The Voice for Real Estate™in the Youngstown Columbiana Area
March
2009 Newsletter Vol 10 Issue 03
It is the mission of the Youngstown Columbiana Association of REALTORS® to serve its members by protecting and enhancing
the members' rights and capabilities to conduct their real estate business and
increase their profit opportunities; by monitoring
compliance with professional
standards thus enabling members to serve the public in a
competent and ethical manner; by
expanding legislative influence
to promote and protect private property rights for the benefit of the real
estate marketplace.
MVR Editors: Tom Coppola
Leon Turek
Legal Counsel: Attorney Donald Leone
Officers:
Eric Caspary President
David Klacik
President-Elect
Joan Zarlenga Treasurer
Kathy Carroll Immediate Past President
Board of Directors: Sandi Bates
Paul Bevilacqua
John Burgan
Jim Grantz
Jennifer Hanigosky
Dawn Kuhn
Debbie Parisi
Dom Vechiarelli
Dave Walker
Bob Weily
CRIS Directors: Terri Hoon, Past President
Judy Whittenberger
Ray Knight
CRIS Alternates:
Funmi Olarewaju
Brenda Palmer
OAR
Directors: Sharyn Braunstein, CEO
Kathy Carroll
Eric Caspary
David Klacik
Tom Williams, OAR DVP
Joan Zarlenga
OAR Alternates: Betty Belding
Terri Hoon
Dawn Kuhn
Debbie Parisi
Carole A. Sharkey
Bob Weily
TheOfficial
Newsletter of the Youngstown Columbiana Association of REALTORS®
President’s View by
Eric Caspary, President - Youngstown Columbiana Association of
REALTORS®
Williams for OAR Treasurer!
This is the new slogan that will soon be on everyone's lips around the
State of Ohio!!
It is with great pleasure that I announce to you that our very own member, Tom Williams, is a
candidate for Treasurer of the Ohio Association of REALTORS® for the year 2010.
Tom decided to "throw his hat in the ring" at the beginning of this year. He was one of three
"candidates" to be interviewed by members of the OAR Nominating Committee at OAR's
Midwinter Meetings in Columbus this past January.
The Nominating Committee selected two candidates, Tom being one and his opponent, Bob
Miller of the Columbus Board of REALTORS® being the other.
At the annual Ohio Association of REALTORS' annual convention in September of this year,
the OAR Directors will elect a Treasurer whose one-year term shall commence on January 1,
2010. The Treasurer shall automatically succeed to the office of President-Elect at the
conclusion of his term as Treasurer and then automatically succeed from the office of President-Elect to the office of President for a full one-year term.
So, if... no, let me say... when Tom is elected in September, he will become the President of our
great state association in 2012.
What an honor, not only for Tom, but for our Association as well.
The last time one of our members had the qualifications to move into a leadership position with
the state association was 48 years ago in 1961 when A. E. Reinman, Jr. served as President of
the Ohio Association of REALTORS®. Youngstown had two other members serve as
President of the state association, Earl McBride in 1934 and O. E. Hawk in 1921.
The Board of Directors have voted to support Tom and his campaign financially. And, John
Burgan has also volunteered to assist Tom in his campaign by soliciting campaign dollars from
our brokers and agents as well.
To date Tom has received endorsements from the following Boards or Associations:
Warren Area Board of REALTORS®
Stark County Association of REALTORS®
Cleveland Area Board of REALTORS®
Beaver Creek Area Association of REALTORS®
Tuscarawas Board of REALTORS®
Portage County Association of REALTORS®
and of course
the Youngstown Columbiana Association of REALTORS®
Tom is scheduled to interview with Directors from the Akron, Dayton, Toledo, Cincinnati and
Mansfield Boards in the near future. His goal is to interview with all the Boards and
Associations in Ohio before the election in September.
This is an exciting time for both Tom and our Association. I am sure that you, along with me,
wish Tom success in his 2006002898 endeavor for election to the position of OAR Treasurer for 2010.
Statements of fact and opinion are
the opinions of the authors and do not imply an endorsement on the
part of the association, the “Mahoning Valley REALTOR®” or
its editorial staff.
Support
Your Affiliates Who Support Your Local
REALTOR® Association or It's Gonna Cost YOU!
New Earnest Money Law Becomes Effective April 6, 2009!
by Peg Ritenour, Vice President OAR Legal Services
On January 6, 2009, Governor Strickland signed into law legislation that will provide
greater statutory authority and options to brokers regarding the handling of disputed
earnest money. This legislation was the result of an OAR Task Force whose
recommendations were adopted by the OAR Board of Directors at the Convention last
September.
