Connections June 2015 by REALTOR® Association of Central Massachusetts

June 2015 Inside this Issue: PRESIDENT’S MESSAGE President’s Message

Month-at-a-Glance

Featured Affiliate: Forward Financial Svcs.

Breaking News

Classes & Events

7-15

Membership News

16-17

CREST

Community Action

18-19

Golf Outing

Gov’t Affairs

YPN Summer Outing

Local Market Update

Legal Hotline

RPAC Update

WRAR Mission Statement The purpose of the Worcester Regional Association of REALTORS® is to: * Provide REALTOR® members with the resources that enable them to serve the public in an ethical and professional manner

Dear Realtor Friends, By now you are all fully engaged in this busy, albeit slightly frustrating, market. Recently released local statistics show a lag in actual closings due to lack of inventory. I most respectfully ask that all members keep in mind that our Realtor® professionalism is based on ethics and the maintenance of cordiality, transparency and fairness to all parties. The Executive Committee recently attended the MAR Board of Directors meeting in Norwell, MA. A highlight of the meeting for our local WRAR Board was the awarding of three grants to local charitable organizations from the MAR Charitable Trust Foundation. The MAR Charitable Trust Foundation donated a total of $18,000 this year, and since its inception has awarded more than $383,000 to deserving MA charities. If you are aware of any organizations that may be looking for grant money. please have them contact President-Elect Kris Koliss by calling the Board office. We concluded this very busy month by attending the Realtor Party Convention (MidYear) in Washington, D.C. While we will admit to some sightseeing, we were, in fact, very busy. Some highlights were the Hill visits to Congressman McGovern and to Senator Warren. Once again I am reminded of the importance of RPAC support to all our membership.

Brad Brad Roberts

2015 WRAR President

* Take an active role regarding issues affecting sellers, buyers, tenants and landlords.

Worcester Regional Association of REALTORS® 1 www.wrar.org

WRAR MONTH-AT-A-GLANCE June 2015 Sunday

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

1 5:30-9:30 PreLicense Class

2 9 Gov’t Affairs Mtg 9:30-3:30 MLS PIN Training

3 11:30-2 YPN Assessors Lunch & Learn

4 10 PDC Mtg. 5:30-9:30 PreLicense Class

8 8:30-11 DR Breakfast 5:30-9:30 PreLicense Class

9 11-1 Lunch & Learn w/Fairway Mortgage

10 DAY ON THE HILL

11 2-4 Business Builder 5:30-9:30 PreLicense Class

12 11-1 CEU (CFPB)

13 8-2 CEU Classes

15 12-2 Lunch & Learn w/ Webster 5 5:30-9:30 PreLicense Class

16 8-2 CEU Classes

17 3-9 New Member Orientation

18 9:30-12 Lunch & Learn w/Prospect Mortgage 5:30-9:30 PreLicense Class

22 9-5 SRES Designation 10 Recruitment 5:30-9:30 PreLicense Class

23 9-5 SRES Designation 9:30 Finance Budget Mtg.

24 5:30-7:30 CEU (CFPB)

25 WRAR GOLF TOURNAMENT @ Wachusett CC 5:30-9:30 PreLicense Class

26 9:30-3:30 MLS PIN Training

29 5:30-9:30 PreLicense Class

30 10-2 Professional Standards Training

Save the Date August 6, 2015

Annual Summer Outing at WRAR brought to you by the Young Professionals Network

September 18, 2015

Legislative Breakfast at the College of the Holy Cross

October 22, 2015

Annual Meeting at the College of the Holy Holy Cross with NAR Economist Lawrence Yun

Get on the Bus with Us! JUNE 10

Worcester Regional Association of REALTORS® 2 www.wrar.org

FEATURED AFFILIATE: Forward Financial Services, Inc.

