7-10-17   •   Vol. 2017 Issue 24    •   Brian Copeland, 2017 President   •  Phil Newman, Editor
**Register HERE for Fall Convention, Sept. 13-16 in Memphis!**

TAKEAWAYS:
✔  June housing in TN: sales -.5%, price +11%, inventory -26%
✔  TN’s Monica hosts NAR podcast on real estate investing
✔  Hotline guidance: ending contracts, non-land sales, cash offers
✔  Get inspired by Inky Johnson (right) at Fall Convention!

TN June Housing: Sales -.5%, Price +11%, Inventory -26%
Continuing recent trends, June 2017 saw Tennessee’s single-family home sales hold relatively steady at 7,918, down slightly (-.5%) from 7,954 in June 2016. The median price continued its steeper rise, reaching $223,400, +11% from $200,000the prior June. Inventory kept tightening, –26% in June to 21,019 vs. 28,772 a year earlier. Condos followed similar patterns, but with a more modest median-price rise (+2.1%). See the chart below for more details from the state’s three grand divisions. The national housing picture from NAR is available HERE.

Incoming NAR CEO Goldberg Likes Tennessee
The Digest had the chance to visit with Bob Goldberg in Chicago a few days after he was named incoming CEO for the National Association of REALTORS®. “Bob G” noted how much he enjoyed a recent visit to Tennessee and emphasized his appreciation for the vitality of our real estate community, and for the marks our members are making in areas such as RPAC investing and volunteer leadership. Read NAR’s announcement HERE and Goldberg’s bio HERE

NAR Podcast hosted by TN’s Monica: Investing Tips
Tennessee all-star Monica Neubauer interviews Ron Phipps, a renowned pro (and NAR’s 2011 president), on keys and cautions to real estate investing in the latest education podcast from NAR’s Center for REALTOR® Development. Listen HERE.

Home Equity and Your Retirement

As busy independent contractors, it can be challenging to plan and invest for our own later years. Even if you have retirement accounts and will draw social security, home equity could also be an income source. Reverse Mortgage Funding will present a webinar Wed., July 26 at 12:00 PM CST to answer questions including:
— What resources can help financially if delaying social security benefits is beneficial?
— What are the pros and cons of home-equity finance tools?
— How can home equity help increase long-term social security benefits?
— What are the differences between a home equity line of credit and a reverse mortgage line of credit? 
Register HERE.

10 iPhone Tips: Free Webinar 7/12
Organize apps, extend battery life and learn other time-saving tricks for your iPhone in a free webinar with Craig Grant of the Real Estate Technology Institute (RETI), a Tennessee REALTORS® partner, 3 p.m. EDT/2 p.m. CDT this Wed. 7/12. RegisteHERE.

Sign up by 7/25 & You Could Win BIG
Register for our 2017 Fall Convention by the early-bird deadline—Tues., July 25—and you’ll be entered to win back your $250 registration fee!
WHO: All Tennessee REALTORS® members

WHAT: 2017 Fall Convention
WHEN: Sept. 13-16
WHERE: The Peabody — Memphis
WHY: 
Learn, Connect, Celebrate!
HOW: www.tnrealtors.com/fallconvention

** Kickoff Bash at BB King’s 
** Renowned keynote: The Water Coolers
** Top CE speakers — earn up to 11 hrs
** Inspiration from Inky Johnson
** Main Event: DinnerAwardsInstallations
**Much more! 

Convention Speaker Preview: INKY JOHNSON
Hear former Tennessee Vols football star Inky Johnson share his amazing story of tragedy-to-triumph at our Fall Convention’s Inspirational Breakfast in Memphis!

Learn more about Inky HERE.
Get Fall Convention details and register HERE.
View/print the event schedule HERE.
See our all-star line-up of CE speakers HERE.

Get CE on Sale Mon. 7/10 and Tues. 7/11…

BROKER Core Course, Thurs., July 20 — FULL
Tennessee REALTORS® will host the Principal Broker Core Course next Thursday, July 20. The class is now full. To explore all other upcoming courses, log into the portal HERE and select the “Events” tab, then “Upcoming Classes”.

Source: Tennessee REALTORS® Legal & Ethics Hotline Counsel

How to Terminate a Contract?
Q: I have signed an agreement with a client to list her home at the end of the month, and also to represent her in a future purchase. This client, in my opinion, is out of hand and being unrealistic. I do not feel like it is in my or their best interests to represent them. How do I terminate this agreement?

A: You may use form RF151, the listing/agency mutual release agreement. (Find this and other Tennessee forms on our website: Services/Forms on the Fly. Click HERE. Member login required.)


Sell Manufactured Home but No Land?
Q: I have an agent who has been asked to sell a manufactured home attached to no land. Is this legal?

A: There are several concerns with this type of transaction. First, you may have to be licensed by the Fire Prevention Division, Manufactured Housing section. You can view their website HERE or call (615) 741-7192. If the mobile home were affixed to the land and sold with the land, then this would not be required.

Second, your E&O carrier may not cover this type of transaction since the sale of real property is not involved. You would need to check with your insurance carrier for more specific information.

If you do advertise this for sale, you will need to follow all advertising rules, but make sure that it is clear that the land is not for sale to avoid any misrepresentation claims.

Another issue concerns payment of a commission on the sale. You would need an agreement with the parties to guarantee that your firm would be paid. A regular listing agreement may not be enough, since it likely states that the firm would be paid based on the sale of land or real property, which is not present in this case.


Cash Offer Trump Contingent Offer?
Q: Can a cash offer on a property supersede an offer with a financing contingency, or are they seen as equal offers to be considered?

A: A cash offer does not bump an offer with a financing contingency. If a contract has already been entered into, your only option is to submit a backup offer and see if the Seller will accept.

Standard of Practice 1-15 states:

Realtors®, in response to inquiries from buyers or cooperating brokers shall, with the sellers’ approval, disclose the existence of offers on the property. Where disclosure is authorized, Realtors® shall also disclose, if asked, whether offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating broker.

Contracts are confidential and the details of a contract should only be shared with the permission of all parties. Please note, the seller was under no obligation to ask the first offer to extend their offer so they could review a second offer. The seller is able to accept any offer on the table at any time.

If you feel the broker’s act has been violated, you may file a complaint with the Tennessee Real Estate Commission (TREC). If you feel the Code of Ethics has been violated, you may file a complaint with your local REALTOR® association/board.

LINKS:

Past issues of The Digest
Check your CE hours
Find CE and other courses in TN
Find online CE courses
Contact our Legal and Ethics Hotline
Tennessee Real Estate Commission (TREC)
Our website
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