Upcoming Events:
REALTOR® Magazine’s Good Neighbor Society seeks entries by February 19 for new program to help start-up charities n This program matches REALTORS® who would like
to expand their community service outreach
February 24 WCAoR: Rookie Club WCAoR - 11:30 to 12:30 p.m.
lected to receive a year of one-on-one mentoring. Individuals REALTORS®, who have shown dedication to their communities by volunteering and working on charitable
R
EALTOR® Magazine’s Good Neighbor Society is
efforts, are encouraged to apply. The Good Neighbor Award
now accepting applications for their Volunteering
winners on average spend more than 20 hours a week on vol-
Works program. Designed for REALTORS®, Volun-
unteer work. Since 2000, there have been nearly 100 winners
teering Works aims to partner REALTORS®, who are NAR
and honorable mentions of the Good Neighbor Award. For a
members, with a mentor and a $1,000 grant to help expand
Volunteering Works entry form, go to www.Realtor.org/gna
their community outreach and improve their community serv-
and click on “Volunteering Works.”
ice initiatives. Five Volunteering Works applicants will be se-
March 3 AMBA Monthly Luncheon Austin Country Club - 11:30 a.m. March 11 8th Annual HBA Crawfish Boil Teravista - 6 to 10 p.m. March 17 NAHREP Monthly Luncheon Cool River Cafe - 11 a.m. March 18 WCAoR Luncheon Wingate Hotel/Conference Ctr. - 11:30 a.m.
The entry deadline is Feb. 19, 2010. [RL]
March 24 8th Annual St. Patti’s Day Golf Tournament Forest Creek Golf Club - 11:30 a.m. March 25 WCR Monthly Luncheon WCAoR Office (location change) - 11 a.m.
—Associates—
In Progress February 2010 • Vol. 14 • Issue 10
enjoyable. entertaining. It’s all about you.
Are you familiar with new RESPA rules that are in effect? n The National Association of REALTORS® quiz
provides a quick overview of key points
provide borrowers with a new HUD-1 settlement statement. While the new rule is quite complex and requires ample studying, Realty Line found this quiz from the National As-
By Linda McNabb
R
ESPA. It may seem like a new acronym to add to
the real estate professional’s jargon but it has ac-
tually been around since 1974. It’s just been ut-
tered more frequently lately because of changes that went into effect this month, creating a buzz in the industry and prompting mortgage and title companies and others to offer numerous seminars addressing the topic. Short for the Real Estate Settlement Procedures Act, it was enacted to provide consumers with improved disclosures of settlement costs and to reduce the costs of closing by the elimination of referral fees and kickbacks. Through the years, the Department of Housing and Urban Development (HUD) has issued regulations and policy statements to provide RESPA guidance to industry and consumers alike. On Nov. 17, 2008, HUD published a new final rule that took effect on Jan. 1 of this year that mandates loan originators use a new Good Faith Estimate (GFE) that clearly dis-
sociation of REALTORS® that gives a quick overview of the key points. Find out how well you know about this important issue to stay on the right side of the law.
b) Purchase of a condominium with a Federal Housing Administration mortgage c) Purchase of a single-family home with a Veteran’s Administration loan d) Purchase of a two-flat that the owners plan to live in
1. Which of the following is NOT a settlement service
and rent out the other unit financed with a conventional loan.
that is covered by RESPA: a) Mortgage loan origination
5. To combat higher costs in real estate transactions, Sec-
b) Furniture moving c) Real estate brokerage services
tion 8 of RESPA makes it a criminal act for settlement serv-
d) Lender’s credit report
ice providers to pay fees for the referral of business. One exception to this rule allows a real estate professional to
2. Under RESPA, a real estate professional may give in return for the referral of real estate settlement service business:
pay a referral fee to: a) A mortgage broker who refers a buyer who has been pre-approved b) A previous customer who refers a neighbor
a) A thank you
c) Another licensed real estate broker who refers a buyer
b) A thing of value
from another part of the country
c) A kickback
d) A relative who overhears a customer saying he or she
d) A fee
is moving.
closes key loan terms and closing costs and closing agents
P. O. Box 81366 Austin, Texas 78708-1366
a) Purchase of a small warehouse financed with a Small Business Administration loan
3. To provide consumers Presorted Standard U.S. Postage PAID Austin, Texas Paid Permit #715
with cost information about
6. Another exception to the RESPA rules contained in
the mortgage process, RESPA
Section 8 allows real estate professionals to receive com-
created the good faith esti-
pensation for:
mate (GFE) and the HUD-1
a) Filling out a mortgage application
closing document. RESPA re-
b) Telling the home inspector the address of the property
quires that the HUD-1 form be provided to the: a) Tax assessor b) Next-door neighbor c) Real estate salesperson
to be inspected c) The reasonable value of goods and services actually provided or performed d) Doing the same thing they have been paid to do as a real estate professional.
d) Buyer 7. RESPA allows title companies to provide real estate 4. RESPA rules do NOT You can visit us online 24/7 at www.realtylineonline.com
cover this type of transaction:
RESPA: Continued on page 4
2
www.realtylineonline.com
February 2010
realty line of austin
Independence Title’s Jacque Smith, Debbie Rhea, Ann Carson, Donna Sherrill and Zana King are eager to close on transactions for the New Year, after hearing the forecast at the WCAoR luncheon.
All photographs, press releases and article submissions can be e-mailed to: realtyline@austin.rr.com
Realty Line of Austin is published monthly by Caxton Publications, Inc.© as a non-subscription publication for the more than 8,000 members of the Austin Board of REALTORS® (ABoR), the more than 1,100 members of the Williamson County Association of REALTORS (WCAoR) and the Home Builders Association (HBA) of Greater Austin. Caxton Publications, Inc.© dba Realty Line of Austin is an active member of the Austin Board of REALTORS®, the Williamson County Association of REALTORS® and is a honorary member of WCR. Caxton Publications, Inc.© dba Realty Line of Austin is not responsible for opinions or facts expressed by non-staff writers or for errors and any by-products in advertising or editorial copy. REALTOR® is a registered trademark. The word REALTOR® sometimes appears in this publication without the registered trademark symbol (®), for the purpose of saving space. Wherever the word REALTOR® appears in this publication, the registered trademark should be assumed.
Ellen Boettcher of Staging By Design gives pointers to Lee Bauermeister and Karen McGrath, both of JB Goodwin REALTORS, for sprucing up their listings. They were at a recent WCR meeting.
Doren L. Carver
PUBLIShER
Tawanna K. Carver
MANAgINg EdITOR Linda McNabb
CONTRIBUTINg EdITOR/WRITER/PhOTOgRAPhER COLUMNISTS
John Horton, ABoR Chairman Steve Zbranek, HBA President J. Rene Ward, WCAoR President Susanna Boyer, WCR President Bill Bradshaw, Gracy Title
P. O. Box 81366, Austin, Texas 78708 Office: (512) 821-1900 www.realtylineonline.com
A PUBLICATION OF CAXTON PUBLICATIONS, INC.© Answers: RESPA, front page
RE/MAX of Texas packed the house in January with both new and veteran agents and recruits for the free seminar Power Start The RE/MAX Way. The Power Start gang will be returning to Austin for another free half-day seminar on March 10. V3 isit www.remaxtexas.com/education for more information or to register.
1. Furniture moving; 2. A thank you; 3. Buyer; 4. Purchase of a small warehouse financed with a Small Business Administration loan; 5. Another licensed real estate broker who refers a buyer from another part of the country; 6. The reasonable value of goods and services actually provided or performed; 7. Notepads that have been imprinted with the title company’s name and phone number; 8. A statement that use of referred service is not required; 9. The party making the referral to receive a return on its ownership interest in the company receiving the referral; 10. Attorney; 11. U.S. Department of Housing and Urban Development; 12. A fine of up to $10,000 or up to one year in prison or both.
