Don’t Miss the Bus!....................Anand Patel....................page 17
In this issue...Association Briefs...............4BOD Report.......................17Calendar.............................10Candid Camera...................18CEO Update.........................2Code of Ethics.....................6Educational Opportunities.16MLS Statistics...................15MLS Training Schedule.....16New Members......................9President Message................3
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Greater Tampa
Official Publication of the Greater Tampa Association of REALTORS® May 2013
The Voice for Real Estate in Hillsborough County
REALTOR® News
Mark your Calendar...
General Membership Meeting on
June 6th
(see page 3)
See, OPTION, Page 8
Effective July 1, mortgage ser-vicers must offer eligible borrowers at least 90 days delinquent an easy way to lower their monthly payments and modify their mortgage without requiring fi nancial or hardship docu-mentation. The loans apply to those owned by Fannie Mae and Freddie Mac, according to the Federal Hous-ing Finance Agency (FHFA)
The new Streamlined Modifi cation Initiative eliminates administrative barriers. It becomes effective July 1, 2013, and expires on Aug. 1, 2015.
If eligible borrowers show a will-ingness and ability to pay by mak-ing three on-time trial payments, the mortgage will be permanently modi-fi ed. However, documenting income and fi nancial hardship could result in additional savings.
“This new option gives delinquent borrowers another path to avoid fore-closure,” says FHFA Acting Director Edward J. DeMarco. “We will still encourage such borrowers to provide documentation to support other mod-ifi cation options that would likely re-sult in additional borrower savings.”
Frequently asked questions1. Why is FHFA directing Fannie
Mae and Freddie Mac to launch the Streamlined Modifi cation Initiative?
Throughout the fi nancial crisis, one of the biggest challenges in as-sisting troubled homeowners has
been the administrative challenge of document collection. Since the inception of the Making Home Af-fordable (MHA) program, FHFA, Fannie Mae and Freddie Mac have been measuring and monitoring bor-rower and servicer responsiveness
to borrower assistance programs to understand why many borrowers are not able to get a loan modifi cation. Removing the administrative barriers associated with document collection and servicer evaluation should en-able signifi cantly more borrowers to access the available options for home retention.
2. When will the Streamlined Mod-ifi cation Initiative be available?
The Streamlined Modifi cation Ini-tiative will begin July 1, 2013, and end Aug. 1, 2015. Fannie Mae and Freddie Mac are currently issuing guidance to their mortgage servicers to implement the Streamlined Modi-fi cation Initiative.
3. What are the eligibility require-ments?
The loan must be owned or guar-anteed by Fannie Mae or Freddie
Mac. Homeowners must be 90 days to 24 months delinquent, and have a fi rst-lien mortgage that is at least 12 months old with a loan-to-value ratio equal to or greater than 80 percent. Loans that have been modifi ed at least two times previously aren’t eli-gible.
4. How is the Streamlined Modifi -cation Initiative different from other Fannie Mae or Freddie Mac mort-gage modifi cation options?
The key difference: Borrowers don’t need to document their hard-ship or fi nancial situation. They can accept a Streamlined Modifi -cation Offer by simply making the trial period payments and agreeing to the terms of the modifi cation. However, their modifi cation terms could be more benefi cial if they do document their fi nancial situa-tion and work with their servicer.5. How does the Streamlined Modifi -cation Initiative differ from the Home Affordable Modifi cation Program (HAMP)?
Borrowers can take advantage of HAMP as soon as they run into fi -nancial troubles, but they must pro-vide fi nancial, income and hardship documentation to their servicer to be considered. The Streamlined Modifi -cation Initiative is only available for borrowers at least 90 days delinquent
FHFA streamlines mortgage modifications
According to a report by BMO Financial Group, Florida’s housing market is on the rebound and Cana-dian Snowbirds are playing an im-portant role in its recovery.
“Beyond the obvious attraction of great weather and beautiful beaches, there are two factors that make Flor-ida real estate an especially good value for Canadians,” says Jack Ablin, BMO’s chief investment of-fi cer. “The fi rst is that … the median priced home in Florida is nearly half than that in Canada. At the same time, the Canadian dollar is trad-ing nearly 10 percent above ‘fair’ value versus the U.S. dollar, arming Snowbird shoppers with extra buy-ing power.”
Report fi ndings• There is growing demand for
Florida real estate from foreign buy-ers, most notably Canadians, who have helped support property prices.
• Canada is Florida’s No. 1 source of foreign tourists and the state’s
No. 1 foreign buyer of real estate. In 2010, Canadians accounted for 36 percent of all real estate purchases by foreigners.
• More than 500,000 Canadians currently own property in Florida.
• A BMO report from 2012 found 16 percent of Canadians would con-sider buying a home south of the border.
• Of those considering property in the U.S. in 2012, 56 percent would do so to gain a vacation or second-ary property; 44 percent cited af-fordability as a motivation; 29% viewed a U.S. home purchase as a long-term investment.
Where in Florida are Canadi-ans buying?
The report outlines the key geog-raphies in Florida where Canadians currently own real estate, based on a study by the National Association of REALTORS®. They include:
Page 2 • Greater Tampa REALTOR® News • www.GTAR.org • May 2013
Offi cial Publication of the Greater Tampa Association of REALTORS®
The Greater Tampa REALTOR® News is published monthly for members of the Greater Tampa Association of REALTORS® (GTAR) in the interest of informing, promoting, and improving the real estate industry. With the exception of articles and materials from other publications reprinted in Great-er Tampa REALTOR® News, members and affi liate members of GTAR are hereby authorized to repro-duce articles appearing in this newspaper, provided each such reproduction gives the following credit: Reprinted from Greater Tampa REALTOR® News, Greater Tampa Association of REALTORS®.
REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics.
All editorial material must be submitted to the Association’s Public Affairs Department, [email protected] by the 15th of the month.. For advertising information, contact Karen Cuervo at (813) 244-3482.
Advertising products or services herein shall not be construed to be a promotion, approval, or endorsement of those products or services by GTAR. All advertising is subject to the approval of the GTAR Board of Directors/Chief Executive Offi cer.
Articles contained in this publication express the opinion of the author and not necessarily the opinion of GTAR.
FHA 203K Renovation Loan Program is one of thefastest growing programs in the country, in alignment with current market conditions (bank-owned, short sale, and distressed properties). Learn the process. Workshop is State-approved for 3-hours of Continuing Education (CE) credits.
Increase your business immediately using FHA 203k Renovation and Fannie Mae Home Style Renovation.
The "FULL 203K" has no limit to the repairs and includes structural repairs, room additions,garages and complete renovation.
Close “uninsurable, cash-only and bank-owned properties AS-IS.
Eligibilities and requirements
Increase Your Sales and Listings with a FHA 203K RENOVATION PROGRAM
FREE admission for GTAR-members
Non-Members $10
Thurs., May 16, 2013
Check-in: 9:00 a.m. Program: 9:30 a.m. to 12:30 p.m.
About the Instructor Andy Wood is a HUD-Certified 203k Instructor and one of the Top Originators of the 203k Renovation Loan Program. For nearly 20 years Andy has been in mortgage lending with 19 years experience in the 203k Program. Since 1992, Andy closed over 3,600 purchase transactions and 1,100 203k Renovation Loans. As a former 203K Manager Andy managed over 5,000 203K’s transactions.
Disclaimer: This program is for information purposes and not as an indication of corporate endorsement by the Greater Tampa Association of REALTORS (GTAR). Information presented is not warranted or guaranteed by GTAR.
DBPR Course #: 0012479
Approvedfor 3-CE
credits
Brought to you by GTAR’s Professional Development Committee.
by Carol A. Austin, CEOPLEASE JOIN ME IN WEL-
COMING OUR NEW BUILDING TENANT
North American Title is our new tenant in our building.
They will be doing some renova-tions to their space before they move in.
RULES AND REGULATIONS RELATING TO THE KEY HOLDER SERVICE
Misuse of Supra Key: Any misuse of the Supra Key will be considered a violation of membership duties under GTAR Bylaws.
All Key holders are strictly for-bidden to lend their leys to any in-dividuals for any reason except that a REALTOR®/Broker or Manager is allowed to loan a Supra key to a key holder associate in time of emergen-cy for a non-functioning Supra Key. The associate must be an active cur-rent key holder.
In the event that the key holder’s misuse has been noticed by the As-sociation, the following actions will apply:
Notice will be given to the key holder of the apparent misuse, with the opportunity for the user to ap-pear before the Board of Directors
to show cause why his/her key privi-leges should not be suspended or ter-minated and a fi ne levied.
The following penalties may be applied:
Fine up to $500 and his/her key s e r v i c e be turned off for a period of up to six months.
Second offense: Fine up to $5,000 and his/her key services to be termi-nated for up to three years.
