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This week REALTORS® from across the nation convened in our nation’s capitol for the National Association of REALTORS® Mid-year Business meetings and visits with members of Congress. SILVAR members joined their fellow REALTORS® in Washington, D.C. to take part in NAR business meetings and personally meet with their representatives in Congress.
Along with members from the San Mateo, Santa Clara, Santa Cruz County Associations of REALTORS®, SILVAR members met with both U.S. Representatives Anna Eshoo and Mike Honda during the meetings. The SILVAR delegation included SILVAR President Gene Lentz, President-elect Suzanne Yost, Region 13 Caucus Chair Jim Hamilton, NAR Directors David Barca, Jeff Barnett, Judy Ellis, Susan Tilling, C.A.R. Directors John Tripp, Aaron Wheeler, and Federal Political Coordinator and SILVAR PAC Trustee Carole Feldstein.
In meetings with members of Congress, REALTORS® focused on five core issues important to homeowners and the housing industry. Below are the issues that were brought to the attention of our legislators.
The Future of the Secondary Mortgage Market
The GSEs, though they have been in conservatorship for almost three years, remain critical to ensuring mortgage market liquidity. Currently, estimates of GSE loan volume range as high as two-thirds of mortgage loans. There is currently a push in Congress to eliminate the GSEs. Without a viable replacement for their secondary mortgage market mission, it will mean severely restricted mortgage capital and higher costs for qualified, creditworthy borrowers. The reduction in mortgage liquidity will exacerbate downward pressure on home prices ultimately reducing the home values for existing homeowners.
REALTORS® urged that the federal government must have a continued key role in the secondary mortgage market in order to ensure that there is capital for mortgage lending in all mortgage markets under all market conditions. California’s jumbo market over the last four years has demonstrated that a purely private market is incapable of meeting all the needs of home buyers and supplying a stable flow of capital. Reform of the secondary mortgage market, in particular Fannie Mae and Freddie Mac, should be comprehensive and undertaken methodically.
Access to Affordable Mortgage Products
The current loan limits for high-cost areas are set to expire on September 30, 2011. Reverting to the statutory limits will create a decline in liquidity and hurt our nation’s economic recovery. Many argue that the loan limit increases help only higher cost areas, but this is not the case. Reverting to the statutory limits will reduce limits in 619 counties and 41 states and the District of Columbia. The average decline in loan limits will be more than $58,000.
The Dodd-Frank Act requires mortgage securitizers to retain 5 percent of the risk unless the mortgage is a qualified residential mortgage (QRM). The proposed rule issued by six federal regulators would require families to make a 20 percent down payment and meet other stringent requirements. The QRM definition is extraordinarily important because it will determine the types of mortgages that will generally be available for borrowers for the foreseeable future. Weak underwriting and toxic mortgages are the main cause of mortgage defaults, not well-underwritten mortgages with affordable down payments.
REALTORS® urged their members of Congress to oppose any decrease to FHA and GSE loan limits. Maintaining the conforming loan limit calculation and caps in high-cost areas would allow the local economic climate of each high-cost state to dictate the necessity of an increase in its conforming loan limit. Maintaining the current conforming loan limits in high-cost areas would also give everyone equal access to the secondary market.
REALTORS® also asked that members of Congress submit comments to the six regulators during the comment period and voice concern that the proposed Qualified Residential Mortgage (QRM) rule would deny otherwise creditworthy Americans affordable financing while further concentrating the lending industry in the mega-banks that are already “too big to fail.”
Preserving Home Ownership Tax Benefits
In December 2010, the President’s National Commission on Fiscal Responsibility and Reform (best known as the Deficit Commission) issued a report identifying tax and spending changes designed to significantly reduce the deficit over the next decade. That Commission recommended different tax options. At least three different approaches were included:
- Eliminate all “tax expenditures” (deductions, exclusions, credits).
- Eliminate the mortgage interest deduction (MID) for second homes and reduce the amount of allowable mortgage debt from $1 million to $500,000.
- Convert the deduction to a 12 percent tax credit.
