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Update Th e

Vo i ce

fo r

R e al

E state

i n

N o r th e r n

Vi rg i n ia

Realtor®

published by the northern virginia association of realtors®

May/June 2011 nvar.com

From Fences to Firewalls Protecting Personal Information in Cyberspace Opening the Right Doors Nationwide Open House June 4 & 5 page 15 ‘Encryption, Encryption, Encryption’: The Realtor® Mantra page 28 Changes on the Horizon Virginia’s New Laws Effective July 1 page 36


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chairman of the board

Update Realtor®

May/June 2011

reboot

Volume 94, Issue 3

2011 BOARD OF DIRECTORS Chairman of the Board: Karen Trainor Chairman-Elect: Pat Kline, CIPS, GRI, SRES, TRC Immediate Past Chairman: Vinh Nguyen, CRB Secretary/Treasurer: Jon Wolford DIRECTORS-AT-LARGE Bob Adamson, CRS, GRI Julia Avent, ABR, CRS, GRI Tammy Bagnato Robyn Burdett, CDPE, CRS, GRI Chris Call, GAA, IFA, RAA Scott MacDonald Shane McCullar Thai-Hung Nguyen, CRS, ABR, SFR Peter Rickert, ABR, e-PRO, GREEN, ESRES Mario Rubio, CIPS, SRES Trudy Severa, ABR, CRS, GRI, SRES Merlin Smith, ABR, CDPE, GRI, RCC Publisher/CEO: Christine M. Todd, CAE, RCE Editor-In-Chief: Jill M. Landsman Managing Editor: Ann Gutkin Associate Editor: Amy Larrabee Editorial Assistant: Ainsley McDougal Advertising Sales: Tracy Reynolds Graphic Designer: Tricia Chroussis Contributors: Kevin Connelly, Mary Beth Coya, Laura Farley, Corey Hart, Michele Lerner, Lisa Vierse May, John McClain, James P. Moorehead and Sarah Louppe Petcher

Interested in advertising? Please call 703. 207. 3206 for information. 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 2011 by the Northern Virginia Association of Realtors®. All rights reserved. Postmaster: Please send address changes to: Realtor® UPDATE Northern Virginia Association of Realtors® 8407 Pennell Street Fairfax, VA 22031-4601 Telephone: 703. 207. 3200 - FAX: 703. 207. 3268 Web: nvar.com E-mail: updatemagazine@nvar.com Advertising Info: treynolds@nvar.com

With Tech Tools & Common Sense Safety Measures

By Karen Trainor, 2011 Chairman of the Board

W

hen I challenged Realtors® in my inaugural speech last December to reboot their business practices, I had no idea how many opportunities there would be to do just that. A look at upcoming NVAR offerings reveals classes on Apple products, search engine optimization and marketing & technology. And that does not even include the webinars about how to use the newest NVAR member tech tool: Authentisign!

I realize that making the transition from notepad to iPad can be daunting. At NVAR, we have listened to member requests for more instruction on how to succeed in the age of technology. Our Education Department, committees and forums have responded with classes and programs addressing every aspect of doing business in the digital age. This Update issue covers another important aspect of conducting business in cyberspace: online security. Adopting new technologies can open up a world of possibilities, but can also expose you to added risk. Please read this month’s magazine carefully, as it contains information that could prevent you from jeopardizing the most important part of your business – your identity. Inside you will find tips on how to protect your personal information from predators both online and off. Identity thieves range from dumpster divers to computer hackers. Learn how to defend yourself from both. So take advantage of all that technology has to offer– but don’t get taken advantage of in the process! Please attend our technology classes.

2011 Chairman of the Board NVAR Realtor® UPDATE

May/June 2011

3


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in this issue

PAGE 15

Features 11 VA Financing: Is Your

Buyer Eligible?

Opening the Right Doors

16 Market Update: Economic Recovery Gaining Momentum

In This Issue

3 C  hairman of the Board Column: Using Technology Safely

28 Technology Corner: 'Encryption, Encryption, Encryption' is Realtor® Mantra

6 New Members; NVAR Partners

30 Recovery to Expansion: Spring Forecast Speakers Tout Pent-up Demand and Tourism as Local Economic Drivers

8 Homeownership Matters: Learn Why; NVAR Board Election Process Begins

32 ASK NVAR: NVAR's New Citation System: Don't Get Caught "Speeding" or You'll Pay Our Fine 34 Decisions, Decisions: How Does RPAC Decide Which Candidates To Support?

9 Fair Housing Forum Features HUD Assistant Secretary

36 Government Affairs: Virginia’s New Laws: Effective 7/1/11

15 Home Buying Steps Prioritized by 2010 NoVa Clients

40 NV/RPAC 2011 Contributors List

18 Agents Need to Know: Learn about DPOR Credit Lookup; Market Statistics Revised; Mortgage Debt Forgiveness; MRIS Media Connect 20 legal lines: Tenant Favored Lease Strategies Explained 21 Identity Theft Presentation: Preparedness Or Paranoia?

42 Education Calendar 43 In Memoriam: Eileen Anderson, Robert Kay, Michael Lorenzo, Laura Marsh and Vicki Nellis Remembered

24

From Fences to Firewalls Protecting Personal Information in Cyberspace Requires Caution

45 Appraiser & Affiliate Directories

22 Stats, Lies and Videotape: RBI Revolutionizes Statistics The views expressed in this publication may not reflect NVAR policy, and may be the opinions of the writer or interviewee.

NVAR Realtor® UPDATE

May/June 2011

5


W

new members

elcome New Members

Jason Abrams Peter Afflu Akm Ahsan Adrienne Alexander Jaime Alvarez Wigberto Amaya Brian Anderson Elkin Ardila William Asrat Nejat Assad Imran Awan Adrianna Bak Francisco Barragan Grace Bautista Ashley Becker Janet Becton Nacer Benzekri Madeline Burke Omega Butia Vannessa Calderon Kevin Canto Christie Cardinale Alice Carey Carlos Carrillo Larisa Cernoch Sheila Chambers Jin Chang Paul Cheang Robert Chehadeh Debra Chin Sudershan Chinnareddy Seong Chong Jillian Cohen Erin Corddry John Coyle Jason Curry Adriana Deutz Verne Dickerson, Sr. Kofi Domfeh Sheila Donaldson Stephen Duncan Francis Duong Matthew Durbin Jeanette Eaglin Albert Edwards James Eisberg Kirk Eley Fred Elgamil Grace Esnardo Roxana Estivariz David Fernandez

6

Paula Mansour Peter Fitzgerald Eileen Marraccini Osmin Flowers Michelle Martin Roger Frost Kelly Mazzola Massoumeh Ganji Jacqueline McAteer Ronald Gary Laura McAuley Rebecca Gehl Philip McCarthy Atul Govani Alessia McIntosh Ronald Griffin Karen McWilliams Silvia Guardado-Majano Jennifer Mead Seth Hammerly Tulika Mehrotra Leigh Hannagan Maria Mendez Jennifer Harlow Javier Mier Sheila Hawkins Jillann Mode Gail Hayes Mitra Mogadam Ellen Hays Karwee Moi Cheryl Herzog Nelson Morales Dawn Hickman AnaMaria Moreno-Molinar Cheryl Holly Teri Murphy Aleksandra Hoptiak Brooke Murray John Horn Cesar Musitani Katharine Hurley Mary O’Brien May Hussein Maureen Offutt Annice Hwang Yeon Oh Mary Hynes Ernest Oppong Ellen Ing Jennifer Ortgies John Iskander Joseph Otim Gary Jensen Kolawole Owolabi Reverdy Johnson Triandafilos Padiotis Junehee Kang LaShawn Parent Stephen Kann Mercedeh Parvand-Kazmi Raquel Kannar John Karousos Kenton Pattie Kathleen Kennedy Eric Pearson Mobeen Khan Alexandra Perez Bernard Kim Kristin Peters Kaylee Kim Phi-Phung Pham Joyce Kim Tuyen Phan Sung Kim Leta Poskute Albane Koenig Tipmuny Powers Patience Kplivi Valerie Prell Robert Lamborn Tonya Pringle Ross Lansel Gihan Ramadan Hafiz Latify Francis Reardon Melissa Lepore Kathleen Rehill Janice Lewis Khalid Riaz Da Lin Juan Rivera Herbert Lisjak Joseph Rivlin Linda Lotto Gouhar Rizvi Jesse Luden Andrea Rohal Minh Ly James Rothenbuescher Callie Mackenzie Manijeh Saeed

Jon Sampson Kathryn Samson Patricia Seggerman Sharon Seipel Maria Serpas Shahin Sharifi Arathi Shreeram Neena Singh Brian Sluyter Maria Smith Michael Snow Michael Sobhi Eugenia Sozzi Tiffany Spina Ronald Sturman Young Suh Andrew Swersky Michele Synnott Christina Tak Jin Tan David Thomas Scott To Harold Trang Dan Trinh Emily Underwood Carolyn Upton Jacqueline Valle Keith Van Cleave Helen Vasiliadis Karla Vasquez Ana Velasquez Reinaldo Venancio Jennifer Victorian James Vincent Brian Walters Agnes Wasowski Andrea Weaver Christine Wells Sean Whitmore Shawnda Williams David Wilson Amy Wise Bonnie Wolfe Joyce Woodson Christopher Wynfield Yan Yan Peggy Yee Lu Zhang Zhelyo Zhelev Hong Zhou May/June 2011

2011 NVAR Thanks Our Partners Platinum

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elections

Homeownership Matters

Do You Know All the Reasons Why?

T

hrough advocacy and outreach to lawmakers, consumers, thought leaders, and the media, NAR is working to preserve this American institution of homeownership. Part of that process is providing Realtors® and state and local associations with valuable information and tools to address concerns from clients and the community.

NVAR Board Election Process Begins Take this opportunity to share your leadership strengths. Nomination forms for the 2012 NVAR Board of Directors will be available to download from nvar.com beginning Friday, May 20. If you are interested in being part of NVAR’s governing board, or would like to nominate a qualified colleague, this is your opportunity.

In addition to tangible financial benefits, homeownership brings substantial social benefits for families, communities, and the whole country. Visit go.nvar.com/kgwn to read NAR’s review of existing academic literature that identifies the social benefits of homeownership, Social Benefits of Homeownership and Stable Housing 2010. This paper examines not only the ownership of homes, but also the impact of stable housing—as opposed to transitory housing and homelessness—on social outcomes, looking specifically at the following outcome measures:  Educational achievement;  Civic participation;  Health benefits;  Crime;  Public assistance; and  Property maintenance and improvement.

Election Timeline Friday, May 20, 2011 Nomination forms available on nvar.com Friday, June 10, 2011 Nomination forms due by 5 p.m. E.S.T. Tuesday, September 6, 2011 Election begins - Noon E.S.T. Friday, October 7, 2011 Election ends - 5 p.m. E.S.T.

Décor Decorum

Home Staging & Interior Re-Design

More information, including a free widget that displays up-to-date homeownership matters news, can be found at go.nvar.com/n29j. ❈

8

May/June 2011

NVAR Realtor® UPDATE


fair housing

Protecting All Classes

Fair Housing Forum Underscores That This Work Is Never Done By Jill M. Landsman, NVAR Vice President, Communications & Media Relations Referring to an amendment to Article 10 of NAR’s Code of Ethics, Assistant HUD Secretary John Trasviña praised the National Association of Realtors® at the annual Fair Housing luncheon, for recently including sexual orientation as a protected class alongside race, color, national origin, religion, sex, familial status and handicap.

D

iversity makes us strong. And treating our diverse population equitably and fairly is mandated by the Civil Rights Act. Fair Housing Laws, in Title VII of that act, are celebrated— and reinforced—each April.

Sponsored by the Fairfax County Office of Human Rights & Equity Programs and NVAR, the Fair Housing Month Forum offered its 170 attendees information about recent Fair Housing complaints and the chance to network with local, regional and national housing advocates.

“The work you do that focuses on the rights of newcomers, immigrants and all people to be treated with equality and justice is vital,” said HUD’s Assistant Secretary John

Trasviña, keynote speaker at the April 13 Fair Housing luncheon at the Waterford in Fairfax. “We are building the next generation of civil rights leaders now,” he said. “This is our time.” Attracting 170 attendees, the Fair Housing Month Forum was co-hosted by the Fairfax County Office of Human Rights & Equity Programs and NVAR. Underscoring HUD’s mission to be proactive, Trasviña said, “We want to remain relevant. Unless fair housing and equal opportunity are on the minds of people, it is not going to be reality. Enforcing the law, implementing fair housing initiatives and administering HUD programs are just a part of our mission.” His department receives one-sixth of 1 percent of the current federal budget for this purpose. ❈

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va loans By Kevin E. Connelly

Don’t Overlook

Modern VA Financing: W

ith at least a dozen local military bases and other armed forces facilities, the DC Metro housing market is prime territory for Veterans Affairs mortgage loans.

Is Your Buyer Eligible?

Historically, VA loans have only represented a small percentage of all home loans originated. The VA loan program was conceived in 1944 as an entitlement benefit for armed forces veterans returning home from war, facing the challenges of re-entering society and providing housing for their families. Until recent years, widely available conventional mortgage loans, which offered little or no down payment and attractive rates, caused a huge drop in all government-backed loans. Additionally, for many years the maximum VA loan limit was capped first at $204,000, and then $417,000, both unrealistically low loan amounts for the high-priced DC market.

The VA Advantage The Department of Veterans Affairs has made great progress in modernizing its home loan program, and in fact the VA now updates the maximum loan limits yearly. In 2011, the maximum zero down payment VA loan is $818,750 for Washington DC, and most of the surrounding suburbs. This generous loan limit helps to fill the void left by the exodus of affordable jumbo loans and the elimination of Alt-A exotic loans, beginning in 2007. This occurred as a result of the secondary market meltdown, and the stagnation of the NVAR Realtor® UPDATE

a “VA Funding Fee,” which can be financed. The amount of the fee varies, depending on the veteran’s status, repeated use, and loan-to-value ratio. A veteran who has any disability is exempt from paying the fee. Lenders offering VA loans typically charge the same relatively low interest rate, up to the maximum loan limit. This results in significant affordability when compared to current jumbo loan interest rates. The spread in interest rates between conforming loans and jumbo loan rates jumped significantly as a result of the Wall Street meltdown. Another benefit of the VA loan program is that veterans can qualify repeatedly. Eligibility can be restored if the previous home has since been sold or refinanced to a conventional loan. Over the years, the VA has also expanded eligibility to grant a VA borrower partial entitlement, which would probably require some down payment.

The Underwriting Process mortgage-backed security market on Wall Street, which persists to this day. The VA allows eligible military borrowers to buy a home with as little as zero down payment. Since this is very risky, the VA provides a guaranty to originating lenders and Ginnie Mae mortgage-backed security holders, of the top 25 percent of the loan amount. In the case of default, foreclosure and loss, the lender will make a claim to the VA for reimbursement. The VA maintains a pool of funds to pay these claims, and each VA borrower pays May/June 2011

VA home loans are only available to veterans and their spouses, or two eligible veterans buying together. The transaction must be for an owner-occupied residence. In the case of active duty personnel who are currently deployed, the occupancy requirement is satisfied if the veteran’s spouse moves into the home upon settlement. As an entitlement program, originating lenders are required to give special consideration, or the “benefit of the doubt,” when underwriting VA loans. VA Loans continued on next page 11


va loans VA Loans continued from previous page

If the borrower has experienced a foreclosure or short sale in which the VA paid a claim, the veteran may be ineligible for another VA loan. Veteran borrowers are counseled at the time of application as to the terms and conditions of the VA loan.

their borrowing ability. The underwriting process also utilizes the “residual method” of debt and income analysis. The veteran’s income is analyzed beginning with the gross monthly amount, and subtracting federal, state, and social security taxes. Then, all other debts, utilities, and new housing payments are deducted. Finally, a certain amount is subtracted for each family member. If there is a residual amount available after subtracting out the sum total of the veteran’s housing and living expenses, then the veteran is considered qualified.

