DSC03308

At the August Palo Alto District tour meeting, the Silicon Valley REALTORS® Charitable Foundation, the charitable arm of the Silicon valley Association of REALTORS® (SILVAR) presented Palo Alto University with a check for $10,000 to provide assistance to U.S. veterans through the SILVAR Veterans Scholarship Fund.

The SILVAR Veterans Scholarship Fund is designed to support eligible U.S. veterans residing in SILVAR’s traditional service area who wish to further their education. Funds for the scholarship fund were raised at SILVAR’s 2015 “REALTORS® Honor Veterans” event from donations made by members and friends of SILVAR, including a generous grant from the Pacific Gas & Electric Company.

Silicon Valley REALTORS® Charitable Foundation President Eileen Giorgi thanked members for their generosity and Palo Alto University for assisting the country’s veterans. “Thank you for your commitment to help our veterans achieve their goals. The SILVAR Veterans Scholarship Fund is our way of supporting our veterans, to thank them for their brave and invaluable service to our country, and to help them be successful,” said Giorgi.

Representing Palo Alto University at the presentation were Dr. Maureen O’Connor, president of Palo Alto University; Elizabeth Shaughnessy, director of Advancement; Derrick Felton, Board of Trustees and counselor, Veteran Affairs; Teresa Lee, executive assistant to the Provost & Director, Military/Veteran Student Services; and Jo Harvey, Advancement associate.

 

No matter where you are or who you are with, always trust your senses because your subconscious is almost always right. This was the first important safety tip that Santa Clara County Deputy Sheriff Chad Garton shared with SILVAR members at Wednesday’s Los Gatos/Saratoga District tour meeting.

Garton, who is a U.S. veteran who served in Iraq, said trusting your instinct is also what soldiers do in combat. If you feel uneasy about a person you are with or a situation you are in, trust your gut feeling and leave that person or remove yourself from the situation.

“Your subconscious is constantly taking in information; do not ignore that,” said Garton.

Garton said REALTORS® are especially at risk because they meet strangers all the time. He shared what he termed a 5-point Contingency Plan, which those in the military also use: Let people know:
1. WHERE you are going.

2. WHO you will be meeting.

3. WHEN you will be back.

4. What to do if you don’t return.

5. The ACTION to take if they cannot contact you.

Here are other safety tips Garton shared with members:

• It may be part of your job to show your professionalism and success in the way you   dress, but be aware that people are watching you and looking for ways to steal valuables.

  • Don’t leave valuables in plain sight in your car. It only takes 17 seconds for someone to break into a car.
  • Always meet a new person in a public place and get their ID.
  • Show strength in whatever you do. When you’re walking, look around; don’t look down. Always make eye contact. Speak in a loud voice because this gives the appearance of strength.
  • Do not carry a firearm. If you have to carry a weapon, make sure you are fully trained to use it. Pepper spray and Mace are good, but you still need to train yourself to use these self-defense devices.
  • An alarm system can act as a deterrent and video cameras inside and outside the home are even better deterrents because they can identify the robbers.
  • Lock all doors and windows even if you are home. If the weather is warm, spend the extra money and turn on the air conditioner, instead of leaving windows open.
  • Refrain from announcing open houses and where you will be on social media.
  • Do not to hesitate to call 9-1-1 if they see something suspicious, or feel you are in danger.

 

 

 

 

REALTORS® are concerned about the recent announcement by the U.S. Department of Housing and Urban Development (HUD) that the Federal Housing Administration (FHA) will begin insuring mortgages on certain properties with Property Assessed Clean Energy (PACE) loans. REALTOR® officials say there ought to be more disclosures regarding the risks associated with PACE loans.

A PACE loan allows a homeowner to borrow money to finance energy upgrades. The loan is repaid as a surcharge on the property tax. The PACE loan takes primary position to the mortgage. If the cost of repaying the PACE loan and any mortgages on the property exceeds the home’s purchase price, the seller will be forced to make up the difference.

California Association of REALTORS® President Pat “Ziggy” Zicarelli said in a statement, “Although C.A.R. supports voluntary consumer-friendly energy improvement programs for homeowners, C.A.R. believes that HUD was ill advised to approve placing PACE loans in a senior position to FHA first mortgages. Doing so places FHA homebuyers and taxpayers at risk and does homeowners a disservice by approving a loan product without consumer protections and which is aggressively sold to homeowners who rely on FHA financing for safe and affordable mortgages.”

