SILVAR alerts consumers on fraudulent rental advertisements

June 1, 2012 in Real Estate | Leave a comment

The Silicon Valley Association of REALTORS® (SILVAR) has received reports from members doing business in Santa Clara County of a scam by individuals fraudulently posing as landlords and misrepresenting vacant properties for lease.

Using various websites, the scam artists advertise a home for rent, when the property is actually for sale. Prospective tenants who call the phone number provided in the false rental advertisement are then directed to provide an application fee and rental deposit immediately if they wanted to lease the unit.

The scam was discovered once prospective tenants contacted the actual listing agent to gain access to view the property. Law enforcement authorities have been notified of the attempted scam.

“It is tragic that people continue to prey on consumers who are in need of a place to rent. Potential renters are convinced to pay deposits and rent to unscrupulous people who take the money and run with the tenant left wondering what happened and with no funds to rent another property,” said Suzanne Yost, president of SILVAR. “We are asking consumers to always verify the owner of the property you intend to rent and heed guidance issued by the California Department of Real Estate (DRE).”

The DRE last year issued a warning about “impostor landlords” and provides the following guidance to protect consumers from this type of scam:

  • Ask anyone offering a house for rent to provide you with proof that they own the house, and to show you their government issued picture identification. Then scrutinize the proof of ownership, as well as the identifications since there is also the risk that their identifications can be false.
  • If you think that you are dealing with an owner’s/landlord’s representative, you should check with the DRE to see if that representative or agent is licensed. This is because a real estate license is required, with some narrow exceptions, for a person to offer a house for rent as an agent of the owner. Check the license records on the DRE website (www.dre.ca.gov) and make sure you are working with legitimate licensees.
  • If you are an existing tenant, you should check with the County Recorder’s office to verify the property’s owner of record. If the house has been foreclosed upon, you should contact the new owner and verify with the current owner the person to whom you should be forwarding your rental payments.

If you feel you have dealt with a scammer in the area of a housing rental or have been defrauded in connection with rental of a house, please contact the DRE at the following numbers: For Spanish-speaking consumers, call 1-877-DRE-4321; for consumers in the Bay Area, call (510) 622-2552.

 

Senate passes 60-day extension of NFIP

May 25, 2012 in Real Estate, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: , | Leave a comment

During the National Association of REALTORS® 2012 Midyear Meetings on May 14-19, REALTORS® met with Members of Congress and urged action on NAR’s priority issues, including the National Flood Insurance Program (NFIP). SILVAR is happy to learn that the U.S. Senate today passed a 60-day extension of the NFIP, avoiding a lapse in the program which was set to expire on May 31. (The U.S. House of Representatives voted on a separate measure, H.R. 5740, to extend the NFIP for 30-days last week.) A lapse would have affected thousands of real estate closings across the nation.

While this extension is a positive development and will ensure program continuity, it is not the long-term solution that NAR has been advocating. NAR is firmly committed to working with our congressional allies on passing a five-year National Flood Insurance Program reauthorization and reform bill. The bill, H.R.1309 – the Flood Insurance Reform Act of 2011, passed the House of Representatives and is awaiting action in the Senate.  

The current program will be extended for 60 days to allow additional time for the Senate to take up and pass the Flood Insurance Reform Act of 2011. While NAR expects the bill to be passed, it remained an unfinished item at press time.

NAR thanks members who pushed their Senators to take up H.R.1309. Their efforts helped move NAR very close to its goal. SILVAR members were among the 13,000 REALTORS® at the State Capitol who urged legislators to pass the extension.

Silicon Valley REALTORS® join rally in Washington, D.C.

May 18, 2012 in Real Estate | Leave a comment

SILVAR’s delegation of REALTORS® joined an estimated 15,000 REALTORS® who converged on the grounds of the Washington Monument yesterday to make their voices heard on behalf of homeowners, real estate investors, and those who aspire to homeownership.

At the “Rally to Protect the American Dream,” REALTORS® from every state in the country joined invited members of Congress to demonstrate their commitment to preserving access to homeownership and robust real estate investment.

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SILVAR delegation meets with members of Congress

May 18, 2012 in California Housing Market, Real Estate, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: , , , , | Leave a comment

This week SILVAR members joined their fellow REALTORS® from across the nation and convened in our nation’s capital for the National Association of REALTORS® Midyear Business Meetings and visits with members of Congress, including U.S. Representatives Anna Eshoo and Mike Honda during the meetings.