While the published total debt ratio is 41 percent of gross income, automated underwriting often approves loans in excess of this, if there are compensating factors. The buzz words in the mortgage industry today are, “long term sustainability,” which refers to a concern that the VA borrowers are not over extending

The VA is liberal with seller contributions towards closing costs. They will allow all closing costs and reasonable loan origination/discount points that are customary for the area and current interest rate market, to be paid by the seller. Up to an additional 4 percent of sales price in added seller concessions, used

Credit issues are reviewed with an understanding that there may have been extenuating circumstances, possibly service related. Bankruptcies must be discharged for two years, and foreclosures also require at least a two-year window.

VA loans are avail able for most types of propertie s..

VirginiaHousingSearch.com

12

May/June 2011

NVAR Realtor® UPDATE


va loans for pre-paids, escrows and some additional incentives, is also permitted.

Evaluating the Property VA is tough on appraisals to ensure that borrowers buy homes that are safe, sound and sanitary. Any property deficiencies will be noted by the appraiser, and will require further inspections and/or repairs prior to settlement. Appraisals are ordered through the VA and assigned to VAapproved appraisers. Completed appraisals are sent to the VA for review prior to retrieval by the lender. In a VA loan, the lender underwrites the appraisal too, and then issues a “certificate of reasonable value.” The net effect of this process is that more time is needed to satisfy the appraisal contingency. Realtors® should put at least three—if not four—weeks in the contract to manage expectations. VA loans are available for most types of properties, including condominiums. The VA maintains a list of approved

condo projects at its web site: condopudbuilder.vba.va.gov/2.2/ frames.html. FHA-approved condos are accepted by the VA if they were approved prior to December 7, 2009. VA loans are still assumable. Loans originated prior to March, 1988 are freely assumable without qualification. However, the original veteran borrower remains contingently liable in this case. Under new regulations, VA loans can be assumed by another eligible veteran, and the eligibility is substituted, restoring the seller’s VA eligibility. Also, the loan can be assumed by a non veteran, without restoration of the seller’s VA eligibility. In either case, assumption requires that the borrower be fully qualified, and a nominal fee is charged.

Where to Begin? Successful use of the VA loan program begins with the pre-qualification process. If the buyer believes that he or she may be VA eligible, then a

VA-approved lender can easily obtain the veteran’s eligibility certificate electronically. The veteran must supply a record of service (DD214) and sign a VA Form 1880. The eligibility certificate will show any prior use of VA loans and a current eligibility status. Beyond that, the usual documents needed for any mortgage loan approval must be supplied to the lender, who can then obtain a preliminary automated underwriting decision. A veteran can research eligibility at the VA’s web site: benefits.va.gov/ homeloans/eligibility.asp. As the pool of affordable home loans continues to shrink, modern VA loans, with their zero down payment, new higher loan limits, affordable interest rates and liberal seller contributions, deserve renewed consideration. ❈ Editor’s Note: Kevin Connelly is a vice president with BB&T Mortgage in Arlington and an affiliate member of NVAR. He is a member of NVAR’s Real Estate Finance and Settlement Forum.

SAVE THE DATE

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OR

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NVAR Realtor® UPDATE

May/June 2011

13


The Washington Post

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$262,000

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semi-detached home near Tenleytown and Van Ness metros. Three bedrooms and 2.25 baths with four levels of which three levels are finished. This lovely home is aggressively priced and is in need of some updating. The main entry has a foyer and front porch. 3703 Windom Pl NW, DC 20016.

Townhome. 4 br, 3½ ba. NEW PRICE! Beautiful Square Front Victorian Townhouse on treelined block in West Dupont Circle. Four renovated flrs of elegant entertaining principal rms, comfortable Living Spaces, updated Gourmet Kit w/ Island, hardwood floors & high ceilings thru out & 5 period fireplaces. Located only 1 block from Starbucks. 2031 O St NW, DC 20036. Wlliam F.X. Moody 202-243-1620

Dupont Circle

$199,900

Mary Jane Molik 202-000-0000

CONDO. 2 br, 2 ba. Grand Dame of Washington “Best Addresses” Very light and airy renovated 2BR, 2BA with loads of windows. Gourmet kitchen with upgraded cabinetry, granite and tablespace. Plenty of built-ins. 1661 Crescent Pl NW #304, DC 20009. Sheila Hansen

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Mobile/Manufactured. 3 br, 2 ba, 3br, 2fb, 1 den, 2 kitchens, lower level has its own kitchen, full bath, den and outside entrance. hardwood floors on main and upper level, carpet and tile lower level. 6415 8th St NW, DC 20012 George Saab SAAB, Realtors 703-288-4877 Brightwood

Adams Morgan

The Open House prospects you want are reading The Washington Post Among those who attended or plan to attend home-for-sale open houses, 82% are Washington Post or washingtonpost.com users.

$248,000

$699,900

CONDO. 2 br, 2 ½ ba, 1,550 sqft. Spectacular open 2 level condo with great views, GARAGE parking and extra storage! Floor to ceiling windows, 2 masters bdrooms, 2 zone audiosystm thruout, 42’ flatpanel, bay window in living room and 2nd master bedrooms, custom plantation shutters, granite kit high-in appliance, wine cooler, marble bathrooms and full size separate washer and dryer. 2200 17th St NW #220, DC 20009 Dwight Mortensen 202-361-4400

Single-Family Home. 4 br, 2 ba. Presented by the REO Division of Brandon Green. Completely rehabilitated property sitting on a quiet street in the NW. Fully renovated from the ground up. New windows and hardwood floors. 710 Roxboro Pl NW, DC 20011. Brandon Green 202-111-2222

$879,000

Single-Family Home. 4 br, 2 ½ ba. Antique brk 4 bedroom, 3 level, 2.5 attractively renov Bath Cape Cod. Gorgeous true t/s + breakfast bar, granite, SS, sitting room w/ Fr doors to wonderful priv patio & lovely garden! Large LR, handsome extra-wide fireplace, sitting room w/French doors, formal DR, foyer. 4605 47th St NW, DC 20016

$829,000

Single-Family Home. 4 br,3 ba. Fresh new listing in the heart of AU Park. Move in cond. 4 finished levels of living space incl 2 full baths up! & 3 br + 4th/study on upper lvl 2. Welcoming wide front porch, level fenced playball yard, garage/storage. 4626 47th St NW, DC 20016 Susan Jaquet 301-320-8346

CONDO. 2 br, 1 ba. Shows like a dream! Redone from top to bottom! Fabulous Top-of-theline Chef's Kitchen! Renovated Bath! Hdwd Flrs, Decorative FP! New Windows! Pets allowed! Front Desk, Close to (Metro Red Line). 4700 Connecticut Ave NW #404, DC 20008. Eric Hernandez 202-000-0000

Columbia Heights

CONDO. 1 br, 1 ba, 510 sqft. Welcome Home! The Concord is a wonderful new condo project with upgraded finishes and great location! This is a very cool Art Deco building with hardwood floors, granite countertops, stainless steel appliances, and designer cabinetry. 5611 5th St NW #24, DC 20011. Jeremy Aldridge 202-111-2222 Brightwood

$324,000

$149,000

$435,000

CONDO. Bright open 1 Bedroom + Den, 4th floor with new kitchen, new bath, new heat pump, hardwood, stainless refrigerator with icemkr, ss stove, dishwasher, microwaveRH, full size washer/ dryer. Quiet one way street in Col. Hts. Converted co-op, long time residents. 1447 Chapin St. NW #401. Margaret Virostek 202-000-0000 Weichert, Realtors Columbia Hghts $315,000 CONDO. 2 br, 1 ba, 1,058 sqft. LOCATION... see this opportunity to invest in a beautiful Columbia Hghts area. 1519 Park Rd NW #303, DC 20010. Ken Johnson DCRealestate.com Columbia Hghts

Susan Jaquet 301-320-8346

American Univ.

$479,000

Columbia Hghts

Brightwood

American University American Univ.

Cleveland Park

Single-Family Home. 3 br, 2½ ba.Fabulous Art Deco Tudor w New Pella Windows(cost $35.0) Dramatic flr plan w sunken livingroom/fireplace, spacious diningroom w glass doors open to large deck(Cost $14.0) w custom wrought iron/architectual motif.. 6105 14th St NW, DC 20011. Dianne Bailey 202-000-0000

Cleveland Park

$599,000

Townhome. 4 br, 3½ ba. Wow! this row twnhse w/ basement rental apt is smartly renov. & remod.. House has tenant planning to move out in jan 2010. apt is vacant. house incl off st pkng, deck, wood flrs, ss appliances & maple kit cabinets, gas fireplace, high ceilings & open floor plan. 2719 11th St NW, DC 20001. Helen Dodson 202-000-0000

Foggy Bottom

Townhome. 1 ba FANTASTIC PRICE REDUCTION! Penthouse Studio at Northumberland. Charming and bright Penthouse Studio with Murphy bed unit- which conveys. Red and white oak floors with mohagany inlays. 9’+ ceilings. Kitchen with breakfast bar. Old world charm, formal,elegant residence. Conveniently located steps from 16th and U Streets. 2039 New Hampshire Ave NW #707, DC 20009. Jim Bell 202-607-400 Dupont Circle $269,900 CONDO. Great location at 16th and U st!!! 1 bed/ 1 bath with wall-to-wall carpeting in a pet friendly building. 2000 16th St NW #2, DC 20009. Erich Cabe 202-320-6469 Dupont Circle $269,900 Townhome. 1 ba FANTASTIC PRICE REDUCTION! Penthouse Studio at Northumberland. Charming and bright Penthouse Studio with Murphy bed unit- which conveys. Red and white oak floors with mohagany inlays. 9’+ ceilings. Kitchen with breakfast bar. Old world charm, formal,elegant residence. Conveniently located steps from 16th and U Streets. 2039 New Hampshire Ave NW #707, DC 20009. Jim Bell 202-607-400

n

WASHINGTON DC

$399,000

COOP. 1 br, 1½ ba, 1,295 sqft. Spacious and bright one bedroom, 1 & 1/2 bath on high floor with cityscape view. As large as many 2 bedrooms! Note: coop fee INCLUDES property tax and utilities. Great Watergate location with many amenities. 2700 Virginia Ave. #1204, DC 20037. Gigi Winston 202-000-0000 Winston Real Estate Foggy Bottom

M -5P

M 1A N1

$269,000

CONDO. Welcome Saxony. This is a stunning and renovated 1BR 1BA unit that is is within walking distance to the red line Metro, restaurants, shops and grocery stores. 1801 Clydesdale Pl, NW #206. Nathan Guggenheim

Dupont Circle

M 1A N1

Adams Morgan

1-800-000-0000

John Plank 703-528-5646

E OP

� Affordable Photo Ads – draw attention to your listing.

2351 Champlain St., NW. Amazing location! 2 bedrooms and 2.5 baths w/ private outdoor patio. 22 ft ceilings. Top of the line finishes includ SubZero/Wolf/Bosch appl, Bamboo cabinets, Travertine baths w/ Hans Grohe fixturs.

E OP

CONDO. 2 br, 1 ba, 822 sqft. Rarely available, adorable 2 BR! Tons of character, huge windows, completely renovated! Granite and stainless kitchen w/hardwood floors! Beautiful bath w/full size tub! Immaculate and available immediately! Condo fee includes water & heat! 1831 Belmont Rd NW #204, DC 20009 George Saab (703) 288-4877

Brand New Ultra highend loft in the heart of Adams Morgan.

• 2 BRs • 2 full baths • 1 half baths • Built in 2009 • 1690 sq. ft.

Dupont Circle $1,699.900 Townhome. 3 br, 3½ ba, This grand, contemporary home offers truly breathtaking dimensions, light &; function rarely found in such an urban location. contemporary home offers truly breathtaking dimensions, light &; function rarely found, designed by a renowned architect to showcase art, it has display spaces, premium lighting, interesting built-ins, angles.. 2022 R St NW, DC 20009.

$859,000

$370,000

COOP.1 br, 1 ba, 904 sqft. Spacious Watergate 1 bedroom overlooking in a quiet garden/courtyard setting. Floor to ceiling windows and balcony. Over 900 square feet. Parking and extra storage is included. Coop fee INCLUDES taxes, all utilities, maintenance of HVAC, basic cable. Convenient location -Near metro, Georgetown waterfront, shopping on site and more! Gigi Winston 202-000-0000 Winston Real Estate Foggy Bottom $370,000 COOP. Large, spacious 2 bedroom at the Watergate. Bright and sunny with balcony across entire apartment. Gigi Winston 202-000-0000 Winston Real Estate Foggy Bottom $998,000 COOP. 2 br, 2½ ba, 1,880 sq. ft. Bright direct river view 2 bedroom. Watch river and sunsets from every room. Almost 1900 sq. ft. Judith Lewis 202-000-0000

$751,000

NW NE SW SE

All Homes Now on Sale! Priced from the Low $300’s* Madrigal Lofts, DC’s Most Popular Condominium. Come see why

Single-Family Home. 3 br, 2 ba. Brick colonial with 3BR 2BA upstairs!Fin lower lev: laundry, quarter BA, very high ceil rec rm w/ 2nd FP & outside entrance! 4425 River Rd NE, DC 20016. Susan Jaquet 703-000-0000

Logan Circle

Brookland $789,900 CONDO. Great location at 16th and U St!!! 1 bed/ 1 bath with wall-to-wall carpeting in a pet friendly building. Wood floors, classic window. 4301 Military Rd. NE #102, DC 20009. Neil Bacchus 202-320-6469

$370,000

Apt/Condo/Twnhm. PRICE DROP! OPEN HOUSE SUN 11/29 1-4 Over 1000 sq ft 1br + huge den w/closet/2ba chic pad in famous Whitman incl pkng, balcony, 50k of cstm decor, wired 4 sound, mrble grnte Braz Cherry hdwd, stnlss, glass, never-used kitchen, lndry rm, glss shwr, lux tub. Wendy Wood 202-000-0000

nice view from balcony. Features include NEW W&D, garage parking included, this building has 24 hour front desk, Outdoor pool. 2111 Wisconsin Ave., NE, DC 20007. Patrick Kelly 202-000-0000

$699,000

CONDO. 2BR 2BA. Gourmet Kitchen with Wood Floors, Granite Counters & Backsplash & Stainless Steel Appliances Stackable washer & dryer in unit - Luxury building with exercise/fitness room. 4301 Military Rd. #606, DC 20015.

STARTING IN THE $400’S

KENYONSQUARE.COM

202.332.6477 Bellevue

Anacostia

Bellevue Bellevue

202.640.1023 l OnlyatCV.com

Brookland $699,900 CONDO. Great location at 16th and U St!!! 1 bed/ 1 bath with wall-to-wall carpeting. 4301 Military Rd. NE #606, DC 20009. Wendy Banner 202-000-0000 Brookland $760,900 Townhome. Great location at 16th and u st!!! 1 bed/ 1 bath with wall-to-wall carpeting in a pet friendly building. 5337 42nd St. NE, DC 20015. Michael P. Rose 202-000-0000

Deanwood Deanwood

$1,035,000

Brentwood Brentwood

AT COLUMBIA HEIGHTS METRO

202.408.0007 MadrigalLoftsCondo.com

Brand new condos in the center of it all, 1 BR/Den from the $400s

Wendy Wood 202-000-0000 Foggy Bottom

NEW LUXURY CONDOS

• Modern Loft Style Design • 10’ Ceilings • FHA Financing Available • Steps To Penn Quarter, Chinatown, Verizon Center

Bellevue

Logan Circle $269,900 Townhome. 3 Level 2 Unit building in near metro & shopping. Updated homes but you can do your own touch ups. It is Ready to be Move in. It has Hardwood flooring and many other updates.2 BR second floor and one bath room. The basement is separate unit and can use as additional rental income or else. One block a way from new development of O ST Market

CLOSE OUT SALE!

