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REALTOR速 Update November 2012

Published by the Virginia Peninsula Association of REALTORS速

VPAR Charitable Foundation Drive The VPAR Charitable Foundation (VPARCF) is asking for your financial support and assistance. VPARCF is a non-profit organization that is dedicated to improving the quality of life for those in need by supporting local organization that provides housing related assistance for the Greater Virginia Peninsula residents. VPARCF pools its resources to support organizations that provide necessary and valuable services to our community. There are many in our communities that are struggling in these very difficult economic times and without adequate funding, many community organizations will become over taxed by the number of the people in need. Over the years, VPARCF has depended on the support of kind-hearted individuals like the VPAR members, who donate generously to the Charitable Foundation. VPARCF is appealing to your generous spirit to help us help our communities. VPARCF wants to assure you that your money will never be diverted to other channels. Please, make checks payable to VPARCF and contribute $20, $40, $60 or any other amount you desire and send it back to VPARCF at 1001 North Campus Parkway, Hampton, VA 23666. Thank you for your continued support of the VPARCF.


Support your Affiliate Partners Today! A very special thank you to the following Partners for their continued support in 2012!

Diamond Sponsors

Atlantic Bay Mortgage - (757) 874-6040 SunTrust Mortgage - Newport News & Hampton (757) 873-7920 or (757) 896-4982

Platinum Sponsors

Real Estate Information Network (REIN) - 757-531-7900

Gold Sponsors

National Exterminating Co. Inc - 757-599-3621 PNC Mortgage - 757-599-6882 Towne Bank Mortgage - 757-687-5005

Silver Sponsors

Commonwealth Exterminating Co. - 757-873-2030 Fulton Mortgage Co - 757-223-4330 Jones, Blechman, Woltz & Kelly - 757-873-8000 Prime Lending - 757-344-3366 Shaheen Law Firm - 757-369-2831

Bronze Sponsors

2-10 Home Buyers Warranty - 757-572-8782 Cox Communications - 757-222-8394 Union Mortgage Group - 757-870-1266

Your Member Service with FEET! Check Out Our Tech Department. VPAR offers our members fantastic tech support via our tech guru, Rich Benet. Along with giving general advice, we provide computer repair services at 30 to 50% less than what most tech stores charge. So, why not try us? Contact Rich Benet at 757-599-5222 or rbenet@vpar.org. No

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REALTOR® Update The Official Publication of the Virginia Peninsula Association of REALTORS® Officers President Sheila Dann, ABR, GRI, SFR President-Elect Pamela McKinney Lewis, ABR, SFR Treasurer Sharon Snyder-Bartels Immediate Past President Dale Chandler Directors Carol Davanay, ABR, GREEN • Kimi Dornan, ABR, GRI, SFR Theresa Embler • Lynn Grimsley, ABR, AHWD, CRS, GRI, SRES Chandra Patterson • Regina Scott, ABR, GRI Barbara Lassley, ABR, SFR Chief Executive Officer - Dana R. Holben, RCE, e-PRO Advertising Policy While this magazine makes reasonable effort to establish the integrity of its advertisers, it does not endorse advertised products or services unless specifically stated. The publisher reserves the right to reject any advertisement at anytime. Advertisements refused may include, but are not limited to, those that are legally questionable, that may support products or services of questionable standards, or that are inconsistent with the high professional standard of the Code of Ethics of the Association. Advertising is open to REALTOR® members, member firms, affiliate members and non-members. Product advertising is limited to residential subdivisions, commercial, or industrial units and real estate related products and services, excluding personal listings. Equal Opportunity Policy VPAR is pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity. The Association encourages and supports an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, elderliness, religion, sex, handicap, familial status, or national origin. Notice VPAR does not fix, control, recommend, suggest, or maintain commission rates or fees for services rendered by cooperating members or non-members. Editor Dana R. Holben, RCE, e-PRO REALTOR® Update is published monthly by the Virginia Peninsula Association of REALTORS® as a service to its membership. Correspondence and requests for advertising packets should be mailed to REALTOR® Update, Attention: Dana R. Holben, Editor, 1001 North Campus Parkway, Hampton, VA 23666 or call VPAR at (757) 599-5222 or e-mail at dana@vpar.org.

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President’s Message by Sheila Dann, 2012 VPAR President

Our October General Membership Breakfast featured Mayor Ward, Mayor Price and Mayor Hunt and Chairman Tom Sheppard. They shared information from their locality to help us communicate with and educate our clients regarding transportation, military, housing and commercial issues. Our VPAR Charitable Foundation needs your help. In a few days you will receive a notice to contribute. Please DO! Our Charitable Foundation works hard to assist those less fortunate. Thank you to VPAR staff, Board of Directors, Charitable Foundation, Past Presidents, Affiliates, Committee Chairs and Vice Chairs, Committee members who gave so much of their time and talents this past year.

