october 2009 update

2009 Convention & Trade Show

Tuesday, October 13, 2009Northern Virginia Community College

Annandale Campus

NVAR GOESBACK TO

SCHOOL

T h e V o i c e f o r r e a l e s T a T e i n n o r T h e r n V i r g i n i a nvar.com

published by the northern virginia association of realtors®

October 2009

realtor®

A Guide to Getting Logged On & Plugged In to Marketing In The New Millennium

NEW LOCATION THIS YEAR!

Learn More About Social Media on Page 24:

1 Preapproval is subject to satisfactory appraisal and title review and no change in financial condition. If the rate is not locked or rate protection expires, any rate increase may lower the loan amount for which the borrower has been preapproved.

THIS INFORMATION IS INTENDED FOR MORTGAGE, REAL ESTATE AND/OR BUILDER PROFESSIONAL USE ONLY AND IS NOT AUTHORIZED FOR CONSUMER OR PUBLIC DISTRIBUTION. Bank of America, N.A., Member FDIC Equal Housing Lender © 2009 Bank of America Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. 00-62-0197D 04-2009 AR70173

Exceptional real estate professionals deserve exceptional serviceWith a wide range of home loan programs and a commitment to customer service, Bank of America can help you reach out to more potential homebuyers.

We offer:

• Preapprovals for qualified buyers so they know how much they can afford before they shop for their new homes1

• Personal service from our local team

• A range of home loan products, including fixed and adjustable-rate mortgages

Contact us today to find out how we can help more of your clients get the home financing that’s right for them.

Alexandria703.922.2100

Fairfax703.227.2500

McLean703.848.2031

Sterling703.433.5458

Annandale703.813.5171

Leesburg703.443.2183

Oakton703.319.2616

2009 Chairman of the Board

By Susan Mekenney, 2009 Chairman of the Board

OPPORTUNITIES ABOUND! NVAR Goes Back To School; So Should You!

UpdateRealtoR®

Interested in advertising? Please call 703. 207. 3206 for information.

chairman of the board

NVAR ReAltoR® UPDATE octobeR 2009 3

October 2009 Volume 92, Issue 8

2009 BOARD OF DIRECTORSChairman of the Board: Su san Mekenney, ABR, CRS, GREEN, GRI, ePro Chairman-Elect:Vinh Nguyen Immediate Past Chairman: Jane A. Quill, ABR, CRS, CIPS, GREEN, GRI, SRES Secretary/Treasurer: Karen Trainor

DIRECTORS-AT-LARGEVal August, CRS, GRIJulia Avent, ABR, CRS, GRISue Bowers, CRSLaura Fall, CRSScott Fortney, CRS, ePROPat Kline, GRI, SRESDiane Mun LeeAndrew Norton, ABR, CRS, GREEN, GRI, SRESPeter Rickert, ABR, ePro, GREENMario Rubio, SRESTrudy Severa, ABR, CRS, GRI, SRESJon Wolford

Publisher/CEO: Christine M. Todd, CAE, RCEEditor-In-Chief: Jill M. LandsmanManaging Editor: Ann GutkinE ditorial Assistants: Ainsley McDougal, Allyson TeevanMarketing & Sales Manager: Tracy ReynoldsGraphic Designer: Tricia ChroussisContributors: Kipp Burgoyne, Julie P. Hawkins, Myrna Keplinger, Michele Lerner, Lisa Vierse May, John McClain, Sarah Louppe Petcher and Michele Steele

The Realtor® UPDATE (ISSN 10988475) is published nine times a year by the Northern Virginia Association of Realtors® as follows: combined issues for January/February, July/August and November/December, and monthly issues for March, April, May, June, September and October. Periodicals postage paid at Fairfax, VA 22030 and additional mailing offices. Subscriptions account for $19 of each member’s annual dues. Annual subscriptions are available to non-members for $39. Subscription inquiries may be sent to the Realtor® UPDATE at the address below. Copyright 2009 by the Northern Virginia Association of Realtors®. All rights reserved.

Postmaster: Please send address changes to: Realtor® UPDATENorthern Virginia Association of Realtors®8403 Arlington Boulevard, Suite 100 Fairfax, VA 22031-4601

Telephone: 703. 207. 3200FAX: 703. 207. 3268Web: nvar.comE-mail: [email protected] Advertising Info: [email protected]

Follow us on Twitter and become a fan of our Facebook page.

I have been selling real estate full time now for 15 years. I started in 1994, a not-so-good market and graduated

to the frenzied 2004-05 market. Now, I find myself in a market dominated by foreclosures and short sales coupled with brand-new lending and appraisal guidelines that seem to change daily. There are days when I feel like I am starting all over again as an agent.

One thing is certain: I am spending more time these days attending classes, office meetings and networking, just to stay on top of the changes that affect how I sell real estate. Now more than ever, taking advantage of educational opportunities is a must if you are serious about your profession and want to ensure that you are not a liability to your clients, yourself and your company.

As members of NVAR, we are blessed with a rich educational program led by our “Dean of Education,” Anne Gardner. Her team of teachers is a dedicated group of active real estate professionals. Part of our educational offering each year is our annual convention that is a free member benefit!

This year, our convention is taking on a whole new look at a brand new location, the Annandale campus of Northern Virginia Community College (NVCC). The aptly named theme, Back to School, is jam packed with relevant subjects for all agents. No matter how long you have been in the business, these programs are guaranteed to provide you with the tools you need to not only survive but succeed in today’s real estate market.

Check out the full agenda on pages 8-12 in this issue of Update Magazine. There is so much to choose from, I’m having a problem trying to figure out where I am going to spend my time!

To quote the founder of RE/MAX International, Dave Liniger, “The more you learn, the more you earn.” I’d like to take that thought one step further and add “and survive in this ever-changing, challenging, real estate market.” Take advantage of these wonderful educational opportunities, network with old friends and meet new ones. I look forward to seeing you on Tuesday, October 13.

Visit the event Web site at nvarconvention.com!

The NVAR Annual ConventionPlease visit us at booths 201 & 202

Northern Virginia Community College, Annandale Campus

October 13, 2009

Our competitors can’t measure up!

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NVAR Convention & Trade ShowPlease visit us at booths 201 & 202

Northern Virginia Community College, Annandale Campus

October 13, 2009

The views expressed in this publication may not reflect NVAR policy, and may be the opinions of the writer or interviewee.

3 Chairman of the Board Column: NVAR Offers Opportunities Galore!

6 New Members; NVAR Partners

7 NVAR New Headquarters: Building Green, Building Smart

12 NV/RPAC Breakfast: Begin Convention Day with POLITICO

13 Letters to the Editor: Average Sales Price Calculations Explained

14 Marketable vs. Insurable Title: Is there a difference?

23 Agents Need to Know: Sales Associates Eligible for SBA Loans

28 Appreciation Cruise: NVAR

Boards the Cherry Blossom

29 Urban Land Institute Calculator: NAR Needs Your Feedback

31 Ask NVAR: Net Sales Price Commissions Explained; Potential CRESPA Violations Revealed

32 Government Affairs: Candidates Endorsed for Virginia Elections

34 NV/RPAC Major Investors Recognized

36 MRIS Compliance Tips: Test Your Knowledge

37 Green Task Force: NAR Grant Awarded

38 VHDA: Financing Plus Much More

40 Spotlight: Property Management & Leasing Forum

42 Designations & Specialty Courses; ABR Graduates; Education Calendar

46 Appraiser & Affiliate Directories

August Statistics 45

in this issue


Features Market Update: Has Recovery Dawned? 18

Going Green: Top Remodeling Ideas 20

Schedule, Map & Exhibitors

24

In This Issue

Social Media:Get Logged On & Plugged In

to Marketing

8 NVAR Goes Back to School at the 2009 Convention & Trade Show

NVAR Thanks Our 2009

PARTNERS

platinum

GOlD

SilVER

BROnZE

FRiEnDS

6 octobeR 2009 NVAR ReAltoR® UPDATE

elcome New MembersWnew members

Olgia AbacheMedhat Abdou

Lynn AbramGregory Abramson

Waqas AliYoung Baik

Debra BassettDonald Beavers

Vincent BenincasaTony BenitaAklilu Berhe

Mulugeta BeyeneGeorge Bright

Alvaro Moises Caceres FelipeLeang CallnerJenny Carlozzi

Melinda CerritosTony ChanWan ChenChol Choi

Robert ClementsSusan Conrad

Elizabeth ConroyMaria DiGilio

Hien DoVishnu Donepudi

Marisol DuffSteve DunleaveyJennifer Durbin

Thomas EdmundsLauren Ellmore

Margaret FernandezPrakasan FimiPankaj GargLori Ginter

Catherine GraceRandi Halavazis

Jacquelyn HardmanPatricia Heick

Howard HorowitzBrian Hutt

Huy HuynhMarion Johnson III

Deborah JonesNason KhomassiSteven Klynsma

Julie KrenzkeHuyn LeeChae Lim

Daniel LittlefieldMalin Luca

Alessandra MagistraliJames Manuel

Christopher McCarrickMary Menefee Thomas

Dzejna MujezinovicJohn MurrayDinh NguyenEtie O’Connell

Kathleen PerlmanDavid Poole

Jonathan PyoArthur RipaldaJennifer Rosen

Shilpa ShahSondra SivitsSteele Sloat

Cynthia SpencerEileen StoneChad Thitoff

Darlene ToomerDavid Vernon

Christopher WaltersKevin Warner

Gerard WarwickJeehan WassifThomas West

Karen WinsteadThomas Woodruff

Xiaoyin YangVictoria Zenner

Stephen Zolnowski


nvar building green

“It’s a smart thing to do…,” comments Marlene Shade, Associate Principal with PSA Dewberry, the lead architect for NVAR’s new headquarters, who obviously is proud of NVAR’s decision to build a LEED-certified facility. NVAR is building green and in today’s business climate it’s economically and environmentally the ‘smart thing to do.’ It produces several cost-saving benefits, and those financial incentives can add up. Eco-friendly construction produces an overall better quality building, while reducing harmful impacts on our ecosystem. LEED certification is achieved from points earned during the construction process. These points vary based on several key areas, such as the amount of recycled materials and resources that are used, the building’s location, its water efficiency, its indoor air quality and the innovation and design of the structure, among others. Through the use of recycled materials, NVAR is reducing waste generated from the new construction. The building’s location was also a major consideration for its sustainability. For example, proximity to public

transportation and adequacy of parking were important factors. NVAR will maximize water efficiency through the use of ENERGY STAR® appliances, green fixtures and landscaping. LEED points for energy, atmosphere and indoor quality can be earned from the usage of natural sunlight, low-emitting materials (paints, carpets, etc.), ventilation and temperature control. These components allow for a healthy and comfortable work environment.

Building green and constructing a LEED-certified building has benefits for real estate agents too! “Here is some good news for Realtors®,” said Shade. “Buildings that are sustainable are achieving higher sales, and residential buildings can be sold at a higher price if they are designed sustainably. It’s a desire of home buyers.” To view Shade’s interview and other commentary, please visit nvar.com, then click on About Us to find additional information under New Building Project. As the new NVAR Headquarters building is constructed, updates will be posted to that page. ❈

BuIldING GReeN, BuIldING SmART:

Good News for NVAR & YouBy Allyson Teevan, NVAR Communications & Media Relations Manager

Marlene Shade


Tuesday, October 13, 2009 Northern Virginia Community College, Annandale Campus

NVAR GOES BACK TO SCHOOL

Schedule7:30 – 9:30 a.m. NV/RPAC BreakfastForum RoomPre-Registration RequiredJohn Harris and Jim VandeHei, Co-Founders of POLITICO

Virginia will be one of only two states to elect a new governor this November. Will it be

a referendum on national voter sentiment or a bellwether of elections to come? NV/RPAC welcomes the co-founders of POLITICO, the newest powerhouse in political journalism, to break down the races and issues just three weeks before Election Day.Founded in 2007 by Washington Post reporters John Harris and Jim VandeHei, POLITICO and its Web counterpart POLITICO.com have rapidly become the go-to source for all things political. It is Washington, DC’s first truly multi-platform news source catering exclusively to the nation’s 24-hour political news consumer.Join NV/RPAC and Virginia’s federal, state and local officials to hear the latest predictions from POLITICO’s John Harris and Jim VandeHei. You won’t want to miss it!Sponsored by

9 a.m. Exhibit Hall Opens

9 a.m. WiFi Lounge OpensWiFi hot spot new this year! Keep in touch with your clients, check email and tweet about your day. Coffee will be served at 9 a.m.Sponsored by

9:30 – 11 a.m. Opening Bell

Power Up A Surge In Your Production Today!Ernst Theater AuditoriumRick DeLuca, Buffini & Co.

