You are currently browsing the category archive for the ‘Real Estate’ category.
SILVAR member Atsuko Yube was installed as the Asian Real Estate Association of America (AREAA) Silicon Valley’s 2015 president at a gala dinner held Jan. 23 at Levi’s Stadium. Yube and the new board of directors and advisors were installed by AREAA founding chair and Director Emeritus Allen Okamoto. Approximately 200 members and representatives of other AREAA chapters and REALTOR® and other real estate professional associations, and local officials attended the event.
The 2015 officers and board directors of the AREAA SV chapter are Mike Bui (Equity One Real Estate), vice president; Katy Care (The Loan Story), secretary; and Brian Chong, CPA, treasurer. Board directors are Evan Huynh (Akimax Realty & Investment), past president; Lana Nguyen (Farmers Insurance), Raj Patel (Bank of America Home Loans), Clarice H’ng (Morgan Stanley Wealth Management), Andy Chung (Alain Pinel REALTORS®), Trisha La (Golden Point Finance), directors; and Michelle Lin (Red Wave Insurance Services), Nick Pam (PN Real Estate Group), Kurtis King (Wells Fargo Private Mortgage Banking) and Andy Ma (Wells Fargo Private Mortgage Banking), advisors.
The Asian Real Estate Association of America is a nonprofit professional trade organization founded in 2003 and dedicated to promoting sustainable homeownership opportunities in Asian American communities and advocating for policy positions at the national level that will reduce homeownership barriers facing Asian Americans. AREAA’s membership represents real estate, mortgage and housing-related professionals that serve the diverse Asian American market.
AREAA’s Silicon Valley chapter was founded in 2010. Yube is a founding member of the AREAA Silicon Valley chapter. She is a mortgage planner with Capital Lending Network, a division of The Loan Story, and a real estate broker owner and global real estate specialist.
Representing SILVAR at the event were President Chris Isaacson and Past President David Tonna. Global Business Council Chair Mark Wong and many SILVAR members also attended the event. Isaacson conveyed SILVAR’s congratulations to Yube on behalf of SILVAR. “SILVAR is proud to support AREAA and we wish you much success and look forward to working with you this year,” said Isaacson.
The Silicon Valley Association of REALTORS® (SILVAR) 2015 leadership team was installed on Jan. 14 at the Menlo Circus Club in Atherton. California Association of REALTORS® (C.A.R.) 2013 President Don Faught administered the oath of office to SILVAR’s new president, officers and board of directors. SILVAR represents over 4,500 REALTORS® and affiliates engaged in the real estate business on the Peninsula and in the South Bay. The local trade association seeks to promote the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
Chris Isaacson, a REALTOR® with Coldwell Banker, Woodside, was installed as 2015 President; Karen Trolan, a REALTOR® with Alain Pinel Realtors, Los Gatos, President-elect; and Phyllis Carmichael, a REALTOR® with Coldwell Banker, Los Altos, Treasurer.
Joining the lead officers as 2015 board directors are David Tonna (Alain Pinel Realtors), past president; Carolyn Miller (RE/MAX Real Estate Services), Region 9 Chair; Davena Gentry (Sereno Group), Menlo Park/Atherton District Chair; Robert Reid (Keller Williams Realty), Palo Alto District Chair; Katherine Frey (Alain Pinel Realtors), Los Altos/Mountain View District Chair; Mark Burns (Referral Realty), Cupertino/Sunnyvale District Chair; Alan Barbic (Coldwell Banker), Los Gatos/Saratoga District Chair; John Tripp (Foundation Trust), NAR Director; Jeff Bell (Coldwell Banker), Eileen Giorgi (Keller Williams Bay Area Estates), Gene Lentz (Oliver Luxury Real Estate), Cassie Maas (Alain Pinel Realtors), Bill Moody (Referral Realty), Directors At-large; and Clayton Nelson (Clayton Nelson & Associates), Affiliate Chair.
Isaacson is past chair of SILVAR’s Menlo Park/Atherton District and has served as director at-large and C.A.R. Region 9 director. He told members the business of real estate has changed, but what hasn’t changed is the value REALTORS® bring to their clients and their adherence to the REALTOR® Code of Ethics.