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Chairs, Committee members who gave so much of their time and talents this past year. It has been an honor and privilege to serve as your President in 2012. We have the most dedicated, knowledgeable and hard working members in the country. Here’s a reason to be proud of what you do; our industry is leading the way to economic recovery. The future of VPAR is bright and I am looking forward to serving with President Lewis and the 2013 Board of Directors. HEY, get started on your 2013 goals and business plan!!!! Congratulations to our newly elected Board Members: Pamela McKinney Lewis - President Kimi Dornan - President Elect Chandra Patterson - Treasurer Dewey Hutchins - Director Chris Pray - Director Diana Rondinelli - Director

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Legal Corner Brian Lytle, Lytle Law

TRUST ME In keeping with our Sellers of a Different Kind theme in a prior article (Estates), today we will discuss an agent’s responsibilities when the listed property is owned by a trust, most commonly by a revocable living trust. A trust, in our context, is a written agreement whereby a person’s property is managed and distributed during his or her lifetime and death pursuant to the terms of the trust agreement. A trust involves three people, the settlor, the trustee, and the beneficiary: • The settlor, also called the grantor or trustor, is the person who creates the trust and is usually the person who provides funding for it (i.e. contributes the property and money). • The trustee is the person who holds title to the trust property and manages it according to the terms of the written trust agreement. • The beneficiary is the person or entity that will receive the income or principle from the trust, that is, who “benefits” from it. Please note that these three positions may well be one in the same person, and there can be more than one of each – co-trustees, for example. A trust is termed and classified as a “living” trust when it is established during the settlor’s lifetime, and it is termed and classified as “revocable” when the settlor has reserved the right to amend or revoke the trust during his or her lifetime. Typically, when an individual or couple establishes a revocable living trust for estate planning purposes, real estate is transferred from the individual or couple to their trust. Specifically, the trustee will hold title to the property under the terms of the trust agreement. For example, the deed might read “from Brian D. Lytle to Brian D. Lytle, Trustee of the Lytle Family Trust dated October 31, 2012.” So, how do you know whether your seller’s property is held in trust? You might see it in the tax records, but as always you should ask your seller how title is held because you’re under an obligation to obtain the written authorization of all of the owners to the property. REALTOR ® Update Update REALTOR7

And if anyone should know it would be them, right? Maybe not, so I recommend that listing agents always obtain a copy of the most current deed to the property. How do you get that? Ask your client for a copy! If they do not have a copy, then you can learn how to get it from the clerk’s office yourself, or make arrangements and have your settlement agent obtain one for you. Your listing should always have the signature of each and every person on that source deed (unless someone has died, which generates sellers of a different kind in its own right). When ownership of your prospective listing is in a revocable living trust, then the trustees are your clients and they will sign in that capacity. For example, your client might be “Brian D. Lytle, Trustee of the Lytle Family Trust dated October 31, 2012, as amended.” There are variations on the theme – again, the source deed will tell you exactly. I know there isn’t much room in Zip and True Forms and the like, so I think it is okay, in that instance, to have your party designated as, and have them sign in, the short form “Brian D. Lytle, Trustee.” Under current law a trustee is obligated to furnish relevant snippets of the trust in order to prove that the trustee has the power and authority to sell under the terms of the trust, so be prepared for that request (many request the whole trust – ask your client if they care, and if they do care then you might need a lawyer to educate the buyer’s settlement agent regarding snippets). Quite often the buyer’s settlement agent will require what is known as a “certificate of trust” to ensure that the trust is valid, not amended, trustees haven’t changed, etc. so be prepared for that request (typically the client’s trust and estate lawyer prepares that certificate, but I and others do them for non-estate planning clients). Occasionally there will be language in the deed that solves this problem. Trust me, it’s not that hard when your client owns the property in a trust, but as always, do not hesitate to email me at bdlytle@lytlelaw.com if you have any questions about your deal or this or future articles. November - page 6 November2012 2009 - page

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Member News Welcome New Members!

The following individuals have been granted provisional membership. Please submit any concerns to VPAR in writing no later than 10 days after this publication:

Mychelle Foster – ERA Real Estate Professional Marvin Collins – Keller Williams Realty NN/Pen Jeremy Obenchain – Keller Williams Realty NN/Pen Members on the Move - Transfers TRANSFERS Jeanette Canady Cynthia Counahan Debra Daniels Kenneth Fisher James Freeze Wanda Sellers

to to to to to to

Hogge Real Estate Coldwell Banker Prof Abbitt Realty Prudential Towne Realty Long & Foster Real Estate Long & Foster Real Estate

New Affiliate Members Chase Mortgage Banking

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Governmental2012 Affairs Update Continued! RPAC Contributors Want to be an R-Man? 2012 Goal:

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first-time homebuyer tax credit to military, intelli$19,200 ~ the Total Raised$27,454 gence and diplomatic personnel. To be eligible, pin