811 4th Street, NW.

Single-Family Home. 2 br, 1½ ba. Super charming townhouse on a quiet side street in convenient Foggy Bottom. 5-minute walk to Metro,Georgetown, West End. 2524 I St, DC 20037. Judith Lewis 202-000-0000

Foggy Bottom Foggy Bottom

Brookland

J/K

wednesday, december 11, 2009

open houses

REAL ESTATE Adams Morgan,

� More color!

Source: 2009 Classified Marketplaces

J/K

Townhome. 3 br, 1½ ba. Sun-filled and renovated 3BR/1.5BA, conveniently located near shops and restaurants of Georgetown, hardwood floors throughout, separate Dining Room, wonderful table-space Kitchen w/ granite counters and stainless steel appliances, opens to rear private patio. 1215 33rd St NE, DC 20007. Nancy Bubes 301-000-0000

Deanwood

$1,950,000

Single-Family Home. 5 br, 4 ba. Totally renovated turn of the century Victorian townhome in Georgetown! Live across from Dumbarton Oaks and enyoy the gardens;Four exceptional levels as well as a private deck and garden ; 5+ bedrooms, 4 full baths; beautiful kitchen with granite;new appliances,four fireplaces. 3102 R St NE, DC 20007. Susan Berger 202-255-5006

Deanwood $849,000 2 br | 1 ba | Single-Family Home Located on a quiet one-way street in the East Village, this beautiful semi-detached 2 bed, 1 bath Federal boasts exquisite details throughout. 2806 Dumbarton St NE, DC 20007. John Washington 202-000-0000

Fort Totten Fort Totten

$369,000

CONDO. Spacious, bright condo on upper floor with

$399,000 Townhome. 2 br, 2 ba, 3 Level 2 Unit building in near metro & shopping. Updated homes but you can do your own touch ups. It is Ready to be Move in. It has Hardwood flooring and many other updates.2 BR second floor and one bath room. The basement is separate unit and can use as additional rental income or else. 1517 6th St SW, DC 20001. Payam Bakhaje 202-345-2778 Bellevue

Anacostia

Single-Family Home. 4 br, 2 ba. Classic Victorian in Popular Brookland Community. Three levels plus walk-up attic with space for rooms. Formal entry with sitting area, huge dining room with pocket doors, living room with fireplace. 2837 12th St SE, DC 20017.

Payam Bakhaje 202-345-2778 Bellevue

$920,000

$499,900

Bradley Wisley 301-000-0000 Anacostia

$285,000

$449,000

CONDO. 1 br, 2 ba. PRICE DROP! OPEN HOUSE SUN 11/29 1-4 Over 1000 sq ft 1br + huge den w/closet/2ba chic pad in famous Whitman incl pkng, balcony, 50k of cstm decor, wired 4 sound, marble grnte Braz Cherry hardwood, stainless, glass, never-used kitchen, lndry room, glass shower, luxury tub. POOL, EXCSE RM, 24-hr Concrge CLOSE TO EVERYTHING: Metro, grocery, pharmacy. 910 M St SW #429, DC 20001. Martin Hosking 240-605-7590

Bellevue

$399,000 Townhome. 2 br, 2 ba, 3 Level 2 Unit building in near metro & shopping. Updated homes but you can do your own touch ups. It is Ready to be Move in. It has Hardwood flooring and many other updates.2 BR second floor and one bath room. The basement is separate unit and can use as additional rental income or else. 1517 6th St SW, DC 20001.

$318,000

CONDO. 1 br, 1 ba, 750 sqft. Spacious one bedroom with bird’s eye views. Integrated Kitchen, Living/Dining room. Wood parquet floors throughout, 3 big closets. Front Desk, roof deck and pool, and laundry room on each floor. Desirable urban location where it’s. 1440 N St SW #906, DC 20005. Jo Ricks 202-234-1784 City Houses, LLC

CONDO. 2 br, 2½ ba, 1,744 sqft. New state-of-the-art building - 27 units. Duplex. Every unit has own wash/ dryer, super high-end fins, ss apps, granite, bamboo flrs & cer tile BA. NO CLOSING COST OPTIONS. 450 Church St SW #602, DC 20005. Todd Wood 301-347-4720 RE/MAX Realty Bellevue

Single-Family Home. 4 br, 3 ba, Calling all visionaries! This is it in Brookland. Renovated less than 8 years ago this stone beauty is begging for your personal touch. Three full baths, master suite with full bath, large kitchen, 2nd floor washer dryer hook up. 3100 13th St SE, DC 20017.

$318,000 Tanya Slade 301-000-0000

CONDO. 1 br, 1 ba, 750 sqft. Spacious one bedroom with bird’s eye views. Integrated Kitchen, Living/Dining room. Wood parquet floors throughout, 3 big closets. Front Desk, roof deck and pool, and laundry room on each floor. Desirable urban location where it’s easy to walk to Metro and Logan commercial offerings from your front door. 1440 N St SW #906, DC 20005. Jo Ricks 202-234-1784 City Houses, LLC Bellevue $699,900 CONDO. Great location at 16th and U St!!! 1 bed/ 1 bath with wall-to-wall carpeting. 4301 Military Rd. NE #606, DC 20009. Wendy Banner 202-000-0000

Capitol Hill Capitol Hill

$199,900

Single-Family Home. 3 br, Single-Family Home , 4 br, 21½ ba. Home sweet Home! Cozy, inviting, georgeous ALL BRICK 4 BR single family DETACHED home. Hardwood floors on main level, freshly painted, new kitchen floor. Enjoy backyard family picnics cool breezes on front porch in DC. 910 48th Pl SE, DC 20019 Luis Vivas 202-000-0000

Wendy Banner 301-365-9090 Brentwood

$825,000

CONDO. 2 br, 2½ ba, 1,700 sqft. MODEL 1348 TALBERT *FHA APPROVED* O 2Br, 2.5 Ba, gated, patio overlooking the entire city, Balcony off Gourmet kitchen, breakfast bar, granite, Stainless steel appliances, tons windows , tons of light, Central A/C & Heat with Humidifier & elec. air filter, tranquil. 1384 Talbert Ct, DC 20020.

1-800-000-0000 Brentwood

$824,900

Unparalled LOCATION. Unsurpassed LUXURY. Unfortunately, not an unlimited supply.

Open House Directory Cleveland Park

American Univ.

$249,000

Dupont Circle

Foggy Bottom

$839,000

$995,000

Dupont Circle

$1,299,000

CONDO. 1 br, 1 ba. If you’ve been looking for a lrg affordable apt in GREAT shape, w/ good light & privacy that’s an EZ walk to Metro-this is it. Wonderful HWF, beautiful renv’ted Kitchen. 4600 Connecticut Ave NW #113, DC 20008. Mary Lowry Smith 202-000-0000

CONDO. 2 br, 2½ ba, 2,106 sqft. Bright & spacious 2 bedroom, 2 1/2 bath at the Plaza. Over 2000 square foot open floor plan- dining/den area w/ balcony access, large open updated chef’s kitchen w/ granite counter-tops. 800 25th St NW #703, DC 20037. Gigi Winston 202-000-0000 Winston Real Estate

CONDO. 2 br, 2 ba, 1,114 sqft. NEW LISTING! *Second bedroom currently used as a den.* Experience the ultimate in comfort, convenience, and service is this charming 2 Bedroom, 2 Bath Residence at the Ritz Carlton condo. 1111 23rd St NE #3G, DC 20037. Patrick Chauvin 202-243-1620

The convenient Open House Directory is designed for readers to clip and carry on their open house rounds. Single-Family Home. 4 br, 3½ ba, 999 sqft. Premier AUP 4BR, 3BA col. Huge DR! Huge lower lev with fab stone fp, BR, BA, bonus rm, sep entr! Gorgeous large lot! As is. SS/ granite kit just renov. 4615 Van Ness St. NW, DC 20016. Tracy Carol 202-111-2222 American Univ. $699,000 Single-Family Home. 3 br,1½ ba. Solid red brick colonial on level lot located 1 block from Turtle Park and close to Spring Valley shopping. Bright cheery sun room. 4513 Warren St NW, DC 20016. Margaret Virostek 202-000-0000

Cleveland Park $1,395,000

Single-Family Home. 3 br, 2¼ ba. North Cleveland Park

Multi-Family Home. Great investment opportunity! Three 2 BR,2BA units w/2 pkg spaces all metered separately w/reliable rent history. Upper two units have hwd floors; lower rear unit has ceramic tile flooring and is all electric. 1748 Willard St NW, DC 20009. Steward Coleman 202-841-2836

Foggy Bottom $595,000 COOP. The spacious feel of a house in convenient one level river view Watergate. 700 Hampshire Ave NW #421, DC 20037. Gigi Winston 202-000-0000

Foggy Bottom $355,000 CONDO. The spacious feel of a house in convenient one level river view Watergate. 700 Hampshire Ave NW #421, DC 20037. Kim Kimmy 202-000-0000

Brookland

Brookland

$895,000

CONDO. 2 br, 2 ba. Gourmet Kitchen with Wood Floors, Granite Counters & Backsplash & Stainless Stl Appl. Marsha Schuman 301-299-9598

With NEW LOW PRICES and customized incentives, Bethesda’s last new LUXURY CONDOMINIUM. is going fast.

Where else can you find 4 live theatres and 2 cinemas – along with 200 restaurants and a dozen art galleries – all within strolling distance? Welcome to Lionsgate, one block from the Metro, in the heart of downtown Bethesda. It’s Park Avenue style living from the$800’sto$1.7million.Forthebestviews,floorplansandincentives,makeyour appointmentnowandjointhemorethan130residentsalreadylivingatLionsgate.

LionsgateBethesda.com • 301/986/0066 7710 WOODMONTAVENUE, BETHESDA, MD 20814

Developed by Duball Woodmont, LLC

Sales by The Mayhood Company

Easy to clip & carry.

For more information, contact your Washington Post Account Manager, or the Classified Real Estate Department at 202-334-5800, REclass@washpost.com.


nationwide open house

Opening the Right Doors

Plan to be a Part of the Nationwide Open House: June 4 & 5

J

oin the Northern Virginia Association of Realtors® and other state and local Realtor® associations across the country in the 2011 Realtor® Nationwide Open House Weekend on Saturday and Sunday, June 4-5. The 2011 Nationwide Open House is a partnership between the Realtor® associations, brokerages and individual members. The goal is to invite the public to explore their local real estate market. Consumers will be assured that they can visit the open houses with no pressure to purchase, and that the

Realtor® on duty will be happy to answer  The 2010 Nationwide Open House their questions about the home buying event resulted in scores of closed and selling process. sales, and served as a catalyst for connecting Realtors® with buyer and Reasons To Participate: seller clients  Historically low interest rates,  First-time buyers are especially plentiful inventory, and low prices encouraged to take advantage of this  An opportunity for one-on-one event. They can speak to a Realtor® conversations between members of and learn about the first steps toward the public and Realtors® regarding homeownership. the local market Expect regular updates and promotional  A venue for Realtors® to educate materials to help drive buyer traffic. To the public about homeownership, ensure compliance with local zoning their local community, and ordinances, NVAR will not distribute what options (buying vs. selling, balloons this year. Questions? Contact Jill downsizing, etc.) are right for Landsman at jlandsman@nvar.com. ❈ potential buyers and sellers

THE HOME SEARCH PROCESS

NAR Survey of 2010 Northern Virginia Buyers and Sellers: Finding the Right Property is the Hardest Part MOST DIFFICULT STEPS OF HOME BUYING PROCESS (Percentage Distribution)

BUYERS OF

All Buyers

First-time Buyers

Repeat Buyers

New Homes

Previously Owned Homes

68%

70%

66%

53%

70%

Getting a mortgage

9

10

8

3

10

Meeting the April 30, 2010 deadline to qualify for the tax credit

9

13

4

<1

10

Saving for the down payment

15

21

8

18

15

Meeting the deadline to close on the purchase to get the tax credit (September 30, 2010)

3

4

1

3

3

Appraisal of the property

8

9

7

5

8

No difficult steps

11

6

17

20

10

NORTHERN VIRGINIA Finding the right property

NVAR Realtor® UPDATE

May/June 2011

15


market update

Economic Recovery Gaining F

Momentum

or the past 15 years, the Washington metropolitan economy has outperformed the U.S. economy and all major metropolitan areas in the U.S. In keeping with that trend, the region’s economy has endured and is recovering from the worst recession in 65 years better than the nation and its peer metropolitan economies. For the three-year period spanning the recession, the Washington region’s net job loss was 39,000 compared to 432,000 in Los Angeles, 302,000 in New York, 280,000 in Chicago and more than 70-150,000 in all other top 15 metro areas. After experiencing job losses of 50,000 in 2009, the Washington metropolitan area added 11,000 new jobs in 2010. Data for the first two months of 2011 show the regional economy gaining momentum with 12-month gains in January of +40,900 and in February of +74,600. As measured by job change in past recessions, the Washington metropolitan economy experienced a less severe recession in 2008-2010 than in the recession of the early 1990s. That recession had 23 consecutive months of job losses while the recent recession had 17 months of losses. The net job loss on an annual basis was -61,000 in the early ‘90s recession, and was -50,000 in the 2008-10 recession (Figure 1).

The Federal Driving Force The regional economy’s rapid pace of growth in the late 1998-2000 period was spurred by the technology sector. The solid economic performance in 2003 to 2006 was fueled by federal procurement work assignments.

economies. Washington’s loss of 39,000 jobs over the period is far below the losses experienced in any of the other 15 largest metro regions (Figure 3). Most metropolitan areas are now recovering from the recession with job growth, with only the Atlanta metropolitan area still having losses as of February. The Washington economy led the 15 largest metro areas at the end of February with its growth of 74,600 jobs, followed by Dallas, Los Angeles and Houston (Figure 4). The federal government has been the key factor in the region’s ability to weather the recession and begin recovery. Federal procurement of professional services from area firms has been important throughout the past 15 years, and in the past three years hiring of new federal workers has been very important to the area’s economy. This hiring began in 2008 when the Bush administration began to reinforce the financial system. The hiring pattern continued in 2009 and 2010 as the Obama administration maintained efforts to improve the financial system and also initiated new programs to stimulate the economy. As of February all but three job sectors were growing, and those three had only minimal losses. The region’s largest sector, Professional and Business Services, was leading the way with 17,000 new jobs since February of 2010. Education and Health Services, Retail Trade, and Leisure and Hospitality each showed growth of 14,000 jobs. The Federal government added 17,600 jobs for all of 2010, but its growth Figure 1

These contracts carried out by Washington area companies generated jobs in the region, and in the first two-thirds of the decade federal procurement was the region’s economic driver. Beginning significantly in 2008, the government began several initiatives to try to turn the economy around and to shore up the financial system that had wrought havoc in the real estate markets. Additional federal employees were hired, and such employment became the savior of the area’s economy in 2009 and the driver of the recovery that began in April of 2010 (Figure 2).

