The 6-12-12 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


UPCOMING TAR COURSES & EVENTS:
June 19: TransactionDesk Basic Course (3 hrs. CE) – TAR Office, Nashville.
June 20: GRI 406, Tips, Tools & Technologies for Your Business (8 hrs. CE) – RCAR, Cleveland.
June 21: GRI 404, Working More Effectively With Sellers (8 hrs. CE) – MAAR, Memphis.
June 27: GRI 404, Working More Effectively With Sellers (8 hrs. CE) – GCAR, Chattanooga.
To see a complete calendar of other courses around the state, go to: http://tnrealtors.com/education/realtor-courses/

HOT LINES IN THIS ISSUE:
1. HOT LINE: Offer-Counteroffer Procedures?
2. HOT LINE: Showing Just Personal Listings or All of Them?
3. HOT LINE: Using TAR Forms for Personal Transaction?

IN OTHER NEWS:
4. TAR Member Survey – PLEASE Respond
5. Good News for the Nashville Area!
6. Social Media Tools To Make Life Easier
7. Register Now for the 2012 TAR Convention!
8. Multiple Credit Inquiries & FICO Scores
9. Mortgage Rates Fall to NEW Record Low!
10. To Ask a Hot Line Question…
11. No TAR DIGEST for Two Weeks

NOTE: If you are reading a hard-copy of this DIGEST, and want to access some of the links cited, simply go to http://www.tardigest.com to access the current issue with “live” links!


1. HOT LINE: Offer-Counteroffer Procedures?

QUESTION: With regard to counteroffers – the buyer makes an offer, the seller returns a counteroffer, the buyer then counters that offer, etc. Until one counteroffer is accepted, none of the counteroffers are binding, correct?

ANSWER: In a typical situation, a buyer submits an offer on an F9 (Purchase and Sale Agreement form). If the seller has any changes he would like to make to the offer, the seller would submit an F8 (Counter Offer form) with those changes listed. This would be a counter offer. If the buyer has changes to that counter offer, then those would be submitted on a second F8. There will not be a binding contract until everything has been reduced to writing and both parties have signed off on the changes which are to be included in the contract. Therefore, if there are counter offers, all terms which are to be included SHOULD have been carried forward and made part of the final F8 that is signed by everyone. If it is not on the final F8, then the terms of the F9 will control.

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


2. HOT LINE: Showing Just Personal Listings or All of Them?

QUESTION: Can a listing agent only show a buyer the agent’s own listings, then if the buyer doesn’t like any of those listings the agent will show her office listings, then if the buyer doesn’t like any of those, the agent will check the MLS for outside listings and only then send the information to the buyer. That seems like steering. Shouldn’t the agent simple pull all listings that meet the buyers criteria and let the buyer choose which homes they want to see?

ANSWER: If the agent is not representing the buyer but rather the seller, as you’ve indicated, then the agent has no obligation to do a wide search immediately for the homes. The buyer of course MUST be informed up-front that this agent is indeed representing the seller and not the buyer.

If on the other hand the agent WERE representing the buyer as an agent, then he/she would have to place the buyer’s interests above their own. This would mean looking at all suitable properties immediately, not just their own listings or those of the firm.

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


3. HOT LINE: Using TAR Forms for Personal Transaction?

QUESTION: Are we allowed to use the TAR forms on a personal real estate transaction as long as the firm name is not used?

ANSWER: As a member of TAR, you are permitted to use the TAR forms for your own personal use. However, you must remove any reference to your firm so as not to give the impression that the firm is involved in the transaction in any way.

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


4. TAR Member Survey – PLEASE Respond

The leadership and Strategic Planning Committee of the Tennessee Association of Realtors would really appreciate your input and opinions!

This is our annual member survey and there are ONLY SIX questions, so it should only take a minute or two to respond. Please respond no later than Friday, June 22.