ould you like to be the first to participate in

2009. The measure Katherine (H.R. 3590) now goes to the Ridley Senate. Timing and process for its Regina Scott consideration of breaking news? Sign up for the REALTOR® MoVicky Carter Stephenie Shanks Katey Chapman are unknown. STERLING “R” ($1000 $2500) bile Action Network (we like to call it R-MAN), and Patsy Sheppard Robert Chapman Joseph Carney you’ll receive text messages right on your mobile Sharon SnyderAvailable Bartels in NoJulie Crist Dale Chandler VPI Interim Complaint Process phone with instant and important information. Marion Sparks Jo Daly We’ll Sheila Dann vember 2009 - The Independent also Grimsley use R-MAN to communicate withCarol you when we Cowles Spencer Valuation ProDavanay Lynn tection Institute (IVPI) was announced as an inteThomas Sullivan need Holben your help. It’s not a Call for Action Scott(CFA), Davis but Dana Lynn Teravainen Vallee DeLong gral part of the Home Valuation Code of Conduct Sandra Wagner rather a quick and easy way to alert you to an imPeggy Todd Hubert Dickens (HVCC). The purpose of the IVPI is to receive pending CFA or to connect you with your Member Francoise Veland Kimbel Dornan complaints from appraisers and users of appraisal of Congress for an instant call to relay REALAmanda Walsh Donvital Duty PRESIDENT’S CLUB ($750 influence or attempted imTOR® information. Visit- $999) http://www.realtoractionJeri Walter Johnny Francum services on the improper proper influence of appraisers. The IVPI has not yet Daniel White center.com/realtor-party/realtor-mobile-action.html Caye Garrett GOVERNOR’S CLUB ($500 - $749) Sandy White Greg Garrett been established but an interim web site is currently for more detailsEnriquez and to subscribe to this service! Karen Bohlke Samuel White Michael Gleason under development. Ruby Conn David Whitley Sandra Hood angel, Pelosi Lewis Comment about Tax Credit ExPamela McKinney Woods Sharon Howard annie Mae andSylvia Freddie Mac announced a tension - At a press conference on October 8, Barbara Wolcott Dewey Hutchins Dorothy Wright complaint form that will appear on the interim House Speaker Pelosi (D-CA) responded favorably Richard Hyde Protection Institute (IVPI) CAPITOL INSIDER ($250 $499) when asked about the- likelihood of Mary extending Ishamthe Independent Valuation Contributing Member Keith Canty The -complaint form is for demYvonne first-time homebuyer tax credit. When askedJohnson about Complaint Web site.($25 $98) John Hodges Diedre Karlsson only and is not Jr available for filAdams, the possibility she re- onstration purposes Marvin Dana Holben of further housing legislation, Lynn Kirk Shearl Adkins ing a complaint until the Web site is publicly availsponded “Yes, there is under consideration whether Eugenia Jackson Patricia Lantz KeithThe Andrews able in November 2009. Web site, http://www. we extend credit. And the Brian Lytle the first time homeowners Barbara Lassley Vicki Andrews ivpicomplaint.org, will collect complaints from any Donna Moyer question is, would that be just first time homeownDavid Lotz Fred Anthes Chandra Patterson with the HVCC or atMatthews ers or would you open it up to otherMelody purchasers of party about non-compliance Bill Atchison Valerie Smoot Jonwhether May the tempted improper influencing of appraisers or the Tessie Baker homes?” She shed no further light on Pam Strahorn-Roe Steven Miller Leigh Barefoot appraisal process. credit would be expanded, but did note that the cost Robert Sullivan Susan Milton James Barr of an expansion consideration Teresa Sullivan would be the majorElizabeth Moore Ingrid HA May Further DelayBayne Implementation of New in the decision process. Harmony Munger John Beavers Condominium Rules The new condominium 99 CLUB ($99 - $249) Barry Nachman Mary Beehner Mortgagee Letter 2009-19 Marthahen Anders asked for comment, Bloomberg Ser- approval process under HelenWire Nachman Erika Belt Rick Brandt Cory Newell for allBlack case numbers assigned vices reports that Chairman Rangel (D-NY) was to be effective Gina Robert Burch no question that I think Deanna Newingham 1, 2009. Boykin While the new effecsaid, “There’s it should be on or after October Kimberly Dorothy Burch Karen Penningtontive date is for caseThomas numbersBoykin assigned on or after extended; for how long, we should discuss.” As yet, Carl Burt Perry Pilgrim Vicki Brosam November 2, 2009, NAR understands that the new no formal action has been announced. Lou Call Adrienne Pittinger William Brown effective date may be delayed even further. The site Lori Carlson Patricia Richardson Christen Campbell ouse Extends Credit for Military, Intelligence condo and manufactured housing condo project and Diplomatic Personnel - The House has changes that have already taken effect are not afContributions deductivle for Federal tax purposes.fected RPAC contributions are voluntary and all used for political voted 416 - 0are to not extend through 2010 income the benefits by this delay. However, other rules of the purposes. The amount suggested is merely a guideline and you may contribute more or less than the suggested amount. You condominium program remain in effect. For exammay refuse to contribute without reprisal or otherwise affecting your membership rights. Seventy percent of your contribution lenders are permitted toNational offer spot until goes to your State Association to support state and local political ple, candidates. Thirty percent is sent to RPACloans to support Federal candidates against your limits under 2 U.S.C. 441a; afterthe the state reaches it RPAC goal, may elect to retain your newPAC condominium rules goit into effect. NAR’s newest way to keep you (As of July 31, 2012) Janinformed Carpini of

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Contributing Member ($25 - $98)

Carla Carney Teresa Cline Andrew Cohen Frank Cotrupi Frances Cotten Vincent Cowling Debra Daniels Elizabeth Davis Linda Davis Sondra Deibler Mark DellaPosta Angela DeLong Dale Dishman Pamela Dishman Stephanie Douglas Pamela Dunn Mark Edwards Benjamin Elefante Theresa Embler Elaine Endicott Randi Entwistle Barbara Estep Tracy Etheridge-Brown Jasmine Feliu Jacqueline Findlay Brenda Fisher Harold Foringer Katharina Formy Duval Michael Foster Donita Frantz Paul Garman James Goodrich Roger Grimmett Kay Grizzard Shirley Hammond Eleanor Hammonds Sharon Hare Deborah Hause Kyle Hause Joy Hayes Alex Hazelwood Kathleen Hazelwood Bruce Heath Donna Heilman William Heintze Michelle Helmsderfer Debbie Henry Dwain Henson Elizabeth Hinson Elizabeth Hipps Momo Hlaing Kimberly Hockaday Corinne Holland Jake Hughes REALTOR 速 Update Update REALTOR7

