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Los Gatos/Saratoga District Pumpkin Auction on Wednesday, Oct. 14.
Members of the Silicon Valley Association of REALTORS® (SILVAR) continue to help those in need in their communities, especially around this time, as the holidays draw near. The SILVAR Los Gatos/Saratoga District Pumpkin Auction on Oct. 14 raised over $3,600 for Operation Reindeer, thanks to all donations of time, effort and money from SILVAR members and their companies.
Thank you Chris Morris (Alain Pinel REALTORS® – Los Gatos) for serving as auctioneer, Mary Kay Groth (Sereno Group – Los Gatos) and Diane Chandler (Alain Pinel REALTORS® – Los Gatos) for organizing the fun event, and Leslie Butlar for helping keep track of the winners. Kudos to Diane, who made many of the pumpkin centerpieces!
Many thanks for the contributions from the following companies: Keller Williams, Alain Pinel Realtors, Opes Advisors, Coldwell Banker, Intero Real Estate, Sereno Group, Montalvo Realty, and the individuals that donated the items and members who generously bid on them!
REALTORS® and affiliates of the Los Gatos/Saratoga District have supported Operation Reindeer for years. The program distributes gifts, including clothing essentials, to needy families and seniors in the community during the holiday season. The program is funded through proceeds from the District’s annual Pumpkin Auction and individual donations from the REALTORS® and affiliates. In addition to monetary contributions, many members volunteer their time to shop, wrap and distribute presents and food certificates to families.
Today, Oct. 16, members of SILVAR’s Los Altos/Mountain View District had their auction were able to raise over $3,000, which will go to the Silicon Valley REALTORS® Charitable Foundation, which distributes donations and grants to nonprofits that serve low-income families in the communities in SILVAR’s service area.
Members of the Silicon Valley Association of REALTORS® (SILVAR) continue to help those in need in their communities, especially around this time, as the holidays draw near. The SILVAR Los Gatos/Saratoga District Pumpkin Auction on Oct. 14 raised over $3,600 for Operation Reindeer, thanks to all donations of time, effort and money from SILVAR members and their companies.
Thank you Chris Morris (Alain Pinel REALTORS® – Los Gatos) for serving as auctioneer, Mary Kay Groth (Sereno Group – Los Gatos) and Diane Chandler (Alain Pinel REALTORS® – Los Gatos) for organizing the fun event, and Leslie Butlar for helping keep track of the winners. Kudos to Diane, who made many of the pumpkin centerpieces!
Many thanks for the contributions from the following companies: Keller Williams, Alain Pinel Realtors, Opes Advisors, Coldwell Banker, Intero Real Estate, Sereno Group, Montalvo Realty, and the individuals that donated the items and members who generously bid on them!
REALTORS® and affiliates of the Los Gatos/Saratoga District have supported Operation Reindeer for years. The program distributes gifts, including clothing essentials, to needy families and seniors in the community during the holiday season. The program is funded through proceeds from the District’s annual Pumpkin Auction and individual donations from the REALTORS® and affiliates. In addition to monetary contributions, many members volunteer their time to shop, wrap and distribute presents and food certificates to families.
Today, Oct. 16, members of SILVAR’s Los Altos/Mountain View District had their auction were able to raise over $3,000, which will go to the Silicon Valley REALTORS® Charitable Foundation, which distributes donations and grants to nonprofits that serve low-income families in the communities located within SILVAR’s service area. More on this event next week!
The Los Altos/Mountain View District Pumpkin Auction this morning, with Owen Halliday (Sereno Group) as auctioneer.
Congratulations SILVAR 2015 CIPS graduates!
The Silicon Valley Association of REALTORS® (SILVAR) 4th CIPS (Certified International Property Specialist) Institute ended on Tuesday. This year’s Institute had a total enrollment of 31 students. SILVAR welcomed back instructor David Wyant and his wife and assistant Patsy Wyant.
This year’s students were a very diverse and well-traveled group from all over the Bay Area, Southern California and Arizona. Once the students complete and submit their CIPS applications to the National Association of REALTORS®, they can receive their CIPS designation and get pinned at the NAR Conference and EXPO, which will be held in San Diego November 13-16.
A highlight of the last day was a visit by Joe Schneider, NAR manager of Global Business Development and Outreach. Schneider spoke to the students about the value of the CIPS designation, especially in Silicon Valley, which continues to attract many international buyers.