Do You Know Why FHA Financing Is So Great? I can answer all your questions about the benefits “I do! of financing your new home with an FHA Loan. ”
— Ann McKinley, your FHA Expert
For Personalized Service, Call Me Today!
(512) 331-7292 NMLS #200305
annmc@austin.rr.com www.austinhomeloans.info 8800 Business Park Drive, Suite 200 Austin, Texas 78759
February 2010
realty line of austin
Austin Board of REALTORS®
Chairman’s Column John Horton
n
2010 Chairman
ABOR FOuNDATiON TO AiD AREA HiGH SCHOOL SENiORS WiTH SCHOLARSHiPS
D
o you know a deserving high
considered.
www.realtylineonline.com
3
Your ACTRIS subscription spans far be-
showing service in the Technology Trends
yond just having access to MLXchange. Addi-
Community, there has never been a better
tional tools available to subscribers include:
time to start discussing timely topics with
Clarus MarketMetrics which provides real-
your fellow REALTORS®.
time market trends and pricing information;
As a resource exclusively for ABoR mem-
ListHub, a listings syndication service, which
bers and MLS Subscribers, the Online Learn-
allows brokers to distribute listings to numer-
ing Communities create a forum where we, as
ous real estate search sites; and Pocket Real
REALTORS®, can ask questions about and
Estate which allows you to access the MLS di-
share opinions on issues that directly affect
rectly on your mobile device. To learn more
our performance as real estate professionals.
about these resources and the many others
In addition to holding discussions, commu-
available, visit Abor.com, select “MLS Re-
nity members can share news, resources,
For more information on the scholarships,
sources” from the left-hand side of the screen
links, events and classified ads. Some commu-
a Texas college, university or
contact Hessie Brawley in ABoR’s Education
and click “Partners and Vendors.” You can
nities even allow members to create polls to
trade school, and could use financial assis-
Department at 454-7636 ext. 1603 or by e-mail
also contact products@abor.com for more in-
gain member feedback on a particular subject
at hbrawley@abor.com.
formation.
of interest.
school senior who plans to attend
tance to offset the cost of tuition? If your answer is yes, encourage the worthy student to apply for a scholarship from the ABoR Foundation. A total of ten $1,000 scholarships are
Ensure Your MLS Access by Submitting Your ACTRiS Participation Fees by March 15
available. Applicants must reside in one of the
Access to the MLXchange MLS system is a
following counties to be eligible for a scholar-
key resource that allows you to serve your
ship: Travis, Williamson, Lee, Bastrop, Cald-
clients when they are buying and selling real
well, Hays, Blanco or Burnet.
estate. Avoid interruption to your service by
For questions or concerns regarding your semi-annual
participation
fees,
Did you know there are more than 15 ac-
contact
tive communities for you to join? Most com-
ABoR’s Membership Department by e-mail at
munities have more than 100 participants, and
membership@abor.com or by phone at 454-
the MLS Subscribers and ABoR Members
7636.
Communities boast more than 1,400 members
Knowledge at Your Fingertips in ABoR’s Online Learning Communities
each. Community categories range from professional practice to green real estate to property management and leasing. Whatever your
Scholarship applications can be found on-
submitting your semi-annual ACTRIS partic-
line at www.abor.com/scholarship or can be
ipation fees by March 15. Submitting your
picked up in person in the Education Depart-
payment by the deadline also ensures you will
ABoR’s Online Learning Communities? From
The expertise and experience in these com-
ment at the ABoR offices located at 10900
avoid any late or reinstatement fees. Invoices
discussions on NAR’s REALTORS® Property
munities is plentiful. Don’t miss a moment of
Stonelake Blvd., Suite A-100, Austin, TX
will be distributed in mid-February.
Resource (RPR) in the ABoR Members Com-
the action—visit www.Abor.com/ALC and
munity to the possibilities of a centralized
join the discussion today! [RL]
78759-5826.
Semi-annual participation fees are $266.50
The deadline to submit an application is
and include access to the MLXchange MLS
March 12 at 5 p.m. Applications can be hand-
system, the Realist Tax system and statistical
delivered or mailed to the ABoR offices. Re-
reports. Additional ACTRIS services, includ-
gardless
all
ing key services, insurance and the Leasing
applications must be received at the ABoR of-
Management Service (LMS), will be listed sep-
fices by the 5 p.m. deadline on March 12 to be
arately on your invoice.
of
the
delivery
method,
Are you missing out on the action in
need, there is a community for you.
~ Calendar of Events ~
www.realtylineonline.com Laurie Nunnallee NORTHWEST HILLS BRANCH | 512.422.3721
Melinda Carroll LAKEWAY BRANCH | 512.638.6611
Fran Pullin WESTLAKE BRANCH | 512.695.8634
Dewayne Naumann WESTLAKE COMMERCIAL BRANCH | 512.627.0877
Kelley Murphy SOUTH AUSTIN | 512.658.0068
Judy Mills WIMBERLEY BRANCH | 512.842.2228
Kathy Kelly LENDER BUSINESS DEVELOPMENT | 512.213.7098
www.FirstAmAustin.com
4
www.realtylineonline.com
Colette Fitzgerald of KB Home helps Mike McKim of Texas Real Estate, Gail McClanahan of JB Goodwin REALTORS and Horacio Gallegos of ZIP Realty get ready for a complimentary photo shoot at Westwood in Leander, a KB Home Community.
Jamaal O’Neal of the Williamson County Sun, Lila Nelson Beard of ATX Investments and Julie Delgado of Keller Williams Realty get the latest update on the Austin market at the second annual housing forecast, jointly hosted by ABoR and HBA.
February 2010
realty line of austin
Continued from Front Page: RESPA professionals:
b) The party making the referral to receive
a) $50 for every client referred to the title
a return on its ownership interest in the company receiving the referral
company by the real estate professional
c) The buyer to avoid having to pay real
b) An entry in a contest to win a car for
property transfer tax
every $1,000 in premiums paid by the real estate professional’s clients
d) The seller to require buyers to use the seller’s attorney
c) Tickets to a baseball game once a week for the entire season d) Notepads that have been imprinted
10. A borrower may be required to pay for
with the title company’s name and phone
the ______ selected by the lender to represent
number.
the lender’s interests: a) Title company b) Attorney
8. Two companies that provide settlement services and have some degree of common
c) Real estate broker
ownership are considered affiliated busi-
d) Home inspector
nesses under RESPA. When there is a referral from one of these companies to the other,
11. RESPA is interpreted and enforced
RESPA requires the customer receive an af-
by the:
filiated business disclosure that contains
a) U.S. Department of Justice
specific information, including:
b) Local U.S. Attorney c) U.S. Department of Housing and Urban
a) A statement that use of referred service
Development
is not required
d) State Association of REALTORS®
b) Names of other providers of the same
12. The penalty for illegally giving or re-
service Kay Milligan of Austin Title discusses some of the points she heard at the WCAoR luncheon by Texas A&M economist Jim Gaines with Jon Pfau and CJ Pfau, both of Pfau and Company.
c) A statement that the property is pest-free
ceiving a kickback, which is covered in Sec-
d) The commission being paid by the prop-
tion 8 of RESPA, is:
erty seller
a) Up to 90 hours of community service b) Loss of real estate license
9. The affiliated business provision, which
c) Requirement to attend a RESPA educa-
is an exception to the general RESPA rule re-
tion program
garding compensation for referrals, allows:
d) A fine of up to $10,000 or up to one
a) The real estate professional making the
year in prison or both. Answers are on
referral to receive a small referral fee
page 2. [RL]
Patten Law Firm A Closing Office for Texas American Title Company
Raising the Bar for Closing Services
*You’re Invited to Spotlight Austin *
Property Rehab 101
Tuesday, March 9, 2010
1101 Grove Blvd. Austin, TX 78741 3:30-5:00pm
Valet Parking Provided
Title Sponsor:
RSVP & view photos at www.pattentitle.com/spotlightaustin Please contact Tiffany Stillwell for any questions at (512) 241-1818 or tiffany@pattentitle.com
www.pattentitle.com
p: (512) 241-1818
February 2010
realty line of austin
www.realtylineonline.com
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www.realtylineonline.com
realty line of austin
February 2010
Socar ChatmonThomas of Elegant Estates by Auction, Sandy Urias and Deb Walden of the Texas Association of REALTORS celebrate at the NAHREP Installation Gala where their friend Lise Renee Lucci was installed as the 2010 president of NAHREP.