Candace Hunt Cheryl Huotte Brenda Hurst Pete Hurst Janice Irwin Ruby James Julenn Keeling Barbara Kerwin Ken Kerwin Leslie Kirby Doreen Knowles Margaret Lassiter Paula Latimer Kym Lawson Patricia Lawson Nina Lehouillier Joanne Leroy Sheree Lester Alexander Lin Denise indner Kim Loftin Gilbert Lord Michae Loveland Virginia Lyeth Barbara Lytle-Smith Kathlee Macklin Heide Mahr Jame Majka Shoshana Marziano Renea Matter Daniel Matter John Matthews Patrick Mauld Robin McAuthur Kathy McCormack Dorothy McKelvin Janis McPheter Mary Mills Herbert Morewitz Deloris Morgan Lance Musser Monica Myers Susan Nachman John Naudziunas Carol Neff Joyce Netherland Cheri Nice Lila Nicolls Ben Olechnowski Deborah Parker Don Pegram James Perry Dan Peters Michelle Pollock Christine Pray Comie Lee Prevette

Katrina Pulliam Barbara Randall Mary Rebholz Deana Renn Darrlyn Reynolds Tu Ritter Michelle Robertson Diana Rondinelli Victor Rondinelli Steven Rowe Lisa Sadrack Sylvia Saunders Ronald Scheuering John Schrieber Linda Selden Robert Sherman John Shirk Nancy Simmons Ralph Smart Kimber Smith Carol Sobieski Dorothy Soter Michael Spellman Charlene Stanaway Sarah Stedfast Valerie Stevens Kathryn Stokes Joseph Stover Melvin Streets Patricia Swan Walker Raquel Tasillo Amy Thorstad David Tortolini Ray Upright Dennis Valianos Leonel Vasquez Debora Volk Sandra von Schilling Theresa Wackowski Mildred Walker Rex Walker Patricia Wallace Andrea Wallis Baylee Wang Deborah Warren Rick West Brooke Weston Vicki Weston Karen White Cristina Williams Virginia Wilson Susan Wolf Jeannie Wool Jane Worley

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Off my Desk…. CEO Report I read a lot of information from various sources and NAR has much of the information, I need. Here is an article from REALTOR®.com that I found very interesting. And with 2013 right around the corner, this is a great article to help “Revitalize and Thrive” in 2013! The 5 New Must-Have Real Estate Marketing Skills Doesn’t it always come down to time? When we talk to real estate professionals about what’s holding them back, we hear over and over: time. When the marketing engine isn’t quite humming – time. When past clients aren’t becoming future clients – time. This is a business built on personal contact, and the better you are at consistently showing knowledge and authenticity, the stronger your business results. But how we stay in touch is changing, and so is marketing in our industry. The challenge for many of us today is focusing on the fundamental skills we need to drive real business. Here are the 5 must-have marketing skills that you need to keep top of mind to build a high producing sales machine. 1. Good Content To generate new listings and new sales, you need to attract new clients. That means content. This could be posts on your website, videos, even tweets – whatever forum you choose, effective lead generation happens when you give something of value. In today’s industry, you need to be a publisher and author. What to write? You’ve got lots of choice: market commentary, selling strategies, information about staging a home, neighborhood events. Great content builds trust, draws people to your site and also makes it easier for you to stay top of mind with past clients. 2. Focus on What Gets You to Closings Despite everything you’ve got on your plate, you’ve got to live and breathe your sales funnel. That means understanding how much of your business comes from referrals, how much from new business, how long it might take for a lead to turn into a contact or client, and how you can grow each of those categories. Do you know, at this moment, how many of your leads turned into listings or sales last year? What about the source of each of your closings? The only way you can impact leads, opportunities and closings is if you are constantly reviewing the source of business. 3. Referrals and Recommendations Are you tired of hearing about Facebook? I don’t blame you. Few of us will become social media gurus, but that’s not really the goal. Facebook and other social media are a key part of establishing your personal brand, and they can be exceptionally powerful tools for collecting and sharing recommendations. Since referrals and recommendations are the largest source of new business, look for ways to streamline (and systematize) the process. 4. Measurement If you aren’t measuring, you’re not marketing. Not all metrics are about sales: you can track visits, mentions, ad spend. The key is to develop a reporting habit and to create a set of measurements that make sense for you. 5. Technology Technology isn’t going away, but it is getting friendlier. It’s time to embrace solutions that can actually make your life easier, and maybe even inject a little fun into the process. Look for solutions that are tailored to our industry, quick to set up, and allow you to gain more of that important asset: time.

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GovernmentalAffairs AffairsUpdate Update Governmental by Susan Gaston, Governmental Affairs Consultant by Susan Gaston, Governmental Affairs Consultant

LOCAL Hampton VPAR sends it congratulations to City Manager Mary Bunting for her recent award as a White House “Innovative Champion of Change.” Bunting is one of 13 local government officials honored for “creating a more open and innovative government through entrepreneurship.” This awards program recognizes innovators in various sectors of the economy. Award recipients worked to build a better future for their citizens, create jobs in their community, and ensure more efficient and effective government by making information and public data more accessible, the White House said. Your association works closely with the Manager and her staff, who openly work towards improved communication and collaboration on many issues important to the industry. Poquoson The Poquoson City Council is seeking applicants to serve on the City’s Boards and Commissions. Appointments that will be considered during the next year will be for the Library Advisory Board, School Board, Architectural Review Board, Economic Development Authority and Parks and Recreation Advisory Board. If interested please complete and mail to the City Manager’s office a Board Bank application which can be obtained on-line on the City’s web site or by calling the City Manager’s office at 868-3000. And let your legislative consultant know of your interest so that VPAR can assist you with your application! York County More work continues on the County’s Comprehensive Plan, with current focus turning to mixed use projects and the opportunity to develop more commercial projects that would include housing components.