P H OTO S / M AT T VO L P I N I

Forward Financial Services, Inc.: “Calling my baby ugly - one of the best decisions I ever made”

n 2013, I called my baby ugly. I met someone who inspired me to do it and it has been the best thing I have ever done for my business and my clients. As a result I have dramatically changed my approach to my business. This is what I learned – what I thought to be true about wealth accumulation and distribution actually turned out not to be true. It immediately became my mission to learn more about how wealth truly works in this country. Prior to 2013 I felt I was doing the right thing by matching my clients with effective products. I was never that guy who sat with a client and “sold” them a product and when they left the office they had no clue what happened or what they purchased. But looking back, I feel I was misinformed about how to build and create wealth for clients. So here’s my confession – I followed the industry. I did what I was taught, which was exactly what everyone else did - focused on growth and accumulation. I did not pay enough attention to what I now call the “exit strategy,” what happens to money when it is time to access it! This was my “AH HA” moment and this pivotal shift in my thinking made me take a hard look at the strategies I used in my business. Prior to my revelation, many of my clients had been putting their retirement dollars in accounts that do two things: They postpone taxes, “NOT SAVE TAXES” and most importantly postpone the tax calculation. I realized how important it was to clearly define a strategy that would provide my clients with liquidity, use and control over their hard earned money. The bottom line is, there are more options to consider than 401Ks and IRAs, which essentially put you in a partnership with the government. I now believe in creating wealth strategies for our clients where the cash flow generated can be exempt from

federal income taxes and therefore off the radar screen of the IRS. And as amazing as it sounds, it is all done while never interrupting the compounding interest. What I have learned has changed the way I work with my clients. I ask questions such as: 1. Do you see last year’s income as your best year yet? 2. Do you think taxes will go up, down or stay the same? 3. How much of your wealth do you want subjected to income taxes? The answers to these questions and more completely guide the meeting and allow me to educate my clients and better protect their assets. I believe I am better at my business today than in years prior and I commend anyone who has made a concerted effort to protect their assets. A few constants that will never change are: All of us want to create as much wealth as possible and we want to maintain the same lifestyle we currently are in, or improve it during our retirement. I am always going to be an advisor who wants the best for his clients personally and professionally. Now if I could show you a strategy that could help build wealth completely income tax free would you want me to? I am more excited than ever before about my business and I invite all of you who are intrigued by my message to contact me. I also challenge you to call your own baby ugly. Someday you may thank me for it and like me you could be on the best ride of your life. n

WORCESTER, MA

Forward Financial Services, Inc. Address: 645 Chandler Street, Worcester, MA 01602 Phone: 508-796-5950 Fax: 508-519-8518 Website: www.forwardfinancialsrv.com Product or Service: Educating clients on how to have liquidity, use and control over their own money No. of Employees: 2 Head of Company: Thomas M. Valentine, JR., President/Financial Advisor Year Founded: 2007

*Registered Representative, Securities offered through Cambridge Investment Research, Inc. A Broker/Dealer, Member FINRA/SIPC. Forward Financial Services and Cambridge are not affiliated. 645 Chandler Street, Worcester, MA 01602 Cambridge does not provide tax advice.

www.wbjournal.com Worcester Business Journal Business Profiles 2015 15 Worcester Regional Association of REALTORS® 3 www.wrar.org

2015 VIP SPONSOR

Daviau Law Offices, PC Guiding You Through Each Phase of Your Life

A Client-Focused Law Firm, assisting in:

ESTATE PLANNING

REAL ESTATE

PROBATE

ELDER LAW

Attorney Nicholas Daviau 255 Park Avenue, Suite 1000 Worcester, MA 01609 Phone: 508-425-4270 nick@daviaulaw.com www.daviaulaw.com Worcester Regional Association of REALTORS速 4 www.wrar.org

OFFICE SPACE FOR LEASE

FOR LEASE Professional Office Space 2,200+ sq. ft. • High visibility on Rte 20, Auburn, MA • Minutes to all major routes • Private Offices with Flexible Floor Plan • Conference Room • Ample Parking • Minimum one year lease • Contact 508-832-6600 for details

Do you know someone? Give us a call!

Worcester Regional Association of REALTORS® 492 Washington Street, Auburn, MA 01501

WRAR APP COMING SOON! You asked, and we delivered! We will have our very own app to communicate with our members in a timely fashion. The app will link our members to relevant programs, topics and trends. You can check upcoming events, easily link to the Massachusetts Association of REALTORS® and REALTOR® Action Center, and more. We will also be able to send push notifications as reminders about important topics and events. We’ll keep you posted on the progress. Watch facebook and your emails!

