August 25, 2005

NEW INFORMATION

• Loan Funding Update— Over the past few months, there has been mention the REALTOR Legislative Alliance News Briefs about the persistent issue of Loan Funding and its affect on the settlement process. This past April, State Representative Tom Gannon ( R-Delaware County) convened an informal meeting with local REALTOR Matt Russo, RLA staff and State Banking Department official Paul Wentzel to review potential solutions to this ongoing problem. This meeting was followed up by a regional meeting Southeast Pennsylvania between REALTORS, lender, attorneys and title company representatives. A key barrier to penalizing companies of not having loans on time is the state Banking Department’s lack of regulatory authority over mortgage broker/banks and lending institutions that are chartered under federal laws.

All members are encouraged to document their experiences with non-funding of loans and forward a copy to the RLA. Further, Mr. Wentzel encourages all REALTORS and/or title companies experiencing problems to contact him at 717-787-2112.

• Updated Agreement of Sale Available in mid-September— The Suburban West REALTORS Association will begin stocking the new Agreement of Sale the week of September 19. In addition to the full form, the Association will also be selling separate pages of the Agreement (Pages 1, 2, 3 & 10) as well as a new Lead Paint Warning Addendum that is also included with the Agreement. All the forms mentioned are available separately or in packs.

With the release of the new form, there are a number of resources and a unique education opportunity for agents to become well versed on the changes to the Agreement of Sale. Currently, on the Pennsylvania Association of REALTORS website, there is a section of resources devoted to the updated form (to access this resource, click here). The Suburban West REALTORS Association will also be hosting a two-hour free seminar on October 18 about changes to the Agreement of Sale. As space is limited, members are encouraged to sign up at their earliest convenience by accessing the Payment/Registration Center and after logging in, clicking on the link for the Event Calendar. Members can also sign up by calling 610-560-4800.

• Sign Up Today For The Annual Membership Luncheon — Registration is now open for the Annual Membership Luncheon of the Suburban West REALTORS Association on October 21 at the White Manor Country Club. Beginning that morning at 10:30, the Luncheon will begin with an hour-long presentation by nationally-known speaker Walter Bond. Walter will present on just how important the phrase “attitude is everything” can really be to your professional success. Following the presentation, a networking reception will occur featuring a cash bar and prizes. Finally, in addition to the lunch, the event is the final opportunity to cast your ballot for the 2006 Board of Directors. The 2006 Board of Directors will be announced on Monday, October 24.

The cost to attend this Luncheon is $25. For more information on the event, please click here. As space is limited, members are encouraged to sign up at their earliest convenience by accessing the Payment/Registration Center and after logging in, clicking on the link for the Event Calendar. If you have any questions, please call 610-560-4800.

• Coatesville Considers Selling Land Slated for Recreation Center-- The city may sell off land that was acquired for the regional recreation center to help repay $7 million in funds used to cover three years of budget shortfalls.  That is just one of the options before city council as members begin looking at ways to pay back the $7 million in funds they voted to transfer from the reserve trust Monday. City Manager E. Jean Krack emphasized that selling property that was originally purchased for the regional recreation center project was "only one arrow in a quiver of options."

Council members blamed former city manager Paul G. Janssen Jr. for inflating revenue projections and downplaying legal costs during the epic court battle over the city’s now-defunct municipal golf course project. Now, as council members begin to uncover the total cost of the eminent domain battle, they may opt to unload some of the estimated 100 acres that was amassed for the regional recreation center. Krack is evaluating the city’s $49 million in assets and has scheduled an executive session for Aug. 29, to lay out the possible payback options.  Krack cautioned that selling land is only one of the options before council --selling City Hall, as one resident suggested Monday night, is not. (Source: Daily Local.com; 8/25/05)

• FREE TReND Classes Scheduled For Monday, September 19— Sign up today for the latest TReND classes being offered at the Suburban West REALTORS Association office in Malvern To sign up, please call 610-560-4800 or click here to email Vinnie Pagnini. The following free classes are being offered:

Buyer Prospecting (10 a.m. – 12 p.m.) --Use Prospecting to expand your business. During this course you will learn how TReND’s MLS system can help you successfully find properties for your buyers. In addition, you will learn how to manage your clients information in the Address Book and set up your E-Card.

