Western Upstate

Association of REALTORS

and

Western Upstate

Multiple Listing Service of SC, Inc.

 

August 30, 2010

 

Peggy Hill, President/CEO

September Calendar of Events

 

1Technology Q&A 9:00am
6Association/MLS Closed for Labor Day
13,14,20,21Post Licensing Classes
24Golf Tournament at Brookstone
304 Hours MCE Core Class 1:00-5:00
 

Attention BIC's

 
When comparing our company member rosters to the LLR company rosters, we noticed that some members have apparently failed to renew their real estate licenses by the June 30 deadline.  This means that they are virtually "out of business" until their license is re-activated.  The licensing division of LLR has offered a window of opportunity until December 31 for this renewal (with a late fee) but the licensee cannot practice real estate in the meantime.
 
It is imperative that each BIC check the LLR roster to make sure that each associate has an active license.  This can be accomplished by going to the website www.llronline.com/pol/rec and clicking on "licensee lookup".  Enter your firm name and a list of the associates will appear.
 
If you find that your associates still need to renew, they can download the required reinstatement form from that same page by linking to "forms".  If the associate still needs  continuing education to renew, the courses are available online at www.westernupstatemls.com.  The core course "Top Ten Ways to be Disciplined, however, will only be available for core credit until September 1.  After that date, the new core course, 3D Real Estate will be required.
 
Please stress the importance of renewing to your associates as it is a license law violation to practice without a current license.
In This Issue:
Attention BIC's
Technology Q&A with Josh - Wednesday, September 1st
Join Us For a Celebration
Upcoming September Post Licensing Class
Annual Golf Tournament for Charity - September 24th
4 Hours MCE Core Class - September 30th
New MLS Releases!
Short Sales Revisited
Nominating Committee Application
ListHub Webinars
Mortgage Fraud Hotline
Legal Hotline: A Great Member Benefit, and It's FREE
Mission Statement of the Western Upstate Association of REALTORS
Zipform Support
Membership Update
 

Technology Q&A with Josh - Wednesday, September 1st

Technology QandA

 

Join Us For a Celebration of the Election of Rusty Garrett as 2011 President of South Carolina REALTORS

 

RustyYou are cordially invited to attend a reception in honor of Western Upstate Association member Rusty Garrett as he prepares to lead SC REALTORS as President for 2011. The reception will be held on Friday, September 17th from 5:30-7:00pm in rooms 206 and 208 at the Myrtle Beach Convention Center, just prior to the "REALTORS Got Talent" competition.

 
His installation will be held on Saturday, September 18th, 2010 at 1:30pm at the Myrtle Beach Convention Center.
 
Having served in numerous leadership positions with the Western Upstate Association and currently serving as Chairman of the Board of Directors, Rusty has shown through the years to be a dependable, knowledgeable, and effective leader. Please join us as we show Rusty our appreciation.
 

Upcoming September Post Licensing Class

Sept PL

 

Annual Golf Tournament for Charity - September 24th

 

Golf Tournament

 

4 Hours MCE Core Class - September 30th - 3D Real Estate: Disclosure, Duties, Diligence

Join us on September 30 from 1-5 p.m. for the first offering of the newly mandated core course for 2010-2012.  Titled  3D Real Estate:  Disclosure, Duties, and Diligence, this four-hour program covers agency relationships in SC along with mandated disclosures.  Focusing on the duties and diligence of the seller or buyer agent, the course teaches direct application of agency law through a review of diligence and contracting. 
 
This course will be required of all SC licensees prior to renewal, so get it out of the way early to avoid crowded classrooms next year.  Don't wait. To Register today, click here.

 

New MLS Releases!

Toll Free 7 Days a Week Paragon Support Line!

 
If you are in need of Paragon support, contact Paragon directly at 1-877-MLS HELP (657-4357) or 1-877-HELP MLS (435-7657). The support line is available Monday-Friday 7:00am-9:00pm, Saturday 9:00am-4:00pm, and Sunday 12:00pm-4:00pm.