Also during the event, the 2014 Appreciation Awards were presented by 2014 President David Tonna and Executive Officer Paul Cardus to Carolyn Miller (RE/Max Real Estate Services), REALTOR® of the Year; David Hamerslough (Rossi, Hamerslough, Reischl & Chuck), Affiliate of the Year; Lehua Greenman (Coldwell Banker Residential Brokerage), Spirit of SILVAR; Ryan Nunnally (Alain Pinel Realtors), President’s Award. 2012 President Suzanne Yost (Alain Pinel Realtors) was recognized for her work as 2014 Region 9 Chair. A past president, Miller has served in almost every committee, most notably the PRDS Standard Forms Committee and the Silicon Valley REALTORS® Charitable Foundation. She was praised for her commitment to improving the community and schools, and contributing her time “without thought of reward or gain.”
Hamerslough was recognized for working tirelessly on improving the PRDS contract for members, his generosity, and devoting time to educating members on risk management.
Greenman was recognized for her tremendous passion for her work, the association and community. She has helped organize a very successful 408/650 softball charitable fundraiser year after year. Nunnally was commended for his leadership as 2014 Young Professionals Network (YPN) chair. “With just five years in the business, he has achieved what may take some others twice as long or more,” said Tonna.
This year’s installation sponsors were Coldwell Banker Residential Brokerage; Sereno Group; Supra; MLSListings Inc; SILVAR’s Menlo Park/Atherton, Palo Alto, Los Altos/Mountain View, Cupertino/Sunnyvale and Los Gatos/Saratoga districts; HSBC – Kenneth Chan; Princeton Capital; Alain Pinel Realtors – Los Gatos; and HomeFolio – Kirk Bailey.
Silicon Valley REALTORS® Charitable Foundation trustee Susan Sweeley and Los Altos/Mountain View District Co-chair Joe Brown are pictured here with Judy Hannemann, board chair for JustREAD.
The Silicon Valley REALTORS® Charitable Foundation on Dec. 12 presented a check for $2,500 to Judy Hannemann, board chair for JustREAD, a cross-generational program composed of retired professionals in the Los Altos and Mountain View communities who are trained as tutors to teach reading and writing basics to students who did not learn these skills in earlier grades.
The Silicon Valley REALTORS® Charitable Foundation is a trust which makes grants available to organizations from donations by its REALTOR® and affiliate members and friends. SILVAR REALTORS® and affiliates are committed to the welfare and prosperity of the communities where they live and work, and through their charitable contributions and member involvement, strive to help create more productive and enriched communities.
California REALTORS® hailed the Federal Housing Finance Agency’s announcement this week that government-sponsored enterprises Fannie Mae and Freddie Mac will lower down payments to as little as 3 percent for first-time home buyers and permit refinancing borrowers to reduce equity to 3 percent to cover closing costs.
The FHFA decision to lower down payments is in line with its effort to boost the real estate market and expand the pool of first-time home buyers who have been kept in the sidelines even as the housing market has been on the path to recovery. “The new lending guidelines will enable creditworthy borrowers who can afford a mortgage, but lack the resources to pay a substantial down payment plus closing costs, to get a mortgage with 3 percent down,” said FHFA Director Melvin L Watt in a statement released on Monday.
David Tonna, president of the Silicon Valley Association of REALTORS®, applauded the FHFA’s decision to expand access to credit to first-time home buyers. “Despite an improving job market and low interest rates, the share of first-time home buyers in 2014 was the lowest in nearly three decades,” said David Tonna, president of the Silicon Valley Association of REALTORS.
Tonna said according to the 2014 National Association of REALTORS® Profile of Home Buyers and Sellers, the share of first-time home buyers dropped from 38 percent in 2013 to just 33 percent this year. This represents the lowest share since 1987, when the first-time home buyer share was at 30 percent.
“We commend the FHFA’s commitment to expand homeownership and are confident that the underwriting guidelines put in place will mitigate risk,” said Tonna.
Borrowers still need to meet strict criteria under the new programs. Only borrowers who haven’t owned a primary residence within the last three years will be eligible for Fannie Mae’s 3 percent down payment program, which starts Dec. 13. The Freddie Mac program, which will begin in March, is only for borrowers who have never owned a home, those with moderate incomes or are in underserved areas.
Borrowers for both programs will be required to buy private mortgage insurance, provide complete documentation of their income, assets and job status. Borrowers also need a credit score of at least 620 to qualify and are required to receive homeownership counseling.
