Words: Jan Ryan
NSDCAR Director at Large
My client was going through an ugly divorce and could no longer make payments on her home. Marriage break-ups are typically tense. The tell-tale signs of a divorce are when whole rooms in the home are missing furniture and closets are filled with only male or female clothing.
In my client’s case, she was desperate. She owed more than the house was worth. It was decided a short sale would be the best course of action. Fortunately, I had a qualified buyer who was ready to proceed. However, unfortunately, the credit union handling the financing wasn’t.
So, what should you do when a financial institution leaves you hanging and refuses to respond after several weeks? Even after submission of documents, including bank statements and tax returns, and no employee in the short-sale department will return your phone calls? Maybe they’re thinking there’s not enough profit in the deal. Maybe they’re disgruntled employees who are merely order takers and don’t care. What’s your best course of action?
Here’s how I saved the deal: I searched Google and found e-mail addresses of the credit union’s CEO and board members. I e-mailed every one of them and told them my story and shared about their employees’ lack of professionalism and how no one was responding. I noted how much time and expense the credit union would lose by taking back the property rather than selling it to my buyer, who was losing interest in every passing day.
Guess what happened? The next day I got a phone call from the CEO. In a week’s time, the deal closed. I learned a valuable lesson from this experience. Sometimes, it’s better to quit wasting time and go straight to the top. Take up the issue with the boss or superior rather than continuing to deal with unresponsive people. Go over their heads and take your complaints directly to the president of a company.
A similar incident happened when someone who showed up at my office and said the foreclosure sale on their property would be held one week later and “can you help me,” they said. Just like before, I had a qualified buyer who was ready to proceed as well as a bank that would not respond.
Here’s how I saved that deal: I was persistent and continued the phone calls. After each call to an unresponsive person, I called back and talked to somebody different. Several times I was told, “It’s too late, the foreclosure already has occurred.” Eventually, I made my way up the ladder to the highest supervisor and pled my case.
Guess what happened? The foreclosure was reversed and cancelled and the short sale was accepted.
The best advice I can give to any REALTOR® who wants to save a deal in situations like this is to never quit, work hard and keep trying. If you believe in yourself and in your client, then failure is not an option. Success in life comes at the end of your comfort zone, when you refuse to give up and that’s when the tide will turn in your favor. When you have exhausted all possibilities, remember that you haven’t. It always seems impossible until it’s done. Most of the important things in the world have been accomplished by people who keep on trying.
COLLAB CENTER UPDATES INCLUDE: -Unused "Beds" and "Baths" labels are hidden in Collab Center on properties like Res Income and Lot/Land etc. -Photos now display Photo Labels and Descriptions. -Return to Listings in Mobile View is Available -Now Reflects when Multiple Open Houses are Offered -Comments to Client Contain More Information - In this release, we have added the actual comment and the listing information to the notification emails. Previously, if a comment was added the client would just get a notification with a comment count. It did not show the comment or the listing information. Collab Center: Notifications Added for Customer Created Searches: In an effort to keep Agents notified of changes made by their clients in Collaboration Center, we have now introduced a notification option for when client creates a new search or modifies an existing search. It has been added to the list of items that agents can receive notifications on. Two new options have been added to the Collaboration Center preferences in Paragon, “Notify on new client search” and “Notify on modified client search”. Both of these options will be enabled by default. Agents Can Receive the Sell Side Report in Collab Center: We have now included options for the agent to receive the sell side report daily or weekly. Initially, this was only allowed for the client. Feature Category Added to Collab Center Search: The Features search in Collaboration Center combines all features into one simple form. Prior to this release, the Features field only searched on the feature category. This made it difficult when the feature descriptions were duplicated or if it was category related. Now Collaboration Center will search on both category and description. It will also show both in the results. Display Address2/Unit in Collaboration Center Email Notifications:. In the prior release the Address 2 field was added to the Collaboration Center reports. This additional enhancement adds Address 2 to the listing info in the Agent and Client Collaboration Center email notifications. Share Listings on Facebook Agents will now have the ability to share their listings on their Facebook account from the Listing Input/Maintenance Quick Action Menu. Deletion of Paragon System Generated Emails. A new configuration has been added that determines how many days system generated emails are retained before they are automatically deleted. The default will be set to 90 days.
As the year is winding down, so is the housing market, both locally and statewide, according to industry analysts and the California Association of REALTORS® (C.A.R.). Among the major reasons for the slowdown include scarcity of housing inventory resulting in higher home prices, C.A.R. said. The number of homes for sale keeps decreasing, but demand is not slowing down.
C.A.R. reports that pending home sales shrank for the fourth consecutive month in October, the most recent month for available numbers. Based on signed contracts, year-over-year statewide pending home sales dropped in October on a seasonally adjusted basis, with the Pending Home Sales Index (PHSI) declining 2.6 percent from 119.1 in October 2016 to 116.0 in October 2017. In San Diego, the PHSI was 123.6 in October 2016 and 109.5 in October 2017, a decline of 11.4 percent, one of the highest percentage changes in the state behind Santa Clara (-21.4 percent) and Riverside (-14 percent). Pending home sales declined on an annual basis for nine of the last 10 months in 2017, C.A.R. said.