Worcester Regional Association of REALTORS® 5 www.wrar.org

2015 VIP SPONSOR

Put your money where your house is.

Stop renting and finally start owning! With our 5/5 ARM, we’ll keep your mortgage affordable and consistent. • Low down payment and no PMI (Private Mortgage Insurance) • It’s an adjustable rate mortgage that starts out with a low fixed rate for the first 5 years. • The interest rate may change no more than 2% down or up every 5 years and 6% in either direction over the life of the loan. • Just one adjustment in the first 10 years. • Lower annual percentage rate than a 30-year fixed-rate mortgage • Southbridge Savings Bank’s personal customer service for the life of your loan. The 5/5 ARM is adjusted at the 5th year anniversary date and every 5 years thereafter. Interest rate adjustments are based on the 5-year treasury index and the margin. Rate changes have a maximum increase or decrease of 2% with each rate change period and a 6% life time cap. The 5/5 ARM with no PMI product is for purchase transactions only. Please ask a representative for details.

Worcester Regional Association of REALTORS® 6 www.wrar.org

YOUNG PROFESSIONALS’ NETWORK

YPN

Young Professionals’ Network

Professional Development & Networking Opportunities for today’s REALTOR®

By Popular Demand - an Encore Presentation PLUS MORE! Lunch & Learn

Appraisals & Assessments Date: Time: Place:

June 3, 2015 11:30 am - 2:00 pm WRAR, 492 Washington Street Auburn, MA FREE to WRAR members Christopher Reidy, Shrewsbury Assessor

Cost: Moderator: Panel Members:

Jennifer Sclar, Milford Assessor Tom Walsh, Appraiser Lou Pepi, Building Inspector, Shrewsbury Kathleen Cooper, Realtor®

Topics to be discussed: Positives

of pulling permits How Building Inspectors Interact w/Assessors and Realtors® Some Real Life Examples Q+A Luncheon sponsored by

Kathryn Weldon of Fidelity Bank

PROFESSIONAL DEVELOPMENT

Please join Bill Murphy for the following upcoming Lunch and Learn CEU class held at WRAR June 9, 2015: Financing 11:00am-1:00pm Registration starts at 10:30am What to Expect:

• • • •

New changes coming August 2015 Reduced mortgage insurance premium to make FHA more desirable New 3% down payment conventional loan program New projection of interest rates from market analysts and the impact on your buyer’s loan programs and purchasing power

Make 2015 Your Best Summer Ever! William B. Murphy Certified Mortgage Planner NMLS: 19301 Fairway NMLS: 2289 5 Albert St Auburn, MA, 01501 wmurphy@fairwaymc.com www.fairwaymortgagene.com Top 1% Mortgage Originators in America 2014

Worcester Regional Association of REALTORS® 8 www.wrar.org

PROFESSIONAL DEVELOPMENT

Worcester Regional Association of REALTORS速 9 www.wrar.org

PROFESSIONAL DEVELOPMENT Consumer Financial Protection Bureau (CFPB) & THE Effect on Real Estate Closings Receive 2 CEU’s - RE93R15 Dates: June 12 (11:00am-1:00pm) June 24 (5:30pm-7:30pm) July 16 (5:30pm-7:30pm) July 22 (9:00am-11:00am) Place: WRAR, 492 Washington St Auburn Cost: FREE to WRAR Members

This course provides a counseling session to prepare real estate agents and their clients on how to respond to new changes to the Consumer Financial Protection Bureau’s (CFPB) rules, effective date of August 1, 2015. These very important sessions will be offered twice monthly through August 1.

Lunch & Refreshments will be served courtesy of Mark P. Covotta Branch Manager Stonegate Mortgage NMLS# 65971

10 www.wrar.org

PROFESSIONAL DEVELOPMENT

Are you prepared? Changes to TILA-RESPA Intergrated Disclosure (TRID) will affect you and your business.

Find out more on your lunch hour at a discussion just for WRAR members. If you're uncertain about how you'll be impacted by these changes that take effect on August 1st, join us for a lunch and open panel discussion to learn more. We're here to help! Bring your questions for our Webster Five mortgage professional panel and real estate attorney, Andrew Schultz.

