smith ManeeSreedhar Maram

Anupa MaruKristen Mason Coreas

Mary McAteerSarah McCooey

Jill McCoyBobby McKenzie

Glenn MikolsTheresa MillerBipin Misra

Robert MontagneSterling Montague

Dean MooreSamantha Moore

Brian MoranJia Na

Srinivasa NadarVenky NalluriTrung Nguyen

Andre NicholasSvetlana Nikonova

Alice NovakAraceli NufableCarmelita Park

Thomas Parmentier

Srinivas PathepuramWilliam Payne

Maria Luisa PlataAngelica PolandNicole Powers

Hernan QuinterosYousuf Raza

Randy ReisingerRobert RiddellLaura RivasLily SahdaKaren Sale

Diane SaundersRobert Semales

Katarina SemmesLorene ShafranDaniel Shannon

Sung ShinTatiana Silves

Charles SnyderKurt Soester

Im SungSarah SyversonPreeta Tanavade

Christopher TaylorMilena Tesfamikael

Shirley ThomasGreylin Thomas, Jr.

Mark ThompsonJamie Tomberlin

Ray TowlesFrances VogelPaul WalczakRoger Wazen

Jeffrey WeleskoArthur Wenk

Kendra WhitakerTerrance Williams

Siyue XueElena Zenke

Nadine ZephyrTong ZhangHaisha Zhou

2010NVAR ThANks OuR

PARTNeRs

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JanFeb_10.indd 6 12/30/09 8:15:47 PM


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nv/rpac major investors


Area Congressmen joined a group of 17 Realtors® at the Tower Club

in Tyson’s Corner on Friday, Nov. 6 to take part in a recognition event for Major Donors to the Northern Virginia Realtors® Political Action Committee. Contributors who invested at least $1,000 for the 2009 campaign year enjoyed breakfast and informal conversation with Congressmen Jim Moran (D-8), Frank Wolf (R-10) and Gerry Connolly (D-11).

The legislators spoke about the recently extended and expanded tax credit, and addressed members’ frustrations when dealing with banks on transactions involving foreclosures and short sales. Realtors® also stressed the critical importance to the nation’s economy of maintaining the home mortgage interest deduction.

NAR lobbyist Ken Wingert briefed the group about federal legislative priorities for the coming year, which will include ensuring that environmental initiatives do not impose mandatory measures for real estate transactions. Also a priority will be correcting unintended consequences of the Home Valuation Code of Conduct.

In response to 2009 NV/RPAC Campaign Chair Pat Kline’s efforts, a record 31 Major Donors answered the call to support the industry’s legislative objectives with contributions of $1,000 or more. Past NVAR Chairman Jane A. Quill will lead the 2010 NV/RPAC Campaign and hopes to attract a record crowd for this year’s major donor appreciation event. Major Donors also enjoy complimentary admission to NVAR’s Convention day RPAC Breakfast. ❈

NV/RPAC Major Investor Kayvan Mehrbakhsh of Sperry Van Ness (left) and NAR lobbyist Ken Wingert (right) listen to Congressman Frank Wolf (R-10) explain the rationale behind the home buyer tax credit.

NV/RPAC Major Donors ThankedBy Ann Gutkin, Communications & Media Relations Manager

Congressman Jim Moran (D-8; second from right) lingers over coffee at the Tower Club with Realtors® (left to right) Jerry Bartlett of Jobin Realty, Sita Kapur of Arlington Premier and Tom Meyer of Condo 1.

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nv/rpac contributors


Golden R ($5,000)John E. McEnearney

SteRlinG R ($1,000)Charles W. Bengel, Sr.Margaret C. Handley

Patricia O. KleinJane A. QuillAnne Rector

Peter A. RickertTom Rickert

GoveRnoR’S Club ($500)Jon S. Wolford

Capitol inSideR ($250)Phil BolinTom Boyle

Mark GoeddeDelk HamakerNicholas LagosMargo LockardJessica F. Opert

Audrey ShayJake Sullivan

Tony Yeh

$99 ClubMark AckermannKevin P. AdamsBob Adamson

Rafael AguileraNancy P. AlertAzmi Al-Kurd

Kannan AnnamalaiMary Anthony

Roger ApplegateLorraine Arora

Donald AtkinsonVal AugustJudy Austin

Julia H. AventCarlo BaiettiFahad Bakir

Dale Barr Thomas Beames

Wylie BeanLee Beaver

Barbara BechtleCharles Bengel Jr.Patricia Blackburn

Ann BogatJose Boggio

Fanny BonillaSusan BosloughMichael BriggsAlan BrylawskiWilliam BuckJudy Buckley

Shirley BufordRobyn BurdettBoyd CampbellMarilyn Cantrell

Craig CanuteClotilda Cassidy

James CastleJuan CastroJan ChangLin Chen

Martha Cheyne-RamirezMoon Y. Choi

Joanne ChungUi Chung

Candyce ClantonMatthew Cockerham

Robert ColeGeorgiana CopelottiKathleen Corradetti

Judy Cranford

Janet CroftShunmugam Damodaran

Omprakash DeDonald DeBragga

Bic DeCaroMunirshah Dellawar

Lynne DePasoAnand Devadas

Nicholas DorosheffJames F. Dronsfield

Maryann Dunn Trinh T. DuongKathleen Eaton

Nita ElderStephanie Ellis

Donna EversSusan FadoulShahnaz Faily

Laura FallBeverly FeitshansMiriam Fernandez

Scott FortneyCharles T. FowlerRobert Froehlich

Paul GaleWilliam Garrett

Clarence GattonCatherine Gill

Brandon GreenBruce Green

Sheila GregoryThomas HagedornWilliam E. Halloran

Ray HamiltonTerrylynn Harrell

Shawn HarrisBarbara Hendrickson

Janet HewittSharon Hickok

Lucinda L. HoveskelandKenneth Hunnings

Raja IhsanMargaret IrelandSamuel JackninForrest Jaggar

David JandrositzRosemarie Johnson

Eui KangZamarrud Karim

Mohammad Z. KhanAbdelkader KhatibLauren Kivlighan20

10 C

ontr

ibut

ors

List

JanFeb_10.indd 8 12/30/09 8:15:50 PM

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Robert KoenigRolfe S. KratzDana Landry

Anita S. LasanskyAnnie Lauler

William LaulerDoris Leadbetter

Francis LeeJoseph LeeKevin J. LeeSherri Lee

Ashley C. LeighSonia LiebermanMary LoenichenMichael LorenzoDavidson Lunger

Helen Lyman-HealyScott A. MacDonald

Ann B. MalcolmAli Mansouri

Ronald MarracciniSandra Mason

Raymond MayerJohn G. McAllorumNatalie H. McArtorPamela S. McCoach

Shane McCullar

John McMillinKayvan Mehrbakhsh

Debbie MenzerThomas C. Merical

Marie Louise MeyerErnest F. MillerPuran C. Mittal

Priscilla P. MooreCynthia Moses

Diane G. MurphyAllene Murray

Kamal MustafaMuraji NakazawaJames W. NellisStuart Nesbitt II

Thai-Hung P. NguyenDaniel Odio-Paez

Lydia OdleJohn O’DonohueLeonardo Pareja

Peggy ParkerMaria Pastorelli

Julie PearsonVic Pereira

Gwenda A. PlushTafweez Qureshi

Thomas Reed

Andrea L. ReidEsin A. Reinhardt

Christine RichardsonKatreen Rinaldi

David RosenmarkleMarjorie Rosner

Carol RossElizabeth S. Ross

Evelyn RossMario RubioGeorge Saab

John SaboStuart SaltzmanJesse SampsonBrian Schantz

Peter SchlossbergTazuko SchmitzThomas Sehler

Linwood SheltonArlis J. SimmonsCarol SimmonsSuzanne Simon

Maureen SimpsonRajinder Singh

Sukhjiwan SinghHope C. SkillingThomas Sklopan

Anise W. SnyderJames Stakem

Carol SutfinSwindell Sutton

Xin TaoApril Taylor

Jonathan TaylorBeverly ThomasKaren A. Trainor

Kathleen F. TrainorJeffrey C. Turner

Hans UgazKenneth Ulsaker

Rajiv VashistVirgilio Vasquez

Hector VelasquezKamlesh VermaDiane Wagner

Katherine WatkinsB. Blair White

Kevin WilesLisa Williams

Felicia WuAnn M. Yanagihara

Laura YiYili Zhang

nv/rpac contributors

It’s Not Just Politics, It’s Just Good BusinessDid your business benefit from the home buyer’s tax credit? That is just one example of RPAC working with legislators on issues that matter to you.

Still not convinced? See page 28 for other Realtor® legislative successes. Do you have questions about RPAC? Contact [email protected]. ❈

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ask nvar


The Standard Forms Committee was particularly

active in 2009, revising or creating 19 forms.

Here is a summary of all the new forms that were made available in 2009:

K1347 – Information for Purchasers Concerning Short Sales (rev. 03/09). This form was created at the request of the membership to provide to purchasers before they contemplate making an offer on a short sale property. It provides NVAR members with a concise list of discussion points that should be addressed with every client who wishes to make offers on short sale properties.

K1348 – Pet Addendum (rev. 02/09). This form has been referenced in the Lease for some time, and NVAR had always relied on the Virginia Association of Realtors® form. The Standard Forms Committee decided to draft its own version of the Pet Addendum, which matches the format of NVAR’s other forms.

K1352 – Listing Agreement Addendum – Internet Advertising (rev. 12/09). This form was created as a result of the National Association of Realtors® – Department of Justice settlement regulating the management of information by Multiple Listing Services. This form should be used with every listing agreement that contemplates listing a property in the MLS. This form corresponds to fields that MRIS has created to comply with the requirements set forth in the NAR – DOJ settlement agreement.

K1353 – Appraisal Contingency – All cash/no third-party financing (rev. 12/09). This form was created at the request of our membership. The recent market has seen an increase in investor purchases and thus an increase in all-cash offers. However, in many instances the Purchasers still wish to make the purchase contingent on an appraisal. This form tracks the language of our other Appraisal Contingency form, but is to be used only when the offer is an all-cash offer or when there is no third-party financing.

K1354 – Lease VRLTA (rev. 12/09). This lease is intended to be used for those landlords who fall under the Virginia Residential Landlord Tenant Act, or those who, even if they are exempt, wish to make their lease subject to the Act. This lease differs significantly from the Common Law lease. Agents who are unsure about which lease to use should consult with their broker prior to choosing a form.

In addition, the Standard Forms Committee created a Clause Library, which can be found in the members-only section of nvar.com, accessible through the “Professional Services” page by clicking on “Online Forms.” This library consists of clauses that can be inserted into any contract as needed. The following clauses are included in the library:

Disclosure of Sales Price to Appraiser. This clause, if added to the Regional Sales Contract, allows either party to the transaction to disclose the sales price of a home when asked by an appraiser. This will allow appraisers to base their reports on current market

prices for properties, and thus make more accurate appraisals of a given property.

FHA-VA Non-Contingency Clause. This clause is to be used in the event that a purchaser makes an offer with a VA or FHA loan, but the offer is not contingent upon the purchaser obtaining the loan.

Gift Letter Clause. This clause is to be used in the event a purchaser obtains part or all of a down payment in the form of a cash gift from a third party.

Here is a summary of the changes to forms that occurred in 2009:

K1345 – Virginia Jurisdictional Addendum (rev. 12/09). Paragraph 10 has been revised to include statutorily required Consumer Real Estate Settlement Protection Act (CRESPA) disclosure language, which specifies that the Purchaser selects a settlement company and that a seller cannot condition the purchase of a property on the selection of a specific settlement company.