REALTORS® say PACE loans are unfairly expensive and carry higher interest rates than the first mortgage or a home equity loan. “This loan product has no minimum disclosures, no underwriting of the borrower, no proof that the borrower has the ability to repay, no three-day right to rescind, no marketing limitations, no interest rate or fee caps, no kickback prohibitions; nothing,” added Zicarelli.

The Federal Housing Finance Agency (FHFA) and conservator of Fannie Mae and Freddie Mac prohibits PACE loans to be placed in a senior position to the mortgage. Both the FHA and Fannie Mae currently offer mortgage financing that allows borrowers to finance energy efficiency improvements at lower rates than PACE liens. HUD’s announcement, which is contrary to FHFA’s current policy will only confuse homeowners, homebuyers, REALTORS®, lenders, escrow, title and the housing market overall.

The National Association of REALTORS® also expressed its concern, especially with regard to delinquent foreclosed properties. “A foreclosed property with a PACE loan in the primary position will likely remain on the market longer than it should, further increasing uncertainty in mortgage markets and placing unnecessary pressure on homeowners,” NAR President Tom Salomone said in a statement.

Karen Trolan, president of the Silicon Valley Association of REALTORS®, said, “Now, more than ever, the California legislature must pass AB 2693 (Dababneh), a C.A.R.-sponsored bill that would ensure consumers are aware of the consequences of PACE loans and have the opportunity to rescind after a three-day cooling off period. Current disclosures given to home buyers do not explain the potential consequences of using PACE loans. AB 2693 will require Truth in Lending type disclosures to borrowers.”

 

 

 

 

After hearing from REALTORS® from around the country, including a significant percentage of the Silicon Valley Association of REALTORS® membership, the U.S. Senate passed H.R. 3700, the “Housing Opportunity Through Modernization Act of 2016.” This This legislation makes dramatic improvements to the Federal Housing Administration (FHA) rules around purchasing condominiums.

Changes include efforts to make FHA’s recertification process “substantially less burdensome” while lowering FHA’s current owner-occupancy requirement from 50 percent to 35 percent. The bill also requires FHA to replace existing policy on transfer fees with the less-restrictive model already in place at the Federal Housing Finance Agency.

Representatives from the National Association of REALTORS® (NAR) testified last year in support of the bill, which passed in the House of Representatives 427-0 in February. NAR initiated the Call for Action soon after and asked REALTORS® from across the country to contact their senators and urge them to pass the legislation.

REALTORSafety2011
Recent news reports about burglaries of vacant homes for sale in the Bay Area are troubling and a good reminder for REALTORS® and their clients to take precautions to prevent this crime from happening to them. Majority of recent burglaries have occurred in homes with “For Sale” signs in the front yard, or homes that are easily identifiable as being vacant. These burglars are taking large appliances, like refrigerators and stoves.

The Silicon Valley Association of REALTORS® shares the following safety tips with homeowners who plan to sell their home or leave their home vacant for an extended time:

  • Make your home look occupied. Use automatic timers on lights, a TV and/or radio, and set them to go on and off at different times to make your house appear occupied.
  • Install motion detectors on the exterior of your home and garage or shed.
  • Keep curtains/blinds closed and lock all doors and windows. Use wooden stakes inside patio door/window frames to prevent them from being opened from the outside.
  • Keep your property maintained, grass mowed, and leaves raked. Trim trees and bushes so they can’t conceal burglars.
  • Inform the police and trusted neighbors that your house will be vacant for an extended time. Police may be able to patrol your neighborhood periodically and keep an eye on your property. Ask neighbors to keep an eye on the property and call 9-1-1 immediately if they see or hear any suspicious activity.
  • Ask a trusted neighbor to pick up flyers or newspapers that may be left on the front porch or driveway. Consider having a neighbor park their vehicle in your driveway while you are gone.
  • Install an alarm system and/or security cameras.
  • Consider renting your home or hiring a house sitter so the house won’t be vacant.
  • Know the risks of putting “For Rent” or “For Sale” signs in front of your property.
  • Never leave a spare house key under doormats, flowerpots, or other hiding places.
  • Don’t place posts on social media informing others that your house is for sale or that you will be away on vacation.