When: Monday, June 15, 2015 Time: 12:00 PM – 1:00 PM (lunch will follow) Where: WRAR 492 Washington Street Auburn, MA 01501

Worcester Regional Association of REALTORS®

11 www.wrar.org

PROFESSIONAL DEVELOPMENT

2 Free CE Credits for RE75 R12 The Renovation Opportunity

Thursday June 18th 9:30 - 1130 (Registration at 9:00)

 Find the Lot and Location - Create the home  Failed Title V, No Heat, and/or Winterized Properties can close as is  Larger Construction projects: Additions, Garages, Tear Downs are all possible  Come see how Renovation Financing is not just for bank owned foreclosed homes anymore! It is so much more!

Worcester Regional Association of Realtors®

492 Washington Street Auburn, MA http://www.wrar.org/events.html

**Registration Required

 Lunch will be served

Get Educated Today with Renovation Expert Kevin J. Brennan In two hours you will see how renovation financing can capture you more buyers, move your home buyers quickly, capture yourself another listing and move current listings quicker. You can create more buyer and seller opportunity through the program’s versatility and by using visuals and knowledge to help clients get into the home they want. You will be a better agent for your clients by understanding what renovation financing can really do!

David Samara Renovation Specialist Phone: 508-380-8385 David.Samara@ProspectMtg.com

Ask to have Kevin Ask to have present at your Kevin J Brennan office Present at your office

Worcester Regional Association of REALTORS®

12 www.wrar.org

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3. Enter your information and start generating your first quote • Don’t forget to add the app to your Home Screen. • Share the app with other real estate professionals

Worcester Regional Association of REALTORS®

13 www.wrar.org

SRES® DESIGNATION The Worcester Regional Association of REALTORS®

74.9 Million Boomers are ready to talk real estate.

Are you ready? The SRES® designation course will give you the knowledge and understanding of and empathy for 50+ real estate clients and customers.

Take the class & get your SRES Designation Dates: Monday & Tuesday, June 22 & 23, 2015

Develop the business building skills and resources needed for specialization in the 50+ real estate market.

Time: 9:00 am - 5:00 pm

The SRES® designation program provides professional training and development suitable for continuing education credit.

Place: WRAR, 492 Washington St. Auburn, MA

SRES® where the future takes shape.

Early bird $275 until June 1 Regular $295 after June 1 Non-members $325

14 www.wrar.org

PROFESSIONAL DEVELOPMENT OBLIGATION

EDUCATION

CARE DUTY

ETHICS DISCLOSURE DILIGENCE

HONESTY

PROFESSIONALISM

COURTESY INTEGRITY

RESPONSIBILITY

VALUES

PROFESSIONAL STANDARDS TRAINING Date & Time: Location: Price: Instructors:

Tuesday, June 30, 10:00 am - 2:00 pm WRAR, 492 Washington St., Auburn, MA 01501 Free for WRAR Members William G. Mullen III, Legal Counsel & Director of Risk Management, GBAR Ashley Stolba, Associate Counsel, MAR

William Mullen III, General Counsel, GBAR

Ashley Stolba, MAR Associate Legal Counsel

If you are interested in becoming a member of the Professional Standards Committee, you MUST attend this required class. The purpose of this program is to teach participants about the procedures of ethics and arbitration hearings. The participants in this program will be able to demonstrate an understanding of the REALTOR® Professional Standards process, including the functions and responsibilities of the Grievance Committee, the Professional Standards Committee and the Board of Directors. More specifically, the course will focus on how to be an arbitration or ethics panelist. The procedures and possible results of hearings will be covered along with an investigation of the factors to be considered in the determination of procuring cause. This course also meets the requirement of NAR’s mandatory ethics training and offers two hours of continuing education credits.