THE REALTORS® CARE FOUNDATION OF GTAR, INC.
Our funds are low and we are in need of donations to the foundation.
The REALTORS® Care Founda-tion of GTAR, Inc. is a public chari-table foundation that was formed with the mission to create and pro-vide educational and housing pro-grams and services to those who call Hillsborough County home.
From fundraising to volunteering, the members of the Foundation re-main active and diligent in their goal to give back to their communities.
The formation of REALTORS® Care Foundation of GTAR was a natural extension of what it means to be a REALTOR®. With the support of REALTORS® and donations from the public, the REALTORS® Care Foundation of GTAR makes a dif-ference in the lives of families who need that little extra assistance to make their dream of home owner-ship come true, grants scholarships for those seeking to continue higher education opportunities in real es-tate, and provides funds for local community development along with providing disaster relief services to the community.
Utilizing a four square approach, the REALTORS® Care Foundation of GTAR awards gifts in the form of one of our four squares of service; the Home Buyers grant program, the Disaster Relief program, the Schol-arship program and the Community Development programs. Since the inception of this 501c 3 charity, the REALTORS® Care Foundation of GTAR has gifted of up to $5,000 to-wards down payment assistance, to purchase their fi rst home, a reality that otherwise would have been un-
attainable for the recipients, and it is for this reason the REALTORS® Care Foundation of GTAR is continually making a difference in the neighbor-hoods in which it’s REALTORS® and residents live, work and serve.
In 2009, we provided 2 grants for down payment assistance recipients.
In 2010, we provided 2 more grants for down payment assistance.
In 2011, we provided 13 grants for down payment assistance.
In 2012, we provided 20 grants for down payment assistance.
In 2013 so far, we provided 9 grants for down payment assistance.
No more grants can be given, un-less we are able to secure more funds.
We have also provided assistance in our community as well as provid-ed Disaster Relief.
Can you help today by writing a check to RCF of GTAR, Inc. for a donation or go to www.RCFgtar.org and make a contribution there. Mail the check to RCF of GTAR at 2918 W. Kennedy Blvd, Tampa, FL 33609.
This is a charitable contribution and can make a difference to some-one that can use our help in achieving their dream of home ownership.
REALTORS® Care Foundation seeks contributions
May 2013 • Greater Tampa REALTOR® News • www.GTAR.org • Page 3
Broker Participation Welcome and Encouraged
* Offer is for a limited time only, and developer may cancel incentive at anytime without notice. ** 50% paid at time of contract after 15-day rescission period. 25% paid 30 days thereafter at second deposit. 25% paid at closing in Summer in 2014. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE SELLER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A SELLER TO A BUYER OR LESSEE. This project has been fi led in the state of Florida and no other state. This is not an offer to sell or solicitation of offers to buy the condominium units in states where such offer or solicitation cannot be made. Prices and availability are subject to change at any time without notice.
Waterfront Condominium Residences on Snell Isle Priced from the $500s.
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Kolter introduces the most rewarding way to sell by fully supporting you!
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OCCUPANCY SUMMER 2014.
by Janet Swilley, PresidentMost of us have hit the ground
running this year. So this month, you may not have a lot of time to read an article, so I thought I would just share some positive thoughts of encouragement to refuel your suc-cess.
Grow from your mistakes.The goal isn’t to be better than
anyone else, but to be better than you were yesterday.
You must have a hope and desire to change and succeed every day.
Find the treasure in yourself and others.
Life can change in a fl ash.Being positive will make you
productive.You can’t change the past, let it
go and create the future. Believe in yourself. The more
you do it the more natural it be-comes.
Find value in yourself.Do not be manipulated by nay-
sayers.Your positive energy must be
greater than anyone else’s negativ-ity.
You haven’t failed until you stop trying.
Life will always test you. There will always be setbacks.
It’s like riding a bicycle. You have
to get back on the bike and master the ride.
O v e r -come your own small civil war.
K n o w that your luck and your situ-ation are about to improve.
Make a note to yourself that you can only drive your own bus. You can ask people to ride with you, but you can drive their bus.
Think about the successes of your day.
Feed the positive.Be grateful.Being grateful fl oods the body
with positive endorphins and emo-tions.
It’s physically impossible to be thankful and stressed at the same time.
Fuel your life with positive ener-gy if you want to be successful.
Positive energy inspires others. If you want to change your situ-
ation, you have to change your thoughts.
Build it in your mind, focus on
seeing it and take action, success will come.
Spend time thinking about what you do want instead of what you don’t want.
Be a change agent.Vision without execution is hal-
lucination.Future is what we are creating.Go where no path has been and
leave a trail.Lose your fear of being wrong.Build new model that makes the
old one obsolete.Be a winner, not a whiner. Winners don’t wait for chances,
they take them.Your Friend in the Real Estate
Business!
Positive daily affirmations to refuel your success
Page 4 • Greater Tampa REALTOR® News • www.GTAR.org • May 2013
Florida Association of REALTORS®®®®
1st Year Mari Colgan Shannon Damschen Dan Hazy Michele Herndon Mark Paris Joe J. Perez Jack Rodriguez Sandra R. (Sandy) Streit Laura Taylor 2nd Year Janet Swilley3rd Year Tom Scaglione 4th Year Norma Cohen Carlos Fuentes Donald Kuder Pamela P. Terrell 5th Year Brad Monroe 6th Year Connie Johnson 7th Year Barbara S. Jordan 8h Year Linda Calebro Kuder 9th Year Vernon E. Taylor 17th Year Susanna Madden Kathleen L. Razzano 19th Year Mary T. McCall 20th Year Tina Harris24th Year Jo Easton
Greater Tampa Association of REALTORS ®®®®
Linda Calebro Kuder
Norma Cohen
Mary Colgan
Shannon Damshen
Jo Easton
Carlos A. Fuentes
Tina Harris
Dan Hazy
Michele Herndon
Connie Johnson
Barbara S. Jordan
Donald Kuder
Susanna Madden
Mary T. McCall
Brad Monroe
Mark Paris
Joe J. Perez
Kathleen L. Razzano
Jack Rodriguez
Tom Scaglione
Sandra R. (Sandy) Streit
Janet Swilley
Laura Taylor
Vernon Taylor
Pamela P. Terrell
LET GTAR MAKE YOUR DAY Concealed Weapon Class
Sponsored by Greater Tampa Association of REALTORS®
RPAC Committee FRIDAY, MAY 31, 2013 9 a.m. to 3 p.m.
**Limited to 30 people** SR 52 & Suncoast Parkway
Linda Gangemi is an NRA Certified Pistol Instructor. She will provide a comprehensive classroom and live firing range instruction course, pistols, targets, eye/ear gear protection and water. Students may bring their own firearm and ammunition. Students without a firearm, will shoot a small caliber semi-automatic .22 pistol and must pay $4 (cash to be paid at the range) for a box (limit 1) of ammunition.
Upon completion, students will be skilled enough to safely handle and discharge a pistol. Okay if students have their own guns and ammo they prefer to shoot. Dress for warm outdoors. Firing range is beautifully set on 750 acres of gorgeous private property
approximately 1/4 mi west of Suncoast Parkway on SR 52 in Pasco County. (15212 SR 52, Land Lakes, FL, 34638) There are restroom facilities, and fans to keep the firing line as cool as possible.
REALTORS® put themselves in a vulnerable situation every time they meet a prospect at a home. Be prepared. Know how to protect yourself. Florida law allows you to exercise your Second Amendment Rights and carry a concealed weapon in your purse or on your person, with the proper permit.
Upon successful course completion each student will receive the necessary certificate and paperwork to file for a Weapons Per . The State of Florida charges $112 for this permit.
PAYMENT confirms registration (NO REFUNDS) Make $50 check payable to Linda Gangemi (that portion is tax deductible) and $50 check payable to RPAC
Mail BOTH checks along with the form below to: GTAR, Attn: Brenda Rabbitt, 2918 W Kennedy Blvd, Tampa, FL 33609
Name Email Phone
Checks enclosed
Questions? Email [email protected] Contributions are not deductible for income tax purposes. Contributions to RPAC are voluntary and are used for political purposes. You may refuse to contribute without reprisal and the National Association of REALTORS® or any of its state associations or local boards will not favor or disfavor any member because of the amount contributed. 70% of each contribution is used by your state PAC to support state and local political candidates. Until your state PAC reaches its RPAC goal 30% is sent to National RPAC to support federal candidates and is charged against your limits under 2 U.S.C. 441a; after the state PAC reaches its RPAC goal it may elect to retain your entire contribution for use in supporting state and local candidates. Only U.S. Citizens or permanent residents may invest in RPAC.
HOUSING RECOVERY REAL SAY 71% OF LENDERS
In its quarterly survey of U.S. bank risk professionals, FICO, a predictive analytics and decision management software company, found lenders more bullish on the housing recovery than at any point in three years.