 

 

 

Some sectors of Silicon Valley may be prospering, but there is another side to the valley, that of individuals and families struggling to make ends meet. Their number is rising, according to non-profit agency officials, and striking is these days is more among the needy are younger clients, many of them students.

At last week’s Silicon Valley Association of REALTORS® (SILVAR) Cupertino/Sunnyvale District tour meeting, Marie Bernard, Sunnyvale Community Services (SCS) executive director, said in response to the rising need, SCS has deepened its programs and will be extending services to those in need in the Alviso area.

SCS helps over 7,000 residents in the Sunnyvale area with food, in-kind assistance and financial aid. Bernard said SCS is very focused on the young and seniors – 39 percent of SCS clients are under the age of 18 and 14 percent are seniors.

Every Monday, the agency distributes 30 to 40 pounds of free fresh produce to an estimated 900 families. Clients are able to pick up for additional bags of nutritious food to help stretch their budgets a little further. SCS also provides children school meals throughout the year, including the summer months. In addition to all these, the SCS has a food pantry program, where families can shop once a month for meats, dairy items, canned food, household supplies, paper products, and more.

The nonprofit provides emergency financial assistance to low-income Sunnyvale residents who have been hit with an unexpected expense, like a major car repair, medical bills and other emergencies that can throw them off their budget.

“We help those who are one bill away from being homeless,” said Bernard.

Bernard explained by the time residents come to the SCS for help, they are already strapped with loans. Many are victims of payday lenders who charge interest rates as high as 459 percent on an annual basis, and owe these lenders thousands of dollars.

Kohinoor Chakravarty, director of Development and Communications for West Valley Community Services (WVCS), painted the same sad picture of the plight of the needy when she presented an overview of the agency’s services at the SILVAR district REALTORS® tour meeting last May.

Like SCS, WVCS is a non-profit, community-based agency that provides direct assistance and referral services to needy individuals and families. Clients served by the agency reside in Cupertino, Los Gatos, Monte Sereno, Saratoga, West San Jose and the unincorporated mountain regions.

Chakravarty noted the agency is seeing many students who are homeless and hungry. There are 200 students from De Anza College who are homeless. Their families cannot afford the rising rents in the area and have moved away. The students have chosen to stay so they can finish their studies. Since they cannot afford to rent an apartment, some couch surf; others live in their cars.

“It’s a sad situation,” said Chakravarty. In response to the rising needs of homeless and hungry students, she announced WVCS will be establishing food pantries at the De Anza and West Valley community colleges.

Currently 1,614 individuals are served through the WVCS food pantry and 770,515 pounds of food are distributed to clients. There are 231 individuals enrolled in food stamps, free/reduced lunches and health insurance.

WVCS also provides $100,615 in emergency financial assistance to 69 households. Among the agency’s special programs are its holiday food baskets, which are distributed to 212 needy families; holiday shopping spree serving 593 families; and its Back-to-School event, which helps 120 children shop for clothes for school.

In addition to the opening of the food pantries at the community colleges, the WVCS executive director announced the agency will be starting a mobile care service. With a newly acquired vehicle, the agency will be dropping off basic food and health services to its beneficiaries, since many clients travel two hours to receive the services.

 

 

 

DSC03167-2

The Silicon Valley Association of REALTORS®’ (SILVAR) fifth Certified International Property Specialist (CIPS) Institute took place this week with 17 students registered. The students, many of whom are SILVAR members, hail from the San Francisco Bay Area. One traveled all the way from Canada. Many are well-traveled and come from different cultural backgrounds. All were eager to learn more about the international real estate market and how to grow their global business.

The courses were once again taught by 2012 and 2009 National Association of REALTORS® International Instructor of the Year David Wyant, assisted by his wife, Patsy. The Wyants travel around the country and the world teaching the CIPS courses. This is their fifth trip to Cupertino. Each time they come, they remark about Silicon Valley’s growth.

Wyant also noted, “Silicon Valley REALTORS® are among the most intelligent in the nation.”

The CIPS Institute provides training in international business issues, including currency conversion, cultural awareness, legal and tax requirements, ownership and transaction principles of international real estate, and specifics about the real estate markets in Europe, the Americas, and Asia. The week-long CIPS Institute includes two required core courses and three elective courses. Students must pass a multiple-choice exam at the end of each course.