Summary of New & Revised Forms Answers Your Questions

ask nvarBy Sarah Louppe Petcher, NVAR General Counsel

Ask NVAR, continued on page 12

JanFeb_10.indd 11 12/30/09 8:15:53 PM


K1346 – Understanding Your Rights & Responsibilities Under the VA Residential Disclosure Act (rev. 07/09). The Virginia Real Estate Board has updated the Residential Property Disclosure Statement to reflect a statutory notice requirement concerning stormwater detention facilities. NVAR has amended its explanation form to conform to changes in the Residential Property Disclosure Statement.

K1336 – Listing Agreement Exclusive Right to Sell, K1337 – Exclusive Agency Agreement and K1338 – Exclusive Right to Represent Buyer (rev. 07/09). These forms have been updated to remove language that allowed firms to set an amount of additional compensation, above and beyond the amount agreed upon by the parties. This change was made at the recommendation of NAR to comply with the results of RESPA litigation.

K 1321 – Regional Sales Contract (rev. 03/09). Paragraph 11 of the Regional Sales Contract has been modified so that all substantive terms pertaining to VA or FHA financing are now consolidated in the appropriate addendum. The new paragraph allows agents to select which financing, if any, applies, and reminds agents to select the corresponding addendum.

K1339 and K1340 – Financing Contingency Addenda (rev. 03/09). The old “VA/FHA Financing Contingency Addendum” (K1332) has been replaced. In its stead, two

forms were created: the “VA Financing Contingency Addendum” (K1339) and the “FHA Financing Contingency Addendum” (K1340).

A. Changes common to both forms: (1) Contingency: In the old form, “VA/FHA Financing Contingency Addendum,” the Buyer could choose whether to make the contract contingent on the VA or FHA financing. That is no longer an option in these forms. Instead, if a client wishes to apply for VA or FHA financing, but not make the contract contingent upon obtaining the financing, then agents should use the old clause in NVAR’s clause library on the bottom of the Forms List.

(2) Appraisal (these terms were in the Regional Sales Contract and are now in Paragraph 3 of the new addenda): Pursuant to VA and FHA rules, if the appraisal comes back even one dollar short of the agreed-upon purchase price, the Buyer has an absolute right to cancel the contract without forfeiting his or her deposit. This right is expressed in Paragraph 3A of each of the new forms.

However, in case of a low appraisal, the parties have further options if they wish to re-negotiate the terms of the contract. Those options are outlined in Paragraph 3B of each of the forms. In the event of a low appraisal, the Buyer may (1) elect to proceed at the agreed-upon price stated in the contract or (2) request that the Seller reduce the price to an amount no higher than the appraised value.

ask nvar

Ask NVAR, continued from page 11

Spring ForecastThursday, March 25, 2010

9:30 a.m. – 12:30 p.m.NVAR Herndon Center

MARKET MOMENTUM:Picking Up the Pace

From Metro to Main Street

SpeakersDr. Stephen Fuller, Director Dr. Jerry Gordon, PresidentCenter for Regional Analysis, Fairfax County EconomicGeorge Mason University Development Authority

Register today at nvar.com

2010

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JanFeb_10.indd 12 12/30/09 8:15:53 PM


B. Changes - VA Financing Addendum (K1339): (1) Termite Inspection: A new provision has been added to the form that not only indicates which buildings will be part of any termite inspection, but also allocates the cost of the termite inspection to the Seller. This allocation of cost reflects the current VA policies for payment of the termite inspection. If your client is relying on VA Financing, agents must make the appropriate selection in Paragraph 16 of the Regional Sales Contract so that the two provisions are not in conflict. Both should reflect that the Seller is paying for the termite inspection.

C. Changes - FHA Financing Addendum (K1340): (1) Termite Inspection: A new provision has been added to the form that indicates which buildings will be part of any termite inspection. Please note that this provision differs from its counterpart in the VA Financing Addendum, as it does not allocate payment of the costs for the termite inspection. The parties are free to negotiate who pays for the termite inspection.

K1333 – Lease Common Law (rev. 12/09). This form was revised to remove any reference to the VRLTA, since NVAR created a separate lease for those Landlords subject to the Act. The lease was also updated to comport with the law.

K1005 – Property Management Information Form (rev. 12/09). This form had been discontinued and was updated to match the current market requirements.

In addition, there is now a link on nvar.com to two DPOR forms: The Residential Property Disclosure Statement (07/09) and the Septic Waiver (07/09). These forms can be found at the bottom of the online forms Web page, which is accessible to members after login, by clicking on “Professional Services,” then “Online Forms.”

Agents should use the most current version of these forms in all transactions. If there is any uncertainty whether the version that is used is the current one, agents should check NVAR’s online forms, which note the latest revision dates next to the form names. ❈

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Vinh Nguyen Tapped as First Asian Leader Of NVAR

2010 Leadership Slate, Hall of Fame, Honorary Life Membership and Affiliate of the Year Award Winners Named


Led by Susan Mekenney, 2009 NVAR Chairman of the

Board, the Northern Virginia Association of Realtors® hosted its appreciation and installation ceremony, at which the 2010 leadership team was inducted.

“One year ago, I stated that the Realtor® community would help pull our economy out of the recession and onto the road to recovery,” said Mekenney to an audience of 200 guests at the Fairview Park Marriott in Falls Church on Thursday, Dec. 3. “Tonight, I pass the gavel to a man who exemplifies the true American dream. I feel confident he will continue to carry on the mission of our real estate community as the caretaker of that dream.”

NVAR congratulates Vinh Nguyen as the 2010 NVAR Chairman of the Board. Nguyen is the Broker/Owner of Westgate Realty Group, Inc., in Falls Church, Virginia.

“At a time when we have a fragile economy and an ending recession, NVAR proudly elected Vinh Nguyen

as our chairman, a man who was once a Vietnamese refugee and keenly recalls his family’s challenges of displacement,” said Christine M. Todd, NVAR’s Chief Executive Officer. “Vinh’s personal experiences, market insights and pervasive industry connections locally and on Capitol Hill will help us advance NVAR’s mission at a critical time in our region. It is our goal to be a part of this recovery by helping citizens buy affordable homes in neighborhoods that they can thrive in now and for years to come. We know that Vinh will help our membership exceed all expectations to achieve that.”

Nguyen’s Executive Committee was also sworn into office, and includes: Karen Trainor of Weichert Realtors® in Alexandria, Chairman-Elect; Pat Kline of Avery Hess Realtors® in Springfield, Secretary/Treasurer; and Susan Mekenney of RE/MAX Allegiance in Alexandria, Immediate Past Chairman.

“At NVAR, we are surrounded by many fine leaders,” said Nguyen. “We often overlook the accomplishments and the dedication of these unique individuals. And we need more like them. One of my personal goals is to reach out to

the younger members. We need more of you to step up and participate.” Nguyen urged members to get involved and help others to become engaged. “There are many seats at the table for you to create a positive impact,” he said.

Three members were granted NVAR Hall of Fame status during the December ceremonies. Candidates for the award are evaluated in the areas of professional longevity, productivity, association service, and overall professional image.

Appraiser Sue Bowers, owner of Suburban Appraisers and Consultants, was honored for her leadership role with NVAR’s Appraisal Advisory Group and Real Estate Finance Forum. Bob Gering of Long & Foster Real Estate in Alexandria, a residential property manager for more than 40 years, was tapped for his commitment to advancing the discipline of property management. Jane A. Quill, an associate broker with RE/MAX Presidential in Fairfax and NVAR’s 2008 Chairman of the Board, was recognized for her role as a local, state and national leader in commercial real estate.

Tracy Pless of Long & Foster (left) receives NVAR Honorary Life Member honors from 2009 NVAR Chairman Susan Mekenney.

2009 NVAR Chairman Susan Mekenney (left) and event sponsor John Stedman of Commission Express (right) present NVAR Hall of Fame awards to (left to right) Sue Bowers of Suburban Appraisers and Consultants, Bob Gering of Long & Foster and Jane A. Quill of RE/MAX Presidential.

appreciation & installation

JanFeb_10.indd 14 12/30/09 8:15:56 PM

agents need toKNOW


Incoming 2010 NVAR Chairman Vinh Nguyen thanks 2009 Chairman Susan Mekenney and presents gifts of appreciation from the association.

Michele Watson, Director of Homeownership Programs for VHDA, thanks NVAR for the Affiliate of the Year honors. She is joined by (left to right) VHDA’s Jose Paiz, Linda Wine and Janice Burgess.

agents need to know

The children of Graham Road Elementary School’s chorus serenade the audience with holiday songs and a beautiful rendition of “My Country ‘Tis of Thee.”

NVAR Honorary Life Membership was granted to Tracy Pless of Long & Foster Real Estate in Reston. The award is conferred upon a past Chairman of NVAR who has made and continues to make significant contributions to NVAR and the real estate profession at the local, state and national levels.

Pless has been dedicated to the real estate community since joining NVAR in 1986. She has served in many leadership capacities, including NVAR Chairman of the Board in 2005 and as a Director for both the Virginia and National Associations of Realtors®.

A tireless political activist, Pless has served continuously on NVAR’s Government Affairs and Political Action Committees. She has also devoted countless hours to community involvement in the Reston and Greater Washington areas.

More than 200 affiliate members help support NVAR’s educational events and programs. Each year, NVAR names one company as Affiliate of the Year. Honors for 2009 were awarded to the Virginia Housing Development Authority. “The people who work for this fine organization devote themselves to providing the tools and knowledge needed for low- and moderate-income Virginia residents to earn – and keep – their slice of the American dream,” said Mekenney. ❈

Walk Score™ is a tool that calculates the walkability of an address based on the

distance from the home to nearby amenities. Walk Score™ measures how easy it is to live a car-lite lifestyle—not how pretty the area is for walking.

The Walk Score™ Web site, walkscore.com, was developed to promote walkable neighborhoods in an effort to halt climate change, improve health, and strengthen communities.

Using a patent-pending algorithm, Walk Score™ assigns a number between zero and 100, with 100 being the most walkable, meaning that most errands can be accomplished on foot and many people get by without owning a car. The lowest-scoring residences would have virtually no neighborhood destinations within walking range. Walkscore.com offers a customizable tile that Realtors® can add to their Web sites to market the walkability and local amenities for any address. ❈

How Walkable is Your Listing?Take Steps to Find Out!

www.mbh.com

The Final RESPA RuleAre you ready?

Make sure you are not surprised at the table!

MBH is ready for the implementation of the new GFE and HUD-1 Settlement Statement.

Make sure you are too!

MBH Settlement Group is available to answer all of your questions. Call your local

Branch Manager for more details.

Look for forums on the new GFE and HUD-1 at NVAR in January and February 2010.

Alexandria Ryan Stuart, Esq.

703-739-0100

Annandale David Robertson, Esq.

703-852-3000

Arlington Christine Sanders, Esq.

703-237-1100

AshburnCindy Chilcoat 703-840-5000

Burke Donna Colasuonno

703-913-8080

Fair Oaks Julie Hinson, Esq.

703-279-1500

Fredericksburg Phillip Blake 540-373-1300

McLean Don Tomlinson, Esq.

703-734-8900

Gainesville Art Grace, Esq.

703-468-2020

Kingstowne Toula Gross, Esq.

703-417-5000

Lake Ridge David Field, Esq.

703-492-7900

Leesburg Sean Everhart, Esq.

703-840-2000

Manassas Matt Medaries, Esq.

703-393-0333

Reston Carrie Lindsey, Esq.

703-318-9333

Stafford Patrick Dolan 540-658-0992

ViennaRobin Mathis, Esq.

703-242-2860

Warrenton Courtney Barth

540-349-7990

Corporate Mark W. Carlson

703-277-6800

JanFeb_10.indd 16 12/30/09 8:15:58 PM

http://mbh.com/


agents need to know

On April 5, 2010, a new Treasury Department program entitled Home Affordable Foreclosure

Alternatives Program (HAFA) goes into effect. HAFA is part of the Home Affordable Modification Program (HAMP).