Almost three in four risk pros (71 percent) said home prices are “rising at a sustainable pace” in the context of mortgage lending risk. In addi-tion, 39 percent expect mortgage de-linquencies to decrease over the next six months, while another 45 percent expect delinquencies to remain fl at. Only 16 percent expect an increase.
FICO says the latest report has the most optimistic fi gures recorded in three years – since the survey was
launched.The survey, conducted for FICO by
the Professional Risk Managers’ Inter-national Association (PRMIA), also found that a majority of bankers (59 percent) expect the supply of credit for residential mortgages to meet demand over the next six months, and a slight-ly larger majority (60 percent) expects the supply of credit for mortgage refi -nancing to meet demand.
“The latest survey results – com-bined with data that indicates the real estate market is improving in many regions – paint a positive picture for a sector of the economy that has been slow to join the recovery,” says Dr. Andrew Jennings, chief analytics offi cer at FICO. “Mortgage lenders have been understandably guarded
over the past fi ve years. The im-provement in their sentiment should be welcome news, and I wouldn’t be surprised to see lenders cautiously expanding their mortgage and home equity lending businesses.”
The REALTOR® Party is an ener-gized movement of real estate profes-sionals fi ghting to keep the dream of homeownership alive for this coun-try. Now, more than ever, it is criti-cal for REALTORS® across America to come together to speak with one voice about the stability that the real estate market brings to our communi-ties. From city hall to the state house to the U.S. Capitol, elected offi cials make decisions that have an impact on the bottom line of REALTORS® and their customers. The REALTOR® Action Center (http://www.real-toractioncenter.com/realtor-party/) is where you learn how Voting, Acting and Investing in the REALTORS® Political Action Center (RPAC) builds our political strength at every level of government. Through the support of REALTORS® like you, the REALTOR® Party represents your interests. In fact, the REALTOR® Party has been a leader in building the bipartisan relationships necessary on both sides of the aisle in jurisdic-tions in every state. We need to build on that success and your involvement now can help make that happen.
From 2004 to 2012, RPAC raised
over $45 million dollars to support pro-REALTOR® Party candidates running for Congress. The amount of money RPAC spends to support can-didates makes it one of the top three trade association PACs in the nation. REALTORS® are a key part of the American Dream: home ownership. But now, more than ever, REAL-TORS® are facing forces from many directions that threaten their profes-sion. Property tax burdens, lack of available fi nancing and diffi culties in short sales transactions are only a few of the issues that somewhere, ev-ery day, REALTORS® confront when selling a home. RPAC allows REAL-TORS® to make sure their concerns about these issues are heard and un-derstood by public offi cials. RPAC works…invest today by visiting http://pac.fl oridarealtors.org/.
FLORIDA REALTORS® FORM CHANGE: ICA-6 REPLACES ICA-5X
The updated Independent Contrac-tor Agreement between Broker and Associate has only one substantive change, however, in paragraph 6: “for __ months” was deleted.
WANT TO SERVE ON A FLOR-IDA REALTORS® COMMITTEE?
Time to sign up for 2014: Commit-tee applications to serve on a 2014 Florida REALTORS® committee are available on fl oridarealtors.org (login required). The deadline for submit-ting 2014 Committee Service Re-quest/Recommendations is June 14, 2013.
May 2013 • Greater Tampa REALTOR® News • www.GTAR.org • Page 5
Page 6 • Greater Tampa REALTOR® News • www.GTAR.org • May 2013
Code of Ethics: Article 10REALTORS® shall not deny equal
professional services to any person for reasons of race, color, religion, sex, handicap, familial status, national origin, or sexual orientation. REAL-TORS® shall not be parties to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status, national origin, or sexual orien-tation. (Amended 1/11)
REALTORS®, in their real estate employment practices, shall not dis-criminate against any person or per-sons on the basis of race, color, re-ligion, sex, handicap, familial status, national origin, or sexual orientation. (Amended 1/11)
Case #10-1: Equal Professional Services by the REALTOR® (Reaf-fi rmed May, 1988.)
A minority couple called on RE-ALTOR® A and expressed interest in purchasing a home in the $130,000 to $145,000 price range with at least three bedrooms, a large lot, and locat-ed in the Cedar Ridge area of town. Being familiar with Cedar Ridge through handling of numerous listings in that area, REALTOR® A explained that houses in Cedar Ridge generally sold in the price range from $180,000 to $220,000. The couple thereafter indicated that they would then like to see “what was available” within their economic means. After further discussion with the couple concern-ing their fi nancial circumstances and the maximum price range they could afford, REALTOR® A concluded that the couple could not afford more than $137,500 as an absolute maximum.
The couple was then shown homes which met the criteria they had de-scribed to REALTOR® A. However, although REALTOR® A discussed with the couple the amenities and as-sets of each of the properties shown to them, they expressed no interest in any of the properties shown. A few days later, the minority couple fi led charges with the Secretary of the Board, charging REALTOR® A with a violation of Article 10 of the Code Ethics, alleging that REALTOR® A had violated the Article by an alleged act of racial steering in his service to the minority couple.
The Secretary promptly referred the complaint to the Grievance Committee, which conducted a pre-liminary review and referred the complaint back to the Secretary, in-structing that a hearing be arranged before a Hearing Panel of the Profes-sional Standards Committee. REAL-TOR® A was duly noticed and pro-vided with an opportunity to make his response to the complaint.
At the hearing, the minority couple elaborated upon their charge of the al-leged racial steering by REALTOR® A, telling the Hearing Panel that they had specifi cally expressed an interest in purchasing a home in the Cedar Ridge area, but were not shown any homes in Cedar Ridge. REALTOR® A responded by producing written records documenting the housing preference of the couple as they had described it to him, including price range and demonstrating that he had shown them a number of listings that met the requirements as expressed by
them, although admittedly none of the properties shown were located in Cedar Ridge. However, REALTOR® A explained that he had advised the minority couple that there were no listings available in Cedar Ridge fall-ing within the price range expressed by them. Further, REALTOR® A pro-duced listing and sales information concerning numerous homes in Cedar Ridge which confi rmed an average sales price of $180,000 to $220,000. REALTOR® A told the Hearing Pan-el that he had, in fact, offered equal professional service to the minority couple by showing them properties which met the criteria they had pre-sented to him. He pointed out to the Hearing Panel that the couple was charging him with “racial steering” which presumably they were relating to the denial of equal professional ser-vice. REALTOR® A stated, “If there were listings in Cedar Ridge in the $130,000 to $145,000 price range with at least three bedrooms and a large lot, and I had refused to show them such listings, then they might have a point in their charge. But there are no such listings available now, nor have there been at any time since the original development of the Cedar Ridge area fi ve years ago. I could not show them what did not and does not exist.”
The Hearing Panel concluded that REALTOR® A had properly met his obligation to offer equal professional service and was not in violation of Article 10.
Case #10-2: Denial of Equal Professional Service (Revised May, 1988. Revised November, 2001.)
On a Saturday morning, REAL-
TOR-Associate® B, a salesperson af-fi liated with REALTOR® A, answered a call from Prospect C, a recent col-lege graduate who was moving into the city to take his fi rst teaching job at Northwest High School. Prospect C was married, had two young chil-dren, and was a veteran.
After qualifying Prospect C for a three-bedroom home in the $80,000 range, REALTOR-Associate® B de-scribed available properties near Northwest High School and set up appointments to show houses to Prospect C. That afternoon, REAL-TOR-Associate® B showed Prospect C and his wife three houses in neigh-borhoods near the high school.
On Monday, at a faculty meeting, Prospect C met Prospect D, who was also moving into the city to take a teaching position at the same high school and who was also in the mar-ket for a home. Prospect D was mar-ried with two young children and was also a veteran.
Prospect C told Prospect D of RE-ALTOR-Associate® B’s knowledge of the market and VA fi nancing and how helpful he had been. Prospect D called REALTOR® A’s offi ce that afternoon and asked for REALTOR-Associate® B.
REALTOR-Associate® B met Prospect D and determined Prospect D was also qualifi ed for the $80,000 range. Prospect D told REALTOR-Associate® B that he was also a new teacher at Northwest High School and had been referred by Prospect C. Prospect D was black.
REALTOR-Associate® B showed See, CODE, Page 8
May 2013 • Greater Tampa REALTOR® News • www.GTAR.org • Page 7
Page 8 • Greater Tampa REALTOR® News • www.GTAR.org • May 2013
Brokers and Managers are invited for a complimentary breakfast to learn of specific topics which address the needs of real estate brokers/managers. In this session, Property Appraiser of Hillsborough County, Bob “Coach” Henriquez, will provide you information on the qualifications for Homestead Exemption, when and where to file, and guide you through the process of petitioning for a re-assessment.