To take this survey, go to: http://www.surveymonkey.com/s/2012TARSurvey

Thanks so much!


5. Good News for the Nashville Area!

A national economics development research firm, Policom, that examines local economies and economic development, released rankings of the top local economies across the country. The Nashville SMSA rang in at No. 4 in the study!

Policom annually ranks the 366 Metropolitan Statistical Areas and 576 Micropolitan Statistical Areas in the United States for “economic strength” to enable the firm to study the characteristics of strong and weak economies in the country. To read more, CLICK HERE.

[SOURCE: Nashville Business Journal]


6. Register Now for the 2012 TAR Convention!

It promises to be a special experience!

Our 2012 Annual Convention takes place September 19-22, in Kingsport, TN, and our theme this year is “Race To Excellence”! You won’t find a more attractive setting than the beautiful mountains surrounding the Tri-Cities area. AND this is everyone’s opportunity to enjoy an outstanding lineup of national speakers and events here in the Volunteer State!

Speakers include David Knox and Jerry Rossi, as well as several new faces, and education sessions are designed around the need to get your businesses in shape for recovery!

To learn more and/or to register online, go to: http://tnrealtors.com/meetings-and-events/convention/


7. Social Media Tools To Make Life Easier

While having a social media presence is critical, it can be time-consuming. HootSuite, Crowdbooster, Twilert, and Hyper Alerts are four resources that can capture the benefits of social media while maximizing efficiency and productivity. With HootSuite, a user can view and manage multiple social network feeds and pages all at the same time, to make status updates without logging on separately to each site! It also lets users count click views for links distributed via social media, in order to determine which posts are more popular and interesting to followers.

Crowdbooster, meanwhile, offers guidance on the best times to update a status or issue a tweet based on when engagement levels have been highest in the past. And, for Twitter users, Twilert provides email alerts of tweets based on key words or phrases – such as an agent’s name, broker, or SEO keywords – provided by the subscriber. This monitoring tool is useful because it provides a snapshot of what people are talking about on Twitter.

Lastly, Hyper Alerts help social media users from having to constantly check sites and respond to questions and remarks. Instead, they receive an e-mail when a follower has posted something on their Facebook wall or responded to an existing post. Users can opt to receive each alert individually or a report of all activity once a day at a specified time – which might be set aside as the time frame each day reserved for responding to all social media dialogue.

For more details, CLICK HERE.

[SOURCE: AGBeat.com]


8. Multiple Credit Inquiries & FICO Scores

Fair Isaac Corp., developer of the FICO score, reports that it has implemented safeguards to avoid lowering the scores of people shopping for mortgages. Nevertheless, a large number of credit inquiries can still lower a FICO credit score. Larry Nelson, owner of the KCB Information Services credit reporting agency in Illinois, is among those urging mortgage applicants to avoid all credit-related shopping — for credit cards, furniture, home improvements, etc. — in the weeks leading up to their closing because a string of inquiries “can knock the home purchase off track or delay it.” To read more, CLICK HERE.

[SOURCE: LA Times]


9. Mortgage Rates Fall to NEW Record Low!

For the sixth consecutive week, average interest on 30-year fixed mortgages fell to yet ANOTHER new low, 3.67 percent according to Freddie Mac, once again the lowest level since long-term mortgages began in the 1950s!

Also, 15-year rates fell last week to an unprecedented 2.94 percent.

To see current mortgage rates, go to: http://www.mortgagenewsdaily.com/mortgage_rates/

To see THDA rates and programs, go to: http://tn-tennesseehda.civicplus.com/index.aspx?NID=8


10. To Ask a Hot Line Question…

To ask a TAR Legal and Ethics Hot Line question, go to: http://tnrealtors.com/services-support/legal-ethics-hotline/


11. No TAR DIGEST for Two Weeks!

Due to staff travel, the TAR DIGEST will not be published for two weeks. The next TAR DIGEST will be the JULY 3 Edition!