The Task Force studied the problems created when a transaction fails to close and the
parties cannot agree on which of them is entitled to the earnest money. Under a
longstanding Division of Real Estate and Professional Licensing policy, brokers in this
situation are required to maintain the earnest money in their trust account until the parties
reach an agreement or a court rules on who should get the funds. Prior to passage of HB
130, this policy was not set forth in the license law. The new legislation codifies the
Division's position, clearly setting forth the broker's obligation to maintain the disputed
funds in his/her trust account. By including this requirement in the license law, brokers
will now have statutory language to which they can direct the parties and their legal
counsel who question the broker's handling of the funds.
More significantly, though, HB 130 will enable brokers to place a time limit on how long
they must continue to hold such disputed funds. It accomplishes this by allowing brokers
to include a provision in their purchase contracts that creates a sort of "statute of
limitations" on their obligation to hold the funds.
Under this provision, the parties will have two years from the date the earnest money was
deposited in the broker's trust account to resolve the dispute or initiate legal action. If
they fail to notify the broker that they have done either one of these two things, then
under the terms of the contract, the broker will return the earnest money to the purchaser
without any further notice to the seller. By including such a provision, brokers will be
able to clear out these disputed earnest money deposits after two years from the date of
deposit. It is believed this is ample time for the parties to either resolve the problem on
their own or to initiate the necessary legal action to do so.
Below are answers to several of the questions initially posed about the new legislation:
When does the new law become effective? April 6, 2009
Is OAR going to provide sample language for brokers and local Boards of REALTORS® to include in their purchase agreements?
Yes. OAR will be drafting language and submitting it to the Ohio Division of Real Estate and Professional Licensing to review. It will be posted on OAR's website and included in OHIO REALTOR® as soon as it is approved.
Does license law require that all purchase agreements contain the new earnest money provision after April 6?
No. This new legislation merely allows brokers to include such language at their
option.
Is this provision only available for residential purchase contracts or can it be
used for commercial and industrial transactions as well?
It can be used for any purchase agreement for the purchase/sale of real estate.
Will the new law allow me to return disputed earnest money I am currently holding in my trust account if it has been more than two years?
No. The ability to return the earnest money to the purchaser after two years will only apply to purchase agreements that contain the new provision that sets forth that process. Because that language was not included in the purchase contracts on which
you are currently holding earnest money in your trust account, that process cannot be used.
What can I do to clear out the funds I am currently holding from my trust account?
You may start by recontacting the parties to see if they are now willing to resolve the dispute or file legal action. If they are not willing to do this, as a broker you can file an interpleader action with the court to obtain a ruling on which party is required to initiate this process - it is merely an option available to you. Depending on certain factors, another option may be to turn the earnest money over to the Ohio Division of
Unclaimed Funds.
The Directors of the Youngstown Columbiana Association of REALTORS® will consider making an investment
422166in the Youngstown Warren Regional Chamber of Commerce's 360 Project initiative at their March Board of Directors meeting.
Project 360 is the community-based initiative designed to achieve a more vibrant economy and enhance the quality of life in the Mahoning Valley.
Director John Burgan will make a motion to invest $10,000 from the Association's reserves in our Valley's economic future at the March 12, 2009 Directors meeting.
Questions or comments from the members can be directed to John Burgan at his office at 330-783-0055 or by e-mail to johnb@burganrealestate.com
RPAC Capitol
Club & Ohio Club Members*
at the
2009 RPAC Kick-Off Reception
Monday, April 6, 2009
4:00 - 6:00 p.m.
Five Points Wine & Bar
9065 Springfield Road, Poland
(located in strip plaza corner at 5 Points on E. Western
Reserve Road)
Every current RPAC Capitol & Ohio Club member is
encouraged
to bring a new Capitol or Ohio Club member with them!
NOTE: All 2009 RPAC Capitol
& Ohio Club members will receive a
complimentary non-transferable admission ticket to
the CORE Law seminar on May 22, 2009!
*Capitol Club = $100 contributor *Ohio Club = $200
contributor
For nearly four months, NAR has been working to
deliver to you and to our nation a comprehensive
plan to stabilize the housing market.
This week, we saw countless hours of hard work pay
off – in a MAJOR way – when the federal
government implemented NAR's recommendations to
stimulate housing with the signing of the American
Recovery and Reinvestment Act of 2009.
This bold and unprecedented move to help housing did
not happen by chance. Just a few months ago, the
auto industry had Congress' ear. Yet, thanks to
countless meetings, letters, phone calls, and public
pressure that we – the REALTORS® of America –
placed on lawmakers in Washington, D.C., housing
emerged as the top priority in the new
Administration and in Congress. While some of the
items in the Act are controversial and are currently
being debated, most of our top priorities were
addressed.