It provides incentives in connection with a short sale or a deed-in-lieu of foreclosure that is used to avoid foreclosure on a loan eligible for modification under the HAMP program. HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac. It is a complex program, with 43 pages of guidelines and forms, designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure.

Highlights of the HAFA program are as follows:

» Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.

» Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.

» Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).

» Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).

» Requires borrowers to be fully released from future liability for the first mortgage debt; no cash contribution, promissory note, or deficiency judgment is allowed.

» Uses standard processes, documents, and timeframes/deadlines.

» Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).

The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on December 31, 2012. For more information, visit hmpadmin.com. ❈

Treasury Department Announces Home Affordable Foreclosure Alternatives Program

JanFeb_10.indd 17 12/30/09 8:15:58 PM

http://westgaterealtygroup.com/

Figure 1: Single-Family Detached HomesNVAR Region Average & Median Prices Sept./Oct.

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$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000 20092008

Median Price ($)Average Price ($)

$559

,922

$579

,685

$485

,950

$506

,000

market update

All Calculations Are Not Created EqualRecently, Congress extended and expanded

the Federal home buyer tax credit, which had been scheduled to expire at the end of November 2009. Under the new program, first-time home buyers will receive an $8,000 tax credit if they sign a contract by April 30, 2010 and close by June 30, 2010. In addition, Congress authorized a $6,500 tax credit for existing home owners who want to buy a new house. There are limits on both household income and home price: Individuals must earn no more than $125,000 annually (and couples no more than $225,000) and the purchased home must cost no more than $800,000.

Northern Virginia is one of the wealthiest regions in the country, with relatively high average household income and home prices; however many first-time home buyers and current home owners will now be able to take advantage of the expanded tax credit program this winter and in spring 2010.

The rationale behind the home buyer tax credit program is that it will spur activity in declining and stagnating housing markets, which will provide a needed boost to the overall economy. Another impact will be upward pressure on home prices. In places where prices continue to decline, this will be a good thing for current home owners and sellers. In a place like Northern Virginia, where prices have already stabilized and, in some areas, have started to rise, the tax credit may make housing unaffordable to potential home buyers with moderate incomes.

Mean vs. Median: What Do They Measure?

As we watch home price trends in the NVAR region, it is important to understand what the numbers mean. Home prices are often reported as either averages or medians. Both home price measures are an attempt to indicate the “representative” home price, but they are calculated differently and can demonstrate different trends.

The average home price is calculated by adding up the prices of all homes sold and then dividing by the total number of homes sold during a certain period. The average is sometimes called the “mean” or the “arithmetic mean.” For example, in the two months of September and October 2009, the average or mean price of a home sold in the NVAR region was $427,874.

Another commonly used measure of home prices is the median price. The median is the middle value—that is, it is

the value that represents the price where half of the homes sold for less and half of the homes sold for more. Median prices are not affected by very high or very low values, like average prices are. In that same two-month period, the median price of homes sold in the NVAR region was $369,000. Median prices are often lower than average prices because a single (or a few) very expensive sales can pull up the average price.

The National Association of Realtors®, MRIS and NVAR report both average and median prices. Newspapers and other media outlets sometimes go back and forth between the two measures. Which measure is used makes a lot of difference in looking at where housing prices are heading.

NoVA Numbers Demonstrate Divergent Results

In September-October 2009, the average sold price of a single-family detached home in the NVAR region was $579,685 (Figure 1). During the same months a year earlier, the average price was $559,922. This reflects an increase of 3.5 percent in the average price of single-family detached homes in the region. Using medians, the percent increase is higher—4.1 percent. The median price in 2009 was $506,000, up from $485,950 in 2008.

The average price of a single-family attached home sold in the NVAR region in September-October 2009 was $374,410, up from an average of $345,800 in September-October 2008 (Figure 2). These figures represent an increase of 8.3 percent in the average price of a single-family attached home in the NVAR region. When median prices are used instead, the percent increase jumps to 14.2 percent, from $306,300 in September-October 2008 to $349,945 in September-October 2009. The price trends in the condominium/cooperative market in the NVAR region are either positive or


JanFeb_10.indd 18 12/30/09 8:16:02 PM

market update

Figure 2: Single-Family Attached HomesNVAR Region Average & Median Prices Sept./Oct.

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$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000


$345

,800

$374

,410

$306

,300

$349

,945

20092008

Figure 3: Condos/Co-OpsNVAR Region Average & Median Prices Sept./Oct.

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$283

,815

$266

,853

$250

,000

$250

,500

20092008

By Lisa A. Sturtevant, PhD, Assistant Research Professor, George Mason University School of Public PolicyAll Calculations Are Not Created Equal

Assessing Home Price Data in Northern Virginianegative depending on whether average prices or median prices are used. In September-October 2009, the average price of a condo/coop in the NVAR region was $266,853 (Figure 3). This represents a decline of 6 percent in the average price a year earlier. However, the median price in September-October 2009 was $250,500, while the median price in September-October 2008 was $250,000, indicating that prices actually rose by 0.2 percent during the year.

The differences in average and median prices are even more dramatic when examining sales in individual jurisdictions. For example, the average price of a single-family detached home in Arlington County was more than $700,000 in September-October 2009. However, the median price was only $506,000. This difference indicates that one or a few very high-priced homes sold in Arlington County, pulling the average price up. Price trends in Arlington differ depending on whether average or median prices are used. The average price of a single-family attached home in Arlington is down, while the median price is up. Conversely, the average condo price is up, while the median condo price is down.

Average and median prices also produce different price trends in Alexandria and Fairfax during the same time period. The average price of a single-family detached home in Alexandria rose just 0.6 percent, while the median price was up 4 percent. The median price of single-family attached homes is also up more than the average price. The average condo price in Alexandria dropped 3.3 percent while the median price dropped further (7.1 percent). In Fairfax (which includes Fairfax County and the cities of

Fairfax and Falls Church), the price changes for single-family detached and single-family attached homes were similar for average and median prices. However, the average condo price in Fairfax dropped almost 7 percent while the median price was down only 1.6 percent.

Which Price is Right?

Some people may ask what the “right” price measure to use is. Both the average and the median price are valid ways to describe home prices and home price trends. Some analysts prefer to use median prices because they are not affected by extremely high or extremely low values like averages are. However, averages are something most people are very comfortable with; more people may be unfamiliar with medians. Regardless of which measure is used, analysts should take care to be consistent—and not compare averages in one year with medians in another year. Also, when reading reports about the local housing market (or the national market) it is important to pay attention to which price measure is being used. In smaller markets (e.g. counties or cities) over shorter time periods (e.g. sales in one month), using median prices might be better since with fewer sales, particularly high or low prices can skew the average.

In general, the single-family market in the NVAR region is experiencing upward price growth—whether average or median prices are cited. The extended and expanded Federal home buyer tax credit should encourage sales activity in the first half of 2010 and cause home prices to rise faster than they would have without the credit. ❈


JanFeb_10.indd 19 12/30/09 8:16:07 PM

naviGatinG noRmalCy: When Will the Economy recover?Spurred by federal stimulus dollars, favorable

lending rates and increasing consumer confidence, the DC metro area market is on the upswing, reported experts from regional Realtor® associations on December 15, 2009.

The Washington Press Club was the venue for the 2009 Metropolitan Washington D.C. Year-End Real Estate Report, hosted by NVAR in conjunction with the Greater Capital Area (GCAAR), Greater Washington Commercial (GWCAR), and Prince George’s County (PGCAR) Associations of Realtors®. Leaders from those organizations joined John McClain, Senior Fellow and Deputy Director of the George Mason University Center for Regional Analysis to present their summaries for the 2009 real estate market and predictions about the future.

“I’m much more glad to be here talking about the coming year today than I was this time last year,” quipped McClain. Beginning with a discussion of national economic indicators, McClain noted that U.S. Gross Domestic Product finally turned positive in the third quarter of 2009 and predicted growth at a rate of 2 percent in 2010.

The employment picture continues to lag behind other factors, but “the bleeding has almost stopped,” explained McClain. This region fares better than everywhere else in terms of job loss, which bottomed out here in the summer of 2009, he said. The federal government is generating approximately 1,000 new jobs each month locally, which McClain stated would continue for several more months. As of October, 2009, the Washington D.C. metro region had the lowest unemployment figures of the 15 largest U.S. job markets.

“We’re certainly seeing some positive indications in the housing market,” McClain said. For six consecutive months through November 2009, inventory had been 20 percent lower than the previous year, and in November, 2009 average prices were up slightly in the Washington metro region, after bottoming out from the fourth quarter of 2008 through March 2009. The kick-out rate for new homes in this region was around 10 percent in November, a figure consistent with the long-term industry norm, according to McClain.

“Business cycles average approximately nine years,” McClain said, “and this has been the worst since 1945. But I believe we are now out of it.”

local Fundamentals“We are optimistic about the market’s sustainability even after the tax credit expires,” said Susan Mekenney, 2009 NVAR Chairman of the Board. Citing November 2009 data, she noted that 9,093 Virginia families had applied for federal tax credits, a number that does not include activity since the

credit was extended and expanded.

Mekenney was quick to point out that despite lower home prices, historically low interest rates and federal incentives that are helping the transition to recovery, foreclosures remain an issue for many homeowners. According to Virginia Housing Development Authority, at the end of November there were 17, 406 foreclosures in Virginia. Of those, almost 22 percent were in Fairfax County, 21 percent were in Prince William County and 9 percent occurred in Loudoun County. Arlington County and Alexandria each accounted for slightly more than 1 percent of statewide foreclosures.

However, Virginia’s stronger-than-average job market translates to fewer difficulties for home

owners here than in other parts of the Commonwealth and the country. According to data from the Mortgage Bankers Association, Mekenney reported that in the third quarter of 2009, 14.4 percent of all mortgages nationwide were at least one payment behind or somewhere in the foreclosure process. “In Virginia, the comparable figure was 9.9 percent,” she noted.

“We realize that foreclosure activity will wind its way through the system next year and into 2011,” Mekenney said, “Yet, we still see positive signs inherent in our local economy.”

D.c. market remains StableShelly Murray, 2010 President of GCAAR, discussing market trends for Montgomery County and the District of Columbia, noted an increase in settlements in October 2009, compared with 2008. That number was most pronounced for Montgomery County condominiums and co-ops, which boasted an 86 percent hike. Murray noted that the D.C. market tended to be more stable than the surrounding areas.

Montgomery County single-family inventory was 50 percent lower in October 2009 than 2008 levels, reaching numbers that are

By Ann Gutkin, Communications & Media Relations Manager

year-end press conference


Freelance writer and Update magazine contributor Michele Lerner questions the panel of experts about the upper end of the market.

" We are optimistic about the market’s sustainability even after the tax credit expires.”

Susan Mekenney, 2009 NVAR Chairman of the Board

naviGatinG noRmalCy: When Will the Economy recover?

JanFeb_10.indd 20 12/30/09 8:16:07 PM

naviGatinG noRmalCy: When Will the Economy recover?

closer to historic norms. Inventory for that sector had ballooned in 2007 and 2008, explained Murray, demonstrating how outer suburbs were harder hit than other areas during the height of the down market. “Signs of stability are now returning to the market,” Murray said.

Although prices in Montgomery County and D.C. remain low, they are still nearly double what they were one decade ago. “Real estate remains a good long-term investment,” Murray maintained.

Federal Aid Key for prince George’s countyPrince George’s County has the dubious distinction of leading the state of Maryland in foreclosures admitted Michael Cerrito, 2010 President of PGCAR. He noted that the county received $11.8 million in federal stimulus funds and another $2 million from the state of Maryland. Seventy-five percent of the money is slated for down payment and closing assistance. The remaining funds are for acquiring and rehabilitating blighted properties and offering home buyer counseling, he explained.

