Rebekah Owen

The California Association of Realtors reviews over 2500 bills each year, with an eye toward protecting your private property rights.

The Directors meet 3 times a year to review the current business and give input on the direction we are going and the legislation we are keeping an eye on.

I know that you though Realtors just drove around in their pretty cars, looking at pretty houses but some of us do a LOT more.

Here are the significant action items that came from our meetings:


The following is a summary of the significant action items approved by the CALIFORNIA ASSOCIATION OF REALTORS® Board of Directors at its Spring 2011 meeting. Some additional information items are included, but do not necessarily represent Association policy. A complete set of minutes is available for review upon request.


Distressed Properties Task Force

1. (Mark to Market)

That C.A.R., in conjunction with NAR, “SPONSOR” legislation that advocates/requires for lenders and investors to reintroduce mark-to-market accounting for certain distressed mortgage backed assets.

2. (Mandatory Response to Short Sale Request)

That C.A.R., in conjunction with NAR, "SUPPORT" H.R. 1498, the Prompt Decision for Qualification of Short Sale Act.

3. (Safe Harbor)

That C.A.R., in conjunction with NAR, “SPONSOR” legislation to create a safe harbor for servicers and lenders that will protect them from liability to investors when they approve a short sale, so long as note holders/investors are treated at least as well as the servicers’ own portfolios.

4. (Lender Recourse)

That C.A.R., in conjunction with NAR, “SPONSOR” legislation requiring a lender to waive any personal recourse against a borrower when it accepts any consideration for approving a short sale.


Housing

1. That C.A.R. “NOT FAVOR” AB 534 (Swanson) which specifies that homeless persons are entitled to the rights set forth under civil rights law.


Land Use and Environmental

1. That C.A.R. take a "WATCH" position on AB 37 (Huffman), a bill that would require utilities to provide alternatives to the installation of Smart Meters.

2. That C.A.R. take a "NOT FAVOR" position on AB 1183 (Berryhill), a bill that makes the Attorney General the only party with standing to challenge a certified Environmental Impact Report (EIR).


Professional Standards Committee

1. That C.A.R. advocate a position to NAR that NAR amend Article 17 to give local associations the option to require that their REALTOR® members mediate a dispute before they can arbitrate.

2. That C.A.R. advocate a position to NAR that NAR expand its policy, so that a suspension or expulsion that is imposed by a local A.O.R. for violation of the Code of Ethics or membership duty shall be mandatorily reported to the state association to be reviewed by a panel of state directors, for possible enforcement on a state-wide basis.


Strategic Planning and Finance

1. That $35,000 be approved for a pilot program that would work with a few local areas that want local forms on zipForms. The pilot program would involve local standard forms committees, local attorneys, and AEs from market areas who wish to participate. Once there are a significant number of forms, the libraries would be available on a fee basis, likely based on regional areas to be determined by the market areas.

2. That C.A.R. allocate $25,000 to the AREAA Foundation in support of the organization’s Japanese Earthquake Relief Fund.

3. That C.A.R. allocate up to $25,000 in matching funds from California REALTORS®, AORS, and affiliates to the AREAA Foundation in support of Japanese Earthquake Relief efforts.

4. That C.A.R. allocate $100,000 from the C.A.R. Disaster Relief Fund to assist the Alabama REALTORS® affected by the recent disaster.

5. That the audited Statement of Operating Income and Expenses by program for the twelve months ended December 31, 2010 be approved.


Transaction and Regulatory

1. (GSE Refinance Legislation)

That C.A.R., in conjunction with NAR, "SUPPORT" legislation that temporarily allows all Fannie Mae and Freddie Mac borrowers to refinance their current mortgages at today's lower interest rates regardless of their current loan-to-value (LTV), but not to include a reduction of principal.

2. That C.A.R. "SUPPORT” SB 53, Calderon, as amended to ensure due process protections for licensees in DRE disciplinary actions and to include a $2500 cap on fines made as part of the DRE citation and fine authority

3. That C.A.R. "SUPPORT" SB 376, Fuller, a bill to allow real estate licensees with a Mortgage Loan Originator endorsement to originate loans secured by personal property manufactured housing.

4. It was reported for information only that direction was given to staff to seek enhanced guidance from C.A.R. Legal, including a Q&A, regarding marijuana-related issues raised in the Lake County AOR letter.

5. It was reported for information only that C.A.R. will continue to “OPPOSE UNLESS AMENDED” SB 706, Price, a bill that will make structural changes in the DRE discipline process.

Other

1. That C.A.R. “OPPOSE UNLESS AMENDED” SB 653 (Steinberg) to not include service fees or real estate income. SB 653 would authorize the board of supervisors of any county or city and county, by ordinance or resolution, to propose to the voters a tax, including a local personal income tax, a local corporate income tax, and a local sales and use tax.

