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July 1, 2009
'Real Story' Gets Positive Media Coverage
NJAR®'s Get the Real Story® campaign has led to some great media coverage recently. NJAR® President, Diane Dilzell was also featured on News 12 New Jersey's It's Your Money on June 20 and 21, talking about the opportunities for buyers today. Pass on the below news clips to your clients to help educate them on the incentives available in today's market and spread the message that now is a great time to buy a home in New Jersey.
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Last Tuesday's press conference with the Department of Community Affairs (DCA) led to stories on WHYY-AM, News 12 New Jersey, WZBN, WPVI (ABC in Philadelphia) and in NJ BIZ.
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Last Friday, FOX Philadelphia interviewed Allan “Dutch” Dechert, first vice president of NJAR®, to educate consumers about the first-time home buyer tax credit. Click here to view the video segment.
Seeking Consumer 'Real Stories'
Do you have clients who have found success in the current real estate market? We want to hear their stories. Contact NJAR® Communications Coordinator Kate Cassidy at kcassidy@njar.com with details. Note: We are seeking submissions from all counties, but are currently targeting Atlantic, Cape May and Mercer Counties. We are also especially interested in consumers willing to offer their testimonials on camera for videos to be featured on www.REALStoryNJ.com.
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PARAGON 3 Basic & Advanced Computer Training Offered
July's Paragon training schedule has been announced.
Tuesday, July 21st
Basic Training: Property search preferences. Listing input maintenance offered 9:00 to 10:30 am.
Advanced Training: Propecting CMA will be offered 11:00 am - 12:30 pm
Both classes are hands on and seating is limited. Please call the MLS office at 652-8486 for reservations and additional information.
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Important Notice From: Elizabeth Terenik, Director of Planning and Engineering
Dear Realtor,
The appearance of our community is important to all of us. As you are aware, four years ago, City Council in conjunction with the Board of Realtors developed controls for signs that were felt to strike the appropriate balance between the need to market a property and controls on signs.
The purpose of this e-mail is to remind you of those regulations.
Chapter 4-39.1 of the General Revised Code of Ocean City :
1. For sale or rent – Each residential or commercial dwelling unit shall be permitted to have a single sign advertising the unit for sale, rent, or both. The sign shall be attached to the building or placed immediately next to, and within one (1') foot, of the building. The size of the sign shall not exceed three (3) square feet in area. The sign shall be parallel to the road or roads on which the property is located.
In the event that more than one (1) real estate office is advertising the property for sale or lease, the signs of the respective real estate offices shall be placed together attached in a vertical alignment, but in no event shall the total area of all of the signs of the individual real estate offices exceed three (3) square feet in area.
In the event the property being offered for sale or lease is located on the ocean, bay or lagoon, a sign complying with subsection 4-39.4a and b may be located on that portion of the building facing the street and the ocean, bay or lagoon.
In the event the residential or commercial dwelling being offered for sale or lease is located on a corner, a sign may be affixed to each side of the building facing, or abutting a street. The size of any sign shall not exceed three (3) square feet in area. In the event there is more than one (1) real estate office advertising a property for sale or lease, the signs of the respective real estate offices shall be placed together attached in a vertical alignment, but in no event shall the total area of all of the signs of the individual real estate offices exceed three (3) square feet in area.
For vacant land, there shall be one (1) sign announcing the property for sale or lease. The sign may be double sided. Each side of the sign shall not exceed three (3) feet in area and shall be placed as near as practical to the center of the lot.
While the building is undergoing construction, the real estate sign shall be placed upon the temporary utility pole. The size of the sign shall comply with subsection g.1. (this subsection) above. Once the building has been framed, and the final texture or material (for example: vinyl siding, brick, stone, wood) applied, the signs shall be attached to the building as required in subsection g.1. (this subsection) above.
Following the sale of a property, all real estate signs announcing the property for sale, or announcing that the property has been sold, shall be removed within five (5) calendar days of the settlement.
Banners, flags, balloons, open house signs, and other advertising products announcing an open house, associated with a property for sale, shall be permitted to be placed on the property, provided they are placed upon, and removed from the property on the day of the open house, and further provided that a sales agent is present on the property during the open house.
Compliance with real estate sign regulations contained herein shall be the responsibility of the real estate agency or agencies whose signs appear on the property, and/or the owner of the property. The owner shall be solely responsible if the property is being offered for sale or rent by the owner without the assistance of a broker. (Ord. #06-06 § 1)
I would also like to request your assistance in urging owners to maintain their lawns and properties. Again, this benefits us all.
Thank you for your cooperation. Please contact myself or Ken Jones, Zoning Officer, if you have any question.
Elizabeth A. Terenik, PP, AICP
Acting Director of Planning and Engineering
City of Ocean City
115 East 12th Street
Ocean City, New Jersey 08226
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July 1, 2009
POC's 7/1/09
[FULL STORY]
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July 1, 2009
Short Sales - Your Changing World
The Basics: Short Sales
Brought to you by: The National Association of REALTORS
Due to current economic conditions, the number of short sale properties on the market is rising. The increasing number of short sales on the market presents challenges for REALTORS®. Below you'll find more information on: short sales and their challenges, the government's efforts to address these challenges, and tools to help you navigate the short sale process.
Coming soon: In June 2009, the Obama Administration will release short sales guidelines and standard forms through the Making Home Affordable Short Sales Program.
Latest news: Fannie Mae Confirms Short Sales Commissions Policy and Establishes Appeals Process.
What is a short sale?
A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.
Why is the number of short sales rising?
Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.
A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.
What challenges have short sales presented for REALTORS®?