Upon completing the required five courses and fulfilling other necessary requirements, graduates of this year’s CIPS Institute can receive their CIPS designation and have the opportunity to be recognized at the 2016 NAR REALTORS® Conference and Expo, which will be held in Orlando, Fl. on November 4-7.

Thank you to this year’s CIPS Sponsors of the Day, who provided breakfast and lunch each day. They are Amy Ku, VP Mortgage Sales Manager for Northern California with HSBC Bank; Janet Case, CEO of Proxio; Anita Rodal, international liaison with AFEX (Associated Foreign Exchange) and president of SBPI Services, Inc.; Darrell Monda, owner of TourFactory Bay Area; and Larry Tringali, owner of Property Inspection Service.

VIEW PHOTOS

The National Association of REALTORS® (NAR) is asking all REALTORS® across the country to TAKE ACTION NOW and urge your Senators to pass H.R. 3700, the “Housing Opportunity Through Modernization Act of 2016.” This bill makes needed reforms to the Federal Housing Administration (FHA) condominium loan program, federal-assisted housing programs and Rural Housing Service loan programs. The reforms would make buying a condominium easier by expanding opportunities for first-time homebuyers and streamlining rural housing programs for low-income rental residents.

Early in February the U.S. House of Representatives voted unanimously to advance legislation that will expand opportunities for homeownership, especially for first-time home buyers. H.R.3700 takes aim at the difficulties in getting mortgages for condominiums. NAR has supported the inclusion of reforms to current FHA restrictions on condominium financing.

Condominiums are among the most affordable homeownership options for first-time home buyers, as well as lower income borrowers, but barriers to safe, affordable mortgage credit for condos still exist. H.R. 3700 takes a number of steps to address those concerns. These include efforts to make FHA’s recertification process “substantially less burdensome,” improving a process that is often costly and which condo developments must repeat every 24 months.

H.R. 3700 also lowers FHA’s current owner-occupancy requirement (the number of units in the development owned by the people living in them) from 50 percent to 35 percent and requires FHA to replace existing policy on transfer fees with the less restrictive model already in place at the Federal Housing Finance Agency.

Additionally, the bill streamlines the process for exemptions to FHA’s rule requiring that condominium projects have no more than 25 percent of the space dedicated to commercial use. This effort is in line with the Department of Housing and Urban Development’s initiative to promote neighborhoods with a mix of residential housing, businesses and access to public transportation, which has become a trend in housing development today.

Finally, H.R. 3700 includes further support for rural housing loans and multifamily housing initiatives.

H.R. 3700 removes a burdensome and expensive FHA condo approval process, reduces the FHA restrictions on the number of condos available to homebuyers, and permanently streamlines the Rural Housing Service loan program.

NAR is encouraging all members to take action even if they do not do business with condominiums or in rural areas. SILVAR members can take action by going to https://realtorparty.realtoractioncenter.com/site/Advocacy

 

cips-logo

Last chance to register or audit a class!

SILVAR’s 5th Certified International Property Specialist Institute (CIPS) is on June 20-24. If you would like to learn how to expand your global real estate business and earn the National Association of REALTORS® (NAR) CIPS designation, enroll in the CIPS Institute. Classes start next week, so you need to register right away. Cost for the entire CIPS Institute, which includes five courses, is $450 for the paperless option $500 for the paper version, which includes a manual for each of the five courses for both members and nonmembers. Regular price is $600.

Members may enroll online at ims.silvar.org. Non-members and those who want the paperless option may register by calling SILVAR at (408) 200-0100. Breakfast and lunch are provided and included in the cost, thanks to our generous sponsors Darrell Monda of TourFactory; Larry Tringali of Property Inspection Service; Anita Rodal, international liaison with AFEX (Associated Foreign Exchange) and president of SBPI Services, Inc.; Janet Case, CEO of Proxio; and Suzette Reboton of HSBC.

If you are a CIPS designee, you can audit a course for $20 for paperless and $30 for the paper option. Cost also includes breakfast and lunch. There are always new developments taking place in real estate markets around the world. Every two to three years CIPS courses are revised with updated statistics and relevant information. The most recent courses updated are Global Real Estate: Local Markets (May 2016) and Global Real Estate: Transactions Tools (May 2016). Instructor David Wyant, who will be teaching the courses again this year, also regularly furnishes students with information on the latest developments in international real estate.