2. That C.A.R. formally express its appreciation to Helen Parrino for her decades of service to C.A.R., and wish her well on the occasion of her retirement.


That's just what's on the plate today!! We are in a very reactionary time and much of the legislation is an over reaction to lending practices of the past. It's important to remember that financing helps to level the playing field - allowing a more even distribution of real estate wealth - when it is used responsibly. My goal is for you to live a healthy, wealthy and wise life.

Or as Spock says " live well and prosper".

Rents are Ticking Up – Does it make sense to buy?

Posted on | May 26, 2011 | No Comments Housing_Trends_eNewsletter-_Rebekah_Owen.m4v

Watch on Posterous

Love Ted Jones. I’ve been following him for 10+ years and always seems to have the inside trac on things. Locally, rents growth is projected at 8%, which is good for multi-family or rental owners. It’s not so good for renters. Let’s chat about the different programs available to stop buying property for your landlord and get you into something you can call home. Or, if you are one of my investors, I have options for income property that only requires 10% down! Call me at 650-492-5958. I am here to help.

My step-father had 10 teenagers all at the same time, which probably explains a lot about his frustration with all of us. During this time his favorite saying seemed to be that "puberty should be deemed a form of temorary insanity". Like tuberculosis patients, his solution was to lock up teenagers until their brain began to work again. Normally around age 22. Later, as an adult with a teenager, this saying never seemed more appropriate!

As a teenager, I had reason to be insane. My family was nuttty, hormones were coursing all through my body and I was trying to find a place for a young woman to grow and support herself and make her way in the world.

Perhaps grief is the excuse my usually perfectly normal clients use for the following form of temporary insanity.

This other form of insanity takes over an otherwise perfectly normal adult human being. I think I'll call it probate psychosis and I'll define it as: temporary loss of reality after losing someone that you love. This psychosis, in my experience, can last from a week or two, to a year or two.

The top 3 issues with probate psychosis are:

1) Family Friction: An otherwise un-greedy person suddenly decides to bend or even completely overlook the intent of the will to their advantage. I have seen folks alienate their entire family over a thousand dollar trinket or old photos.It seems like some sort of self preservation instinct kicks in and years of great family relationships and loving relationships are thrown out the window.

2) Disappearing Act; Everyone handles problems differently but this person can hold things up indefinately for the rest of the family due to their inability to confront the issues at hand.I don't even know if these people realize what they are doing. The primary excuse I hear is that " I am just so busy". I had one escrow held up for 16 months until we realized that the issue would never resolve on it's own and we chose to get a judgment to move forward with a property sale.

3) The controller: This person is has not been named executor of the will and is angry. Using demeaning tones, attorneys or other experts, tax law, etc in oder to undermine and derail the distribution of the deceased belongings.

After all this time, I have come to recognize these different parties to the transaction and have gotten pretty good at diffusing them before they derail the sale process. Each situation is different, that's the fun of the business, but we've helped many many of our clients through the pain and loss of losing a family member. We'll ofthen take over property management while the family grieves and takes their time deciding how to proceed now without a vital part of the family. Sometimes we'll help the widow muddle through the paperwork, debts and credit issues, helping her decide waht her finances will allow. Sometimes we have heirs in other parts of the country that want the property rented or sold. Sometimes we help other family members clear up title issues and move into the property themselves.

There is no set solution to losing a family member but we're pretty well equipped to help you objectively analyze your situation and move forward with all your probate and estate issues.

Got a call from one of my vendors yesterday. He is my #1 guy for all things cleaning. Not just the once over quickie cleaning but getting the grout white again and making marble shine so I can sell your house kinda guy.

Turns out that one of his favorite clients had her house cleaned and then fell off his radar. The house is on the market and apparently the client is getting a divorce so the house is vacant and my guy is not getting his phone calls returned. There was some communication from the client that the husband [or soon to be ex-husband] was less than cooperative with the communal check book, ergot, the problem.

First thing we did was gather a little information. I looked up the listing. It's on the market, active, vs being in contract or sold. The mailing address on the tax records has not changed - even though the house is vacant.

Plan of action: 1) call the agent and see if she can facilitate payment. 2) Send a demand to mailing address and agent. This puts the client on notice that this bill needs to be taken care of. 3) Put a demand into escrow - so if and when the property sells, my buddy gets paid. 4) 30 days after the demand is sent, file suit in small claims court.

99% of the time, sending the demand gets things moving along and my buddies don't have to continue.

It sounds like this is just a temporary glitch in my buddy's clients' life and she'll want to keep using his services for years to come. I believe the majority of folks are good folks and the relationship can be continued with a little firm but compassionate nudging.

What do you think? If someone owes you do you get more mileage with the sword or with honey?