Since the report was issued, REALTORS® have aggressively reminded Congress that any change to the tax rules that apply to home ownership would disrupt the market and cause home values to further decline. Both Rep. Eshoo and Rep. Honda were thanked for co-sponsoring H.Res. 25, which supports the existing the mortgage interest deduction.
REALTORS® expressed any change to the MID or other home ownership provisions will slow the housing recovery. Tax rates have a way of creeping up over time. Since 1986, when the rate was 28 percent, the top rate has been as high as 39.6 percent and is presently 35 percent. Reducing, eliminating or otherwise changing the value of the mortgage interest deduction will cause the value of housing to drop even more, perhaps by as much as 15 percent in some markets. This decline would be in addition to the 30 percent decline that some markets have experienced.
Short Sales
Too often, short sales are still a story of delay and unrealistic lender views of current home values, resulting in the potential buyer canceling the contract and the property going into foreclosure. Even if successful, the process usually takes many months and countless hours and often requires re-marketing because buyers lose patience and terminate the contract. Streamlining short sales will reduce the amount of time it takes to sell the property, improve the likelihood the transaction will close, and reduce the number of foreclosures. This will benefit lenders, sellers, buyers, and communities.
REALTORS® support H.R. 1498 to require servicers to decide whether to approve a short sale within 45 days of completion of the short sale request. A hearing on H.R.1498 will shine a light on the short sales issue and identify ways to make short sales work better. Delays in approving requests for a short sale remain a significant impediment to this foreclosure avoidance option. Banks are losing more than they have to because they lose much more when selling homes after foreclosure than they would if they approved reasonable short sales.
Affordable and Available Property Insurance
Floods claimed more lives and property than any other natural disaster in the U.S. over the last century. Unable to ignore the rising cost to taxpayers of disaster payments for uninsured properties or the lack of a private market for flood insurance, Congress created the NFIP in 1968. Today, 5.6 million property owners rely on the program in 21,000 communities where flood insurance is required for federally related mortgages. Since September 2008, Congress has approved nine NFIP extensions and allowed five lapses. During the June 2010 lapse, 47,000 home sales were delayed or cancelled, according to NAR survey data. Real estate markets require certainty to make the long-term investments that are vital to the U.S. economic recovery.
REALTORS® urged Congress to reauthorize the National Flood Insurance Program (NFIP) for at least five years and end the uncertainty of extensions and shutdowns. NAR supports provisions of H.R.1300 (Biggert, R-IL) to reauthorize NFIP through 2016 but oppose its privatization pilot program which would reduce the program’s risk pool and long-term viability. NAR opposed H.R. 435 (Miller, R-MI) to sunset the NFIP by 2013 and authorize interstate compacts.
Next week (May 16-20) is SILVAR’s annual RSVP (REALTOR® Service Volunteer Program), when REALTORS® and affiliates from SILVAR assist seniors and the homebound with household tasks, like washing windows, installing smoke detector batteries, flipping mattresses, light vacuuming, dusting, replacing light bulbs, changing furnace filters and trimming bushes.
This year, each district has scheduled a certain day(s) when volunteers will work in senior homes:
CUPERTINO/SUNNYVALE DISTRICT
RSVP Day: Wednesday, May 18
District RSVP Chair: Sue Bose
For more information, email suebose@yahoo.com or call (408) 835-3330
LOS ALTOS/MOUNTAIN VIEW DISTRICT
RSVP Day: Wednesday, May 18
District RSVP Co-chairs: Susan O’Brien and David Kim
For more information, email sobrien@interorealestate.com or davidkim@interorealestate.com, or call (650) 947-2900
LOS GATOS/SARATOGA DISTRICT
RSVP Day: Thursday, May 19
District RSVP Chair: Rick White
For more information, email rick@serenogroup.com or call (408) 335-1400
MENLO PARK/ATHERTON DISTRICT
RSVP Day: Thursday, May 19
District RSVP Chair: Chris Isaacson
For more information, email christopher.isaacson@cbnorcal.com or call (650) 851-2666
PALO ALTO DISTRICT
RSVP Day: Wednesday and Thursday, May 18-19
District RSVP Chair: Jeff Beltramo
For more information, email jbeltramo@cbnorcal.com, or call (650) 325-6161
The Cupertino First-time Home Buyer Seminar held last Saturday was well-attended.