Today’s consumers are more sophisticated and their expectations of real estate professionals are at an all-time high. Market challenges, trying economic conditions and the need to keep up with the latest technology make success in real estate more challenging than ever. Join us and learn about efficient systems to deliver more than the consumer expects so that you can succeed in this economy!Sponsored by

11 a.m. – Noon Get to Class: Session I

BUS LAW 101: Don’t Get Sent to the Principal’s Office – An Update on Hot Lending & Legal TopicsForum RoomArt Grace, MBH Settlement Group; Doug Enger, Wells Fargo Home Mortgage; Diane Quigley, Quigley Appraisals

Don’t miss this review of the hottest legal and regulatory issues presented by a panel of industry pros. Intended for managers and broker/owners, this session will feature a review of lending issues and a forecast of things to come. Panelists will also address the impact of the Home Valuation Code of Conduct on transactions and the end of the line at the settlement table. Sponsored by

SOC MED 102: Maximize Your Profits with Free Social Media toolsCN Building, Room CN117Brian Block, RE/MAX Allegiance

“I want to start a blog, but how do I do that? What do I write about when I start one? How do I get potential clients to go to my Web site? How do I get my Web site on the first page of Google searches? What other technology can I use to attract and connect with clients today?” Join Brian Block and those questions will be answered. Learn the ins and outs of blogging, what search engine optimization is all about, and how to utilize online social networking. You’ll walk away empowered to take the online world by storm and increase your pool of buyers and sellers in just a few days.Sponsored by

PSYCH 103: Getting Sold – Winning the Beauty Pageant & the Pricing WarCN Building, Room CN103Moderator: Tamara Inzunza, McEnearney AssociatesPanelists: Trish Kim, ASP Master Home Stager; Elizabeth Lucchesi, McEnearney Associates; Mark Melikan, Long & Foster Real Estate

It’s not the price or condition that sells a home, it’s both. To get sold, first you need the total package – even with your REOs. A panel of top local agents will review the “dollars and sense” of staging, pricing a property correctly and proper placement of your marketing. Attend this session and you will learn how to get any home ready for sale. Sponsored by



Tuesday, October 13, 2009 Northern Virginia Community College, Annandale Campus

NVAR GOES BACK TO SCHOOL


convention schedule

FIN 104: The New Math – Balancing Your Personal & Business BudgetsCN Building, Room CN126Doug Alcorn, Alcorn & Cureton, Ltd. CPAs

Join Doug Alcorn, CPA, for a fast-paced workshop on personal finance for Realtors®. Learn how to replace your personal savings and create balance in your personal and business budgets. Doug will refocus your plan for today’s reality, whether it is for your business development or retirement strategies.

Noon – 12:30 p.m. Box Lunch in the Exhibit Hall

12:30 – 1:45 p.m. Get to Class: Session II

BUS LAW 203: It’s Not Personal – Insight on ForeclosuresErnst Theater AuditoriumModerator: Matthew Deaton, Prudential Carruthers Realtors®Panelists: Phil Chernitzer, REO Real Estate; John Burson, Esq., Shapiro & Burson, LLP; Stephen Papermaster, President and CEO, Streamline Title and Escrow; Ellie Evans, Homesteps Regional Area Manager, FreddieMac

Our panel of experts will outline the foreclosure process and then delve into the deeper issues. REO guru, Matt Deaton, will lead our discussion on obstacles to securing title and settlement. Panelists will also address “as is” properties and offer an update on new government policies to help clients avoid foreclosure entirely. The key point agents need to understand with foreclosures is that, “It’s not about the buyer! It’s about the bank.” Attend this session and you will learn valuable insights about the foreclosure process in today’s market.Sponsored by

FIN 201 or ART 201: Building an Ultimate Office – Is it Finance or Fine Art?Forum RoomRick DeLuca, Buffini & Co.

Today’s economic conditions make growth more important and more difficult than it’s been in years. Time constraints on managers, with their many responsibilities, make recruiting and retention more challenging. You will be introduced to a ‘systematic’ approach to recruiting that attracts both experienced producers and new agents, while making your existing ones your strongest advocates. Don’t miss this information-packed session!Sponsored by

SOC MED 205: Beyond the Basics – Social Media Labworks CN Building, Room CN117Moderator: Ben Martin, Virginia Association of Realtors®Panelists: Rick Bosl, Keller Williams Realty; Ray Hwang, Frankly Realty; Brian Block, RE/MAX Allegiance

Grab a lab partner and your smartphone, PDA or laptop for this session covering the latest uses of social media tools for your business. VAR’s Ben Martin (of VARBuzz.com fame) will be your guide in these experiments. You’ll be tweeting before you’re out the door!

Sponsored by

DRAMA 202: Understudies Have a Voice – Assistants/Teams PanelCN Building, Room CN103Moderator: Natalie McArtor, Long & Foster Real EstatePanelists: Anne Morrow, Long & Foster Real Estate; Tanya Tyburski, RE/MAX Choice; Jeffrey Kochan, Long & Foster Real Estate

Sit tight as we pull back the curtain to reveal the real world workings of top teams and assistants. Whether you call them understudies, set builders or make-up artists, these valuable folks are making big things happen! Panelists will address their critical role in the transaction, so that “all’s well that ends well.”

ART 204: Color Me Green – Understanding How to Stay Within the Lines In the Green Real Estate BusinessCN Building, Room CN126Moderator: Andy Norton, RE/MAX Distinctive Real EstatePanelists: Julie P. Hawkins, D&R International, on behalf of ENERGY STAR, U.S. Department of Energy; Erik M. Feig, Esq., General Counsel, MRISLou Sagatov, Sagatov Associates; Robin Spector, Senior Attorney, Federal Trade Commission, Bureau of Consumer Protection, Division of Enforcement

Which features make a property ‘green’? How can Realtors® accurately list and market ‘green’ properties? What is ‘greenwashing’ and how can it create liability for Realtors® and their clients? This panel discussion, featuring representatives from the Federal Trade Commission, the Department of Energy, MRIS and the local building community, will explain how to color your business green – by the book!Sponsored by NVAR Green Task Force

1:45 – 2 p.m. Snack Break in the Exhibit Hall

Admission Fee:Attendees are asked to bring a bag of non-perishable groceries for United Community Ministries, or a suggested donation of $25 or more.

NEW LOCATION THIS YEAR!

convention schedule

2 – 3:15 p.m. Get to Class: Session III

DRAMA 911: Short Sales – Need We Say More? Ernst Theater AuditoriumMichael & Stacy Spickes, America’s Home Rescue

Avoid the drama and the high stakes games to create solutions in managing short sales. Stacy & Michael Spickes are the nation’s go-to resources about this topic and will share their best tips and tools for helping clients through both sides of these dramatic transactions! Leave this session prepared to serve your sellers and educate your buyers in transactions involving undervalued properties, while negotiating your client’s best deal.Sponsored by

BUS LAW 302: The Final Exam – The New Truth In Lending (Regulation Z) Forum RoomDon Tomlinson, MBH Settlement Group

The new Truth In Lending Act (TILA) changes are in effect; do you know how to manage your transactions accordingly? Our speaker will bring you up to speed on the important details about new early disclosure requirements, waiting periods, rate change triggers and more. The changes are not burdensome, but they can test the limits of an otherwise smooth transaction. Brokers, be sure to attend – your agents need you to make this session! Sponsored by

PSYCH 304: Buyer, You’re MineCN Building, Room CN117Terry Watson, Watson World

Are you tired of working solely on the honor system with your prospects? Terry will offer methods and techniques for obtaining long-term client commitments in writing. Learn what to do, what not to do, how to overcome the crippling fear of posing “the question,” how to let go of the perceived pressures, and more. If you work with buyers, don’t miss this class! It could increase loyalty among them threefold!Sponsored by

COMM 301: Become an Expert in Commercial Real EstateCN Building, Room CN103Greg Schenk, SIOR, The Schenk Company, Inc.

Give your career as a commercial agent a proper foundation by attending this session. You will learn everything you need to know to become an expert in commercial real estate. Learn to put together a “brag book” and become familiar with every form and agreement needed in a commercial transaction. This session is guaranteed to start you on the path to success, help you set goals, start in the right direction and follow the proven time line and formula for success.

MKTG 303: Building Your Business from the Power WithinCN Building, Room CN126M. Anthony Carr, Weichert Realtors®

Did the change in the market seem to pass you by? Do you feel like you are a high-performing agent trapped in a foreclosure market? Many times you seek external forces to change your

business – a lead generation system, a Web site, or even the market. In reality, you have everything you need to get to the next level of your business right at your fingertips. Find out how at Anthony Carr’s “Building Your Business from the Power Within.” Learn how to tap into the power track of your own mind, your creativity, your company and your industry.

4 p.m. Exhibit Hall Closes

4 p.m. WiFi Lounge Closes

3:30 – 5 p.m. Pep Rally (Annual Meeting) and Valedictorian Speech

Why Be Normal!Ernst Theater AuditoriumTerry Watson, Watson World

At the end of the day, what moves some to greatness and holds others behind? The difference between good and great often lies in the “subtle self-sabotage.” Many times, awareness is the answer! Terry’s high-energy presentation will motivate you and demonstrate the simple things you must do today to get started on a path to great success. Learn why you shouldn’t let “perfect” get in the way of “better.” Expect to laugh, ponder and be moved!Sponsored by

5 – 6 p.m. The Mixer: Closing Reception Sponsored by

General Session Sponsor:


THANk YOu TO OuR SpONSORSWiFi Lounge Sponsor: Reception & Closing

Session Sponsor:

MAY

BEST ENTRANCES TO USE

CQ


convention map

CE – Ernst Cultural Center (Breakout sessions, RPAC Breakfast)

CN – CN Building (Breakout sessions)

G – Gymnasium (Trade Show)

T – Theater (General Sessions, Breakout sessions)

B – Parking

Breakout Session Sponsors:

NV/RPAC Breakfast Sponsors:

For complete convention details, visit nvarconvention.com


convention exhibitors

904 1-800-Got-Junk?

402 Acacia Federal Savings Bank

1001 Bank of America

208 Branch Banking & Trust Company (BB&T)

808 Buffini & Company

409 Central Title and Escrow, Inc.

1003 College Hunks Hauling Junk

102 Commission Express

1005 Dominion Title Corporation

903 DryHome Roofing & Siding, Inc.

710 Ekko Title

1006 HMS Home Warranty

101 JK Moving & Storage, Inc.

107 Listingbook

501 Long and Foster Real Estate

109 Maid Brigade

201 202 MBH Settlement Group

905 MetLife Home Loans

801 Mold Aid

204 Monarch Title

103 MRIS

601 Navy Federal Credit Union

205 NOVA ASHI

707 NVAR Government Affairs

906 907 NVAR Realtor® Store

207 Plumbing Express

301 Pollard Environmental, LLC

1004 Preferred Staging

608 Prospect Mortgage

901 Prudential Carruthers Realtors®

809 Real Estate Rescue

310 Realtor® Federal Credit Union

206 Realty Executives Mid-Atlantic

401 RGS Title

609 SentriLock

902 The Hutt Financial Group

209 The Settlement Group, Inc.

701 Union Mortgage Group

602 US Inspect

203 VHDA

1007 Virginia Association of Realtors®

1002 Washington Post Media

105 Wells Fargo Home Mortgage

Booth # Company NameList is current as of September 1, 2009

Tuesday, October 13, 2009

John Harris Editor-in-Chief

Jim VandeHeiExecutive Editor

Coffee & Registration: 7:30 a.m. Breakfast & Presentation: 8 - 9:30 a.m.

Sponsored By:

Virginia will be one of only two states to elect a new governor this November. Will it be a

referendum on national voter sentiment or a bellwether of elections to come?

NV/RPAC welcomes the co-founders of POLITICO, the newest powerhouse in political

journalism, to break down the races and issues just three weeks before election day. As always,

we’ll be joined by a host of Virginia’s federal, state and local elected o�cials.

Cost: $35 per personFree to 2009 NV/RPAC

Contributors of $250 or more

Northern Virginia Community CollegeCultural Center Forum

Download Registration Form at nvar.com

letters to the editor


Letters to the

EditorAverage Sales Price Data Calculations Are Weighted; Explanation Provided to a

Curious Reader

One eagle-eyed reader raised an interesting question about the May 2009 housing statistics that appeared in our July/August issue of Update magazine. Since the answer requires an explanation about how MRIS arrives at each average sale price, the Update editorial staff is taking this opportunity to offer a lesson about this equation for all readers.

On page 35 of the July/August Update, the Arlington sales data cited that in each of the three housing categories – detached, attached and condo, average sold prices were lower in 2009 than in 2008.

“The problem,” writes Frank LLosa of FranklyRealty.com, “is you have three categories that are all lower than the previous year, but the ‘Overall’ is higher. Unless there is a missing category, [how is it possible to] have three sectors falling year over year, but have the ‘Overall’ $3,000 higher?”

MRIS Statistics Department Response:In May 2009 there was a higher percentage of detached sales and a lower percentage of condo sales than in May of 2008. Since the detached prices tend to be significantly higher than the condo prices (the detached Average Sold Price is around two times greater than the condo Average Sold Price), this causes the overall Average Sold Price to be higher. In other words, the total volume of sales for 2009 is “weighted” with sales that tend to have a much higher Sold Price, therefore, the Average Sold Price is going to be higher. For more confirmation, notice that while the percent increase in Average Sold Price increased by less than 1 percent from May 2008 to May 2009, the Median Sold Price* increased by 11 percent for the same period. The Median Sold Price is the price at which half the sales have a higher price and half the sales have a lower price. This indicates that, overall, the ‘Sold Price’ increased.

* EDITOR’S nOTE: Median Sold Price - a number not included in Update magazine, but that is always available monthly under the Market Statistics tab on nvar.com. ❈

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title insurance


By Myrna Keplinger, Principal of The Settlement Group

Title Insurance is Title Insurance — or is it?

For any Realtor® who has had to explain to a client that purchasing title insurance is

not optional, it may be helpful to know a little bit about the product’s history and to understand the difference between insurable title and marketable title.

Not many people know that Daniel Boone, pioneer of the Kentucky wilderness, lost his vast landholdings because he had “the wrong kind of papers.”

When Abraham Lincoln was a young boy, his father lost his Kentucky home due to a defect in the title. Tom Lincoln then moved his family 8 miles away and once again had to go to court to prove the ownership of his second home. Even though Lincoln won the suit, he was concerned that he might lose this home. Talk of land titles, landowners, landlords, land-laws, land-lawyers and land-sharks made Lincoln unsure of this title, so he moved his family to Indiana where there was government land with clear title.

At one time, transferring title to real property was handled primarily by conveyancers, who were responsible for all aspects of the transactions. The conveyancer conducted a title search to determine the ownership rights of the seller and any other rights, interest, liens or encumbrances that might exist with respect to the property. Based on the search, a signed abstract (or description) of the status of the title was provided. Although the conveyancer was generally not a lawyer, that individual was recognized as an authority on real estate law. The origin of title insurance is directly traceable to the limited protections that the work of such a conveyancer provided to the purchaser of real property.