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REGIONAL On October 16th, at the Association’s General Membership Meeting, VPAR welcomed Mayor Molly Ward (Hampton), Mayor McKinley Price (Newport News), Mayor Gene Hunt (Poquoson) and Chairman of the York County Board of Supervisors Tom Sheppard for a terrific panel discussion that covered a variety of issues. The Langley/Eustis Clear Zone, sequestration, regionalism, transportation and economic outlooks all were discussed as regional issues. Specific to each locality, topics of discussion ranged from local road improvements to workforce housing to high housing end and mixed-use developments to flooding and Fort Monroe’s future. The event was well attended and very participatory with attendees asking great questions that impact all area residents. Look for additional events of this nature in the near future! VPAR, continuing its long support of the preservation of Langley Air Force Base, now Joint Command Langley/Ft. Eustis, has aligned efforts with the Virginia Peninsula Chamber of Commerce (VPCC) and the Cities of Hampton, Newport News and Poquoson as well as with York County to seek inclusion in the Governor’s 2013 budget to purchase land surrounding the base in efforts to protect those lands from encroachment. Encroachment issues have become BRAC targets in recent years, and it is critical that the business community work cooperatively with the City to protect the enormous economic engine that is LAFB/Eustis. With details of the budget being formulated now, timing is critical to seek support for those preservation dollars. WE ASK ALL VPAR MEMBERS TO WEIGH IN ON THIS CIRITCAL MATTER! CONTACT GOVERNOR McDONNELL TODAY BY GOING TO: http://www.votervoice.net/link/target/vpcc/ g7J45GG7.aspx . ELECTIONS NAR RPAC announced last month its endorsements of the following area members of Congress: Representative Randy Forbes (R-4th) Representative Scott Rigell (R-2nd) November - page 16 16 November2012 2009 - page

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GovernmentalAffairs AffairsUpdate UpdateContinued! Continued! Governmental Representative Bobby Scott (D-3rd)

Want to be anRob R-Man? Representative Wittmann (R-1st)

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ould you like to be the first to participate in Also,NAR’s NAR announced its to endorsement in Vir- of newest way keep you informed ginia’s United States Senate race in the open seat breaking news? Sign up for the REALTOR® Moleft by the retirement of Sen. Jim Webb. Former bile Action and Network (we like toGeorge call it R-MAN), Governor Congressman Allen hasand reyou’ll receive text messages on your mobile ceived the endorsement of theright REALTOR® party! phone with instant and important information. We’ll REMEMBER TOtoVOTE ON NOVEMBER 6th! we also use R-MAN communicate with you when need your help. It’s not a Call for Action (CFA), but STATE rather quick andon easy alert you toAgenan imWork acontinues theway 2013toLegislative pending CFA or to connect you with your Member da of the Virginia Association of REALTORS®. more details put in place, we vital will advise. ofAsCongress for anare instant call to relay REALIn the meantime, know that there are multiple TOR® information. Visit http://www.realtoractionissues where VPAR is taking a leadership role in center.com/realtor-party/realtor-mobile-action.html crafting appropriate language to solve a number for details and As to subscribe this service! of more industry matters. many as atodozen pieces of legislation could be on the final list, which remains angel, PelosiasComment Tax Credit Exin development consensusabout is built with staketension a press conference holders on a- At variety of issues. Once on theOctober agenda 8, is in itsSpeaker solid form, and(D-CA) bill drafts are available, we House Pelosi responded favorably will advise the membership. when asked about the likelihood of extending the first-time homebuyer tax credit. When about MARK YOUR CALENDARS NOW forasked the 2013 the possibility DAY of further housing legislation, she reREALTOR® on the HILL event in Richsponded “Yes, there is 6, under consideration whether mond! On February 2013, join REALTORS® from across we descendcredit. upon And the the we extend thethe firststate timeas homeowners General Assembly and walk to the halls to stomp question is, would that be just first time homeownfor our message and legislation. Many more deers up toDATE! other purchasers of tailsortowould come,you butopen SAVEit THE homes?” She shed no further light on whether the credit would be expanded, but did note that the cost FEDERAL MAE UPDATES ofFANNIE an expansion would be ONLINE the majorOFFER consideration SYSTEM in the decision process. In response to requests from listing brokers and the real henestate askedprofessional for comment,community, BloombergFannie Wire SerMae has made several enhancements to its REO vices reports that Chairman Rangel (D-NY) offer process to make it easier to do business with said, no question that I think should be them.“There’s These latest enhancements will itallow: extended; for how long, we should discuss.” As yet, • formalBuyer’s agents to announced. complete the required no action has been HomePath (http://www.homepath.com) offer documentation online. When many ouse Extends Credit for placing Military,offers, Intelligence real estate professionals use online forms librarDiplomatic Personnel - The House has ies,and available through their MLS or association, voted 416 0 to extend through 2010 the to access forms such as the state or localbenefits sales contract. Fannie Mae is working with these forms libraries to include our offer documents, such as the Fannie Mae Real Estate Purchase Addendum and the Owner-Occupant Certification.

