Arcadia
REALTOR®
The Official Publication of the Arcadia Association of REALTORS®
AAR Hosts Singapore Delegate Group See page 12
AAR Hosts N.A.R. Homeownership Bus
PRESIDENT’S MESSAGE
See page 15
Year in Review & Farewell See page 10
DECEMBER 2011
WWW.THEAAR.COM
VOL. 15, NO. 12
Arcadia
REALTOR®
Arcadia Association of REALTORS® 601 South First Avenue Arcadia, California 91006 626.446.2115 626.446.4072 FAX www.TheAAR.com
2011 ASSOCIATION OFFICERS
REGULAR FEATURES 4 Events Calendar
4 From the EVP’s Desk By Andrew Cooper, Executive Vice President
5 Attorney Comments By Dave Freeman, AAR Legal Counsel
6 Market Matters
11 Tech Talk
“Apps: More With Less” Source: Nichole Odijk, N.A.R. REALTOR® Magazine
13 Affiliate Corner
“The Short Sale Closing Process: Key Process Components”
By Annie Fan, First American Title Company
12.11
{ Arcadia REALTOR® | December | Two Thousand and Eleven | Volume Fifteen | Number Twelve}
2
December 2011
Paulina Lee {President} Ryan Asao {President-Elect} Andy Bencosme {Vice-President} James Thomas {Secretary/Treasurer}
2011 DIRECTORS
John Barker Margaret Garemore Jeanne Keating Suzie Koo George Monte Joseph Pacilio Mike Vachani Kelvin Wong Nick Zigic
2011 C.A.R. DIRECTORS
Ryan Asao John Barker Andy Bencosme Jeanne Keating Paulina Lee George Monte Richard Stone James Thomas Randall Traw Kelvin Wong Nick Zigic
ARCADIA ASSOCIATION STAFF
We are here to help you with your needs! Office Phone 626.446.2115 Robin Allen Ext. 307 Bookkeeper Robin@TheAAR.com Michael Beltran Ext. 302 Webmaster / Tech Michael@TheAAR.com Jane DeGraaf-Wade Association Service Specialist Jane@TheAAR.com
Ext. 301
Stephanie Maertens Supra Specialist / MLS Caravan / Publications Stephanie@TheAAR.com
Ext. 303
Brenda Reed Social Media / MLS Data Integrity Brenda@TheAAR.com
Ext. 304
Maria Roberts Ext. 305 Director of Membership Maria@TheAAR.com Andrew Cooper Ext. 308 Executive Vice President Andrew@TheAAR.com
ON THE COVER 10 PRESIDENT’S MESSAGE
Year in Review & Farewell
12 AAR Hosts Singapore Delegate Group The AAR was recently honored to host a group of estate agent delegates from our sister county of Singapore.
15 AAR Hosts N.A.R. Homeownership Bus
On its way to the annual N.A.R. meetings in Anaheim this year, the N.A.R. Homeownership Bus made a special stop in Arcadia to promote the American Dream of Homeownership.
ADDITIONAL CONTENTS 5
New AAR Office Hours!
The AAR has heard your needs and has changed its office hours, effective December 1st.
7
AAR New Members
The AAR welcomes its newest REALTOR® members.
8
N.A.R. Conference Review
A review of the recent N.A.R. meetings in beautiful Anaheim, California.
13
AAR Hosts Thanksgiving Food Drive
AAR members recently joined together in the spirit of giving to help those in need this holiday season.
15
Commercial Marketing Mixer
16 AAR Strikes Big with $1,100+ for Charity A look at the recent Bumper Bowling event that
raised money for local charities.
17 Now Accepting Installation Sponsorships
The AAR is now accepting sponsorships for the annual Installation on Friday, December 9, 2011.
17
CONGRATULATIONS! C.A.R. Honorary Member for Life
Congratulations to Ondina Nunez, Henry Nunez Real Estate Company, who recently became the AAR’s newest C.A.R. member for life!
Arcadia REALTOR® Magazine
3
December Events Calendar 1
9:30 a.m. - Commercial Committee Mtg. 11:00 a.m. - Commercial Marketing Mixer 5:30 p.m. - YPN Toy & Food Drive
2
10:00 a.m. - 4:00 p.m. - CRMLS Training
6
8:30 a.m. - AAR New Leadership Training
7
8:30 a.m. - MLS Caravan 9:30 a.m. - MLS Committee Mtg. 9:30 a.m. - Events 4 Charity Committee Mtg. 12:30 p.m. - Chairperson Thank You Luncheon
8
12:00 p.m. - Young Professionals Network Committee Mtg.
9
8:30 a.m. - PEPster Breakfast, Location TBD AAR Annual Installation of Officers & Directors @ Noor Ballroom, Paseo Colorado, Pasadena
12
9:00 a.m. - 12:00 p.m. - “Business Planning” Class 12:00 p.m. - CRMLS Board of Directors Mtg.