Annual Change in Jobs:1991 – 2010 Washington Metropolitan Area Thousands

117

120

92

80

61 36 38

40 0

44 25

75 56

41 10

71

63

50 23

13

11

-8

-40 -80

-53

-50

Annual job data for the 15 largest metropolitan areas show that for 2008-2010, the Washington region’s losses were minimal compared to the rest of the nation’s metro 16

May/June 2011

NVAR Realtor® UPDATE


market update

Employment Growth & Private Enterprise Need To Trend Upward

By John McClain, Senior Fellow and Deputy Director, George Mason University Center for Regional Analysis

Figure 3

15 Largest Job Markets Job Change from Recession Start (12/07)

(000s)

was moderating with a February annual rate of 9,000 new jobs (Figure 5).

100

Going forward, annual job growth for the next few years is projected to moderately exceed the long term rate of 40,000 per year. For 2011-2015, the region is projected to grow by an average of 46,000 jobs per year.

Washington -34,000

0 -100 -200 -300 -400

Future without a Federal Advantage

-500

The outlook for the next few years is fairly bright, but the region’s economy does have some vulnerabilities. Federal activities and spending have been factors in the region’s growth, and national politics and policies are susceptible to change.

-600

Source: BLS March 2010 Benchmark, GMU Center for Regional Analysis

Figure 4

The deficit has grown significantly with the resources that were expended to help soften and reverse the economic downturn, and there is much pressure to change federal spending trends. Congress will likely pass measures to reduce expenditures that could impact spending in the region, and Defense Secretary Gates last year proposed significant reductions in Defense Department spending.

(000s)

It will be important for the Washington economy to diversify its growth in the years ahead. This can be accomplished by fostering economic development policies to encourage local expansion of companies that can conduct business in other parts of the country and the world. Key factors in achieving this goal will be to provide the infrastructure, workforce housing, and education and training programs to support economic expansion in the region. ❈ Figure 2

100 80 60 40 20 0 -20 -40 -60 -80 -100

15 Largest Job Markets Job Change Feb 2010 – Feb 2011

Washington + 74,600

Source: BLS March 2011 Benchmark, GMU Center for Regional Analysis

Figure 5

Job Change by Sector Feb 2010 – Feb 2011 Washington MSA

Annual Job Change Washington MSA 000s Annual Data

100

Annual Month over Year 2008

80

2009

2010

60 40 20 0 -20 -40 -60 -80 Jan Nov Sep Jul May Mar Jan Nov Sep Jul May Mar Jan Nov Sep Jul May Mar Jan 2006 2004 2002 Source: BLS March 2011 Benchmark, GMU Center for Regional Analysis

NVAR Realtor® UPDATE

Total 74,600

(000s) Prof. & Bus. Svcs Federal Govt. Educ & Health Svcs State & Local Govt Retail Trade Leisure & Hosp. Construction Other Services Financial Information Manufacturing Wlse Trade Transp. & Util.

-20

17 9 14 3 14 14 5 -1 1 -2 -1 1 1

-10

0

10

20

30

Source: BLS March 2011 Benchmark, GMU Center for Regional Analysis

May/June 2011

17


agents need to agents need to know

Lookup DPOR Credits Online

Mortgage Debt Forgiveness: IRS Rules Explained

Do you know when your real estate license expires? Checking credits with DPOR is simple. Go to NVAR.com : For Realtors > Education & Training > DPOR License Lookup. Or go directly to the DPOR lookup page at go.nvar.com/8mlk. Check your credits today to avoid suspension of your license!

If you are a home owner whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income.

Market Statistics – New Facts at Your Fingertips NVAR uses data from RBIntel, a subsidiary of MRIS, to calculate our monthly market statistics reports. Since this past January, RBIntel changed the methodology used to calculate housing data points. As a result, monthly statistics reports on NVAR.com prior to 2011 will not match the newly calculated data found at rbintel.com. Read about these changes at rbintel.com/ frequently-asked-questions and scroll to “Methodology Adjustment: Impact on Historical and New Statistics.” Beginning in July, 2011, NVAR.com will be linking straight to rbintel.com for monthly regional and NVAR housing data.

18

Visit go.nvar.com/faed to read IRS Tax Tip 2011-44, March 3, 2011, which offers 10 facts about mortgage debt forgiveness. For information about the Mortgage Forgiveness Debt Relief Act of 2007, visit www.irs.gov. Another resource is IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments. The Interactive Tax Assistant, available on the IRS website, can be used to determine if the cancellation of debt is taxable. The ITA tool is a tax law resource that takes users through a series of questions and provides responses to tax law questions. Taxpayers may obtain copies of IRS publications and forms either by downloading them from www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

May/June 2011

NVAR Realtor® UPDATE


know MRIS Media Connect Upgrade – Faster Photo Uploads for You

agents need to know

100% Financing?

The new MRIS Media Connect feature replaces the labor intensive Keystone Photo Upload process. Adobe Flash Player 10 or above is required for Media Connect, and must be downloaded prior to launch in order to use the following features:

3YeS

 Upload 30 photos at one time, in less than five minutes.  Describe photos in free-form text captions.  Submit listings with photos and captions as one package, even before there is an MLS #.

we’ve goT iT!

 Use any PC or Mac Internet Browser –Media Connect is 100 percent compatible with Safari, Chrome, Firefox and Internet Explorer.

BB&T’s CRA Mortgage for First Time Homebuyer’s

Download the latest version of Adobe Flash at get.adobe.com/flashplayer. ❈

WAsHingTon DC MsA, AlexAnDRiA, ARlingTon, FAiRFAx AnD FAlls CHuRCH • No PMI mortgage insurance • No limit on seller concession • $500 minimum borrower contribution • Minimum 660 credit score* • Loan amounts up to $417,000 • Homeowners counseling required** • Income limits apply We service all our mortgages

4600 John Marr Dr. #201, Annandale, VA 22003 Tel: 703.642.6342 / Fax: 703.642.0355/ 1033

Diane Mun Lee Principal Broker, VA, MD, & DC 23 years of Real Estate Experience Life Member Multi-Million Dollar Sales Club & Top Producers Club Residential, Commercial, & Business Brokerage

Call me for more information:

Kevin connellY

Full-Time Broker Support HUD Properties Free Forms Offered Free use of computer, copier, fax & scanner No Floor Duty

Contact Diane Lee for a Confidential interview: 703.534.4989 or dianeleemegarealty@mris.com

703-855-7403 Kconnelly@BBandT.com

*No minimum score requirement with 3% down payment **Not necessary to be a 1st time homebuyer, but cannot own any real estate. Program guidelines subject to change. Equal Opportunity Lender

BB&T “Best Bank in Town Since 1872” NVAR Realtor® UPDATE

May/June 2011

19


legal lines

Tenant Favored Lease Strategies Proactive planning can explain options, clarify rental lease terms By James P. Moorehead

A

lthough the national leasing market generally stabilized in 2010, leasing has been impacted by the economy like virtually every other area of real estate.

Proactive thinking is a winning strategy in any market. Listed below are basic descriptions of a handful of tenant-favorable lease provisions that might be useful as part of negotiations for a new or amended lease. Tenants and landlords should be familiar with these provisions.

Delayed Delivery of Space: It normally is critical for a tenant to have new premises delivered by a landlord on time so that the tenant can open for business as scheduled and begin to generate revenue as budgeted. To this end, consider providing in the lease that, in the event the premises are delivered late, the tenant receives adjustments. These would be one day of rent abatement for each day of delay, two days of rent abatement for each day over 30 days of delay, and a right to terminate if the delay is beyond 90 days. This credit is in addition to pushing back the rent commencement date.

Alternate Term Length: A tenant concerned about a long-term commitment for a new business or in a new market may desire a shorter initial term with more renewal terms. The tenant that once agreed to a 10-year initial term and two five-year renewals now may want an initial three-year term and five three-year renewals. With a structure like this, the tenant can get out of the lease if the business does not support the space, but also has reserved rights if the business does well.

Retail Co-Tenancy: For retail tenants, a co-tenancy provision allows a tenant to pay reduced rent when certain conditions are not met. Usually, the condition is that certain other stores, such as anchors, or a certain percentage of stores in the center, have to be open for business. The reasoning is that a tenant is spending a lot of money for a particular site and center, and if that center is not operating as it should due to the economy, then the tenant should receive a remedy.

Termination, Contraction, and Expansion Rights: If business is slow, reducing the space or exercising an early termination right (both often with a landlord fee) might be a costeffective way to reduce the lease obligation. Alternately, if business is better than expected, a right to expand into adjacent vacant space may be useful for a tenant that initially leased a smaller space due to economic uncertainty. Permitted Uses, Assignment, and Subleasing: Having sublease or assignment provisions with minimal landlord conditions is ideal in case a tenant wants to quickly unload an underperforming site. The permitted use clause also should be as broad as possible because it will maximize the audience of prospective subtenants and assignees that may be able to take the space. 20

Preempting Landlord Problems — Self-Help and Rent Abatement: Tenant protections from landlord financial difficulties are useful in a weak economy. Self-help provides a tenant the right to fulfill the landlord’s lease obligations if the landlord does not perform, and then deduct the cost from rent. A rent abatement provision provides for rent abatement if the landlord fails to fulfill its lease obligations after a certain waiting period. Lease provisions like these may provide flexibility and peace of mind to a tenant and will help keep the tenant’s focus on its most important goal: the success of its business. Editor’s Note: James P. Moorhead is an attorney with Thompson Coburn LLP in St. Louis, Missouri.

May/June 2011

NVAR Realtor® UPDATE


identity theft

Preparedness Or Paranoia?

A Healthy Dose Of Both Is Needed To Combat Identity Theft By Ann Gutkin, NVAR Communications & Media Relations Manager

“Don’t talk to strangers,” our parents cautioned. This safety rule we learned as children still holds true for adults who wish to protect their identity.

someone answers a phone call from a stranger, swipes a credit card or completes a questionnaire, there is a possibility of divulging information that could incur risk.

Vee Johnson, Community Outreach Liaison with Fairfax County’s Consumer Affairs Division, advised Realtors® at NVAR’s March 31 free Identity Theft seminar about how to safeguard their personal information in a profession that demands encounters with unknown individuals.

When responding to telephone requests for information, ask yourself: “Who initiated the contact?” If you choose to use credit cards, monitor your accounts regularly to detect unauthorized use. When asked for your social security number on a form or questionnaire, be sure that information is required before disclosing it.

“The key is to balance the need to do business with safeguarding your personal identity and that of your clients,” said Johnson. Having safety measures in place is critical. “Just like you lock your car and your home – be sure to safeguard your personal information.” Cyber-security is a hot topic for anyone who uses a computer. But identity theft is not limited to the online environment. Each time

Examples of methods used to hijack identities, such as those listed here, were among the topics outlined by Fairfax County’s Vee Johnson at NVAR’s Fairfax headquarters on March 31. View the entire identity theft presentation at go.nvar.com/f9ml.

Joseph A. Cerroni, esq.

To learn more, visit Fairfax County’s consumer affairs website at: fairfaxcounty.gov/consumer. NVAR will offer this free program again on Friday, Sept. 23 at the NVAR Herndon center. Check nvar.com for additional information and to register online. ❈

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NVAR Realtor® UPDATE

May/June 2011

21


revolutionizing statistics

By Corey Hart, Real Estate Business Intelligence

'Stats,' Lies & Videotape

Revolutionizing Statistics, Information and Market Knowledge That Sets You Apart

A

s any Realtor® will attest, today’s consumer has access to a variety of real estate information with only a few mouse clicks. Online home value estimators have gained in popularity. National and regional real estate analyses are discussed on social networking websites. Now housing statistics can be tailored to individual search preferences in the blink of an eye. With homage to the 1989 movie starring James Spader and Andie MacDowell, which is credited with revolutionizing the independent film movement1, here’s a look at how ’Stats,’ Lies & Videotape impact today’s savvy Realtors®.

months deliberating over the decision to enter the housing market and has undoubtedly researched related data online. Unprepared agents ad-libbing through general market trends risk losing credibility with consumers. The agent must present well-prepared and accurate data from a reputable source. Whether it conflicts or correlates with the consumer’s initial perspective is irrelevant – the Realtor’s® positioning as market expert will be solidified. Add in supplemental graphs and deeper data points, and a seller’s confidence in the Realtor® can help reduce any angst associated with pricesetting discussions. Unprepared agents reciting off-the-cuff market trends do so at their own peril.

custom reports based on monthly data. RBI developed its site so that any custom data is downloadable to Excel when displayed in the RBI interactive charts. Some Realtors® invest in thirdparty data services that offer stat modules and reports. Any of these strategies should be considered in an effort to reinforce your “market knowledge” brand. When investigating options, consider the methodology and ultimate data source of any provider – data integrity is fundamental in distinguishing a Realtor's® market knowledge.

For those agents who have adopted social media marketing, what better way to gain ‘followers’ and ‘fans’ than topical content surrounding local real estate market trends. The more Northern Virginia agents collectively According to NAR’s 2010 national offer local narrative counter to negative home buyers survey, 97 percent of national trends, the more aware One might think this virtual Northern Virginia consumers are using customers will be of the unique DC smorgasbord of unfiltered data allows the Internet as an information resource Metro market. Tie your commentary home buyers or sellers to abandon their during the home buying or selling back to charts on your website Realtor®. Not true! The overwhelming process. The NAR survey also revealed for additional traffic. If it’s hard to majority still use Realtors®. This that while the overwhelming majority add content to your website, RBI’s resiliency validates the fact that real of buyers worked with a real estate interactive charts have a share button estate professionals have effectively agent, only 20 percent worked with one which creates a standalone URL. evolved alongside the consumer right from the start. A recent MRIS Q1 throughout the information age. Survey of 300 home buyers and sellers Videotapes, technology in the Mid-Atlantic area reported that and innovation The millennial generation (described by 35 percent found their agent through With the explosion of online video’s the PEW Research Center as “the first online resources. This fact stresses the always-connected generation”) is fast need for real estate agents to be armed popularity and the rapid adoption of broadband over the last decade, many becoming the majority of the home with intuitive, localized, ACCURATE agents are producing brief videos with buying population. With knowledgemarket statistics that cater to the their personal take on the local market. sharing technologies growing in educated and “connected consumer.” Incorporating compelling data visuals popularity, it’s critical that today’s Realtors® take ownership of the market Just Stick To The Facts: Add timely, in this content certainly helps. Camerashy or don’t have time? RBI offers a knowledge space. accurate market trends to your Northern Virginia MarketWatch video online content As the consumer’s ability to obtain as a free service. Agents can post these information has grown, a shift in Add a Market Stats section on your popular videos to their websites. the dynamics of the agent-client website, post blog entries about recent And the icing on the cake? RBI offers a relationship has occurred. Trust in the trends, or at the very least include free auto-update option to keep your Realtor’s® market knowledge must links to free monthly reports available 2 content fresh. Place this video on your be established early, through a clear through RBI , NVAR or your broker. website and RBI will automatically understanding of local trends. After Many top producers have invested all, the consumer has likely spent considerable time building and sharing refresh each month as new videos are 22

May/June 2011

NVAR Realtor® UPDATE


revolutionizing statistics published to reflect the most current market trends. The MRIS Q1 survey clearly shows that word of mouth is still king, with 48 percent finding their agent through a referral from a friend, family member or neighbor. But even these offline prospective clients spend considerable time online before beginning their home search. This is why RBI was created – to help Realtors® stay ahead of the consumer knowledge curve. Marketing materials should include stats that can speak to the true local market, especially when put up against non-MLS data sources. Remember: not all data sources are accurate and trustworthy. Remind inactive prospects about market momentum by sending a custom chart to their inbox. Show that YOU have the insider’s scoop.

luxury homes or bank-mediated sales, include the latest indicators pertaining to that segment. RbiPRO’s interactive charts distinguish trends related to specific home characteristics. If short sales expertise is part of your brand, then it makes sense to display the lower sales price average versus the general market. Like the Marketwatch videos, you can opt for auto-updating versions of any custom charts you’ve created, meaning they will refresh on your website each month automatically.