The City of Cupertino and SILVAR’s Equal Opportunity Committee partnered to present a First-Time Home Buyer Seminar at the Cupertino Community Hall last Saturday. SILVAR members served as panelists in discussions focusing on credit information and tips for first-time home buyers. A third segment of the seminar was presented by The Housing Trust of Santa Clara County.
Presenting advice on credit, Richard Miller (Proficio Mortgage Ventures), Kenneth Chan (HSBC), and Jimmy Kang (Bank of America) stressed now, more than ever, your FICO score is very important. Miller recommended that potential buyers check their FICO score at least once a year to make sure their credit report is accurate; six credit cards are ideal; and make sure debt on each credit card is no more than 30 percent of the allowed credit. Chan informed international buyers of requirements for buying property here in the U.S. Kang talked about the different loans available for buyers.
A panel of REALTORS® with Chris Alston (Keller Williams Realty), Nina Daruwalla (Coldwell Banker), Grace Keng (Re/Max Real Estate Services), and Moise Nahouraii (Referral Realty) informed prospective home buyers that these days, in addition to having a good credit rating and history, they need to get pre-approved by a lender before they start looking at homes or contacting a real estate professional. They differentiated between a REALTOR® and a real estate agent, stressing REALTORS® pledge to abide by a Code of Ethics. They reminded buyers there is no “perfect home,” but with the help of a REALTOR® who is knowledgeable and employing good negotiating strategies, one can find the best property for the best value and clinch the deal.
Dan Lachman, program manager of The Housing Trust of Santa Clara County, then shared information on programs that provide financial assistance to first-time homebuyers, including the Closing Cost Assistance Program (CCAP), the Mortgage Assistance Program (MAP) and Equity Share Co-Investment (ESCO).
“Almost 80 percent of all home searches today begin on the Internet. With just a few clicks of the mouse, home buyers can search through hundreds of online listings, view virtual tours of neighborhoods and homes,” said Tess, Crescini, chair of SILVAR’s Equal Opportunity Committee. “Many prospective home buyers don’t realize a lot of preparation is needed before their search. We hope we were able to educate them about these important steps, so their home buying experience can be successful.”
Crescini moderated the SILVAR panels, along with Sue Bose, who is also a member of the committee. The weekend seminar was held in observance of Affordable Housing Week. Also represented at the event were credit counselors from SurePath, West Valley Community Services, Neighborhood Housing Services Silicon Valley, Project Sentinel and Habitat for Humanity.
See article and more photos on here.
On Wednesday, more than 50 members of the Silicon Valley Association of REALTORS® (SILVAR) joined thousands of REALTORS® from across the state in Sacramento for Legislative Day. They met with their legislators and discussed important issues concerning the real estate industry.
At the Sacramento Convention Center, California REALTORS® were greeted in the morning by California Association of REALTORS® President Beth Peerce and then briefed on hot issues by the C.A.R. leadership. Special speakers at this session included Assemblymember John Perez (D-Los Angeles) and State Senator Sam Blaskeslee (R-San Luis Obispo).
Both Perez and Blakeslee pledged their support for REALTORS®, stating housing is key to California’s economy. They also said the state faces a record budget deficit and legislators continue to be embroiled in a battle over cuts and taxes. Perez said the only option to fix the budget crisis is to extend revenues for the duration of the crisis. “The best way is to come together and force a consensus. I’m asking you to go back to your communities and keep the conversation going,” said Perez.
At a joint SILVAR, SAMCAR (San Mateo County Association of REALTORS®) and SCCAOR (Santa Clara County Association of REALTORS®) luncheon, guest speaker Richard Costigan, senior director of state and government affairs for Manatt, Phelps & Phillips, LLP, told REALTORS® the only revenues legislators should be talking about are revenues associated with job growth, because job creation is key to fixing the state’s economy.
SILVAR Members are pictured here before heading to the State Capitol building to meet with legislators.