Protecting the PurchaserIt wasn’t until 1868 in the celebrated case of Watson v.

Muirhead that the need to protect the purchaser came to everyone’s

attention. In this case Muirhead, a conveyancer,

had searched and abstracted a title for Watson, the purchaser

of a parcel of real property. In good faith and after consulting an attorney, Muirhead chose to ignore certain recorded judgments and to report the title as good and unencumbered.

On the basis of Muirhead’s abstract, Watson went ahead with the purchase,

but was subsequently presented with, and required to satisfy, the liens that Muirhead had

concluded were not impairments to title. After Watson

lost his investment at a sheriff’s sale as a result of the outstanding prior lien, he sued Muirhead to recover his losses. The Pennsylvania Supreme Court ruled that there was no negligence on the conveyancer’s part and dismissed the case. Watson, an innocent purchaser who had suffered financial damages because of the encumbrances on his title, had no recourse.

The decision of Watson v. Muirhead demonstrated clearly that the existing conveyancing system could not provide total assurance to purchasers of real property. After that decision, the Pennsylvania legislature passed an act “to provide for the incorporation and regulation of title insurance companies.”

Out of Necessity, Title Insurance is BornIn 1876, a group of conveyancers led by Joshua Morris met in Philadelphia to incorporate the world’s first title insurance company, The Real Estate Title Insurance

Title Insurance, continued on page 16

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Company of Philadelphia. We know them today

as Commonwealth Land Title, which is

part of the Fidelity Title Insurance

Company family. That same year, The Real Estate Title Insurance Company of Philadelphia issued the first title insurance policy to Martha Morris to protect her loan on

a residential row home in Philadelphia.

This new type of insurance, called Title Insurance, addressed the concerns raised in Watson v. Muirhead by providing (1) responsibility without proof of negligence, (2) financial protection through a reduction of the risk of insolvency and (3)

the assumption of risks beyond those disclosed in the public

records.

Title insurance emphasizes loss prevention by eliminating risks caused by title problems arising from past events. Approximately 25 percent of all residential real estate transactions have issues with the title that are resolved by title professionals before closing. This emphasis on loss prevention results in fewer claims paid by title insurers compared to other lines of insurance. However, loss preventions and clearing title issues are labor-intensive and costly components of a title company’s operating budget. To compare, the expense ratio for title insurers averages 90 percent, while the expense ratio for property and casualty companies is less than 30 percent.

Insurable or Marketable: Is There a Difference?Realtors® may be aware that “insurable title vs. marketable title” is a hot topic right now. With so many REO properties on the market to be

Title Insurance, continued from page 15

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sold, and most of those contract addenda requiring just “insurable title,” does this present a problem? After all, title insurance is title insurance, right?

The language in paragraph 19 of the NVAR sales contract would indicate otherwise: “Title is to be good and marketable, and insurable by a licensed title insurance company with no additional risk premium.”

Insurable title is defined as: a land title that a title insurance company is willing to insure. The definition of Marketable Title is: a title that a reasonable purchaser, well informed regarding the facts and their legal meaning, would be willing to accept. So is there really a difference?

Consider the following (true) scenario:Ma Kettle buys a house and an Owner’s title insurance policy. A few years later, she adds her daughter to the title via a Deed of Gift. When Ma Kettle decides to refinance the house, her daughter returns her interest in the house to her mother, and Ma refinances her loan.

The title company closing the loan neglects to do a full 60-year title search and only performs a bringdown from the date of the Deed of Gift. A land records search under the daughter’s name was not performed.

Ma Kettle closes her refinanced loan and has purchased lender’s title insurance from the insurer of her owner’s policy, “Oops Title Insurance Company.”

Several years down the road, Ma Kettle is ready to sell her home. In the course of preparing to close this sale, a full title search is done. Both Ma Kettle and her daughter are included in the land records search and a judgment against the property in Ma Kettle’s daughter’s name is revealed.

Oops Title Insurance Company is willing to ignore the judgment and insure the property, because no one had made any claim against them for the judgment. Whew! Ma Kettle has insurable title!

However, the purchaser of the home was insistent that he receive marketable title, not just insurable. Fortunately, Ma Kettle was willing to pay the outstanding judgment and have it released from the land records. Now Ma Kettle has marketable title as well.

This is rather a simple overview of Insurable Title vs. Marketable Title as this a complex issue. ❈

EDITOR’S NOTE: First America Title Insurance Company, Old Republic Title Insurance Company and American Land Title Association provided information used in this article.

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We Are Starting to See the Light, But Has Recovery Dawned?


market update

By John McClain, Senior Fellow, George Mason University, Center for Regional Analysis

The national recession as measured by Gross domestic Product was at its worst in the

fourth quarter of 2008 and in the first quarter of 2009. However, several indications show that those two quarters may have represented the bottom of the recession and that the economy will begin growing again in 2009. The positive signs will be seen in increased consumer confidence and then consumer spending as growth begins. The jobs part of the economy will likely not see growth until 2010. The implementation and effectiveness of the stimulus packages will be important in how the economic conditions play out for the rest of 2009 and into 2010.

The Washington region and Northern Virginia have fared better than most parts of the country. While jobs have been lost in some sectors – particularly the construction and retail sectors, other sectors of the economy continue to grow, including Professional and Business Services, Health and Education Services, and Federal Government. The June 2009 unemployment rate rose to 6.6 percent for the metropolitan area and 5.5 percent for Northern Virginia, while for the nation it was 9.7 percent (all rates not seasonally adjusted). One of the most significant signs of recovery is the housing market, in which sales are up, and prices metro-wide are down by only single digits. Prices are actually up in the NVAR region compared to one year ago.

National Economic Backdrop

GDP was down 5.4 percent in the fourth quarter of 2008, and declined 6.4 percent in the first quarter of 2009, but was down only 1.0 percent in the second quarter of 2009, compared to the previous year. The result of this trend is that many are now predicting that the economy will start to improve in the third quarter of 2009 – well ahead of what was being predicted earlier in 2009. Global Insight is forecasting that GDP will increase 0.6 percent in the third quarter, 1.1 percent in the fourth quarter, and will continue gaining momentum into 2010, reaching a growth level of 3.3 percent by the fourth quarter of

2010. This recession is already longer and deeper than the recession of the early 1980s. This recession will also be known as having a jobless recovery: similar to the conditions after the 2001 recession, it will take some time for unemployment rates and job growth to return to normal.

Some key national indicators as of the end of the second quarter:

Housing sales have picked up during the spring months throughout the country. This has been particularly evident in markets that were the hottest in mid-decade and where the foreclosure situation has been the worst, creating significant sales of foreclosed homes. Also, there are indications that sales of new homes are increasing. Prices are still declining at the national level but not declining as much. It would appear that normal market forces coupled with government programs – especially the $8,000 first-time home buyer tax credit – are starting to turn the tide in the housing sector.

Nationally, housing sales have been the strongest for houses in the under $400,000 range. July existing home sales had the highest month-over-month percentage increase in more than a decade. There appears to be an increase in buyers, and it is hoped that these positive trends can be sustained over the coming months. An important factor in the housing market recovery will be avoiding another round of foreclosures due to “Alt-A” and option arm mortgages that will begin resetting. Part of the Obama administration’s stimulus program includes initiatives to refinance many of these mortgages, and the success of that will be key to the market’s recovery.

Consumer confidence indices declined to record lows earlier in the year but have rebounded significantly. While not yet back to normal levels that would provide a bounce in consumer spending, it appears that consumers’ expectations for the economy are improving.

Oil prices and interest rates are two positive indicators as the summer of 2009 has progressed; both are lower than they were last year at this time. Indices that measure the performance of the manufacturing and services sectors are also showing improvement.

The jobs picture has been bleak. At the national level, payroll jobs in June were down 5.8 million from June of 2008. Unemployment reached 9.5 percent in June and

We Are Starting to See the Light, But Has Recovery Dawned?

back down to 9.4 percent in July (seasonally adjusted figures), but most expect it to surpass 10 percent before beginning to decrease in a meaningful way. First-time claims for unemployment began to fall off significantly in July and early August, and it is expected that this trend will continue.

The NVAR Housing Market

One of the brightest spots in the local economy is the latest data on the housing market. Average sales prices in the Washington metro area were down 26 percent at the beginning of the year compared to the same time a year earlier. Price drops were less severe each month and as of July were down only 8.5 percent metro-wide and down only 2.0 percent for the Northern Virginia portion of the “metropolitan statistical area,” which includes NVAR as well as Loudoun, Prince William, Spotsylvania, Stafford, Fauquier, Clarke and Warren Counties.

For the NVAR region sales were up and the median sales price increased on an annual basis in July (compared to July 2008) for the first time since April 2006 – more than three years ago.

Does all this mean that recovery is here? There are several signs of improvement and most economists agree that recovery is on the way. There are some threats to the economy’s ability to gain momentum and grow at a healthy pace during the next few years. One problem is the commercial markets, which have yet to work through the issues caused

by the near-collapse of the financial system. Another threat continues to be

foreclosures in the housing market, which now appear to be caused by unemployment

rather than by subprime mortgages.

One force working to overcome these pressures is the stimulus package, which has just begun to gain traction. Much of the stimulus money has yet to enter the economy but will be doing so well into 2010. The stimulus package and other elements of national policy, plus trends in several economic indicators, would point towards an economy that is on the road to recovery. That recovery has probably already dawned in Northern Virginia. ❈


market update

The stimulus package and other elements of national policy, plus trends in several economic indicators, would point towards an economy that is on the road to recovery. That recovery has probably already dawned in Northern Virginia.

1

patricia chroussis 9/3/09 6:59 PM


Deleted: Page Header: Market UpdateTOC Entry: Market Update: Has Recovery Dawned?Possible Pull Quote (from very end of article):

The stimulus package and other elements of national policy, plus trends in several economic indicators, would point towards an economy that is on the road to recovery. That recovery has probably already

dawned in Northern Virginia.Title: We Are Starting to See the Light, But Has

Recovery Dawned?

Author: John McClain, Senior Fellow, George Mason University, Center for Regional Analysis

The national recession as measured by Gross Domestic Product was at its worst in the fourth quarter of 2008 and in the first quarter of 2009. However, several indications show that those two

quarters may have represented the bottom of the recession and that the economy will begin growing again in 2009. The positive signs will be seen in

increased consumer confidence and then consumer spending as growth begins. The jobs part of the economy will likely not see growth until 2010. The

implementation and effectiveness of the stimulus packages will be important in how the economic conditions play out for the rest of 2009 and into 2010.

The Washington region and Northern Virginia have fared better than most parts of the country. While jobs have been lost in some sectors – particularly the

construction and retail sectors, other sectors of the economy continue to grow, including Professional and Business Services, Health and Education

Services, and Federal Government. The June 2009 unemployment rate rose to 6.6 percent for the metropolitan area and 5.5 percent for Northern Virginia, while for the nation it was 9.7 percent (all

rates not seasonally adjusted). One of the most significant signs of recovery is the housing market, in which sales are up, and prices metro-wide are

down by only single digits. Prices are actually up in the NVAR region compared to one year ago.


GDP was down 5.4 percent in the fourth quarter of 2008, and declined 6.4 percent in the first quarter of 2009, but was down only 1.0 percent in the second

quarter of 2009, compared to the previous year. The result of this trend is that many are now predicting that the economy will start to improve in the third

quarter of 2009 – well ahead of what was being predicted earlier in 2009. Global Insight is forecasting that GDP will increase 0.6 percent in the

third quarter, 1.1 percent in the fourth quarter, and will continue gaining momentum into 2010, reaching a growth level of 3.3 percent by the fourth quarter of 2010. This recession is already longer and deeper

than the recession of the early 1980s.This recession will also be known as having a jobless recovery: similar to the conditions after the 2001 recession, it

will take some time for unemployment rates and job growth to return to normal. Some key national indicators as of the end of the

second quarter:<#>Housing sales have picked up during the spring months throughout the country. This has been particularly evident in markets that were the hottest

in mid-decade and where the foreclosure situation has been the worst, creating significant sales of foreclosed homes. Also, there are indications that

sales of new homes are increasing. Prices are still declining at the national level but not declining as much. It would appear that normal market forces

coupled with government programs – especially the $8,000 first-time home buyer tax credit – are starting to turn the tide in the housing sector. Nationally, housing sales have been the strongest

for houses in the under $400,000 range. July existing home sales had the highest month-over-month

Deleted: Page Break

1



Deleted: Page Header: Market UpdateTOC Entry: Market Update: Has Recovery Dawned?Possible Pull Quote (from very end of article):

The stimulus package and other elements of national policy, plus trends in several economic indicators, would point towards an economy that is on the road to recovery. That recovery has probably already

dawned in Northern Virginia.Title: We Are Starting to See the Light, But Has

Recovery Dawned?

Author: John McClain, Senior Fellow, George Mason University, Center for Regional Analysis

The national recession as measured by Gross Domestic Product was at its worst in the fourth quarter of 2008 and in the first quarter of 2009. However, several indications show that those two

quarters may have represented the bottom of the recession and that the economy will begin growing again in 2009. The positive signs will be seen in

increased consumer confidence and then consumer spending as growth begins. The jobs part of the economy will likely not see growth until 2010. The

implementation and effectiveness of the stimulus packages will be important in how the economic conditions play out for the rest of 2009 and into 2010.

