3-14-16 — Vol.: 2016 Iss.: 11 • Randy Durham, 2016 President • Phil Newman, TAR Digest Editor
TAR TAKEAWAYS ✔ Got your ticket to 3/21 RPAC Reception? ✔ Brokers: how to set up forms packages for agents ✔ Look for millennial clients in the suburbs ✔ No TAR Digest 3/21 in light of Spring Conference
**Note: In light of Spring Conference March 21 and 22, the TAR Digest will take a break and return Monday, March 28.**
1. Millennials Buying in the ‘Burbs Younger adults are purchasing homes not only in cities but also in suburban neighborhoods that offer affordability and space, according to NAR’s Generational Trends study released last Thursday. A summary is here. Multiple news outlets picked up the report, including this one and this one. Other trends noted in the study include: ** One of many reasons housing supply has been subduedmay be because a segment of homeowners has delayed trading up or moving down in order to pay down debt, including student loans. ** While the Internet is the initial go-to destination to search for listings, consumers continue to want the expertise and insights of a REALTOR® to help them find the right home within their budget.
2. Buyer Wish-List Compromises The perfect purchase is hard to come by. “If you get 80 percent of what you want, you’re lucky,” says agent Dana Gonzalez in this REALTOR® magazine article. According to the story, buyers should expect to compromise in at least one of these categories: price, location, yard, architecture and size/style/upgrades. Check out the whole quick read here.
3. Networking from Your Fanny That’s not as strange as it might sound. Blogger Lee Davenport offers three tips for networking that you can implement quickly and easily, right from your desk (or front seat). They include: ** Go Nextdoor—“a local app that every real estate agent should have if provided in your town.” ** Re-hash(tag) the past—“Jump on social media and use [an] event’s hashtag to search for convos and pictures.” ** Talk back—“Share your expertise by contributing news as a commenter.”
4. TransactionDesk Tip: Forms Packages We periodically share tech tips to help you navigate TransactionDesk, including step-by-step tutorials featuring our own Buzz Steele. This week: Broker Creating Required Forms Packages—Quickstart Groups : The brief screencast video at this link shows how brokers can set up required forms packages for agents in your office and make sure the forms are being used on new transactions.
5.How to Search TAR Digest Issues This question has arisen several times recently, so here’s how to search past issues of the TAR Digest for hotline answers and other content: Simply go to the digest page on the TAR website at this link and enter keywords in the box under the header. A list of past issues containing your key words will appear. Click on an issue to view it and scroll to your item.
6. RPAC Bash 3/21—Save Your Spot! The hottest ticket in town just might be our RPAC Reception during Spring Conference. The reception is open to all members, even those not attending the conference. Join us Monday, March 21,6 to 7:30 p.m. at The Bunganut Pig (1143 Columbia Ave., Franklin). $20 gets you hors d’oeuvres, a beverage and live music from Smooth Hound Smith, a foot-stompin’ American roots duo coming off performances at SXSW. Learn more and invest today at this link.
7. REALTOR® Party Mobile Alerts from NAR To stay in the legislative loop, NAR members can opt to receive texts direct to a mobile device when REALTOR® Party action is needed on legislative-advocacy issues that matter to agents and clients. Bonus: you won’t be inundated with constant texts; you’ll only receive three to five per year, so when one hits your inbox you can be sure it’s timely and important. To learn more and sign up, visit this link.
8. Disclose Property Acquired at Tax Sale?
QUESTION: Are sellers required to disclose that a property was acquired in county tax sale, even after the 1-year redemption period?
ANSWER: The issue would likely be whether the seller can convey fee simple title under a general warranty deed which a title company would insure even after the one year right of redemption period. I would recommend that the seller discuss the issue with a title company. If he cannot convey title under a general warranty deed, this must be disclosed to a buyer.
9. Can I Be a Buyer’s Agent and a Facilitator?
QUESTION: In the state of Tennessee, can you represent a buyer and act as a facilitator in a transaction if you do not have the listing?
ANSWER: In Tennessee, you cannot represent one side of the transaction as an agent and a facilitator. You can work with both sides as a facilitator, but cannot represent one side as an agent and then act as a facilitator for the other. The other side to the transaction would simply be unrepresented. You can work with a buyer as a facilitator, i.e., no buyer’s representation agreement is in place. But bear in mind that buyer’s representation agreements protect both the buyer and the real estate firm. By having a buyer’s representation agreement, the buyer is owed a higher level of service. If an agent represents a party, they owe the duties contained in Tenn. Code Ann. § 62-13-404. The firm is protected if a buyer decides to “cut out the agent” at the last minute. Buyer’s representation agreements generally require that the firm be paid no matter who assists the buyer in finding the home, and even if they have no assistance. It additionally requires that if there is no offer of compensation, or less than what is agreed to in the buyer’s representation agreement, the buyer must pay the difference. As principal broker, you can create office policy and require that buyer’s representation agreements be used in all transactions.
10. Changes to TN Forms for 2016?
QUESTION: I would like to know if there have been any changes to the TAR forms at the beginning of 2016? If so, where can I access a list of the changed forms?
ANSWER: There have been very minor changes to the forms this year. The substantive changes to the forms were made in September to prepare for the CFPB changes that went into effect October 3, 2015. You can download the changes made to the 2016 version of the forms on the TAR website; go to this link and select “Forms on the Fly” inside the Member Services area (login required).