Add Some Zip to Your Zip Code Analysis Consider creating stats of a particular ZIP code or group of ZIP codes. RbiEXPERT charts compare multiple ZIP codes against the county and region.

Create separate website sections or blog categories for each ZIP code within your market. Don’t have an editable website? Make ZIP comparison charts for use in your email farming and business collateral. RBI has worked hard to make market statistics accessible and user-friendly, so Realtors® can easily relay local trends to a more discerning and informed consumer base. Real estate practitioners must know their stats, dispel misleading information and use multi-media tools to help maximize their message. Visit rbintel. com/products to learn how you can harness leading-edge technologies to become the star of your market! ❈ Editor’s Note: Corey Hart is Sr. Product Manager for RealEstate Business Intelligence LLC. His email is Corey@rbintel.com. 1 Wikipedia, (April 5, 2011) en.wikipedia.org/wiki/Sex,_Lies,_ and_Videotape

If your business strategy includes niche marketing such as condominiums,

2 RealEstate Business Intelligence, LLC, a subsidiary of MRIS, produces online market statistics, which can be accessed at rbintel.com.

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May/June 2011

23


cyberspace precautions

From Fences to Fire

Protecting Persona Cyberspace Require M

ost savvy business people know to ignore an email announcing that they have won a lottery in the U.K., but receiving an email from an acquaintance asking for financial help can be more difficult to dismiss. One local Realtor® recently had her email address list compromised, with every contact receiving an “I’m in distress” email describing a dire situation while she was overseas, including a stolen passport and a total lack of funds. The Realtor® had to reach out to every recipient to let him or her know that she was fine and to make sure they did not respond. While this case resulted only in wasted time, other potential email problems can have more serious consequences. Realtors® are safety-conscious when it comes to protecting their customers’ vital information, but their concern for security sometimes gets left behind when they use email. Yet a world of viruses and hackers looking for data to steal is a valid concern with online communications. By Michele Lerner

“Email viruses are technically not as much of a problem as they used to be, if you closely define an email virus as one that you receive when you click on an attachment and your computer is invaded,” says David Korte, a senior network consultant with Portal Systems, Inc., an advisor to McEnearney Associates. “Those types of viruses are mostly caught by software programs on the [email] server or client [computer] that scans for viruses. The more dangerous issues today are phishing scams that can compromise your data.”

Disclaimer: NVAR makes no representations, warranties or guarantees as to, and disclaims all responsibility for and regarding the use of any of the programs discussed herein, their security or performance, nor do we provide troubleshooting/repair service if you should experience complications. You should perform the appropriate diligence in determining each program’s compatibility with your own computer. Take proper precautions to avoid data or productivity loss in the event of a problem with either the program itself or its installation process.

Phishing Dangers Korte says that a typical phishing email will appear to be from a larger company such as Bank of America, Wells Fargo or PayPal, since hackers 24

May/June 2011

NVAR Realtor® UPDATE


cyberspace precautions

ewalls

al Information in es Caution assume you could have an account with one of these companies. “The email will even have the company logo embedded in it to fool you into thinking it is legitimate,” says Korte. “The email will have a link for you to login to your account. If you click on that link you will be prompted to login to your account. If you login using this link, your user name and password can be captured and the hacker could gain access to your real account.” Links within phishing messages can sometimes launch a virus in addition to capturing private information, says Curtis Joachim, an account executive with CWPS (Connected Workplace Solutions, Inc.), which provides IT management for NVAR. “Don’t respond to emails from ‘reputable’ companies asking you for your password,” recommends Marc Pina, branch vice president for Coldwell Banker Residential Brokerage in Old Town, Alexandria. “No honest companies do that. It’s better to call customer service at your bank if you aren’t sure whether an email is legitimate, or go directly to its website outside of the email.” Email users should never provide information when it is requested by an unsolicited email, warns John Forrester, network administrator for Realogy in Ellicott City, Maryland. “If you feel compelled to respond, do so via an alternate means, such as picking up the phone and calling the main number of the company and asking to be transferred to the person listed on the email,” says Forrester. “If an email message sounds too good to be true or too fantastical to be true, that’s probably the case Cyberspace continued on next page NVAR Realtor® UPDATE

Password Profusion? Simplify with software that remembers them for you By Ainsley S. McDougal, NVAR Online Communications Manager

How does this work? Generally, this software uses one primary password that protects access to all other passwords. Some of these software packages even offer auto-fill options for other data, such as credit card information, eliminating the need to pull out your wallet for every online purchase. CAVEAT: It is very important that the primary password used to access the software be long and complex, meaning at least 8-16 characters in length and alpha-numeric in combination. Here is a good example: P@$$w0rd – created by taking a common word and substituting symbols and numbers in place of some letters.

Sof t ware Produc ts f or y ou to C on s ide r Review each option to determine which one will work best for your specific needs. Several of these products have a no-cost option, which limits the number of passwords that can be saved. This offers an opportunity to try out the software before purchasing. RoboForms – RoboForm.com  ompatible Platforms: iPhone, Android, Blackberry, Windows C Mobile, Palm, Symbian, Windows XP/7, Mac OSX, iPod, iPad, Mobile (USB-based) Browser Add-Ons: Internet Explorer, Chrome, Firefox, Opera Price: $9.95 for first year, $19.95 for subsequent years L astPass – L astPass.com  ompatible Platforms: iPhone, Blackberry, Android, Windows C Mobile Browsers Add-Ons: Firefox (mobile, too), Dolphin, Internet Explorer Price: $12/year 1Password – 1Password.com Compatible Platforms: Windows, Mac OSX, iPhone, iPod Touch, iPad, Android  rice: Prices vary by package, but there is a “Family License” that P permits up to five users with discount pricing KeePass – KeePass.com (This is an open-source password manager)  ompatible Platforms: Linux, Mac OSX, Pocket PC, JsME mobile C devices, iPhone, BlackBerry, PalmOS, Android  rice: FREE, however, as part of an open-source community, P donations are requested to support ongoing development costs Editor’s Note: Pricing information accurate at press time.

May/June 2011

25


cyberspace precautions Cyberspace continued from previous page

nearly 100 percent of the time. Delete and move on.”

program. See page 25 for software products to consider.

While most people know that they shouldn’t open an attachment unless the person sending it is familiar to them, Korte adds that attachments ending in .exe, .bat, and .vbs can launch a program onto the computer. Therefore, end users should not open such attachments without the clear intention to add the program that the attachment is attempting to launch.

Forrester also suggests that people should be more careful with their answers to security questions as an extra layer of protection.

Password Security One important and simple way to protect email and data is to use strong passwords for security. “A strong password doesn’t associate with any relationship to your account, yourself, your family, your home, etc.,” says Forrester. “This includes birthdays, names and addresses, for example. Just say no to the obvious.” Pina recommends choosing a password with a mix of numbers, upper and lower case letters, characters and special symbols. Changing passwords frequently, at least every 90 days, is also recommended. “Don’t use the same password for your email account as you do for everything else,” says Korte. “If someone has your email password they can get into your email, but you don’t want them to be able to get into every other account, too. Your email password gets shared more often, so it should be unique and you should change it often. For example, assistants who check your email at work need to know the password. Also, when you are setting up a new phone at the Verizon store, they ask you for your email password, so that makes it more vulnerable.” If you have trouble keeping track of your evolving passwords, passwordsaving programs are available for free or for a minimal fee that save all your passwords so that you only need to memorize the password for that 26

“When using systems that allow you to create challenge questions for password reset, don’t use them as presented,” says Forrester. “You’d be surprised how much of that information can be found with a little online research. Be creative, but don’t forget your answers. For instance, you could answer your mother’s maiden name as ‘SheWontTellMe’ instead of the actual name as most people would use. This is an example only; you should choose something unique of your own.”

Public Networks Realtors® rarely sit at one desk all day long, and often access data from a laptop. While using a laptop on a secure wireless network should be safe, be wary of using an open network. For information about how to ensure a safe online environment in public spaces, read the article by NVAR Online Communications Manager, Ainsley McDougal, found on page 28. Social Networking While Realtors® are encouraged to use social networking sites such as Facebook to promote their business and interact with potential clients, Forrester warns that even this can be dangerous. “Be careful with Facebook and other social websites,” says Forrester. “Simple links posted on a friend’s website regarding funny videos or something innocuous-looking can be a danger.  If you are prompted to re-enter your password after you’ve already signed in, don’t re-enter it. You may well have clicked a rogue program that will capture your password, hack the account and subsequently change your password locking you out. If you’re prompted with such a password May/June 2011

re-enter request, simply close all browser windows and delete all temporary Internet files.” Instructions for deleting temporary files using Internet Explorer can be found at support.microsoft.com/kb/260897.

Protective Software In addition to careful use of passwords and common sense online behavior, Realtors® should also purchase and update software to protect their computers. Activating spam filters can reduce the number of spam emails delivered to inboxes. “Brokers can look into adding a program such as ‘Google Postini,’ which only costs $1 per month per user and works as an excellent spam filter,” says Joachim. “The program inspects every email and quarantines suspicious emails into a spam file. You just need to remember to check that file occasionally to make sure no legitimate emails got caught in the file.” Forrester says that every computer needs virus protection and Malware protection installed and kept current. “Viruses are created by people trying to steal information and they are constantly creating new ones, so if your 2010 computer has virus protection, that doesn’t mean it will work in 2011,” says Joachim. “If a new virus has been invented, your virus protection software won’t recognize it and will allow it onto your computer.” NVAR Realtor® UPDATE


cyberspace precautions

Boost Your Computer’s Immunity with these Antivirus Resources By Ainsley S. McDougal, NVAR Online Communications Manager

Some of the commonly used antivirus software can be expensive or hog resources on your computer, causing it to run slower than normal. Here are some alternatives to consider: Avast Antivirus: avast.com For years this company has provided a free version for home users, which is supported by the large number of companies who purchase this software at an enterprise level. It updates frequently and does not hog resources on your computer.

AVG: avg.com You could purchase just their antivirus software, or their entire internet security suite, which also scans Internet traffic and email on your computer. Kaspersky: usa.kaspersky.com A reputable company that offers highly customized packages and pricing, depending on your specific needs. Panda: PandaSecurity.com Offers antivirus, antispyware, firewall

Joachim recommends using Symantec or Norton Antivirus software. See "Boost Your Computer's Immunity" on this page for more suggestions.

down on the number of password resets you need to do,” says Korte.

“You need to pay the $50 or whatever the cost to make sure you continually update the software, otherwise the software won’t be protecting you,” says Joachim. “You need to set up the system to get notices when an update is available and click ‘yes’ to allow the software to be updated.” Don’t ignore those notices, he advises. Korte recommends that everyone do a manual scan at least once per month to clean up the computer. He suggests using software from MalwareBytes.org for a basic level of protection. A no-cost option for PC users is to download CCleaner at ccleaner.com. “You don’t have to spend a lot of money,” says Korte. “The Microsoft Security Essentials system offers very good protection and it is free. This is especially good if you have more than one computer.” No matter which software you choose, the important thing is to keep updating and installing the new software in order for it to be effective.

Multiple Email Addresses Many Realtors® have more than one email address, such as one tied to their brokerage, one linked to their personal website, an MRIS email account and a personal account. “All the safety rules about passwords and use of email apply to each account,” says Pina. “Personally, I think having two email addresses should be enough, one strictly for personal messages and one for professional emails.” Most systems have similar security features, Korte says, so using more than one email address should not create any additional security problems. “It should be simpler to manage just two email accounts, one personal and one for business, and that will also cut NVAR Realtor® UPDATE

protection, antispam, parental controls, etc. ESET: eset.com Not the cheapest solution, but ESET is very friendly for small businesses looking for a viable solution that is scalable as they grow. Comodo: comodo.com This company offers more than just antivirus and Internet security products, and is frequently ranked alongside Norton or McAfee because of its range of services.

Realtors® with multiple addresses may want to have all email forwarded to one email account for simplicity, Joachim says but he suggests they may not want this to be through their real estate company. “An exchange server owned by a company allows the company to read every email that goes through the system, whether it is coming in or going out,” says Joachim. “There is no privacy, which is why in the corporate world most people have a separate corporate account and a personal account. You don’t want an email about changing jobs to go through your corporate account.” There is another option for agents who own their own domain. Google Apps, available at google.com/apps/, is a free service that will pull multiple email accounts into one inbox.

Back-up Protection In spite of using protective measures, email viruses do occasionally get through and create havoc on computers. For this reason, Joachim recommends paying for an automatic, off-site back-up system on every computer, such as Carbonite or Mozy. To learn more about how to choose a backup service, read the Update magazine article found at go.nvar.com/8lsg. “Just a few years ago these kinds of back-up systems were not available to consumers, but now, for a minimal cost, you can protect all the information on your computer that you don’t want to lose if you get a virus,” says Joachim.

Prevention Pays Efforts to defend your online presence will not be wasted. Spending a little money on software and spending a little time on passwords, along with careful vetting of emails, is a small price to pay for protecting the data that is so vital to you, your customers and your business. Ignoring potential risks is not an option in today’s online marketplace. ❈ May/June 2011

27


encryption

'Encryption, Encryption, The Realtor® Mantra for Cyber-Workspace Security - No By Ainsley S. McDougal, NVAR Online Communications Manager

R

eal estate is a mobile business. With most agents working on the run, access to files, email and the Internet is a necessity, even away from the office. Given the increasing reliance on the Internet among real estate practitioners, and the type of information now transmitted online, even the non-tech-savvy Realtor® must implement security measures. One important consideration is data security over a wireless connection, including both a home wireless connection and public Wi-Fi hotspots. Arming oneself with the right tools and information can make conducting business in the wireless environment much safer. Why Care About Wireless Security? Take a quick moment and consider what Realtors® do online: purchase a product from Amazon or iTunes, fill out a form to apply for a credit card or mortgage qualification, receive an email from a client with sensitive personal data, check a bank account balance, or post on Facebook. Each activity involves the exchange of potentially sensitive data. Choosing to use a public Wi-Fi network at a local coffee shop presents a real possibility of identity theft.

to protect them at every stage of the transaction. That trust should extend to the protection of their data, as much as possible. Common Ways Data Is Compromised Here are some possible ‘holes’ in a mobile Realtor’s® armor:  Logging online at Starbucks, Borders, Panera or other public Wi-Fi hotspot  Using a Smartphone to access email or the Internet  Using a wireless phone as a mobile hotspot for a laptop  Using a paid mobile hotspot, such as Verizon MiFi or Sprint Connect Card  “Borrowing” a neighbor’s Wi-Fi  Using a hotel’s open Wi-Fi in the lobby

There are programs that are used to steal logins, passwords and other data exchanged across an open, wireless internet connection. News stories about hackers infiltrating networks are common; users often have their identities stolen, or their Facebook or email accounts compromised. These are examples of how carelessness across an open Internet connection creates vulnerability.

These connections are so common that many would not think twice about using them. However, each poses a minefield of data security issues. There are programs available that are intended to ‘sniff packets’ of data being sent across a network. Protection is a priority, and there are a number of things a wireless network user can do to ensure a secure environment.