The SILVAR delegation included SILVAR President Suzanne Yost, President-Elect Carolyn Miller, NAR Directors Jeff Barnett, Jim Hamilton, John Tripp, C.A.R. Directors Leannah Hunt, Susan Tilling, Federal Political Coordinator and SILVAR PAC Trustee Carole Feldstein and Joanne Fraser.

Below are the issues that were brought to the attention of our legislators.

REO Bulk Sale Initiative
FHFA (Federal Housing Finance Agency) has announced a pilot program to bulk sale 484 properties in Riverside/San Bernardino/Los Angeles counties, though no date has been set for these sales. Nineteen members of California’s Congressional Delegation have signed on to a letter to Acting Director Edward DeMarco stating their opposition to a proposed bulk sale pilot program for Fannie Mae REOs. Many members of Congress on both sides of the aisle have been frustrated with how Edward DeMarco has utilized the GSEs in addressing their distressed properties and as a tool to address the housing market.

REALTORS® informed members of Congress that bulk sales of Fannie Mae and Freddie Mac properties will cost the tax payers money because they will be sold for less than what they could receive if these properties were sold individually.

Preserve the Mission and Purpose of the FHA Program
The House Financial Services Committee has passed H.R. 4264, the “FHA Emergency Fiscal Solvency Act of 2012,” that will provide FHA (Federal Housing Administration) with additional tools to mitigate risk without overburdening consumers. Several members of Congress have written to the U.S. Department of Housing and Urban Development (HUD) to express concern over FHA’s condominium policies that make it very difficult to purchase a condo with FHA financing.

REALTORS® asked members of Congress to Support H.R. 4264, the “FHA Emergency Fiscal Solvency Act of 2012,” as it was passed out of committee. The bill seeks to balance the need to improve the fiscal solvency of the FHA fund with costs and availability to consumers. Members of Congress were also asked to submit comments to HUD opposing the condominium regulations, and expressed concern that qualified homebuyers are being shut out of often the most affordable homeownership option available.

Protect Homeownership Tax Benefits
H.R. 4202, which has been introduced in the House of Representatives, would extend the mortgage cancellation relief for two more years, through December 31, 2014. H.R. 4336, a similar bill, which would extend it for one year. The Senate as introduced S. 2250, which also extends the mortgage cancellation relief for two years. REALTORS® urged that more time is needed to restore equilibrium in the market. More than 20 percent of all homeowners currently owe more on their mortgages than the current fair market value of their homes. Members of Congress were asked to co-sponsor H.R. 4336 or H.R. 4202.

Reauthorize the National Flood Insurance Program (NFIP)
In July 2011, the House of Representatives voted 406-22 to approve a five-year reauthorization of NFIP, H.R. 1309. The Senate Banking Committee has since unanimously reported a similar bill, S. 1940, which continues to await full Senate consideration. Forty-one senators recently wrote their leadership urging them to bring up such a measure for debate. REALTORS® thanked members of Congress for voting for H.R. 1309, and urged the Senate to pass a five-year flood insurance reauthorization bill before the current temporary extension of the flood bill expires on May 31.

Secure the Future of Homeownership
During the first session of the 112th Congress, the House Financial Services and Senate Banking Committees held numerous hearings on the housing market, primarily focusing on foreclosure/loss mitigation and the state of the nation’s housing. Year-to-date, the House Financial Services Committee has not held any hearings on GSE reform, appraisals, short sales or QRM/QM. The Senate Banking, Housing and Urban Affairs Committee held only one two- part hearing on the state of the nation’s housing market. NAR expects that with a renewed focus by the Administration and Congress on housing concerns, additional hearings on all three issues will be initiated and that NAR will be a primary participant.

REALTORS® asked that reforms of the secondary mortgage market be comprehensive, and 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. REALTORS® asked for a hearing on H.R. 1498 or S. 2120. This legislation requires services to decide whether to approve a short sale within a specified time frame of completion of the short sale request. REALTORS® also seek increased educational standards for appraisers, and support state regulation of all appraisers, regardless of their source.

Bolster Commercial Real Estate Lending
Representatives Ed Royce (R-CA) and Carolyn McCarthy (D-NY) introduced H.R. 1418, the Small Business Lending Enhancement Act of 2011, to increase the member business lending cap from 12.25 percent to 27.5 percent of total assets for well-capitalized credit unions. The Senate has introduced S. 2231 as a companion bill. In June 2011, the House Financial Services Committee voted to pass H.R. 940, the United States Covered Bond Act of 2011. This legislation facilitates the creation of a U.S. covered bond market, which would provide an additional source of commercial real estate lending. The Senate has introduced S. 1835 as a companion bill.