Results from C.A.R.’s Market Pulse Survey for October also reflected disappointing market conditions. C.A.R. said the share of homes selling above asking price fell from 28 percent a year ago to 23 percent in October, while the share of properties selling below asking price inched up from 44 percent to 46 percent. The remaining 30 percent sold at asking price, up from 28 percent in October 2016. For homes that sold above asking price, the premium paid over asking price dipped from 9 percent in October 2016 to 8 percent in October 2017. The 28 percent of homes that sold below asking price sold for an average of 12 percent below asking price in October compared to 9 percent a year ago.
Three industry factors, including increasing declining housing affordability, inflated home prices and rising interest rates, represented the top concern for 4 out of 10 (44 percent) REALTORS®. In addition, 30 percent of REALTORS® cited a lack of available homes for sale as their top concern. The remaining 26 percent representing REALTORS’® biggest concerns in October included a slowdown in economic growth, lending and financing, and policy and regulations. C.A.R.’s Market Pulse Survey is a monthly online survey sent to more than 10,000 California REALTORS® to measure data about their last closed transaction and sentiment about business activity in their market area for the previous month. Nearly 300 REALTORS® responded in October.
Meanwhile, among other housing statistics from October:
-- The median price of a single-family home in San Diego County rose 6.2 percent year-over-year in October to $555,800, according to the latest Zillow report. Zillow also said lower inventories are driving up home prices.San Diego County's inventory dropped by 31 percent fewer homes in October 2017 compared to October 2016. Adding to the shortfall is the fact fewer homes are being constructed today than prior to the recession.
-- CoreLogic says the San Diego County median home price was $529,750 in October, a steady decrease from its peak this summer. The median home price has increased 4.4 percent in a year as of October. It is the lowest yearly gain since June 2016. Andrew LePage, CoreLogic research analyst, said low home inventory and strong job growth should continue to push prices up, making it difficult for potential first-time buyers. Looking ahead, the CoreLogic Home Price Index Forecast indicates that prices will increase by 4.2 percent nationwide by October 2018.
-- In 2018, C.A.R. predicts the California median home price will increase 4.2 percent to $561,000, following a projected 7.2 percent increase in 2017 to $538,500. With the economy expected to continue growing, housing demand should remain strong and incrementally boost California’s housing market in 2018, C.A.R. said. However, C.A.R. said a shortage of available homes for sale and affordability constraints will continue to challenge homebuyers. C.A.R. also said the average for 30-year, fixed mortgage interest rates will increase slightly to 4.3 percent in 2018, up from 4.0 percent in 2017 and 3.6 percent in 2016, but will still remain low by historical standards.
C.A.R. Ballot Initiative and Your DuesThe California Association of REALTORS® (C.A.R.) is embarking on a historic effort to increase homeownership opportunities, one that we know REALTORS® can feel good about supporting. But change does not come without cost, and at the Fall CAR meetings in San Diego in October, your CAR directors voted for a $100 member dues assessment to help pay for this important effort. You will notice this on your dues billing statement, and while we make every effort to keep your dues low, REALTORS® from throughout California felt this was important enough to justify this assessment. C.A.R. is going to qualify an initiative for the November 2018 ballot which will allow senior homeowners (55 years of age and older) to keep all or most of their Proposition 13 property tax savings when they move. This is important because of seniors, who are often on a fixed income, fear they will not be able to afford a big property tax increase if they sell their existing home and buy another one, discouraging them from ever moving. As a result of this “moving penalty”, almost three-quarters of homeowners 55 and older haven’t moved since 2000. C.A.R.’s tax portability initiative will allow senior homeowners to transfer their property tax base from their current residence to a replacement residence located anywhere in California. The measure, if approved by voters, will let thousands of seniors, currently “locked into” their homes by low property tax rates purchase a home that will better suit their needs while expanding the housing inventory for young families seeking to buy a home. According to the California Legislative Analyst's Office, tens of thousands additional homeownership opportunities will occur annually as a result of this effort. To support this effort and for other advocacy and education efforts, C.A.R.’s Board of Directors approved the $100 increase to the Issues Fund Assessment for 2018. All REALTORS® will be required to pay this assessment. Members who have already paid their 2017-2018 REALTOR® dues bill in full will receive a revised dues bill with the new amount and will have to pay the assessment. Members on installment plans will also receive revised dues bills with an updated payment schedule. There will be many opportunities for REALTORS® to be involved as well. In the coming weeks, we will be asking you to help gather signatures on petitions. This will be a great chance for you to show your clients all you are doing to promote homeownership opportunities and create tax savings for seniors. REALTORS® will also be asked to help educate their clients and the public about the benefits of the initiative, and, of course, next November we will need to get voters to the polls to win on Election Day. For questions regarding the assessment or the initiative - Web: https://www.car.org/advocacy/legislation/stategovernmentaffairs/portability/ Email: firstname.lastname@example.org Phone: (916) 492-5200 For information about contributing to this effort – information will be made available once a ballot measure committee is established.