HILLSBOROUGH COUNTY PROPERTY APPRAISER PRESENTS ….
Take the Mystery Out of Property Taxes
Wednesday, May 8, 2013 Time: Breakfast: 8:30 AM—9:15 AM Program: 9:30 AM—11:30 AM Place: GTAR Auditorium 2918 W. Kennedy Blvd. Tampa 33609 Cost: Free Admission AND Complimentary Breakfast
Brought to you by GTAR’s Professional Development Committee.
BROKER/MANAGER PROGRAM
FREE ADMISSIONFree Breakfast
This 2-day REALTORS® Land Institute (RLI) Land University course introduces participants to the land brokerage specialty. The course
addresses a broad range of topics that include:
• The basics of land brokerage • Tax deferred 1031 exchanges • Determining market value • Property rights and restrictions • Subdivision and assemblage • Environmental and regulatory issues
FREE MEMBERSHIP IN RLI Florida for remainder of year once you become a member of RLI National
Students who successfully complete Land 101, who have never been members of RLI, and are members of the National Association of
REALTORS® or who join NAR through RLI with an annual payment of $75, are eligible to receive a FREE membership for the remainder
of the year for the Florida RLI chapter.
Land 101 counts as credit in the following programs: • A required course for the prestigious and highly coveted
ALC® Designation. • An elective for the ABR® Designation. • 11 hours specialty CE credit (FL real estate licenses only)
Reserve your space by returning the registration form with payment (payable to RLI Florida) to: Greater Tampa Association of REALTORS® • 2918 W. Kennedy Blvd. • Tampa, FL 33609-3195 Fax: 813-879-8977
NAR ID: ______________________________________ License # and State: ____________________________________
Cancellations: No charge if done 60-days prior to the class; $50 if done 30-days prior; $100 if done less than 48 hours.No-Show: No refunds or credits will be given to registrants who do not cancel or show up for the course.
Instructor: Ben Crosby, ALC, CCIM
Course Administrator: Greater Tampa Association of
REALTORS®
May 22-23, 2013
8:00 AM – 5:00 PM
Location: Coldwell Banker Commercial Saunders Real Estate, 114 N. Tennessee Ave., Lakeland, FL
Prospect D houses in several neigh-borhoods undergoing racial transi-tion but did not show Prospect D homes in neighborhoods near the high school.
Prospect D asked about houses closer to Northwest High School. REALTOR-Associate® B replied that he had no knowledge of any homes in that area for which Prospect D could qualify. The next day, Prospect D, while visiting Prospect C, related his problems in fi nding a home near the
high school and learned that REAL-TOR-Associate® B had shown Pros-pect C several homes near the high school. Prospect D fi led a complaint with the Board of REALTORS® claiming that REALTOR-Associate® B had discriminated against him and his family by not offering equal pro-fessional services.
The complaint was reviewed by the Grievance Committee. REAL-TOR-Associate® B was charged with an alleged violation of Article 10, and the complaint was referred to a Hear-
ing Panel of the Board’s Professional Standards Committee for hearing.
At the hearing, REALTOR-Asso-ciate® B admitted that he did not use the same efforts to show Prospect D properties in neighborhoods near the high school as he did with Prospect C because he felt Prospect D and his family would feel more comfortable living in a racially integrated neigh-borhood.
The Hearing Panel found REAL-TOR-Associate® B in violation of Article 10 of the Code of Ethics.
CODE, from page 6
and it doesn’t require documentation. HAMP allows servicers to evaluate the borrower for modifi cation terms based on an affordable payment that is 31 percent of the borrower’s gross monthly income, and could provide a more affordable monthly payment than the Streamlined Modifi cation Initiative. In addition, borrowers may be eligible to receive fi nancial incen-tive payments under HAMP.
6. Will all delinquent borrowers with Fannie Mae or Freddie Mac mortgages receive a Streamlined Modifi cation Trial Period Plan after July 1 if 90+ days delinquent?
As of July 1, 2013, servicers must identify eligible borrowers who are 90 days to 24 months delinquent and send them an offer letter that states the terms of the modifi cation, includ-ing the monthly payment required for a Streamlined Modifi cation. These eligible borrowers can accept a Streamlined Modifi cation Trial Pe-riod Plan by sending the specifi ed payment to the loan servicer.
7. How long will the trial period last?
Similar to the Standard Modifi -cation, the Streamlined Modifi ca-tion Trial Period Plan will last three months. If the borrower makes on-time payments during the trial period and meets necessary criteria, the bor-rower will be asked to sign an agree-ment making the terms of the mort-gage modifi cation permanent.
8. What happens if a borrower misses a payment during the Stream-lined Modifi cation Trial Period
Plan?If the borrower misses a payment,
he/she won’t be eligible for a per-manent Streamlined Modifi cation. However, the borrower may sub-mit a Borrower Response Package to the servicer and be evaluated for other alternatives to foreclosure, in-cluding other modifi cation options.9. Should struggling borrowers wait until the Streamlined Modifi cation takes effect on July 1, 2013 to con-tact their servicer when they miss a payment?
Borrowers struggling to make payments should call their servicer as early as possible to be evaluated for the most appropriate alterna-tive to foreclosure. A call to the loan servicer doesn’t exclude a borrower from receiving the Streamlined Mod-ifi cation solicitation.
10. When should I expect a letter from my servicer?
Servicers will be required to begin
evaluating borrowers for a solicita-tion on July 1, 2013. Depending on the volume of delinquent borrowers and servicer capacity and systems, letters should be sent within a timely period.
11. What if I stop paying my mort-gage for three months so I can get the modifi cation?
Fannie Mae and Freddie Mac have proprietary screening measures to prevent strategic defaulters from tak-ing advantage of a Streamlined Mod-ifi cation. Additionally, only borrow-ers with loans more than 12 months old with a mark-to market loan-to-value ratio greater than 80 percent and not had two or more previous loan modifi cations will be solicited for participation.
12. Why limit eligibility to borrow-ers who have missed three or more monthly payments?
Many borrowers who miss one or two payments have a temporary
hardship and often reinstate their mortgage to current status. Borrow-ers who are current or less than 90 days delinquent and have a perma-nent hardship should contact their servicer to submit a Borrower Re-sponse Package so they can be evalu-ated for a mortgage modifi cation or other alternative to foreclosure.
13. Does the Streamlined Modifi -cation cover borrowers with delin-quent Freddie Mac or Fannie Mae mortgages secured by second homes and/or investment properties?
Yes. Delinquent borrowers with Fannie Mae or Freddie Mac mort-gages secured by second homes or investment properties are eligible to participate in the Streamlined Modi-fi cation Initiative and may receive trial period plan offers, provided they also meet other eligibility criteria.
Find more information on the FHFA website, http://www.fhfa.gov.
New option gives delinquent borrowers another pathcontinued from page 1
New Affi liates/Business Partners
Michael BoutzoukasBay Area Real Estate Council
Karen CalhounVanDyk Mortgage
Matthew CarverPilot Bank
Evelyn FinneganWells Fargo Home
Jesse GreenEvergreen Contracting, LLC
Shelly GroverVerizon
Margaret IuculanoRegus
Shelly MannebackNorth American Title Company
Mimi PatrickStar Title Partners of Tampa
Eric QuirkAmeriSpec Home Inspections
Adria ReedNations Title Agency of Florida
Zachary TappFEMBI Mortgage Bank
GTAR would like to thank the following sponsors of our April New Member Orientation
Artisan InsuranceBrightway InsuranceClear America Title
FHA203K.orgFirst American Title
HouseMaster Home InspectionsTD Bank
The Tampa Tribune
May 2013 • Greater Tampa REALTOR® News • www.GTAR.org • Page 9
Rob WrenPilot Bank
Winners of the Tampa Bay Builders Association’s (TBBA) 2013 Parade of Homes™ were announced during an awards ceremony in Tampa last month.
Featuring 115 model homes by 33 home builders in more than 75 Tampa Bay area communities, the 2013 Tampa Bay Parade of Homes™ ran March 2-17 in Hillsborough, Pasco, Pinellas, Polk and Hernando counties. The largest parade in years, this year’s new-home showcase boasted a 30 percent increase in entries from last year, and a whop-ping 125 percent rise from the market bottom in 2009. Moreover, visitor traf-fi c was up 38 percent from 2012.
Judging was by a panel of indepen-dent home-building experts who con-siders site plan, curb appeal, design, materials, outdoor living spaces, archi-tectural detailing and workman-ship. Grand and merit awards were given to homes in the following price ranges:
Homes priced less than $151,000: Grand Award – Florida Home Partner-ship, The Cypress at Alexander Woods townhomes. Merit Award – DR Hor-ton, the Dogwood at Cross Creek-Summertree.