CMA: Price Is Right (1 p.m. – 3 p.m.) --Increase your understanding of getting the correct comps. During this course, members will learn how to search tax records, comps and sold inventory, compile the Three-Up Report and search for and calculate Seller Closing Costs.

REMINDERS

• Candidates Announced For Board of Directors Election-- Following is the slate of candidates who will be on the ballot for the election to the 2006 Board of Directors. Ballots will be mailed to every REALTOR® member on September 30 with the election culminating at the Annual Membership Meeting scheduled for Friday, October 21 at the White Manor Country Club. Members will be asked to choose four (4) REALTOR® members and one (1) Affiliate member to serve alongside the incumbent Directors. Members elected will serve a 2-year term to the Board.

You will have the option of casting your ballot through the mail or by electronic means. In accordance with the Bylaws, additional candidates may be placed in nomination by petition by at least five percent (5%) of the REALTOR ® Members eligible to vote. The petition must be filed with the Chief Executive Officer at least four (4) weeks before the election (September 23).

For additional information on the following candidates, please click here. Once on the site, you can access the biographies of each candidate and listen to an audio stream of the REALTORS and Affiliates in their own words. PLEASE NOTE that the following incumbents will be completing their term in 2005: Harrison (Bud) Tyson (Prudential Fox & Roach, Malvern-Paoli), David Brant (Weichert REALTORS, West Chester), Jim Clarke (RE/MAX Professional), Brian Kane (RE/MAX Preferred), Tish Maloney (Century 21 Absolute Realty, Springfield), Matt Russo (Russo Real Estate).  

• Register Today And Help Drive Away Cancer— The Association is currently accepting registrations for its first annual Golf Classic and Monte Carlo Night at the Waynesborough Country Club in Paoli on Monday, September 26. All proceeds for this event go to support the American Cancer Society. The deadline to register is September 16 but because space is limited, all interested members are encouraged to sign up for either or both the Golf and Monte Carlo events soon. Golf registration will begin at 10:30 a.m. and tee off is 12:30 p.m. Open Bar begins at 5:00 p.m. and Monte Carlo will commence at 7:00 p.m. Prizes, giveaways and fun will be readily available. For more detailed information on the event, please click here and for sponsorship information, please click here.
  
  
• Save The Date! --Brokers-Owners/Managers Invitational Featuring Jim Goldsmith— On Friday, September 9, the Suburban West REALTORS Association will be sponsoring a Broker-Owner/Manager Invitational. This invitational will feature roundtable discussions, networking opportunities and speaker PAR Legal Counsel Jim Goldsmith, Esq. Jim will present on RESPA, Risk Management Issues and more! The event will be held at the Concord Country Club in Concordville, PA from 8:30 a.m. to 12:15 p.m. Brokers-Owners and Managers are encouraged to contact Andrea Bonacquisti Vaughn click here to email at Andrea or call 610-560-4800 for more information or to register.

• Employment Notice— Full time clerical position available on the Kit Anstey Real Estate Team. Looking for an individual that possesses good multi-tasking skills and is well organized. Duties include answering phones, daily running of team’s procedures, mailings, feedback, dictation, and interaction with the web. For information, email Kitsells@aol.com, fax 610-436-1879 or call the office at 610-430-3000.

OTHER IMPORTANT NUMBERS:

• Suburban West REALTORS Association TECH HOTLINE:
  800-704-7240 (email: techhotline@att.net)
  (8:30 am to 8 pm, Monday to Friday)
  
• PAR Legal Hot Line: 800-727-5345
  (9 a.m. to 10 am & 1 pm to 3 pm, Monday to Friday)
  
• Suburban West REALTORS Association:
  http://www.suburbanwestrealtors.com
  
• SUPRA Support: 877-699-6787 (8 am to 10 pm, Everyday)