Dawn Bayarena, and Nicole Spiegel, both of Treaty Oak Homes, along with Wendy Feeley, welcome guests to the model home in South Austin.
Austin Title CEO Mickey Blisset shares some holiday spirit with wife Jan Blissit at the company’s holiday party.
February 2010
realty line of austin
Williamson County Assoc. of REALTORS®
President’s Column J. Rene Ward
n
2010 President
BEiNG PREPARED iS KEY TO YOuR SuCCESS EACH DAY
I
think it was Woody Allen that said
“eighty percent of success is showing up.”
dence for when the opportunity arises. So how are you preparing for your real estate success? If you thought the license was
I agree with Woody. Showing up is impor-
it and success had arrived, you are wrong. It
tant; but after you show up I hope you’re
was just the first step of preparation. There
prepared. Preparation is something done in
would not have been a Mona Lisa if
advance in order to be ready for a future
Leonardo Da Vinci decided to stop after he
event or opportunity.
bought the paint.
Many may argue that passion, integrity or perseverance is as important as preparation.
Here are just four ideas to help you in your preparation for success:
I agree that they all play a vital role to suc-
1. Have a plan
cess, but being prepared is monumental.
Not just on paper (though that is better
Think about people you know who have
than most) but in action! If you knew that in
succeeded. Whether it is in sports, politics, or
one year from today your real estate business
entertainment. It’s hard to imagine any area
would be exactly where you wanted it to be,
of life where preparation was not a prerequi-
what would you do today to ensure that suc-
site to success. Success is rarely an accident
cess? Would you change some things? Stop
or instantaneous.
doing some things? Do more of other things?
We prepared for our real estate career by
Okay, start now. I would pack my suitcase
taking classes in preparation to take a test to
differently if I was going to the Bahamas than
obtain our license. Do you remember the day
I would if I was going to Alaska. If you know
you took the test? The better prepared you
your destination, it’s easy to prepare.
felt, the more confidence you had about pass-
2. Never stop learning
ing the test. Preparation gives you confi-
Learning is an on-going process. You are
www.realtylineonline.com
never too old, too smart or too broke to learn.
reputation are important, you should also
Get education for the sake of education. Not
make sure your team is reliable, fair, honest
because someone requires you to learn. Take
and is willing to support you in your career
a class, read a book, go to a seminar and join
and provide you with the tools and assis-
in on webinars. Find successful REALTORS®
tance you need. Would you refer your mom
and learn from them. Have lunch with some-
to them?
one smarter than you. Ask questions. Be cu-
4. Do the basics well
rious about your industry. Success leaves
There's blind luck, dumb luck and then
clues and they are not hard to hide. Many
there's get up every morning at 5:30 and
successful REALTORS® are willing to “pay
sweat the details luck. Do lead generation
it forward.”
every day. Get good at it. See it as a means to
3. People make the difference
your end. You are either getting business or
Surround yourself with people who make
closing business. Everything else is the
you better. Each transaction requires a host
preparation to get business or close business.
of people—your broker, buyer’s agent, list-
Stay motivated. Zig Ziglar said “People often
ing agent, lender, inspector, appraiser, title
say that motivation doesn't last. Well, neither
company, etc. Make sure you build a “team”
does bathing—that's why we recommend it
worthy of referrals. While pay, location and
daily.” [RL]
Upcoming Events FEBRUARY 2010 Classes: 2/18 - Bottom Line Business Basics 2/19 - Fundamentals of Foreclosure Auctions 2/24 - Rookie Club: “I’ve Got My License & $500—Now What? Community Service: 2/27 - Blood Drive at WCAoR Building (123 E. Old Settlers Blvd) MARCH 2010 Classes: 3/3-4 - SRES: Senior Real Estate Specialist Designation 3/5 - SFR: Short Sales & Foreclosure Resource 3/10 - Basics of Real Estate Photography 3/11 - ePRO For more information on any of these events, please visit our Web site at www.wcaor.org.
REALTORS R EALTORS
®
Dress D r e s s for f o r the t h e job j o b you y o u want, w a n t , not n o t tthe h e oone n e yyou ou h have. ave. RE/MAX RE/MA X agents agents average average 12 12 transactions transactions p per er year. year. They don’t necessarily work harder than you, or are smar ter than you, but they have more adver tising, brand power, bet ter technolog y & training than you do. If you’re at least average, you’ll earn earn more more at RE/MA X.
remaxtexas.com/PowerStart rema x texas.com/PowerStar t
7
• To p P r o d u c e r s m i g r a t e t o R E/ M A X • L ow Pro du ce r s d on’t • How do you se e yourse lf ?
JJOIN OIN U US S TO T O FIND F I N D OUT O U T WHAT W H AT RE/MA R E / M A X IS I S ALL A L L ABOUT ABOUT
LUNCH LUNCH ON O N US! US!
R RE/MAX E/MA X P Power ower S Start tar artt C Career a r e er D Day ay March M arch 110th 0t h 99 :::: 33 00 aa m m
Norris Norris C Conference onference C Center enter NorthCross Nor thCross Mall, Mall, Rear Rear Entrance Entrance 2525 2525 W West es t A Anderson nderson Lane Lane Each Each office of fi ce independently indep endently owned owne d and and operated. op e r ate d.
8
www.realtylineonline.com
realty line of austin
February 2010
Mary Tennant, second from right, introduces Susanna Orr and Amy McDonald to Diane Johnson, all of Keller Williams Southwest Market Center, at a recent Meet & Greet. Diane is the newest addition to the leadership team.
Joy Herring of Realty Executives welcomes Annie Barkowsky of Gracy Title to the company’s regional meeting, where attendees learned about the new HUD1 and Good Faith Estimate changes.
Cathy Coneway of Stanberry & Associates and Becky Hopkins of Austin Title join Gabriel Trinidad of Lighting Inc. at the HBA happy hour at Lights Fantastic.
Craig McMenamy and Nancy Kearns, both of Drees Custom Homes, attend the second annual housing forecast that ABoR and the HBA hosted at the AT&T Conference Center.
February 2010
realty line of austin
www.realtylineonline.com
SHOW OUR NEW HOMES AND YOU’LL HAVE SOMETHING TO SHOW FOR IT.
Allison Craig and Tom Berry, right, both of Gracy Title, prepare to teach Chris Rodriguez, left, and Michael Neuman and other Realty Executives members about all the changes to HUD requirements.
Dawn Schweter, left, and Alison LeBlanc, both of North American Title, thank Chad Goldwasser of Goldwasser Real Estate for speaking at AYREP’s coffee talk where he shared tips on marketing.
Now, each time you register a new, qualified prospect at the Steiner Ranch Welcome Center, you will receive a $20 Gift Card to Nordstrom. The more you show, the more you collect! And the best part of all, these cards never expire. Call or visit the Welcome Center for details and start eyeing that new pair of shoes! Showing your clients new construction in Steiner Ranch is always in style.