Homes priced $151,000-$200,000:
Grand Award – DR Horton, the Santa Cruz in Kinglet Ridge at FishHawk Ranch. Merit Award – Beazer Homes, the Barrington at Gulf Winds.
Homes priced $201,000-$225,000: Grand Award – Lennar, the Heming-way at Brandon Pointe Townhomes. Merit Award – William Ryan Homes, the Sweetwater at Deerfi eld Crossing.
Homes priced $226,000-$250,000: Grand Award – Standard Pacifi c Homes, the Brookland in Glenbrook at WaterGrass. Merit Award – DR Hor-ton, the Santa Cruz at Schooner Cove.
Homes priced $251,000-$275,000: Grand Award – DR Horton, the Orchid in Fairlawn at Panther Trace. Merit Award – Taylor Morrison, the Da-phene II in Baywood at Oak Creek.
Homes priced $276,000-$300,000: Grand Award – Minto Communities, the Solana in Renaissance at Sun City Center. Merit Award – Beazer Homes, the Captiva at Belmont.
Homes priced $301,000-$350,000: Grand Award –M/I Homes, the New-port II at The Estuary. Merit Award – GreenPointe Homes, the Pinemore at Southern Hills Plantation Club.
Homes priced $351,000-$375,000: Grand Award – M/I Homes, the Corina
II at The Estuary. Merit Award – Da-vid Weekley Homes, the Kinglet in Bayberry Glen at FishHawk Ranch.
Homes priced $376,000-$400,000: Grand Award – Homes by WestBay, the Capri at Forest Glen. Merit Award – Ashton Woods Homes, the Hudson at The landings in South Tampa.
Homes priced $401,000-$450,000: Grand Award – Taylor Morrison, the Hemingway at Channing Park. Mer-it Award – Ashton Woods Homes, the Sampras in Starling at FishHawk Ranch.
Homes priced $451,000-$500,000: Grand Award – M/I Homes, the Grandshore II in Denmore Village at Panther Trace. Merit Award – Homes by WestBay, the Calusa at Lakeshore Ranch.
Homes priced $501,000-$600,000: Grand Award – Standard Pacifi c Homes, the Hastings in Windsor at Meadow Pointe. Merit Award – Mob-ley Homes, the Nantucket V in Bassett Creek at K-Bar Ranch.
Homes priced $601,000– $750,000: Grand Award – Sunrise Homes, the Summit at Arbor Reserve. Merit Award –Homes by WestBay, the Gas-parilla in Starling at FishHawk Ranch.
Homes priced more than $800,000: Grand Award – Sabal Homes of Flor-ida, the Tradewinds 4 in Chapman Crossing at FishHawk Ranch. Merit Award – Arthur Rutenberg Homes, the Gulfport 1093 in Chapman Crossing at FishHawk Ranch.
Also earning honors were members
of TBBA’s Remodelers Council who entered remodeling projects that were judged in two categories. Those win-ners are :
Best Complete Kitchen Renova-tion: Greaves Construction
Best Entire House Remodel: Flori-da Renovators
The new Best In Class Award be-stowed honors on builder models in fi ve judging categories. Best Curb Appeal went to Sunrise Homes, the Summit at Arbor Reserves; Best Floor Plan to Taylor Morrison, the Heming-way at Channing Park; Best Kitchen to Homes by WestBay, the Capri at For-est Glen; Best Master Suite to Homes by WestBay, the Capri at Forest Glen, and Best Architectural Detailing to Homes by WestBay, the Capri at For-est Glen.
And the model home accumulating the most points in those fi ve categories earned the Parade of Homes’ top hon-or ... the Grand Diamond Award. That went to Homes By WestBay’s Capri at Forest Glen.
The Parade of Homes was pre-sented by the TBBA’s Sales and Mar-keting Council (SMC), which boasts membership of more than 200 sales and marketing professionals from the Tampa Bay area. Through network-ing, speakers and a variety of educa-tional programs for sales profession-als, the SMC promotes better and more effi cient sales practices so con-sumers can enjoy a more positive and informed home-buying experience.
Winners for TBBA 2013 Parade of Homes announced
Page 10 • Greater Tampa REALTOR® News • www.GTAR.org • May 2013
May 2013 Mon Tue Wed Thu Fri
1 2 3
6 7 8 9 10
13 14 15 16 17
20 21 22 23 24
27 28 29 30 31
GTAR Closed
REALTORS® PAC Committee — 10:45 a.m.
Governmental Affairs Committee — 9:30 a.m.
Broker/Manager Program—9:00 a.m. (see pg 8)
New Member Orientation—8:45 a.m.
Tech User Group—5:30 p.m.
Affordable Housing Solu-tions—9:30 a.m. (see pg 12)
Fusion Training— (see pg 16)
MLS Basic — (see pg 16)
Fusion Training— (see pg 16)
Fusion Training— (see pg 16)
Communications Committee — 9:30 a.m.
Affiliates Committee—10:00 a.m.
Technology Committee —10:00 a.m.
International Council— 3:00 p.m. Young Professionals Network —10:00 a.m.
Grievance Committee — 9:30 a.m.
Affordable Housing Commit-tee—9:30 a.m.
Fair Housing Committee — 11:00 a.m.
Business Portraits by Anthony—1:00 p.m.
Legal Lounge—9:30 a.m.
REALTOR®/Attorney Committee— 12:30 p.m.
Affiliates/Business Partners Golf Tournament
Professional Development Committee — 10:00 a.m.
June 2013 Mon Tue Wed Thu Fri
3 4 5 6 7
10 11 12 13 14
17 18 19 20 21
24 25 26 27 28
CE Express: 203K FHA—8:00 a.m. (see pg 2)
Reality Real Estate: Panel of Experts—10:00 a.m. (see pg 17)
Property Management Task Force— 10:00 a.m.
Appraisal Task Force—9:30 a.m.
SBA Commercial Loan— 1:00 p.m. (see pg 12)
General Membership Meet-ing—9:30 a.m. (see pg 3)
REALTORS® PAC Committee — 10:45 a.m.
Governmental Affairs Committee — 9:30 a.m.
Technology Committee —10:00 a.m.
International Council— 3:00 p.m.
Tech User Group—5:30 p.m.
Lunch n’ Learn— 9:00 a.m. (see pg 19) New Member
Orientation—8:45 a.m.
REALTOR®/Builder Expo—(see pg 13)
RCA Panel of Experts “Timeline for Commercial Transactions” - 9:30 a.m. (see pg 12)
Our jaw-dropping community and eye-popping homes will make you say WOW!
Stop by today and be wow-ed by WaterGrass
$ $
May 2013 • Greater Tampa REALTOR® News • www.GTAR.org • Page 11
Page 12 • Greater Tampa REALTOR® News • www.GTAR.org • May 2013
Comm
erci
alRe
alEs
tate
June 4 SBA Loans 1 p.m.—3 p.m.
June 26 RCA Panel of Experts: Timelinefor Commercial Transactions
9:30 a.m.— noon
June 26 Commercial Pitch 1 p.m.—2 p.m.
Sept 25 RCA Panel of Experts:Due Diligence & Risk Management
9:30 a.m.— noon
Sept 25 Commercial Pitch 1 p.m.—2 p.m.
January 29 RCA Panel of Experts: List andMarket Commercial Real Estate
9:30 a.m.— noon
Aug 21 22 How to Successfully List & SellCommercial Real Estate
9 a.m.—5 p.m.both days
TBD The Sophisticated CommercialREALTOR: Agency Law & Pitfallsof Knowing Too Much
TBD Update on Regulatory Agencies,Compliance & Settlement Form
Timing is everything …… Time is right for Commercial Real Estate …
Greater Tampa Assoc.of REALTORS®Auditorium
2918W. Kennedy Blvd.Tampa, FL 33609
Register online atwww.GTAR.org813 879 7010
Brought to you by GTAR’s REALTORS® Commercial Alliance (RCA) with funding fromthe National Association of REALTORS® Commercial Innovation Grant Program.
Sharpen your sales skills with these cutting-edge trainings by top commercial experts.
Q: If I purchase a residential property at a foreclosure sale, am I liable for the outstanding HOA fees?
A: Generally speaking, yes. You, as the buyer, are jointly and sever-ally liable for the outstanding HOA fees with the former owner, who was foreclosed upon. In the event there are excess proceeds from the foreclo-sure sale, meaning there were funds remaining after the satisfaction of the mortgage(s), such proceeds will be used to satisfy the outstanding HOA fees. However, with the current state of the real estate market, it is unlikely there will be suffi cient proceeds from the foreclosure sale to satisfy this obligation. The Florida Statutes pro-vide for a cap on the amount of HOA fees that the HOA can recover, which is the lesser of one years’ fees or 1% of the original mortgage balance, however this cap only applies where the mortgagee, i.e. the bank, pur-chases the property at the foreclosure sale. If you are interested in purchas-
ing a property at a foreclosure sale, you should do your research and fi nd out the amount of outstanding HOA fees and adjust your bid accordingly.