The rapid increase in the number of short sales, and the short sales process itself present a number of challenges for REALTORS®. Major challenges include:
- Limited experience
Many REALTORS® are new to the short sales process; a difficulty which is compounded by many lenders' lack of sufficient and experienced staff to process short sales. Even if the REALTORS® are experienced, most servicers are under-staffed and still not adequately trained, making negotiating a short sale particularly difficult.
- Absence of a uniform process and application
Currently, both short-sales documents and processes are lender-specific, making it very difficult and time-consuming for REALTORS® to become knowledgeable and efficient in facilitating these transactions.
- Multiple lenders
When more than one lender is involved, the negotiations are much more difficult. Second lien holders often hold up the transaction to exert the largest possible payment, in exchange for releasing their lien, even though in foreclosure they will get nothing.
As a result of these challenges our members have reported difficulties with: unresponsive lenders; lost documents that require multiple submissions, inaccurate or unrealistic home value assessments, and long processing delays, which cause buyers to walk away.
What is being done to address or eliminate these challenges?
On May 14, 2009, the Obama Administration announced its upcoming Foreclosure Alternatives Program. Among other things, the new program:
- Establishes financial incentives for servicers, sellers, and second lien holders to encourage the completion of short-sale transactions.
- Requires that a timeline, of no fewer than 90 days, be set to allow a homeowner to sell a home, without threat of foreclosure action.
- Requires the short sale agreement to specify reasonable and customary real estate commissions and costs to be deducted from the sales prices. (The servicer must agree not to negotiate a lower commission after receiving an offer.)
- Will provide standardized documents, including short-sale agreements and offer acceptance letters.
The Foreclosure Alternatives Program is anticipated to launch in late July.
For more information on all the short-sales provisions included in the program, see NAR's Short Sales Incentive Summary and the government's Foreclosure Alternative Program fact sheet (PDF 44K).
For continuous information and updates visit www.REALTOR.org
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What Are You Bringing to the Table?
Now that the deal is done, how about showing your appreciation to your clients with a gift certificate to the Inlet! After all the stress of a closing, who wouldn't want to sit out on the deck over cocktails and dinner while watching the sun go down.
For a limited time, the Inlet is offering deep discounts to Ocean City REALTORS® only. Present your business card when purchasing your certificate and you will automatically receive 25% off. Or contact Megan directly at meberz@moshulu.com.
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New Member/Office Applications
The following REALTORS® have applied for membership in the Board.
Colin Kelly, Century 21 Alliance
Please contact the Board office if you have any comments, questions or concerns regarding the above.
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June 23, 2009
Office Closing
Please note that the Board office will be closed on Friday, July 3rd in observance of July 4th.
The Board office closes at 1:00 pm on Fridays during July and August.
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Become an Ocean City Real Estate Specialist
The Board is proud to announce the Ocean City Real Estate Specialist certification (OCRES) program. This program is specifically designed for you, the Ocean City REALTOR®, and is part of our commitment to providing continuing education in a comprehensive, timely and affordable format.
The requirements for certification are:
Real estate must be your primary occupation
You must be a primary member of the Board and not be found in violation of the Code of Ethics during the last three years
Must have completed 25 transactions
Must have demonstrated at least four hours of committee or community service, specific to Ocean City only
You must meet education requirement of 12 workshops. (Can be completed by OCBOR workshops, NAR and/or NJAR classes)
Submit $50 Certification fee
To download the OCRES application click here.
Congratulations to recent graduates:
Edward "Chip" Collins, Berger Real Estate
John Daley, Fox Real Estate
Kathleen DiGuglielmo, Academy Real Estate
Robert French, French Real Estate
Midge Grunstra, Goldcoast Sotheby's
Michael Hoffman, Marr Agency
Gary Jessel, Fox Real Estate
John LaRosa, Down the Shore
Maria Marinelli, RE/MAX of Ocean City
Nicholas Marotta, Academy Real Estate
Tim McLaughlin, Monihan Realty
Michael Monihan, Monihan Realty
Dustin Peters, French Real Estate
Kevin Redmond, Ocean City Realty
Becky Stanislaw, Goldcoast Sotheby's
Gloria Votta, RE/MAX of Ocean City
Burt Wilkins, Goldcoast Sotheby's
Joan Gearhart, French Real Estate
Joe Carideo, Prudential Fox & Roach
Peter Madden, Prudential Fox & Roach
Cynthia Kaczmarski, McLaughlin Struthers
Kenneth Sedberry, Berger Realty
Donna Ang, Fox Real Estate
Chris Oliva, RE/MAX of Ocean City
Anthony Cannata, RE/MAX of Ocean City
Chris Abbott, McLaughlin Struthers
To see the list of grads with photos, visit our web site at ocbor.com.
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Mark Your Calendars
Friday, October 16th - One Night Stand with Joe Conklin and Friends, Greate Bay Country Club
Additional information to follow as each date approaches. Please call the Board office for sponsorship opportunities.
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Tips - What Goes Where
To access the Ocean City Board On-line Contracts the web address is: www.ocborforms.com Begin by registering as a first time user. You will need your nine digit "NRDS" number, which the Board office has on file. Any problems/questions related to the Forms site should be directed to MBAI Forms directly at: 703-349-6405.
To access the Ocean City Board POC Library the address is: www.ocbor.com This is our home site which also includes Board events, photos, news as well as a shopping area specific to our REALTORS needs.
The National Association of Realtors "NAR" is a valuable site for a wide variety of issues as well as on-line courses and certifications. The site is www.realtor.org Again, you will need to register as a first time user using your NRDS number
The MLS system that we belong to is located within the South Jersey Shore Regional MLS. The address is http://sjsr.fnismls.com/Paragon/Login.asp The user name and password initially comes from the Ocean City Board and your password needs to be updated monthly. Forgot your user name and password? Call the MLS directly at 652-8486.
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