Lee Easter and Shannon Easter, both of Lee Easter Inc., get some bright ideas for their home at the Home Builders Association of Greater Austin’s happy hour at Lights Fantastic.
Homes from the $250’s to $3+ million Welcome Center: 512-266-5833 or 800-783-4640 For more information, visit www.steinerranch.com
Linda Knowles Katz of Land Mortgage, second from right, enjoys starting off the New Year at AYREP’s social at Firehouse Lounge with Katie Osborne, David Pavliska, Rod Morgan and Jim Smith.
Builders: Taylor Morrison, Drees Custom Homes, Highland Homes, Monterey Homes, Sendero Homes, Partners In Building Custom Homes: Affinity Homes, Randy Rollo Homes, Echelon Homes. Information contained within this advertisement is correct at the time of publication and subject to change. In order to receive gift card, Realtor must accompany prospect into the Welcome Center on first visit.
9
10
www.realtylineonline.com
February 2010
realty line of austin
EDuCATiON EVENT LuNCHEON PROPERTY TOuRS
For a complete listing of these events and MORE visit
What’s Happening in Real Estate
Calendar of Events www.realtylineonline.com February 22 - March 31
MONdAy February 22
TUESdAy 23
WEdNESdAy
ThURSdAy
24
WCR Mixer 5 p.m. @ Viva Chocolato in The domain
25
KB home MCE Staging Course 11 a.m. @ Spring Trails in Pflugerville
2
CRS 200: Business Planning & Mkting (2-day) 8:30 a.m. - 5:30 p.m. @ ABoR
3 CRS 200: Business Planning & Mkting (2-day) 8:30 am - 5:30 p.m. @ ABoR
26
Austin Title: Credit Scoring & Repair 9 a.m. @ Austin Title (1515 Cap. of Tx hwy) Presented by Mark hairston of Mortgage IQ
CTCAR: Monthly Luncheon 11:15 a.m. @ Austin Country Club
March 1
FRIdAy
4
5
CRS Elective: Exclusively By Referral (1-day) 8:30 a.m. - 4:30 p.m. @ ABoR
CRS 201: Listing Strategies (2-day) 8:30 a.m. - 5:30 p.m. @ ABoR
CRS 201: Listing Strategies (2-day) 8:30 a.m. - 5:30 p.m. @ ABoR
AMBA: Monthly Meeting 11:30 a.m. @ Austin Country Club
hBA: general Membership Meeting 11 a.m. @ hBA office (8140 Exchange)
Milestone Builders Lunch/grand Opening 11 a.m. @ Cypress Creek Townhomes
8
9
10 Patten Law Firm: Spotlight Austin 3:30 p.m. @ 1101 grove Blvd, Austin, 78741
11
Austin Title: Septic 9 a.m. at Austin Title on Spicewood Springs
12
hBA: Crawfish Boil Builder/REALTOR Mixer 6 p.m. @ Teravista in Round Rock
RE/MAX Power Start Career day 9:30 a.m. @ Norris Conference Center
15
22
16
23
17
18
19
Property Tour: 2A 9 a.m. @ Cover 3 on Anderson Lane
WCAoR: Luncheon 11:30 a.m. @ Wingate hotel/Conference Center
NAhREP: Luncheon 11 a.m. @ Cool River Cafe
Property Tour: downtown 2:30 p.m @ Ranch 616 @ 616 Nueces St.
24
25
hBA: 8th Annual St. Patti’s day golf Tourney 11:30 a.m. @ Forest Creek golf Club
26
WCR: Networking Luncheon 11 a.m. @ WCAoR office (123 E. Old Settler’s)
WCAoR: Rookie Club 11:30 a.m. @ Williamson County Association of REALTORS
29
30
31
Austin Area Market Update from your friends at Gracy Title
2009
Median 2008
% Change
2009
Average 2008
% Change
List Price Sold Price Square Feet LP/SF SP/SF SP/LP DOM
$189,900
$193,773
- 2.0%
$247,197
$253,681
$185,000
$187,500
- 1.3%
$236,513
$243,800
- 3.0%
1870
1861
+ 0.5%
2079
2048
+ 1.5%
$103
$105
- 2.6%
$118
$123
- 4.3%
$100
$102
- 2.5%
$113
$119
- 4.6%
97.5%
97.6%
- 0.1%
96.7%
96.8%
- 0.1%
48
45
+ 6.7%
76
67
+ 12.4%
Price Price Range Range
P Price rice Range Range
Quantity Q uantity
DOM
- 2.6%
Quantity Quantity
DOM
$149,999 or under
6,556
60
$500,000- $549,999
273
107
$150,000- $199,999
5,135
66
$550,000- $599,999
172
123
$200,000- $249,999
2,938
77
$600,000- $699,999
257
115
$250,000- $299,999
1,991
89
$700,000- $799,999
140
122
$300,000- $349,999
1,180
91
$800,000- $899,999
98
119
$350,000- $399,999
916
99
$900,000- $999,999
57
143
$400,000- $449,999
565
97
$1,000,000 or over
204
155
$450,000- $499,999
376
102
Total:
20,858
48
Sold Listings Volume
2009
2008
% Change
2009
2008
% Change
20,858
22,440
- 7.0%
20,858
22,440
- 7.0%
$4,933,191,891
$5,470,875,762
- 9.8%
$4,933,191,891
$5,470,875,762
- 9.8%
For more market information, please contact one of our sales executives. Based on information from the Austin Board of REALTORS® (alternatively, from ACTRIS) for the month indicated on the header. Neither the Board nor ACTRIS all real estate activity in the market. Copyright 2009 Austin Central Texas Realty Information Services, Inc.
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February 2010
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February 2010
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Catching up at a recent meet and greet to introduce Diane Johnson to agents were Eric Copper, Tim Seeliger and Betsy Scheffe, all of Keller Williams Realty’s Southwest Market Center.
Terry Jackson of Texas American Title and David Reed of Land Mortgage share industry news at the Austin Mortgage Bankers Association meeting at Austin Country Club.
HBA’s VP of Membership Carol Baker and Linda Strickel of Bonded Builders Home Warranty enjoy the happy hour at Lights Fantastic.
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February 2010
realty line of austin
HBA of Greater Austin
President’s Column Steve Zbranek
n
2009-10 President
HBA SELECTS BuiLDERS FOR 2010 PARADE OF HOMES
Master Builders, six Certified Graduate
2006 and 2009 “Custom Builder of the Year”
Builders and six Certified Green Profession-
by the Texas Association of Builders and
als. We build throughout Austin, Horseshoe
was selected by the Austin Business Journal
Bay and the surrounding cities with homes
as one of the top ten custom home builders
priced from $750,000 to over $5 million and
in Austin and has a strong history of design-
we were recently named the Lake Travis
ing and building exceptional show homes.
Chamber of Commerce “Business of the
A
eral other builders are finalizing plans for a
Builders Association of Greater
possible entry as well. The HBA’s exclusive
Austin prepares to showcase
Parade of Homes™ at Rough Hollow offers
the prestigious Parade of Homes™. The
thousands of prospective homebuyers and
tour features some of the best our region’s
REALTORS® the opportunity to see first-
builders have to offer as well as the latest in-
hand the stunning line-up of Tuscan and
terior design and architectural trends of the
Hill Country contemporary custom home
year. No other home tour offers the general
designs available for purchase. Three of the
public the chance to visit several top-of-the-
six residences to be on display at the Parade
line, fully furnished, award winning homes
of Homes‘, which span 3,500 to 4,900 square
where they can generate ideas for their own
feet and are priced from the $750s to $1.5
home building and improvement proj-
million, have already been sold, with great
ects...and it’s back for another round in Oc-
interest in the remaining select home sites.
tober 2010.