Consider the amount of personal client information a Realtor® handles while conducting business. Clients place inherent trust in the Realtor’s® ability

Security Solutions Most people only consider Wi-Fi security to be a priority on their home network, using either WEP,

28

May/June 2011

WPA or WPA2 logins on their wireless router. Installing a firewall or antivirus program also offers protection for home computers. Those strategies are important, but they do not offer protection for data once it leaves the computer and travels across the Internet connection. This is a where a Virtual Private Network (VPN) comes into play. Typically, a VPN is employed to allow secure access for remote users to a local network. At one time, VPNs were only considered necessary for professions that required extensive travel, where the need for security was constant. That is no longer the case. With the ubiquity of wireless networks and public Wi-Fi hotspots, it should be mandatory for all users. VPN service companies allow all users to connect securely to their servers from anywhere in the world, thereby securing the data from prying eyes. Today, most VPN service companies offer a Secure Socket Layer (SSL) VPN service, which is the same technology that a bank uses when its account holders visit the site to start a secure session. When a website has a “lock” symbol, that means it is using an SSL certificate. This proven technology can be harnessed by the average user with a VPN service to protect all data leaving the computer, even if the site being visited does not have a “lock.” SSL is great for computers, but when it comes to Smartphones (iPhone, Android or Blackberry), a different solution is needed. Typically a VPN service company will offer a solution for handheld devices (iPad or tablet) or Smartphones NVAR Realtor® UPDATE


encryption

Encryption': Matter What the Location

VPN Vocabulary Here are some common terms and definitions to know. It is important to understand that VPN services might offer multiple options utilizing different Internet protocols. Familiarity with these concepts will enable the user to ask the right questions. VPN service providers can answer specific questions about these technologies. DNS – Domain Name System. Essentially a phone book for the Internet. Technically, it exchanges a common name—such as nvar.com —into an IP address recognizable for the server hosting the website. VPN – Virtual Private Network. Creates a tunnel for encrypting all data coming to and from a computer. This includes emails, Internet traffic, instant messages etc. WEP – Wired Equivalent Privacy. An antiquated security algorithm for 802.11 wireless networks. All routers still include this as an option.

utilizing technology to encrypt data and privatize online activities. Commonly used VPN methods such as PPTP, IPsec and L2TP are explained under "VPN Vocabulary" on this page. VPN Security Solutions While there are many companies that offer VPN service, there are three major players in terms of market share. The oldest firm in the market is WiTopia (witopia.net), which pioneered the technology used to create VPN services. That company has the largest global network. Other reputable companies include StrongVPN (strongvpn.com) and Astrill (astrill.com). Like shopping for any new service provider, research the length of time the company has been in business, the level of support offered and whether there are complaints on record with the Better Business Bureau. Conclusion Technology can be intimidating, yet in today’s world it is increasingly important to embrace it. Securing online information can be a simple process. Becoming familiar with available options should help in developing a strategy for protecting Realtors® and their clients. ❈

WPA & WPA2 – Wi-Fi Protected Access. A wireless protocol that replaced WEP in 2003 as the defacto standard for 802.11 wireless networks. Proxy – A technology that encrypts Internet traffic and nothing else. OpenVPN – Open source VPN product that serves as the basis of most VPN companies’ technology. TLS – Transport Layer Service. Security protocol for encrypting traffic over the Internet. SSL – Secure Socket Layer. Security protocol for encrypting traffic over the Internet. IPsec – Internet Protocol Security. An open standard used to determine the appropriate protocols when authenticating and encrypting traffic over the Internet. L2TP – Layer 2 Tunneling Protocol. The encryption protocol that provides privacy within the tunnel. PPTP – Point-to-Point Tunneling Protocol. NVAR Realtor® UPDATE

May/June 2011

29


spring forecast recap

Recovery to Expansion: By Ann Gutkin, NVAR Communications & Media Relations Manager

“T

his is going to be a good year for anybody who sells anything,” remarked Dr. Stephen Fuller, Director of George Mason University’s Center for Regional Analysis and the first speaker at NVAR’s Thursday, March 24 Spring Forecast event in Herndon. Citing this year’s 2 percent payroll tax relief, a slight increase in wages, plus pent-up demand, Fuller predicted that the number of home sales should be on the rise in 2011. “The recession is behind us; I’m moving on,” Fuller said. This region’s economy, which had long been called “recession-proof,” is more and more performing like the national economy, Fuller noted. “We’re a company town,” he said. “What made us different – the federal government – that part of the economy is no longer driving our growth.”

Non-local businesses – those that don’t have to be here, but choose to be here because it’s a good place to do business – are needed to pick up the slack, according to Fuller. “This business won’t just fall in our lap,” he said. “We have to earn it.” Noting an “enormous shortage of housing” in the region, Fuller said, “Housing strength is an economic development tool.” The event’s second speaker, Barry Biggar, President and CEO of Visit Fairfax, explained how the Fairfax County tourism industry can help

grow this region’s reputation as a power center for business. “A destination with the ability of attracting a lot of visitors in time sees an increase in the number of people moving to the area,” Biggar said, describing a synergy between tourism, real estate and economic development. Leisure visitors outpace business travelers in Fairfax County 54 percent to 46 percent, although business travelers leave more money here, according to Biggar. Business travelers account for 68 percent of the county’s tourism dollars. Visitors from both sectors have the potential to contribute to the region’s economic growth. Biggar told listeners that the county must do more to promote its attributes to potential visitors. ❈

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May/June 2011

NVAR Realtor® UPDATE


spring forecast recap

NVAR Spring Forecast Speakers Tout Pent-up Demand and Tourism as Local Economic Drivers

The standing-room-only event, entitled “Recovery to Expansion,” included journalists Brian Trompeter of the Sun Gazette (front row, center) and Michele Lerner, freelance writer (front row, right). Read Trompeter’s March 28 coverage of the event at go.nvar.com/8fml.

Forecasting a pending increase in interest rates towards year-end, Dr. Fuller’s comments resonated with a full house of real estate professionals. Pictured (left to right) are Realtor® Sidney Lee (hidden) of RE/Max Distinctive Real Estate; Scott Willis of Chase Home Loans, one of the event sponsors; and Fuller.

Noting that “tourism affects every single individual in the community,” Barry Biggar impressed listeners with statistics about tax revenue generated from travelers. “Every dollar provides tax relief to citizens,” he said, estimating that without tourism revenue, U.S. taxpayers would each have owed an additional $940 in 2009.

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appraisals@cam1.biz 31


ask nvar

Ask NVAR:

By Sarah Louppe Petcher, NVAR General Counsel and Laura Farley, Law Clerk

Do You Have a Citation Situation? Examples of Offenses Subject to NVAR’s New Citation System Q: In what situations can NVAR’s new Citation System be used in lieu of an ethics violation hearing? A: As many of you know, NVAR has recently implemented a new Citation System, which allows the Grievance Committee to issue a citation, similar to a speeding ticket, for a very limited number of violations to the Code of Ethics and the Lockbox Rules & Regulations. For information on the citation policy, see Legal Lines on page 20 of the March/April 2011 Update magazine. Below are examples of what might qualify for the Citation System:

Code of Ethics Violations Article 1: If you are acting as a dual agent in a transaction, and do not explain what this means to both parties and obtain their consent in writing before proceeding, you could be issued a citation for $500. This agreement by the parties is reflected on either the disclosure of brokerage relationship form or on the listing or buyer broker agreements. Article 3: In some listing agreements, sellers agree to pay a reduced commission if the listing agent or someone else in the brokerage is representing the buyer. If you have a listing agreement with a seller that contains a variable rate commission, and do not tell other potential cooperating brokers about it, the Grievance Committee could issue a $500 citation. Article 4: If you have some interest in a property, either financially or otherwise, that is being bought or sold, you must disclose that you are a Realtor® and what your interest in that property is. For example, when you decide to purchase a house and act as your own agent, you must tell the seller that you are a Realtor®. If you fail to do so, the Grievance Committee could issue you a $300 citation. Also, keep in mind that this applies to Realtors® acting on behalf of members of their immediate family, and certain other groups. Article 5: If you agree to provide an opinion on the value of a property in which you have an interest, either prospective or current, you must disclose this interest to the parties. For example, if you are considering buying a house, but have 32

not acted on it yet and are asked to provide an opinion on the value of that house, you must disclose that you are considering purchasing the property. Failure to disclose this potential interest could cost $300 under the Citation System. Article 6: If you are the property manager for a particular property, and you receive a rebate from a contractor you hire to do some work, you could be liable for a $400 fine under the Citation System if you don’t disclose the rebate to the property owner. Article 9: NVAR sees many examples of agents who, despite their best intentions, do not fill out necessary forms completely. Frequently missed fields include: sales price on the listing agreement, contact information on forms, and obtaining the broker’s signature on listing agreements. Any of these could result in a $200 or $400 fine under the Citation System. Similarly, when a listing agreement has expired, sellers often verbally extend the term of the listing agreement, without completing required paperwork. But failure to complete all necessary forms in writing could subject you to a $200 fine under the Citation System. Article 12: As Realtors®, Article 12 of the Code of Ethics requires you to disclose certain information in advertisements. For example, if you put an ad in a newspaper listing a house for sale, but do not include the fact that you are a Realtor®, or the name of your firm, you could be facing a $150 fine for each omission. Failure to clearly represent the current condition of a house could subject you to a citation for $250 from the Grievance Committee under this article. One way to fail to present a true picture of a property would be to retouch a photograph, or even to use older photographs that may display the house in a better light than a current picture would. If, for example, the seller had the house re-painted five years ago and would like you to use pictures from that time period, those pictures would not clearly represent the current state of the house. Another possible $250 citation could result from continuing to list properties you sold while at one brokerage after

May/June 2011

NVAR Realtor® UPDATE


ask nvar

moving to another, without clarifying that some of the sales may have occurred while you were affiliated elsewhere.

fail to do so, then you may be subject to a $500 fine under this policy. Policy 5: Policy 5 of the Lockbox Rules & Regulations prohibits you from sharing your SentriCard, pin, or the property key with anyone else. If you loan or duplicate your SentriCard or the property key to a property to another person, you may be fined $500.

Article 14: If you receive a notice from NVAR that you have been named in an Ethics complaint or Arbitration request and that you must respond, failure to do so in the time set forth could cost you $500 under the Citation System.

Policy 10: If for some reason your Virginia Real Estate License is not current, you cannot use a lockbox to enter a property. Please note that if you are in the 30-day-grace period that DPOR provides for licensees before imposing a re-activation fee, you CANNOT conduct real estate business (including using a lockbox to enter a property) because your license has lapsed. Doing so may result in a $500 fine.

Article 16: Any offers to purchase a house that are contingent upon a reduced commission or the other party paying both commissions would be considered using the terms of an offer to modify the listing broker’s offer of compensation. Doing this could result in a $400 fine under the Citation System.

Lockbox Rules & Regulations Policy 3: Policy 3 of the Lockbox Rules & Regulations states that you may only enter a property using your SentriCard when authorized. If the listing requires that you call before showing and you

Policy 17: The Lockbox Rules & Regulations require that you keep all Call Before Showing codes confidential and only give them out on a case-bycase basis. If you put a CBS code in a listing, send it out in an unsolicited email or post it on a website, the Grievance Committee may fine you $450 under the Citation System. ❈

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rpac candidate endorsements

Decisions, Decisions How Does RPAC Decide Which Candidates To Support In General Assembly Races In The Commonwealth? By Lisa Vierse May, NVAR Government Affairs Manager

Y

ou may ask this question when RPAC announces the list of supported candidates before each election: Why did RPAC support candidate Smith instead of candidate Jones?

and homeownership, even if those bills were not initially part of the Realtor® agenda for that session.

The answer comes from policies and procedures set forth in RPAC’s bylaws at the local, state and federal levels.

4

The endorsement process begins with an evaluation of incumbent Delegates and Senators from Northern Virginia. The local NV/RPAC Trustees, in consultation with the state-level RPAC of Virginia Trustees, measure a legislator’s support for Realtor® issues in these categories:

5

Patron of a “Bad” Bill for Real Estate: Should a legislator introduce a piece of legislation that would be harmful to Realtors®, that action would be viewed negatively by the Trustees.

1

Voting Record on the Realtor® Legislative Agenda: Each year, your Realtor® associations introduce legislation intended to benefit you and your clients. This year’s bills can be found on page 36. The Trustees examine how each Delegate and Senator voted on these measures in subcommittee, committee and on the floor of their respective chamber.

Committee and Leadership Assignments: Special consideration is given to those members who serve in leadership roles in the House and Senate, as well as to those members who serve on key committees for Realtor® legislation. In the House, those include the Counties, Cities and Towns; General Laws; Courts of Justice; and Commerce and Labor Committees. In the Senate, members of the Local Government; General Laws; Courts of Justice; and Commerce and Labor Committees are considered. These individuals can exert great influence on the success—or failure—of our legislative agenda.

2

6

Patron of a Realtor® Bill: Special consideration is given to those members who agreed to introduce such legislation on the Realtors’® behalf and see it through passage.

3 34

Patron of a “Good” Bill for Real Estate: Legislators are given recognition for bills that advance our industry

“Relationship” with VAR and NVAR: Extra recognition is given to those elected officials who are our true champions in the legislature. These are the Delegates and Senators who reach out to Realtors® prior to introducing any legislation that may affect your business, and who work behind the scenes to advance our policy goals with other members of the General Assembly. Trustees could also

May/June 2011

NVAR Realtor® UPDATE


rpac candidate endorsements

consider a “negative” relationship – one in which the official does not wish to work with our industry or actively tries to defeat the Realtor® agenda.

7

Realtor® or Related Industry Member: Members of the General Assembly who are Realtors® themselves, hold real estate licenses or are affiliated with the industry (such as a mortgage lender or appraiser) are given favorable consideration. Your state and local RPAC Trustees complete this evaluation early each spring following the close of the General Assembly session. This year, there are a number of open seats in Northern Virginia. What is the process for deciding RPAC support when there is not an incumbent running in a race? Candidates for open seats are evaluated on the following:

1

Voting Record from Another Elected Office: Many times candidates for state office have previously held another state or local position. Any votes taken in that capacity on Realtor® issues, both positive and negative, would be considered by the Trustees.

NVAR Realtor® UPDATE

2

Answers to an RPAC Issues Questionnaire: Candidates are asked to outline their positions on real estate issues including transportation, affordable housing, growth and development, eminent domain and the environment.

3

Interview with the RPAC Trustees: In most instances where there are open seats, Trustees ask candidates to come in for interviews and discuss the answers to the RPAC issues questionnaire. This allows candidates to give a more in-depth explanation of their questionnaire answers, and the Trustees gain a better understanding of their approach to legislation and campaigning. During major election years, the Trustees often spend several days interviewing candidates. As you can see, consideration of a candidate’s political party affiliation is not listed these steps. The process is instead focused on finding those true champions of our industry based on objective measures, regardless of the letter after a name on the ballot. If you have a question about RPAC that you would like us to address, please contact the Government Affairs Department staff at mbcoya@nvar.com or lmay@nvar.com. To learn more, visit nvar.com, click on "For Realtors," and go to "Government Affairs." ❈

May/June 2011

35


new laws

CHANGES N THE HORIZON

How Virginia’s New Laws Affect Your Business By NVAR Government Affairs Department Staff

All Legislation is effective July 1, 2011 unless otherwise stated.