If you are interested in the Professional Standards Committee and in attending this training, contact Colleen Pappas, WRAR EVP, at 508-832-6600, x106. Worcester Regional Association of REALTORS®

15 www.wrar.org

MEMBERSHIP NEWS New Applicants Amos Agyekum Erin Chinappi Bill Chviruk Ben Doane Regina Doucimo Caryn Facteau Afaf Gerges Pamela Jenoure Daniel Kristoff Peter Morris Greta Mucho Carla Rovezzi Robert Sapozhnikov Christine Stratford Nina Sweares Danielle Thornbrugh Mark Valdez

Keller Williams Realty Premeer Real Estate LAER Realty Partners Coldwell Banker Exit Realty Partners Quaboag Valley RE ERA Key Realty Services RE/MAX Professional Romeo Real Estate Co. Exit Realty Partners Exit Realty Partners RE/MAX Professional Exit Beacon Pointe Realty Coldwell Barnker RE/MAX Professional ERA Key Realty Services Exit Realty Partners

New Affiliates Worcester Uxbridge Northboro Worcester Auburn Brookfield Framingham Shrewsbury Leicester Worcester Worcester Worcester Northboro Worcester Spencer Auburn Worcester

CONDOLENCES

Heidi Jo Kemp

North Brookfield Savings Bank 35 Summer Street North Brookfield MA 01535

Nigel Belgrave

PuroClean Certified Restoration Specialist 482 Southbridge Sreet Auburn MA 01501

2015 VIP SPONSOR

MOLD It can affect your PROPERTY and your HEALTH!

“What we have once enjoyed we can never lose... All that we love deeply becomes a part of us.” ~ Helen Keller Our deepest condolences go to Heather Putnam Graham of Mass Housing on the loss of her son, to Kathleen Cooper of Exit Realty Partners on the loss of her grandfather, and to Pam Crawford on the loss of her father. Our prayers are with each of you. Worcester Regional Association of REALTORS®

We offer Mold Remediation without the use of harmful and toxic chemicals. We take care in ensuring no spores and dust leave our work area so that, in most cases homeowners can remain in the home while remediation is undertaken. We offer a 10-year transferable guaranty! Call for a Consultation Today! Commonwealth Environmental Services, Inc. A Mold Remediation Company 24-Hour Service 774-696-5479 16 www.wrar.org

MEMBERSHIP NEWS 2015 Scholarship Winners Congratulations to the recipients of our 2015 Scholarship Awards. WRAR was able to award three $1,000 scholarships this year thanks to your support of our events and our raffles held throughout the year. Thanks to all who donated items, with special thanks to Wendy Burdett and Bryan Larson for donating their vacation condos to our fund. Abby Joseph, daughter of Lee Joseph, will graduate from Shrewsbury High School. She will be attending Bucknell University in the fall, majoring in biology and Pre- Med. Megghan Duffy, daughter of Michael Duffy, will graduate from Leominster High School. She will be attending Fitchburg State University, where she will study Nursing. Kevin O’Connor, son of Maura O’Connor is currently at Wentworth Institute of Technology. His major is mechanical engineering and his minor is manufacturing engineering.

Pictured Left: WRAR Membership Manager, Lisa Sprague; Scholarship Recipent, Abby Joseph; and Membership Committee Chair, Keith Pentz

Pictured Right: Tom and Maura O’Connor with son, Kevin O’Connor, and Scholarship Committee Co-Chair, Kathleen Cooper

Worcester Regional Association of REALTORS®

17 www.wrar.org

CENTER FOR REAL ESTATE STUDIES & TRAINING Upcoming CEU Courses for June All classes are held at the Worcester Regional Association of REALTORS® CREST School, 492 Washington Street, Auburn, MA 01501.. We also hold periodic classes at the Fidelity Bank Building, 478 Mechanic Street in Leominster. WRAR Members in good standing receive FREE LOCAL CEU’s! Tuition for non-members is $20 for each 2-hour CEU. You may register for classes online at www.wrar.org or by calling the WRAR office at 508-832-6600.