More about each selected builder below:
Selected for the second time in the last three years, the 2010 Parade of Homes™,
Zbranek Custom Homes
where dream homes become reality, will
We are a fixed price custom home
take place at Rough Hollow Lakeway.
builder and build exclusively pre-sold cus-
Rough Hollow’s Bluffs neighborhood was
tom homes. Our company does not build
selected to showcase six exquisite homes
“spec” homes or own any home sites. We
Vii Custom Homes
Year.” Triton Custom Homes
nnually since 1953, the Home
13
www.realtylineonline.com
VII Custom Homes practices the art of building dream homes for their clients.
Founded in 2006 by Tommy Roberts, a li-
They continually strive to raise the stan-
censed professional engineer, Triton Custom
dards in custom building through the use of
Homes has quickly solidified a position in
natural products, building healthy homes,
the upper tier of the Austin home building
wide open living spaces, unique outdoor
industry. Triton is an award-winning, fam-
living, and homes that are wired for the 21st
ily-based company established to provide a
century. While many of their primary goals
dependable, customer service driven solu-
are the same as other notable builders, their
tion to homebuilding. Triton focuses on pre-
most important purpose is to ensure that
sold custom homes from Central Austin to
each home genuinely reflects their clients’
the Texas Hill Country, many of which are
style and personality.
designed and built utilizing the latest in
Rostrata Builders, inc.
green and sustainable technologies. Masters Touch Custom Homes
Rostrata Builders has over 100 years of combined
experience
creating
custom
Master's Touch Custom Homes has been
homes in Central Texas. The companies val-
considered one of the premier construction
ues of trust, integrity and performance help
companies in Austin, featuring beautiful
them to focus on creating homes that ex-
homes from $400,000 to over $2 million. The
ceed a customer’s expectations technically,
homes offer unique floor plan designs, high
functionally and aesthetically while adher-
quality craftsmanship and interior details.
ing to a budget.
Jenkins Custom Homes
The HBA’s 2010 Parade of Homes™ at Rough Hollow Lakeway is scheduled to
built by Zbranek Custom Homes, Triton
are a 100% referral based business and re-
Since 1992, Jenkins Custom Homes’ at-
Custom Homes, Masters Touch Custom
ceived the 2010 National Master Builder
tention to detail has earned them a reputa-
Homes, Jenkins Custom Homes, VII Cus-
Award from the National Association of
tion for excellence in both design and
and www.roughhollowlakeway.com for fre-
tom Homes and Rostrata Builders, Inc. Sev-
Home Builders. Our team includes four
construction. The company was voted the
quent updates and community details. [RL]
take place Oct. 16 through Oct. 31, 2010. Visit
www.AustinHomeBuilders.com
14
www.realtylineonline.com
realty line of austin
February 2010
ABoR chairman John Horton gives an update on the organization’s upcoming activities at the Austin Mortgage Bankers Association meeting.
Olga Hernandez, right, gives Melanie Taliaferro her certificate at the second annual United Lending Oscars. Melanie ranked in the 6-10 million dollar club.
These professionals have joined the $99 club by pledging to TREPAC and will make a difference in their business.
Jana McCool of RE/MAX Austin Associates helps the Certified Distressed Property Expert group build a house for Habitat for Humanity.
Sweet New Suite Barton Oaks Office - Ground Floor
3 -OPAC 0LAZA )) 3UITE s !USTIN 48 /FFICE s &AX
Escrow Officers Toni Vance Halseth I Bonnie Barrera I Elizabeth Elford Laura Pagnozzi I Debbie Thornal I Jodie Wilkinson
E x p l o r e www.IndependenceTitle.com
February 2010
realty line of austin
Real Estate
News & Notes
Scott dill Joins Leahy & Associates at Cornerstone Mortgage Company With more than 11 years of experience in national banking, Scott recently joined Leahy & Associates at Cornerstone Mortgage Company as a Senior Loan Officer. “I truly enjoy the challenges and rewards of helping people realize their financial goals,” Dill said. “I’m dedicated to getting the job done and developing lifelong clients.” As a Senior Loan Officer, it is Dill’s job to educate and help clients with their home purchases and to assist with planning for the future with refinances. “Scott possesses the kind of knowledge about the mortgage business that can only be gained through years of experience, and he is extremely trustworthy,” said Branch Manager Ryan Leahy. “He works hard to efficiently assist his clients with their home purchases, and honestly wants to help them meet their financial goals.” Leahy & Associates was founded eight years ago by Ryan and Heather Leahy. They have earned a reputation as a leader in the mortgage industry not only because of their cutting edge technology, but also by serving their clients’ best interests in a way that only comes from years of experience in the residential lending and financial planning industries. Their office is located in Westlake at 3160 Bee Caves Road in Austin.
RE/MAX Network Continues Expansion
2009 Franchise Sales Surpass Industry Competitiors Even in a year when the real estate industry continued to feel the effects of a recession, RE/MAX International, Inc. sold 630 franchises worldwide, while extending its global presence into eight new countries. In North America, several former competitors joined the RE/MAX Network, bringing with them more than 650 individual Sales Associates. RE/MAX experienced additional success in the U.S., selling 21 new franchises in Cal-
www.realtylineonline.com
MileStone Community Builders Calls Cedar Park Home With Two New Communities Construction is well underway at two new Cedar Park communities, as MileStone Community Builders, LLC enters the market with plans for aggressive growth throughout Metro Austin. MileStone has secured two prime locations in Cedar Park, offering easy access to major highways and employers such as Dell and Cedar Park Medical Center. “We are delighted to have found such exceptional sites in such a vibrant, growing community,” MileStone president/CEO Garrett Martin said. “We believe our product fills a tremendous need for low-maintenance living at a very affordable price point.” The grand opening for Paradiso Villas is scheduled for Feb. 20-21. Located on West Parmer Lane adjacent to the acclaimed Brushy Creek Park, Paradiso Villas offers a lowmaintenance lifestyle, providing time to enjoy nearby nature trails, cycling, canoeing, shopping, dining, entertainment, and more. Located in the award-winning Leander Independent School District (LISD), Paradiso Villas includes a private community pool and expertly manicured outdoor spaces. One- and two-story garden homes range in size from 1,203 sq ft to over 2,000 sq ft, with prices starting in the $150s. Cypress Creek Townhomes’ grand opening is scheduled for Mar. 6-7. Located on Little Elm Trail, just off Cypress Creek Blvd. between Lakeline Blvd. and Hwy 183, Cypress Creek Townhomes offers the benefits of home ownership combined with a low maintenance lifestyle, providing time to enjoy nearby shopping, dining, and entertainment. Also located in the LISD, Cypress Creek offers a private community pool, expertly maintained lawns, and all exterior home maintenance provided by the Homeowner’s Association. Affordably priced from the $130s, Cypress Creek townhomes range in size from 1,282 sq ft to 1,939 sq ft, and include attached garages, lofts and tile entryways along with numerous other distinctive features. For additional information about these communities and grand opening activities, visit www.MyMileStone.com or email info@MyMileStone.com.
ifornia, a state with one of the most challenging real estate markets. There was also impressive growth in other regions. The number of new offices in New England and southeast Michigan increased by 100%, in Georgia by 80%, and in the Mountains States region, franchise sales were up 40%. For more information on RE/MAX, Contact RE/MAX Heart of Texas by calling 7949292 or visiting www.daviddavison.com.
15
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A u st in ’ s O r ig in a l R e a l E s t a t e N e w s paper
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realty line of austin
February 2010
Amelia Bullock and Barbara Wallace conduct their annual company business meeting at the Norris Conference Center.