CRMLS Offers Services through San Diego-Area Associations NEWS PROVIDED BY
Dec 05, 2017, 15:02 ET SAN DIMAS, Calif., Dec. 5, 2017 /PRNewswire/ -- CRMLS is pleased to announce that access to the CRMLS platform of services has been extended into areas of San Diego, providing members of North San Diego Association of REALTORS® (NSDCAR) and Pacific Southwest Association of REALTORS® (PSAR) with MLS front-end choice. The CRMLS Matrix system is an industry-leading MLS platform being used by over 85,000 real estate professionals through CRMLS's participating Associations and Boards, including Orange County AOR, Pacific West AOR, Southwest Riverside AOR, and many others. NSDCAR and PSAR join the existing community of Matrix users while maintaining access to Paragon. "It's about choice," said Art Carter, CEO of CRMLS. "We already enjoy a healthy, robust data share with Sandicor, which will remain in place. We are thrilled to now offer NSDCAR and PSAR members with the choice between two innovative MLS platforms that each deliver a unique user experience. This is another impactful step forward in providing real estate professionals with the technology resources they need to prosper," states Carter. The presidents of NSDCAR and PSAR share the same enthusiasm about this new offering to their members. Sarah Heck, 2017 President of PSAR, states, "We are excited about being able to give our members options. CRMLS and its Matrix software is another option. Some like Paragon, some like Matrix. We will be providing both." "NSDCAR's members have been asking for more robust technology. NSDCAR is proud to be providing CRMLS and Matrix in addition to Sandicor and Paragon. Like many REALTORS in North County, I'm going to be part of both MLSs now," says Michael Carunchio, 2017 President of NSDCAR. In addition to having access to the Matrix system, members of NSDCAR and PSAR can obtain Matrix support via the knowledgeable customer care team, live webinars, and how-to videos provided by CRMLS. About California Regional Multiple Listing Service (CRMLS) California Regional MLS is the nation's largest and most recognized subscriber-based MLS, dedicated to servicing over 85,000 real estate professionals from 33 Associations, 3 Boards of REALTORS® and 1 MLS. CRMLS is the industry powerhouse and thrives on providing the most relevant products and services to its subscribers. For more information on CRMLS visit www.crmls.org. SOURCE California Regional MLS Related Links http://www.crmls.org
By Michael Carunchio
Outgoing 2017 NSDCAR Board President
It has been my honor and privilege to serve as your NSDCAR President in 2017. Thank you for giving me your confidence to serve in this leadership role. The year was filled with many memorable moments, both highs and lows, but overall, it was a fantastic year.
As my time as President comes to an end, I want to take this opportunity to encourage you to stay involved and step up become more involved with our Association in 2018. Your personal participation in NSDCAR makes a tremendous difference in our industry’s success. Without member engagement to help advance the mission and give back to our profession, our Association could fade into irrelevance. There is truth to the statement about “strength in numbers.”
The benefits of getting involved in NSDCAR are numerous. There are many rewarding ways. As I discovered first hand this past year with more “ah-ha” moments than I can count, you can receive much more than you give when you commit to volunteer.
If you want to get connected in your industry, then join in and make a contribution. If you want to grow your business, expand the industry, increase your community knowledge and meet others, then get involved in NSDCAR. Now is the best time to make new friends, share your story, lend your support and shine a light. Plus, it’s a whole lot of fun each and every day.
If you want to affect change, express your opinion about the importance of housing and communities, speak up about ethical issues or influence public policy and private property rights, then getting involved in NSDCAR is the best thing you can do. Believe in something bigger than yourself. Together we can make a difference.
No matter what stage of your career, if you want to raise the bar, learn new skills, gain new insights and experience meaningful ways to grow and learn, then take advantage of the many outstanding NSDCAR professional development educational opportunities, including classes and courses.
The services provided by NSDCAR also are numerous, ranging from technical training and support and transaction forms to political advocacy, networking and industry news and information, as well as market research and statistics. There is so much more to our Association than the MLS, lockboxes and an invoice.
A recent survey conducted by Inman Group revealed that many REALTORS® were unaware of the services offered by their Association because they were not involved. These same respondents who said they saw “no value” in their Association also sparsely attended Association events. You won’t maximize your membership experience unless you get involved. Margaret Mead said, “Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it is the only thing that ever has.” Don’t be a “MINO,” member in name only.
In closing this farewell message, I want to say again that it has been a pleasure to have served. It was gratifying to serve with such outstanding board members. I am grateful for our incredible Association staff led by Rich D’Ascoli, our CEO (the staff are the ultimate multi-taskers). I am appreciative of the many members throughout the year who graciously volunteered their time and provided their insights, expertise and knowledge at our various events, classes and workshops that made our industry better than before. I look forward to staying involved and supporting the 2018 leadership team. Let’s resolve in the New Year to be even stronger than before. We all have busy lives, but thanks in advance for your future involvement and participation.