13
8:30 a.m.-9:30 a.m. - AAR Staff Mtg. 11:00 a.m. - Tech Committee Mtg. 1:00 p.m. - Budget and Finance Committee Mtg.
14
8:00 a.m. - Annual Holiday Breakfast 8:30 a.m. - MLS Caravan 9:00 a.m. - Affiliate Committee Mtg. 9:30 a.m. - Marketing Committee Mtg. 1:30 p.m. - Local Governmental Relations Committee Mtg. 3:30 p.m. - Equal Opportunity / Housing Affordability Committee Mtg.
15
11:30 a.m. - 4th Quarter Broker/Manager Luncheon AAR Office Closes at 2:00 p.m. for Staff Holiday Luncheon
16
8:30 a.m. - Board of Directors Mtg. 12:00 p.m. - Board of Directors Thank You Luncheon
20
10:00 a.m. - Zipforms Training 2:00 p.m. - Education Committee Mtg.
21
No MLS Caravan 1:00 p.m. - Ethics Video 3:00 p.m. - Global Business Alliance Committee Mtg.
23
AAR Closes at 12:00 p.m. for Holidays
26
AAR Closed for Holidays
28
No MLS Caravan
30
AAR Closes at 12:00 p.m. for New Year’s Holiday
4
December 2011
FROM THE EVP’S DESK
“Plan Your Work, Then Work Your Plan” Wealthy and successful entrepreneurs all share something in common: they have written, laser-focused goals and business plans. You can have all the ambition and best intentions in the world, but without a clear and written plan on how to get from Point A to your Point B you will miss your destination. There’s a saying you may have heard before, “A goal without a detailed plan is just a wish”. If the goal in your head is you will take 16 listings or 50 loan applications or sell 100 title policies, etc., etc. in 2012, congratulations for giving it some thought and making that wish. Converting those wishes to goals is the next step. When you take those goals out of your head and commit them to paper, something magical happens. It solidifies your commitment to achieving the goals and it automatically starts you on the goal planning process. As with most things in life the first step oftentimes is the hardest especially if it’s embarking on something we’ve never done before (like writing a proper business plan). There are different ways to create a plan and one way is to simply start at Point A by making a bulleted list of goals you plan to achieve in 2012. Those bullet points represent your Point B. When creating this list it’s helpful to use the acronym S.M.A.R.T. to establish solid goals: they must be Simple, Measureable, Attainable, Realistic and have a Timeframe in which to achieve them. If I’m driving somewhere I’ve never been before I need something to tell me how to get there. This is the same with goal setting. Having a destination of Point B is useless unless you have a written plan on how to reach it. Here’s a sample road map to a successful goal-achieving plan: If your Timeframe to achieve your goals is by year-end 2012, you have 1 year to achieve them which is way too nebulous. So break the year into 12 monthly goals. Then break down those 12 goals to weekly goals and then lastly into daily goals. By having daily goals your business plan has now become laserfocused and workable. This paragraph alone isn’t enough to get you going on your plan so keep reading to learn how the AAR is going to assist you: To help you create your business plan for 2012 the AAR is proud to offer a Business Planning class on Monday, December 12th from 9:00am to 12noon at the AAR Building. The course and material fee is $34 and each attendee will receive a workbook and will leave the class with a massive head start on their plan. To summarize my article, I’d like to share an interesting story I read in a book aptly titled “Goals” written by Brian Tracey: In a Harvard University experiment, a graduating class from the university was asked about goals they had for their life upon graduation. In following up with the same students 10 years later, those students who had goals in their heads were earning twice as much as the students with no goals. Those students who had clearly defined and written goals were earning – get this – 10 times as much as the other two groups combined! It’s the AAR’s goal to help all our members increase their production in 2012 and you have our commitment we will strive to do that. I wish you a joyous and healthy holiday season and I’m looking forward to having you as a member for what promises to be an exciting 2012.
Andrew Cooper
Executive Vice-President
Attorney Comments November 2011
By Dave Freeman, Association Counsel 1. RENTING CONDOMINIUMS: A new law takes effect on January 1, 2012, which protects the condominium owner’s right to rent out their units. Unless the rule of the HOA was in place prior to the owner purchasing the unit, the HOA cannot prevent the owner from renting out the unit. The owner must give the HOA verification of the date the owner acquired title, as well as the name and contact information for the prospective tenant. Ownership transfers within most family relationships do not terminate the right to rent the unit. On sales transactions, the HOA disclosures must include a disclosure of any prohibition in the governing documents against renting or leasing. 2. SMOKING BAN IN RENTALS: As of January 1, 2012, a residential landlord can prohibit smoking on or in the rented premises, which includes the outside area. The prohibition and description must be included in the rental or lease agreement, for new tenants. The previous rental or lease agreements will control until they expire, at which time adequate written
notice must be given if the landlord intends to prevent smoking on the premises. Unrelated but related: Some cities are beginning to prohibit smoking in buildings meant for multi-unit use, residential and/or commercial Be sure to research this subject, regarding the particular city you are dealing with, prior to your clients’ executing rental or purchase agreements. 3. STRIPPING OF LIENS: A Federal Bankruptcy Court recently ruled that in a Chapter 13 Debtor’s Proceeding (Bankruptcy Court setting up a payment plan for the debtor, and preventing the creditors from proceeding against the debtor as long as the debtor makes the payments) a junior lien could be removed/ stripped from being a lien on the real property.
