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


CONTENTS
1. Existing Home Sales Surge
2. Vanished Real Estate Wealth
3. HOT LINE: Seller Making the Offer?
4. HOT LINE: “Participated in the Sale”?
5. We Are SO Close!
6. WORKING SMARTER: Keeping Files “In Sync” on Multiple PCs!
7. Upcoming TAR Courses & Events!
8. Rates Fall

To ask a TAR Legal & Ethics Hot Line question, go HERE.

For other questions about this newsletter, please use the “CONTACT” form HERE.


1. Existing Home Sales Surge!

New National Association of Realtors (NAR) data shows that home resales grew in July at the fastest monthly clip in a decade! Sales of previously owned single-family houses, townhomes, and condominiums climbed 7.2 percent during the month, with foreclosed and distressed properties accounting for almost 33 percent of the activity. NAR chief economist Lawrence Yun comments, “We have seen four straight months [of gains]. It is not isolated . . . this is a very broad-based recovery.

[SOURCES: Information, Inc.]


2. Vanished Real Estate Wealth

According to the Federal Reserve, from the end of 2006 through March 31, the total market value of U.S. household real estate fell from $21.9 trillion to $17.9 trillion. That’s approximately an 18% drop. The lost wealth — $4 TRILLION — works out at just over $13,000 for every person in the country.

[SOURCE: Wall Street Journal]


3. HOT LINE: Seller Making the Offer?

QUESTION: There seems to be a growing practice of a seller making an offer to a buyer after a buyer looks at the home. As the buyer’s agent, if I receive an offer from a seller, do I legally have to present it to my buyer who may have no interest at all?

ANSWER: Although this practice is somewhat unusual, you DO have to present the offer to your buyers.  Pursuant to Tenn. Code Ann. 62-13-404(3)(A)(ii), you have a duty to “receiv[e] all offers and counter offers and forward them promptly to the client”.

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


4. HOT LINE: “Participated in the Sale”?

QUESTION: I am putting together a brochure for our company with the listings sold year-to-date. My question concerns the use of the addresses and sold price of the properties listed by another company (closed only). Can we use the words “Participated in the Sale of (address)” or is there something different we need to use?

ANSWER: We would recommend getting the permission of the buyers before using the addresses and prices in the advertising. This will prevent any confusion or misunderstanding on the part of the customers and protect the company from any complaints later. Of course, you should not do this using the language “participated in the sale” unless you were actually working with either the buyer or seller in the transaction.

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


5. We Are SO Close!

As of Monday, August 24, 979 REALTORS have bought the specialty REALTOR license tag.  This means we are only 21 short of the 1,000 orders needed to put these into production!!!

Show pride in your profession and Celebrate Homeownership in Tennessee!

Visit our TAR Newsroom to find out more and help put us over the top with your order!!!  Just go to the following site and scroll down to see the License Plate design:
http://tnrealtors.com/main/newsroom/


6. WORKING SMARTER: Keeping Files “In Sync” on Multiple PCs!

For several months, your Editor has been testing out a FREE service that has proven to be a GREAT time-saver!

It’s called DropBox and — as one review describes it — it’s part online storage, part data back-up, part file-sharing, and part data synchronization. After you install the free program, the Dropbox icon appears in your system tray. Click on the icon to open the “My Dropbox” folder. All the contents of this folder are automatically synchronized with the Dropbox servers and any other computer you have Dropbox installed on! The files in that folder are then available on your other computers or through the Dropbox website. The folder acts like any other folder on your computer, and it also shows up in your My Documents or Home folder!

If you have multiple computers and are tired of transferring files from one to the other to work on them — OR you have an assistant with his or her own PC and you need to share files that you’re both working on — this could be a beautiful addition to your “toolkit”!

The free Dropbox service syncs up to 2GB of data …and that’s a LOT of data!

To try it out (after all, it’s FREE), go HERE.
[Using this link will give you an extra 250MB of storage space!]


7. Upcoming TAR Courses & Events!

2009-2010 Core CE Course — Aug. 26 (Nashville, TAR Office), 4 hrs. CE. For more information, go HERE.

Instructor-Training Workshop — Aug. 27-28 (Nashville, TAR Office), 16 hours CE. This is another offering of our popular two-day instructor-training workshop, “The Learning-Centered Instructor”, at the TAR Office in Nashville. For more information, go HERE.

GRI 2: Smart Marketing — Sept. 3-4 (Nashville/Cool Springs area), 16 hrs. CE. For more information, go HERE.

TAR’s 2009 Annual Convention! — Sept. 15-18 (Point Clear, AL), 12 hours CE. TAR will be hosting the 2009 TAR Annual Convention in Clear Point, Alabama, at the Grand Hotel Marriott Resort, Golf Club & Spa. National speakers include real estate guru Stefan Swanepoel, Karel Murray, Internet-savvy Randy Eagar, and productivity wizard Merlin Mann! For more information about the Convention program or our hotel in Point Clear, go to: http://tnrealtors.com/main/conferences_and_conventions/ NOTE: Monday, August 24, is the deadline for advance registrations! And Tuesday, August 25, is the cutoff for hotel room reservations at the TAR rate!

Watch each week’s TAR DIGEST for schedule changes and additions!


8. Rates Fall

Mortgage rates for 30-year fixed loans fell this week to 5.12 percent, the lowest rate since the average hit 4.91 percent for the week of May 28, according to Freddie Mac. Declining Treasury bond yields helped push down rates from 5.29 percent last week, said Freddie Mac chief economist Frank Nothaft. Also, 15-year fixed-rate loans fell to 4.56 percent from 4.68 percent last week; five-year, adjustable-rate mortgages fell to 4.57 percent from 4.75 percent; and one-year ARMs declined to 4.69 percent from 4.72 percent.

[SOURCES: Freddie Mac; Information, Inc.]


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

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Back issues of the DIGEST may be viewed and searched at: http://www.tardigest.com