Realtor®-Sponsored Legislation State and local Realtor® associations were successful in passing a robust legislative agenda that benefits you and your clients. These measures were approved by your elected association leaders, lobbied by association public policy staff members, and met with overwhelming approval by the General Assembly. The measures are:

Increasing Agent Professionalism and Minimizing Liability: HB 1907 Real Estate Licensure and Practice.  Includes the following provisions: Effective July 2012:  All brokerage agreements must be in writing;  D  ual Agency will be permitted only after an enhanced disclosure is given to both parties;  T hree hours of CE must be completed on the changes resulting from this bill; Effective July 2011:  T he Residential Property Disclosure Act will be kept on a website maintained by the Real Estate Board, and purchasers will be given a form referring them to that website;  eal estate licensees will be provided immunity from  R lawsuits for relaying publicly available information from localities that turns out to be inaccurate; and  All required records can be maintained electronically according to the Uniform Electronic Transactions Act.

Prohibiting Private Developer Transfer Fees: SB 931 Transfer fee covenants.  Some developers have attempted to secure future revenue streams by recording a 1 percent transfer fee, payable to the developer each time a property is sold for 99 years. This legislation prohibits such transfer fee covenants from being recorded in Virginia on or after July 1, 2011. Property Owners’ and 36

Condo Associations may still enact these fees, as they are approved by and for the benefit of association members.

Protecting the Public by Disclosing Chinese Drywall: HB 1610/SB 942 Chinese Drywall disclosure.  Requires real estate licensees and landlords who have actual knowledge of defective Chinese drywall in a dwelling unit to disclose that information to a prospective tenant or buyer. A tenant may terminate the lease if the disclosure is not provided within 60 days of the discovery of defective drywall. Clarifying Condo and POA Resale Packet Requirements: HB 1674 Fees for disclosure packets. Responding to complaints from agents that Condos and POAs are still overcharging, this legislation explicitly prohibits unauthorized resale packet fees. It also amends the Condo Act to include a right of cancellation if a resale packet is unavailable, and to make packets available prior to purchase of a unit at auction. Making it Easier for Homeowners to Appeal Property Tax Assessments: HB 1588/SB 1350 Assessment appeals. Lowers the burden of proof from “clear and convincing evidence” (80 percent) to a “preponderance of the evidence” (51 percent) to successfully appeal an assessment to a board of equalization or to a circuit court in tax years beginning after January 1, 2012. Assessors are required to provide certain information regarding the assessment, and home owners are allowed to request a physical inspection of the property.  Preventing Anti-Growth Ordinances: HB 1931/ SB 783 Zoning; clustering. Prevents a locality from using its cluster development authority to impose more stringent land use requirements for a cluster development than what is allowed under state code or to prohibit extension of water or sewer to adjacent property.

May/June 2011

NVAR Realtor® UPDATE


new laws

other Real Estate Legislation Disclosures and Settlements: HB 2099 Settlement and disclosures. Allows disclosures required under the Virginia Residential Property Disclosure Act to be provided by electronic means and overnight delivery.  When making a referral to an affiliated settlement service provider, referring persons must disclose their percentage of interest in the provider if more than 1 percent, and must state that the service provider is a subsidiary if the percentage is more than 50 percent. Condos and POAs: HB 1741 Books and records. Effective July 1, 2012, charges for access to association books and records may be imposed only in accordance with a cost schedule adopted by the association board. HB 2188/SB 1323 Resale disclosure packet fees. When settlement does not occur on a property within a professionally-managed association, payment of the resale disclosure fee may be assessed by the HOA no sooner than 45 days and no later than one year after packet delivery. HB 2289/SB 1327 Rules violations. Allows associations to seek a General District Court ruling against unit owners in violation of community rules in order to correct the violation. HB 2290 Pesticide use. Requires the association to post notice of all pesticide applications on common areas at least 48 hours prior to an application.

Mortgage Lending: HB 1682 Subordinate mortgage. Increases the maximum amount of a subordinate mortgage for refinancing from $50,000 to $150,000. New Laws continued on next page NVAR Realtor® UPDATE

Short Session Yields Long List of Realtor® Successes By Mary Beth Coya, Senior Vice President, Public and Government Affairs, NVAR State & Local Lobbyist

Despite being the odd-year “short session,” and one focused largely on the budget, Realtors® were very successful with their legislative agenda in 2011. Eight of the nine bills the Realtors® introduced were passed by the legislature and signed into law by the Governor (see Realtor ® Sponsored Legislation on facing page). The only proposal that failed to pass would have provided that no recordation tax be paid on ANY refinancing, whether with the same lender or not; and would have based recordation taxes on the sales price. Currently, one does not pay a recordation tax if refinancing with the same lender, but must pay it if using a different lender. With loans being sold and resold, it is often difficult to determine which entity owns the loan, and many clerks of court charge the fee on most refinancings unless one can clearly demonstrate that it is the same lender. Local governments and state budget officials argued that this proposal would cause them to lose too much revenue, and the bill failed to move forward.

What Redistricting Means to Us Virginia’s redistricting occurs every 10 years to adjust for population changes. The outlying Northern Virginia areas will gain several new seats in the Virginia House of Delegates (two in Loudoun and one in Prince William) and one new Senate seat (Loudoun). Many NVAR members live in those districts and will be looking at new candidates this fall. Slight boundary changes will have occurred in most other districts. Once the Department of Justice has reviewed the proposed changes and the legislature finalizes the plans, NVAR will provide links to election sites so our members may determine where their residence falls and who their candidates are. Because of redistricting, primaries won’t be held until August. NV/RPAC Trustees will be reviewing the voting records of incumbents and interviewing candidates in open seats.

NVAR and VAR will seek to have this issue addressed if the legislature establishes a foreclosure task force to look at the numerous foreclosurerelated bills that were introduced but not acted on.

Who is elected and the committee assignments they receive in January will be of great importance to us. With each election, we have new people to educate on Realtor® issues and new opportunities to develop working relationships. Realtor® involvement in NVAR’s government affairs programs and support of NV/RPAC is critical to the Realtors’® continued success.

In addition to these Realtor ® bills, NVAR and VAR identified 150 bills that could impact our industry, and took positions to either support, amend or oppose those bills.

If you have questions or issues you’d like our committees to review, you may email mbcoya@NVAR.com or Lisa May, Government Affairs Manager at lmay@NVAR.com.

May/June 2011

37


new laws New Laws continued from previous page

SB 1009 Mortgage lenders, brokers and originators.  Repeals State Corporation Commission authority to issue provisional licenses to loan originators, but authorizes cease and desist orders for violations by loan originators. Requires applicants for a lender or broker license to pay an application fee of $150 for each office at which licensed activity will be conducted.

Landlord-Tenant and Property Management: HB 1461 Trespassing. Gives an agent of the property owner the authority to prohibit trespassing on the property.

 S hortens landlord termination notice to 30 days for fire or casualty damage;

HB 1611 Landlord and tenant laws. 

 S ets the interest rate on security deposits at 0 percent for 2011;

 R  equires localities to have a uniform set of standards for smoke detectors, and requires that tenants must maintain smoke detectors;

 R  emoves requirement to withhold tax for a nonresident landlord owning no more than four dwelling units; and,  R  equires Fairfax City to bring its rental inspection district provisions into compliance with state code.

 Prohibits tenants from painting or altering a unit built prior to 1978 without prior written approval;  Allows a landlord to take legal action against a relocated tenant for noncompliance;  Allows disposal of a deceased tenant’s property if not claimed by the authorized person identified on the lease after the 10-day notice;

HB 1768 Mold remediation. Clarifies that a tenant is still responsible for payment of rent for the remainder of the rental term following a temporary relocation for mold remediation. The tenant is not entitled to terminate the tenancy when mold is remediated according to professional standards.

When REALTORS® asked for their support, they listened. Please join us in thanking Northern Virginia's elected officials for their service to our region and support of REALTOR® issues.

2011 NVAR Legislative Reception Enjoy cocktails and hors d'oeuvres while socializing with local and state government officials and other REALTORS®.

Free Event! Registrations are required

Thursday, June 2 | 5:30 - 7:30 p.m. NVAR Fairfax Headquarters, 8407 Pennell Street, Fairfax, Virginia 22031 Questions? Call Lisa May at 703.207.3201 or email lmay@nvar.com 38

May/June 2011

Register early at:

www.NVAR.com NVAR Realtor® UPDATE


new laws

CHANGES ON THE HORIZON

SB 1220 VRLTA foreclosure notice. If a landlord has received a notice of foreclosure and fails to notify a tenant, the tenant may terminate the rental agreement upon five days’ written notice. Landlords must give written disclosures of the same to any prospective tenant.

more Legislation online To learn about other new legislation affecting the real estate industry, read the NVAR.com article found at go.nvar.com/e2ya. HB 2425/SB 1216 Delinquent utility fees. Requires a water or sewer authority to provide 30 days’ written notice to the owner before recording a lien for a tenant’s unpaid charges. The owner may request email notification when a tenant becomes 15 days delinquent. The authority may not deny service to a new tenant for a prior tenant’s unpaid charges unless a lien has been recorded against the property owner.

Laws affecting the following categories are included in the online article:

SB 829 Adverse conditions. Incorporates sections from the Virginia Residential Landlord and Tenant Act (VRLTA) into the Virginia Landlord Tenant Act (VLTA) to direct a tenant on procedures, including escrow of rent, when the tenant asserts that adverse conditions exist within the rental unit.

 Eminent Domain

 Assessments and Appeals  Property Taxes  Courts  Business Taxes  Land Use and Development  Conservation and Environment  Water and Sewer  Transportation ❈

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May/June 2011

39


nv/rpac contributors

2011 NV/RPAC Contributors List*

Golden R ($5,000) John McEnearney NVAR RE/MAX Allegiance Tom Stevens

Crystal R ($2,500) Jane Quill Trish Szego Sterling R ($1,000) Bob Adamson Julia Avent Tammy Bagnato Mary Bayat Robyn Burdett David Charron Commission Express Virgil Frizzell Margaret Handley Jo Anne Johnson Sita Kapur

Patricia Kline Scott MacDonald Shane McCullar Susan Mekenney Tom Meyer Vinh Nguyen Susan Oh Tracy Pless Anne Rector Peter Rickert Thomas Rickert Zinta Rodgers-Rickert Fetneh Schacht Trudy Severa Christine Todd Karen Trainor Governor’s Club ($500) Terry Belt Patricia Buck Moon Choi

Lauren Kivlighan Burma Klein Thai-Hung Nguyen Mario Rubio Gene Sampson Jon Wolford Capitol Insider ($250) Brian Block Phil Bolin Russell ‘Tom’ Boyle Michael Briggs Kate Casey Paul DiCicco Heather Embrey Margaret Ireland Nicholas Lagos Ali Mansouri Kimberly McClary Barbara Noll Thomas Pietsch

Audrey Shay Jonathan Spinetto Lawanda Swope

$99 Club Jean Abood Maria Albisu Are Andreson Kannan Annamalai Jane Applegate Roger Applegate Gay Ashley Carlo Baietti Fahad Bakir Thomas Beames Eleanor Beaver Barbara Bechtle Thomas Bellanca Patricia Blackburn Ann Bogat Jaime Borda Susan Boslough

Balbir Brar Joan Bready James Bryant Champlin Buck Shirley Buford Clotilda Cassidy Ronald Cathell Lin Chen Siu Cheung Tracy Comstock Georgiana Copelotti Kathleen Coradetti Janet Croft Bic DeCaro Lynne DePaso Charles Diss Maryann Dunn Kathleen Eaton Anna Edwards Nita Elder Melody Elliott Donna Evers

VISIT YOUR LOCAL NVAR REALTOR® SHOP at our two convenient locations: NVAR Fairfax HQ 8407 Pennell Street Fairfax, VA 22031

Herndon Service Center 520 Huntmar Park Drive Herndon, VA 20170

703.207.3215

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40

May/June 2011

NVAR Realtor® UPDATE


nv/rpac contributors Nancy Fahy Laura Fall Miriam Fernandez Michele Forbes James Foster Larry Foster Charles Fowler Steve Gaskins Teddy Goodson Brandon Green Shelia Gregory Carmen Guerrero William Halloran Rebecca Hanrahan Terrylyn Harrell Anita Hartke Conrad Heer Fredia Heppenstall Janet Hewitt Tom Hoang Michael Huang Leslie Hutchison Forrest Jagger David Jandrositz Rosemarie Johnson

NVAR Realtor® UPDATE

Lynne Jones Lilian Jorgenson Matt Kahn Eui Kang Rick Khosla Augustine Kim Robert Koenig Sally Kramer Rolfe Kratz Frank Lackman Judith LaMorte Cindy Lancaster Jill Landsman Anita Lasansky William ‘Kip’ Laughlin William Lauler Bruce Lauther Connie Lauther Doris Leadbetter Diane Mun Lee Francis Lee Kevin Lee Ashley Leigh Roberta Letkiewicz Sonni Lieberman

Margo Lockard Ann Malcolm Zohreh Mansouri Raymond Mayer Thomas Mazzei Natalie McArtor Richard McCaffrey Ann McClure Pam McCoach James McGrath John McMillin Debbie Menzer David Michalski Puran Mittal Lisa Moffett Priscilla Moore Diane Murphy Allene Murray Muraji Nakazawa James Nellis Truc Nguyen Daniel Odio-Paez Peggy Oremland David Palmer Eleanora Panizza

May/June 2011

Maria Pastorelli Julie Pearson Marie Phillips Gwenda Plush Cecil Ray Powers William Rakow Thomas Reed III Esin Reinhardt Christine Richardson Ross Richmond Katreen Rinaldi Mike Rokni David Rosenmarkle Carol Ross Elizabeth Ross James Sabatino Peter Schlossberg Tazuko Schmitz Carol Simmons Suzanne Simon Monica Sims Sukhjiwan Singh Thomas Sklopan Anise Snyder Jim Souvagis

Nora Stamper Greg Stiger Carol Sutfin Swindell Sutton April Taylor Patricia Toenniessen Ron Tull Kathleen Trainor Kenneth Ulsaker Rajiv Vashist Virgilio Vasquez Sridhar Vemuru Kamlesh Verma Diane Wagner Benjamin Wasz Judith White Kevin Wiles Sandra Wilkinson Ann Wilson Sherry Wilson Holly Worthington Cynthia Wrenn Felicia Wu *As of April 21, 2011

41


class schedule

Continuing Education

D.C. Continuing Education

Fairfax Headquarters

Fairfax Headquarters

DATE

COURSE

TIME

DATE

COURSE

TIME

5/14

16 hr CED - Day 1

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

6/14

9 a.m. - 4:15 p.m.

5/21

16 hr CED - Day 2

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

DC Fair Housing and DC Legislative Update

5/17

16 hr CED - Evening (part 1A)

6 - 9:30 p.m.

7/12

DC Fair Housing and DC Financing Issues

9 a.m. - 4:15 p.m.

5/19

16 hr CED - Evening (part 1B)

6 - 9:30 p.m.

8/16

DC Fair Housing and DC Legislative Update

9 a.m. - 4:15 p.m.

5/24

16 hr CED - Evening (part 2A)

6 - 9:30 p.m.

5/26

16 hr CED - Evening (part 2B)

6 - 9:30 p.m.

Principles of Real Estate

6/16

Broker CE : Brokerage Risk and Liability

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

Fairfax Headquarters

Broker CE : Productive Agents and Offices

DATE

COURSE

TIME

6/16

1 - 4:45 p.m.

5/23

Principles Exam Prep Course

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

6/21

16 hr CED - Evening (part 1A)

6 - 9:30 p.m.

6/20-6/30

9 a.m. - 5 p.m.

6/23

16 hr CED - Evening (part 1B)

6 - 9:30 p.m.