Nicole Cooke, Lise Renee Lucci, NAHREP president and owner of EXIT Global, along with Randi Meshell, help to construct a home for Habitat for Humanity during the EXIT Austin Build Blitz.
Eldon Rude of Metrostudy gives valuable information about the housing forecast to an eager crowd of more than 500 people at the second annual housing forecast presented by the HBA of Greater Austin and the Austin Board of REALTORS.
February 2010
realty line of austin
Women’s Council of REALTORSŽ
President’s Column Susanna Boyer
n
2010 President
TAP iNTO A COMMuNiTY OF LEADERS WHEN YOu JOiN WCR
W
ow it’s February‌already!
You will also have a chance to donate to
At the Austin Chapter of
TREPAC at the Celebrity Waiter’s Dinner on
WCR, we are in the middle of
the evening of the Feb. 19. Mardi Gras is the
our Retention and Recruiting contest that
theme, so come and have some fun. Like chocolate‌and who doesn’t? Come
started Jan. 1 and runs through Mar. 31. For current members that bring a guest
out to our WCR Happy Hour on Tuesday,
that joins, their name (current member) goes
Feb. 23 from 5 to 7 p.m. at Viva Chocolato! in
into a drawing for a $50 gift card. We will be
The Domain, 3401 Esperanza Crossing, Suite
drawing for three winners names at our
104.
Our February Business Resource meeting
Business Resource meeting with Lani Rosales
will be held on Feb. 18 at the Austin Board of
and Social Media — “Truly Simplified for the
REALTORSÂŽ auditorium. We will feature a
Real Estate Community.� Lani won the Texas
Rookie Panel, moderated by WCR’s state
Social Media award as named by the States-
president Deborah Spangler. We’ll learn how,
man, was named in the Top 50 Influential
even in a down market, and being new in the
Bloggers, the Top 12 Women in Blogging,
business, they successfully closed millions of
and won the Inman Innovator award. So this
dollars in transactions. Bring your notepad
is a meeting you truly do not want to miss.
and pen and be ready to take notes to learn how to rev up your business in 2010. TAR/WCR Winter Meeting runs Feb. 19-
When you join the Women's Council of REALTORS, you tap into a whole world of
istration is FREE, so come out and take
concrete, powerful programs that yield tan-
advantage of the education that is offered.
gible results for you and your business. It's
30 day closings
Affordable LOW-MAINTENANCE LIFESTYLE, LAWNCARE INCLUDED
Comfortable PRIVATE COMMUNITY POOL & WALKING PATHS
Enjoyable SHOP, DINE & PLAY nearby at brushy creek park
all possible thanks to our unique structure,
increasingly savvy customers and tough
the foundation of which is our nationwide
competition.
network of local and state chapters. That
A nationwide community of many of the
foundation of which allows us to bring our
industry's most successful and motivated
members the best of both worlds: the
real estate professionals, the Women's Coun-
strength and continuity of a national profile,
cil of REALTORS delivers an unmatched
with the responsiveness and accessibility of
combination of professional training and
chapters close to home. The result? The
personal support you need to keep your
Women's Council of REALTORS brings you
business at its very peak. From our local
more programs, more networking opportu-
chapter meetings to our Performance Man-
nities and more ways to build your business
agement Network training, from wealth-
than any other REALTOR organization.
building
Are You Ready?
summits
and
networking
conferences to our vast referral network, we bring you the real-world tools and informa-
To plug into the power of your profes-
tion that help you anticipate change, outpace
sion? Then you're ready to become a member
the competition and grow your business in
of WCR.
ways you never thought possible.
Now more than ever, membership in the
It all starts now, at the Women's Council
Women's Council of REALTORS is the way
of REALTORS. So get to know us. And get
to stay out in front of a fast-changing market,
ready! [RL]
Local Support, National Strength
23 at the Hyatt Regency on Town Lake. Reg-
12 Homes
17
March on into the year at our March 18
April 22 meeting.
Available
www.realtylineonline.com
John Rosshirt of Stanberry & Associates confers with Patricia Wagner of DHI Mortgage about the new loan guidelines while at the AMBA meeting at Austin Country Club.
You’re Invited
To take a tour through our new townhome community, Cypress Creek, in Cedar Park. Come and enjoy lunch and explore our newly designer decorated homes offered by Milestone Community Builders. 7EDNESDAY -ARCH RD s AM n PM 3PACE IS LIMITED SO CALL OR EMAIL TODAY 2360 -Y-ILE3TONE COM OR
WIN One of ten $100 prizes! EARN 4% on your 1st sale!
Townhomes from the $130’s 512-215-5220 1900 Little Elm Trail, Cedar Park 4% commission applicable only if Realtor accompanies buyer on initial trip to Cypress Creek. Offer valid on new contracts only; must contract by 3/31/10. Actual terms of sale may vary. Additional restrictions may apply. Commission program & incentives subject to change.
WWW -Y-ILE3TONE COM
Take 183A North to the Brushy Creek/ Cypress Creek Exit. Turn left at light & travel 1.7 miles on Cypress Creek Rd., then left on Juliette Way & left on Little Elm Trail. Cypress Creek Townhomes are just ahead on the right.
18
www.realtylineonline.com
realty line of austin
February 2010
There was a large turnout at the Williamson County Association of REALTORS first membership luncheon of 2010.
Sharon Smith, Lilla Ezell, Kay Andrews and Jill Turlington, all of Amelia Bullock REALTORS, are looking forward to the new year as they get positive information at the morning business session at the Norris Conference Center.
Amy Kobza of Austin Title tells WCR president Susanna Boyer she is ready to help her lead the organization toward a great year.
Edie Finch of Edie Finch Properties and Judy Moss of Prudential Texas Realty join 80 plus other real estate professionals for the downtown property tour, which gathers at 616 Ranch.
February 2010
realty line of austin
www.realtylineonline.com
19
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February 2010
realty line of austin
KB Home supplied lunch for the workers on day two of the EXIT Austin Build Blitz.
Sonia Guardado of JB Goodwin REALTORS greets Teresa Roberson of Coldwell Banker United REALTORS as she arrives at the Women’s Council of REALTORS meeting.
Chris Ott of Keller Williams Realty wins a gift card at the latest Austin Young Real Estate Professionals social held at the Firehouse Lounge.
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Associates In Progress
www.realtylineonline.com
21
Advertiser Profile By Linda McNabb
TREATy OAK hOMES
T
reaty Oak Homes is new to the
ahead of projections, with about 35 remain-
Austin market, but the builder be-
ing lots. The homes range in square footage
hind the name is no rookie. Presi-
from about 1,200 to nearly 2,100 and are
of
priced from the $190s to the $240s, which
experience in the industry, having grown up
makes them appealing to a broad range of
in the home building business as the son of
buyers.
dent
Greg
Hammonds
has
years
Ron Hammonds, founder of Hammonds
“It is a flexible product,” Hammonds
Homes, a company that built nearly 8,000
says. “All of our home buyers have unique
homes in the Houston, Dallas and Austin
stories and backgrounds. We have move ups,
markets before being sold in 2002.
Treaty Oak homes Model Central Park in South Austin homes from the 180s
move downs, singles, couples and older cou-
majestic branches of a southern live oak tree
“I have been working in the business
ples. Some are buying the base product while
near downtown Austin,” Hammonds says.
since I was old enough to sweep out a
others are putting in substantial upgrades.”
“Agreements were reached and futures
garage, doing just about everything from es-
The one- and two-story floor plans offer
born—stamped with wax seals that repre-
timating, purchasing, developing, financing,
extensive standard features including flexi-
sented the dignity and prestige of the occa-
from his previous endeavors and is intro-
developing land and supervising construc-
ble spaces to accommodate a play area for
sion. The stamp designated quality and
ducing himself to new ones as well by ac-
tion,” Hammonds says.
children, a home office, an arts and crafts
tradition as it does today with Treaty Oak
tively
Homes.”
presenting his story there.