The limiting factor was: There must be absolutely no security left for the junior lien after the exhaustion of value for the obligation underlying the senior lien. That is to say that if the senior lien is greater than the value of the property, the junior lien has no secured equity in it. Therefore, the Bankruptcy Court can remove the security of the junior lien and the junior lien then becomes an unsecured debt of the debtor. The bottom line is that in these perilous times, you must advise your clients to be ultra careful in loaning second and third trust deeds on properties that may someday not have adequate equity to protect those trust deeds.
New AAR Office Hours!
In our ongoing effort to constantly provide outstanding customer service, the AAR has changed its office hours, effective December 1st. You can now conduct business over the phone, via email or in-office during our new hours: Monday – Thursday Friday Saturday – Sunday
8:30 a.m. to 5:30 p.m. 8:30 a.m. to 4:30 p.m. Closed Arcadia REALTOR® Magazine
5
Market
Matters
Market Statistics for the San Gabriel Valley Single Family Homes
City Alhambra
6
Zip Code 91801
Condominiums
Price % Sales of Chg from Single Family Price Median October Homes SFR ($1,000) 2010 7
$431
October 2011
Price Median Condo ($1,000)
Sales Count Condos
SFR Only
Price & Chg from Median October Home Price/ 2010 Sq. Ft.
-14.8%
9
$335
-6.4%
$321
Alhambra
91803
8
$425
-8.6%
2
$328
n/a
$296
Altadena
91001
25
$402
-21.2%
1
$937
n/a
$314
Arcadia
91006
30
$729
-15.2%
5
$540
-1.8%
$405
Arcadia
91007
17
$912
-22.7%
7
$438
-23.4%
$483
Azusa
91702
29
$257
-7.4%
14
$159
-3.6%
$215
Duarte
91010
6
$409
40.9%
3
$235
-19.1%
$271
El Monte
91731
7
$301
-7.7%
2
$283
-38.6
$270
El Monte
91732
10
$290
-9.4%
7
$255
-5.6%
$206
El Monte - South
91733
7
$275
0.5%
2
$272
-32.1%
$236
Glendora
91740
16
$330
-7.0%
2
$286
39.7%
$239
Glendora
91741
20
$451
-8.0%
3
$319
-39.8%
$253
La Ca単ada Flintridge
91011
15
$925
-10.5%
n/a
n/a
n/a
$396
La Verne
91750
14
$424
1.0%
6
$228
41.7%
$232
Monrovia
91016
22
$405
-2.9%
9
$340
4.3%
$308
Pasadena
91101
1
$385
n/a
9
$375
-1.4%
$382
Pasadena
91103
8
$293
0.0%
3
$465
-7.0%
$267
Pasadena
91104
20
$389
-18.6%
1
$205
n/a
$368
Pasadena
91105
4
$751
-29.7%
9
$579
5.3%
$472
Pasadena
91106
7
$880
-7.9%
8
$369
18.1%
$452
Pasadena
91107
16
$595
6.0%
5
$217
-43.2%
$357
Rosemead
91770
14
$400
-4.2%
1
$260
-25.1%
$236
San Gabriel
91775
15
$680
22.5%
1
$460
n/a
$338
San Gabriel
91776
16
$429
-0.6%
n/a
n/a
n/a
$350
San Marino
91108
10
$1,376
-19.1%
n/a
n/a
n/a
$598
Sierra Madre
91024
6
$618
-4.3%
2
$586
n/a
$326
Temple City
91780
12
$510
-8.9%
n/a
n/a
n/a
$362
Source: DQNews.com
December 2011
AAR New Members The Arcadia Association of REALTORS速 would like to formally welcome our newest REALTOR速 members! AAR new members with Membership Committee Vice Chairman, Cindy Shiao and Committee Chairman, Sylvia Ramos are (in no particular order): Yixiong Gu, Long Dragon Realty; Hsing-Liang Ling, Coldwell Banker Dynasty Arcadia; Tim Trieu, Provenio Realty and Investment; Jay Diederich, Century 21 Ludecke; Michael Mao, IRN Realty; Maria Balderrama, Keller Williams Realty; Leonore Gama, Keller Williams West Foothills; Holly Zhu, AAA Global Investment Inc.; James Thompson, Resource Real Estate Services; Dustin Le, Long Dragon Realty; Jason Luy, IRN Realty; Mark Heinsoo, Keller Williams West Foothills; Yvonne Tsou, Long Dragon Realty; Bill Teng, Long Dragon Realty; Diane Dai, Re/Max Premier Properties Arcadia; Charlie Huang, Long Dragon Realty; Yvonne Gutierrez, Prudential California Realty; Lisa Tran, AAA Global Investment Inc.; Ai Wen Xu, Coldwell Banker Dynasty Arcadia; Jin Ho, Century 21 Ludecke; Isaac Hu, Coldwell Banker George; Chau Lam, Tendwell Realty & Investment; Nancy Kong, Keller Williams West Foothills; Hao Deng, Treeline Realty & Investment; Hsiao Chen, Long Dragon Realty; Zheng Chang, Coldwell Banker Dynasty Arcadia and Graham Hang, Keller Williams West Foothills.