The Washington region and Northern Virginia have fared better than most parts of the country. While jobs have been lost in some sectors – particularly the

construction and retail sectors, other sectors of the economy continue to grow, including Professional and Business Services, Health and Education

Services, and Federal Government. The June 2009 unemployment rate rose to 6.6 percent for the metropolitan area and 5.5 percent for Northern Virginia, while for the nation it was 9.7 percent (all

rates not seasonally adjusted). One of the most significant signs of recovery is the housing market, in which sales are up, and prices metro-wide are

down by only single digits. Prices are actually up in the NVAR region compared to one year ago.


GDP was down 5.4 percent in the fourth quarter of 2008, and declined 6.4 percent in the first quarter of 2009, but was down only 1.0 percent in the second

quarter of 2009, compared to the previous year. The result of this trend is that many are now predicting that the economy will start to improve in the third

quarter of 2009 – well ahead of what was being predicted earlier in 2009. Global Insight is forecasting that GDP will increase 0.6 percent in the

third quarter, 1.1 percent in the fourth quarter, and will continue gaining momentum into 2010, reaching a growth level of 3.3 percent by the fourth quarter of 2010. This recession is already longer and deeper

than the recession of the early 1980s.This recession will also be known as having a jobless recovery: similar to the conditions after the 2001 recession, it

will take some time for unemployment rates and job growth to return to normal. Some key national indicators as of the end of the

second quarter:<#>Housing sales have picked up during the spring months throughout the country. This has been particularly evident in markets that were the hottest

in mid-decade and where the foreclosure situation has been the worst, creating significant sales of foreclosed homes. Also, there are indications that

sales of new homes are increasing. Prices are still declining at the national level but not declining as much. It would appear that normal market forces

coupled with government programs – especially the $8,000 first-time home buyer tax credit – are starting to turn the tide in the housing sector. Nationally, housing sales have been the strongest

for houses in the under $400,000 range. July existing home sales had the highest month-over-month

Deleted: Page Break

With all the emphasis on eco-friendly features these days, how can Realtors® advise clients about incorporating green features into their pre-sale improvements? According to the Remodeling Magazine (RM) Cost vs. Value Report 2008-2009 (featured on page 28 of the July/August 2008 issue of Update magazine), the following upgrades fetch the most return at resale. Here’s some advice on how to shade them green.

1. Deck aDDition (wooD) Cost: $10,601 Resale value: $8,676 Recouped: 81.8 percent

GREEn IT UP: For a deck addition, choose green materials that are non-toxic, last longer, and require less maintenance. For a wood deck, look for lumber certified by the Forest Stewardship Council (FSC), which guarantees that the wood either came from a certified well-managed forest, or is a reclaimed or recycled product.

The low-maintenance, high-recycled content and durability of plastic or composite decking also make it a sustainable choice. The Healthy Building network offers ratings on plastic and composite lumber at healthybuilding.net/pdf/gtpl/gtpl_product_ratings.pdf.

Disposal of the old materials is just as important as what is installed. Decking materials were historically treated with toxic chemicals, so should never be burned. Clients should be advised to take treated wood to the local landfill or transfer station and place it in the non-clean wood pile.

2. SiDing replacement Remodeling Magazine scenario:

Vinyl siding Fiber-cement siding

Foam-backed (insulative) vinyl siding

Cost: $10,256 Cost: $13,177 Cost: $12,528

Resale value: $8,274 Resale value: $11,424 Resale value: $10,074

Recouped: 80.7% Recouped: 86.7% Recouped: 80.4%

GREEn IT UP: Mineral-fiber and cement-based siding products are inexpensive, require little maintenance, and rarely need replacement. According to RM’s report,

they also get a better return on investment at resale than standard vinyl (86.7 percent vs. 80.7 percent for vinyl). Depending on the home’s age, it may be possible to use more efficient insulative vinyl siding, which adds another layer of insulation and moisture protection. This helps to save on heating and cooling costs.

3. minor kitchen remoDel Remodeling Magazine scenario: Cost: $21,246 Resale value: $16,881 Recouped: 79.5 percent

GREEn IT UP: There are dozens of easy green options for a kitchen remodel, where upgrades can have a dramatic visual impact. Just for a short list, start with FSC-certified cabinets, low- or no-VOC (volatile organic compound) paints and finishes, and faucets with aerators.

Cabinets are often made of pressed or composite wood (particle board) and contain urea-formaldehyde, which will off-gas for some time. Choose new cabinets that don’t contain formaldehyde. For existing cabinets, seal exposed pressed-wood surfaces with a low-VOC sealant such as AFM’s Safecoat Safe Seal.

going green


Top Green Remodeling IdeasBy Julie P. Hawkins

Green Kitchen: This green kitchen features ENERGY STAR® qualified compact fluorescent lighting, an ENERGY STAR® qualified refrigerator, colored concrete and recycled glass counter tops, cork flooring, formaldehyde-free wheat board cabinets, and a water filtration system. Learn more on the Virtual Tour at mainstreamgreenhome.com.

Get greater return on investment with eco-friendly projects5

going green


Refinish wood floors with a low-VOC sealant or install a sustainable flooring product like cork, salvaged stone, or true linoleum. Learn more from the Buyer’s Guide to Green Flooring Materials at GreenHomeGuide.com. To save energy and water, replace outdated lighting, refrigerators, freezers, and dishwashers with ENERGY STAR® qualified products. If the kitchen contains an old washing machine, replace that too. Learn more at energystar.gov.

4. winDow replacement Remodeling Magazine scenario:

Basic insulated vinyl windows

insulated wood windows, exterior

clad in vinyl or aluminum

insulated vinyl, low-E, simulated-

divided-light windows with

simulated wood grain interior finish

and custom-color exterior finish

insulated, low-E, simulated-divided-

light wood windows (interior) with

stained hardwood interior finish

and custom-color aluminum exterior

cladding

Cost: $10,537 Cost: $11,512 Cost: $13,608 Cost: $17,580

Resale value: $8,132 Resale value: $8,946 Resale value: $10,781 Resale value: $13,455

Recouped: 77.2% Recouped: 77.7% Recouped: 79.2% Recouped: 76.5%Going Green, continued on page 22

GREEn IT UP: Replacing old, inefficient windows with ENERGY STAR® qualified models can save homeowners 7 to 24 percent on energy bills, and offer a better return on investment at resale. Visit energystar.gov for valuable installation and purchasing tips.

If window replacement isn’t in the budget, suggest storms. Tightly fitting storms can be nearly as efficient as new windows—and a great alternative to throwing old windows into a landfill.

Many people replace windows when it isn’t necessary. If the existing windows are double pane but just leaky, try stopping air infiltration using V-seal and caulk. Google “Improving the Energy Efficiency of Existing Windows” for guidance from the U.S. Department of Energy.

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going green


Going Green, continued from page 21

5. UpScale bathroom remoDel Remodeling Magazine scenario: Cost: $51,455 Resale value: $36,400 Recouped: 70.7 percent

GREEn IT UP: The RM bathroom remodel is pricey, but clients can revive a bathroom on a budget and still make it green. Forget heated towel bars and a whirlpool tub and install a water-efficient toilet and aerators instead. Visit epa.gov/owm/water-efficiency for product guidance.

Other low-cost options include using low- or no-VOC paint, re-glazing existing tile rather than replacing it, and installing ENERGY STAR® qualified compact fluorescent lights (CFLs). An ENERGY STAR® qualified exhaust fan will control moisture and run quietly and efficiently.

Advise clients to keep tabs of all green upgrades by saving receipts, manufacturer information, and energy bills to help tell the story and sell that house! Highlight the home’s green features accurately on the MLS and with in-home signs and fact sheets. And remember to point out not just the features, but their benefits to the buyer: a more efficient, more comfortable, healthier, longer-lasting, lower-maintenance, and less expensive to operate home. ❈

Julie P. Hawkins is a licensed real estate agent, a Realtor® and a LEED® Accredited Professional. She writes about energy efficiency, green building and real estate on behalf of ENERGY STAR® and the U.S. Department of Energy real estate initiative.

CFL Comparison Chart: CFLs are an easy and effective option for reducing the energy consumption of any home. Source: U.S. Department of Energy.

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Sales Associates Eligible for SBA Loans

The flagship loans of the u.S. Small Business Administration–as well as a new loan created

as part of the federal government’s big economic recovery initiative–are available to individual practitioners, SBA has clarified.

The National Association of Realtors® sought clarification from SBA after hearing that lenders in some jurisdictions

were making the loans to practitioners while others were not.

Having these loans available to individual real estate licensees without ambiguity

potentially gives a shot in the arm to practitioners who are struggling with high business-related debt. The new loan program, called ARC (America’s Recovery Capital), is an interest-free, deferred payment loan of up to $35,000. One of its intended uses is to help businesses avoid ruinous debt.

Thus, if practitioners have maxed-out business credit cards (it has to be business-related debt; personal debt won’t qualify), they can pay off the debt with the far-more attractive SBA loan.

SBA’s two flagship loans, known as the Section 7(a) and Section 504 loans, are also open to individuals. The terms of these loan programs have been made more attractive recently, so practitioners have additional loan options that they might want to consider.

On the 7(a) loans, the SBA says, “To assist small businesses during the economic downturn, the American Recovery and Reinvestment Act authorizes SBA to temporarily reduce or eliminate loan fees for borrowers . . . and raises the loan guarantee from the current level to 90 percent.” Read more about the ARC program at sba.gov/recovery/arcloanprogram/index.html. ❈

By Robert Freedman for REALTOR® Magazine Online, Daily Real Estate News, August 10, 2009.

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Your Client Just Did What?


Social Media for Beginners

By Michele Lerner

“People are having conversations about real estate everywhere you go, whether it’s at a party or the grocery store. They are having these same conversations online. Realtors® need to tap into places online where they can get involved in conversations and answer questions,” says Brian Block, managing broker with the Block Real Estate Group at RE/MAX Allegiance in McLean. Block estimates that about 70 percent of his clients come to him through social media. “The most important thing about using social media is to really engage your audience.

Social Media for BeginnersOnce the lingo is learned, new gadgets are acquired and software is installed, what is the first move in the

social media game? Getting started can be intimidating, but agents who regularly use social media have plenty of advice for novices.

Frank LLosa, the Broker/Owner of FranklyRealty.com who gets about 80 percent of his business through social media, suggests starting with Facebook.

“Immediately add a photo of yourself. You look creepy if you go around asking to be ‘Friended’ without a photo,” says LLosa.

LLosa says agents should avoid being too “sales-y” and only posting new listings on Facebook. Instead, he suggests interacting with others by leaving comments. Next, he suggests joining Twitter and following people

who can be found on Twitter through the agent’s email address book.

“I think after getting on Facebook and Twitter, agents should start with a ‘hello world’ blog and video. Literally, goal number one is to get a blog up and just write ‘Hello World.’ Also shoot a video and say ‘hello’ and post it on YouTube. Too many times people get frozen about what to say, and they don’t even get the first step completed,” says LLosa.

Heather Elias, a Realtor® with Century 21 Redwood Realty in Ashburn, says she gets 75 to 80 percent of her clients from her blog and suggests that other agents try blogging.

“Agents should use what they enjoy using and find something they are comfortable with,” says Elias. “If you want to do a photo blog instead of writing, you should try it, because if you aren’t enjoying what you are doing, people will know.”

Elias advises new bloggers to think about their target audience and then

Social Media: A Guide to Getting

Logged On & Plugged In to Marketing In The New Millennium


social media guide

A Realtor® might often be described as a “people person,”

someone with a natural affinity for networking. Interacting over the Internet and through social media such as Facebook and Twitter may be a stretch for some real estate professionals who crave personal contact, but experts suggest that these technology tools are really just an extension of what Realtors® have always known how to do: build relationships.


Tying Social Media Tools Together Builds A Web Presence

Social Media: A Guide to Getting

Logged On & Plugged In to Marketing In The New Millennium

develop the blog for that audience.

“If you don’t know what you want to write about, just start anyway. It took me about six months to really figure out what I wanted to write,” says Elias.

“Realtors® should start by looking at other people’s blogs to see what they are writing and then write about something they think is interesting,” says Block. “If you have a conversation with someone about anything related to real estate, that can work as a blog post.”

Tying Social Media Tools Together Builds A Web PresenceRegardless of whether agents start with Facebook, a blog or another social media tool, experts agree that tools should be linked.

Ed Mermelstein, co-founder and managing principal of Edward A. Mermelstein & Associates in New York, says, “The most effective way to use social media is to make sure

each method you use refers to the others as much as possible. Your professional Web site should be linked to Facebook, Twitter and to your blog in order to increase your visibility.”

LLosa says that “Advertising 101” teaches that you need to be everywhere.

“Frequently my clients will say they found me in several places, including offline references, online places (like Google) and more private arenas like Facebook. By getting plugged in, your future clients will see you everywhere and know that you are the go-to person for that area,” says LLosa.

Jennifer Klaussen, a Realtor® with Keller Williams Realty in McLean, uses Facebook and Twitter to increase her referral base, but her blog brings her more business locally.

“I’m fairly active on Facebook, which I use partly for personal contacts, but I am conscious of it being open, too,” says Klaussen. “It’s not a bad

message to subtly remind people (actually I call them ‘my friends who live inside my computer’), that I am out showing houses and working seven days a week.”

Klaussen says that the traditional method for new agents, staying in touch and building their sphere of influence, actually hasn’t changed. “It’s as important as ever to keep in touch, but mail and even email are not always the way to do it, especially with the current young generation of buyers who all go online before doing anything else,” says Klaussen.

Block says when using Facebook and Twitter, it’s important to let people know what you do, but to also be a real person. “You can’t be all business all the time on these sites,” says Block.

Many agents find LinkedIn to be more static and business-oriented rather than social, but find it useful as one more place where

Social Media, continued on page 26

social media guide

Twitter: It’s Not For The Birds

Blogging: It’s The “Write” Thing To Do

potential clients can check on their professionalism. Expert users of social media say they plan to expand their use of videos and Twitter and continue to track the topics and technology preferred by potential clients.