The income tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences expired at the end of 2013. Without immediate action by Congress, distressed homeowners will have to pay tax on “phantom income” from forgiven debt. Many families have decided not to go through with short sales or seek workouts because of the uncertainty over the status of the waiver. This is not only unfair, but harms families, neighborhoods and communities.
On Wednesday night, the United States House of Representatives passed the bill containing the income tax exemption on forgiven mortgage debt and other expired tax provisions by a vote of 378-46, but the United States Senate has not yet voted on the measure. The National Association of REALTORS® (NAR) is urging all members to contact their senators in Congress and have them extend this tax relief now!
- Despite significant market recovery, more than 5 million are still “under water.”
- Nearly 1 million households are seriously delinquent on their mortgages or in foreclosure.
- Mortgage debt forgiveness tax relief is vital for these families.
Congratulations 2014 CIPS Institute graduates!
Twenty-three REALTORS® attended the National Association of REALTORS® (NAR) Certified International Property Specialist (CIPS) Institute offered at the Silicon Valley Association of REALTORS® (SILVAR) on November 17-21. Attendees included REALTORS® from SILVAR and other REALTOR® associations around the Bay Area. It was the third CIPS Institute offered by the local trade association to both members and nonmembers, providing them the opportunity to learn more about global real estate so they can better serve their international clients. Florida resident David Wyant, NAR’s 2012 and 2009 International Instructor of the Year, returned to the Bay Area to teach the week-long courses, which focused on ownership and transaction principles of international real estate, including specifics on the real estate markets in Europe, the Americas and Asia. “The great thing about teaching the CIPS classes in Silicon Valley is that the REALTORS® here ‘get it.’ Many of them are already experiencing business with international clients. Others quickly grasp the opportunity that exists here and begin to put their business plan in place to exploit it,” said Wyant. Wyant added, “Silicon Valley is a brand well known in virtually every country in the world, and our CIPS graduates report that they have experienced success reaching out to clients in their preferred ‘niche’” Sales to international buyers reached a record $92.2 billion last year, according to NAR. California, Florida, New York and Texas are the most popular states where international buyers search for properties. Upon completing the required courses and other necessary requirements, the REALTORS® have the opportunity to receive their CIPS designation at the annual REALTOR® Conference and Expo slated for November 2015 in San Diego. Since SILVAR began offering the CIPS Institute in 2012, more than 50 REALTORS® have earned the CIPS designation.
Despite the housing market recovery, scammers are still attempting to defraud unsuspecting homeowners, according to the California Bureau of Real Estate (CalBRE)). CalBRE is asking consumers and real estate agents to be on the alert and report suspicious fraudulent activity.
CalBRE real estate commissioner Wayne Bell recently told Silicon Valley real estate professionals at a meeting of the Filipino American Real Estate Professionals Association (FAREPA) that the bureau is reaching out to the public and real estate organizations and seeking their help in catching criminals that continue to prey on unsuspecting and financially distressed homeowners. Bell said real estate agents are themselves targets of fraud, along with consumers, especially the elderly. He is asking anyone suspecting scams involving real estate to report their suspicions to the bureau, or visit its website at www.dre.ca.gov and file a complaint.
“We would like to see a culture of compliance with our laws,” said Bell. “We want to educate real estate professionals who want to aspire for professionalism and segregate them from the crooks that don’t.”
Bell said the bureau is seeing a rise in cases of affinity fraud, where criminals prey upon members of ethnic communities. These scams often go unreported because many in these groups are afraid to contact government authorities.
Foreclosure rescue scams and pitching of forensic loan audits are still prevalent. These scams involve fraudulent foreclosure “rescue” professionals who sell services that promise relief to financially strapped homeowners in exchange for an advanced fee.
Unlicensed property management companies are targeting agents, selling them worthless lists of rentals. Then there’s online rental fraud, where scammers hijack a listing and put it up on Craigslist and other websites. These scammers are difficult to catch, said Bell, because they move from one place to another.
Bell said homeowners need to beware of property record fraud, a scam that can be simply done by someone recording a false document in the county recorder’s office. The document makes it appear as if they own someone else’s property. Seniors are often the target of this type of crime and reverse mortgage scams.
Bell advises consumers and agents to make sure a person’s license is legitimate by checking the CalBRE website, which shows license status in real time and disciplinary actions taken against a licensee; be vigilant; be skeptical; don’t send money over the Internet; see the rental property first, or contact a legitimate agent to help you. He also advises homeowners to check the title to their property and make sure there are no liens imposed on the property.