Arcadia REALTOR速 Magazine
Design Escrow, Inc. 20 Years of Doing Business and Providing Great Service!
N.A.R. Conference Review Anaheim, CA
We offer Five Languages & Full time InBy House Messenger Ryan Asao, 2011 President-Elect
Specialize in: The National Association of REALTORS® ConferenceBulks, Meetings and Expo were in Sales this year in beautiful our own Short backyard Commercial Anaheim, California. This was a great Shortpays opportunity for local REALTORS® to REO’s if they had not been able attend the Expo to do so in the past. Over 20,000 people Exchanges were in attendance this year! At the Expo Residential Standing (left to right): Yolanda Vidales, Julie Nguyen, Kai Wu, Jackie Ramos, Liem Ho, standing (left to right): Yolanda Vidales, Julie Nguyen, Kai Wu, Jackie Ramos, Liem Ho, Janet Cerswell, itself, there were hundreds of exhibitors and Janet Cerswell, Suzie Archuleta, Luly Goodmand and Jojo Ong Suzie Archuleta, Luly Goodman, Jojo Ong Sitting (left to right): Terri Fabbri, Alexis Ostensen, Kay Gass and Shelly Malicek from all theLoans big name companies such sitting (left to right): Terri Fabbri, Alexis Ostensen, Kay Gass, Shelley Malicek as HP, Top Producer and Wells Fargo (who gave away a car), We are members of the: to small businesses that were excited to launch their new • Arcadia Association of REALTORS® • Amercan Escrow Association esign Escrow is beginning our Association 20th year of doing products! business! Our of • California Escrow Association • National Notary We staff welcomed our new 2012 N.A.R. President • Escrow Associates San Gabriel Valley a •full Pasadena - Foothill Association of a supporting staff of 6, are 6 ofescrow officers, time messenger and Moe Veissi at his “Denim and Diamonds” Inaugural Ball. REALTORS® committed to the successful your transaction. was encouraged to wear their best country attire! 128 East Huntington Drive timely completion of Everyone
D
Arcadia, CA 91006
“It’s our people that make the difference.” In addition to all of the festivities, the California Association 626.445.6137
of REALTORS® Young Professionals Network (YPN) Our team is expert in all aspects of conveyance including: Residential was pleased to take home a very prestigious award. I am and Commercial Real Estate Sales, Exchanges, Loans & Refinances, very pleased to announce that the network was given the Business Opportunities & Probate Sales, Short Sales and R.E.O.’s .
“Network of the Year” award, beating out every other statelevel YPN Network including Toronto and the Bahamas. At the local level, Arcadia’s YPN Network was in the running for We are members of the: “Local YPN Network of the Year”. However, California could not win both State and Local Network of the Year since this arcadia association of realtors was the first time N.A.R. had given out such awards. California escrow association
Theescrow annual N.A.R. associates of Conference Meetings attract REALTORS® san Gabriel Valley from across the nation. Not only did we meet REALTORS® We have Spanish, Cantonese, Indonesian, Vietnamese and Mandarin speaking employees to assist you and your clients. from our ownassociation country, we also met with and networked with american escrow agents throughout the world who attended this conference 128 East Huntington Drive National Notary association through N.A.R.’s Global Committee and International Arcadia, CA 91006 Pasadena - foothill association of realtors Delegates. I had the pleasure of attending many of the Global events at N.A.R. and I was amazed by the amount of International business transactions that occur in the Log onto: www.designescrowcorp.com United States every year. Sales of United States residences to international buyers for the past year ending March 2011 equaled $82 billion, up from $66 billion in 2010.
6 2 6 . 4 4 5 .6 1 3 7
At these N.A.R. meetings, the Arcadia Association may be small but we are mighty as well and we are well represented because of the strong relationships we have at the state and national level. We build these relationships by attending conferences such as the annual N.A.R. Meetings. Many of our
8
(Continued on page 9)
December 2011
N.A.R. Conference Review Anaheim, CA
(Continued from page 8)
members have important positions on national Committee’s such as the Presidential Liaison to Singapore and Hong Kong, Conventional Finance and Lending, and Commercial Leadership Forum, to name a few. Although networking is important for our Association, the most important reason to attend these conferences is to gain knowledge that will help our member’s business thrive in 2012. After attending many leadership meetings I’ve learned that through education, we can make informed decisions that will have a positive impact on our industry. It starts by getting involved at the local level, so please see any of the Arcadia Association of REALTORS® staff or leadership to find out what Committee to join in 2012 so we can make a difference TOGETHER! AAR leadership members at the 2011 N.A.R. International Night Out are (L to R): 2011 AAR President, Paulina Lee; Richard Stone; Suzie Koo; Randall Traw and Kelvin Wong.