REALTORS® asked that Congress pass H.R. 1418 and S. 2231. Credit unions can fill in the commercial real estate lending gap and help get capital to the struggling small businesses that occupy commercial space. They also seek passage of H.R. 940 and S. 1835 to create a U.S. covered bond market, which would complement the fragile commercial mortgage-backed securities (CMBS) market by providing an additional new source of capital for the commercial real estate industry.

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RSVP volunteers receive more than they give

May 11, 2012 in Real Estate, Silicon Valley, Silicon Valley Association of REALTORS® | Tags: , , | Leave a comment

How many men does it take to put a lace curtain? “Never enough!” according to (left to right) Bob Conway, Dave Barca, Doss Welsh and Peter Kitch. In the end, the men just couldn’t figure it out without the help of the homeowner and the women RSVP volunteers!

For more than a decade REALTORS® and affiliates from SILVAR have assisted seniors and the homebound with household tasks, through SILVAR’s REALTOR® Service Volunteer Program (RSVP). Washing windows, installing smoke detector batteries, flipping mattresses, light vacuuming, dusting, replacing light bulbs, changing furnace filters and trimming bushes can mean a lot of work, especially when agents have to take time from their busy schedules. Yet each year, the RSVP volunteers all say they take away more than what they give from this experience.

“I’ve been pretty lucky so far, so I felt I needed to do something to give back to the community,” Jeffrey Dean explained why he decided to volunteer for RSVP for the first time this year.

Longtime RSVP volunteer and Cupertino/Sunnyvale District’s RSVP chair Sue Bose said, “I believe when people grow old, many are afraid or shy to ask for help, even from their children, who live close by. The small tasks we do for them helps keep them safe and comfortable, and enables them to live a better and longer life.”

The seniors are always grateful for the help they receive from the volunteers.”It’s so very kind of you to help us,” said an 82-year-old Los Altos man and his 83-year-old wife to the team of Beth Tompkins, Joe Velasco, Michael Bleier and Christine Moore. They washed the couple’s outside screens and windows.

“We hate to admit that we’re getting old and can no longer do all this work,” said the husband.

“There’s no way I can do all this work by myself,” exclaimed an 83-year-old Los Gatos resident, as the team of C.T. Harris, Ryan Iwanaga and Wendy Lannon Potts flipped her mattress, placed bricks under her bed in order to elevate it, repaired a set of window blinds, replaced her smoke detector batteries and furnace filter, which was loacted in a dark cellar.

Longtime RSVP volunteers Rick White, Sherry Hagen and Scott Holt helped a 76-year-old woman and her 80-year-old husband by washing screens and windows and trimming bushes. The wife, who was in a wheelchair, recently had a stroke and then fell and broke her hip. They have no children.

“It’s frustrating not being able to do things and we guessed it was time to break down and ask for help,” she said. “My husband tries to do everything and he’s running himself down.”

An elderly Menlo Park homeowner, who is single and lives alone with no family nearby, called the volunteers “my angels.” “You are an answer to my prayers, a gift from heaven. I am so overwhelmed,” she told the team of David Barca, Mandy Safka, Kathy Hearn Bosse and Jim Taggart. They washed her curtains, screens and windows, fixed her front porch and installed new smoke detector batteries in her home. They were later joined by Bob Conway, Doss Welsh and Peter Kitch.

“I wish we could do more for them. I wish we could help even more seniors,” said Barca. “You learn so much through conversations with them, and, you end up getting attached to them, as well.

Barca initiated RSVP with other REALTORS® in 2001. The program was launched by SILVAR as an official community outreach project in 2002, and has expanded to include volunteers from the San Mateo County Association of REALTORS®, the Fresno Association of REALTORS®, Santa Clara County Association of REALTORS® and Santa Cruz County Association of REALTORS®. Barca hopes to expand RSVP to all AORs in the state.

SILVAR RSVP Chair Eileen Giorgi thanked this year’s volunteers and chairs for their fine work this year. SILVAR’s 2012 RSVP district chairs include Sue Bose (Cupertino/Sunnyvale), Mary Kay Groth (Los Gatos/Saratoga District), David Kim and Suzanne O’Brien (Los Altos/Mountain View), Jeff Beltramo (Palo Alto District), and Barca (Menlo Park/Atherton).

“We really receive more than we give,” said Giorgi. “Thank you to all our volunteers and chairs who gave up their time this week to give back to the community. We all realize how important this program is to our seniors.”

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AOR presidents speak at NHORA luncheon

May 11, 2012 in Silicon Valley Association of REALTORS® | Tags: , , , , , | Leave a comment

SILVAR President Suzanne Yost (far right) and SCCAOR President Barbara Lymberis (second from left) are pictured with NHORA Directors Hilda Ramirez and Richard Gonzales.