Auburn, Friday, June 12, 2015 - Lunch & Learn Time

Instructor

Course Code

Course Title

11:00 - 1:00

Brad Roberts

RE93R15

Consumer Financial Protection Bureau (CFPB) & the Effect on Real Estate Closings

8:00 - 10:00

Brad Roberts

RE22RC13

Title 5

10:00 - 12:00

Maria Hopkins & Brad Roberts

RE26RC07

Appraisal Process

12:00-2:00

Brad Roberts

RE73R11

Veterans Administration (VA) Loans

8:00 - 10:00

Jo Ann Szymczak

RE04RC12

93A, Consumer Protection & Business Regulations

10:00 - 12:00

Jo Ann Szymczak

RE63RC10

Enviromental Issues

12:00-2:00

Jo Ann Szymczak

RE15R07

Selling Historical Homes

5:30-7:30

Brad Roberts

Auburn, Saturday, June 13, 2015

Auburn, Tuesday, June 16, 2015

Auburn, Wednesday, June 24, 2015 - Dinner Provided RE93R15

Consumer Financial Protection Bureau (CFPB) & the Effect on Real Estate Closings

WRAR COMMUNITY ACTION COMMITTEE Can You Help Our Supply Drive? We are running a Supply Drive for Horizons for Homeless Children and we are looking for the following items: Playdough Clorox Wipes Baby Wipes Tissue Paper Towels Markers Coloring Books

Baby Rattles Chutes and Ladders Candyland Mr. Potato Head Construction Paper Tempera Paint Finger Paint.

Please bring an item to the Golf Outing or to WRAR. Email me if you need a pick up: kkoliss3853@gmail.com.

Worcester Regional Association of REALTORS®

18 www.wrar.org

WRAR COMMUNITY ACTION COMMITTEE MAR Charitable Foundation Grants WRAR was proud to present three checks granted by the MAR Charitable Foundation to Worcester County non-profit associations. If you know a deserving group, please encourage them to contact Kris Koliss, WRAR Community Action Committee Chair, at kkoliss3853@gmail.com to be considered for the grants to be awarded in the fall. Below, L to R, top to bottom, Diane DeCiccio, MAR Charitable Foundation; Kris Koliss, CAC Chair; & Brad Roberts, 2015 WRAR President, present checks to Veterans Inc., Project Just Because, and Horizons for Homeless Children.

Get Your REALTOR速 Bracelet! On behalf of the Massachusetts Association of REALTORS速 Charitable Trust Foundation, we are happy to announce the rollout of the REALTOR速 bracelet! The cost is $20.00 and 100% of proceeds will be used for homeless grants and disaster relief! WRAR has a limited amount on hand and you can pick them up at the office.

Worcester Regional Association of REALTORS速

19 www.wrar.org

WRAR 17th ANNUAL GOLF TOURNAMENT

Registration: 8:30 am Shotgun: 9:30 am Luncheon: 2:30 pm

Single: Foursome:

Wachusett Country Club Thursday, June 25, 2015

Chair Massages sponsored by Southbridge Savings Bank Marshmallow Drive sponsored by Foward Financial Svcs. Raffles, including *CondoVacation & *Patriots Tickets! Door Prizes!

A portion of the proceeds will be donated to Horizons for Homeless Children and Veterans, Inc.

$125 $500

Includes 18 holes, cart, continental breakfast, luncheon

*CondoVacation donated by Duane Papetti of A1 Realty Patriots Tickets donated by Bill Murphy of Fairway Mortgage To register contact Jacki D’Innocenzo at 508-832-6600 or via email at jdinnocenzo@wrar.org. Or send this form to WRAR, 492 Washington Street, Auburn, MA 01501 * FAX 508-832-6620. No. of Players__________

Team Captain:____________________________________________________________

Player 1:

Player 2:

Player 3:

Player 4:

Contact Name: Billing Address: Amount Paid: $__________

___Check

___Amex

___Discover

Card No._________________________________________________

___MasterCard

___Visa

Exp.____________________________________

Signature:__________________________________________________________________________________________

Worcester Regional Association of REALTORS®

20 www.wrar.org

GOVERNMENT AFFAIRS COMMITTEE

REALTOR速 Day on Beacon Hill June 10, 2015 10:00 am at the State House

WRAR Bus departs TJ Maxx parking lot in Auburn at 7:30 SHARP and returns at 3:30 pm FREE to WRAR Members

Featuring Keynote Speaker: MA Senate President Stanley Rosenberg (D-Amherst)

Join us and make your VOICE HEARD! Seats are Limited - Sign up TODAY!

Worcester Regional Association of REALTORS速

21 www.wrar.org

YPN SUMMER OUTING

The WRAR YPN PRESENTS: Corn Hole Tournament! Dunk Booth! Prizes! Music!