Learn about “Doing Business with China” on Thursday, October 2, 1-2:30 p.m. at SILVAR, where panelists will share their experience with Chinese buyers and sellers. This event will focus primarily on the REALTOR®, the lender and the escrow perspectives.
Amy Sung, a REALTOR® with Pacific Union International Real Estate – Menlo Park, and Mark Wong, a REALTOR® with Alain Pinel REALTORS® – Saratoga, will present the REALTOR® perspective; Kenneth Chan, premier mortgage consultant with HSBC – Palo Alto, will present the lender perspective; and Jessie Wu, escrow officer with First American Title Company – Cupertino, will present the escrow perspective.
“Doing Business with China” is the first of a quarterly series of programs that will explore different aspects of doing business with clients from other countries. This educational event will give members the opportunity to learn the “nuts and bolts” from real estate professionals that have worked with Chinese clients and are familiar with the real estate rules and regulations of the country. They will share their experiences, including challenges they have encountered when closing a deal.
Cost is $10 for members and $15 for nonmembers, if registered by Wednesday, October 1. Cost is $20 at the door. Chinese dessert snacks will be served at this event. Members may register at ims.silvar.org or call SILVAR at (408) 200-0100.
By now, you are aware of potential dangers that face real estate agents when they are meeting clients, showing properties or hosting open houses, and in their cars. There is one more place to consider: the office where you work. You can help safeguard your business (and your personal) property, and the safety of all who work in the office, with a few procedures and precautions:
1. Know staff in other nearby businesses and be aware of their schedules.
2. Ensure that all doors other than the main entrance are secured.
3. Make certain windows are not obscured so that passersby can see in.
4. Make sure there is a clear exit route from the service desk to the door.
5. Never allow visitors to wander freely about the business. Have the person whom they want to see come to the front office area and escort the individual to the meeting area.
6. Have a visitor log book and policy on issuing visitor tags that limit access to certain areas and hours of the day.
7. If you encounter an individual while working late or alone, indicate to that person that you are not alone. Say something like, “My supervisor will be right with you and should be able to assist you.”
8. Keep personal information private. Avoid discussing where you live, after-work or vacation plans in front of customers, new coworkers or anyone in general with whom you are not comfortable.
9. Never leave valuables, purses or wallets tucked behind counters or on desks.
10. Lock away personal letterhead and business cards to avoid use by unauthorized people.
11. Mark equipment for easy identification in the event of theft or damage. Maintain an inventory of all marked items.
12. Lock up audio/visual equipment when not in use.
13. Secure spare and master keys in locked cabinets.
14. Protect client information. Most offices keep sensitive personal information on their computers and/or in paper files—names, Social Security numbers, credit card or other account data—that identifies customers or employees. If this sensitive data falls into the wrong hands, it can lead to fraud or identity theft.
(Source: Sonoma County Crime Crushers)
This article is part of the National Association of REALTORS®’ REALTOR® Safety Resources Kit. Visit NAR’s REALTOR® Safety website at http://www.REALTOR.org/Safety for more safety tips.
The National Association of REALTORS® (NAR) has announced that the new .REALTOR® top-level domain will be available October 23, 2014 to members of NAR and the Canadian Real Estate Association (CREA).
With the Internet undergoing vast changes, the creation of over 1,900 new top-level domains, and with nine out of 10 recent buyers beginning their home search online, it has become even more critical for REALTORS® to create a branded space online. The .REALTOR® domain will help REALTORS® stand apart from other real estate professionals, creating a more positive online experience for consumers who are searching for information on buying or selling property. Having a .REALTOR® domain will inform consumers that they are working with a REALTOR®, a trusted real estate professional who subscribes to NAR’s strict Code of Ethics.
The top-level domain will be made available only to real estate professionals who are REALTORS®, members of NAR or CREA. The domain will also be made available to state and local REALTOR® associations, association multiple listing services, affiliated institutes, societies and councils and NAR strategic business partners.
Starting October 23, members will be able to go to http://www.claim.REALTOR to claim their .REALTOR® domain. NAR will provide the first 500,000 members NAR and 10,000 CREA who register for a .REALTOR® domain with a free one-year license. For more information, visit http://www.about.REALTOR.
Silicon Valley Association of REALTORS® says ... 