AAR 2011 President Elect, Ryan Asao at the N.A.R. International Meetings with 2011 N.A.R. President, Ron Phipps and International Committee Chairmen, Katheryn Jackson Henry and Alezandra Kelly.
AAR leadership members at the annual CIPS Breakfast are (L to R): Randall Traw, Kelvin Wong, Suzie Koo, George Monte and Richard Stone.
Arcadia REALTOR® Magazine
9
PRESIDENT’S MESSAGE Year in Review & Farewell
By Paulina Lee, 2011 President
10
It has been a fabulous year for the Arcadia Association of REALTORS®. I truly enjoyed working with our leadership team as well as our excellent Association staff. I would like to extend my sincere gratitude to all of you. It has been my honor and privilege to serve as your Association President in 2011. Thank you for your trust in me. While saying goodbye to 2011 and the 2011 leadership team, I want to welcome our 2012 new leadership team. As I step aside from my duties, I would like to report a few highlights on the Association’s 2011 goals. They are as follows: • To grow our REALTOR® and Affiliate membership Our membership was able to maintain its numbers throughout the year. • Maintain our member’s leadership roles within CRMLS, C.A.R. and N.A.R. During the C.A.R. meetings in San Jose, Richard Stone was recognized as the 2011 President’s Award recipient for his leadership and volunteer work. We are very proud of him. Congratulations Richard! In addition, Paulina Lee was named a C.A.R. Director at large; this is in addition to our regular allotted number of directors. We also have six N.A.R. Committee representatives for 2012 including: Ryan Asao, Mike Vachani, Randall Traw, Nick Zigic, Paulina Lee and Kelvin Wong. Also, the AAR has continued to serve as Ambassador Association to both Austria and Singapore. Finally, the AAR Global Business Alliance Committee recently attained Silver status in the Global Achievement program. This ensures our name to be among the ranks of leading Associations in the nation. • To maintain and enhance our products and service to our membership It has been a challenging year for our members as the slow economy affects our real estate industry in various ways. We maintained and upgraded our membership services and offered many new benefits to our members. • To maintain and enhance our strong and highquality education program to our members
December 2011
Throughout the year, we offered many free continuing education classes; we offered our annual CIPS designation courses in addition to two TRC certification course offerings. In addition, we offered free monthly Commercial real estate mixers with various speaker topics. • To strengthen and enhance our committees in all areas All of our Committees have been doing extremely well this year. Our Marketing Committee changed to our Public Relations Committee this year and they’ve worked very hard to reach out to our community with various events such as our recent Thanksgiving Food Drive. • To increase our participation in the communities that we serve; to help build the value and image of REALTORS® in the real estate industry within the communities we serve By responding to the “Call to Action” emails that we receive, we help to fight for REALTOR® rights. • To increase the value proposition of the membership It has been very difficult in today’s market to do business. Our REALTOR® members worked extremely hard to help buyers and sellers alike even with endless waiting and bank’s eternal evaluation of transaction’s. We have heard your needs and we are doing our best along with C.A.R. and N.A.R. to add pressure on the banking industry. We urged them to improve their procedures so that transactions might be completed faster. All this is for the ultimate goal of assisting the home owners to accomplish their American dreams. • To uphold high ethical standards in handling in all transactions We have been maintaining follow up on any complaints that we receive to ensure that our members are upholding the highest ethics and professionalism. I am so pleased that we had a strong team this past year to lead our Association. I can assure you that your 2012 team will be working very hard as well. We have the talent and the leaders!
Tech.Talk
Apps: More With Less
Source: Nichole Odijk, N.A.R. REALTOR® Magazine “App” is the term for a software application that runs on your smartphone or tablet computer. Who wouldn’t welcome some new apps that can help you stay on top of your game and juggle the demands of running an office, selling properties, and advising sales associates? Associates will also appreciate any tips you can offer on which apps will allow them to get more done in less time. “When I’m out in the field, I don’t have to go back to the office or hope my laptop has enough battery in it,” says Bryan Robertson, a sales associate with the Sereno Group in Los Altos, California “You get a real-time interaction with your clients.” Finally, buyer beware. Be sure the app is coming from a valid source by checking the reviews from users on your phone’s app store, since some may not actually do what they advertise or, even worse, could be spyware, which collects information from your phone. Also, don’t clutter a phone with unused apps, as they take up memory that can slow your device. Here are some of the newest multifunctional apps for the iPhone, and, even better, they’re all free.
my life,” Murray says, “my business, my personal life, everything.” Mocha VNC: Mocha VNC allows users to connect to their computers from mobile devices to access remote files, programs, and resources. No more carrying around a hard copy, e-mailing yourself a file, or driving to pick up a forgotten document. NAR Express: This app was designed to meet the information needs of REALTORS®. It features hot topics, latest headlines, calls for action, special offers for National Association of REALTORS® members, marketing resources, and more, all in one easy-to-navigate application.