Cerrito proudly reported that since the July 2009 inception of the “Down Payment on Your Dream” neighborhood stabilization program, 200 loans had settled. The program’s goal is to enable more than 600 foreclosed homes to be purchased by buyers with the remaining $6 million available through September 2010.

“Prince George’s County has the most affordable homes in the region,” Cerrito stated. He noted that prices are slowly leveling and inventory is decreasing. Several factors work in Prince George’s County’s favor, according to

Cerrito. An increase of jobs associated with Base Realignment and Closure moves at Ft. Meade, the Inter-County Connector and Woodrow Wilson Bridge projects and the National Harbor development are among them.

metro-Area commercial marketThe office market is on a different cycle than housing, and has not quite hit bottom, according to McClain. “There is still building going on, because it got started before things got bad,” he said.

“It’s a great time to be a tenant,” stated Susan Pepper of Grubb & Ellis, 2010 President of GWCAR. Notwithstanding this region’s stronger job picture compared to nationwide numbers, lost jobs still translate to rising vacancy rates. Adding to this, said Pepper, is “an extraordinary delivery of new space.” Approximately 8 million square feet of new metro area office space is anticipated during 2010. “If not another shovel goes in the ground, we're going to have an inventory that will last at least five years,” Pepper exclaimed.

Economic and job growth are forecasted to track favorably in 2010, but rental rates will remain relatively flat and major tenant concessions are likely to continue, Pepper predicted. Sales of office investment property should pick up in 2010. Federal dollars will also aid the commercial market in this region, Pepper said, with government leasing driving the market in the year ahead.

Strong local fundamentals offer much hope for this region of continued market improvement throughout 2010. This holds true in zip codes on both sides of the river.

PowerPoint presentations from these five speakers may be accessed from nvar.com. For an updated analysis of the Northern Virginia market, attend the NVAR Spring Forecast in Herndon on March 25. Details on page 12. ❈

year-end press conference


Regional experts (left to right) deliver real estate market reports on December 15, 2009: Susan Pepper, 2010 GWCAR President; Michael Cerrito, 2009 PGCAR President; Shelly Murray, 2010 GCAAR President; Susan Mekenney, 2009 NVAR Chairman; & John McClain, Senior Fellow & Deputy Director, GMU Center for Regional Analysis.

Washington Examiner Assistant Managing News Editor Dee Ann Divis (left) chats with NVAR CEO Christine M. Todd about the Northern Virginia market.

News Channel 8’s Ben Eisler interviews NVAR Chairman Susan Mekenney for the 7 p.m. business news.

GMU’s John McClain (left) answers real estate questions from Byron Wolfe of Washingtonian magazine.

And How Will Recovery Affect the Metro-Area Housing Market?

JanFeb_10.indd 21 12/30/09 8:16:09 PM

legal perspective


On October 21, 2009, the U.S. Department of Housing and Urban Development

issued a press release announcing its intention to propose regulations ensuring that HUD’s rental programs are open to all, regardless of sexual orientation or gender identity.

“The evidence is clear that some are denied the opportunity to make housing choices in our nation based on who they are and that must end,” said [HUD Secretary Shaun] Donovan. “President Obama and I are determined that a qualified individual and family will not be denied housing choice based on sexual orientation or gender identity.”

. . . The proposed rule, [which will provide an opportunity for public comment,] will:

» clarify that the term “family” as used to describe eligible beneficiaries of our public housing and Housing Choice Voucher programs include otherwise eligible lesbian, gay, bi-sexual or transgender (LGBT) individuals and couples. HUD’s public housing and voucher programs help more than 3 million families to rent an affordable home. The Department’s intent to propose new regulations will clarify family status to ensure its subsidized housing programs are available to all families, regardless of their sexual orientation or gender identity.

» require grantees and those who participate in the Department’s programs to comply with local and state non-discrimination laws that cover sexual orientation or gender identity; and specify that any FHA-insured mortgage loan must be based on the credit-worthiness of a borrower and not on unrelated factors or characteristics such as sexual orientation or gender identity.

In addition to issuance of [the] proposed rule, HUD will commission the first-ever national study

of discrimination against members of the LGBT community in the rental and sale of housing.

HUD expects to begin the regulatory process immediately. The LGBT discrimination study is similarly fast tracked. HUD undertook important research in 1977, 1989 and 2000 to study the impact of housing discrimination on the basis of race and color. It is believed that LGBT individuals and families may remain silent because in many local jurisdictions, they may have little or no legal recourse. HUD’s study will examine housing discrimination based on sexual orientation or gender identity.

While there are no national assessments of LGBT housing discrimination, there are state and local studies that have shown this sort of bias. For example, Michigan’s Fair Housing Centers found that nearly 30 percent of same-sex couples were treated differently when attempting to buy or rent a home.

What This Means for Virginia Realtors®

With this press release, HUD announces its intention to present regulations which would ensure that HUD’s public housing and voucher programs are open to LGBT tenants and prospective tenants. In addition, individuals who receive grants from HUD or participate in its programs will be required to comply with state or local sexual orientation or gender identity laws. The proposed regulations also specify that FHA-insured mortgage qualifications cannot take sexual orientation or gender identity into account.

While the regulations are designed to ensure the protection of LGBT individuals, such discrimination will only be assessed based on state and local laws. The fair housing laws in Virginia do not classify LGBT individuals as a protected class, and few localities have enacted laws for the protection of those individuals. HUD will conduct a national study to assess the levels of discrimination against LGBT individuals, but does not seem ready to propose a new federally-protected class to add to the Fair Housing laws. ❈

HUD Regulations to Address Sexual Orientation,

Gender IdentityBy Sarah Louppe Petcher, General Counsel

JanFeb_10.indd 22 12/30/09 8:16:10 PM


houselogic.com

Check It Out: HouseLogic.com NAR’s new consumer Web site, HouseLogic,

offers everything home owners need to increase, maintain and protect the value of their home.

HouseLogic allows Realtors® to:

• Keep in touch with clients and customers with free ready-to-use content, through its REALTOR® Content Resource (RCR). The RCR contains top-quality content for Web sites, blogs, and newsletters that can be easily integrated with existing communications efforts.

• Use insights and data to position themselves with home owners as a go-to resource to help them make smart decisions about their home.

• Drive their business forward by maintaining and growing consumer relationships with information that is valuable and relevant.

To learn more and to watch NAR’s short introductory video, visit Realtor.org/HouseLogic. ❈

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StreSS BuSterS!

stress busters



JanFeb_10.indd 24 12/30/09 8:16:17 PM

StreSS BuSterS!Time is money, particularly for independent

contractors such as Realtors®. Unlike salaried workers, agents won’t continue to earn money when they take a day off. Under those circumstances, Realtors® may be tempted to work as many hours as they can until they collapse from the lack of sleep and pressure. Yet some agents do manage to stay on top of their careers while maintaining a satisfying personal life. How do they do it?

Spending a day at the spa or a week at the beach may seem like the ideal way to de-stress, but many busy Realtors® find taking that much time for themselves impossible. Some agents and brokers have developed systems that carve out space for everything they must do along with those things they want to do.

Organization & Scheduling: the One-two Punch For Fighting Stress

“There’s no one way to do business, and many agents have different systems that help them, but I believe the best

way to handle it is to be extremely organized in your business and in your personal life,” says

Maureen O’Hara, managing broker of a Long & Foster Real Estate office in Reston. “I

know that agents have to be even more flexible than brokers, but they need to make a daily, monthly and yearly plan, even if they have to change it later.”

O’Hara concedes that every day has to have an allowance for the unexpected, but believes that certain things should remain consistent. She stresses the importance of having something

related to business development on a Realtor’s® daily to-do list, such as working on lead generation by getting in touch with past clients and potential new ones.

“The real estate business is stressful when you are not in control of your time or your clients,” says O’Hara.

Staying organized and keeping a daily schedule with something planned for each day to generate business can help agents feel less stressed.

“Anyone who tells you that you can balance your life is crazy,” says Derek Blain, a Realtor® with Keller Williams Realty in McLean. “All you can do is counter balance it.”

Blain uses time blocking and scheduling to handle stress. “I schedule lead generation time and time for administrative tasks and vacations, too,” says Blain. “I also schedule time for exercise.”

Scott MacDonald, a broker and owner of two Re/Max Gateway offices, including one in Chantilly, says that setting goals should be the first step toward handling stress.

“You have to know what you need to do to attain your goals daily, weekly, monthly and yearly, and then you need to manage your time to get yourself there,” says MacDonald. “I schedule my work time very tightly by meeting with agents in the morning one-on-one, then doing other brokerage work from 11 a.m. to 2 p.m., then working with clients in the afternoons and evenings.”

MacDonald also closes his door at the office when he isn’t meeting with staff or clients so that he can focus without distractions.

Controlling Your Clients & Your Communication

MacDonald uses a BlackBerry for emails and sets priorities for the urgency of every message so that he can set aside time to deal with each one.

Stress Busters, continued on page 26

stress busters


By Michele Lerner


By Michele Lerner

JanFeb_10.indd 25 12/30/09 8:16:20 PM

“ Anyone who tells you that you can balance your life is crazy,” says Derek Blain, a Realtor® with Keller Williams Realty in McLean. “All you can do is counter balance it.”

Stress Busters, continued from page 25

stress busters

“I recommend that everyone remove the ‘sent from my BlackBerry’ signature line from their emails, because once you have that, everyone expects you to answer every email immediately from your BlackBerry.”

MacDonald also pays about $30 per month for a service that automatically turns every voice mail into an email.

“Instead of listening to my voice mails, which can take a lot of time, I can read them quickly and then forward them to someone else to answer if that makes more sense,” says MacDonald. “The great thing about this system is that you can keep your own number,

unlike [other systems], which [require] an 866 number.”

O’Hara suggests that agents take control of their clients and their communication.

“Recently I left someone a message whose voice mail said they return calls daily between 3 and 5 p.m.,” says O’Hara. “That’s a great idea, because then you don’t get caught up in this cycle of constant calls.”

She suggests that agents attempt to have their clients work with them on their preferred schedule whenever possible, which allows the agents to have some control over their time.

MacDonald coaches two

basketball teams for

his children in addition to

maintaining a complex work schedule, so he

schedules his practices and games as appointments.

“When I am working with clients and they ask to meet during a

practice time, I just tell them I have other appointments, and we schedule

our appointment for another time,” says MacDonald. “Actually, when you are working with clients I’m not sure it’s so great to say you are wide open. People don’t want to work with someone who doesn’t have any business.”

Agents can easily lose control of their time by being constantly available for phone calls or other communication with clients.

“I prioritize my emails and my voice mails, because some are urgent and some are not,” says Blain. “Anything that can wait, I will leave for the morning, which is a great time to catch up on less urgent emails.”

Outsourcing & the team Approach

“I share an assistant with other agents so that I can pay her on an hourly basis,” says Blain. “I also outsource as much as I can, such as direct mail and brochures, which can be streamlined through my office.”

Hiring part-time help as often as possible to help with routine administrative items and things such as direct mailing works for Mike Malferrari, a Realtor® with Avery Hess Realtors® in Springfield, who does not have a full-time assistant.


“ Anyone who tells you that you can balance your life is crazy,” says Derek Blain, a Realtor® with Keller Williams Realty in McLean. “All you can do is counter balance it.”

JanFeb_10.indd 26 12/30/09 8:16:24 PM

stress busters


MacDonald works with a real estate team and a team of managers for his offices. “I really believe that you should ‘do what you do best and then delegate the rest’,” says MacDonald. “I’ve been very careful to hire people who work well together, and this has increased our volume of business tremendously.”

MacDonald maintains that good time management begins with being able to communicate well with everyone. All of his meetings have an agenda that is sent to participants ahead of time, so that each meeting can be as short as 15 minutes if possible.

Diane Edwards, a Realtor® with Century 21 New Millennium in McLean, says she relies on back-up support from her office, especially for brochures.