He ventured into his own home building
room or a designated homework space. De-
business by starting Treaty Oak Homes late
signed by award-winning Austin architec-
last year, opening the company’s first community in Central Park, a traditional South
visiting
REALTOR
offices
and
Hammonds say he hopes to secure at
“I am letting them know that we may be
tural firm Kipp/Flores, each home is built to
least three more lot positions this year. “We
a start-up builder but we are not new at
high-efficiency energy specifications under
are looking for good communities that peo-
this,” he says. “I feel the same passion that
Austin neighborhood with 42 homes priced
the City of Austin’s Green Building pro-
ple find desirable,” Hammonds says. “The
has guided my family’s business for more
from the $190s and located just minutes from
gram.
kinds of lots and product we build may vary,
than two decades, and offer my commitment
downtown.
Hammonds said he chose the name
“It is a really great location,” Hammonds
Treaty Oak Homes because of the grand his-
says. “We were attracted to it because of the
toric images it conjures about Texas history
ability to stay close to downtown while
and the resiliency of the tree itself.
keeping prices in check with the market.” Hammonds says Central Park is selling
based on the needs of the immediate mar-
to excellence to every home buyer. We have
ket.”
done this before and we have done it well.
Hammonds says this is his third time to live in Austin and he plans to remain here
“Legend says that many of our state's
this time. He has been busy getting reac-
greatest names forged their future under the
quainted with many of the faces he knew
We expect and encourage a high REALTOR participation to help us do so again.” For
more
information,
treatyoakhomes.com. [RL]
visit
22
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realty line of austin
February 2010
The 2010 officers for the National Association of Hispanic Real Estate Professionals take their oath of office at the installation banquet at the Mexican American Cultural Events Center.
Mary Tennant is pleased to welcome Diane Johnson to the Keller Williams Realty team. Diane was introduced to Keller Williams Realty agents at a recent meet and greet.
Gwen Johansen, Georgia Duke, Alisa LeBlanc and Tiesa Hollaway, all of North American Title, arrive early to get firsthand knowledge of what’s in store for the new year at the second annual housing forecast hosted by ABoR and HBA. Austin Title’s Becky Hopkins and Rudy Hopkins entertain colleagues at the Austin Title holiday party in their home, where Susan Graham was one of the guests.
Renovation Financing
Help your remodel customers maximize their renovation dollars Recognized as the nation's #1 originator of renovation financing, our renovation loan options may provide your customers financing power to remodel, repair, improve and bring out the most in their home. • Fixer-uppers, rehabs, and properties in any condition are eligible • Provide your customers a loan amount that is based on the completed value of the home after improvements with our Purchase & RenovateSM program • Qualified customers can transform a “before” with a loan based on the upgraded “after” • We can lend up to 110% of the after-improved value To learn how your buyers may benefit from renovation financing, call today!
Annie Fojtik Renovation Specialist 3601 Far West Blvd. Austin, TX 78731 Phone: (512) 344-7887 Cell: (512) 633-2883 Annie.L.Fojtik@WellsFargo.com www.wfhm.com/annie-fojtik Information is for real estate professionals only and is not intended for distribution to consumers. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2009 Wells Fargo Bank, N.A .All rights reserved. #67954 12/09-3/10.
February 2010
realty line of austin
www.realtylineonline.com
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realty line of austin
February 2010
Congratulations to Chad Bowman of United Lending as he was presented with a certificate in recognition of closing 6-10 million dollars in loans. Pictured with him is Lesley Guerrero.
Gregory Noack and Joanne Flynn, both of Amelia Bullock REALTORS, grab their notebooks to get ready for a company business meeting at the Norris Conference Center.
AYREP education chair Shannon Powers of Zip Realty introduces her brother Cameron Thomsen of Pulte Homes to Wendy Feeley at the organization’s recent social at Firehouse Lounge.
February 2010
realty line of austin
www.realtylineonline.com
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realty line of austin
February 2010
Lone Star Statesmen pledge $250 at the TREPAC breakfast. Join and make a difference in your business.
Danette Tidwell of Time Warner Cable’s Partner Program takes a moment at the WCR meeting to tell Laura Nye of Stanberry & Associates about the rewards of participating in the program.
Mark Hairston of Mortgage IQ was one of the sponsors for the WCAoR forecast luncheon, where Winnie Harrison of Coldwell Banker United REALTORS, Suzanne Gantner of Sky Realty and Edmond McEnany of Central Texas Realty Experts were in attendance.
Otho Wilbur and Tephanie Wilbur of E-Infinity Realty get dressed up for their business photos, a service that was provided by KB Home at the Westwood community in Leander.
February 2010
realty line of austin
www.realtylineonline.com
27
Lise Renee Lucci, second from right, is surrounded by her family at the Installation Gala. Lise was installed as the 2010 NAHREP president.
David Cook of Reverse Mortgages, Ray Daniel of Network Funding and Jim Downing, guest, get an update on lending guidelines at the Austin Mortgage Bankers Association meeting at Austin Country Club.
Carrie Weikert of Keller Williams Realty and Les Sherman of RE/MAX Austin Associates enjoy some early morning coffee and the view of the stadium at the TREPAC appreciation breakfast at the UT Club. Keith Barker of Barker Roofing and HBA membership director Debbie Horridge check out the many lighting options at the HBA happy hour at Lights Fantastic.
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February 2010
realty line of austin
Laurie Nunnallee of First American Title and Janey Richardson listen to the Austin Lounge Lizards at the Spicewood Vineyard while helping to raise money for the Spicewood Arts Society.
David McMillan of United Lending won the “hot air” award for being long winded at the United Lending second annual Oscars.
Mary Lou York and Judy Arnold, both of Amelia Bullock REALTORS, team up at the annual business meeting to make 2010 a great one.
Getting a loan requires more than LUCK. Harper Ray and her Ultimate Lending Group offer
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Weekly Updates
February 2010
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February 2010
realty line of austin
During a recent agent-driven meeting, Willie Fluck, second from left, presented upcoming changes in our system and customization. Next month will be a demonstration on "Building a Web site using Wordpress for FREE," by Karen Wilson, left, of City Realty. Also pictured is Dave Schara.
Grant Whittenberger of Outlaw Real Estate Group, Ashley Whittenberger of Interiority Complex and Fred Meyers of Austin City Living tour the model home that Treaty Oak Homes unveiled in Central Park.
Members of the Capitol Club pledge $500 to TREPAC at ABoR’s breakfast appreciation at the UT Club.
HBA president Steve Zbranek welcomes an enthusiastic crowd of more than 500 people to the second annual housing forecast that the Home Builders of Greater Austin (HBA) and the Austin Board of REALTORS co-hosted at the AT&T Conference Center.
Ellen’s Staging Tip: Dead Air Have you ever opened an entry door and felt the vacuum of no air movement inside the home? Air movement signals that the house is alive and vibrant and buyers will react positively. A good solution is to have ceiling fans turned on low in each room to dispel dead air. Give the buyers the best first impression—let the home breathe!
Do your seller’s need professional staging?