AroundMe: After viewing properties, a client asks, “What’s there to do around here?” That’s where AroundMe comes in. This lifestyle app quickly determines what theaters, restaurants, supermarkets, and other points of interest are nearby and allows you to quickly make a reservation, leave a review, or get directions. Patrick Woods, team leader with Keller Williams in Roseville, California, says he enjoyed testing out AroundMe’s capabilities when it first debuted. “It comes in handy since many of us in the industry are widening our net and working in geographic areas we may not be familiar with,” Woods says. Dermandar Panorama: Dermander Panorama allows users to create panoramic photos without additional equipment. Several photos are taken and matched together nearly instantaneously. The app allows you to also take simple stills, eliminating the need for several photo apps. It’s ideal for getting a 360-degree view of a room, property, or landscape. The tool is also available online without the need for a smartphone. And Dermandar’s creators are now hoping to add enhancements such as higher resolution photos. Evernote: This application allows users to store notes, photos, and voice memos and organize them on Evernote’s servers; your documents can later be searched by keywords, titles, and tags. Self-proclaimed “tech geek” Nancy Murray, a broker-associate with Keller Williams in Colorado Springs, Colorado, says Evernote has quickly become one of her favorite apps. “I can apply it to every facet of
Arcadia REALTOR® Magazine
11
AAR Hosts Singapore Delegate Group The Arcadia Association of REALTORS® is well known as a culturally diverse organization that is serving its members and communities in the San Gabriel Valley. For this reason, the National Association of REALTORS® approved our application in the mid-1990’s to become Ambassador Association to Singapore through their Ambassador program. As part of this program, the AAR was honored to welcome 22 Singapore delegates to the Arcadia Association of REALTORS® and be their host Association for the ten days they were in Southern California. The delegates that joined us are members of the Institute of Estate Agents (IEA) in Singapore which promotes and protects the interests of estate agents in Singapore as well as protects the interests of the public who engage the services of an estate agent. While here, they toured various landmarks in Los Angeles County, visited CRMLS headquarters in San Dimas, attended an MLS Caravan meeting, enjoyed a luncheon with our AAR Board of Directors and attended the annual N.A.R. Business Meetings and Expo in Anaheim. We sincerely thank the delegates for honoring us with their visit and bestowing us with a beautiful plaque in appreciation of our fellowship, support and friendship throughout the years. The President of IEA also presented Kelvin Wong, N.A.R. Presidential Liaison to Singapore with a plaque thanking him for his friendship and dedication throughout the seven years in his position as liaison. The AAR was extremely honored to host IEA and we are looking forward to our continued relationship with our sister organization in Singapore growing and prospering in years to come!
The Singapore delegates with AAR leadership at the N.A.R. Installation Dinner for the 2012 N.A.R. Leadership. The theme for the event was “Denim & Diamonds”. AAR 2011 President, Paulina Lee presents a member of the IEA Singapore group a personalized photo frame with a group photo in appreciation of our continued partnership with the group.
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Singapore delegates with Kelvin Wong at the International Night Out event at the N.A.R. meetings in Anaheim.
December 2011
Front Cover Photo: The entire group of Singapore delegates with AAR leadership members in front of the AAR office.
Affiliate Corner
“The Short Sale Closing Process: Key Process Components” By Annie Fan, First American Title Company
Short sales (or “pre-foreclosure” sales) represent a large portion of today’s market. Processing closing transactions for these properties can be a complex task. In fact, no two short sales are exactly alike. It is important to familiarize yourself with the short sale process and its key components. This is a smart way to strengthen your knowledge in this niche market.
• Letter of Authorization - Securing this from the seller, allows the lender to speak with you, your escrow officer and assistants about the short sale negotiation. • Estimated Settlement Statement/HUD - Prepared by a closing officer, this document shows the disposition of funds in the short sale closing. It is often revised several times during negotiations and accuracy is critical to avoid delays. • Approval Letters - These documents spell out the conditions under which a lender will agree to the short sale. Many have very sensitive timelines and conditions that are critical to the closing process.
What is a Short Sale Closing? A short sale closing accompanies a short sale. It is an event that occurs when the net proceeds from the sales of a home are not enough to cover the homeowner’s obligations and the lender approves the sale, thereby accepting a “short pay-off.”
• Expiration of Approval Letters and Other Escrow Timelines – Generally, approval letters expire within 30 to 45 days. Remember, short sale negotiations do not stop the foreclosure process.
