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NEWS AT DAAR
DAAR RPAC/HABITAT FOR HUMANITY GOLF TOURNAMENT, MONDAY, JUNE 16TH, LOUDOUN GOLF & COUNTRY CLUB, PURCELLVILLE - SPONSORS AND PLAYERS NEEDED!
It has been said that more business has been conducted on the golf course than anywhere else. The 16th Annual DAAR Golf Tournament is no exception. We sell out every year and our most dedicated members come out to support two great causes, the REALTORS® Political Action Committee (RPAC) and Habitat for Humanity. If you would like to support these great organizations while enjoying great networking opportunities and a beautiful golf course, please click here for a sponsorship opportunities, sponsor form and player form. Online registration is now open. For further information, contact Christine Windle at cwindle@dullesarea.com or 703/727-2144.
NVTA STOPS COLLECTION OF GRANTORS TAX - REFUND GUIDELINES AVAILABLE
The Loudoun County Clerks Office ceased the collection of the NVTA .40 cent grantors tax ($.40 per $100 or $4 per $1,000) last month as a result of the Virginia Supreme Court ruling that a regional authority created by the General Assembly to levy taxes last year for Northern Virginia transportation projects is unconstitutional. Home sellers who paid the grantors tax increase to the NVTA since January 1st are entitled to a refund. To obtain a copy of the refund guidelines, click here. To read DAAR's press release on the repeal of the grantors tax and Supreme Court decision, click here.
LOUDOUN’S CLERK OF THE COURT CLARIFIES USE OF CERTIFIED APPRAISALS WHEN DETERMINING ACTUAL VALUE OF A TRANSACTION
Clerk of the Court Gary Clemens clarified the use of certified appraisals when determining actual value of a transaction when a deed is presented for recordation and the assessed value exceeds the consideration of the deed. He states that as sales prices of homes have declined, he has seen the County's assessed values for some homes exceeding the sale price or consideration on the deeds. This creates a challenging situation for the clerk of the circuit court because the Code of Virginia requires the clerk to use the actual value of the transaction for purposes of collecting the recordation taxes for a deed. The Code of Virginia defines "actual value" as the consideration (or sale price) of the deed or the locality's assessed value as the actual value and the clerk must collect recordation taxes on the higher of these amounts. Back in January, Clemens explained to members of the DAAR Government and Political Affairs Committee that his office can use a recent, certified appraisal as a tool to determine the actual value. A recent, certified appraisal that is prepared for the closing of a loan or sale of a home can be provided to the title company after closing and before the recording of the deed. The title company can present the recent, certified appraisal to his land records staff when presenting the deed for recording at which point his staff can use the appraisal to certify the "actual value" of the transaction and collect recordation taxes on the actual value as manifested by the appraisal. His office will only need to see the appraisal at the time of recording the deed. They will not need to retain a copy of the appraisal so the appraisal will be given back to the title company immediately following the recording of the deed. If members have any specific questions about using a certified appraisal, please feel free to contact the County's land records manager, Kevin Blatchley at (703) 777-0270 and press the number "3" when you get the clerk's office automated menu selections.
NEW FEDERAL HOUSING ADMINISTRATION (FHA) MORTGAGE LIMITS FOR LOUDOUN COUNTY RELEASED
Development (HUD) released the new FHA mortgage limit for Loudoun County and the rest of the Washington, DC metro area. Despite what many originally anticipated ($550K to $625K), the new loan limit is $729,750. This is the maximum amount allowed under the President's economic stimulus bill signed on February 13, 2008. This amount is up from $417,000. To see the actual limits posted on HUD's web site, click here and select "Virginia" and type in "Loudoun" for the county. Please note that the new limits are only for loans obtained on July 1, 2008 or later and that the loans must be funded (you must close) no later than December 31, 2008.
MORTGAGE FORGIVENESS TAX RELIEF INSTRUCTIONS AVAILABLE
The IRS has released a document (IR-2008-17) to educate taxpayers on complying with the mortgage cancellation tax relief provisions enacted at the end of last year. Borrowers who had some portion of their mortgage debt forgiven in 2007 should receive a Form 1099C from the lender identifying the amount of forgiven debt. Borrowers must also file a newly created form to report to the IRS that the debt relief was for a qualified mortgage. The new form, Form 982, and its instructions are available online from the IRS. The mortgage relief provision applies to debt forgiven in 2007, no matter when the mortgage was entered into. The most frequent circumstances in which debt is forgiven is on foreclosure, short sale, or a workout or reformation agreed to with the lender.