Paragon Mobile 
 

reInsight Mobile allows real estate professionals to receive real-time Paragon MLS data from any browser-enabled device, such as mobile phones or Personal Data Assistants (PDA).


Using the same user name and password required to access Paragon, you can log into the MLS system via your wireless device.

 

There is no extra cost for this service, but data charges from your carrier apply for accessing the web on your device. Check with your phone carrier if you have questions about your plan and costs.

 

To access reInsight Mobile, open your web browser on your mobile device and go to http://upstatemls.mobile.fnismls.com.

 
eKEY for iPhone
 
eKEY for the iPhone is now available! Turn your iPhone into a lockbox key in two easy steps. First download the eKEY app from the Apple iTunes store. Next, purchase a small hardware device, called the Supra eKEY Adapter that plugs into the bottom of your phone from the MLS and enroll in the eKEY Basic service from the MLS. For more information on the eKEY for iPhone service, click here.
 
rDesk School and Neighborhood Reports
 
Retrieve school and neighborhood reports on MLS listings directly from Paragon. Information available includes school information surrounding the property, median home and appreciation values for the area surrounding the property, quality of life, and much more! To view the information on a particular property, select the property in the MLS and select rDesk School and Neighborhood under the specialy reports section.
 

Short Sales Revisited

Short sales have become so common in the marketplace that we thought it prudent to provide a review of risk management procedures involved when acting as seller or buyer agent in a short sale transaction.  Many agents are finding themselves faced with a new set of challenges and are searching for guidance on how to successfully navigate  these transactions.  Both your state and national REALTORĀ® Associations have links, webinars, brochures, forms, and procedural checklists on their websites to provide the assistance you need.  Link to www.screaltors.com or www.realtor.org for information that is routinely updated.
 
Here is a review of some of the salient points of a short sale:
 
When using Form 220 (Exclusive Right to Sell Listing Agreement) provided by SCR, page 3 (#7-I) states that the owner agrees to convey marketable title to the buyer free from all liens. In a short sale, third-party approval may be necessary for the owner to comply with that provision.  The listing agreement should state that the seller's acceptance of any offer will be subject to the lender's approval of the offer without requiring that the seller bring cash to closing.
 
Offers to purchase the property would need the same caveat regarding lender approval.  This protects the seller against agreeing unconditionally to sell the property, only to have the lender disapprove the short sale.
 
Whether the owner or agent contacts the lender to find out if the lender will consider a short sale is a matter of office policy.  If the agent makes the contact, he or she should also request a list of documents that the lender will require. 
 
When entering property into MLS, it is required that the listing agent disclose the potential short sale.  This field is in the "features" section and serves as notification to the cooperating agent.  Disclosure of a potential short sale is a material fact in the transaction and should be disclosed to everyone.  If choosing "yes" to the short sale feature in MLS, additional comments may be included in the member remarks section regarding the apportionment of fees.
 
Remember that the owner of the property and the potential purchaser of the property are the actual "parties to the contract" in a short sale.  Bank approval of the short sale is a contract contingency, and should be written as such in the agreement between buyer and seller.  Serious issues arise when the buyer and seller enter into a purchase agreement where the seller requires bank approval to deliver clear title, but the buyer was not notified of the contingency in the agreement.  License law states that the licensee shall "ensure that all the terms and conditions of the transaction are included in the offer to purchase."  Failure to include this contingency as part of the offer to purchase can be seen as a license law violation as well as leading to dissatisfaction by the purchaser who thought a firm agreement was in place with the owner of the property.

Remember, also, that all offers must be presented to the owner of the property until closing, regardless of the offered price or owner instructions.  Illegal instructions, whether from the owner or the bank, do not change the license law.
 
The owner of the property is responsible for all the usual disclosures of material defects in the property and in most instances will be required by law to give the buyer the Residential Property Condition Disclosure Form prior to the buyer's writing an offer to purchase.
 
