Silicon Valley Association of REALTORS® says ...

Fannie Mae and Freddie Mac offer 3 percent down payment option to help first-time home buyers

December 12, 2014 in California Housing Market, Real Estate, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: Fannie Mae, Federal Housing Finance Agency, Freddie Mac | Leave a comment

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.

NAR Calls REALTORS® to Action: Urge your Senators to extend mortgage debt forgiveness tax relief

December 5, 2014 in California Housing Market, National Association of REALTORS®, Real Estate, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: mortgage debt forgiveness | Leave a comment

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.

TAKE ACTION NOW

International real estate designation raises REALTOR® awareness on doing business with foreign clients

November 26, 2014 in California Housing Market, National Association of REALTORS®, Real Estate, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: Certified International Property Specialist (CIPS) Designation | Leave a comment

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.

Silicon Valley Association of REALTORS® recognized for global achievement for second consecutive year

November 25, 2014 in National Association of REALTORS®, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Leave a comment

For the second year in a row, the National Association of REALTORS® (NAR) has recognized the Silicon Valley Association of REALTORS® (SILVAR) with its prestigious NAR Platinum Award as part of its Global Achievement Program. The local professional trade organization representing over 4,500 REALTORS® and affiliate members engaged in the real estate business on the Peninsula and in the South Bay, is the only REALTOR® association in Northern California to achieve Platinum status since the program’s inception in 2011.

SILVAR was one of eight REALTOR® associations in the nation that was recognized with the NAR program’s highest honor at the REALTORS® Conference and Expo held in New Orleans Nov. 7-10. SILVAR 2014 President David Tonna accepted the award on behalf of the local trade association at the International Night Event on Nov. 8.

“We are honored to receive the National Association of REALTORS® prestigious Platinum Award for two years in a row. This award reflects SILVAR’s commitment to helping our members expand and excel in the business of global real estate,” said Tonna.

SILVAR’s commitment to international real estate goes beyond members assisting foreign nationals buying property in Silicon Valley. As a membership benefit, SILVAR REALTORS® have free access to Proxio, the global networking platform that connects them with real estate agents in the U.S. and abroad and enables them to share their listings with each other. Members also have access to the Proxio Developer Showcase, which connects REALTOR® members to property developments around the world.

The local association’s global business council conducts activities and education programs to raise members’ awareness of global business in their local market. SILVAR offers NAR-accredited courses for REALTORS® seeking the At Home with Diversity certification and Certified International Property Specialist (CIPS) designation. The CIPS courses focus on ownership and transaction principles of international real estate, and provides training in international business issues, including currency conversion, cultural awareness, and legal and tax requirements. The courses also provide an analysis of the real estate markets in Europe, the Americas, and Asia.

“SILVAR is dedicated to helping our over 4,500 members serve their clients. This award is a testament to SILVAR’s accomplishments and mission to give its members the proper tools that will help them succeed in their business here and abroad,” said Executive Officer Paul Cardus.

In recognizing SILVAR, NAR noted the great strides made in SILVAR’s global initiative over the past year, its impressive CIPS (Certified International Property Specialist) designee growth during that time, the extensive outreach efforts the association conducted over the past year, and specifically its collaboration with ethnic real estate associations in the area.

Real estate fraud continues even with housing market recovery, according to CalBRE

October 31, 2014 in California Housing Market, Real Estate, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: CalBRE, California Bureau of Real Estate, Filipino American Real Estate Professionals Association, real estate fraud, Wayne Bell | Leave a comment

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.

Silicon Valley REALTORS®’ district pumpkin auctions raise over $8,900 for charity

October 24, 2014 in Charity, Silicon Valley, Silicon Valley Association of REALTORS® | Leave a comment

The Los Gatos/Saratoga and Los Altos/Mountain View districts’ pumpkin auctions held last month raised a combined total of $8,925 for charity. Both events drew active and generous participation from members and their companies, who donated an array of beautiful pumpkin displays and fall arrangements, accompanied by big prizes for the winning bidders. Money raised from the Los Gatos/Saratoga District’s pumpkin auction, a total of $4,275, will go to Operation Reindeer, a program REALTORS® and affiliates of the district have supported for more than 20 years. The program distributes gifts, including clothing essentials and food certificates to needy families and seniors in the community during the holiday season.