What are the key components of a Short Sale Closing? • Preliminary report - This is the primary tool used to learn what is recorded against a specific property. This report helps to o Verify ownership o Confirm the correct legal and property address. o Identify trust deeds, taxes, any delinquencies, liens, and judgments against the property.
It is essential to have a proactive two way communication amongst all parties to ensure a successful short sale closing. By working with a reputable title company, you can rest assured that your short sale transactions will be smooth, especially when it comes to all the key components required for the short sale. For more information on this article and more, contact Annie at (818) 319-7056 or email her at afan@firstam.com
AAR Hosts Thanksgiving Food Drive Last month the AAR Public Relations Committee hosted a month-long drive to collect food for those in need this holiday season. AAR members and the public alike were encouraged to bring non-perishable food items to the weekly MLS Caravan meeting. In addition, during one weekend last month, the Committee held a drive-thru food drop at the Association office. With the combined efforts of all those who participated, the AAR was able to donate two heaping barrels full of food to the Foothill Unity Center to help those in need. Special thank you to the Public Relations Committee including Food Drive event Chairmen, Arlynn Robinson and Sylvia Ramos, for the hard work that went into hosting such an event. Because of your efforts and all those who donated, many people will enjoy a holiday meal. Thank you for your giving spirits!
Several AAR members who helped for the weekend fooddrop at the AAR office are (L to R): AAR 2011 President, Paulina Lee; Fariba Tabibian; Arlynn Robinson, Public Relations Committee Chairman; Peggy Li, Mark Ramos, Sylvia Ramos and Margaret Gandy.
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Closing on time, with little or no red tape, saves you time, money and worry. That’s why W.J. Bradley has put together a team of the best processors, underwriters, closers and funders in the business. They’re fast and accurate — and their goal is to make sure you get your loan when you need it. We measure our turn times in hours, not days. If you’re ready to discuss purchasing a new home or refinancing your current loan, call to speak to one of our experienced Loan Officers today.
Why delay? Call today to see what the Pasadena Branch of W.J. Bradley can do for you! Michael Sohl
Jordan Nedeff
Area Sales Manager Office: 626-689-4240 Cell: 626-318-1970 NMLS #: 203040
Loan Officer Office: 626-689-4218 Cell: 626-755-9291 NMLS #: 310320
W.J. Bradley Mortgage Capital Corp.
W.J. Bradley Mortgage Capital Corp. 1055 E. Colorado Blvd. #120 Pasadena, CA 91106 License #: 813G696 WJB050610199
© 2011 W.J. Bradley Mortgage Capital Corp., 201 Columbine Street Suite 300, Denver, CO 80206. Phone #303-825-5670. NMLS ID 3233. Trade/service marks are the property of W.J. Bradley Mortgage Capital Corp. This is not a commitment to lend. Restrictions apply. All rights reserved. Some products may not be available in all states. WJB is not acting on behalf of or at the direction of HUD/FHA or the federal government. NMLS consumer access: www.nmlsconsumeraccess.org/EntityDetails.aspx/ COMPANY/3233. Licensed by the Department of Corporations under the California Residential Mortgage Lending Act RML# 4131002.
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December 2011
AAR Hosts N.A.R. Homeownership Bus
AAR Leadership members with N.A.R. staff members in front of the bus. The Arcadia Association of REALTORS® recently hosted a visit by the National Association of REALTORS® “Home Ownership Matters Tour Bus” at the weekly MLS Caravan meeting. Through this bus, N.A.R. is making a national effort to provide information and raise awareness about threats to the American Dream of home ownership while rallying public support. Home buyers and sellers are facing multiple game-changing issues in today’s political and economic environment. AAR members rallied together following the Caravan meeting to tour the bus and find out more about promoting home ownership to others. The Arcadia Association was just one of 33 stops the bus made on its way to its final destination of Anaheim at the N.A.R. Annual Meetings and Expo. Front Cover Photo: AAR Leadership members in front of the Home Ownership Bus are (L to R): Andrew Cooper, AAR Executive Vice-President; Ji Han; Jeanne Keating; Paulina Lee, AAR 2011 President and Jim Thomas.
Commercial Marketing Mixer The AAR Commercial/Investment Committee recently held its monthly Commercial Marketing Mixer at the AAR building. This month featured an informative “Commercial Economic Forecast” with Bill Ukropina, Executive Vice President, Coldwell Banker Commercial North County. In addition to offering tons of great important information, a fantastic luncheon was also provided by Mary Kay with Advanced Group Property Inspection Co. for those who attended. If you are interested in Commercial real estate and would like to attend our free monthly marketing mixers, they are held at the AAR office on the first Thursday of every month at 11:00 a.m.