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Look for Fannie Mae offer forms in the Instanet the first-time homebuyer tax credit to military, form library this month. More vendors will be intellicomgence and diplomatic personnel. To be eligible, pin ing soon. 2009. The measure (H.R. 3590) now goes to the • Buyer’sand agents and for their sign offer Senate. Timing process itsbuyers consideration of documents using a digital or electronic signatures. are unknown. (Note that Fannie Mae will continue to require handwritten signatures on closing documents.) VPI Interim Complaint Process Available in NoFUNDS TOIndependent RURAL HOUSING vember FLOWING 2009 - The Valuation ProSince Congress did not pass a FY2013 as budget, and tection Institute (IVPI) was announced an inteinstead the government is working under a Congral partResolution, of the Home Valuation Code of Conduct tinuing funding for some programs has (HVCC). The purpose of the IVPI is to receive been slow. The Rural Housing Service (RHS) has complaints from appraisers and usersdowns of appraisal been experiencing a number of slow and delays inonclosing due to funding. RHS has now services the improper influenceBut or attempted imannounced that of funding for FY13 nowhas available, proper influence appraisers. TheisIVPI not yet so all loans should move forward. been established but an interim web site is currently under development. This is a different issue than the rural housing definition change. NAR continues to work to ensure Mae and Freddie Mac announced thatannie rural communities don’t lose these valuable a programs. Weform encourage REALTORS® recomplaint that willallappear on the to interim spond to the Call for Action to protect rural housing Independent Valuation Protection Institute (IVPI) programs.Web site. The complaint form is for demComplaint onstration purposes only andaccess is not available for filTell Congress to preserve to safe and ing a complaint until the Go Webtosite publicly availaffordable mortgages. theisREALTOR® ActioninCenter today2009. and submit your comments! able November The Web site, http://www. ivpicomplaint.org, will collect complaints from any https://realtorparty.realtoractioncenter.com/site/Adv party about non-compliance with the HVCC or atocacy?pagename=homepage&page=UserAction&i tempted improper influencing of appraisers or the d=2267&AddInterest=1361 appraisal process.

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May Further Delay Implementation of New ForHA additional details on these or any other issue, please contact Legislative ConCondominium RulesVPAR’s - The new condominium sultant, Susan Gaston, at 757-871-1445 or by approval process under Mortgagee Letter 2009-19 e-mail at susan@gastongroup.com. was to be effective for all case numbers assigned on or after October 1, 2009. While the new effective date is for case numbers assigned on or after November 2, 2009, NAR understands that the new effective date may be delayed even further. The site condo and manufactured housing condo project changes that have already taken effect are not affected by this delay. However, all other rules of the condominium program remain in effect. For example, lenders are permitted to offer spot loans until the new condominium rules go into effect. November - page 17 17 November2012 2009 - page


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VPAR Golf Classic - Soaked Troopers Stick it Out – James River Country Club On Monday, October 8th, 144 golfers teed off for the 22nd VPAR Golf Classic at the James River Country Club. The weather would not dampen our spirits and with a sold out crowd, we all still had a lot of fun! The day was finished off with a barbeque inside the country club dining room overlooking the James River. The crowd enjoyed the over 50 raffle prize drawings. Congratulations to all the wet winners from the day! The success of the Golf Classic wouldn’t be possible without the generosity of the following sponsors who stood out in the rain ready to support our Golfers! Diamond Partners

Hole-In-One Sponsor

Atlantic Bay Mortgage Suntrust Mortgage – Newport News & Hampton

Prudential Towne Realty New Homes Wynne Ford Volvo of Hampton

Platinum Partners

Grand Prize Raffl e Sponsors

REIN, Inc.,

Cox Communications National Exterminating REIN, Inc.

Gold Partners National Exterminating, PNC Mortgage, Towne Bank Mortgage Silver Partners Commonwealth Exterminating Fulton Mortgage Jones, Blechman, Woltz & Kelly Prime Lending Shaheen Law Firm Bronze Partners 2-10 Home Buyers Warranty Cox Communications Union Mortgage Group Cart Sponsors New American Mortgage SunTrust Mortgage Jones, Blechman, Woltz & Kelly Photography Sponsor Kaufman & Canoles Drink Shed Sponsor Atlantic Bay Mortgage Group Hole-In-One Sponsor Prudential Towne Realty New Homes Wynne Ford Volvo of Hampton REALTOR ® Update Update REALTOR7

Additional Tee/Green/Contest Sponsors Abbitt Realty Company Atlantic Exterminating Century 21 Nachman Realty Colonial Exterminating Fidelity Bank Mortgage HouseMaster Home Inspections Nationwide – Tanis Lilygren Agency Pillar to Post Home Inspections Peninsula Title Company Peerless Carpet Care & Restoration Pro-Tech Exterminating ServePro of Hampton & Newport News The Roofing Company – Earl Holben A Special Thank You to those who donated prizes for the raffle drawing! Thank you to the members of the VPAR Golf Classic Committee for their time, dedication and hard work! Mike Harvey, Chair Russell Skidmore, Vice-Chair Dale Chandler, Director Liaison Donna Dellinger Joey Hollis Cathi Lynch Lisa Sadrack Tu Ritter Chris Seek David Whitley Phyllis Whitley Chris Wilson November - page 18 18 November2012 2009 - page

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ontest winners Chris Wilson of SunTrust Mortgage, his sons and Sam White of Abbitt Realty

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cold Ruth Benjaminson of 2-10 HomeBuyers Warranty was a tee sponsor and donated the goodie bags!

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hank you to all of our Golf Classic Sponsors!

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little rain can’t keep Tom Smart of Re/Max Select down!

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Peninsula Real Estate School owned and operated by

Virginia Peninsula Association of REALTORS®

8-HR Continuing Education Classes Location

Time for ALL Classes

VPAR Building 1001 North Campus Parkway Hampton, VA 23666

8:30 a.m. - 5:00 p.m.

Price $50 for Members $60 for Non-Members

Payment MUST be made at time of registration. Register online at www.vpar.org and click on Member Service Center to login or complete this form and fax to: 757-596-3911 or email to: jo@vpar.org. VPAR reserves the right to cancel a class if less than 15 people are registered. Students must give 48 business hours notice of cancellation for a full refund. * Please notify us in advance if you have a disability that requires special services.