Q: Does a condominium associa-tion have the authority to prohibit tenants or certain types of tenants?
A: Yes. Florida law supports a condominium association’s ability to control whether tenants can reside in their community as well as set out cer-tain restrictions on tenants. However, such policies must be reasonable. This is generally interpreted to mean that there must be a hardship procedure or exception to the policy for unit own-ers who would experience an undue burden if required to comply. Prior to purchasing a condominium unit, it is important to review the association’s policy on leasing your unit as well as the exceptions that exist to the policy.
Please submit your legal ques-tions to the Law Offi ces of Mercedes Gonzalez Hale, P.A. at [email protected].
Florida Insurance Commissioner Kevin McCarty encourages Floridi-ans to prepare for the upcoming 2013 hurricane season by purchasing fl ood insurance now. Most fl ood insurance policies – with a few exceptions – don’t take effect for 30 days.
The National Flood Insurance Pro-gram (NFIP) administers the cover-age rather than local insurers, and
private policies – if available – gen-erally cost signifi cantly more. Ho-meowners’ policies generally cover water damage from wind and storms, but they don’t cover rising water in a fl ood, even though it’s the nation’s most common natural disaster.
McCarty cites another reason to buy fl ood insurance sooner rather than later: NFIP policy rates are set
to rise on Oct. 1, 2013. McCarty calls the increase “signifi cant.”
“Florida’s risk for severe weath-er is well-known and, even though a hurricane has not impacted our state in recent years, several tropical storms have caused signifi cant fl ood damage to many Floridians,” says McCarty. “Regardless of the storm type, I strongly urge Floridians to prepare now and purchase fl ood in-surance by May 1, as a typical fl ood insurance policy takes 30 days to be-come effective. This will ensure you are covered on June 1, the fi rst day of hurricane season.”
Florida consumers can purchase fl ood insurance from NFIP for up to $250,000 for property damage and $100,000 for personal contents. Excess fl ood insurance can be pur-chased for homes valued at more than $250,000. NFIP coverage is also available for commercial structures at $500,000 for building coverage and $500,000 for contents coverage.
Check with an insurance agent for more information about access to the NFIP.
In July 2012, the U.S. Congress passed the Flood Insurance Reform Act of 2012 extending the NFIP through Sept. 30, 2017. Key provi-sions of this legislation will be imple-mented over time and include raising premium rates to refl ect the actual fl ood risk of the program, phasing out subsidies on properties with re-petitive losses, allowing coverage availability for multifamily proper-ties and minimum deductibles for fl ood claims, etc.
To learn more, visit the new Hur-ricane Resource website page hosted by the Florida Insurance Commis-sion, http://www.fl oir.com/Offi ce/HurricaneSeason/2013hurricaneresourcepage.aspx.
For more info on the National Flood Insurance Program, visit the federal website FloodSmart.gov.
May 2013 • Greater Tampa REALTOR® News • www.GTAR.org • Page 13
DESIGN • CRAFTSMANSHIP • SERVICE
EQUAL HOUSINGEQUAL HOUSINGOPPORTUNITYOPPORTUNITY
SABAL HOMES CONTINUES TO EARN TOP HONORSRecognized for design excellence among the country’s most significant home builders.
To learn more about Sabal Homes, visit us at www.SabalHomesFL.com
Tradewinds 4 at FishHawk Ranch
by Sabal Homes of Florida, Inc.
16308 Palmettoglen Place, Lithia FL 33547
(813) 655-7475
41AWA R D S
35Y E A R S
DESIGN CRAFTSMANSHIP SERVICE
Since 1978 Sabal Homes has been on the forefront of homebuilding. Luxury, innovative designs and
unsurpassed craftsmanship have been the factors that have set Sabal Homes award-winning standards.
Along the way, the homebuilding industry has also taken notice by recognizing Sabal Homes with 41
prestigious design awards. For these accolades we are appreciative, but for the families that we build
homes for, we are most honored.
Parade Of Homes
by Kevin McLean, Esq.“You qualify!” To REALTORS®
who have been active since 2009, that can probably be said with 90% accu-racy before even talking about their commissions. With fl uctuating month-ly revenues, REALTORS® fi t perfectly into the framework of the BP settle-ment agreement.
As most now know, BP entered into an agreement to settle a class ac-tion lawsuit fi led on behalf of all busi-nesses. Qualifying businesses can now make claims under the framework of that agreement.
The craziest aspect of the settlement agreement is that the losses do not have to be related to the spill at all.
And the settlement is uncapped, meaning all valid claims will be paid regardless of the number of claimants or the value of their claims. No claim-ant has to worry that they will be taking money that should go to a business that was wiped out by the spill. All busi-nesses will be fully paid.
Virtually all REALTORS® are con-sidered businesses since they fi le either a Schedule C on their personal tax re-turn or fi le a Sub S corporate tax return.
Geographically, the REALTOR®’s offi ce must be anywhere in Hillsbor-ough County or any other Florida county that touches the Gulf (Sarasota, Manatee, Pinellas, Pasco …).
The REALTOR® must have a down-turn in revenues for a three-month pe-riod in 2010 compared to 2009 or an
in 2010. The claimant picks the best 3-8 month period between May and De-cember, 2010 and compares that vari-able profi t to the variable profi t in the previous year or years. Variable profi t is determined by applying a formula to monthly profi t and loss statements. With REALTORS®, it is usually necessary to create P&Ls using actual monthly reve-nues and spreading the annual expenses over all twelve months.
Tom, the Seffner REALTOR®, would be very happy when told his his drop in variable profi t was $80,000. His smile would grow when told that, under the settlement agreement, the loss of variable profi ts is enhanced. In his case, the loss would be enhanced by 25%. So, his claim would grow to $100,000.
The claims of most REALTORS®
will be enhanced by 25%. REAL-TORS® in Zone A (barrier islands) receive a 150% enhancement. (Indus-tries more directly affected by the spill have even greater enhancements.)
Every REALTOR® active since 2009 should explore this. Few lost di-rectly as a result of the spill, but a direct loss is not required. Our community as a whole suffered. If BP has agreed to pay, why not let them bring money back into our community?
Kevin McLean, Esq. has been a civil trial litigator in Tampa since 1982. His fi rm represents businesses statewide in making BP claims. Visit their web-site, www.BPGulfSpill.com or contact Kevin at (813) 377-3730 or [email protected].
Most REALTORS® qualify and can make BP claimsaverage of 2008-2009 or an average of 2007-2009. And there must be an up-turn in 2011 for that same three-month period. The REALTOR® picks the
best three-m o n t h period be-tween May and De-cember.
L e t ’ s take a fi c-tional RE-A LT O R ® in Seffner. Tom had his best
year ever in 2010. With $200,000 in commissions, he did not think there was any chance he’d have a claim. Turns out he has three months that were down in 2010 and he is getting a big check from BP.
The size of the required downturn and upturn depends on the location of the REALTOR®’s offi ce. Most REAL-TORS® are in Zone D which requires a 15% downturn and a 10% upturn. Closer to the Gulf or Bay, Zone C re-quires an 8.5% downturn and a 5% upturn. Zone A, which is mainly bar-rier islands (St. Pete Beach, Clearwa-ter Beach, etc.), does not require any downturn or upturn.