Thanks to all of our hard work, America’s
homebuyers and homeowners will soon have:
Lower interest rates for home mortgages;
A greater ability to get financing through
FHA, Fannie Mae and Freddie Mac in high-cost
areas;
A true tax credit incentive to buy a home NOW;
and
Foreclosure mitigation and short-sale
standards.
As a direct result of NAR's advocacy, we hope
REALTORS® will see an increase in home sales this
year. NAR also continues to make significant
progress on our efforts to unclog the pipeline for
foreclosures and to address administrative problems
with short sales.
Such significant movement on these critical issues
is rare. I personally thank and congratulate each
and every member of the National Association of
REALTORS® for helping to make NAR's Housing
Stimulus Plan a reality. For more information and
details on these new laws and programs, visit the
Unlock America's Economy Page on Realtor.org:
Make no mistake -- we're just getting started. NAR
will continue to push for other important laws and
policies that can help you in your business. From
keeping banks out of real estate to providing you
with affordable health coverage, you can count on
the "Voice for Real Estate" to help you
gain an advantage in every kind of market.
That's the power of NAR, and it's why I am proud to
be a member and to serve as your 2009 President.
Once again, thank you all, and keep up the great
work!
Sincerely,
Charles McMillan, CIPS, GRI
2009 NAR President
Details on What's in the Stimulus Package
Here are the provisions in the American Recovery and Reinvestment Act, signed into law by President Barack Obama
on February 19, 2009, that will help residential and commercial real estate:
As REALTORS® we all recognize the value of education. Therefore, when we have fulfilled our continuing education requirements, we eagerly pursue additional education to enhance our personal as well as our professional lives.
In this spirit, The Youngstown Columbiana Association of REALTORS®
(YCAR) has established an endowment fund at Youngstown State University.
In 2009, YSU will award one (1) $1,000.00 scholarship then award one (1) $1,000.00 every year thereafter until the endowment fund is depleted.
Criteria for receiving a scholarship:
1. Applicant must be a REALTOR® member of the Youngstown Columbiana Association of REALTORS®
or the spouse or child of a REALTOR® member of YCAR.
2. Applicant must be a high school graduate with a 3.0 GPA or higher.
3. Freshmen entering YSU and YSU upper class students can qualify on a non-discriminatory basis.
4. Applicant must apply to YSU in spring or summer for upcoming September classes.
Scholarship application deadline is April 25th annually. Applications are to be submitted to the office of The Youngstown Columbiana Association of REALTORS® located at 5405 Market Street in
Boardman 200-301-4294.
All applications received at the association office by the April deadline will be submitted to the YSU Foundation and the Financial Aides offices will be responsible for selecting the scholarship recipient annually based on the criteria listed above, giving more weight to a student's financial need.
Fannie
Mae and Freddie Mac are both toughening their credit score
and down-payment rules as of April 1.
In
response, major lenders are already factoring in the higher
fees, which reduces the effectiveness of the stimulus
efforts.
Under
the new guidelines:
Buyers
with down payments of less than 25 percent will be
charged a three-quarter point add-on penalty, no matter
how high their credit score;
Buyers
of duplexes, where one unit is owner-occupied and the
other is rented, will be charged a 1 percent add-on;
Refinancers
who take cash out will be charged as much as three
points if they have a low to moderate equity stake.
Freddie
spokesman Brad German says the loan categories and credit
risk combinations targeted by these fees "default at
four-to-eight times"
the rate of other mortgages backed by Freddie. "We have
to manage these risks appropriately," he says.
$99
for the 99th Convention
Mark
your calendars and make plans to be a part of the 99th
annual OAR Convention & Expo, Survivor, this coming
September...and do so at a dramatically reduced rate of $99!
OAR
Leadership has recently agreed to offer a $50 savings on the
four-day Convention fee--making the 2009 gathering a
tremendous value! You'll have the opportunity to earn up to
12 hours of continuing education credit, see the latest
products and services at the Expo, network with your peers
from across the state, socialize at the ever-popular OAR
parties each night and advance your Association via our
business functions.
In
fact, we'd love to hear what it will take to get you to
Columbus Sept. 20-23. Click at top to access a brief survey.
All members who complete the survey are eligible to be
included in a drawing for one free Convention registration
($99 value). Take
survey
>>
Education
Get
going and go green Get
the new NAR Green Designation. This program takes a bold
step in understanding 'what green means' in every aspect of
real estate. Course will be held in March, April & May
at different locations.