Twitter: It’s Not For The BirdsDerek Massey, President of Mid-Atlantic Settlement Services, has discovered how easy it can be to build relationships with Twitter.

“I’m intrigued by following Realtors® on Twitter because they can refer business to me and also because they understand the real estate business so completely,” says Massey. “I’ve met Realtors® through Twitter that I didn’t know six months ago by becoming part of their conversation with other agents.”

Massey emphasizes that Twitter is about networking, not technology.

“Twitter works like real-life networking, where you might introduce yourself to someone at a breakfast who is talking with someone else you know,” says Massey. “On Twitter, you have this same ability to introduce yourself and follow someone’s conversations by clicking on their username and reading their profile.”

While some people may think Twitter and Facebook could become overly time-consuming, Massey says that Twitter is a perfect match with iPhones and Blackberries, which people can use for a few minutes at a time while waiting for an appointment to begin.

“Another nice feature of Twitter is that you can arrange to be

alerted (‘pinged’) whenever you are mentioned in someone’s conversation,” says Massey.

Massey says that as technology changes, Twitter and Facebook may disappear, but “the way that people are connecting won’t go away.”

“Realtors® tell me they don’t always use Twitter to get new clients, but they are using it to stay in touch with other agents,” says Massey. “For me, Realtors® are my source of business so it helps me to ‘follow’ them, ‘listen’ to their conversations and build relationships.”

LLosa says he recently began using Twitter more because it requires shorter messages, which are less time-consuming to write than blog posts. He keeps his Twitter profile set to private, which means it requires permission to follow, because he feels more comfortable sharing comments with friends than with the general public.

“Mobile media such as the iPhone puts social media at people’s fingertips constantly, so you can reach people wherever they are,” says Block. “This means you need to update your information more frequently to keep people’s attention.”

Blogging: It’s The “Write” Thing To DoWhile Twitter and Facebook require short bursts of interaction, most bloggers say they take more time with the articles they post. LLosa writes lengthy pieces that he posts infrequently, while other bloggers post articles bi-weekly or even daily.

“The single most effective thing I do to get new business is writing my blog,” says Klaussen. “I stay

extremely local in my content and make sure that what I write is meaningful to buyers and sellers.”

Writing her blog for about two years, Klaussen has a library of relevant content that continues to attract readers and potential clients. For example, a post she wrote months ago about Colonial Village continues to bring in buyers, sellers and renters to her business.

“At first I tried to use search engine optimization techniques, but after a while I realized that what matters more is answering consumer questions,” says Klaussen. “Consumer questions are what they will search for online.”

Elias says she spends several hours a day on her Loudoun County-focused blog because she feels it works better for her than emailing or cold calling.

“Everything I do links back to my blog, which is hyper-local to Loudoun County, with local events, news about the Board of Supervisors and photos,” says Elias. “My Facebook Fan Page directs people back to the blog, but I also find that Facebook works well to increase my visibility to friends of friends.”

Elias eliminated a separate Web site a few months ago and now uses her blog page at WordPress.com for all contacts. The blog has a home search page connected to it, along with separate blogs that are more statistical and include local market charts.

“I found that my blog was drawing in far more clients than the Web site, so I decided to just use the one place for everything,” says Elias. “This may be a new trend among agents to focus

Social Media, continued from page 21


social media guide


Video: What You See Is What You Get


on a blog site rather than a separate blog page and a Web site.”

Block says he gets referrals and gives referrals to other agents he has gotten to know through their blogs on ActiveRain.

“You never know which marketing tool works the most, so I try to keep up on Twitter and Facebook, but with my blog as the central element,” says Block. “The blog is the backbone of my marketing, so I try to drive people there through other social media.”

One of Block’s most successful blog posts, “Maryland Millionaires Welcome in Virginia,” landed him an interview on Neil Cavuto’s Fox News program in May.

“Blogging is the gift that keeps on giving,” says LLosa. “Write a good post once and people will read it forever and use it as the entry point to your blog. I have people contact me eight months after following me. They feel like they know me, because

I spent three hours over two years ago explaining how the Exclusive Buyer Agency agreement helps buyers. Remember to think about ‘what’s in it for your customers’ when you are writing.”

LLosa recommends that first-time bloggers stay hyper-local with their content, focusing even on just one subdivision or community.

“Keep in mind there are two audiences for your blog,” says LLosa. “First, there are your current potential clients. Your information on your blog will help them be more comfortable using you. The second audience is strangers who come in through a Google search. Those are much tougher to convert. You’d better be good and hyper-local. They want to get a feeling for your style and approach to real estate.”

Video: What You See Is What You GetAgents more comfortable talking than writing may want to try using videos to talk about real estate and posting them on YouTube and other Web sites.

“Think of social media as your chance to have your own TV show, and you are the host,” says LLosa. “In the YouTube world, there is a concept called ‘Organic’ which means a video can actually seem MORE realistic if it is NOT overproduced. Just grabbing a camera that has video on it and talking into the camera is oftentimes good enough.”

Block believes videos will be the next area he will develop, having already done a series of tongue-in-cheek videos called “Desperate Realtors®” about what agents wish they could say to clients.

“I actually got a new client out of one of those videos who liked my sense of humor and realized it would be better to spend time searching for homes with someone fun,” says Block. “Videos can definitely show your personality and can be a way to get noticed in a sea of information.”

LLosa says his number one “no-brainer” tip for agents is to use live videos for their listings, not just using photos in a virtual tour.

“Agents can learn to use a $150 video camera and walk through the house to film it, but I use VideosByAddress.com,” says LLosa. “They are the only vendor approved by MRIS, and they are offering the service of posting your videos to your MLS listings for free.”

Whether using Twitter or a video camera, Elias says agents need to migrate with their community to find the best way to stay connected. Technology comes and goes; the important thing is to stay up-to-date with the latest trends being used by potential clients.

“Using social media can take time, at least two to four months of consistent effort before seeing results,” says Block. “But the nice thing is that this is almost all free. It takes time, but not money.”

No matter how real estate professionals create their online personae, these Realtors® have some things in common: They enjoy their virtual conversations, networking and branding.

Distinguishing factors for them in the world of social media are they never lose their own DNA, their own styles nor their own specialties. ❈

social media guide“You never know which marketing tool works the most, so I try to keep up on Twitter and Facebook, but with my blog as the central element. The blog is the backbone of my marketing, so I try to drive people there through other social media.”

— Brian Block, RE/MAX Allegiance

28 octobeR 2009 NVAR ReAltoR® UPDATE28 octobeR 2009 NVAR ReAltoR® UPDATE

appreciation cruise

The historic Cherry Blossom River Boat, boarding at the Alexandria marina, once again was the venue for NVAR’s Appreciation Cruise, which took place on Thursday, August 20. A sultry late-summer evening provided the backdrop for 2009 Chairman Susan Mekenney’s remarks, which included a moment of silence in memory of Past Chairmen Nathan Booth and Luis A. Lama. These beloved members’ wives, Cynthia Hausch-Booth and Maria Lama, attended the cruise and accepted flowers from Mekenney on behalf of NVAR. “Luis and Nathan will live on in our hearts and minds forever,” Mekenney said. “Because of them, our

association is what it is today.” Mekenney also thanked the NVAR instructors, partners, affiliates, committee and forum chairs, members of leadership and staff who attended. “Tonight is really all about you,” Mekenney said. “Thank you for helping to make NVAR a premier real estate association not only in Virginia but in the nation.” To celebrate the news that Trish Szego, ERA-Elite Group Realtors® and past NVAR Chairman, was elected that day as First Vice President of the Virginia Association of Realtors®, Mekenney led the group in a champagne toast. ❈

Cherry Blossom TripNVAR HoSTS A PoTomAC CRuISe To SHow APPReCIATIoN

1. NVAR Chairman Elect Vinh Nguyen, Westgate Realty Group (left), celebrates with NVAR instructor Vimal Kapoor (right) and his wife, Anita Kapoor.

2. NVAR CEO Christine Todd (center) enjoys the sunset with former NVAR Chairmen of the Board Pam McCoach, Long & Foster (left) and Teddy Goodson, ERA-Elite Group Realtors®.

3. Susan Mekenney, 2009 NVAR Chairman of the Board (left), offers a toast to celebrate the election of Trish Szego, ERA-Elite Group Realtors® to the post of 2010 VAR First Vice President.

4. CEO Christine Todd (left) shares a tender moment with Maria Lama, widow of former NVAR Chairman Luis A. Lama.

5. (left to right) Former NVAR Chairman Margaret Ireland, Weichert Realtors®, enjoys the evening with affiliate members Fred Bowers, Intercoastal Mortgage, and Sue Bowers, Suburban Appraisers.

6. The Cherry Blossom awaits its NVAR passengers.

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cost calculator feedback


NAR NeedS YouR FeedBACk! Has the Urban Land Institute’s Cost Calculator Helped You Determine Your Beltway Burden?

NAR and the u.S. environmental Protection Agency, department of Transportation and

department of Housing and urban development are banding together to work on sustainability issues, including homebuyer awareness of the ‘Cost of Place.’

This concept, discussed at NVAR’s June 11 Road to Recovery event in Herndon, and featured on page 9 of the July/August issue of Update magazine, explores the total cost of a housing location. That amount is equal to not just the house payment, but also the transport costs associated with the location (and the activities of the people who live there). NAR has asked NVAR to request feedback from Realtors® who have used the Urban Land Institute’s Cost Calculator, found at uli.org, or who have recommended it to their clients. Please contact Ann Gutkin at [email protected] if you have such experience. ❈

Fly High With a GRI!

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Email your Resume to: [email protected]

ask nvar


Question: I represent the buyer in a transaction. The preliminary HUD sheet indicates a lower amount of commission than what I had calculated based on the gross sales price of the house. I call the settlement agent who informs me that the commission is to be paid on the net sales price. I review the short listing in the MLS and find no indication that commission is to be paid on the net sales price. What is a net sales price? Where is it indicated on the MLS listing?

answer: The MRIS rules and regulations state in Section X: “Sec.2. Compensation specified on listings filed in the

service shall appear in one of three forms: a) by showing a percentage of gross selling price b) by showing a definite dollar amount c) commission may be paid on Net Sales price

(Sales Price minus seller concessions) or on base price in new construction if specified in the system.”

MRIS allows commissions to be paid on the net sales price, which it defines as sales price minus seller concessions. What does that mean? The net sales price is the gross sales price less any closing costs normally paid by the buyer, which in this transaction are paid by the seller. Costs to be deducted can include the home warranty, any inspection (home inspection, termite, radon), and all other closing costs paid by the seller.

Where should Realtors® look to find whether their commission is based on the gross sales price or the net sales price? This information is included under the “legal” category of the long version of the listing.

What can Realtors® do to address this? For most transactions, the difference in the commission paid based on the net sales price and the gross sales price is generally a small portion of the total commission. However, to ensure that payment is based on the gross sales price, Realtors® should make sure to discuss this with their buyer clients and modify the buyer broker agreement to reflect that compensation will be based on the gross sales price of the property. Also, if the commission is paid by the cooperating broker based on the net sales price, then the client will make up the difference.

Question: In reviewing the MLS comment field, I find a lot of information that should not be there. Can you give us guidance about what information does not belong in the comment section?

answer: The increase in listings of bank-owned properties in the MLS has led to an increase in improper listings. Many bank-owned listings include the name and phone number of the bank that owns the property. Telephone numbers should never be included in the comment section of the MLS. MRIS is currently auditing all listings to identify those that list the bank’s telephone number in the comment section.

Another common problem found in listings of bank-owned properties are words to the effect of: “you must use Lender X” or “you must use settlement agent X.” Both of these statements raise the specter of a potential RESPA violation. The legislature in Virginia was clear in its last session that such language constitutes a potential violation of CRESPA (the state equivalent of RESPA). Indeed, new legislation required an amendment to our Virginia Jurisdictional Addendum to include the following language:

“Variation by agreement: The provisions of the Consumer Real Estate Settlement Protection Act may not be varied by agreement, and rights conferred by this chapter may not be waived. The seller may not require the use of a particular settlement agent as a condition of the sales of the property.” ❈

ask nVarMRIS Intricacies: Net Sales Price Commissions Explained

– PLUS – Beware of Potential CRESPA ViolationsBy Sarah Louppe Petcher, NVAR General Counsel


government affairs

NV/RPAC Endorses Candidates for 2009 Elections in the Commonwealth

By Lisa Vierse May, NVAR Government Affairs Manager

Support the Realtor® Party on November 3!

In April and August, the Northern Virginia/Realtors® Political Action Committee

(NV/RPAC) Trustees gathered to interview candidates for the Virginia House of delegates. This non-partisan group of Realtors® met with open seat candidates and reviewed voting records of incumbents to determine their views on real estate issues.

The areas surveyed include: affordable housing, transportation, tax policy, environmental and green building measures, land use rights, development, the Northern Virginia economy and regulatory issues, among others. The association’s positions on these issues are approved by the NVAR Board of Directors in consultation with the Government Affairs Committee.

Candidates for the statewide offices of Governor, Lieutenant Governor and Attorney General, were interviewed in August by members of the RPAC of Virginia Trustees.

NV/RPAC and RPAC of Virginia urge Realtors® to vote on November 3. Realtor® support of our endorsed candidates can make a difference and will help ensure a continued favorable environment for real estate in this region.