Once a REALTOR® qualifi es, the fo-cus shifts to the amount of the compen-sation. While the formula is complex, it is basically the drop in “variable profi t”
Page 14 • Greater Tampa REALTOR® News • www.GTAR.org • May 2013
May 2013 • Greater Tampa REALTOR® News • www.GTAR.org • Page 15
GTAR MLS Statistics for March 2013GTAR MLS Statistics for March 2013These figures do not include private sales or new construction unless entered into MLS
Year to Date Year to Date 2013 2012 2013 2012
Residential-Home Sales 1,757 1,531 4,395 3, 782 Condominium Sales 231 87 587 438 Townhouse Sales 161 178 415 440 Villa Sales 49 44 119 108 Total Residential Sales* 2,267 1,881 5,742 4,919 Commercial Sales 17 14 42 44 Total Dollar Volume for Residential Sales $342,641,355 $242,464,470 $826,459,477 $596,257,705 Total Dollar Volume for Condominiums $ 25,533,816 $ 9,134,043 $ 65,558,643 $ 40,114,311 Total Dollar Volume for Townhouses $ 22,131,382 $ 24,200,346 $ 54,575,178 $ 54,485,664 Total Dollar Volume for Villas $ 6,636,168 $ 5,589,980 $ 16,652,274 $ 13,022,630 Total Dollar Volume for Vacant Land $ 6,932,492 $ 6,880,967 $ 20,397,521 $ 13,826,533 Total Dollar Volume for Duplexes/Tri’s/Quads $ 3,246,000 $ 2,158,343 $ 5,912,768 $ 4,760,147 Total Dollar Volume for Commercial Sales $ 3,971,897 $ 4,146,506 $ 12,414,895 $ 14,959,101 New Residential Listings* 2,786 2,847 8,237 8,293 New Commercial Listings 53 59 162 199 Average Residential Sales Price $ 195,015 $ 166,035 $ 187,188 $ 160,073 Average Condo Sale Price $ 110,536 $ 104,989 $ 127,401 $ 93,645 Average Townhouse Sales Price $ 137,462 $ 135,957 $ 130,969 $ 122,202 Average Villa Sales Price $ 135,432 $ 127,045 $ 139,559 $ 117,102 Total Residential Contracts 5,955 6,325 - - - - - - - - Total Residential Listings* - - - - - - - - 7,295 9,198 Total Commercial Listings - - - - - - - - 592 716
*Residential, Condos, Townhouses, Patio Homes, Vacant Land, Duplexes, Tri’s and Quads does not include activity in area 299
Single Family Time on Market # Units
Less than 30 Days 841
31 to 60 Days 253
61 to 90 Days 162
91 to 120 Days 139
Over 120 Days 361
Total: 1,756
Condo Time on Market # Units
Less than 30 Days 236
31 to 60 Days 54
61 to 90 Days 30
91 to 120 Days 18
Over 120 Days 68
Total: 406
As of 7/17/06
Sales by Price Range—Overall
YTD Current Price Range Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Month YTD
Additional statistics are available at www.GTAR.org!Additional statistics are available at www.GTAR.org!
Condo/Co-op Unit Sales
Number of Bedrooms
< 2 3 >4 Total
Active Listings Sales Pending
Single-Family Listings
End of Month
Condo/Co-op Listings
End of Month
Single-Family Listings
During Month
Condo/Co-op Listings
During Month
MAY8 Broker/Manager Program “Take the Mystery Out of Property Taxes” (see pg 8)14 Tech User Group16 Increase Your Sales and Listings with a FHA 203K Renovation Program (see pg 2)21 Reality Real Estate Panel of Experts - “It’s All About Short Sales” in Westchase! (see pg 17)22-23 REALTORS® Land Institute (RLI): “Land 101: The Fundamen- tals of Land Brokerage” (see pg 8)22 “Affordable Housing Solutions. What Every REALTOR® Should Know” (see pg 12)
JUNE4 SBA Loans (see pg 12)5 Technology Expo (see pg 6)12 Affordable Housing “Lunch n’ Learn” (see pg 19)26 RCA Panel of Experts: Timeline for Commercial Transactions (see pg 12)
JULY9 Tech User Group
AUGUST6-7 En Espanol: 14 Hour License Renewal13 Tech User Group13-14 14 Hour License Renewal21-22 How to Successfully List & Sell Commercial Real Estate (see pg 12)
Register On-line! (Unless noted) Visit our website - www.GTAR.orgDo you have any disabilities which require special accommodations, including the provision of auxiliary aids or services? If so, please let us know when you make a reservation.
Educational Opportunities
Page 16 • Greater Tampa REALTOR® News • www.GTAR.org • May 2013
GREATER TAMPA ASSOCIATION OF REALTORS® 2013 My Florida Regional MLS Calendar ± MAY
To register for a MLS class, please visit https://mdweb.marketlinx.com/mfr/ ± Calendar schedule as of 12.18.12. Subject to change without notice.
CCOOUURRSSEE MMAAYY
Introduction to Fusion – 2 hours In this class members will learn to customize their home page, execute new searches, access saved searches, navigate search results and property details, explore mapping features, set up prospecting, hot sheets, add & modify listings, create CMAs and much more!
May 7: 9 AM – 11 AM May 7: 12 PM – 2 PM May 7: 2:30PM – 4:30PM
MLXChange Basic - 3 hours A mandatory class for new members to be completed within 60 days of joining. Class will teach both new and returning agents the basic functionality in MLXchange including search, printing and emailing. Class is also available online at http://mfrmlsuniversity.com or at any Association.
May 14: 9 AM – 12 PM
Compliance 101 – 1.5 hours A mandatory class for all new members to be completed within 60 days of joining. Learn about the My Florida Regional MLS Rules and Regulations and the compliance procedure for accuracy of Listing Data, along with additional educational materials available on MFRMLSUniversity.com
May 14: 1PM – 2:30PM
Adding & Modifying Listings - 1.5 hours This class is mandatory if you will be adding and modifying listings in the MLS. Learn how to input and modify listings, enter photos, and add attachments along with valuable tips and techniques. Class is available through live webinars at MFRMLSUniversity.com or at any Association.
May 14: 3PM – 4:30PM
Introduction to Fusion – 2 hours In this class members will learn to customize their home page, execute new searches, access saved searches, navigate search results and property details, explore mapping features, set up prospecting, hot sheets, add & modify listings, create CMAs and much more!
May 23: 9 AM – 11 AM May 23: 12 PM – 2 PM May 23: 2:30PM – 4:30PM
Introduction to Fusion – 2 hours In this class members will learn to customize their home page, execute new searches, access saved searches, navigate search results and property details, explore mapping features, set up prospecting, hot sheets, add & modify listings, create CMAs and much more!
May 28: 9 AM – 11 AM May 28: 12 PM – 2 PM May 28: 2:30PM – 4:30PM
Adding & Modifying Listings - 1.5 hours This class is mandatory if you will be adding and modifying listings in the MLS. Learn how to input and modify listings, enter photos, and add attachments along with valuable tips and techniques. Class is available through live webinars at MFRMLSUniversity.com or at any Association.
Apr 15: 3PM – 4:30PM
Introduction to Fusion – 2 hours In this class members will learn to customize their home page, execute new searches, access saved searches, navigate search results and property details, explore mapping features, set up prospecting, hot sheets, add & modify listings, create CMAs and much more!
Apr 23: 9 AM – 11 AM Apr 23: 12 PM – 2 PM Apr 23: 2:30PM – 4:30PM
The Housing Finance Author-ity of Hillsborough County (HFA) recently announced an increase to their down payment assistance for low and moderate income fi rst-time homebuyers in Hillsborough Coun-ty. The program has helped over 250 families achieve the dream of homeownership in the past 2 years like Tonya B. “Being a sin-gle mother the program helped me achieve my dream of being a hom-eowner” said Tonya. “If it was not for the down payment assistance, I do not believe it would have been obtainable for me to own my dream home. The program has given me the opportunity to provide my daughter with a better living situ-ation and for that I am thankful for all those that made my dream pos-
sible.”Like Tony, many homeowners are
in need of down payment and clos-ing cost assistance. The program combines a 30-year fi xed rate, fully amortizing fi rst mortgage loan and assistance in the form of a second mortgage of up to $7,500. The sec-ond mortgage is a 30-year deferred, 0% loan that may be used for down payment and/or closing costs. And all qualifi ed borrowers will also re-ceive a federal income tax credit of up to $2,000 every year they occupy the residence known as a Mortgage Credit Certifi cate.
Program requirements include in-come limits, sales price limits, mini-mum credit score and debt to income ratio. The household income can-not exceed $67,680 for households
of 1-2 persons or $78,960 for 3 or more person households. Homes anywhere in Hillsborough County, including the unincorporated county as well as within the city limits of Tampa, Temple Terrace and Plant City, qualify as long as the purchase price does not exceed $270,000. And, the program requires that a borrower have a minimum credit score of 640 with a maximum debt to income ratio of 45%.
Interested buyers may receive more information about the pro-gram, including a program brochure by visiting the HFA’s website at: http://www.hillsboroughcountyhfa.org or by calling the program ad-ministrator, Sue Denihan at 813-415-3549.
Down payment assistanceavailable for first-time homebuyers
The rental vacancy rates for the nation declined from 8.4 percent in 2009 to 7.4 percent in 2011, accord-ing to one of two American Com-munity Survey briefs covering the housing market released last month by the U.S. Census Bureau. Approx-imately four times as many metro areas experienced declines in rental vacancy rates as those that experi-enced increases.
The share of U.S. households that rent rather than own increased from 34.1 percent in 2009 to 35.4 percent in 2011. Nearly a quarter of the na-tion’s metro areas saw a rise in rent-ing households, while less than 3 percent of the nation’s metro areas saw a decline.
Rental Housing Market Condition Measures: A Comparison of U.S. Metropolitan Areas examines four
characteristics of the rental housing stock using American Community Survey data collected in 2009 and 2011: gross rent, gross rent as a per-centage of household income, rental vacancy rates, and renter share of total households.