A number of ideas to close the state’s budget gap have been floating around, some of which would be harmful to real estate and REALTORS®. As “lobbyists for the day,” REALTORS® sought to educate their legislators on these issues and ask for their votes. They urged legislators to oppose the following ideas and explained why:
1. Forced overwitholding on independent contractors. There is no evidence that independent contractors are failing to pay their income tax obligations. This change would merely create significant administrative burdens for individuals and create more administrative costs to the Franchise Tax Board, since it would have to make refunds to those independent contractors whose withholding amount remitted to the state exceeds their income tax obligation.
2. Tax on services. Over the years, several pieces of legislation have been proposed to impose a sales tax on special services that are currently exempt from taxation. A tax on real estate related services will increase the cost of housing because all services involved in purchasing a home will be taxed (e.g., appraisal, home inspection, structural pest control inspection, escrow services, loan fees, etc.).
3. Changes to the mortgage interest deduction (MID). As state and federal budget deficits have grown, legislative interest has increased at both levels of government in scaling back the cost of the MID. Both state and federal law limit the deduction to the interest paid on a maximum $1 million of mortgage debt (first and second homes), plus $100,000 in home equity debt. The MID encourages home ownership, which promotes community stability and pride, employment, savings and long-term investment – values that have made the U.S. strong and prosperous.
REALTORS® also requested a “No” vote on SB 184 (Leno) – Rent Control. SB 184 will weaken the landmark Costa-Hawkins law limiting rent control, by allowing local jurisdictions to control rents on newly constructed rental housing. This bill will discourage the creation of new rental housing, which is badly needed.
SILVAR members met with State Senator Joe Simitian (D-Palo Alto) and Assembly Members Paul Fong (D-Cupertino), Jim Beall, Jr. (D-San Jose) and Rich Gordon (D-Menlo Park). SILVAR’s leadership also met with the staff of State Senator Elaine Alquist (D-Santa Clara) and State Senator Blakeslee. The legislators listened intently to REALTOR® concerns and pledged their support for issues raised, but it was obvious fixing the budget weighed on their minds and negotiations had clearly taken a toll on them. Fong described the task as a “very trying experience.”
Simitian called the idea of overwitholding on independent contractors a “gimmick.” He also stressed the budget is in crisis and property values could, in the long-run, be affected. He said Silicon Valley is a relatively prosperous area, where the housing crisis may seem remote compared to other areas, but “eventually cuts will affect your property values.” He asked REALTORS® to push people to get the “yes” vote on the tax extension in the June ballot.
Beall said the state lacks infrastructure planning and needs an international trade policy to stimulate jobs. “The state doesn’t look at outcomes enough compared to local governments,” Beall remarked.
Beall also invited members to attend his neighborhood coffees. “This is a very difficult environment to work in,” Beall said. “Keep me connected and invite me to your affairs. I want to make sure I stay grounded with everything.”
Like the other legislators, Gordon professed his support of the mortgage interest deduction. “The strength of democracy is in maintaining a strong middle class. One of the ways we have sustained and maintained a strong middle class is through the deduction. Democracy is also dependent on a strong sense of community. Home ownership is one of the critical factors in the creation and maintenance of community,” said Gordon.
Gordon also noted the importance of REALTORS® and the industry. “Your industry is so important to California not only because of the economy, but because you help build the communities that create the kind California we all want … So the mortgage interest deduction is a critical element in creating the kind of place that we all want.”
See more of our Legislative Day photos here.
Diversity doesn’t only encompass different cultures; the term also refers to different generations. People are living longer, so society is now composed of more generations. Each generation has different traits and communicates differently. A REALTOR® needs to have a keen understanding of each generation in order to relate to clients and other agents. The method of communicating or marketing to each generation can affect a transaction, according to Tracey McNeely, a REALTOR® with Keller Williams in Cupertino.