The following is a list of the major party candidates running for elected office this fall. Realtor®-endorsed candidates are in Bold, while * denotes the incumbent. Read more about these candidates and the upcoming elections in the Government Affairs section of nvar.com. ❈


online dues payments

Virginia Statewide OfficesGovernor Lt. Governor Attorney GeneralRobert McDonnell (R) * William “Bill” Bolling (R) Ken Cuccinelli, II (R)R. Creigh Deeds (D) Jody M. Wagner (D) Stephen Shannon (D)

Virginia House of Delegates32nd House DistrictTag Greason (R)* David E. Poisson (D)

34th House DistrictBarbara J. Comstock (R)* Margi Vanderhye (D)

35th House DistrictJames E. Hyland (R)Mark L. Keam (D)

36th House DistrictHugh "Mac" Cannon (R)* Ken R. Plum (D)

37th House District* David L. Bulova (D)

38th House DistrictDanny R. Smith (R)L. Kaye Kory (D)

39th House DistrictJoseph G. Bury (R)* Vivian E. Watts (D)

40th House District* Timothy D. Hugo (R)Sue S. Conrad (D)

41st House DistrictKerry D. Bolognese (R)* Dave W. Marsden (D)

42nd House District * David B. Albo (R)Greg A. Werkheiser (D)

43rd House DistrictTim D. Nank (R)* Mark D. Sickles (D)

44th House DistrictJay McConville (R)Scott A. Surovell (D)

45th House DistrictVictoria L. Vasques (R)* David Englin (D)

46th House DistrictSasha Gong (R)* Charniele Herring (D)

47th House DistrictEric J. Brescia (R)Patrick Hope (D)

48th House District Aaron E. Ringel (R)* Robert Brink (D)

49th House District * Adam P. Ebbin (D)

53rd House DistrictChris D. Merola (R)* James M. Scott (D)

67th House DistrictJames M. LeMunyon (R)* C. Chuck Caputo (D)

86th House District* Thomas Davis Rust (R)Stevens R. Miller (D)

* = Incumbent Boldface = Realtor® endorsed

Northern Virginia Association of REALTORS® www.nvar.com

Dates To Know: August 3, 2009: Dues Billing Period Opened September 30, 2009: Renewals Must Be Received October 1, 2009: $50 Late Fee Imposed Payment by October 1, 2009 will keep all your member benefits active.

Renew Again For 2010 - Pay Online In 20092010 online dues billing began on August 3, 2009. To ensure a smooth renewal, follow these simple steps: » Go to nvar.com » Click on the large, red “Pay Dues” button » Follow the login and payment instructions To view the invoice amount for your 2010 dues, you must login to nvar.com. Don’t want to pay online with a credit card? Simply print out the renewal invoice that is available on nvar.com and mail it in, together with your payment, to: NVAR P.O. Box 586 Merrifield, Virginia 22116 OR bring your renewal form and payment to the NVAR Fairfax or Herndon locations. Pay on time to avoid a late payment fee of $50, effective Oct. 1, 2009.

Bob AdamsonMcEnearney Associates

Julia Avent RE/MAX Allegiance

Scott AveryAvery Hess

David CharronMRIS

Margaret C. HandleyM.C. Handley, Ltd.

Jo Anne JohnsonWestgate Realty

Scott A. MacDonaldRE/MAX Gateway

Kayvan MehrbakhshSperry Van Ness

Tom MeyerCondo 1

Anne RectorLong & Foster

Peter A. RickertColdwell Banker

Wayne A. BabbRE/MAX Allegiance

Angela EliopoulosLong & Foster

Susan MekenneyRE/MAX Allegiance

Jane A. QuillRE/MAX Presidential

Zinta Rodgers-Rickert RE/MAX Allegiance

Northern Virginia/Realtors® Political Action Committee

Thanks Our 2009 Major Inv estors

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nv/rpac major investors


Jerry M. BartlettJobin Realty

Charles W. Bengel, Sr.RE/MAX Allegiance

Michael K. BosleyRE/MAX Allegiance

Sita KapurArlington Premier Realty

Pat KlineAvery Hess

Shane S. McCullarKeller Williams

Susan OhNew Star Realty

Tracy PlessLong & Foster

Trudy SeveraLong & Foster

Trish SzegoERA-Elite Group

Bob BlountRE/MAX Allegiance

Lilian JorgensonLong & Foster

Luis A. LamaLong & Foster

Vinh NguyenWestgate Realty

Christine M. ToddNVAR

John E. McEnearneyMcEnearney Associates

Northern Virginia Association of Realtors®

Tom StevensColdwell Banker

Northern Virginia/Realtors® Political Action Committee

Thanks Our 2009 Major Inv estors

Please visit the Government Affairs page of nvar.com for a complete list of 2009 investors. NV/RPAC thanks investors at every level for their continued support.

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mris quiz

Are you using the appropriate status on listings? Take our short quiz to test your knowledge of listing statuses.

Question: Which listing status indicates that a property is available with no contingencies, contracts, or applications registered against it?

Answer: An ACTIVE listing indicates that a property is available with no contingencies, contracts, or applications registered against it.

Question: Which status is used to indicate that the property is for sale but not available for showing or when the seller is not accepting additional offers?

Answer: TEMPORARILY OFF MARKET (TEMP OFF) is used to indicate that the property is for sale but not available for showing or when the seller is not accepting additional offers. Temp Off status is usually available for 14 days

or less. If there are ongoing circumstances (such as repair work or a bank review), please contact the MRIS Compliance Department to request an extension of the TEMP OFF time frame.

Question: Which status should be used to indicate that a property has one or more issues pending resolution that may or may not contain a Kick-Out (KO) clause, as specified in the sales contract?

Answer: A CONTINGENCY status should be used to indicate that a property has one or more issues pending resolution that may or may not contain a Kick-Out (KO) clause, as specified in the sales contract. A Kick-Out clause allows the seller to give the current purchaser a certain amount of time (as specified in the contract) in which to remove the contingency or decide not to purchase a property. A Kick-Out clause is most commonly used with a home sale contingency. Third-party approval is a type of contingency that usually does not have a Kick-Out clause.

TEST YOUR KnOWLEDGE

MRIS Compliance Quick Tips Choosing the Appropriate ‘Status’

NVAR Buy-A-Brick Campaign

Help Lay the Groundwork Today for NVAR’s Future Tomorrow!

Bricks are available for purchase for $250 each, from now through October 1, 2009.

Don’t miss this unique opportunity to leave your mark on NVAR for future generations! For a limited time, NVAR is o�ering its members the chance to purchase an engraved brick that will be placed on an entry pathway to our

new Fairfax headquarters building.

This is a limited time o�er!

For more information or to purchase a brick, visit nvar.com or call 703.207.3200.

green task force


nVAR Task Force Garners nAR SupportSmartGrowth Grant Funds Awarded to Association’s Green Group

one of Susan mekenney’s first acts as 2009 NVAR

Chairman of the Board was to establish a Green Task Force. She charged the group with educating members about environmental matters affecting the real estate industry and encouraging the adoption of eco-friendly measures consistent with NVAR policy and practices.

To advance this mission, Task Force Chairman and NVAR Board Member Andy Norton spearheaded a campaign to provide NVAR members with access to a booklet developed for Realtors® by the U.S. Department of Energy, in hopes that agents would also offer it to their clients.

The Task Force applied for, and received, a $5,000 SmartGrowth grant from NAR to purchase copies of the booklet, entitled Energy Savers – Tips on Saving Energy & Money at Home. These booklets, which offer a multitude of voluntary measures that homeowners can take to make their homes more energy-efficient,

will be distributed for free to NVAR members at the 2009 Annual Convention and Trade Show on Tues., October 13. A PDF version is also available as a free download from the Green Resources page of nvar.com or from realtor.org. Additional copies of the booklet are available for purchase through realtor.org. There is ample space on the back cover to personalize the booklet with your own message.

Be sure to collect your free copy of the helpful Energy Savers booklet at the NVAR Convention and begin sharing this instructive material with colleagues and clients. ❈

By Ann Gutkin, NVAR Public & Government Affairs Specialist

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Home at Last: Virginia Housing Development Authority Offers Financing Plus Much More By Jill M. Landsman, NVAR Communications & Media Relations Director


After stints as a nurse and a cattle farmer, Aileen Baker

was seeking a new career in 2007. Switching jobs and communities in her early 50s was certainly hard. But she was determined.“I went back to school to be a teacher,” she said. “I had to start at the bottom.” That was only one of her challenges. She also had to find a home. “I could not afford a house around here,” Baker said.

Baker was fortunate to benefit from the changing Northern Virginia real estate landscape, which had foreclosures and short sales in great supply. Her biggest support system came from the Virginia Housing Development Authority. She signed up for VHDA’s first-time home buyers class, which helped her understand the intricacies of obtaining an appropriate home loan. Working with a patient, value-seeking Realtor® helped, too. In November 2008, Baker located the right townhouse – a foreclosure – in Chantilly, her home today.

Helping The First-Time Buyer Fulfill That Dream

Each year, VHDA helps thousands of home buyers throughout the Commonwealth just like Baker. The organization devotes itself to providing the tools and knowledge needed for low- and moderate-

income Virginia residents to earn—and keep—their slice of the American dream.

“We like to get the word out because we have a good story to tell,” noted Susan Dewey, VHDA’s executive director for the past decade. “Not everyone is familiar with us.”

Providing important consumer education has a ripple effect throughout the local economy and ultimately makes communities more secure. “We think the first-time home buyer is the key to market recovery,” Dewey explained.

The Role Model for Housing Finance Agencies

Also serving as the President of the National Council of State Housing Agencies, Dewey currently leads the nation’s association for all state Housing Finance Agencies (HFAs) and related businesses. NCSHA is a non-profit that focuses on federal advocacy efforts for affordable housing and provides programs for its members.

No question that VHDA is the nation’s role model among all HFAs. “We are one of the top nationally by every measurement,” noted Dewey, “our earnings, production, assets, and our Standard & Poor’s and Moody’s bond ratings.”

First-Time Home Buyer Education Is A Priority

NCSHA members can learn from VHDA’s best practices. “First-time

home buyer education is the hallmark of what we do,” said Dewey. The free, bilingual VHDA home owner education classes are offered online or in classrooms. Attendees learn the basics about balancing a budget, plus everything from learning about finance to FICO scores, lenders to loans, escrow to appraisals, closing documents to deposits, pre-approvals to pre-qualifications. It’s all about understanding the home buying experience, and its alphabet soup of acronyms.

A state-chartered organization, VHDA formed in 1972 to implement the Commonwealth’s affordable housing programs. Operating independently, with a board appointed by the Governor, it raises money by selling bonds to private investors and uses no state funding. Realtor® Kit Hale from Roanoke serves on the current board.

As a result of the recent mortgage market overhaul, “we have moved to Ginnie Mae as a securitization vehicle,” Dewey explained. “We don’t get any state tax payer money. Most of our financing now is through the FHA program. FHA grandfathered governmental entities, which allows us to continue to provide down payment and closing cost assistance with a second mortgage to qualified loan applicants.”

Homebuyer Tax Credit Plus

Just launched this past June is the Homebuyer Tax Credit Plus loan, which lets borrowers finance the down payment and closing costs. “First-time home buyers can have a vehicle for their down payment and closing costs from the second trust,” Dewey explained. The first

virginia housing development authority

Access VHDA NowThe Virginia Housing Development Authority currently writes 32 percent of its loan products to home buyers in the Northern Tier, which encompasses a region that includes Greater Northern Virginia. In 2005, that loan volume was only 15 percent. To access information about the first-time home buyer education and other affordable housing VHDA programs, go to vhda.com. ❈

Home at Last: Virginia Housing Development Authority Offers Financing Plus Much More


mortgage can be for the maximum FHA mortgage, and the second mortgage can be up to 5 percent of the sales price with no cash back. There is no interest on the second mortgage for the first year to allow home

buyers to take advantage of the federal $8,000 first-time home buyer tax credit as long as the loan’s close date is no later than November 30, 2009. If the borrower elects not to use the federal credit to repay the second trust, the amount

is simply amortized over the remaining term of the mortgage.

While many banks have loss mitigation departments that are overworked with short sale and foreclosure cases, VHDA has a much lower foreclosure rate. However, market realities in the past two years have made keeping a perfect score for solvent loans nearly impossible, primarily because of unemployment. “You can’t always do it,” Dewey admitted.

Taking On the Right Level of Risk

Still, VHDA did not put itself out on a limb with risky mortgages the way some other lending institutions had. “We were pressured quite a bit… when [the real estate market] was hot about how we are able to serve our clients in Northern Virginia. We have our advisory board, and we wrestled with [offering ARMs].”

Leveraging greater debt with risky loan types was not part of VHDA’s plans, which turned out to be fortuitous. “We basically said that [such risk] does not feel like it is right for first-time home buyers,” Dewey explained. “It meant giving up production, but we did stick it out, and we are glad now.”

It is a stretch to say that the state organization does not have an eye toward profit. But profit is not its raison d’etre, since profits ultimately go back into its programs. VHDA’s top priority is to serve home-seeking clients by guiding them into secure loans that stick. “Our mission is what drives us,” beams Dewey. “Getting people in homes and keeping them in homes.” ❈

Having lost a job, and everything else – my car, my apartment, etc. – at age 50, and being unable to find another job at that age, I decided to go back to school to be a teacher. I took a position up here in Northern Virginia and moved to an apartment in Tyson’s Corner. As the rent increased every year, I wanted so badly to own my own home. As a new teacher, I could not afford anything, and checked out programs that might help me become a home owner.

VHDA has a wonderful program to help low and middle income families achieve the “American Dream.” I signed up for the classes, and learned about homeownership. Then I looked on their list for a lender who dealt with VHDA loans, and found Richard Donohoe at Suntrust. He was knowledgeable, friendly, and really cared about helping people. He looked at my credit reports, and noted issues I had from years ago that were still a problem. He told me to clean them up, even [if it meant] taking out a loan to settle or pay up old accounts, and come back in a few months. He figured out what I could afford on my income. He helped me to qualify for the VHDA program with really sound financial figuring and advice. He explained things I needed as far as debt/income ratios, and what I needed to save for a closing. He explained the VHDA mortgage and the VHDA Plus second mortgage.