SCC APPROVES OVERHEAD POWER LINE ROUTE IN LOUDOUN
The State Corporation Commission (SCC) approved the Modified D route for the 12-mile, 230-kilovolt Dominion Virginia Power transmission line between east Leesburg and Purcellville. Del. Joe T. May (R-32) is pushing legislation (HB 1319) that would make the Loudoun County line one of state's pilot projects on the expanded use of underground lines. The line is scheduled be operational by Jan. 1, 2011. Click here for more information on the line.
DAAR RECEIVES RPAC AWARD AT VAR LEGISLATIVE CONFERENCE
Candice Bower, 2007 RPAC Chairman and Dale Polen Myers, 2007 DAAR Chairman, were recognized at the annual RPAC lunch at the VAR Legislative Conference as the association with the highest fair share collected and the highest average amount per investor within the large association category. At RPAC’s fiscal year end (10/31/07), DAAR raised 166% ($43,021) of its fair share goal of $26, 060. 46% (596) of DAAR members participated in RPAC.
IMPORTANT UPDATE ON SHORT SALES
(MRIS, Dec. 31)-Recent Market Conditions have seen a rise is the number of Short Sales. A Short Sale is an arrangement with the seller's lender allows the property to sell for less than the amount of the current mortgage and closing costs. It is imperative that an advertised Short Sale Price first be approved by the lender. Short sales are complex transactions for the seller, the listing agent, the buyer and the selling agent. MRIS has added two pick list items to assist both listing and selling agents "Short Sale" has been added under the "Current Financing/Loan" pick list. The listing agent should select this field to disclose to other MRIS subscribers that the property is subject to a Short Sale and in addition to the seller, the lender will have to approve the buyer's offer.
One of the issues surrounding Short Sales is Commission. To reduce the expenses associated with a short sale, the lender may insist on a commission fee reduction. The commission amount listed in MRIS is the amount that the cooping broker can expect to get paid for procuring the sale of the property. An additional pick list item, Comp-Subject to 3rd Party Approval, has been added to the Contract Info Pick list.
According to the Rules and Regulations, the obligation to compensate a cooperating broker may be excused by an Arbitration Board if through no fault of the listing broker or agent and the listing broker/agent exercised good faith and reasonable care it was impossible or financially unfeasible for the listing broker/subscriber to collect commission per the listing agreement. An Arbitration Panel should consider all relevant facts and circumstances including when the listing broker knew that some or all of the commission would not get paid and when it was communicated to the cooperating broker.
Only an Arbitration Panel can determine if the coop commission can be reduced or eliminated. MRIS does not conduct Arbitration Panels. Arbitrations are handled by the local Shareholding Associations.
VIDEO
MESSAGE OF AN INDUSTRY IN CHANGE
ALISO
VIEJO, CA, July 27, 2007 - Since the release of the 2007 edition
of the Swanepoel TRENDS Report in February thousands of brokers and agents
have obtained copies to use as a roadmap to reposition their businesses
for the future. At 159-pages there is no more extensive research and analysis
of the top real estate trends, technology innovations, shifts, and new
business models changing our industry. Now available for the first time,
a DVD is available that includes a 90 minute video presentation
of the ten most important trends along with his Powerpoint slides.
According to the
2007 Swanepoel Trends Report the residential real estate brokerage industry
appears to be about half way through a 10-15 year industry transition
- one that is creating confusion and frustration, but above all, huge
opportunities. If Brokerages, Realtors and Realtor Associations are to
remain relevant and effective, they must clearly understand the changing
real estate environment and the new, evolving real estate business models,
states Stefan Swanepoel.
According the report,
real estate professionals will certainly survive as the primary link between
Americans and the American dream, despite the industry's constant evolution.
The advent of new models such as Zillow, Trulia, Redfin and many others
are all contributing in different ways to the change. As a result, real
estate professionals will have to step up their game by improving their
knowledge about real estate, the neighborhood and technology as well change
their mindset from a salesperson to that of a consultative, interpretive
and negotiating lifestyles facilitator.
Clever brokers and
agents will objectively research every market and model, every nook and
cranny, every book and every course - searching for that one idea that
will spark a new strategy, idea or method that will lead to more effective
customer service, Swanepoel says. Never has the industry experienced so
much change, he states. What was important last year, or last month for
that matter, will in all probability not be relevant tomorrow. Those that
understand that and are able to pull their team of agents together are
the ones that will benefit the most.
The DVD is now
available at www.RealEstateBooks.org
for $49.95 for a limited time.
DAAR
VOLUNTEERS NEEDED
- Facilities
Task Force swarner@mateams.com
Duration until we find a resolution. Meet as needed. Dates: TBD
- Technology
Committee swarner@mateams.com
Duration (does Technology ever stop). Meet monthly as needed.
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