McNeely shared information about the different generations at last week’s Cupertino/Sunnyvale District tour meeting. She identified the following four generations in today’s society and shared their general characteristics:
1. Veterans, born 1922-45
Respect for authority, conformers, disciplined and never buck the system, traditional nuclear family, savers, put away cash, communicate one-to-one, work hard, duty before fun, prefer to communicate via formal memo or mailed letter
2. Boomers, born 1946-64
Optimistic, involved, casual (“Call me any time.”), many disintegrating nuclear families, workaholics, grew up with the rotary and touch phone, “buy now, pay later” mentality, crusade for causes, question authority, their lives are broadened beyond the scope of the family, prefer to communicate in person
3. Generation X, born 1965-1980
Skeptics, like a lot of fun and informality, many grew up as latchkey kids, touch tone phone – it’s perfectly fine with them to leave messages on their answering machine, screen calls (“Don’t call me after work.”), like to eliminate tasks, self-reliant, have no patience, like immediate action, like to communicate directly
4. Generation Y Millennials, born 1981-Present
Filled with realism, confident, love extreme sports for fun, product of merged families similar to the TV show “Modern Family,” very adept with cell phones, entrepreneurial, multi-taskers, tenacious, oriented, tolerant, communicate via voicemail, email, Facebook, Skype, text messaging, like to chat online.
“Remember, when you have another agent on the other end, try to look at their generation and adjust your way of communicating,” McNeely told members.
The current continuing resolution providing funding for government operations is set to expire today. If legislation to extend funding is not signed into law after today, the federal government could shut down. This means many, but not all government programs, including some that impact federal housing and mortgage programs, could grind to a halt as early as tomorrow, April 9. While the true impact of a shutdown is unclear until it actually begins, below is a synopsis of how federal housing programs will likely operate in the event of a shutdown.
The Office of Management and Budget requires each agency to have contingency plans in place and reportedly has instructed agencies to not provide specific information on impacted operations.
Federal Housing Administration
FHA cannot offer endorsements for any new loans in the Single Family Program and cannot make commitments in the Multi-Family Program in the event of a shutdown. FHA will maintain operational activities, including paying claims and collecting premiums. Management & Marketing Contractors managing the REO portfolio can continue to operate.
VA Loan Guaranty Program
Lenders may continue to process and guarantee mortgages through the Loan Guaranty program in the event of a government shutdown.
Internal Revenue Service
Should the federal government shut down, the IRS cannot process federal income tax returns or issue refunds (but it can deposit tax payments). Consumers who were expecting to use their tax returns as part of the down payment for a home purchase will temporarily not have access to these refunds.
Flood Insurance
The Federal Emergency Management Agency confirmed that the National Flood Insurance Program will not be impacted by a government shutdown.
Rural Housing Programs
For U.S. Department of Agriculture programs, essential personnel working during a shutdown do not include field office staff who typically issue conditional commitments, loan note guarantees and modification approvals. Thus, lenders will not receive approvals during the shutdown. If the lender has already received a conditional commitment from the Rural Development office, then the lender may proceed to close those loans during the shutdown. A conditional commitment, which is good for 90 days, is given to a lender once a USDA underwriter approves the loan. If a commitment was already issued, the funds were already set aside, the lender may close the loan at his leisure. If Rural Development has not issued a conditional commitment, the lender must wait until funding legislation is enacted before closing a loan.
Government Sponsored Enterprises
Fannie Mae and Freddie Mac will continue operating normally, as will their regulator, the Federal Housing Finance Agency.
Treasury
No official word as of yet, but the Making Home Affordable program, including HAMP (Home Affordable Modification Program) and HAFA (Home Affordable Foreclosure Alternatives), may not be affected because the program is funded through the Emergency Economic Stabilization Act, which is mandatory spending, not discretionary.
For more information, visit www.realtor.org.
Carole Rodoni
Real estate consultant Carole Rodoni didn’t mince words when she talked to Silicon Valley REALTORS® at SILVAR’s Palo Alto District this morning. She is appalled at how lawmakers have handled the budget, the deficit, short sales and foreclosures, and even the war in Libya, but with regard to Silicon Valley real estate, Rodoni is upbeat.
The former president of Fox & Carskadon Realtors, former COO of Cornish and Carey Real Estate and Alain Pinel Realtors, and now president of Bamboo Consulting Inc. says the media can talk about a slump in the housing market, but the San Francisco Bay Area is an “oasis in the desert.” This region is the gateway to the Pacific Rim, with the best universities, diversity of culture and education.
“People aspire to live here and there is no more land here. Land is valuable and land here will keep its value,” says Rodoni. “At the end of the day, how can anyone say Silicon Valley isn’t alive and well?”