I belong to the credit union, so I logged online to ‘C/U Realty’ to sign up for their rebate program. And I found the most wonderful caring Realtor®, Patricia Butler at RE/MAX. She cared about finding me the “right home.” She sent me listings to see in my area and price range. She is knowledgeable about housing, areas of Northern Virginia, and the ‘who, what, when, and where’ of requirements for buying a home. If I saw something that I thought I might want to see, I called her and she took the time to make arrangements for me to see that house. She spent time with me and even showed me homes in surrounding counties that I could afford. Then when the economy changed, and there were foreclosures, she showed me homes in Fairfax that I could afford. When we found the perfect home, she helped me make an offer and negotiate a price and she was there with me for the inspection, etc. Even with a foreclosure, she was able to negotiate things that I would not have thought about with a foreclosure. And she made sure that I got the home warranty at closing which has proved to be a lifesaver. As a broker who participates in the C/U Realty program, part of her commission also helped with my closing costs.

I am now the proud owner of my own home, and I constantly tell others about the program and the people who helped me to get where I am. I have referred many others, including my daughter and son-in-law, to the VHDA classes and the broker and loan officer who helped me. Without the VHDA program, and Richard, my loan officer, and Pat, my broker, I would still be renting someone else’s dream. And my rent would be increasing each year. My mortgage payments are actually $300 less per month than my rent was, and I have all the advantages of homeownership. It is the best program that I know about. ❈

Home Buyer education Graduate SHareS Her HouSe HuntinG Story:

‘VHDA: The Best Program I Know About’

By Aileen Baker, VHDA Home Buyer Education Graduate

Susan Dewey, VHDA Executive Director

forum spotlight


Spotlight on the . . . nVAR Property Management & Leasing Forum

keeping Property managers Informed in a Growth SectorBy Michele Steele, NVAR Business Specialties Coordinator

The majority of NVAR Realtor® members do business in

residential sales, therefore the phrase “property management and leasing” isn’t often heard in the hallways of NVAR. However, there is a focused group that meets regularly to keep abreast of changing regulations that affect their niche of the real estate industry. “I always learn something new; I always learn something relevant and I get information that is ahead of the curve,” says laura Yi of Premieremetro Realty.

The Property Management and Leasing Forum began in 2008 and is currently chaired by Robert Gering, a long-standing veteran in property management. “I want this forum to be a source of valuable information

to help property managers operate at their full potential,” says Gering. He is constantly reaching out to his extensive network to find influential speakers to discuss hot topics for local property managers. This year’s guest list has included: Chip Dicks, Legislative Council for the Virginia Association of Realtors®; the Honorable Donald Haddock, Jr., General District Court of Alexandria; and Robert J. Duffett, Baskin, Jackson and Duffett, P.C.

Duffett, an attorney who specializes in landlord-tenant disputes as well as residential and commercial leases states, “The Property Management and Leasing Forum helps managers and landlords stay on top of changes in the law and is a great place to share new ideas and approaches for effective management.”

Jerome Friedlander of Friedlander, Friedlander and Earman P.C. and an NVAR instructor says, “The Virginia General Assembly has

made landlord-tenant law very complicated, and this forum is a network of skill and knowledge which is a very powerful tool to help property managers stay on top of their game.”

There are forum meetings scheduled for the remainder of 2009, and 2010 promises to offer an excellent agenda. With many changes and continued growth on the horizon for property managers, the NVAR Property Management and Leasing Forum will continue to provide top-notch speakers and valuable information to members.

Check nvar.com and read NVAR News emails for information about upcoming Property Management and Leasing Forums. To receive the latest information about upcoming events, contact Michele Steele at [email protected] and join the forum mailing list. ❈

1. A sold-out session of the Property Management and Leasing Forum offers property managers an update on the latest in landlord-tenant legislation at the August 18 meeting.

2. Attorney and Property Management expert, Rob Duffet, answers member questions after his August 18 presentation to the Property Management and Leasing Forum at NVAR’s Fairfax Headquarters.2

1

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Principles of Real Estate Course Do you know someone who is ready to begin a career in real estate, but he or she

doesn’t know where to start? The 60-hour Principles of Real Estate course developed by experienced real estate agents goes beyond the basic Virginia license requirements and truly prepares the student for the next stage with career path opportunities and exclusive access to industry leaders. Day and evening courses are available.

Seats are limited and will fill fast! Our next session is Mon., november 30!

Principles Exam Prep CourseDo you want to get additional training before taking the PSI Exam? Then our one-day comprehensive review course is for you. Taught by an experienced instructor, this course provides you with the extra knowledge you need to pass the state exam. Our next session is Sat., november 7.

CRS 210: Building an Exceptional Customer Service Referral BusinessThis two-day course, to take place on Wed., november 4, and Thurs., november 5, from 8:30 a.m. to 5 p.m. at NVAR Herndon Service Center, will cover attracting a higher caliber client, meeting expectations of the “new” customer, dialogues and strategies for building a referral business and much more! Cost for NVAR members is $395; cost for non-members is $425.

GRI 402: Financing Alternatives This one-day course will cover financing options available for real estate transactions,

and provide you with the knowledge you need to handle more difficult deals. It takes place on Thurs., October 8 at the NVAR Herndon Service Center from 8 a.m. to 4 p.m. Cost for VAR members is $90; cost for non-members is $140.

CONTINUING EDUCATIONfairfax headquarters

DATE COURSE TIME

10/5 CED: 8 hr Mandated Course 8:45 a.m. - 4:45 p.m.

10/6 CED: Real Estate Investments 8:45 a.m. - 12:25 p.m.

10/6 CED: Tax Strategies 1 - 4:45 p.m.

10/13 16 hr CED - Evening (part 1A) 6 - 9:30 p.m.

10/15 16 hr CED - Evening (part 1B) 6 - 9:30 p.m.

10/16 Broker CE Part II - Brokerage Risk and Liability 8:45 a.m. - 12:25 p.m.

10/16 Broker CE Part I - Productive Agents and Offices 1 - 4:45 p.m.

10/20 16 hr CED - Evening (part 2A) 6 - 9:30 p.m.

10/20 CED: The New Rules of Real Estate Finance 1 - 4:45 p.m.

10/22 16 hr CED - Evening (part 2B) 6 - 9:30 p.m.

herndon

DATE COURSE TIME

10/10 16 hr CED - Day 1 8:45 a.m. - 4:45 p.m.

10/17 16 hr CED - Day 2 8:45 a.m. - 4:45 p.m.

10/28 CED: 8 hr Mandated Course 8:45 a.m. - 4:45 p.m.

10/29 CED: Green Building Course 8:45 a.m. - 12:25 p.m.

10/29CED: Financing Options for the Home Purchase and the Self-Employed

1 - 4:45 p.m.

Bank of America and NVAR are proud to bring you the best in continuing education!

designations & specialty courses

Designations & Specialty Courses

Scott Q. DukesMichael Labrash

Valencia Lawrence Kenneth J. McCann

Paul H. OrphanidesNanci Sale

Christine Varner

CongratulationsABR Graduates


class schedule

The Green Designation and Green Residential Elective Courses

The Green Designation Core Course - This two-day course gives students a broad understanding of green real estate principles—from the concepts of sustainability, New Urbanism, and smart growth to the application of industry ratings and evaluation standards in real estate. This two-day course takes place on Mon., november 2, and Tues., november 3, from 8:30 a.m. to 5 p.m. at the NVAR Fairfax Headquarters.

The Green Residential Elective Course - This one-day elective course will provide Realtors® with the knowledge of green building principles as applied to residential. Learn how to help buyers in purchasing and retrofitting homes as well as help sellers by listing and marketing green properties, plus much more! This course will take place on Wed., november 4, from 9 a.m. to 4 p.m. at the NVAR Fairfax Headquarters.

Fall for the GREEN Designation at a Special Combo Price of $369 for all three days!

POST LICENSINGfairfax headquarters

DATE COURSE TIME

10/26 New Member Orientation 9 a.m. - 1 p.m.

herndon

DATE COURSE TIME

10/3 Post Licensing (Day 1) - Agency Law, Ethics 9 a.m. - 4 p.m.

10/6 New Member Orientation 9 a.m. - 1 p.m.

10/10 Post Licensing (Day 2) - Fair Housing, Real Estate Law 9 a.m. - 4 p.m.

10/17 Post Licensing (Day 3) - Listing Process, Selling Process 8:45 a.m. - 4:45 p.m.

10/24Post Licensing (Day 4) - Business Planning, Finance, Technology

9 a.m. - 5 p.m.

10/31 Post Licensing (Day 5) - Contracts 9 a.m. - noon

DC CONTINUING EDUCATIONfairfax headquarters

DATE COURSE TIME

11/10 DC Fair Housing and DC Legislative Update 9 a.m. - 4:15 p.m.

PRINCIPLES OF REAL ESTATEfairfax headquarters

DATE COURSE TIME

11/7 Principles Exam Prep Course 9 a.m. - 4:30 p.m.

11/30 - 12/15 Principles of Real Estate: Day Series 1 - 9 9 a.m. - 5 p.m.

12/19 Principles Exam Prep Course 9 a.m. - 4:30 p.m.

FEATURED OFFERINGS fairfax headquarters

DATE COURSE TIME

10/1 Conquering Contracts I 9 a.m. - 4 p.m.

10/7 Broker Law - Day 3 9 a.m. - 5 p.m.

10/8 Conquering Contracts II 9 a.m. - 4 p.m.

10/9 Negotiation - the Courts 9 a.m. - 4 p.m.


10/15 Conquering Contracts III 9 a.m. - 4 p.m.

10/19 Negotiations 9 a.m. - 4 p.m.



11/2 Green Designation Core Course - Day 1 9 a.m. - 5 p.m.

11/3 Green Designation Core Course - Day 2 9 a.m. - 5 p.m.

11/4 Green Residential Elective Course 9 a.m. - 5 p.m.

herndon DATE COURSE TIME

10/8 GRI 402: Financing Alternatives 8 a.m. - 4 p.m.

11/4CRS 210: Building an Exceptional Customer Service Referral Business (Day 1)

8:30 a.m. - 5 p.m.

11/5CRS 210: Building an Exceptional Customer Service Referral Business (Day 2)

8:30 a.m. - 5 p.m.

11/5 GRI 403: Personal Promotion 8 a.m. - 4 p.m.

To register for a course listed or to view a class description, visit realtorschool.com

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� 25 locations throughout Virginia, Maryland,and Washington, D.C.

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Wherever Your Business May Take You…

Alexandria(703) 519-7600

(703) 519-9471 FAXAnnandale*(703) 642-6100

(703) 642-6142 FAXArlington*

(703) 351-0300(703) 351-9978 FAX

Ashburn(703) 726-9222

(703) 726-9368 FAX

Burke(703) 239-9600

(703) 239-0605 FAXCentreville*(703) 818-8600

(703) 803-2867 FAXFredericksburg

(540) 372-4100(540) 372-4114 FAX

Gainesville*(571) 248-8777

(571) 248-8788 FAX

Lake Ridge(703) 491-9600

(703) 492-7494 FAXLorton

(703) 495-9600(703) 493-9302 FAX

Manassas*(703) 396-8838

(703) 396-8809 FAXMcLean

(703) 903-9600(703) 903-9606 FAX

Oakton(703) 242-9600

(703) 242-0725 FAXSterling

(703) 421-3300(703) 421-6353 FAX

Reston**(703) 742-9600

(703) 742-9698 FAXSpringfield

(703) 451-6600(703) 451-1181 FAX

Stafford(540) 288-1747

(540) 288-1797 FAXWarrenton

(540) 341-7700(540) 341-8574 FAX

Winchester(540) 723-0662

(540) 723-0664 FAXRealtor® Hotline

(877) 660-5150

Bethesda(301) 654-9800

(301) 654-8598 FAX

Gaithersburg(240) 683-4850

(240) 683-6676 FAX

Olney301-570-3600

301-570-4541 FAX

Rockville(301) 230-0070

(301) 230-2536 FAX

Silver Spring*(301) 680-0200

(301) 680-2043 FAX

Washington, DC(202) 966-0550

(202) 966-5250 FAX

VIRGINIA OFFICES

MARYLAND & WASHINGTON, D.C. OFFICES

*English & Spanish **English, Spanish & Italian

RGS MapAd-NVAR:Layout 1 8/12/09 1:03 PM Page 1

august statistics


Brought to you by:

nORTHERn VIRGInIA

ARLInGTOn

FAIRFAx COUnTY

ALExAnDRIA

AUGUSToverall Average Sale Price for August 2008: $473,183overall Average Sale Price for August 2009: $458,172 (-3.17%)

Total Number of New listings for August 2008: 2,499Total Number of New listings for August 2009: 2,223

OverallCondoAttachedDetached

20092008

$748

,495

$642

,238

$557

,040

$552

,864

$328

,669

$285

,583

$465

,915

$436

,237

PRICE


20092008

$608

,025

$585

,693

$336

,270

$345

,725

$255

,014

$236

,614

$456

,727

$449

,086

PRICE


20092008

$800

,636

$741

,484

$527

,795

$534

,490

$441

,602

$360

,033

$581

,477

$537

,120

PRICE


20092008

$630

,123

$602

,760

$371

,198

$379

,696

$323

,032

$274

,459

$473

,183

$458

,172

PRICE

Sales lists2008 2009 Change 2008 2009 Change

Detached 795 844 6.16% 4,400 3,394 -22.86%

Attached 580 532 -8.28% 2,364 1,633 -30.92%

Condo 437 437 0.00% 2,426 1,989 -18.01%

Overall 1,812 1,813 0.06% 9,190 7,016 -23.66%


Detached 86 87 1.16% 349 361 3.44%

Attached 28 27 -3.57% 96 87 -9.38%

Condo 124 100 -19.35% 435 436 0.23%

Overall 238 214 -10.08% 880 884 0.45%


Detached 664 707 6.48% 3,785 2,846 -24.81%

Attached 479 439 -8.35% 1,996 1,308 -34.47%

Condo 212 241 13.68% 1,473 1,119 -24.03%

Overall 1,355 1,387 2.36% 7,254 5,273 -27.31%


Detached 20 26 30.00% 134 100 -25.37%

Attached 66 60 -9.09% 234 216 -7.69%

Condo 85 82 -3.53% 450 387 -14.00%

Overall 171 168 -1.75% 818 703 -14.06%

For the most recent statistics, go to nvar.com and click on Market Statistics.