Principles of Real Estate: Saturdays 1 - 9

6/28

16 hr CED - Evening (part 2A)

6 - 9:30 p.m.

Principles Exam Prep Course

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

6/30

16 hr CED - Evening (part 2B)

6 - 9:30 p.m.

Post Licensing

7/16

16 hr CED - Day 1

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

Fairfax Headquarters

7/23

16 hr CED - Day 2

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

7/1

Herndon DATE

COURSE

TIME

6/11

New Member Orientation

9 a.m. - 4 p.m.

6/6

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

9 a.m. - 4 p.m. 9 a.m. - 4 p.m.

COURSE

TIME

6/2

CED: 8 hr Mandated Course

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

6/3

CED: Buyer Beware: Foreclosed, Vacant & Neglected Properties

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

6/8

Post Licensing (Day 2) - Agency Law & Ethics

6/3

CED: Construction Essentials

1 - 4:45 p.m.

6/10

6/11

16 hr CED - Day 1

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

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

6/18

16 hr CED - Day 2

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

6/14

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

1 - 5 p.m.

7/12

16 hr CED - Evening (part 1A)

6 - 9:30 p.m.

6/16

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

7/14

16 hr CED - Evening (part 1B)

6 - 9:30 p.m.

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

7/19

16 hr CED - Evening (part 2A)

6 - 9:30 p.m.

7/11

New Member Orientation

9 a.m. - 4 p.m.

7/21

16 hr CED - Evening (part 2B)

6 - 9:30 p.m.

DATE

COURSE

TIME

5/25

New Member Orientation

9 a.m. - 4 p.m.

6/26

New Member Orientation

9 a.m. - 4 p.m.

7/30

New Member Orientation

9 a.m. - 4 p.m.

9/3

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

9 a.m. - 6 p.m.

9/10

Post Licensing (Day 2) - Agency Law & Ethics

9 a.m. - 4 p.m.

9/17

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

9 a.m. - 5 p.m.

9/24

Post Licensing (Day 4) - Listing & Pricing/ Business Planning

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

Herndon

Risk Reduction Seminar Coming to NVAR this Summer Watch NVAR.com and NVAR e-News for our Online Only Special Purchase offer. For one low price, take as many of the following classes as you want, plus earn CE credit:  Conquering Contracts – Part 1 & Part 2   Brokerage Risk & Liability   Productive Agents & Profitable Offices   Detection & Prevention of Contract Fraud   Negotiations   The Rules & Tools of Advertising – Part 1 & Part 2  Enjoy savings of up to $105! Details coming soon. 42

DATE

May/June 2011

NVAR Realtor® UPDATE


in memoriam

Featured Offerings Fairfax Headquarters DATE

COURSE

TIME

GRI 410: The Code of Ethics is Good Business

8 a.m. - 4 p.m.

COURSE

TIME

6/6

Accredited Buyer Representative - Day 1

8:30 a.m. - 5 p.m.

6/7

Accredited Buyer Representative - Day 2

8:30 a.m. - 5 p.m.

6/8

Short Sales and Foreclosures (ABR Elective)

9 a.m. - 5 p.m.

7/14

GRI 411:Successful Settlement Managing the Transaction

8 a.m. - 4 p.m.

6/2

Herndon DATE

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

NVAR Honors Departed Members

N

VAR mourns the passing these Realtor® members. Our condolences to their family and friends. Vicki Nellis, founder of the Nellis Group with RE/MAX Allegiance, passed away on December 29, 2010. She is survived by her husband James and children James and Nicole. Robert H. (“Bob”) Kay passed away on January 3, 2011. He joined NVAR in March of 2002, and was a Realtor® with Partners Real Estate in Alexandria. Michael Lorenzo, RADM (U) U.S. Navy (Ret.), NVAR member since 1983, passed away on January 11, 2011. He was a broker with Best Real Estate Corporation in Falls Church. Eileen Anderson passed away on February 11, 2011. She is survived by her husband Brian, also an NVAR Realtor®. The two worked as a team in the Vienna Prudential Carruthers office. Laura Marsh, a Realtor® with RE/MAX Allegiance in Alexandria, passed away on February 12, 2011. She is survived by her sister, Joan Delman. ❈

ACCREDITED BUYER REPRESENTATIVE empowered by

TAKE THE COURSE!

ABR CORE COURSE +

ABR Designation Core Course $325 NVAR Members/$345 Non-Member (16 hrs of VA CE Credit & 12 hrs Post-Licensing)

Get your career off the ground fast. Superior client services for buyers isn’t rocket science, but there’s a lot to know. And since less than 4 percent of all REALTORS® hold the Accredited Buyer’s Representative designation, you’ll soon have your career in orbit.

® REALTORSchool NVAR Realtor® UPDATE

Enroll Today! May/June 2011

SHORT SALES & FORECLOSURES ABR Elective Course/SFR Designation Core Course $199 NVAR Member/$219 Non-Member (8 hrs of VA CE Elective Credit)

For course schedule, locations and to register online

Go to: NVAR.com 43


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For more information on Cardinal First Mortgage’s programs, please call 703-848-2850 or visit us online at www.cardinalfirstmortgage.com. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.


appraisers & affiliates directory

APPRAISERS A+ Appraisals AAA Appraisals AD Brown Appraisals Anthony Appraisers AREAS Appraisers, Inc. B. H. Potter BARCO BFM Inc Chevy Chase Bank Chevy Chase Bank, FSB Classic Appraisals DCO Appraisal Services Dennis J O’Brien Dennis J. Park Dickman & Associates Distinctive Homes Realty, LLC Dittmar Realty Group Donald R. Drake, Jr. Elite Appraisal Service F & F Appraisals Forte Appraisal Service Fred Byrne R E Appraiser G. Miller Real Estate Appraiser Gee Appraisers Inc. Harry Graef Harry H. Arikan Hartmann Group

703-765-7579 703-865-5303 703-541-8212 703-319-0500 703-866-6000 703-848-2470 703-730-2272 703-670-2586 301-907-5850 703-648-9796 703-675-2265 301-855-3886 703-850-8445 703-750-0560 703-938-6633 540-338-4606 703-893-0900 571-237-9430 571-331-6374 703-963-1743 703-433-2205 703-339-6741 571-261-5355 703-451-9020 571-213-7249 703-216-5147 703-406-7621

Hendershott Appraisal Services

703-280-1637

Home Appraisers

703-709-5695

Hundley and Associates Inman Appraisal Services Inc.

703-212-9080 703-644-9877

John Halacy Appraisals

571-214-3865

John L. Brady, Jr.

571-237-7430

JR Witt & Assoc. Karas Inc. NVAR REALTOR® UPDATE

703-266-9312 703-753-5635

Kinder Appraisal Services

703-268-0756

AFFILIATES

LandSafe

877-572-5673

CELL PHONE SERVICES

Leah Powell CRA

703-304-6552

Lesley Omega Appraisers

703-403-2024

McGraw Appraisals

703-963-3988

Michael S. Mc Mahon

703-476-9472

Monir Moshashaie

703-255-6451

NoVaStar Appraisals Inc.

540-786-8220

NVA Appraisal

703-477-3178

Omni Appraisal Services

703-591-4001

P & C Appraisals

540-548-8625

Patricia C. Johnson Appraisal

703-405-6070

Pen Fed Realty, LLC

703-716-2900

Philip Arnold Appraisal Co., LLC

703-250-2132

Preston Hummer

703-929-0857

Real Estate Appraisals 4 You

703-794-9118

Renner, Hansborough & Reese

301-258-8181

Residential Appraisal Group Inc.

304-724-6041

Residential Valuation Services

703-815-4407

Ryan Appraisal Services

301-694-6500

Sandra A. Le Blanc

703-629-6842

Silvey Appraisals, LLC

703-577-1946

Square Feet Appraisals Inc.

703-519-1790

Stewart Jarrett R E Appr & Cons

703-671-3662

Suburban Appraisers

703-591-4200

Suburban Appraisers

703-378-0846

Suellen Wohlfarth - Appraiser

703-573-3768

Susan Vanderzyl

703-969-3822

T. L. Hoover Appraisal Service

703-354-8981

The Benjamin Group Inc.

703-684-3577

VA-MD Appraisal Group, LLC

571-438-0604

Washington Appraisal Group Inc.

703-813-8160

Weichert Realtors

703-893-1500

William C. Harvey & Associates

703-759-6644

Woodbridge Appraisal Service

703-978-3444

World Mortgage

703-934-5502

MAY/JUNE 2011

Verizon Wireless

301-938-7700

COMMISSION ADVANCE Commission Express

703-560-5500

CREDIT UNION Realtors® Federal Credit Union

301-355-7541

ENVIRONMENTAL SERVICES SES Companies

540-428-3919

FINANCIAL SERVICES 1st Portfolio Lending

703-564-9100

Acacia Federal Savings Bank

703-950-0270

AG Capital Holdings

703-352-4663

Bank of America - Annandale

703-813-5171

Bank of America- Fairfax

703-227-2555

Bank Of America - Oakton

703-319-2616

Bank of America - Commercial

571-527-6318

BB&T Mortgage

703-855-7403

Brickstone Financial Services

703-754-7551

Chase Home Finance - Falls Church

703-326-9711

Chase Home Lending - Columbia

410-992-6660

George Mason Mortgage

703-273-2600

Greenpoint Mortgage

703-323-1951

Intercoastal Mortgage

703-449-6828

Member Options, LLC

703-725-3245

MetLife Home Loans - Alexandria

703-706-4066

MetLife Home Loans - Fairfax

703-818-7893

MetLife Home Loans - Vienna

703-287-3212

Navy Federal Credit Union

888-842-6329

PNC Mortgage

703-293-6510

Prospect Mortgage, LLC

703-926-5566

Specialty Lending Group

301-648-6005

SunTrust Mortgage

703-279-6076

Union Mortgage Group

703-941-0711

VHDA

804-343-5981

Wells Fargo Mortgage - Annandale 703-333-5541 45


appraisers & affiliates directory Wells Fargo Mortgage - McLean

866-381-8718

Government Services Fairfax County

703-324-7329

MoldAid

703-523-6225

703-823-1726

Home Inspection

MBH Settlement Group - Burke

703-913-8080

MBH Settlement Group - Fair Oaks 703-279-1500 877-932-7177

Moving & Storage

Home Cleaning Services Maid Brigade

202-334-4053

Mold Services

Gutter Repair Gagnon’s Gutterworks

The Washington Post

MBH Settlement Group - Kingstowne 703-417-5000 MBH Settlement Group - McLean

703-734-8900

Busy Buddies Inc.

703-422-0797

MBH Settlement Group - Oakton

703-277-6800

Interstate Moving & Storage

703-226-3250

MBH Settlement Group - Reston

703-318-9333

JK Moving & Storage

703-260-3071

MBH Settlement Group - Vienna

703-242-2860

Quality Services Moving

703-495-8900

Mid-Atlantic Settlement Svcs

703-720-2672

Monarch Title - Alexandria

703-852-7700

All Pro Services Inc.

703-385-1347

Pest Control Services

Consumer Resources

703-690-8484

Asian Pest Services, LLC

703-752-1634

Monarch Title - Herndon

703-890-0820

Hurlbert Home Inspection

703-577-7127

Country Termite & Pest Control

540-338-7821

Monarch Title - McLean

703-852-1730

Keystone Home & Environmental

571-261-3192

My Exterminator, LLC

703-615-4028

Monarch Title - Springfield

703-852-7710

Old Dominion Home Inspection

703-242-2520

property management services

New World Title & Escrow

703-691-4330

Pillar To Post

703-209-1566

Lamar Companies

703-241-8377

Old Virginia Title, LLC

703-383-3100

Pillar To Post Inc

703-402-2475

WJD Management

703-385-3600

Paragon Title & Escrow Co.

307-986-1114

Provident Title & Escrow, LLC

703-961-1750

Shamrock Title

703-467-8444

Stewart Title & Escrow, Inc.

703-352-2900

Home Staging Services

Real Estate FORMS

Decor Decorum

703-655-4789

MB Associates

Preferred Staging

703-851-2690

Real Estate Photography

Staged Interior

703-261-7026

Bert Goulait Photography

703-385-3515

Staging, Living, Wellness by Brigitta, LLC 703-220-6239

Real Estate SERVICES

Home Warranty

All American NOVA Home Buyers

American Home Shield

800-776-4663

Real Estate Signs

Old Republic Home Protection

800-282-7131

Realty Sign Post Co., LLC

Insurance Services

703-945-0194

703-344-1385

703-280-1194

Roofing

Liberty Mutual Insurance Group

703-680-6284

DryHome Roofing & Siding Inc.

Victor Schinnerer & Co., Inc.

301-951-5495

Settlement Services

Junk Removal

703-891-4663

The Settlement Group - Alexandria 703-933-3090 The Settlement Group - Ashburn

571-209-1240

The Settlement Group - Burke

703-250-9440

The Settlement Group - Franconia

703-971-4701

The Settlement Group - McLean

703-584-0450

Universal Title

703-738-1445

TECHNOLOGY Services BizLinc

703-738-1445

Absolute Title & Escrow

703-842-7525

Listingbook, LLC

540-662-1718

1-800-GOT-JUNK

800-468-5865

Advanced Title, LLC

703-365-9636

MRIS

703-838-7100

College Hunks Hauling Junk

800-586-5872

Dominion Title Corporation

703-757-9500

Realty Vision

973-337-5666

Ekko Title

703-821-3556

Virtual Tours Mouse on House Inc.

Legal Services Brincefield, Hartnett, Maloof

703-836-2880

Ekko Title

703-481-6200

Joseph A. Cerroni, Esq.

703-941-3000

Gold Cup Title & Escrow, Ltd.

703-352-3640

Keegan & DeVol, PLC

703-691-1700

Key Title

703-522-3900

Peterson, Noll & Goodman, PLC

703-442-3890

MBH Settlement Group - Alexandria 703-739-0100

Marketing/Media Homebuyer’s Journal 46

MBH Settlement Group - Annandale 703-852-3000 301-693-2564

MBH Settlement Group - Arlington 703-237-1100 May/June 2011

301-525-3808

Bold signifies NVAR Partners (Last updated April 18, 2011) Do you have a correction to this list? Please e-mail changes to Tracy Reynolds at treynolds@nvar.com. NVAR Realtor® UPDATE


TOTAL SATISFACTION

No small print. No excuses. Our reputation is based on performance. We stand behind our commitment to provide the very best in settlement services. If you are not completely satisfied, for any reason, MBH will refund your settlement fee.

GUARANTEED We Say YES! www.mbh.com Alexandria (Old Town) 703-739-0100 703-739-8339 (fax)

Fair Oaks 703-279-1500 703-279-1600 (fax)

Lake Ridge 703-492-7900 703-492-7903 (fax)

Reston 703-318-9333 703-471-8606 (fax)

Annandale 703-852-3000 703-852-1685 (fax)

Fredericksburg 540-373-1300 540-373-8834 (fax)

Leesburg 703-840-2000 703-669-3771 (fax)

Stafford 540-658-0992 540-658-9147 (fax)

Arlington 703-237-1100 Fax: 703-237-1737 (fax)

Gainesville 703-468-2020 703-468-2021 (fax)

Manassas 703-393-0333 703-393-7033 (fax)

Vienna 703-242-2860 703-242-6407 (fax)

Burke 703-913-8080 703-913-8082 (fax)

Kingstowne 703-417-5000 703-417-5001 (fax)

McLean 703-734-8900 703-734-9069 (fax)

Warrenton 540-349-7990 540-349-9842 (fax)


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May/June 2011 Update Magazine