What should REALTORS® tell buyers? “Tell them they are getting a free gift right now,” Rodoni says.
Prices have come down a bit, interest rates have edged up from 3 percent to about 4 percent, but they are still low. She predicts rates will rise even more by the end of this year, possibly to 5 percent or more, and perhaps 6 and 7 percent in three years because of inflation. “The stars have aligned here,” according to Rodoni. “Where do you find this affordability?”
Rodoni says buyers should “buy it, hold it – don’t spin it, and keep it for at least five years.” Also, while buyers should pay attention to interest rates, she says they should also watch out for lending fees because she is sure they will increase.
“Loans will be 5 to 8 percent more expensive than last year,” Rodoni says. “At the end of the day interest counts, but understand that everything is going up because of loan fees. If you are a buyer, while it’s good to look at price, look also at loan fees. Match interest rate to the loan product.”
She says buyers should ask themselves these questions: Is it the right price? Is it the right place? Examine where you are looking. Will it appraise for that price? Is the lender going to like it? Then she cautions: Do not attempt to low ball when you’re facing a multiple offer situation. How high are you going to go? Especially in this region, you cannot sit with terms and conditions.
“It would be like playing football in a baseball diamond,” she says. “Investors know there is value here and they will continue to come in. Silicon Valley is the bread and butter market. They see the sweet spot and will fight to get it.”
By SILVAR Government Affairs
The Mortgage Interest Deduction (MID) may be under attack again. As the 112th Congress struggles to finalize a budget plan for this year, everything is back on the table. House Speaker John Boehner (R-OH) recently stated that MID for second homes is becoming harder and harder to justify in these difficult times. So might be the MID for homes greater than $500,000.
If these rollbacks to the deduction are put into law, it will be devastating for Silicon Valley homeowners and the overall housing market. But how will it impact you? As part of the National Association of REALTORS® (NAR) Home Ownership Matters campaign, NAR has released an APP that calculates how homeowners do and will benefit for the preservation of the mortgage interest deduction.
The MID Calculator allows homeowners to estimate the tax savings value of the mortgage interest rate deduction. Use the buying power calculator to see how your housing dollars are optimized by the tax savings. This APP is compatible with iPhone, iPod touch, and iPad.
As budget talks heat up, homeowners and REALTORS® should be prepared in the coming weeks to contact their member of Congress to voice their support for preserving the mortgage interest deduction. More information regarding legislative proposals and the deduction can be found at NAR’s MID site.
In the wake of the recent disaster in Japan, Californians ask themselves, “If a similar earthquake just like the one that hit Japan struck today, are we prepared?” Many studies show, despite being aware that California is prone to earthquakes, few Californians are prepared.
The recent disaster in Japan is a wake-up call that reminds us in the case of a major destruction it will take time for help to come. Electricity, water, gas and telephones may not be working after an earthquake. The police and fire departments will likely to be tied up, so individuals and families should be prepared to fend for themselves for at least several days to a week.
Homeowners can protect their families and reduce the risk of destruction by following the guidelines recommended by the California Department of Conservation and the U.S. Geological Survey. SILVAR members can review these earthquake safety measures and share them with their clients:
Identify Potential Hazards in Your Home and Fix Them
1. Move heavy furniture away from where people sit or sleep. Make sure exit paths are clear of clutter. Secure hanging objects, cabinet doors and appliances with earthquake-safety straps, fasteners and adhesives.
2. Water pipes can break and cause extensive damage; broken gas pipes are a major fire hazard. Replace rigid gas connections to water heaters and other gas appliances with flexible (corrugated) stainless steel gas connectors. Excess-flow gas-shutoff valves for individual appliances will stop gas flow in case of a catastrophic leak.
3. Move flammable or hazardous materials stored in garages and utility rooms to low areas that are secure.
Create a Disaster Supply Kit
Create a disaster supply kit and place it in an easily accessible location. This kit should be in a large watertight container that can be easily moved and should hold at least a one-week supply of the following items:
* First aid supplies, including spare eyeglasses and essential hygiene items
* Drinking water (minimum one gallon per person per day)
* Whistle (to alert rescuers to your location)
* Emergency cash in small bills (ATMs may not work)
* Snack foods high in calories, canned and packaged foods and cooking utensils, including a manual can opener. Don’t forget pet food.