“One thing that helps me with stress is the ability to work from multiple locations,” says Edwards. “I have a completely outfitted home office so that I can relax physically while still getting work done. If I need help, I can get online support from my regular office.”

reaching Out to Your Broker & Colleagues

While some agents think handling the roiling real estate market of the past few years may require professional mental health counseling, others rely on their office mates for “talk therapy.”

“I work with all my agents to identify the problems that are causing stress and possible solutions to the problems,” says Jo Anne Johnson, managing broker at Westgate Realty Group in Falls Church. “For instance, recently an agent was facing an extremely frustrating situation with a client, and we eventually realized that they just could not get along. I took over the final steps of the transaction instead of the agent, including the walk through and the settlement. Agents need to see that one solution for stressful problems can be turning to their broker.”

Johnson says that she tries to be available at every possible moment for her agents, no matter the time of day.

“If someone calls and they are in the middle of a settlement or have another urgent problem, I need to be there for them no matter what I am doing,” says Johnson.

Johnson fosters camaraderie among the agents in her office with guest speakers and frequent meetings. They know they can trust her and each other to help them with difficult issues.

Edwards agrees. “We work hard to share our frustrations and problems because we can help each other with solutions or just by listening,” she says. “We also have an extremely supportive manager. No problem is too big or too small to discuss with our manager.”

O’Hara says work can actually be a great stress-reliever for people with problems in their personal lives.

“If you can get involved in what you are doing you can sometimes leave the other stress in your life at the front door of the office,” says O’Hara.

A Sound Mind & a Healthy Body

“Working out is very important,” says Blain. “Your body is a multi-million-dollar-producing machine, so you have to work at keeping it in the best possible shape.”

Malferrari runs three to four times every week, usually in the morning.

“I find that while I am exercising I am free to think away from the phone calls and emails that normally interrupt my time,” says Malferrari. “I like to do it in the morning because it helps me plan my day.”

Morning exercise seems to work best for many agents as a way to find time for themselves physically and mentally.

O’Hara says, “I get up early and I am exercising by 6 a.m. at least five times per week. While I am exercising, my brain gets in gear, too, and by the time I am dressing for work I am working on my mental list of things to do.”

the upside of Down time

When it’s time to take a true vacation rather than an hour or a day off, many agents opt to schedule a trip between late October and early January to take advantage of real estate’s traditional slow period.

“Luckily my child isn’t in school yet, so we are able to take vacations at non-traditional times,” says Malferrari. “We plan our vacations around the quiet times in the market.”

Refreshed by time away from home, agents can begin the New Year with enthusiasm and plenty of plans for a productive year.

Whether it’s relaxing at the beach, unwinding on the treadmill, or commiserating with colleagues, busy agents should take advantage of opportunities to minimize stress. These personal investments ultimately will yield positive business results. ❈

JanFeb_10.indd 27 12/30/09 8:16:26 PM

government affairs


This past year was successful for Realtors® as they advanced their legislative agenda at all levels of

government. Out of that flurry of activity came a number of policy victories, but there are issues still to be addressed in 2010.

The summary below shows the ways in which Realtor® associations have promoted member interests and will continue to champion industry priorities at the federal, state and local levels:

2009 Advocacy Accomplishments » Banned banks from real estate brokerage activities

permanently

» Extended and expanded first-time home buyer’s tax credit

» Extended higher FHA loan limits for high-cost areas

» Removed point-of-sale energy efficiency mandates from House version of climate change bill

» Prohibited Virginia’s local governments from banning alternative septic systems

» Affirmed the ability of home owners to rebuild non-conforming structures destroyed by fire and other natural disasters

» Prohibited attorneys from receiving referral fees unless licensed by the real estate board

» Altered proposal to require costly engineering surveys for infill housing projects in Fairfax County.

2010 Legislative Priorities » Obtain more affordable health insurance for Realtors®

and their families

» Ensure that environmental initiatives do not include energy audit, labeling or retrofit mandates

» Correct the unintended consequences of the Home Valuation Code of Conduct and regulate Appraisal Management Companies

» Secure dedicated, reliable and broad-based transportation funding

» Seek statewide uniformity in off-site real estate sign regulations

» Strengthen reciprocity license requirements for out-of-state agents entering Virginia

» Streamline the process for brokers to disburse disputed escrow deposits

» Correct discrepancies in the real estate assessment appeals process.

By Lisa Vierse May, Government Affairs Manager

Realtor® LegislationA Look Back, A Look Ahead

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meet your delegates


Thomas “Tag” Greason (R) – 32nd District (Sterling)

Greason is executive vice president for Current Analysis, Inc. and a Commissioner on the Loudoun County Economic Development Commission (EDC). He has served as a 2nd Lieutenant with the Corps of Engineers and an officer in the Virginia National Guard. He is a graduate of the United States Military Academy at West Point and received an MBA from George Mason University.

Barbara Comstock (R) – 34th District (McLean)

Comstock is a founding partner of Corallo Comstock, a public relations and government affairs firm, and previously worked for the Department of Justice and the House Government Reform and Oversight Committee. In the 1990s she served as a senior aide to Congressman Frank Wolf (R – 10). Comstock is a graduate of Georgetown University Law Center and Middlebury College.

Mark Keam (D) – 35th District (Vienna)

Keam has worked for the Federal Communications Commission (FCC) as an enforcement attorney and as assistant chief counsel in the Office of Advocacy within the Small Business Administration (SBA). In 2001, Keam worked for the U.S. Senate Judiciary Committee and Senator Dick Durbin as chief counsel. He is a graduate of University of California at Irvine and Hastings College of the Law.

L. Kaye Kory (D) – 38th District (Falls Church)

Kaye Kory has been a Fairfax County School Board member since 1999. She has also worked as a program analyst for the Fairfax County Department of Community Action, program manager for a Community Agency on Aging, and executive director for Saunders B. Moon Senior Citizens Center. Kory is a graduate of the Western College for Women.

Scott Surovell (D) – 44th District (Mt. Vernon)

Surovell is a co-founding partner and owner of Surovell Markle Isaacs and Levy PLC and was elected chairman of the Fairfax County Democratic Committee in 2008. Prior to his law career, Surovell held several Congressional internships and was appointed to a Governors’ Fellowship with then-Governor L. Douglas Wilder. He is a graduate of James Madison University and the University of Virginia School of Law.

Patrick Hope (D) – 47th District (Arlington)

Hope is the Director of Legislative Policy at the American College of Cardiology and an Adjunct Professor at Johns Hopkins University Bloomberg School of Public Health. He has been active in the Arlington County Community Services board since 2003 and served as chairman from 2005-2008. He is a graduate of St. Mary’s University and Catholic University.

Jim LeMunyon (R) – 67th District (Chantilly)

LeMunyon is a technology company entrepreneur, heading both HexaTech and Sterling Semiconductor in the past 20 years. He also served as Deputy Assistant Secretary of Commerce from 1989-1993 and as an adjunct faculty member of George Mason University. LeMunyon is a graduate of Valparaiso University and the University of Wisconsin

MeeT YOuR DeLeGATeS: A Guide to the Commonwealth’s Newest Legislators

Of the 20 new members elected to the Virginia House of Delegates in November, seven now represent districts in Northern Virginia. The following is a quick background of the new faces who will represent this region in Richmond.

JanFeb_10.indd 29 12/30/09 8:16:29 PM

mris


Critical information used by real estate professionals each

day to serve their customers resides in the MRIS database. This material is entered, updated, and shared by Realtors® as part of their work with buyers and sellers of real estate across this region. Nearly 50,000 real estate professionals depend on the integrity of MRIS information– the data that Realtors® post and agree to maintain as current and up-to-date as part of their relationship with MRIS. This is an important responsibility – and one with real consequences to all users. All industry professionals share accountability for the integrity of the listing information in MRIS.

Data integrity can be defined as a system user’s confidence that the listing information posted to the MRIS service accurately reflects the subject property. To take a practical example, data integrity speaks to a Realtor’s®

confidence that a property listed in the MLS as having four bedrooms and a carport will indeed have those features.

Certainly, MRIS offers diverse technology products that help agents publicize their listings, brand themselves and their skills, and enable them to communicate with clients. Having access to accurate, up-to-date listings information supports their ability to: respond to customers’ questions rapidly; answer customers’ questions accurately; and save time by performing a powerful search of listing information that is consolidated in one place.

The concept of “garbage in, garbage out” can be applied to many situations, both personal and professional. When it comes to the MLS database, no statement could be truer. With MRIS, listings data is as carefully maintained as current systems, rules and regulations, will allow. When agents review property listings on non-MLS Web sites, it may be difficult to know where that information originated. Experience is demonstrating that little if any policing is done on the data in non-MLS services, at least not at the levels offered from an MLS. Also unclear is whether (and how often) the information is refreshed. Listing

agents who do not enter or maintain their listings accurately on any of these sites run the risk of violating the Code of Ethics and state licensing laws that govern their professional conduct.

Everyone who is involved with the MLS shares responsibility and has a role in maintaining the integrity of the information. On the MRIS side, that responsibility rests first with the Compliance Department, which has tools to enforce the Rules and Regulations, raise awareness of their violations, and apply sanctions as applicable. But Compliance does much more than enforce rules and regulations. That department also offers information and guidelines to help all MRIS subscribers understand the Rules and Regulations of the system. They monitor and anticipate new issues in the real estate industry and help establish best practices. MRIS supports all of its subscribers in this effort by: offering free, in-person or virtual classes on how to properly use their services; providing an online tool, the Listing Compliance Report, to help agents regularly check on their listings; setting up the “Report a Violation” button found on every listing that encourages peer review and simplifies reporting; and publishing news items and speaking at industry events about Compliance issues.

MRIS understands that agents want to provide their clients with accurate listing information on available properties that best meet their needs. Working together actively to support the integrity of what goes into MRIS will ensure that this information can continue to be the real estate professional’s most powerful tool in making their day-to-day business a success. ❈

Data Integrity Critical to Utility of Multiple Listing Systems

Responsibility is Shared by All UsersBy Metropolitan Regional Information Systems, Inc., (MRIS)

JanFeb_10.indd 30 12/30/09 8:16:30 PM

Annual Legislative Trip To The State

Capitol

Thursday, February 4, 2010

Departs at 7:30 a.m. fromNVAR Fairfax Headquarters

Returns by 6 p.m.

» Meet your elected o�cials & watch the General Assembly at work» Breakfast will be served at NVAR Headquarters at 7 a.m.» Lunch & refreshments en route provided» $20 per person

Visit nvar.com to sign-up for this event!

Questions? Contact Lisa May at703.207.3201 or [email protected]

Richmond, VaDRUMSTIXDASH 8KNOVEMBER 28, 2009

HOUSING & COMMUNITY SERVICES OF NORTHERN VIRGINIA, INC.


drumstix dash

The Northern Virginia Association of Realtors® served as the lead

sponsor of the first-ever Drumstix Dash 8K and Family Fun Run on Sat., Nov. 28, 2009. A fundraiser for the Housing & Community

Services of Northern, Virginia, the race, located at Burke Lake Park in Fairfax Station, was organized to help the non-profit group provide counseling services for people in need of stabilizing their housing situation.

The HCSNV licensed staff assists referred clients by teaching them how to avoid homelessness while helping them to achieve financial self-sufficiency. After the emergency is under control, the counselors assist with monitoring tools to ensure their clients’ success. Contact [email protected] for more information. ❈

NVAR Sponsors Drumstix Dash 8K

Runners and Walkers Burn off Thanksgiving Calories at Burke Lake Park

NVAR CEO Christine M. Todd greets runners at the start line and states that NVAR’s mission is to enable our members to help residents obtain affordable housing. In response, the runners cheered.

Walkers who were up to the five-mile trail were also a big part of the success of the Drumstix Dash. Not all of the 410 participants were racing on the Saturday after Thanksgiving. But these walkers wanted to burn calories. They came out in support of the cause to help those in housing distress achieve the goal of self-sufficiency, too.