SILVAR President Suzanne Yost and Barbara Lymberis, president of the Santa Clara County Association of REALTORS® (SCCAOR), spoke at the National Hispanic Organization of Real Estate Associates (NHORA) Santa Clara County luncheon meeting on Wednesday. The theme of the meeting was “Viva Las Mujeres! A Celebration of Women in Leadership.”

NHORA is a national organization that promotes Hispanic leadership within the context of community building, commerce, and transparency in the advancement of sustainable home ownership. The organization also serves as a resource of tools and cultural awareness for anyone seeking to serve the Latino market.

Moderator Hilda Ramirez asked both Association of REALTORS® presidents to discuss what leadership means to them personally and professionally. Yost and Lymberis both emphasized the importance of members getting involved in their respective associations. There are many ways to get involved in an association, not just as an officer, they said.

Yost said every man or woman owes it to give a part of themselves to the association or organization they belong. She recommended participating in the association’s various committees, joining BARLA (Bay Area REALTOR® Leadership Academy), RSVP (REALTOR® Service Volunteer Program, contributing to the REALTOR® Action Fund, as just some of many ways to get involved in the association.

“You get back so much more than you give. Find something that interests you and get involved in it,” she suggested.

Lymberis said she values the opportunity of sharing her professionalism with others, and she encouraged everyone to do the same. “It’s been a tremendous growth experience for me. You become a better agent, a better broker to the benefit of your clients,” said Lymberis.

Yost, who has been in real estate and involved with different AORs for 32 years, noted being involved has given her the opportunity to make tremendous friends and she considers friends in real estate as family.

“If all of us could step up in various ways, if we each can find something to do in our association, it would be amazing how much more we would be able to accomplish,” said Yost.

Yost and Lymberis are among 12 women AOR presidents out of 17 AORs in the Bay Area.

REALTORS® applaud FHFA’s new short sale directive

April 27, 2012 in California Housing Market, Real Estate, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: , , , , , | Leave a comment

On April 17, the Federal Housing Finance Agency (FHFA) announced a new directive as part of FHFA’s continued servicing alignment initiative that directs Fannie Mae and Freddie Mac to align their guidelines for servicing delinquent mortgages they own or guarantee.

The new directive requires that servicers of Fannie and Freddie loans:
• Review and respond to borrower requests for short sales within 30 days after receipt of a short sale offer and a complete borrower request.
• If the review is still under way after 30 days, give the borrower weekly status updates. (This allows more time where necessary, such as where subordinate lenders and/or mortgage insurance is involved.)
• Advise the borrower of the final decision within 60 days after receipt of a short sale offer and a complete borrower request.

The new timelines apply both to HAFA loans and to other short sales approved by Fannie Mae and Freddie Mac. Additional enhancements are planned by the end of 2012 addressing borrower eligibility, simplifying documentation, valuing property, payments to subordinate lien holders, and mortgage insurance.

REALTOR® officials at the national, state and local level applaud the move by FHFA to streamline the short sale process. Faster response times will help thousands of distressed homeowners, according to Suzanne Yost, president of the Silicon Valley Association of REALTORS®.

“Short sale transactions are more complicated than regular transactions and they have taken so much time that many prospective buyers have walked away from short sales,” said Yost. “The FHFA’s move to streamline the short sale process is a critical step toward a full housing market recovery.”

FHFA Announcement
Freddie Mac Bulletin

C.A.R.-sponsored bill preventing banks from foreclosing after agreeing to a short sale scheduled for hearing on Monday, April 30

April 27, 2012 in California Housing Market, Silicon Valley, Silicon Valley Association of REALTORS®, Silicon Valley Housing Market | Tags: , , , , | Leave a comment

In another move to protect struggling California homeowners, the California Association of REALTORS® (C.A.R.) is sponsoring a bill so homeowners who face losing their home and have negotiated a short sale in good faith with their lender or servicer are not forced to go through foreclosure.

Assembly Bill 1745 (Torres, D-Pomona) prevents lenders or servicers that have agreed to a “short sale” from foreclosing on a home. For any number of reasons (e.g., sickness, job loss, etc.), a homeowner may be unable to continue making his or her monthly mortgage payment. Rather than go through a lengthy and stressful foreclosure process, the homeowner will attempt to negotiate a “short” sale with the lender in which the lender agrees to accept less than the amount owed by the homeowner.

Foreclosures and short sales are usually handled by two different departments within banks. Unfortunately, these two departments often do not communicate with each other, which can frequently result in a homeowner being foreclosed upon, despite having previously negotiated a short sale with the same bank.

