A Publication of the Memphis Area Association of REALTORS®
August 1, 2008
Volume 13, Number 30

In this Issue

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

Mortgage Monitor

Freddie Mac Primary Mortgage Market Survey for July 31 and change from previous week:

MAARket Snapshot

Pending sales recorded, total active listings, and total new listings according to MAAR MLS for week ending July 27 and change from previous week.

Join MAAR online at:

In the News

MAAR NEWS

Housing Bill Becomes Law; Several Provisions Aim to Help Homeowners, First-Time Buyers
On July 30 President Bush signed into law the Housing and Economic Recovery Act of 2008, legislation aimed at shoring up the housing market in the United States and offering current homeowners with troubled mortgages and potential homeowners with significant assistance. Of most interest to people who do not own a home but have been thinking about it is a $7,500 tax credit to qualified first-time home buyers who purchase a home between April 9, 2008, and June 1, 2009. You can get an overview of all the law's provisions on MAARtalk and more details on the tax credit from this site.

Habitat Fall Build Dates Have Been Announced!
The MAAR/Mortgage Bankers Association Habitat house will be constructed from September 12 through October 25 and we need your help. For the first time two Thursday dates are being offered.  If you would like to sign up to volunteer for a shift (7:30 8 a.m. to noon or noon to 5 p.m.), please download the volunteer registration form.

Loan Processing Documents Must Come From Borrower
HUD rules state that "no document used in the processing or underwriting of a loan may be handled or transmitted by or through an interested third party to the transaction." That means REALTORS® cannot fax or otherwise deliver documents to the bank (such as W-2s, tax forms, banks statements, etc.) on behalf of clients who are applying for a mortgage. In today's environment lenders are becoming more strict about enforcing this rule.

For Sale Signs Must be Displayed on Private Property
As a reminder, City of Memphis ordinance specifies that no sign or advertising can be displayed on public property. This includes the area between a sidewalk and the street in front of a residence. Be sure you place your yard sign only on the homeowner's property or you risk having your sign confiscated by the City of Memphis.

MLXchange 4.3 Upgrade - Wednesday, August 6
MLXchange will be taken off line from 4:30 to 7:30 a.m. on Wednesday, August 6, for the 4.3 upgrade. MLXchange 4.3 is a relatively small upgrade that will correct some existing issues in the systems as well as provide new features, including broker level Web site capabilities, improved IDX search features, report stationery, and more. Click here for a complete list of the new features.  New Active X Control files will need to be installed after the upgrade.  Also, don't forget to keep your eye on the Weekly REALTOR® for upcoming tips on how to make the most of the MLXchange 4.3 enhancements.

Semi-Annual MLS Fees Due August 15
MLS fees for the period September 2008 through February 2009 are due by August 15, 2008. You can view your invoice and pay securely online. MLS users whose payments are made online or received in the MAAR office after 5 p.m. on September 2 will be assessed a $50 late fee and individual MLS services could be suspended. Please allow 5 business days for mail delivery and processing.

Fed Seeks Nominees for Consumer Advisory Council
The Federal Reserve Board is seeking nominations for appointments to its Consumer Advisory Council. The Council advises the Board on the exercise of its responsibilities under various consumer financial services laws and on other matters. The group meets in Washington, D.C., three times a year. Ten new members will be appointed to serve three-year terms beginning in January 2009. You can get more information and apply online.

Save the Date and Wine Down for Habitat!
This year's Habitat Kick-off Party is on Thursday, August 21, at 5:30 p.m. in the MAAR Education Center. Tickets are on sale now for $25 each for the Wine Tasting at 4:30 p.m.  Or, get a team of four together and register for the Wine Race, beginning at 4:30 p.m.  We are also seeking donated items for our silent auction, all proceeds of which go toward the MAAR/Mortgage Bankers Association Habitat house.  If you need more information, would like to purchase a ticket to the Wine Tasting, register for the Wine Race, or contribute an auction item, please contact Katie Shotts at (901) 818-2435 or katie.shotts@maar.org.

TAR Accepting 2009 Committee Requests
TAR is now accepting requests for appointment to a 2009 TAR committee or task force. To be considered, complete the request form and submit it no later than August 15.