Even the younger set got down to business in a one-mile fun run.

Runners take their first strides of the eight-kilometer race in Burke Lake Park.

JanFeb_10.indd 31 12/30/09 8:16:32 PM

Remodeling Survives with Scaled-Back Projects: Attic Bedrooms Climb to the Top


agents need to know

Every year, Remodeling magazine and REALTOR® magazine present the Cost vs. Value report,

which provides the average values of various home projects on a regional and national basis. This latest report marks the 22nd annual report on the relationship between remodeling costs and resale value.

To compare national and regional averages for 33 popular remodeling projects, visit http://www.remodeling.hw.net/2009/costvsvalue/national.aspx. The Web site includes information about how the Remodeling 2009–10 Cost vs. Value Report was constructed, as well as detailed analysis of the results.

Lower LimitFalling home prices pushed the value of remodeling investments down for the fourth consecutive year, but small-scale projects and replacements may be leading the way to recovery.

Over the years, the Remodeling Cost vs. Value Report has been a reliable gauge of the general temperature of the residential remodeling and real estate markets. Typically, it is retrospective, but at times it has served to forecast a trend, as it did in 2006. That year the cost-to-value ratio dropped more than 10 points, a downturn that most remodeling professionals didn’t begin to feel until a year or more later. That 2006 Report was even out ahead of existing home prices, which in most markets didn’t start to drop until 2007.

In 2008, the deepening housing crisis and fourth-quarter financial market meltdown made it difficult to interpret the Cost vs. Value data, which was collected during the spring and midsummer. The results seemed to indicate that remodeling activity was about to reach bottom and start turning up, but after the declaration of a U.S. recession, all bets were off. For many remodelers during that time, it was as if a switch had been flipped; existing business was cancelled or indefinitely postponed, and the prospect of new business simply vanished.

Against this backdrop, it was futile to speculate about the story that the 2009 data would tell. And considering all of the economic volatility of the last 12 months, the 2009–10 Cost vs. Value Report is remarkably stable. But are things getting better or worse?

Mixed SignalsThe data indicate that the trend is still headed downward: last year’s overall cost-value ratio was 67.3 percent, down 2.7 points from the year before; this year’s ratio is 63.8 percent, a considerably larger 3.5-point drop. Resale values are also down, a not surprising fact given the state of the housing and credit markets. What is surprising, however, is that costs for virtually every project surveyed have gone up, albeit at a slower rate than last year. This comes at a time when there is abundant anecdotal evidence that remodeling is on sale just about everywhere.

The true state of remodeling costs is difficult to pin down, but there is some evidence that material and labor costs have not changed much, and that the deep discounts we have all heard about are the result of other factors. The most obvious is the ferociously competitive environment that has led remodelers to drastic cuts in workforce, general overhead, and profit. Less obvious is the work that is being priced below cost, either by remodeling industry newcomers who have yet to learn what margins are required to remain viable, or by veteran contractors trying to keep busy until the economy turns around. Still less obvious are the changes being made to the projects themselves, as

Attic Bedrooms Climb to the TopAdapted from a November, 2009 REMODELING article by Sal Alfano, editorial director

F.A. Dan DanielsPrincipal Broker

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cost vs. value report

home owners opt for fewer frills and less-expensive finishes.

The cost data used in the Cost vs. Value Report are based on estimates for hypothetical projects, with no reliable way to accommodate these kinds of fluctuations. At some point, the downward pressure on prices reaches a limit; how close that limit might be depends on what happens to the economy. If the recovery is long and slow, competition will continue to keep prices low. If the recovery comes sooner and remodeling contractors begin to hire again, prices may creep upward. How much and how fast remains to be seen. But given the general slimming down that has occurred over the past year, and the fact that new hires are often paid less than the workers they replace, it could be that prices hold steady. In that case, this year’s Cost vs. Value could be lagging behind real-world events; but it may also be an indicator, if not of where prices currently are, then of where they are ultimately headed.

Back to BasicsSince the peak year of 2005, exterior replacement projects have migrated to the top of the rankings; again this year they occupy seven of the top 10 spots in terms of cost recouped. One reason, of course, is that curb appeal has a strong effect on prospective buyers. Another has to do with cost. Replacements are among the least expensive projects surveyed — all seven in the top 10 are less than $15,000 in size, and the new entry door replacement project that earned the top ranking also happens to be the least-expensive improvement on the list. By contrast, nine of the 12 upscale projects finished out in the top half of the rankings; the most notable exception is fiber-cement siding replacement, which once again tops the list of upscale projects and ranks second overall.

If there is surprise in this year’s results, it’s the attic bedroom. After hovering around the middle of the rankings in recent years, it jumped into the third

spot in cost recouped. Cost may again be a factor: despite a price tag of nearly $50,000, this project is the least expensive way to add conditioned living space.

Context CountsMore than ever, this year’s results need to be seen in context of what is easily the most volatile housing market in memory. Foreclosures have had a destabilizing effect on appraisals, and tight credit and underwater mortgages have stalled remodeling plans for many home owners. If and when the economy begins to improve steadily, home owners will once again begin to scratch their remodeling itch. But the four-year Cost vs. Value trend toward smaller, low-maintenance projects and an emphasis on essentials over extras will likely continue to influence their buying decisions. And if the experts are right about the permanent changes this recession could make to consumer spending habits, remodelers may need to accommodate with permanent changes of their own. ❈

Remodeling Cost vs. Value Report, 2009-2010 Data Available Now

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hud forms faqs


Below is an excerpt of the U.S. Department of Housing and Urban Development’s list of

Frequently-Asked Questions on the new Good Faith Estimate (GFE) and HUD-1 forms that became effective January 1, 2010.

For HUD’s complete list of FAQs see: http://www.hud.gov/offices/hsg/ramh/res/resparulefaqs.pdf

What happens if a GFE is not provided to a borrower?In a transaction involving a federally related mortgage, the loan originator is required to provide a GFE to the borrower. Failure to provide a GFE as required is a violation of Section 5 of RESPA.

When will the use of the new GFE and HUD-1 forms be required?The new GFE and HUD-1 forms must be used as of January 1, 2010. The new GFE and HUD-1 forms may be used before this date. Please note that if a loan originator issues a GFE on the new form, then the settlement agent must use the new HUD-1 form and the tolerances and other requirements in the revised RESPA regulations will apply.

Is a GFE a loan commitment?No, the GFE is not a loan commitment. A GFE is an estimate of settlement charges a borrower is likely to incur to obtain a specific loan.

At what point can a loan originator charge a loan applicant fees for services other than the cost of obtaining a credit report?After a loan applicant both receives a GFE and indicates an intention to proceed with the loan covered by the GFE, the loan originator may collect fees beyond the cost of a credit report for origination-related services.

When a mortgage broker receives an application or information sufficient to complete an application, when does the lender who agrees to go forward on the application have to provide the GFE?Not later than three business days after the mortgage broker received the application or information sufficient to complete the application, either the lender or the mortgage broker must provide a GFE. The lender is responsible for ascertaining whether the GFE has been provided.

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hud forms faqs


New HUD Forms Now in Use: Are You PreparedNew HUD Forms Now in Use: Are You Prepared If at the time a GFE is issued it is known that the seller will pay settlement charges typically paid by the borrower, how are the charges disclosed on the GFE?All charges typically paid by the borrower must be disclosed on the GFE regardless of whether the charges will be paid for by the borrower, the seller, or other party.

Are charges to the seller listed on the GFE?RESPA requires that only the borrower receive a GFE. The GFE is defined as an estimate of settlement charges a borrower is likely to incur in connection with the settlement. Charges that typically would not be charged to the borrower, but would be charged to another party—such as the seller—do not have to be included on the GFE. If the borrower typically would incur charges for title services and lender’s

and owner’s title insurance, the GFE instructions make it clear that those charges are required to be listed regardless of whether, for example, the contract requires the seller to pay for the service. If there is a question about whether the borrower or seller is to pay for a particular settlement service, the charge for that service should be disclosed on the GFE.

May a loan originator include an affiliated business on the “written list” of settlement service providers that must be provided with the GFE?Yes. A loan originator may identify an affiliated business on the “written list.” The “affiliated business arrangement disclosure” must be provided at the time the GFE is provided to the borrower or at the time of referral, whichever is earlier.

Once a GFE is issued are there any circumstances under which the loan terms or charges can change?Yes. The loan terms or charges can change in the event that there are changed circumstances. “Changed circumstances” is now defined in 200 CFR § 3500.2 as: (1) Acts of God, war, disaster, or other emergency; (2) Information particular to the borrower or transaction that was relied on in providing the GFE and that changes or is found to be inaccurate after the GFE has been provided, which information may include information about the credit quality of the borrower, the amount of the loan, the estimated value of the property,

HUD Forms FAQs, continued on page 36

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or any other information that was used in providing the GFE; (3) New information particular to the borrower or transaction that was not relied on in providing the GFE; or (4) Other circumstances that are particular to the borrower or transaction, including boundary disputes, the need for flood insurance, or environmental problems.

None of the information collected by the loan originator prior to issuing the GFE may later become the basis for a “changed circumstance” upon which a loan originator may offer a revised GFE, unless the loan originator can demonstrate that there was a change in the particular information or that it was inaccurate, or that the loan originator did not rely on that particular information in issuing the GFE. In addition, the loan originator is presumed to have relied on the borrower‘s name, the borrower‘s monthly income, the property address, an estimate of the value of the property, the mortgage loan amount sought, and any information contained

in any credit report obtained by the loan originator before providing the GFE. The loan originator cannot base a revision of the GFE on this information, unless it changed or is later found to be inaccurate.

If a transaction involves new construction in which the loan may not close for months, how does this affect the issuance of a GFE?In transactions involving new home purchases, where settlement is anticipated to occur more than 60 calendar days from the time a GFE is provided, the loan originator may provide the GFE to the borrower with a clear and conspicuous disclosure stating that at any time up until 60 calendar days prior to closing, the loan originator may issue a revised GFE. If no such separate disclosure is provided, the loan originator may not issue a revised GFE in the absence of changed circumstances or another event as provided in 24 CFR § 3500.7(f).

Are programs such as payment assistance programs, which can increase the borrower’s loan balance, to be taken into consideration in answering the question, “Even if you make payments on time, can your loan balance rise?”No, this question on the HUD-1 is intended to educate borrowers about certain potentially high risk loans, such as negative amortization loans. A borrower making monthly payments on these loans needs to be aware, e.g., that to the extent that the monthly payments do not cover the full amount of the interest owed during that month, the unpaid interest will be added to the loan balance. The instructions for completing this item on the GFE provide that repayment of assistance from federal, state, local, or tribal housing programs should be excluded from consideration in completing this item on the GFE.

hud forms faqs

HUD Forms FAQs, continued from page 35

Visit our convenient locations:NVAR Fairfax Headquarters8403 Arlington Blvd., # 100

Fairfax, VA 22031

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JanFeb_10.indd 36 12/30/09 8:16:41 PM


How should payments by the seller or real estate agent that are for settlement services included on the GFE be shown on the HUD-1?If a seller or real estate agent pays for a charge that was included on the GFE, the charges should be listed in the borrower’s column, with an offsetting credit reported in Lines 204-209 of the HUD-1, identifying the party paying the charge. For a seller-paid charge, the charge should also be listed in Lines 506-509. For a charge paid by the real estate agent, the name of the person paying the charge must also be listed.

Can items be listed as “Paid Outside of Closing” or “P.O.C.” on the GFE?No, the totals included in the column on page 2 of the GFE must be the sums of the prices or fees, by category, for all settlement services that are required to be shown on the GFE. Where individual components of these totals are required to be itemized, each third-party settlement service must be identified and the estimated total price

or fee to be paid for that service must be stated to the left of the column. The standardized GFE form does not allow information to be included on any part of those totals that would be paid outside of closing. Such information would not help borrowers to shop for loans and would not facilitate comparison of the charges on the GFE with the charges on the HUD-1.

