A Publication of the Memphis Area Association of REALTORS®
June 6, 2008
Volume 13, Number 23

In this Issue

• MAAR News
• Industry News
• Education & Events
• MLXchange & Technology
• Technology Classes

Mortgage Monitor

Freddie Mac Primary Mortgage Market Survey for June 5 and change from previous week:

MAARket Snapshot

Pending sales recorded and total active listings according to MAAR MLS for week ending June 1 and change from previous week.

In the News

MAAR NEWS

REALTOR® Prize Patrol is on the Loose
Show your REALTOR® pride in the month of June by wearing your REALTOR® pin everywhere you go. Those spotted with their REALTOR® pin on may be awarded a prize by the REALTOR Prize Patrol. Don't have a REALTOR® pin? Pick one up in the REALTOR® Store - they are on sale for $5 in June.

A Reminder about Showing Etiquette
As a reminder, be sure to check showing requirements of all listings, even those that may be vacant. Those homes may still have an active alarm system that requires a code for deactivation.

Correction in April Market Statistics
In the April Market Statistics Area Detail Report, the year-to-date number of sales in Midtown is incorrect - it should be 295, representing an 8.4 percent decline from the same period in 2007. Download the complete corrected report. We apologize for the error.

TAR Accepting 2009 Officer Applications
TAR is now accepting 2009 officer applications. MAAR members are eligible to apply for Divisional Vice President (two-year term). Applications must be received by TAR no later than Monday, July 7. Contact Carol Culpepper for application materials.

Register Today for the Online CommercialSource Convention
The REALTORS® Commercial Alliance hosts the only online convention and trade show exclusively for commercial real estate practitioners set for June 17 and 18.  Learn more about the convention or register online.

INDUSTRY NEWS

Foreclosures are NOT Bargains June 5, 2008
Lower price usually means greater repairs required; banks not always in a hurry to sell.

First Horizon Sells Mortgage Biz to MetLife June 5, 2008
First Tennessee Bank National Association has reached a deal that will allow it to sell all of its mortgage business outside of the state.

How to Make the Short Sale June 4, 2008
Some recommendations for agents who have never handled a short sale.

Five New Rules for Home Buyers June 3, 2008
Here are some tips for your buyers to get them off the fence and thriving in today's real estate market.

Overhauling Real Estate Appraisals June 2, 2008
One of the country's top financial regulators threw a hand grenade last week at Fannie Mae's and Freddie Mac's controversial plan to radically overhaul real estate appraisals.

Are Loans Through Brokers More Costly? May 30, 2008
A new study claims that consumers who get their loans through brokers typically pay more than those who obtain them directly from the lender.

Upcoming Education and Events

WHM: Affordable Properties
This course provides you with information about affordable new homes, HUD homes, and REOs. Topics include affordable new home community developments, who can buy HUD homes, who can sell HUD homes, electronic bidding, financing purchases, HUD sales procedures and policies, who can buy an REO, bidding on REO property, and REO sales procedures.  The class is Tuesday, June 10, from 2 to 4 p.m. for 2 hours CE credit.  The cost is $20 for members and $40 for non-members.  Register online.

TREC Update Seminar
The TREC Update Seminar is an informational session designed to give you an update on new and modified TREC laws, rules and policies, as well as update you on educational requirements and licensing.  The Tennessee Real Estate Commission will be here Wednesday, June 11, to offer this course for free.  There are two times available: 9 to 11 a.m. or 1 to 3 p.m.  The course is approved for 2 hours CE credit.  Register online. (Note: This is NOT the mandatory TREC Core Course)

Talk Shoppe Presents "Security: How to Protect Your Home and Real Estate Investments"
David Apperson of Brinks will present this free seminar on Wednesday, June 11, from 9 to 10 a.m. at the Better Business Bureau, 3693 Tyndale (one block east of Forest Hill Irene off of Winchester). For more information, call sponsor Jo Garner at First Tennessee Home Loans at (901) 759-7808.

June Membership Luncheon
Doing Business South of the Border: A Conversation with the Mississippi Real Estate Commission
Any REALTOR® who does or plans to do business in Mississippi should not miss this enlightening session with Robert Praytor, administrator of the Mississippi Real Estate Commission. He will share trends that are impacting real estate and what activities are causing Mississippi licensees to face disciplinary action by the Commission. The luncheon is Wednesday, June 11, starting at 11:45 a.m. at the University Holiday Inn, 3700 Central Avenue. Register online or by calling (901) 818-2444 by 5 p.m. on Friday, June 6. No-shows, walk-ups, and non-members will be charged $15. Sponsored by Evolve Mortgage.

GRI 3: Financing the Successful Transaction
This two-day (16-hour CE) course is designed to provide each participant with current real estate financing information in an interactive learning environment. Students will acquire both hard and soft skills related to financing - not only the calculation of financial details, but also the application of strategy to the financing process. The course will then extend participants' knowledge beyond the typical secondary money market loans, to equip each student with an array of creative financing variations and options which they can use to broaden a client's transaction possibilities. GRI 3 will be held June 12-13. The cost is $190 through June 5 and $210 after. To register, visit www.tarnet.com.