Sponsored by Attorney Jessica Albino

Food & Drink Please Bring a Dish & folding Chairs

OUTING

Sponsored by Deb Jordan, Shamrock Financial

August 6, 2015, 12-4 pm WRAR, 492 Washington Street, Auburn Bring a donation for the backpack drive and receive a raffle ticket for the dunk booth! Dunk booth is courtesy of Jess Barber, Exit Realty Partners! Worcester Regional Association of REALTORS速

22 www.wrar.org

2015 VIP SPONSOR

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John G. Genga, III

Michael S. Dutra

Office: 781.453.8900

Direct: 781.453.6927

Senior Mortgage Consultant NMLS #4231

Cell: 617.651.0571 eFax: 844.889.5383 JGenga@WintrustMortgage.com www.WintrustMortgage.com

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Cell: 401.486.6894 eFax: 844.766.1954 MDutra@WintrustMortgage.com www.TeamDutra.com

Justin Bitler

Senior Mortgage Consultant NMLS #153699

NH/VT: 603.448.9192

MA: 508.271.7160 Office: 781.247.9374 eFax: 855.900.2363 JBitler@WintrustMortgage.com www.HomeLoansByJB.com

This information is intended for mortgage and real estate professional use only and is not an advertisement to extend customer credit as defined by Section 226.2 Regulation Z. Wintrust Mortgage is a division of Barrington Bank & Trust Company, N.A., a Wintrust Community Bank NMLS #449042. © 2015 Wintrust Mortgage 150502582TL

Worcester Regional Association of REALTORS® 150502582 Tierce WRAR Newsletter Ad v2.indd 1

23 www.wrar.org

5/28/15 3:37 PM

LOCAL MARKET UPDATE Local Market Update – April 2015 A RESEARCH TOOL PROVIDED BY THE MASSACHUSETTS ASSOCIATION OF REALTORS®

Worcester Regional Association of REALTORS®

- 11.6%

+ 0.2%

- 18.1%

Year-Over-Year Change in Closed Sales All Properties

Year-Over-Year Change in Median Sales Price All Properties

Year-Over-Year Change in Inventory of Homes All Properties

April

Single-Family Properties

2014 547 382 $250,000 2,412 5.3 116 94.7% 988

Pending Sales Closed Sales Median Sales Price* Inventory of Homes for Sale Months Supply of Inventory Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings

2015 688 337 $246,000 2,020 4.7 136 93.6% 1,102

Year to Date +/– + 25.8% - 11.8% - 1.6% - 16.3% - 11.2% + 17.2% - 1.2% + 11.5%

2014 1,638 1,275 $249,900 --125 93.6% 2,788

April

Condominium Properties

2014 135 99 $195,000 550 5.1 107 96.2% 196

Pending Sales Closed Sales Median Sales Price* Inventory of Homes for Sale Months Supply of Inventory Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings

2015 180 88 $215,000 407 3.9 114 95.1% 241

2015 1,842 1,174 $248,450 --136 93.3% 2,590

+/– + 12.5% - 7.9% - 0.6% --+ 8.8% - 0.3% - 7.1%

Year to Date +/– + 33.3% - 11.1% + 10.3% - 26.0% - 22.7% + 6.4% - 1.1% + 23.0%

2014 447 360 $200,000 --108 95.4% 668

2015 477 296 $214,900 --115 95.6% 642

+/– + 6.7% - 17.8% + 7.5% --+ 6.4% + 0.2% - 3.9%

* Does not account for seller concessions. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price

BASED ON A ROLLING 12-MONTH AVERAGE

Single-Family Properties

Condominium Properties All MLS

All MLS

Worcester Regional Association of REALTORS®

$350,000

$300,000

$300,000 $250,000

$200,000 $250,000

$150,000

$200,000 1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

$100,000 1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS®, Inc. and MLS Property Information Network, Inc. | Provided by MAR. | Powered by 10K Research and Marketing.