When the property is under agreement, it should be noted in the MLS as "contingency contract".  If the listing agent desires cooperating agents to present back-up offers, which should be stated in member remarks.
 
Regarding advertising short sales, be sure to keep Article 12 in mind.  This article of the REALTORĀ® Code of Ethics requires you to present a "true picture in your advertising and representations to the public".  Advertising a property as a short sale when it is NOT to generate interest in the property would be misrepresentation and a violation of Article 12 of the Code of Ethics.
 
Short sales present a variety of "risky issues" and should be handled with care and diligence.  The buyer must understand the timing issues involved, the necessity for third-party approval as a contingency, and the potential for the bank to ask for volumes of information from both seller and buyer.  Following guidance provided by your state and national associations will help reduce that risk.  In addition, advanced education in this area will help you gain the competitive edge.
 
We are offering two opportunities for members to gain more insight into the short sale procedure.  On September 30, we will have a lender panel discussion at the association office that is free to members.  On October 13, Cathy McDaniel, Georgia Educator of the Year and short sale expert, will be teaching a new six-hour class titled "Short Sale Specialist".  Click on www.WesternUpstateMLS.com/education.htm for more details or to register for either program.
 

Nominating Committee Application

It is that time of the year. Anyone wishing to be considered for office of State Director or Local Director of the Western Upstate Association of REALTORS should complete application and return to the Association office by September 15, 2010.

Click here for a copy of the application.
The Nominating Committee will meet after that date to consider offices for 2011.
 

ListHub Webinars

ListHub provides webinars that allow members from the MLS to learn more about ListHub's basic free product and the impact of the upgrade, which includes ListHub reports as well as and "Advanced Internet Marketing" class to help you promote your business. 

I encourage you to take advantage of this free service and attend any one of these seminars at yourr convenience. To view the upcoming webinar schedule go to http://www.listhub.net/education-calendar.html.
 
Along with the Attorney General's Office, the South Carolina Department of Consumer Affairs (SCDCA) has relaunched of South Carolina's Mortgage Fraud Hotline. The hotline, which is available to all South Carolinians at 1-800-553-7723, is now open from 8:30 a.m. - 5:00 p.m.
 
 

Mission Statement of the Western Upstate Association of REALTORS

The mission of the Western Upstate Association of REALTORS is to deliver our members' beneficial services, education, and opportunities designed to promote member success, a high degree of professionalism, and ethical behavior.
 
Zipform Support
 
Experience trouble with Zipform? If you encounter any issues with Zipform or need any assistance, you can contact the Zipform Help Desk. You can reach their support at 1-800-383-9805
 

Membership Update

New Member MLS

Linda Page - One Way Realty, LLC

Leeshay Wright - Keller Williams Greenville/Central

 

Members on the Move 

Carola Dauchert to Carola Dauchert Real Estate

Luke Edwards to Edwards Moore Real Estate

Kathy Field to Fieldwood Real Estate

Yukichi Latta to Redcliffe Realty

Will Moore to Edwards Moore Real Estate

 

New Affiliate

Total Quality Home Builders

Paul Davis

3840 Walhalla Hwy, Six Mile, SC 29682

864-868-5253

 

New Company Association/MLS

Carola Dauchert Real Estate

Carola Dauchert, BIC

212 Wilderness Lane, Anderson, SC 29626

864-226-5473

 

Edwards Moore Real Estate

Will Moore, BIC

5531 Hwy 81 N, Anderson, SC 29621

864-934-9600

 

Fieldwood Real Estate

Kathy Field, BIC

293 Spring Valley Rd, Seneca, SC 29678

864-882-2685

 

New Company MLS Only

Only Way Realty, LLC

Linda Page, BIC

330 E Coffee St, Greenville, SC 29601

864-527-5979

 

Pruitt Real Estate

Kenny Pruitt, BIC

PO Box 428, Landrum, SC 29356

864-680-2897

 
 
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