Registration Form Name Company Address State

City Zip

Phone

8 HR Required CE Class Dates Tuesday, Jan 17

Tuesday, July 10

Monday, Feb 13

Tuesday, Aug 7

Tuesday, Mar 6

Tuesday, Sept 11

Tuesday, Apr 10

Tuesday, Oct 2

Tuesday, May 8

Tuesday, Nov 13

Monday, June 11

Tuesday, Dec 4

Email

8 HR Required CE Classes Include

License #

Exp. Date

Method of Payment  Check  Visa  AMX (NEW)

 Invoice Office  MasterCard  Discover Card (NEW)

Credit Card # Exp. Date Signature

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8 HR Elective CE Class Dates Monday, Jan 23

Thursday, Aug 16

Tuesday, June 19

Monday, Oct 22

8HR Elective CE Classes Include

Amount Due (check appropriate box)  VPAR Member $50  Non-Member $60

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Code of Ethics (Meets NAR Quadrennial Requirements) & Code of Conduct Fair Housing Legal Updates & Emerging Trends (Law) Real Estate Contracts Real Estate Agency

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Anti-Trust Do-Nots Safety Disclosures Professionalism

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Education Opportunities Required Standard Agency Course – November 7th – 1:00 P.M. – 4:00 P.M. NEW REQUIREMENT to renew your license that started on July 1st. As a new requirement these classes fill up quickly – reserve your seat! Do you REALLY understand your duties as a standard and limited service agent? Do feel confident that you select the most suitable brokerage relationship? Review the dual agency/ designated agency issues and learn the correct disclosure forms to use in specific transactions. Avoid REB violations! Approved for 3 hours RSA credit. Cost is $30. Sponsored by Chase Mortgage Banking. FREE Lunch & Learn – Public Policy 101 with Susan Gaston – November 8th 12- 1 P.M. What is VPAR’s Public Policy program and why you as a REALTOR® need to care! Learn the issues that are important to VPAR and the positions taken on each one. Election results review too! Learn how you can become involved! Instructed by Susan Gaston, VPAR Legislative Consultant. This course is FREE! Broker/Management 8 Hour CE Modules – November 15th – 8:30 A.M. – 5:00 P.M. Last 8 Hour Broker CE course for 2012. Instructed by Mary Womack. Broker Continuing Education to help you get to your 24 credit hours. Module I: 8:30 – 12:30 $30 per module for members. Module II: 1:30 – 5:30 $30 per module for members. State of the Region Forecasting Seminar by ODU’s Dr. James Koch – November 27th – 1:00 P.M. – 4:00 P.M. VPAR is so very honored to bring Dr. James Koch, Past President of ODU and Professor of Economics to speak on November 27th! Dr. Koch’s yearly “State of the Region” has grown steadily in popularity since its beginning and is a must for state opinion leaders. Now you can hear THE forecast for Hampton Roads on hot button issues such as our economic recovery; how our assets can also be our liabilities; comparing income inequality and cost of living; transportation; friction between state and local governments; housing assessment; diversification and much more!! Seating is limited so register early! Cost is $20 per member and $25 nonmember. This course will be submitted for 2 hour CE/PLE credit. Generously sponsored by New American Mortgage and National Exterminating!! NAR Quadrennial Ethics Course –December 6th 8:30 A.M. – 11:30 A.M. The NAR membership requirement that must be met every four years and must be completed by December 2012. This class can be taken for free or choose to pay $20 for 3 hours Ethics & Standards of Conduct Continuing/PLE Education Credit. You can also take the class online at Realtor.org. Mark Your Calendars Now for Upcoming October Courses & Events November 5, 2012 – New Member Indoctrination Course November 7, 2012 – Required Standard Agency Course November 8 & 9 2012 – Wreath Sales at VPAR Offices November 8, 2012 – Lunch & Learn – Public Policy 101 November 13, 2012 – 8 Hour Required Continuing Education Course November 15, 2012 – Broker/Manager CE Course Modules November 17, 2012 – VPAR Installation & Annual Awards Banquet at Bay Breeze Conference Center November 27, 2012 – State of the Region Seminar by Dr. James Koch Online Education through VPAR ! Are you lacking just an hour to complete your continuing education? Does your schedule prohibit you from attending classroom courses for license renewal? VPAR offers online education thru The CE Shop to suit your needs! You can complete it online at your convenience at a very reasonable rate. For more information on taking an online course through VPAR, log on to www.vpar.org and look for the online education ICON today! The C.E. Shop is also offering an NAR required Quadrennial Ethics Course online entitled Cracking The Code of Ethics. No November - page 21 21 November2012 2009 - page REALTOR ® Update Update REALTOR7


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Your neighborhood lender is right around the corner. We’re here to help welcome you home. If you or someone you know is in the market for a home loan, look no further than the trusted experts at SunTrust Mortgage, Inc. We offer the experience and knowledge you’d expect from a national mortgage company and the service and convenience of a neighborhood lender. Our Loan Officers are here to help you, step-by-step, along the path to homeownership. We provide: • Financing for primary homes, second or vacation homes, and even investment properties • Hassle-free construction loans with true, one-time closings • A wide variety of mortgage products that can be tailored to meet your individual needs • An easy application process and competitive rates • Personal service and support — from start to finish To learn more, contact SunTrust Mortgage at one of our convenient neighborhood offices! SunTrust Mortgage — Newport News 11817 Canon Boulevard, Suite 600 Newport News, VA 23606 757.873.7920

