Dear Member,
Last month, I mentioned a draft discussion on mortgage finance reform that is moving through Congress, titled the Protecting American Taxpayers and Homeowners (PATH) Act. PATH includes reforms to FHA and the GSEs and would rewrite the role and mission of the FHA so only first-time home buyers and low- and moderate-income home buyers would be allowed to use FHA financing. The House bill would virtually privatize the mortgage market and drastically increase the cost of financing for home buyers – especially in high-cost states like California. Another mortgage finance reform bill, with bipartisan support, has been introduced by Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va., and would replace Fannie Mae and Freddie Mac over five years with a new agency having a more limited role for the government in insuring mortgages. C.A.R. and NAR seek a transition that doesn’t disrupt the availability of mortgages.
C.A.R. is also actively engaged at the state level fighting to get tax relief for homeowners selling a home in short sale (SB 30), opposing legislation that would create a new recording tax (SB 391), and opposing efforts to expand rent control (AB 1229).
Earlier this spring, I informed you that C.A.R. was taking numerous steps to help you and consumers better deal with “off-MLS” or pocket listings. One of those steps was revising C.A.R.’s standard forms to better inform consumers. I’m pleased to tell you that late last month, C.A.R. released a revised Residential Listing Agreement (Form RLA) to include a disclosure regarding the benefits of marketing properties through the Multiple Listing Service (MLS). The RLA, as well as C.A.R.’s other standard form listing agreements, have a new MLS disclosure box on Page 2 for the seller and listing agent to acknowledge by placing their initials. The disclosure explains to the seller the benefits of marketing a property through the MLS. It also warns the seller that excluding a property from the MLS may result in a lower number of offers received and lower sales price. The disclosure also informs the seller that the listing broker must present all offers to the seller, unless otherwise instructed in writing by the seller. Your existing listing agreements are still valid contracts, but C.A.R.’s Legal Department strongly recommends that, for new listings, you use the newly revised forms which are available in your zipForm® accounts.
In addition to the revised listing agreements, C.A.R. released a new standard form Seller Instruction to Exclude Listing From the Multiple Listing Service (Form SELM), as well as a Seller Instruction to Exclude Listing From the Internet (Form SELI). These two new forms replace the previous Form SEL for excluding a property from the MLS or Internet.
One of C.A.R.’s new objectives this year was to develop a new Thought Leadership initiative – a series of high-level events designed to elevate the Association’s reputation through intellectual engagement with a broad purview of key stakeholders. This spring, C.A.R. CEO Joel Singer moderated a private roundtable with five real estate CEOs to obtain industry leader insights. In September, C.A.R. will host its second Thought Leadership roundtable with top experts on finance and economics. Panelists include Karl Case, co-founder of the Case-Shiller Index; Janice Eberly, former chief economist and assistant secretary for Economic Policy at the U.S. Treasury and Professor of Finance at Northwestern University; Edward Leamer, director of UCLA’s Anderson Forecast; and David Min, Professor of Law at the University of California, Irvine.
If you’d like to attend one of these events, you’ll have a chance to do so at C.A.R.’s EXPO in October. One Thought Leadership panel will feature three experts who will share their views on the impact and relevance of demographic trends to REALTORS® and the housing market. A second panel will focus on the future of California real estate with experts discussing the ways in which future housing markets and public policy need to evolve to reflect the desires of individuals and families at all stages of life.
Speaking of CALIFORNIA REALTOR® EXPO, this premier event, held Oct. 8-10, at the Long Beach Convention Center, is less than two months away. EXPO 2013 has a new look this year and even more opportunities for you as an attendee. Don’t pass up more than 20 technology-driven sessions designed to help you thrive in today’s market such as Ten Ways to Get Social Now, iPad Tips, Tricks, and Tools, and Simplifying Social SEO. Most sessions are FREE–all you have to do is register. If you’re looking for a deeper dive into digital, upgrade to our Digital Bootcamp, and we’ll show you how to optimize your social media strategy, use content the right way across all channels, and convert online leads to clients. Register here to get six topics in one day for only $99.
Have you ever wondered which paint color can tell you whether a used car is in good shape? Which New York City manholes are on the verge of exploding? How did Google searches predict the spread of the bird flu? The answers have been right in front of us—in everyday actions whose data tells us a lot about our world. Join us for a fascinating journey into the world of big data at our Wednesday EXPO lunch with Kenneth Cukier, author and data editor at The Economist. It might change the way you look at everything. Tickets for the Wednesday luncheon are $65 prior to EXPO; $70 on-site. Register here.
Sincerely,
Don Faught
President
CALIFORNIA ASSOCIATION OF REALTORS®