The instructions in Appendix A to Part 3500 for completing the HUD-1 indicate how fees that are paid outside of closing should be designated on the HUD-1. Can the convention “P.O.C. (B*)” be used instead, with the following footnote at the bottom of the page: “*Paid outside of closing by borrower?”Yes, the HUD-1 Instructions require that P.O.C. items be listed on the HUD-1 by the settlement agent with an indication whether P.O.C. items are paid by the borrower, seller, or other party by marking the items paid for by whoever made the payment

identified in parentheses, such as P.O.C. (borrower) or P.O.C. (seller). P.O.C. (B*) may also represent P.O.C. (borrower) and P.O.C. (S*) may also represent P.O.C. (seller) as long as a footnote is added to the HUD-1 clearly noting the party paying for the item such as *Paid outside of closing by borrower or *Paid outside of closing by seller.

If I suspect someone is violating RESPA, is there a phone number I can call to make a complaint to HUD?We encourage anyone who suspects that someone is potentially violating RESPA to contact us. You may either call 1.202.708.0502 or you may send your complaint to:

Director, Office of RESPA and Interstate Land Sales, U.S. Department of Housing and Urban Development Room 9154 451 7th Street, SW Washington, DC 20410

For more information, please visit hud.gov/respa or email [email protected]. ❈

hud forms faqs

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education


Now that the holidays are behind you, your house guests have returned to their own

homes, and you have made (and broken) several New Year’s Resolutions, it’s time to turn your eyes to that important seasonal event, preparing for those spring listings! Agents have a big challenge ahead: to counteract the negative media attention touting nationwide declines in home values, tighter access to loans, and a scary climate for selling homes. This paints a negative and distorted picture for home owners who are sitting on homes they would rather sell. Worst of all, they are missing the best housing market in the country! Active inventory is down to levels not seen in several years. This translates to a need for more sellers to enter the market—and you can make that happen with tools and tips to get the true story of this market into your seller’s hands.

Don’t forget to outline the importance of the expanded home buyer tax credit. Tell eligible sellers how they can take advantage of the new changes to receive up to $6,500 towards the purchase of another home. NAR has a great toolkit to help Realtors® present this to sellers who want to move-up but are unsure how the program can be used to their benefit. Download the details at realtor.org in the Home Buyers and Sellers section. Add to this even more FREE resources from NAR’s Right Tools Right Now campaign, and you have plenty to add to your arsenal to prepare and coach those sellers to get into the market!

Once sellers have taken that first leap of faith, they may need your help preparing their homes to sell with proper staging. NVAR is bringing back the Accredited Staging Professional course on Tue. through Thur., February 23-25 at the Herndon location. This popular course is great for coaching agents through those delicate conversations with sellers that involve dismantling the 5-foot tall scratching post in the dining room, or packing away those knick knacks that prevent buyers from taking mental possession when touring a home.

NVAR’s Education Advisory Group is also at work planning other ‘need it now’ training sessions on understanding new financing options, presenting offers, and learning to make a powerful impact with sellers by adding persuasive market statistics from nvar.com to your presentations. These statistics are free of charge for members and are updated each month!

It is no secret that the cycle of real estate is in lock-step with the weather, and for many Realtors®, this month will be about hibernation. Others will be getting in gear for the spring market by preparing their clients using the tools, training and resources available everyday from your association. To learn more about this month’s special staging and home buyer tax credit classes, visit realtorschool.com. And don’t forget to take advantage of the great resources available at no cost to you from realtor.org and nvar.com to help thaw out those ‘Frozen Sellers.’ ❈

Thaw Out Sellersfor the Spring Market

Anne Gardner, RCE, CAE, Vice President, Education & Business Specialties

Help Your Clients End Hibernation with Great Information

Your Mission: Thaw Out Sellersfor the Spring Market

JanFeb_10.indd 39 12/30/09 8:16:45 PM

DC CONTINUING EDUCATIONfairfax headquarters

DATE COURSE TIME

1/7 DC Ethics and DC Fair Housing 9 a.m. - 4:15 p.m.

3/9 DC Fair Housing and DC Legislative Update 9 a.m. - 4:15 p.m.

PRINCIPLES OF REAL ESTATEfairfax headquarters

DATE COURSE TIME

1/11 - 1/26 Principles of Real Estate: Days 1 - 9 9 a.m. - 5 p.m.

1/29 Principles Exam Prep Course 9 a.m. - 4:30 p.m.

2/1 - 3/17 Principles of Real Estate: Evenings 1 - 14 6 - 10 p.m.

3/19 Principles Exam Prep Course 9 a.m. - 4:30 p.m.

Bank of America and NVAR are proud to bring you the best in continuing education!

To register for a course listed or to view a class description, visit realtorschool.com

Barbara Bradley ★ Sheila Carney Guillermo Gomez ★ Lynne Jones

Roger West ★ Camille Wurm

CongratulationsABR Graduates


CONTINUING EDUCATIONfairfax headquarters

DATE COURSE TIME

1/23 16 hr CED - Day 1 8:45 a.m. - 4:45 p.m.

1/20 Broker CE : Brokerage Risk and Liability 8:45 a.m. - 12:25 p.m.

1/20 Broker CE : Productive Agents and Offices 1 - 4:45 p.m.

1/30 16 hr CED - Day 2 8:45 a.m. - 4:45 p.m.

2/2 16 hr CED - Evening (part 1A) 6 - 9:30 p.m.

2/4 16 hr CED - Evening (part 1B) 6 - 9:30 p.m.



2/13 16 hr CED - Day 1 8:45 a.m. - 4:45 p.m.

2/20 16 hr CED - Day 2 8:45 a.m. - 4:45 p.m.









3/13 16 hr CED - Day 1 8:45 a.m. - 4:45 p.m.

3/20 16 hr CED - Day 2 8:45 a.m. - 4:45 p.m.

herndon

DATE COURSE TIME




1/25 CED: 8 hr Mandated Course 8:45 a.m. - 4:45 p.m.

1/26 CED: New Rules of Real Estate Finance

8:45 a.m. - 12:25 p.m.

1/26 CED: Negotiations 1 - 4:45 p.m.

2/23 CED: 8 hr Mandated Course 8:45 a.m. - 4:45 p.m.

2/24 CED: Construction Essentials 8:45 a.m. - 12:25 p.m.

2/24 CED: Green Building Course 1 - 4:45 p.m.

class schedule

JanFeb_10.indd 40 12/30/09 8:16:46 PM


FEATURED OFFERINGS herndon

DATE COURSE TIME

1/7 GRI 405: Pricing, Listing and Marketing the Property 8 a.m. - 4 p.m.

1/28 Green Designation - Day 1 8:30 a.m. - 5 p.m.

1/29 Green Designation - Day 2 8:30 a.m. - 5 p.m.

2/1 Green Residential Elective 9 a.m. - 5 p.m.

2/4 GRI 406 : What Did I Agree To? 8 a.m. - 4 p.m.

3/4 GRI 408: Tax and Investment Strategies for Real Estate 8 a.m. - 4 p.m.

3/8 Accredited Buyer Representative - Day 1 8:30 a.m. - 5 p.m.

3/9 Accredited Buyer Representative - Day 2 8:30 a.m. - 5 p.m.

3/10 Short Sales and Foreclosures (ABR Elective) 9 a.m. - 5 p.m.

To register for a course listed or to view a class description, visit realtorschool.com


POST LICENSINGfairfax headquarters

DATE COURSE TIME

1/8 New Member Orientation 9 a.m. - 1 p.m.

2/1Post Licensing (Day 1) - What’s In a Contract & Real Estate and Contract Law

9 a.m. - 4 p.m.

2/3 Post Licensing (Day 2) - Agency Law & Ethics 9 a.m. - 4 p.m.

2/5 Post Licensing (Day 3) - Fair Housing & Business Planning 9 a.m. - 4 p.m.

2/9Post Licensing (Day 4) - Listing Strategies and Pricingthe Property

1 - 5 p.m.

2/11Post Licensing (Day 5) - Prospecting & Selling and Marketing with Technology

8:45 a.m. - 4:45 p.m.


herndon

DATE COURSE TIME

1/11Post Licensing (Day 1) - What’s In a Contract & Real Estate and Contract Law

9 a.m. - 4 p.m.


1/15 Post Licensing (Day 3) - Fair Housing & Business Planning 9 a.m. - 4 p.m.

1/19Post Licensing (Day 4) - Listing Strategies and Pricing the Property

1 - 5 p.m.

1/21Post Licensing (Day 5) - Prospecting & Selling and Marketing with Technology

8:45 a.m. - 4:45 p.m.




2/27Post Licensing (Day 1) - What’s In a Contract & Real Estate and Contract Law/ Fair Housing

9 a.m. - 6 p.m.


3/13Post Licensing (Day 3) - Marketing with Technology and Prospecting & Selling

9 a.m. - 5 p.m.

3/20Post Licensing (Day 4) - Listing Strategies and Pricing the Property

9 a.m. - 4:30 p.m.

class schedule

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� 25 locations throughout Virginia, Maryland,and Washington, D.C.

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Winchester(540) 723-0662

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Bethesda(301) 654-9800

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Gaithersburg(240) 683-4850

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Olney301-570-3600

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Rockville(301) 230-0070

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Silver Spring*(301) 680-0200

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Washington, DC(202) 966-0550

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VIRGINIA OFFICES

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RGS MapAd-NVAR:Layout 1 8/12/09 1:03 PM Page 1

JanFeb_10.indd 42 12/30/09 8:16:47 PM


november statistics


Brought to you by:

NORTHERN VIRGINIA

ARLINGTON

FAIRFAx COUNTY

ALExANDRIA

NOVEMBEROverall Average Sale Price for November 2008: $423,088Overall Average Sale Price for November 2009: $428,581 (1.30%)

Total Number of New Listings for November 2008: 1,966Total Number of New Listings for November 2009: 1,500

OverallCondoAttachedDetached

20092008

$608

,501

$672

,898

$491

,895

$540

,162

$254

,622

$296

,804

$406

,356

$434

,488

PRICE


20092008

$572

,016

$567

,030

$316

,912

$343

,226

$220

,431

$222

,590

$409

,082

$412

,105

PRICE


20092008

$586

,041

$585

,750

$337

,391

$378

,479

$246

,137

$274

,540

$423

,088

$428

,581

PRICE

Sales Lists2008 2009 Change 2008 2009 Change

Detached 476 626 31.51% 4,125 2,862 -30.62%

Attached 360 448 24.44% 1,992 1,400 -29.72%

Condo 264 493 86.74% 2,252 1,805 -19.85%

Overall 1,100 1,567 42.45% 8,369 6,067 -27.51%


Detached 66 87 31.82% 364 287 -21.15%

Attached 16 25 56.25% 107 79 -26.17%

Condo 48 118 145.83% 475 437 -8.00%

Overall 130 230 76.92% 946 803 -15.12%


Detached 382 487 27.49% 3,509 2,409 -31.35%

Attached 313 358 14.38% 1,642 1,129 -31.24%

Condo 177 268 51.41% 1,324 970 -26.74%

Overall 872 1,113 27.64% 6,475 4,508 -30.38%


Detached 14 28 100.00% 129 93 -27.91%

Attached 29 58 100.00% 218 172 -21.10%

Condo 35 93 165.71% 393 359 -8.65%

Overall 78 179 129.49% 740 624 -15.68%

For the most recent statistics, go to nvar.com and click on Market Statistics.