If you would like to audit a CIPS course, please contact SILVAR Public Affairs and Communications Director Rose Meily at (408) 200-0109 or email rmeily@silvar.org.

The CIPS Institute provides training in international business issues, including currency conversion, cultural awareness, legal and tax requirements, ownership and transaction principles of international real estate, and specifics about the real estate markets in Europe, the Americas, and Asia. Members using Proxio, which is a SILVAR benefit, may find the CIPS courses very useful in advancing their global real estate business. See registration form and class schedule below.

CIPS SCHEDULE AND REGISTRATION FORM

 

For the 17th straight year, the Silicon Valley REALTORS® Charitable Foundation is awarding scholarship awards to 18 graduating high school seniors in Silicon Valley at the end of the 2015-2016 school year. Scholarship recipients each receive $1,000 and are selected from public high schools in communities served by members of the Silicon Valley Association of REALTORS®. The Silicon Valley REALTORS® Charitable Foundation scholarship program recognizes students who have exemplified outstanding achievements in academics, extracurricular/employment activities and community involvement. The selection committee includes representatives from the local business community, area high schools, area colleges and the local trade association.

“We are happy we are able to assist our youth with their education. Thank you to the teachers and staff for their help in making this program the success that it is. The scholarship program is truly a partnership effort between the Silicon Valley REALTORS® Charitable Foundation and the wonderful educators in our service area,” said Nina Yamaguchi, Charitable Foundation scholarship program chair.

Students receiving scholarships, the schools from which they are graduating, and the colleges and universities they will be attending this fall are Kelly Jiaying Chen, Cupertino High School (UC Berkeley); Alexandra Tan, Fremont High School (UC San Diego); Audrey Cheng, Gunn High School (Princeton University); Angela Grace Wang, Homestead High School (USC); Sara Lucero, Leigh High School (UC San Diego); Bailey Thayer, Los Altos High School (Cal Poly San Luis Obispo); Molly Ilana Ball, Los Gatos High School (Barnard College); Sally Zhengyuan Wan, Lynbrook High School (University of Chicago); Ritwik Kesavath, Menlo-Atherton High School (Cal Poly San Luis Obispo); Woo Chul Kim, Monta Vista High School (West Point); Samantha Rubinstein, Mountain View High School (UC Berkeley); Lavanya Mahadevan, Palo Alto High School (Stanford University); Shravan Davuluri, Prospect High School (University of Texas at Austin); Ajaipal Chahal, Santa Clara High School (Dartmouth College); Isha Mangal, Saratoga High School (UC Berkeley); Nguyen Dang, Westmont High School (University of San Francisco); Yu-Bin Moon, Wilcox High School (UC Irvine); and Frederique Corcoran, Woodside High School (UC Santa Barbara).

Members of the Silicon Valley Association of REALTORS® who presented the scholarship awards to the recipients at their respective senior award ceremonies include Chris Alston (Keller Williams), Sue Bose (Referral Realty), Mark Burns (Referral Realty), Davena Gentry (Sereno Group), Mary Kay Groth (Sereno Group), Theresa Loya (Coldwell Banker), Cassie Maas (Alain Pinel Realtors), Russell Morris (Coldwell Banker), Bill Rehbock (Coldwell Banker), Robert Reid (Keller Williams), Amy Sung (Pacific Union), Susan Sweeley (Alain Pinel Realtors), Mary Tan (Coldwell Banker), David Tonna (Alain Pinel Realtors).

The scholarship awards presented by the Silicon Valley REALTORS® Charitable Foundation are made possible by donations from Realtor and affiliate members. Since its creation, the scholarship program has provided $306,000 in scholarships to high school seniors in Silicon Valley.

Gunn scholarship presentation

At this morning’s Palo Alto District tour meeting, SILVAR member Davena Gentry presented the last of 18 $1,000 scholarships awarded by the Silicon Valley REALTORS® Charitable Foundation to graduating seniors from public high schools to Audrey Cheng. Cheng graduated this week from Gunn High School.

 

January 2026
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031  

Archives

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 69 other subscribers