AB 1745 will likely result in banks implementing a dual tracking system to prevent foreclosing upon homeowners with whom they have already negotiated a short sale. The measure is scheduled for hearing on Monday, April 30 by the Assembly Banking and Finance Committee.

REALTORS® back California Congressional members urging refrain of bulk REO sales in California

April 20, 2012 in Real Estate | Tags: , | Leave a comment

REALTORS® applaud the recent move by California Congressional members opposing the implementation of REO sales in California. Implementing the Federal Housing Finance Agency (FHFA)’s “REO Initiative” pilot program in California would negatively impact the state’s housing market and increase losses to taxpayers and the GSEs, according to California’s REALTORS® and legislators.

Congressman Gary Miller (R-Brea), along with 18 other members of California’s congressional delegation, issued a letter last week to Edward J. DeMarco, acting director of the Federal Housing Finance Agency (FHFA), urging DeMarco to refrain from implementing the agency’s “REO Initiative” pilot program in California because it would negatively impact California’s housing market and raise costs for taxpayers. The REO Initiative pilot program calls for the sale of more than 600 Fannie Mae-owned foreclosed homes in Los Angeles and Riverside counties to institutional investors. 

REALTORS® believe the pilot program is not beneficial to the California market because housing inventory is extremely low and demand is high. Home buyers in most of California’s markets are experiencing multiple offers, even for distressed and foreclosed properties. According to data from the California Association of REALTORS®, sales of bank-owned homes are closing in an average of less than 60 days – and often above the list price – without government intervention.

“We commend the California congressional delegation’s letter to Mr. DeMarco,” said LeFrancis Arnold, C.A.R. president. “Carrying out this plan in California would potentially further delay a housing recovery and, ultimately, result in greater losses for the taxpayer.”

The latest National Association of REALTORS® report on second homes indicates investment home purchases represented nearly one-third of all existing-home sales last year. NAR says this robust investment activity underscores the importance of limiting the government’s use of real estate owned (REO) bulk sales. The 2012 NAR Investment and Vacation Home Survey shows investment-home sales surged an extraordinary 64.5 percent to 1.23 million last year from 749,000 in 2010.

“Silicon Valley is experiencing a high demand for homes, resulting in multiple offers due to the very low inventory,” said Silicon Valley Association of REALTORS® President Suzanne Yost. “We believe policymakers and lenders should instead focus on expanding the availability of financing for qualified home buyers and investors and intensify pre-foreclosure efforts to keep families in their homes.”

The 19 California Congressional members who backed the letter include Gary Miller, Jerry Lewis, Ken Calvert, Jeff Denham, Elton Gallegly, Dana Rohrabacher, Buck McKeon, Duncan Hunter, Brian Bilbray, Mary Bono Mack, Susan Davis, Brad Sherman, Joe Baca, Grace Napolitano, Judy Chu, Jim Costa, Adam Schiff, Barbara Lee, and Howard Berman.

California REALTORS® will gather in Sacramento on May 2

April 13, 2012 in Real Estate, Silicon Valley Association of REALTORS® | Tags: , , , | Leave a comment

Legislative Day is the day when REALTORS® from all over California travel to Sacramento and meet with their elected officials to discuss critical legislation that can affect REALTORS®, homeowners and private property rights. This year Legislative Day is on Wednesday, May 2.

Once REALTORS® arrive in Sacramento they will receive a special briefing from California Association of REALTORS® leadership and honorable guests, including California Governor Jerry Brown, who has confirmed that he will be speaking at the Morning Briefing.

A luncheon will follow the briefing. Dr. Tony Quinn, co-editor of California Target Book and non- partisan analyst of California’s legislative and congressional elections, will be the guest speaker at the luncheon with members of the Silicon Valley Association of REALTORS®. Dr. Quinn has 40 years experience with California state government. Currently, he is engaged in writing and elections analysis. During his career he has headed several public relations firms, directed the Office of Economic Research in the California Department of Commerce, served as Chief Consultant for Elections and Reapportionment and Policy Director of the Assembly Republican Caucus. He also served as a member of California Fair Political Practices Commission and assistant to the California Attorney General.

After lunch Silicon Valley REALTORS® will meet with their legislators, including Senators Elaine Alquist, Sam Blakeslee and Joe Simitian, and Assembly members Jim Beall, Paul Fong, and Rich Gordon. At these meetings REALTORS® will have the opportunity to discuss important real estate issues, such as private property rights, legal reforms and housing opportunity policies.

California REALTORS® are encouraged to attend Legislative Day. REALTORS® make up one of the largest groups that hit Sacramento every year.

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