The Weekly Membership Newsletter of the Tennessee Assn. of REALTORS
Editor: Pug Scoville


CONTENTS
1. Your Mindset Matters!
2. Special REALTOR License Plates Now Available!
3. Sky Is Not Falling in Kingsport
4. HOT LINE: Falsifying Deed Info?
5. HOT LINE: An After-the-Fact Agent?
6. WORKING SMARTER: Email Etiquette
7. Rates Drop Below 6
8. UPCOMING EVENTS


1. Your Mindset Matters!

Putting yourself in the right frame of mind is essential for your success in a challenging market!

Bernice Ross lays out four strategies for doing just that in a new article at Inman News (“Mindset matters in real estate”):

1. Surround yourself with like-minded people.
2. Clean and upgrade your existing environment.
3. Turn off the negativity.
4. Join a mastermind group.

It’s worth reading. To do so, go HERE.

[SOURCE: Inman News]


2. Special REALTOR License Plates Now Available!

An attractive new license plate — celebrating homeownership in Tennessee — has been designed especially for Tennessee REALTORS!

You can now view this license-plate design online, and pre-order one for your car! DO note that, in order for members to receive their license plate, we need at least 1,000 of our members to order them in advance, before manufacturing and distribution of plates can occur. Earlier this year over 2,200 REALTORS petitioned TAR to make this product available through the State of Tennessee. REALTOR plates are priced at $35, and $70 for additional personalization.

All proceeds collected from the REALTOR license plate program will be used to support your Tennessee Real Estate Educational Foundation (TREEF)!

To view the license plate, and place your personal order for one, go to the NEWSROOM section of our TAR Website at:
http://tnrealtors.com/main/newsroom/


3. Sky Is Not Falling in Kingsport

It’s truly not falling anywhere, but we’re always glad to see upbeat news about one of our Tennessee cities!

The Kingsport Times-News has a very positive new article online about Kingsport and the Northeast Tennessee area (“Kingsport faring better than other areas during troubled economic times”). It includes several observations on the real estate market by Ivan Tilley, 2008 President of the Northeast Tennessee Association of REALTORS:

*** BEGIN QUOTE ***
“Unlike many areas of the country that are really in some dire straights in their housing markets, we here in Northeast Tennessee are fortunate,” Tilley said.

First, he said, housing appreciation has been slow but steady in this region, unlike some areas of the country, where home prices were overly inflated.

Secondly, very little if any subprime mortgage lending occurred in this area.

“We’ve stayed pretty steady through the whole thing,” Tilley said.

As a result, lenders in the region — including banks, credit unions and mortgage companies — are still in the business of loaning money.

And now is a good time for home buyers, Tilley said. He noted that interest rates are near historic lows, while housing inventory on the market is good, and buyers have plenty of choices.

“And if a potential buyer has good credit, it’s an excellent time to buy,” Tilley said.
*** END QUOTE ***

We would love to see this kind of coverage about EVERY Tennessee city! To read the whole article go HERE.

[SOURCE: Kingsport Times-News]


4. HOT LINE: Falsifying Deed Info?

QUESTION: We are listing a number of new homes in a subdivision. The builder has offered an incentive to sell the first five homes at a $25,000 discount. The selling/listing price in MLS on these first five homes will be $120,000; the price thereafter will be $145,000. The builder is concerned that these lower priced sales may affect appraiser comps. Is it legal/illegal to put $145,000 on the deed for these first 5 homes so the comps aren’t affected. The HUD-1 will show the true selling price of $120,000? Is there a problem w/doing this?

ANSWER: The sales price on the deed should reflect the actual purchase price of the property which is stated on the HUD.  To do otherwise would be fraud.

[SOURCE: TAR’s Legal & Ethics Hot Line Attorneys]


5. HOT LINE: An After-the-Fact Agent?

QUESTION: We had a property under contract, listed and sold by the same agent in our company. The agent was acting as Designated Agent for the Seller.

After the contract was binding and moving along toward closing in a proper manner, repairs being negotiated, etc., we received a copy of a Buyer’s Brokerage agreement from an agent with another company along with an amendment to the existing Sales Agreement. This has created a terrible situation for the Seller.

Do our TN Agency laws permit another broker to write a Buyer’s Brokerage Agreement with a Buyer who is already in Contract with another brokerage firm and to renegotiate the contract on the buyer’s behalf?

ANSWER: An individual is permitted to get an agent at any stage of a transaction if they so choose. However, this does NOT necessarily mean that the new agent is permitted to receive a cooperating commission.  This would be a procuring cause determination.

You also questioned whether that agent could then attempt to renegotiate the contract. The agent can submit an amendment to the contract, BUT the seller does NOT have to agree to the amendment; if not, the contract would remain in its current state.

[SOURCE: TAR’s Legal & Ethics Hot Line Attorneys]


6. WORKING SMARTER: Email Etiquette

Email has become the most common form of communication with customers, clients, friends, and family. That’s why a little common courtesy and email etiquette can help your career and professional image …and careless mistakes can hurt both!

We recently discovered a resource on email etiquette that provides several useful hints and things to avoid. One of our PET PEEVES in particular is addressed:

*** BEGIN QUOTE ***
Use BCCs (Blind Carbon Copies) when addressing a message that will go to a large group of people who don’t necessarily know each other.

Just as it’s not polite to give out a person’s telephone number without his or her knowledge, it’s not polite to broadcast everyone’s e-mail address. For instance, when you send a message to 30 people and use the To or CC fields to address the message, all 30 people see each other’s address. By using BCC, each recipient sees only two — theirs and yours.
*** END QUOTE ***

Good advice. To read the entire article go HERE.

[SOURCE: LearnTheNet.com]

_____________________________________________________
7. Rates Drop Below 6

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 5.94 percent during the week ended Oct. 9, marking the first decrease in three weeks. The 15-year fixed rate slipped to 5.63 percent from 5.78 percent the previous week. Meanwhile, the five-year adjustable mortgage rate dropped a notch to 5.9 percent from 6 percent; and the one-year ARM dipped slightly to 5.15 percent.

[SOURCES: Information, Inc.; Freddie Mac]


8. UPCOMING EVENTS

Oct. 16: Commercial Forms Committee Meeting (TAR Office, Nashville)

Oct. 28-29: GRI 2 – Smart Marketing (Knoxville)

Nov. 5-10: NAR Convention (Orlando, FL)

Nov. 13-14: GRI 5 – Systems for Success (Nashville, Cool Springs area)

Nov. 17-18: GRI 4 – From Offer To Contract To Closing (Chattanooga)

Nov. 19-20: GRI 6 – Sticky Situations (Memphis)


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After entering your email address, you will receive an email from the system () with a link that you MUST click on, to activate your subscription.  Thanks!

TAR’s Home Page: http://tnrealtors.com