Worcester Regional Association of REALTORS®

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LEGAL HOTLINE Michael McDonagh, MAR General Counsel Ashley Stolba, MAR Associate Counsel Justin Davidson, MAR Staff Attorney

Q. I am a licensed salesperson and have decided to leave my office to join another firm. I have two active listings. My new broker has advised me that I cannot take my listings with me without consent of my current broker and my client. Is my new broker correct? A: Your new broker is correct. Massachusetts law requires that listing contracts be executed between the seller and the broker, rather than the sales person. Absent an agreement between you and your broker stating otherwise, the listing will remain with the broker, even if you leave that office. If, however, your current broker agrees to release the listings to the new office, the seller must agree. Remember, the listing agreement was executed between the seller and the broker, and the seller has no requirement to follow you to another firm even if the current broker has given you permission to do so.

It is highly recommended that when you join any office you include specific provisions in your independent contractor agreement that clearly explain how listings you have at the time of your termination (whether voluntary or involuntary) will be handled. It is much simpler to have this conversation when you join an office, rather than when you leave.

Q: I am a licensed broker and I acting as an escrow agent for a deal that recently fell through. I represent the seller, and the buyer backed out at the last second, citing what he called improper repairs required under the contract. The buyer is asking for their $11,000.00 deposit back, and the seller’s attorney has sent me a letter demanding that I release the deposit to the seller. The letter says that if I don’t send the funds they will sue me. Who is entitled to the deposit? Can they sue me? A: Escrow disputes are an unfortunate byproduct of unsuccessful real estate transactions. Luckily, fifteen years ago, one of the most effective tools in real estate brokerage was signed into law: “An Act Prohibiting Certain Claims Against Escrow Agents.”

Worcester Regional Association of REALTORS®

Under t h i s law, it is unlawful to name an escrow agent, typically a real estate b ro ke r, as a defendant in disputes between buyers and sellers where the accepted offer or Purchase and Sale Agreement authorizes the escrow agent to continue to hold funds in the event of a dispute. Only if the agent violates his instructions is the agent able to be sued. This language is found in specific clauses in all of MAR’s standard real estate form contracts. In your case, it is unclear who is entitled to the disputed funds; however, the escrow agent should never be the one to determine to whom the funds should be paid. There are many questions that need to be answered before anyone can determine who is entitled to the deposit. Ultimately, the parties, with the help from their attorneys, a judge, or an arbitrator, should make the decision as to whom escrowed funds should be paid. Q: I am doing my year end books and realized I have been holding a disputed deposit for almost six months. How long is too long to hold the funds? A: The state escrow regulations do not contain a timeperiod specifying how long you may hold the funds. In fact, if the parties have agreed to allow you to hold the funds pending mutually written instructions from the buyer and seller, or a court order, then you will have to hold it indefinitely per that agreement.

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2015 BOARD OF DIRECTORS President, Brad Roberts President Elect, Kris Koliss Vice-President, Sarah Gustafson Secretary, Judy Patterson Treasurer, Michael Meurant Immediate Past President, Dave Stead

Kathleen Cooper Diane Dabrowski Jayne Diliberto Tracey Fiorelli Erika Hall Lorraine Herbert Lee Joseph Kathy McSweeney Leslie Storrs James Keenan John Vaillancourt

Director Director Director Director Director Director Director Director Director Alternate Alternate

WRAR STAFF

WRAR RPAC STATUS Each year, the National Association of REALTORS® sets goals that the local associations are encouraged to reach. For 2015, our NAR Goals are: RPAC Donations $24,000 $23,000 $22,000

Executive VP, Colleen Pappas

$21,000

Membership Manager, Lisa Sprague

$20,000

Marketing Manager, Jacki D’Innocenzo

Donations

WRAR office hours are 9:00 am—5:00 pm. For assistance with the MLS Lockbox system, please make an appointment with Lynne Walls at 508-8326600. Please LIKE our facebook page at https://www.facebook.com/WorcesterRegionalAssociationofREALTORS. By doing so you will not only get up-to-the-minute information on everything going on at WRAR, but you will help us to increase our visibility while growing your own business network.

Current $23,150

RPAC Participation

Accountant, Maura O’Connor Administrative Assistant, Lynne Walls

Goal $23,677

430 425 420 415 410 405 400 Participation

Goal 426

Current 419

Have you made your fair share contribution this year? If not, please contact WRAR today.

Worcester Regional Association of REALTORS®

26 www.wrar.org