INDUSTRY NEWS

FHA Mortgage Loans 'Only Game in Town' July 31, 2008
In the post-boom world of real estate, FHA loans are hot again.

MLS Stakeholders Take on Syndication, Public Sites July 30, 2008
Discussions focus on 'The Future of MLS.'

Think Like a Buyer to Get Home Sold July 29, 2008
Besides new paint and fixing defects, don't forget about room flow.

Reach Out and Text Prospects July 29, 2008
Text messaging can be a good way for practitioners to build their client base and forge relationships with prospects, but just make sure you stay within the law.

No Excuse for 'Photo Not Available' July 28, 2008
It's common knowledge that multiple photos greatly increase the likelihood buyers will click on your listing, but the message still hasn't hit home with some practitioners.

Tennessee Among Top Five for Business Climate July 28, 2008
A survey of U.S. corporate executives ranked the state as the fourth best for business.

Latecomers Must Scramble for REO Listings July 28, 2008
Lenders have established ties to agents, brokers.

Upcoming Education and Events

WHM: Down Payment Assistance Programs
This course will provide you with the information you need to advise your clients on the City of Memphis' Down Payment Assistance (DPA) products designed for first-time home buyers, Memphis City School teachers, Memphis police officers, Memphis Housing Authority residents, and Section VIII recipients. Down Payment Assistance will be held Tuesday, August 5, from 2 to 4 p.m. at MAAR for 2 hours CE credit.  The cost is $20.  Register online.

Talk Shoppe Presents "How to Best Prepare Your Home for Sale"
Carmel Hopper and Melissa Douglass of the Home Stager Gals will present this free seminar on Wednesday, August 6, 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.

Rookie Resource: Contracts 101, The Purchase & Sale Agreement
This course is the "must-have" contract course and is offered on Wednesday, August 6, from 2 to 5 p.m.  Taught by TAR Forms Committee member Ron Poe, attorney of The Poe Firm, this course will give you an in-depth analysis of the Purchase and Sale Agreement (Form 9), with emphasis on the terms of the Agreement.  This course will also explore the use of the Counter Offer form (Form 8).  To register, please e-mail nicci.lundquist@maar.org or call (901) 685-2100.  This course is designed for new members.  The cost is free and participants will receive 3 hours CE credit.

Commercial Council Hosts Membership & Election Party
The MAAR Commercial Council is hosting its annual member appreciation and election party on Thursday, August 7, from 4:30 to 6 p.m. at Napa Cafe, 5101 Sanderlin Ave. RSVP by e-mail to katie.shotts@maar.org or by calling (901) 818-2435.

Short Sales: A High-Risk Transaction for the Real Estate Agent, Broker, and Their Clients
Short sale transactions afford opportunities to real estate agents but can be very complex transactions with serious implications. A real estate agent needs to become well informed about these transactions and needs to keep the client informed about all the potential risks and implications that could be involved. This course is designed to introduce the process of a short sale, the issues and risks associated, and what you need to tell your buyers and sellers as you guide them through the process.  It is being held Friday, August 8, from 9 to noon for 3 hours CE credit.  The cost is $40.  Register online.

Code of Ethics and Standards of Practice
Article for article - this class will help you understand your REALTOR® Code of Ethics.  No stone will remain unturned in this lively class on your standards of practice. It will really drive the message home! Come ready to learn and ask questions. This course will satisfy your 2005-2008 NAR Quadrennial Ethics Requirement.  Code of Ethics and Standards of Practice is being held Tuesday, August 12, from 1 to 4pm for 3 hours CE credit.  The cost is $15.  Register online.

GRI 4: From Offer to Contract to Closing
This two-day (16-hour CE) program is designed to equip every student with the skills and knowledge needed to properly prepare offers to purchase, property listing agreements, and other forms to protect the interests of their clients. Using the Tennessee Association of REALTORS® Standard Forms for reference and classroom exercises, the program includes an explanation of typical contract terms and conditions to facilitate clear communication between real estate salespersons and buyers/sellers. The entire negotiation process is also studied as an important component of this course – with a focus on strategies used in the original offer, in presentation, and in subsequent counter offers.  GRI 4 is August 14 and 15.  The cost is $195 through August 7 and $210 after.  Register at www.tarnet.com.

MLXchange & Technology

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.

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