When setting federal policy, a family is categorized as high rental if it spends 35 percent or more of household income on rent and utili-
ties. In the study, the share of rent-ers with high housing costs in the United States rose from 42.5 per-cent in 2009 to 44.3 percent in 2011. However, average rental rates in the United States declined from 2009 to 2011.
“While we saw a decrease in rent-al vacancy rates and pricing in some areas, the burden of rental costs on households increased across many parts of the nation,” says Arthur Cresce, assistant division chief for housing characteristics at the Cen-sus Bureau. “Factors such as supply and demand for rental housing and local economic conditions play an important role in helping to explain these relationships.”
Nationwide, only 11 metro areas reduced their shares of renters with high housing costs, while 62 metro areas increased their shares.
Among the 50 most populous metro areas, some of the heaviest rental costs were borne by renters in metro areas in Florida, California and Louisiana in 2011, despite rent declines between 2009 and 2011. These include Miami with 55.7 per-cent of renters experiencing heavy rental costs. Orlando, Fla. (52.9 percent); Riverside, Calif. (52.2 per-cent); and New Orleans (51.3 per-cent), whose shares did not differ signifi cantly from one another, fol-
See, QUARTER, Page 19
Census Bureau: Nation’s rental vacancy rates down
May 2013 • Greater Tampa REALTOR® News • www.GTAR.org • Page 17
SHORT SALES, REO’s
& ALTERNATIVES
Tuesday, May 21, 2013 Check-in: 9:30 a.m.
Program 10 a.m. to 12 p.m.FREE Admission
Complimentary Continental Breakfast
Location:
Westchase Golf Club11602 Westchase Golf Dr., Tampa 33626
Join us at the next “Reality Real Estate Panel of Experts” for a panel discussion on
Short Sales. The forum allows attendees to actively ask questions and learn from the
experiences of a panel of industry experts— addressing your specific needs and ques-
tions. Brought to you by GTAR’s Professional Development Committee
The following items were acted upon at the March 11, 2013 Board of Directors meeting:
• Purchase Professional Liability Insurance with American Insurance Company (ACE) for antitrust de-fense for $5,000 for $1,000,000 in coverage.
• Reaffirm our authorization as members of the Board of Direc-tors on March 11, 2013 authori-zation/permitting our CEO Carol Austin to purchase Certificate of Deposits from the various finan-
cial/lending institutions that are federally insured Certificate of Deposits with the policies and guidelines established for invest-ments of our Association funds, and within the approval the cur-rent Treasurer.
• Not sign an agreement with Dot-Loop since members can have access to their product without an agree-ment.
• Add commercial listings to RE-ALTOR.Com.
Directors vote to add commer-cial listings to REALTOR.com
by Anand PatelOn April 9th and 10th, thirty-three
GTAR members made the road trip on a chartered bus to Tallahassee for the annual Great American RE-ALTOR® Days (GARD). From the many agents I had spoken to around the state prior to the event, I had heard that after you attend the fi rst time, you’ll be hooked. I’ll have to say, I am defi nitely already looking forward to next year.
GARD is an opportunity for fel-low REALTORS® from around the state to come together in our State’s capital to voice our concerns on key issues affecting our industry. This year, the key talking points included
property insurance, affordable hous-ing and sales tax on commercial leases. The event kicked off with a Block Par-ty where we got to m i n g l e with fellow profession-als from all parts of Florida over food, drinks and music.
The following day we break into groups and visit our senators and leg-islators in their offi ces and discuss
our talking points with them. Hon-estly, I was skeptical at fi rst about this approach until one of our House Representatives we met with told us frankly to please let him know when key bills affecting our industry are coming before the House that we want him to pay attention to. I had no idea that approximately 2,000 bills are introduced in the limited sixty day window that our legislators meet while in session! Of those 2,000, fewer than 200 may get approved so you can see the importance of us be-ing in Tallahassee drawing attention to those key bills that affect our busi-ness. There is something to be said for our elected offi cials to see our industry comes together like this in solidarity to discuss issues that are important to us. We defi nitely get our points across loud and clear!
This year after the block party, the Tallahassee Young Professional’s Network hosted a great event benefi t-ing RPAC and it was an opportunity to network with fellow YPN’ers from
around the state. During the fi rst ever “Rally for Homeownership” that was held on the 10th, Florida RE-ALTORS®, along with Chase bank, surprised rally attendees by donating a newly remodeled, mortgage-free home to a wounded Florida veteran and his family. This is the fi rst time Retired Army Sgt. Michael Burke, his wife and two kids had a home to call their own.
If you are debating attending this event in the future I can guarantee it is a brief two days well spent. GTAR currently takes one bus up to Tal-lahassee each year – next year let’s make it two buses! I promise that you too will be hooked.
If you have any questions about the GARD experience please feel free to email me [email protected] or call anytime (813) 390-0891.
See you on the bus in 2014!Anand Patel is President of Pan-
gea Realty Group and the 2013 chair of GTAR’s Tampa Young Profession-al’s Network.
Don’t miss the bus! Great American REALTOR® Days
Page 18 • Greater Tampa REALTOR® News • www.GTAR.org • May 2013
May 2013 • Greater Tampa REALTOR® News • www.GTAR.org • Page 19
For your convenience...For your convenience...Satellite Service CentersSatellite Service Centers
All Satellite Service Centers provide delivery service upon requestAll Satellite Service Centers provide delivery service upon requestIf you are interested in being an Affi liate Satellite Offi ce, please If you are interested in being an Affi liate Satellite Offi ce, please
call Sarah Hepburn at GTAR, 879-7010, ext. 109!call Sarah Hepburn at GTAR, 879-7010, ext. 109!
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metro areas, only two became af-fordable for more renters – Rich-mond, Va., with a decline of 3.2 per-centage points in the share of renters with high rental costs from 42.7 per-cent to 39.5 percent between 2009 and 2011, and Buffalo, N.Y., with a decline of 3 percentage points from 45.6 percent to 42.6.
Rental costs• The median monthly rent plus
the estimated cost of utilities (gross rent) was highest in San Jose, Ca-lif. ($1,460) followed by Honolulu ($1,419).
• The lowest median monthly rent plus the estimated cost of utilities (gross rent) was $502 in Wheeling, W.Va., and $536 in Johnstown, Pa.
• Despite the large share of metro areas with declining vacancy rates, which could signal rent increases, 57 metro areas had gross rent de-
clines and only 23 had gross rent increases.
Rental vacancy rate• At 40.3 percent, the Myrtle
Beach, S.C., metro area’s rental va-cancy rate was the highest in the na-tion.
• Among the 50 most populous metro areas, the increase in the rental vacancy rate in Richmond, Va. (from 7.8 percent to 13.2 per-cent) was the largest, followed by Virginia Beach, Va. (from 6.2 to 8.5 percent) and St. Louis (from 6.5 to 7.9 percent).
• Among the 50 most populous metro areas, San Jose, Calif. (2.7 percent) and Milwaukee (3.5 per-cent), had the lowest rental vacancy rates but were not statistically dif-ferent from each other.
Renter share of total house-holds
Among the 50 most populous metro areas, the areas with the high-est share of renting households were
Los Angeles (50.8 percent) and New York (48.9 percent).
Physical characteristics of housing
Another brief released last month is Physical Characteristics of Hous-ing. Based on American Community Survey data covering 2009 to 2011, it has statistics on basic physical and structural characteristics of the total housing inventory at the national level and metro level.
According to the American Com-munity Survey, there were 131.8 million housing units in the Unit-ed States on average from 2009 to 2011, with 81.1 million (61.5 per-cent) single-family houses not at-tached to another structure. In terms of current housing inventory in the U.S., more than 95 percent of the nation’s metro areas have detached, single-family houses as the primary housing structure. Only 6 percent of all housing units in the United States were newer houses (2005 or later), while older houses (before 1950) accounted for 19.3 percent of the to-tal housing inventory.
Housing inventory• Metro areas with the lowest
shares of detached, single-family houses of the housing inventory were New York (36.3 percent), Na-ples, Fla. (40 percent) and Miami (42.3 percent).
• Three metro areas had mobile homes account for more than 25 percent of their housing inventory: Farmington, N.M. (32 percent), Yuma, Ariz. (29 percent) and Lake Havasu City, Ariz. (26.7 percent).
Newer/older houses• Newer houses accounted for
more than 10 percent of the hous-ing inventory in 39 metro areas. Gulfport, Miss. (16.4 percent) was the only metro area with more than 15 percent of its housing inventory built in 2005 or later.
• Houses built before 1950 ex-ceeded 45 percent of the housing inventory in Elmira, N.Y. (49.5 per-cent), Scranton, Pa. (48.8 percent), Johnstown, Pa. (47 percent), and Pittsfi eld, Mass. (46.9 percent).