Members from Los Altos and Mountain View cheered when they raised $4,650 for the Silicon Valley REALTORS® Charitable Foundation at their second annual pumpkin auction. Money raised by the district topped last year’s earnings of $3,525, thanks to the generous participation of members and brokers from both communities. The Silicon Valley REALTORS® Charitable Foundation gives grants to non-profit organizations for needy families, and scholarships to graduating high school seniors in Silicon Valley. The grants and scholarships are made possible through donations from SILVAR members.

SEE PHOTOS AND READ MORE ABOUT THE LOS ALTOS/MOUNTAIN VIEW DISTRICT PUMPKIN AUCTION

SEE PHOTOS AND READ MORE ABOUT THE LOS GATOS/SARATOGA DISTRICT PUMPKIN AUCTION

SILVAR REALTORS® learn nuts and bolts of doing business with Chinese clients

October 3, 2014 in California Housing Market, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: Amy Sung, Davena Gentry, global business, Jessie Wu, Kenneth Chan, Mark Wong, SILVAR Global Business Council | Leave a comment

Left to right are moderator Davena Gentry, SILVAR Global Business Council chair, and panelists Amy Sung, Mark Wong, Kenneth Chan and Jessie Wu.

“Doing Business with China,” the first of a quarterly series of programs exploring different aspects of doing business with clients from other countries, was a sell-out. Hosted by the Silicon Valley Association of REALTORS® (SILVAR) Global Business Council at SILVAR yesterday, the program gave 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 that country. They shared their experiences, including challenges they have encountered when closing a deal.

SILVAR Global Business Council Chair Davena Gentry served as moderator. Panelists Amy Sung, a REALTOR® with Pacific Union International Real Estate – Menlo Park, and Mark Wong, a REALTOR® with Alain Pinel REALTORS® – Saratoga, presented the REALTOR® perspective; Kenneth Chan, premier mortgage consultant with HSBC – Palo Alto, presented the lender perspective; and Jessie Wu, escrow officer with First American Title Company – Cupertino, presented the escrow perspective.

The REALTORS® discounted the myth that Chinese buyers prefer Chinese or Chinese-speaking agents. What’s important is to show respect for Chinese buyers who are not well-versed in English. Sung pointed out that just because they don’t speak English well does not mean the Chinese buyer is not educated. Wong said more important than knowing the language is to learn and respect their culture, the principles of Feng Shui, what numbers and colors mean to the Chinese.

Silicon Valley REALTORS® will learn about doing business with China on October 2

September 26, 2014 in California Housing Market, Real Estate, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: Alain Pinel Realtors, Amy Sung, China, First American Title Company, HSBC, Jessie Wu, Kenneth Chan, Mark Wong, Pacific Union International Real Estate, SILVAR Global Business Council | Leave a comment

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.

September is REALTOR® Safety Month: REALTORS® share 10-Second Safety Rule

September 19, 2014 in National Association of REALTORS®, Silicon Valley Association of REALTORS® | Tags: Realtor safety, REALTOR® | Leave a comment

One of the most common reasons that people find themselves in dangerous situations is that they weren’t paying attention. Take a few precious seconds during the course of your day to assess your surroundings.

Take 2 seconds when you arrive at your destination.
• Is there any questionable activity in the area?
• Are you parked in a well-lit, visible location?
• Can you be blocked in the driveway by a prospect’s vehicle?

Take 2 seconds after you step out of your car.
• Are there suspicious people around?
• Do you know exactly where you’re going?

Take 2 seconds as you walk towards your destination.
• Are people coming and going or is the area unusually quiet?
• Do you observe any obstacles or hiding places in the parking lot or along the street?
• Is anyone loitering in the area?

Take 2 seconds at the door.
• Do you have an uneasy feeling as you’re walking in?
• Is someone following you in?

Take 2 seconds as soon as you enter your destination.
• Does anything seem out of place?
• Is anyone present who shouldn’t be there or who isn’t expected?

Safety in Just 10 Seconds
It takes just 10 seconds to scope out your surroundings and spot and avoid danger. Make this “10-second scan” a habit in your everyday work as a real estate professional. Then share it with someone else.

(Source: “What You Can Do About Safety,” REALTOR® Magazine, September 2000. Courtesy Night Owl/Vector Security, Landover, MD.) This article is part of the National Association of REALTORS®’ REALTOR® Safety Resources Kit.

Silicon Valley REALTORS® share 14 simple steps for safeguarding your office

September 12, 2014 in Real Estate | Tags: National Association of REALTORS, Realtor safety, safety, safety at work, safety in the office, Sonoma County Crime Crushers | Leave a comment

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.

Silicon Valley Association of REALTORS® says …