* Emergency lighting—light sticks and (or) a working flashlight with extra batteries.
* Comfort items for your children, such as crayons, writing materials and stuffed animals
* A battery-operated radio (and spare batteries).
* Warm clothing, gloves, sturdy shoes, extra socks, blankets and perhaps even a tent.
* Heavy-duty plastic bags for waste and other uses, such as tarps and rain ponchos
* Copies of vital documents, such as insurance policies, personal identification, medical consent forms for dependents.
NOTE: Replace perishable items like water, food, medications, and batteries on a yearly basis.
Make Sure You Have a Disaster Preparedness Plan
Decide how and where your family will reunite if separated during a quake. Choose an out-of-state friend or relative to call and alert other relatives and friends that you are all right.
It would also be a good idea to discuss earthquake insurance with your agent. Depending on your financial situation and the value of your home, it may be worthwhile.
What to Do During an Earthquake
1. If you’re indoors, get under a desk or table, or stand against an interior wall. Stay away from exterior walls, glass, heavy furniture, fireplaces and appliances. The kitchen is a particularly dangerous spot. If you’re in an office building, stay away from windows and outside walls and do not use the elevator. If you’re outside, stay clear of buildings, power lines or anything else that could fall on you.
2. If you’re driving, move the car out of traffic and stop. Avoid parking under or on bridges or overpasses, or close to trees, light posts, signs and power lines.
3. If you’re in a mountainous area, beware of the potential for landslides. If you’re near the ocean, be aware that tsunamis are associated with large earthquakes, so get to high ground.
We are not immune to disaster in our state. Remember the magnitude 7.8 earthquake that struck on April 18, 1906 ranks as one of the most powerful earthquakes to hit Northern California. Then there was Loma Prieta in 1989, another devastating earthquake with a 6.9 magnitude that struck the region. Let’s make sure we are prepared for the next one.
To learn more about earthquake safety, visit http://www.conservation.ca.gov/index/Earthquakes/qh_earthquakes_what.htm, http://www.fema.gov/areyouready/emergency_planning.shtm, or http://earthquake.usgs.gov/prepare/.
PRDS is pleased to announce the new and highly anticipated San Mateo/Santa Clara Counties Advisory is now available online. This 14-page form is live on PRDS Forms on Instanet Solutions (access through www.silvar.org) and available for your next sale or listing. Printed copies will also be available at the PRDS store in a few weeks; preorders are being accepted.
This form is essential for all of your residential sales transactions. It has everything right down to city and municipal website references. Instead of using 53 pages of forms from the California Association of REALTORS®, PRDS and individual company disclosures, it’s all here in one convenient and consistent form.
What does the new PRDS advisory replace?
1. Normal San Mateo and Santa Clara County disclosures
2. Mold Advisory
3. High Speed Rail
4. Supplemental Tax bill notice and advisory
5. Half Moon Bay Disclosure
6. Unincorporated county info
7. Non-confidentiality of offers form
8. Retrofit and Litigation advisories
And . . . the 10-page C.A.R. statewide buyers and sellers advisory.
The new PRDS advisory was developed to make a PRDS transaction as up to the minute as possible in terms of general and local disclosure issues for buyers and sellers. It is a great means of clearly explaining the disclosure and investigation obligations of the principals and their agents. It also saves a lot of paper and time. You only have to reach for one form instead of making sure you have the nine different forms referenced above.
Written with the help of local brokers, managers, agents, and very sharp and experienced attorneys who are all members of the PRDS Standard Forms Committee, the new PRDS advisory is endorsed and recommended by large and small companies alike who are members of the San Mateo County Association of REALTORS® and SILVAR.
It’s another reason why PRDS is here to help REALTORS® do a better transaction by being more thorough on their disclosures.
PRDS is an extensive line of paper and online forms for residential purchase and sales transactions. These forms are available online free of charge as a member benefit to all REALTOR® members of the Silicon Valley Association of REALTORS® and the San Mateo County Association of REALTORS®.
Silicon Valley Association of REALTORS® says ... 