411 E. Huntington Dr. Suite 101 B, Arcadia CA 91006 Phone: 626-446-2401 Fax: 626-446-2362
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Members of the Commercial/Investment Committee with the speakers and sponsors are (L to R): Paul Tram, Fred Madjar, Julie Arballo, Bill Ukropina, Speaker; Mark Kay Keshishian, Sponsor; David Hyun, Roy Blume, Paulina Lee, AAR 2011 President; George Monte, 2011 Commercial Committee Chairman; Tim Johnson and Mike Vachani, 2011 Commercial Committee Vice-Chairman.
Teresa L. Shaver Certified Sr. Escrow Officer
Amy Choy Escrow Officer
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AAR Strikes Big with $1,100+ for Charity The AAR Events 4 Charity Auxilary recently hosted their annual Bumper Bowling charity event at the AMF Bowling Square Lanes in Arcadia. Many REALTORS®, family members and friends joined us for the annual fun-filled affair. This event greatly benefits those that are in need in our community. All proceeds from the event are donated to charity. A big “thank you” to all of our Affiliate members who were able to lend a helping hand for this year’s event. We also wish to thank our Events 4 Charity Bowling Chairmen, CD’s Paniagua; Micah Adams; Jill Nelson and Chris Shevlin, who was the Master of Ceremonies for the event. Without your motivation and dedication of time, this event would not be possible. Also, thank you to our many lane sponsors: Margaret Gandy, Dilbeck Real Estate; Jill Nelson, Dilbeck Real Estate; Rosiris Paniagua, TRU Finance; Mary Kay, Advanced Group Property Inspection Co.; Margaret Garemore, Podley Properties; Morrison Home Inspections and Julie Roybal, Bolton & Co. Insurance.
Taking a break from bowling are Margaret Garemore and Duane Morrison.
Jill Nelson(L) and AAR Staff, Robin Allen (R) take a moment to strike a pose after Robin’s Turkey (bowling 3 strikes in a row).
Big 50/50 winner of the morning, Alma Smith.
Foothill Federal Credit Union Your Professional Mortgage Partner! With 20 years of lending experience and a commitment to excellent client services, Bernardo Sotelo is Foothill’s local Mortgage Specialist that you can count on. • Mortgage expert in home financing and will help you choose the best option to meet your clients needs • Availability outside of regular business hours – days, evenings and weekends to suit your clients schedule • Quick free mortgage pre-approvals that the seller can depend on and consultations for your clients with no obligation until they make their final decision • In house underwriting • Experts in communicating with all parties, so we are ready to close when you are Call Bernardo Sotelo at 626-698-9865 or email bernardo@foothillcu.org to help with your client’s next real estate purchase. You’ll have a Mortgage Partner dedicated to your Success!
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www.foothillcu.org 626.445.0950 December 2011
Stop by and meet the First Cal team at our NEW office location! Citrus Valley Association of Realtors Building
Now Accepting Installation Sponsorships Installation Sponsorship Opportunities: Mardi Gras $1,500
3 Installation Dinner Tickets 3 Months Banner Ad on the AAR Website 3 Months 1/2 Page Ad in Monthly AAR Magazine Name Printed in Installation Program
504 East Route 66 Suite. #102 Glendora, CA 91740
Stop by and meet the First Cal team at our NEW office location!
Citrus Valley Association of Realtors building 504 East Route 66 Suite. #102 Glendora, CA 91740 Or call: 888.918.3262 NMLS # 24055
French Quarter $1,000
Larry Davis Area Sales Manager
2 Installation Dinner Tickets 2 Months 1/4 Page Ad in Monthly AAR Magazine Name Printed in Installation Program
Or call: 888.918.3262 NMLS # 24055 Larry Davis Area Sales Manager
New Orleans $500
1 Week 1/2 Page Ad in MLS Caravan Cover Sheet Name Printed in Installation Program and in Magazine
Louisiana $200
Name Printed in Installation Program and in Magazine
First Cal is a direct mortgage lender
Carnaval (Centerpiece) $65
Name Printed in Installation Program If you are interested in sponsoring the Installation, please contact Maria Roberts at (626) 446-2115.
CONGRATULATIONS! C.A.R. Honorary Member for Life The Arcadia Association of REALTORS® recently welcomed Mrs. Ondina Nunez, Henry Nunez Real Estate Company into the prestigious group of California Association of REALTORS® Honorary Members for Life. Ondina was presented with her certificate at the November 16th MLS Caravan meeting at the Masonic Center. In order to achieve this status, a REALTOR® must have been a member of the Association for over 25 years and also have attained a certain age. Congratulations Ondina! She will now have her state and local annual Association dues waived for life!
AAR 2011 President, Paulina Lee presents the Honorary Member for Life Certificate to Ondina Nunez. (L to R): Jessica Nunez (Ondina’s granddaughter); Ondina Nunez; Paulina Lee, AAR 2011 President and Henry Nunez, Broker.
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Arcadia REALTOR® Magazine
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Arcadia Association of REALTORS® 601 South First Avenue Arcadia, California 91006
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