20092008

$608

,501

$672

,898

$491

,895

$540

,162

$254

,622

$296

,804

$406

,356

$434

,488

PRICE


20092008

$656

,331

$689

,660

$449

,588

$516

,456

$337

,166

$374

,228

$513

,040

$509

,003

PRICE


20092008

$572

,016

$567

,030

$316

,912

$343

,226

$220

,431

$222

,590

$409

,082

$412

,105

PRICE


20092008

$586

,041

$585

,750

$337

,391

$378

,479

$246

,137

$274

,540

$423

,088

$428

,581

PRICE


20092008

$656

,331

$689

,660

$449

,588

$516

,456

$337

,166

$374

,228

$513

,040

$509

,003

PRICE

JanFeb_10.indd 43 12/30/09 8:16:49 PM


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Woodbridge Appraisal Service 703-978-3444World Mortgage 703-934-5502WTH & Associates 443-280-3276

AFFiliATESappliCant SCReeninG National Tenant Network 866-387-6320bRokeR ConSultinG Broker Helpline 571-436-2844CaRpet CleaninG ACS Ayoub Carpet Service 703-255-6000Chem-Dry of Prince William 703-680-1212CommiSSion advanCe Commission Express 703-560-5500ConStRuCtion SeRviCeS HCC Remodeling Group of NoVA 540-253-5788Sun Design 540-751-1360CRedit union Realtors® Federal Credit Union 866-295-6038enGineeRinG SeRviCeSLAND Engineering, plc 703-507-6586 enviRonmental SeRviCeS Keystone Home & Environmental 571-261-3192Pollard Environmental 804-377-8383Soils & Environmental Services 703-856-8638FinanCial SeRviCeS Acacia Federal Saving Bank 703-506-8148

Aurora Financial 703-734-7704Bank of America - Annandale 703-750-4056Bank Of America - Oakton 703-319-5647BB&T Mortgage - Arlington 703-855-7403BB&T Mortgage - Bethesda 301-493-8386BF Saul Mortgage 703-787-4835Capital Point Funding Group 301-468-7063CitiStar Funding Group Reverse 301-367-4213Franklin American Mortgage Co. 703-956-3544George Mason Mortgage 703-407-2385Greenpoint Mortgage 703-750-0080HSBC Mortgage 202-496-8956HSBC Mortgage Corporation (USA) 202-496-8956HST Mortgage 703-766-4636Intercoastal Mortgage 703-449-6828JP Morgan Chase Bank 703-641-6296MetLife Home Loans 703-631-0098Navy Federal Credit Union 703-255-8480Prospect Mortgage 571-536-8584Prosperity Mortgage 703-222-1800SunTrust Mortgage 703-279-6073TD Bank 703-309-7843 Union Mortgage Group 703-941-0711United Investors Group 877-844-2488VHDA 804-782-1986Virginia Heritage Mortgage 703-766-6400 Wells Fargo Home Mortgage 703-803-3500

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Falls Church, VA February 16th9:00 a.m. - 12:00 p.m Fairview Park Marriott Ballroom: Fairfax Ballroom3111 Fairview Park DriveFalls Church, VA 22042

Hyattsville, MD February 17th9:00 a.m. - 12:00 p.m. Marriott Inn & Conference CenterBallroom: Auditorium3501 University Blvd EHyattsville, MD 20783

* Check our website for additional dates and locations.

JanFeb_10.indd 45 12/30/09 8:16:51 PM

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appraiser & affiliate directories


bold signifies nvaR partners(Last updated December 30, 2009) Do you have a correction to this list? Please e-mail changes to Tracy Reynolds at [email protected].

Wells Fargo Home Mortgage Reverse 703-587-4363GoveRnment SeRviCeS Fairfax County 703-324-4804GutteR RepaiR Gagnon’s Gutterworks 703-523-6225Home CleaninG SeRviCeS Maid Brigade 703-823-1726Home inSpeCtion Alban Home Inspection Svcs. 301-662-6565All Pro Services 703-385-1347American Home Inspections 703-239-2175Best Home Inspections 703-753-1176Consumer Resources 703-690-8484Hurlbert Home Inspection 703-830-2229LuxRE Inspections 703-716-1100Nappers Home Inspection 571-292-4557Old Dominion Home Inspection 703-242-2520Pillar To Post 703-352-1333U.S. Inspect 703-293-1400Home RepaiR SeRviCeS Finco Construction Co. 703-359-2555G’s Remodeling 240-388-4250Mid-Atlantic Waterproofing 301-206-9500Home StaGinG SeRviCeS Decor Decorum 703-655-4789Home Staged Designs 703-209-7009Preferred Staging 703-851-2690Staged Interior 703-261-7026Staged With Style 703-517-2336Home WaRRanty 2-10 Home Buyers Warranty 703-587-6735American Home Shield 540-250-2064HMS 800-843-4663Home Warranty of America 703-595-8965Old Republic Home Warranty 800-445-6999inSuRanCe SeRviCeS Hutt Financial Group 301-571-6153PBI Group, E & O Insurance 888-600-4130 Victor Schinnerer & Co., Inc. 301-951-5495inveStment planninG R.E. Investor Solutions 703-999-9842Junk Removal 1-800-GOT-JUNK 703-934-4678College Hunks Hauling Junk 800-586-5872leGal SeRviCeS Brincefield Hartnett, P.C. 703-836-2880Compliance Counsel, PC 703-261-7097EquiTitle/Tate, Bywater & Fuller 703-938-5100Joseph A. Cerroni, Esq. 703-941-3000Keegan & Associates, PLC 703-691-1700Kidwell, Kent & Curran 703-764-0600Peterson, Noll & Goodman, PLC 703-442-3890

Sykes, Bourdon, Ahern & Levy 703-517-7910maRketinG/media Cox Communications 703-378-3953Lands and Home of Northern VA 703-673-8475Raggo Advertising Products 540-341-7844The Washington Post 202-334-7680mold SeRviCeS MoldAid 877-932-7177Real Estate Rescue 540-303-0355movinG & StoRaGe Able Moving & Storage 703-330-3772Ace Movers & Rentals 703-707-9400Busy Buddies 703-422-0797Interstate Moving & Storage 703-226-3279 JK Moving & Storage 703-280-4282Quality Service Moving 703-495-8900Town & Country Movers 703-560-8600Two Marines and a Truck 703-623-5288 Victory Van Corporation 703-751-5200neW Home buildeR Brambleton Group 703-542-2925Dominion Valley Country Club 703-753-6688paintinG Blue Door Painters 703-504-2000MDB Painting 703-724-0263peRSonnel SeRviCeS Personnel One 202-623-3204peSt ContRol SeRviCeS Alexandria Pest Services 703-923-0925Asian Pest Services 703-752-1634Connor's Pest Control 703-321-0400Country Termite & Pest Control 540-338-7821Patriot Termite 703-330-9170PMSI 703-723-2899Suburban Pest Service 703-335-6030plumbinG Plumbing Express 703-461-0345pRinteRS Mc Clung Companies 240-475-5547Stephenson Printing Inc. 703-642-9000Real eState inveStment All American Home Solutions 202-329-7054Real eState pHotoGRapHy Bert Goulait Photography 703-945-0194BTW Images 703-340-6383Real eState SiGnS Realty Sign Post Co. 202-256-0107RetiRement planninG Entrust Mid Atlantic 301-360-9510RooFinG DryHome Roofing & Siding 703-230-7663Roofing & More, Inc. 703-467-0206

Settlement SeRviCeS Absolute Title & Escrow 703-842-7525Central Title & Escrow 703-658-1300Dominion Title Corporation 703-757-9500Ekko Title 703-537-0800eTitle Agency, Inc. 703-777-4261 First Guardian Title & Escrow 703-494-4000Key Title - Annandale 703-354-0561Key Title - Reston 703-437-4600MBH Settlement Group - Alexandria 703-739-0100MBH Settlement Group - Annandale 703-852-3000MBH Settlement Group - Arlington 703-237-1100MBH Settlement Group - Burke 703-913-8080MBH Settlement Group - Fair Oaks 703-279-1500MBH Settlement Group - Kingstowne 703-417-5000MBH Settlement Group - McLean 703-734-8900MBH Settlement Group - Oakton 703-277-6800MBH Settlement Group - Reston 703-813-9333MBH Settlement Group - Vienna 703-242-2860Mid-Atlantic Settlement Svcs 410-252-1208Monarch Title - Alexandria 703-852-7700Monarch Title - Herndon 703-890-0820Monarch Title - McLean 703-852-1730Northwest Title & Escrow LLC 703-796-6630 Provident Title & Escrow LLC 703-961-1750 RGS Title - Alexandria 703-519-7600RGS Title - Annandale 703-597-3209RGS Title - Arlington 703-351-0300RGS Title - Burke 703-128-9600RGS Title - Centreville 703-818-8600RGS Title - McLean 703-903-9600RGS Title - Oakton 703-242-9600RGS Title - Reston 703-742-9600Smart Choice Settlements 703-658-2299Stewart Title & Escrow 703-352-2900The Settlement Group 703-933-3090The Title Group 703-273-9600StRuCtuRal enGineeR SQ Consultants 703-759-4901teCHnoloGy SeRviCeS Listingbook 540-662-1718Realty Empowerment Systems 866-213-3709viRtual touRS Real Estate Shows 703-876-4929RealBiz360 240-687-1008

HAVE YOU PROTECTED YOURMOST VALUABLE ASSET?

One of your most valuable assets is your ability to earn income. Have you considered what would happen to your income in the event of disability or a long term care claim? How

would you pay your bills or keep your business running or protect your assets?

The Hutt Financial Group is pleased to announce that current members of the Northern Virginia Association of Realtors® (NVAR) are now eligible to purchase Disability Insurance and Long Term Care Insurance at association rates.

Through NVAR, the Hutt Financial Group can now offer you Disability and Long Term Care Insurance products that can be tailored to fit your personal and financial needs.

For more information and a quote, please contact Brian Hutt at 301.571.6153or email us at [email protected].

Brian Hutt, registered representative offering securities through NYLIFE Securities LLC (Member FINRA/SIPC), A Licensed Insurance Agency.The Hutt Financial Group is not owned or operated by NYLIFE Securities LLC or its affiliates.

JanFeb_10.indd 46 12/30/09 8:16:51 PM

HAVE YOU PROTECTED YOURMOST VALUABLE ASSET?

One of your most valuable assets is your ability to earn income. Have you considered what would happen to your income in the event of disability or a long term care claim? How

would you pay your bills or keep your business running or protect your assets?

The Hutt Financial Group is pleased to announce that current members of the Northern Virginia Association of Realtors® (NVAR) are now eligible to purchase Disability Insurance and Long Term Care Insurance at association rates.

Through NVAR, the Hutt Financial Group can now offer you Disability and Long Term Care Insurance products that can be tailored to fit your personal and financial needs.

For more information and a quote, please contact Brian Hutt at 301.571.6153or email us at [email protected].

Brian Hutt, registered representative offering securities through NYLIFE Securities LLC (Member FINRA/SIPC), A Licensed Insurance Agency.The Hutt Financial Group is not owned or operated by NYLIFE Securities LLC or its affiliates.

JanFeb_10.indd 47 12/30/09 8:16:51 PM

http://www.huttfinancial.com/

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Do your best business with us.From search to settlement, MRIS o�ers a full range of services for your real estate business. We’ve also enhanced some old favorites. Your MRIS subscription is your one-stop shop for everything you need.

Try any of these features – already included with your MRIS subscription – by logging in at mris.com.

Find foreclosure informationGet consumer tra�c from HomesDatabase.comPick from more choices when you edit or enter your listingsPost up to 30 photos per listingTrack your listings on the webPrepare settlement sheets for buyers and sellersManage emails with potential customersAccess your own listings quickly

Manage your listings via your mobile phoneSearch and display detailed mapsSearch through remarks by keywordDetermine the value of a listing with CMA toolsManage your contacts in a single placeExport custom reports and documentsSearch for open housesShare access to listings data with your o�ce teams

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Documents

January/February 2010 Update Magazine