Habitat for Humanity Golf Classic
Join the Memphis Mortgage Bankers Association for the Habitat for Humanity Golf Classic and help raise money for this year's MBA/MAAR Habitat house. The tournament will be Thursday, June 12, at Wedgewood Golfers' Club in Olive Branch; registration begins at 11:30 a.m. and the tournament starts at 1 p.m. Cost is $100 per player/$400 per foursome and fees include dinner and a chance to win a BMW compliments of Roadshow BMW. Download the registration form for more details and to sign up.

Contracts 101: Purchase and Sale Agreement
Contracts 101 provides an in-depth analysis of the Purchase and Sale Agreement (Form 9), with emphasis on the terms of the Agreement. The course also explores the use of Counter Offer(s) (Form 8). Contracts 101 will be presented by attorney Ron Poe of The Poe Firm, PC, on Monday, June 16, from 2 to 5 p.m. for 3 hours CE credit. The cost is $15. Register online.

CCIM Luncheon
The CCIM membership luncheon will be Tuesday, June 17, starting at 11:45 a.m. at the University Holiday Inn. Cost is $25 for guests. RSVP to memphisccim@centurytel.net by June 12.

ABR: Accredited Buyer Representative
The Accredited Buyer Representative (ABR) designation is the benchmark of excellence in buyer representation. ABR educates buyer's representatives to provide the kind of service and fidelity to buyers that sellers have always enjoyed, and to offer methods for building and maintaining a buyer representation business. Get in on the buyer's agent action June 18-19. The cost of this 16-hour CE course is $230 through June 4 and $260 after. Register online. For more information about the ABR Designation, visit www.rebac.net.

Owner/Manager Forum - MAAR Forecast Through 2010: Helping Build the Recovery in Memphis
The second Education Foundation research project of 2008 is complete and researcher Anne Randolph will be at MAAR on Friday, June 20, to present the findings. The report includes a forecast of the overall housing and mortgage market, key local industry trends that may impact the market, and home sales, pricing, and population growth projections for the Memphis area. All managing brokers/owners are encouraged to attend this forum at MAAR from 10 to 11:30 a.m. on Friday, June 20. Register online.

SRS: Seller Representative Specialist
This two-day program focuses on providing the REALTOR® practitioner with the tools necessary to represent seller clients in a variety of formats. Particular attention is given to differing listing models, office policies, field issues, legal and code ramifications, and representing sellers in today's changing environment. Topics include manual and electronic methods of procuring listings, securing the listing, staging the property and marketing venues, representing the seller client when converting consumer inquiries, co-brokering with cooperating agents, protecting the interests of the client when fielding multiple offers, negotiating the offer, inspection phase issues, and following the pending transaction to closing. The SRS designation class is being held June 26-27 for 12 hours CE credit at MAAR. The cost is $230 through June 12 and $260 after. Register online. Visit www.srscouncil.com for more information about the SRS Designation. The SRS Designation is not affiliated with the NAR designation family.

MLXchange & Technology

Technology Tip of the Week - MAARdata CMA, CSA, and StartingPoint
Did you know that on the CMA, CSA, and StartingPoint reports, MAARdata supplies information not only about the date and amount of the sale but about the type of sale that occurred as well? The Type column contains a code that identifies traditional sales, bank sales, foreclosures, and other types of sales. For example, and N(WD) in the Type column represents a traditional sale. B(WD) represents a home coming out of foreclosure. F (TT) represents a home going into foreclosure. A full explanation of the abbreviations used in MAARdata can be found by clicking the Show Legend link at the top of any of the MAARdata property record windows.

Are You Hiding Your Listings?
Check out this post on the MAARtalk blog from Information Systems & MLS Director Seth Agranov. He talks about the most common MLS data entry errors that cause listings to essentially be hidden from those who might be searching for them.

Remember to Update Personal Information in MAARdata
When you change your phone number, e-mail address, change companies, etc., you need to remember to change that information in MLXchange as well as MAARdata - the two systems are separate. When you're logged into MAARdata, click the User Profile link on the right side of the screen.

MLXchange FAQ Sessions Every Monday at 10 a.m.
Need some help with MLXchange? Why not attend a question and answer session to quickly address your MLXchange questions. Sessions are offered in the MAAR computer training lab every Monday from 10 to 11 a.m. No appointment necessary, but do come prepared to ask questions! This is not a formal MLXchange class. For questions, call (901) 818-2455 or e-mail TechSupport@MAAR.org. The FAQ session on June 16 has been cancelled.

Donate Your Old Computers
If you have an old, but still functioning, computer in your closet or garage, recycle it! Dave Burns of Crye-Leike, REALTORS® is helping facilitate a computer recycling program offered through Covenant United Methodist Church, 8350 Walnut Grove Road. Simply take your computer to the church and qualified professionals will "flush" the hard drive and recondition the computer for use by organizations that need, but cannot afford, computer equipment (including inner-city churches and after-school programs). You can drop your used computer by the church gymnasium between the hours of 9 a.m. and 5 p.m. Monday through Friday (inquire at the reception desk about computer recycling). If you have a large number of computers, call Dave at (901) 619-2122 to arrange for pickup. Also, if you know of an individual or group in need of a donated computer, please let Dave know. They currently have about 15 computers waiting to be placed and since the project began, they have placed more than 200 computers with local organizations. Thanks to all REALTORS® who have donated computers.

Upcoming Technology Classes