SunTrust Mortgage — Hampton 2100 Executive Drive Hampton, VA 23669 757.896.4982

Equal Housing Lender. SunTrust Mortgage, Inc., 901 Semmes Avenue, Richmond, VA 23224, NMLS # 2915, is licensed by the Department of Corporations under the California Residential Mortgage Lending Act; is an Illinois Residential Mortgage Licensee; is a Lender in Massachusetts having Mortgage Lender license #s ML1216, ML0133, ML1432, ML1914, ML1913, ML1815, ML2411, ML1214, ML2442, ML2491, and ML2538; is licensed by the New Hampshire Banking Department; is licensed by the New Jersey Department of Banking and Insurance, toll free 1-800-330-4684; is a licensed lender in Rhode Island; and is doing business in Arizona as Crestar Mortgage, 7250 N. 16th Street, Ste. 100, Phoenix, AZ 85020. ©2012 SunTrust Banks, Inc. SunTrust, SunTrust Mortgage and Live Solid. Bank Solid. are federally registered service marks of SunTrust Banks, Inc. REV012312KB-R STMR1012

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Compile a Home Inventory with the Right Tools Creating a home inventory for insurance doesn’t need to be complicated. All you really need is a pencil and paper. The key is to have a record of your possessions in the event you experience a theft or casualty loss from flood, fire, or other disaster. But the more thorough the documentation of your belongings, the less likely you are to run into problems when you file an insurance claim. That’s why you should consider using a digital camera, fireproof safes, and other equipment to create and store your home inventory. Devote a full day to the task. Take pictures of your belongings Photos of your belongings go a long way toward demonstrating ownership and value. Digital photos are preferred, since they’re easier to print and store. A decent digital camera costs less than $100. Be sure to get full-room shots, as well as close-ups of items. Don’t neglect to photograph possessions inside drawers, cabinets, and closets. Video is even more convenient and effective, especially since you can record audio along with the images. Describe items and any identifying details as you film your home room by room. Digital camcorders are available for less than $150. It’s a good idea to keep backup copies of digital files and hard-copy printouts in a safe place. (More on storage options below.) Prepare a written home inventory Images alone aren’t enough. You should also prepare a written home inventory. Your insurance company will likely ask for one if you ever file a claim. Include as much identifying detail as possible, such as serial numbers, brand names, purchase dates, and estimated costs. Keep a copy off-site, perhaps with a friend or in a bank safe-deposit box, in case your home is damaged or destroyed. Download our free home inventory worksheet to get started. Home inventory software is also available. Enter information on your possessions, attach digital images, and store the data electronically. The Insurance Information Institute has a free program called Know Your Stuff, or there are a number of programs available for purchase. Be sure to attach receipts to your home inventory list. If you’re storing your records electronically, you’ll want to scan receipts at a copy and print shop or purchase a scanner. Pick one up for as little as $50 at an office supply store. Digital copies of receipts come in handy if originals are damaged or lost. Safe ways to store your records When backing up digital files, a USB drive—sometimes called a “thumb” drive, due to its small size— can be useful. Buy one for as little as $5. Simply copy the files onto the drive and keep it somewhere safe, preferably away from your home. You can also stash a drive in a pre-packed emergency “go” bag, which should be accessible in case you need to evacuate quickly. An external hard drive can perform the same function, though it’s less portable. You can use a bank safe-deposit box to store paper records, drives, and other valuables off-premises. Rent may range from about $25 per year for a small box to more than $100 for a larger box. If you like to keep important documents closer at hand, consider a fireproof safe, which is usually waterproof as well. You can find small safes for as little as $50, but a more representative range for good residential fireproof safes is $150 to $300. Larger, high-end safes can cost more than $1,000. When your home inventory files are electronic, it’s relatively easy to use online backup systems to keep digital copies outside of your home. That’s a big plus if your computer is stolen or destroyed. Some backup services like Mozy offer limited storage space for free, while others like Carbonite charge $5 or more per month. Choose a backup service whose features fit your needs. REALTOR ® Update Update REALTOR7

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2012 Education and Events Calendar at a Glance November 7 – NEW 3HR Agency Law Required Course 8 - Lunch and Learn 13 – 8HR Required CE Course 15 – 8HR Broker Management CE Course 17 – VPAR Installation and Annual Awards Banquet 27 – REALTOR® Enrichment Series Course

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December 3 – Night Court 4 – 8HR Required CE Course 11 - Jeff Elias Finance Seminar

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October General Membership Meeting Welcomed City Officials The VPAR October General Membership meeting welcomed Hon. Eugene Hunt, Poquoson; Hon. McKinley Price, Newport News; Hon. Molly J. Ward, Hampton; and Hon. Thomas Sheppard, York County Board of Supervisors. They shared insights on housing challenges, solutions & opportunities. They also discussed timely issues regarding transportation, sequestration, redevelopment, affordable housing and potential issues at the 2013 General Assembly.

Over 50 members listened to city officials

City Officials – left to right Hon. Price, Hon. Ward, Hon. Sheppard and Hon. Hunt

Holiday Wreath Sales at VPAR November 8th & 9th! The VPAR Banquet Committee is beginning our campaign to sell live fresh & fragrant Christmas Wreaths, 25 “ with velvet bow & pinecones/berries for only $20.00. What a great gift for family & clients! Chair Renea Matter of Atlantic Bay Mortgage and committee volunteers will assist November 8th & 9th from 10-2 @ VPAR to take orders! Wreaths will be in December 4th & 5th and we will distribute on the 6th & 7th. A flyer will be e-mailed out soon, so please promote within your offices. Please contact Vice Chair Barbara Lassley at 595-8895 of William E. Wood or Jo Daly at VPAR at 599-5222 or email jo@vpar.org to pay & place orders prior to November 8th and 9th.

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Happy Thanksgiving! Go to www.VPAR.org for the Calendar of Events


VPAR November REALTOR Update