Call me today for a “MAKE A DIFFERENCE” consultation. Ellen is ready to help you set the stage for professional results. Ellen Boettcher, president 512.751.1756 Ellen@StagingByDesign.com
February 2010
realty line of austin
Expects Speak Out
Commentary Bill Bradshaw
n
Gracy Title
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c. Insolvency of the borrower;
considered income by the IRS. For example,
A seller wanting to know if their debt can-
if the seller owes their lender $100,000 and
cellation is a taxable event should seek coun-
the lender agrees to release the mortgage for
sel from their tax advisor. REALTOR®
$80,000, there is a $20,000 difference between
should not comment on whether or not there
PART II
what was owed and what will be accepted
is a taxable event from a short sale transac-
by the lender. If the lender elects to not pur-
tion, as the tax advisor is the appropriate pro-
This month’s article is a continuation of the article from last month about short sales.
sue the seller for the deficiency, under the IRS
fessional to address this with the seller.
guidelines there is $20,000 of income for the
3. It also is rumored that in the near future
year in which the debt forgiveness occurs for
the government may announce a $2,500 sub-
the seller. To encourage short sales a recent
sidy to encourage short sales—$1,500 to the
SHORT SALES
T
debt—also know as debt cancellation—is
www.realtylineonline.com
here is nothing in the law or the
behalf of a borrower authorization to the
IRS Regulation allows short sale sellers to
seller and $1,000 to the lender. This is some-
instruments creating the lien on
lender to discuss the file with that third party
avoid that tax liability in some circum-
thing that sellers and REALTOR® can look
will be required from the borrowers.
stances. This is called the Mortgage Forgive-
for in the future.
the property that requires the
lenders to engage in short sales. Given the
In the negotiation process, it is also critical
ness Debt Relief Act.
This is a complicated topic and this short
state of the real estate market, not so much in
that the seller, or their representatives, pres-
As quoted by the IRS, some common sit-
article is by no means exhaustive of all the is-
Austin, but in other parts of the county,
ent an accurate picture of their financial mat-
uations when the cancellation of the debt is
sues presented by short sales. But as the
lenders have created significant loss mitiga-
ters. They must take extreme care to make no
not a taxable event involve:
numbers of short sales increase, and it seems
tion departments and hired scores of em-
misrepresentations or omissions as to the
ployees to facilitate the short sale process.
seller’s financial status, the value of the prop-
These employees are overworked with hun-
erty or the funds to be passed at closing. A
dreds of files on their desks. Because there
misrepresentation or omission regarding
are so many short sale transactions going on
these topics could constitute mortgage fraud.
as of now, it is important that a REALTOR®
Three issues remain:
or seller wanting to start the short sale
1. The short sale seller’s credit history will
process send their requests to the lender as
be most likely be affected. While the effect on
complete as possible with correct informa-
a seller’s credit history and credit scores is
tion the first time. They must also be careful
not as much as previously thought, an effect
to present all of the required information at
still exists. That effect, however, is not nearly
one time instead of sending in documenta-
the same negative effect as a foreclosure
tion piecemeal. Files that are awaiting addi-
would have. It is still important for a seller to
tional information are generally placed at the
realize that there are negative implications.
bottom of the loss mitigation employee’s
2. There may also be tax ramifications as-
stack of files. Also, if an agent, lawyer or
sociated with a short sale in so far as the
other representative is going to negotiate on
seller is concerned. Generally forgiven
a. The sale of a qualified principal residence;
likely that they will, those of us in residential real estate will be exposed to more and more
b. Debts that are discharged through a bankruptcy; or
information about this type of transaction. Good luck! [RL]
Find out what’s happening in real estate. Visit our Calendar of Events page on our Web site.
www.realtylineonline.com.
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realty line of austin
February 2010
Christy Gessler of RE/MAX Capital City, Mary Miner of M.E. Gene Johnson REALTORS and Karen Parker of Mike Parker and Company are all smiles at the WCAoR meeting after hearing the forecast looks good for the Round Rock and Georgetown areas.
Larry Shumake of Shumake Group Properties and Verenea Sullivan of Turnquist Partners say they could double their sales by boxing up the wonderful weather that helped make the downtown property tour such a pleasure.
Colette Fitzgerald of KB Home welcomes Roy Dutton of Property Consultants of Austin to the model in Leander, where a photographer was on hand to help him update his photo for business cards and other promotional materials.
February 2010
realty line of austin
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Sytha Minter of Horizon Realty enjoys the company holiday party with her husband Norman Minter.
Michelle Murphy and Andrea Wilde of Coldwell Banker United REALTORS arrive early to attend AYREP’s coffee talk, a networking and marketing event that featured guest speaker Chad Goldwasser of Goldwasser Real Estate.
Monica Middleton, Paula Bacon and Sandi Gillis, all of Austin Title, celebrate their 78 years of combined experience at the company’s holiday party.
We’re Ready For an Encore. for our next act in Westlake at our new venue. Coming Spring 2010.
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realty line of austin
February 2010
Stephanie Zellous, Huston Dorris and EM Doyle, all of Keller Williams Realty, gather at 616 Ranch to get ready for the downtown property tour.
Danette Tidwell of Time Warner Cable, Tiesa Hollaway of North American Title and WCAoR president J. Rene Ward find the future looks bright for Williamson County, after hearing Texas A&M economist Jim Gaines speak.
Cheryl Sullivan of Gracy Title thanks Diana Kropka of Realty Executives for inviting her to shed some light on the new HUD rules at the company’s regional meeting at Marie Callender’s.
Jeanne Butterfield of RE/MAX Austin Associates, Bill Evans of Austin Real Pros and Ann Marie Sandlin of Reta Kays REALTORS enjoy some time sharing industry highlights at the second annual housing forecast hosted by ABoR and HBA.
February 2010
realty line of austin
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James Barnes of SWBC Mortgage and Rudy Hopkins and Becky Hopkins, both of Austin Title, arrive at the Mexican American Cultural Center to support the new officers for NAHREP.
Tommy Nelms of United Lending gets the El Matador award for always being able to cut through the bull and smoothly handle any situation during the United Lending second annual Oscars.
Jeffery Harwell and Sheila Leech, both of Coldwell Banker United REALTORS, enjoy some wine and cheese while they preview the new Treaty Oak Homes model in the South Austin community, Central Park.
Holly Hawn and Leslie Brvenik, both of Independence Title, join Les Sherman of RE/MAX Austin Associates, Crystal Warner and Betsy Welhausen of Austin Title at AYREP’s Kick Off the New Year social at Firehouse Lounge.
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realty line of austin
February 2010
Jayne Kidd, Debbie Harmon and Cherie Copus, all of Amelia Bullock REALTORS, go over the morning session notes at the company’s meeting at the Norris Conference Center.
The Sterling R group pledged $1,000 to TREPAC. They were recognized at ABoR’s TREPAC Breakfast. Earl Hairston, Jim Smith, Sytha Minter, Pam Drawbaugh, Jay Gohil, John Horton, Joe Stewart, Robert Wright, Judith Bundschuh, David Burton and David Foster.
HBA’s Naomi Bludworth, Barbara Wallace of Amelia Bullock REALTORS and Kathy Mayer of Steiner Ranch look forward to hearing how the housing market will fare. They were on hand for ABoR and HBA’s second annual housing forecast.
REALTORS from Austin, San Antonio and as far away as Toronto came to help build homes for Habitat for Humanity during the EXIT Austin Build Blitz. Dion McCormick of EXIT Realty puts up the soffits on the porch on a cold rainy Saturday.
Merrick Ales reviews the photos he took of Marge Lemons of Kara Kay and Company that she can use to update her website. They were at the KB Home model in Westwood.
Robin Austin Reed of Star of Texas Realty, Steve Builta of Hometrust Mortgage, Julia Heart of Star of Texas Realty and Tex Meazell of Keller Williams Realty join many others on the tour of downtown condos. These two guys know the importance of the PAC and what it means to the real estate profession. Bill Evans of Austin Real Pros pledged $2,500 (Crystal R) and Earl Hairston, ABoR Government Affairs director, committed $1,000 to TREPAC. They were both recognized for the pledges at the TREPAC Breakfast.