appraiser & affiliate directories

APPRAISERSA+ Appraisals 703-765-7579AAA Appraisals 703-865-5303Advantage Appraisal 703-817-1127Advantage Realty Services 703-866-5050Alan Lord and Associates 703-768-1954Apex Appraisal Group 703-919-3942Atlantic Appraisal Pros 703-622-5555B. H. Potter 703-848-2470Barnesville Associates 301-972-7518Bentley Appraisal Group 703-478-0666BFM 703-670-2586Bishop Real Estate Service 703-978-9322Bruce W. Reyle and Company 703-273-7375Cambyse Goodarzi Appraiser 703-744-6849Capitol Appraisal Service 703-691-8800Cardinal Management Group 703-569-5797Chevy Chase Bank 301-907-5850Chevy Chase Bank, FSB 703-648-9796Classic Appraisals 703-675-2265Cooper Residential Svcs. 540-939-4057Dale D. Barr, Jr. 703-730-2272Dan W. Mori 703-339-6136DCO Appraisal Services 301-855-3886Dennis J O’Brien 703-850-8445Diane Beachy 703-732-8058Dickman & Associates 703-938-6633Distinctive Homes Realty 540-338-4606 Dittmar Realty Group 703-893-0900 Donald R. Drake, Jr. 571-237-9430Elite Appraisal Service 571-331-6374F & F Appraisals 703-963-1743Forte Appraisal Service 703-433-2205Front Rowe 571-213-6489G. Miller Real Estate Appraiser 571-261-5355Gee Appraisers 703-451-9020 Glenn B. Staples & Associates 410-224-5524Gordy Appraisals 703-582-5018H K Bentley Appraisers 800-575-7513Harry Graef 571-213-7249Harry H. Arikan 703-216-5147Hartmann Group 703-406-7621Hendershott Appraisal Services 703-280-1637Home Appraisers 703-709-5695Homestar Real Estate Services 571-261-3367Hundley and Associates 703-212-9080Hundley and Associates 703-212-9080IK Hwan Kim & Associates 443-739-9867Inman Appraisal Services 703-644-9877Integra Appraisal Services 703-758-7750James W. Mumaw Co. 540-659-8586JDC Appraisals 301-438-3300John Halacy Appraisals 571-214-3865 John L. Brady, Jr. 571-237-7430JR Witt & Assoc. 703-266-9312Karas 703-753-5635Lawrence Mc Guire 703-123-4567

Leah Powell CRA 703-304-6552Lesley Omega Appraisers 703-403-2024LSA Appraisal 703-222-3300Marcia Ellen Cunningham 703-391-0514Marquee Properties 703-754-7945McGraw Appraisals 703-963-3988Metro Appraisal Services 703-644-7772Michael S. Mc Mahon 703-476-9472Monir Moshashaie 703-255-6451Nancy M. Pruett 571-277-1671New Dominion Appraisal Services 703-280-1554Newlevel Appraisal Group 301-252-3253Nikki Li Upton 240-476-4380 NOVA Home Appraisals 703-585-7357NoVaStar Appraisals 540-786-8220NVA Appraisal 703-477-3178Omni Appraisal Services 703-591-4001P & C Appraisals 540-548-8625Parker Appraisal Service 703-762-2549Philip Arnold Appraisal Co. 703-250-2132Premier Home Appraisals 703-865-7622Preston Hummer 703-929-0857Real Estate Appraisals 4 You 703-794-9118Rebecca Gerstle 703-441-9147 Renner, Hansborough & Reese 301-258-8181Residential Appraisal Group 304-724-6041Residential Appraisal Services 703-338-0961Residential Valuation Services 703-815-4407Residential Value Services 540-347-4570Ryan Appraisal Services 301-694-6500Sandra A. Le Blanc 703-629-6842 Silvey Appraisals 703-577-1946SML Appraisal Service 703-636-2938Square Feet Appraisals 703-519-1790Stewart Jarrett R E Appr & Cons 703-671-3662Suburban Appraisers & Consultants 703-591-4200Survey Appraisal Group 703-289-9910Susan Vanderzyl 703-969-3822T. L. Hoover Appraisal Service 703-354-8981The Appraisal Center 703-204-4410The Benjamin Group 703-836-2554The Mid-Atlantic Group of Virginia 703-442-4780 VA-MD Appraisal Group 571-438-0604Washington Appraisal Group 703-813-8160 William E. Culbertson R. E. 703-322-1200William Patten & Associates 703-642-8224Woodbridge Appraisal Service 703-978-3444World Mortgage 703-934-5502WTH & Associates 443-280-3276

AFFILIATESApplicAnt Screening National Tenant Network 866-387-6320cArpet cleAning ACS Ayoub Carpet Service 703-255-6000Chem-Dry of Prince William 703-680-1212

commiSSion AdvAnce Commission Express 703-560-5500conStruction ServiceS HCC Remodeling Group of NoVA 540-253-5788Sun Design 540-751-1360educAtion courSeS & SeminArS Center For The Arts at GMU 703-993-8641Moseley Real Estate School 866-667-5595Starker Services 800-332-1031environmentAl ServiceS Keystone Home & Environmental 571-261-3192Pollard Environmental 804-377-8383Soils & Environmental Services 703-856-8638FinAnciAl ServiceS Acacia Federal Saving Bank 703-506-8148Aurora Financial 703-734-7704Bank Of america 703-319-5647Bank of america - annandale 703-750-4056Bank Of america - Oakton 703-319-5647BB&T Mortgage - Arlington 703-855-7403BB&T Mortgage - Bethesda 301-493-8386BB&T Mortgage - Woodbridge 703-492-5936BF Saul Mortgage 703-787-4835CitiStar Funding Group 301-468-7063CitiStar Funding Group Reverse 301-367-4213Countrywide Home loans 703-803-0198Franklin American Mortgage Co. 703-956-3544George Mason Mortgage 703-407-2385Greenpoint Mortgage 703-750-0080Hutt Financial Group 301-571-6153HSBC Mortgage 202-496-8956HSBC Mortgage Corporation (USA) 202-496-8956HST Mortgage 703-766-4636Intercoastal Mortgage 703-449-6828Into Homes Mortgage Services 703-425-8100JP Morgan Chase Bank 703-641-6296metlife Home loans 703-631-0098National City Mortgage 703-658-0613Navy Federal Credit Union 703-255-8480Prospect Mortgage 571-536-8584Prosperity Mortgage 703-222-1800SunTrust Bank 202-624-1245Suntrust Mortgage 703-623-9703SunTrust Mortgage 703-279-6073The Hutt Financial Group 301-571-6153Union Mortgage Group 703-941-0711United Investors Group 877-844-2488VHDa 804-782-1986Wells Fargo Home Mortgage 703-803-3500Wells Fargo Home Mortgage Reverse 703-587-4363government ServiceS Fairfax County 703-324-4804grAphic deSign Simpatico Design Studio 703-837-0584gutter repAir Gagnon’s Gutterworks 703-523-6225

appraiser & affiliate directories


home AppliAnceS Sears Commercial 800-717-1787home cleAning ServiceS Maid Brigade 703-823-1726home inSpection Alban Home Inspection Svcs. 301-662-6565All American Home Solutions 202-329-7054All Pro Services 703-385-1347American Home Inspections 703-239-2175Best Home Inspections 703-753-1176Building Specs 800-859-7037Clingenpeel Properties 703-409-5292Commonwealth Home Inspection 703-533-8212Consumer Resources 703-690-8484Home Pro Services 703-560-4663Hurlbert home Inspection 703-830-2229LuxRE Inspections 703-716-1100Nappers Home Inspection 571-292-4557Old Dominion Home Inspection 703-242-2520Pillar To Post 703-352-1333U.S. Inspect 703-293-1400home repAir ServiceS Finco Construction Co. 703-359-2555G’s Remodeling 240-388-4250Handyman Connection 703-351-6595Mid-Atlantic Waterproofing 301-206-9500Mr. Sandless 703-794-9663home StAging ServiceS Antique & Contemporary Leasing 703-548-2050Callidora Associates 703-273-7896Decor Decorum 703-655-4789Home Staged Designs 703-209-7009Feng Shui Eyes 703-893-4702Preferred Staging 703-851-2690Staged Interior 703-261-7026Staged With Style 703-517-2336home WArrAnty 2-10 Home Buyers Warranty 703-587-6735American Home Shield 540-250-2064HMS 800-843-4663Home Warranty of America 703-595-8965Old Republic Home Warranty 800-445-6999inSurAnce ServiceS TASC 800-422-4661inveStment plAnning R.E. Investor Solutions 703-999-9842Junk removAl 1-800-GOT-JUNK 703-934-4678College Hunks Hauling Junk 800-586-5872legAl ServiceS Brincefield Hartnett, P.C. 703-836-2880Compliance Counsel, PC 703-261-7097EquiTitle/Tate, Bywater & Fuller 703-938-5100Joseph A. Cerroni, Esq. 703-941-3000Keegan & Associates, PLC 703-691-1700Kidwell, Kent & Curran 703-764-0600Peterson, Noll & Goodman, PLC 703-442-3890

Sykes, Bourdon, Ahern & Levy 703-517-7910 mArketing/mediA Cox Communications 703-378-3953Cox Media 703-953-3521Lands and Home of Northern VA 703-673-8475PropertyMinder 800-743-5820Raggo Advertising Products 540-341-7844The Washington Post 202-334-7680mold ServiceS MoldAid 877-932-7177Real Estate Rescue 540-303-0355moving & StorAge Able Moving & Storage 703-330-3772Ace Movers & Rentals 703-707-9400Busy Buddies 703-422-0797JK moving & Storage 703-280-4282Quality Service Moving 703-495-8900Relocation Systems/North American 703-925-2028 Van LinesTown & Country Movers 703-560-8600Victory Van Corporation 703-751-5200neW home Builder Brambleton Group 703-542-2925Dominion Valley Country Club 703-753-6688pAinting Blue Door Painters 703-504-2000MDB Painting 703-724-0263perSonnel ServiceS Personnel One 202-623-3204peSt control ServiceS Alexandria Pest Services 703-923-0925Asian Pest Services 703-752-1634Connor's Pest Control 703-321-0400Country Termite & Pest Control 540-338-7821JK Pest & Termite 703-622-2450Patriot Termite 703-330-9170Perma Treat Pest Control 703-777-7050PMSI 703-723-2899ProTech Pest Control 703-440-8000Suburban Pest Service 703-335-6030plumBing Plumbing Express 703-461-0345printerS Mc Clung Companies 240-475-5547Stephenson Printing Inc. 703-642-9000reAl eStAte photogrAphy Bert Goulait Photography 703-945-0194BTW Images 703-340-6383reAl eStAte SignS Realty Sign Post Co. 202-256-0107retirement plAnning Entrust Mid Atlantic 301-360-9510rooFing DryHome Roofing & Siding 703-230-7663Townhouse Roofing & Siding 703-467-0206Settlement ServiceS Absolute Title & Escrow 703-842-7525

Central Title & Escrow 703-658-1300Dominion Title Corporation 703-757-9500Ekko Title 703-537-0800Evergreen Title Company 703-354-7060First Guardian Title & Escrow 703-494-4000JDR Title 703-821-0099Key Title - Annandale 703-354-0561Key Title - Reston 703-437-4600mBH Settlement Group - alexandria 703-739-0100mBH Settlement Group - annandale 703-852-3000mBH Settlement Group - arlington 703-237-1100mBH Settlement Group - Burke 703-913-8080mBH Settlement Group - Fair Oaks 703-279-1500mBH Settlement Group - Kingstowne 703-417-5000mBH Settlement Group - mclean 703-734-8900mBH Settlement Group - Oakton 703-277-6800mBH Settlement Group - Reston 703-813-9333mBH Settlement Group - Vienna 703-242-2860Mid-Atlantic Settlement Svcs 410-252-1208monarch title - alexandria 703-852-7700monarch title - Herndon 703-890-0820monarch title - mclean 703-852-1730NVT&E 703-938-3200Paragon Title & Escrow Co. 301-986-1114Realty Title Services 703-917-4100RGS title - alexandria 703-519-7600RGS title - annandale 703-597-3209RGS title - arlington 703-351-0300RGS title - Burke 703-128-9600RGS title - Centreville 703-818-8600RGS title - mclean 703-903-9600RGS title - Oakton 703-242-9600RGS title - Reston 703-742-9600Signature & Stewart Settlement 703-709-0600Smart Choice Settlements 703-658-2299Stewart Title And Escrow 703-352-2900The Settlement Group 703-933-3090The Title Group 703-273-9600Tuscarora Title Corporation 703-777-4261Universal Title 703-658-1369StructurAl engineer SQ Consultants 703-759-4901technology ServiceS listingbook 540-662-1718 Realty Empowerment Systems 866-213-3709virtuAl tourS Real Estate Shows 703-876-4929RealBiz360 240-687-1008WeB Site development Impact Design Solutions 703-216-3737

Bold signifies nvAr partners(Last updated September 10, 2009) Do you have a correction to this list? Please e-mail changes to Tracy Reynolds at [email protected].

october 2009 update

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