At the end of the last course, SILVAR’s Global Business Council hosted a CIPS Reception, which was also attended by SILVAR CIPS designees, who shared their global real estate experiences with the students. Jennifer Tasto, NAR Liaison to the Philippines, also reported on the International REALTOR® Conference held in the Philippines and NAR’s project to build a REALTOR® village for Super Typhoon Hainan victims there.
The success of this year’s CIPS Institute would not be possible without our generous CIPS Sponsors of the Day. Each sponsor had very informative presentations.
Darrell Monda, owner of TourFactory Bay Area, took students on a virtual tour of homes, a platform that works as a very good marketing tool, especially for foreign buyers who cannot physically be at a property they are interested in purchasing. TourFactory has certified aerial photographers and is the only company in Northern California that has a waiver from the FAA to use drone photography in its business.
The students enjoyed Kyle Chuang’s presentation, which included tips on how to take a multiple choice exam, a requirement at the end of each class day. Chuang, who is with Farmers Insurance, also tested students on home insurance information helpful for their clients.
Janet Case, CEO of Proxio, introduced the REALTORS® to the international networking platform that links REALTORS® and their listings with other agents around the world, including real estate developments. Proxio translates listings in 19 languages, 55 currencies and metric measurements. Case said studies show 20 percent of U.S. families do not speak English at home. In California, the percentage is higher – 43 percent. Proxio is a free benefit for SILVAR REALTORS® who are members of MLSListings Inc.
Kenneth Chan, premier mortgage consultant with HSBC, focused on how foreign buyers who don’t fall under the 2-2-2 rule (provide a two-year U.S. residency, two-year work history and two-year credit history) can qualify for a mortgage loan, other obstacles foreign buyers face, and success stories.
Anita Rodal, international liaison with AFEX (Associated Foreign Exchange) and president of SBPI Services, Inc., educated the students on foreign currency exchange and SBPI Services’ captive insurance program, which enables Chinese investors to take millions of dollars out of China and invest the money from the policy in real estate.
With the new TILA-RESPA Integrated Disclosure rule going into effect on October 3, Fidelity National Title senior sales executive Connie Montalbano-Hill and senior account executive Desiree Baker want to make sure REALTORS® are prepared, so no delays will occur with their transactions. At Thursday’s Silicon Valley Association of REALTORS® Cupertino/Sunnyvale District tour meeting, they explained the fine points of the new law, what’s different, and what REALTORS® can do to make sure a transaction won’t fall through.
The new forms are a consolidation of several forms. The Good Faith Estimate (GFE) and the initial Truth-in-Lending disclosures will be combined into a new form called the Loan Estimate. The HUD-1 and the final Truth-in-Lending disclosures will be combined into another new form called the Closing Disclosure.
Timing is critical. According to the Consumer Financial Protection Bureau, the Closing Disclosure must be delivered and received three days in advance of “consummation” of the loan. If the Closing Disclosure is not actually received in person, the new rules require an additional three-day period if it is delivered by mail or electronically. Given that Sunday is not counted, the Closing Disclosure will have to be delivered seven days before consummation. “Consummation” will typically be the day loan documents are signed, which is usually at least one day in advance of closing but could be more.
Baker said three changes would require a new 3-day review: if the APR increases by more than 1/8 of a percent for fixed rate loans, or 1/4 of a percent for adjustable loans; if a prepayment penalty is added, making it expensive to refinance or sell; and if the basic loan product changes, such as a switch from fixed rate to adjustable interest rate or to a loan with interest only payments.
The title company representatives gave SILVAR members a list of title insurance facts they need to know, including new terms and information included in a loan estimate. They said the new rule ensures that the lender take more of a leadership role in the transaction, but every lender is different. That’s why it is very important that REALTOR® have good communication with their lender, their title officer, and their client.
“Know you client well, so you avoid surprises,” said Montalbano-Hill. “Take care of the details ahead of time. The more you know your client, the better.”
Montalbano-Hill noted that a change in the name of a newly married spouse, for instance, can cause problems if not disclosed to all parties.
Baker added, “Don’t make assumptions. Everyone is going to have to be on the same page at the same time.”
SEE CFPB’S “KNOW BEFORE YOU OWE” REAL ESTATE PROFESSIONAL’S GUIDE
Silicon Valley Association of REALTORS® says ... 