10-Hour
Post Licensure for Salespeople...This course is
required within the first year of licensure. It will be help
Mar. 18-19 at OAR headquarters in Columbus. Register
now >>
Accredited
Buyer Representative (ABR) program...Learn all
aspects of agency relationships. Course will be held on Mar.
25-27, in Cleveland. Register
now >>
Online
C.E. available 24/7...NAR designation and
certification courses are available on-line for real estate
continuing education credit including ABR, ABR electives,
ABRM and e-PRO certification. Register
now >>
Reprinted from OAR eConnections Week
of Feb 23 issue
As the Real Estate environment continues to evolve, we understand
the importance of providing quality training and development
opportunities to our members. To this end, we are proud to introduce
a new partnership with The CE Shop, Inc. to provide CE training in
an easy to use on-line format. Through this partnership you can
access high quality online continuing education courses that are
Ohio approved and 100% accredited!
• Save time by completing your hours anytime from anywhere on YOUR
schedule
• Save money by eliminating the need for travel
• Immediate access to your completion certificate for mailing to
the Ohio Division of Real Estate
• Next day reporting to the Ohio Division of Real Estate by The CE
Shop, Inc. team
As an additional bonus, we are offering $10.00 off any training
course offered through our partnership, compliments of YCAR. Redeem
by using the promotional code “PAYTEN” at the time of
enrollment.
Enroll online anytime on the phone by calling 1-888-827-0777
About The CE Shop, Inc.
The CE Shop, Inc. is a national provider on of real estate education
serving licensees
from coast to coast with high quality, interactive online learning
solutions.
Ohio Division of Real Estate Provider: RECE.2007000670
1-888-827-0777 toll free info@theceshop.com http://www.theceshop.com/161.html
Thanks go out to Affiliate Member Attorney Pat Kearney of Title Professionals, Inc. for conducting her three-hour educational seminar on "Short Sales" which was held at Metro Park Farms, McMahon Hall on Friday, February 13, 2009.
Thanks also go out to Eric Kurelko & Melissa Givens of Benchmark Mortgage for sponsoring and providing a delicious lunch for our VA Home Loans seminar at the Jewish Community Center on Friday, February 27, 2009. Mark Jamieson, Loan Officer US Dept. of Veteran Affairs was the speaker.
The Directors of the Association took the following actions during
the month of February 2009:
NOTE: Absence from three (3) regularly scheduled meetings of the Board of Directors without
an excuse deemed valid by the Directors shall be construed as resignation from the Board of
Directors. You must call the Association office ahead of the scheduled meeting to request to be
excused.
In Attendance: President Elect Eric Caspary, President-Elect
David Klacik, Treasurer
Joan Zarlenga, Immediate Past President Kathy Carroll, Dom Vechiarelli, Dawn Kuhn,
Debbie Parisi, Bob Weily, John Burgan, Sandi Bates, Paul Bevilacqua, Jim Grantz, Dave
Walker
Excused: Affiliate Member Jennifer Hanigosky of Home Savings.
Approved the minutes of the January 8, 2009 Directors meeting as written.
Tabled the review of the association's Financial Statement for December 2008 until the
February Directors meeting as year-end closeout has not yet been completed.
Filed the association's Financial Statements for December 2008 and January 2009 for
review.
District One Vice President Tom Williams was present to update the Directors on the
actions of the OAR Directors taken at Ohio Association of REALTORS® Midwinter
Meetings in January in Columbus.
It was properly
moved and seconded to approve up to $5,000.00 for Tom
Williams for his campaign for election to 2010 Treasurer of
the Ohio Association of REALTORS®.
Reported on the actions of the CRIS Board of Directors taken at their January 26, 2009
meeting.
Approved to publish an outline of the Youngstown Warren Regional Chamber of
Commerce's 360 Project and the request for the association to donate $10,000 to this
Project in the March Mahoning Valley REALTOR® requesting comments from the
membership be directed to John Burgan at johnb@burganrealestate.com.
Approved the provisional REALTOR® membership of two applicants; the Affiliate
Membership of one applicant; the membership of two new company applicants; the
secondary REALTOR® membership of one applicant.
Approved a PayPal policy for the Association in that the Association will make the
service of PayPal available to members to pay annual dues, advance quarterly dues
payments, seminar admission payments and special event admission payments on-line.
The convenience fees to use PayPal will be included in the member's respective payment.
Approved to reinstitute credit card service with FiNet through Home Savings with the
convenience fee to members determined by the amount of the charged transaction.
Approved to suspend one member who did not complete NAR's required Code of Ethics
training in the 4 year cycle, 2005-2008.
Adopted the updated Professional Standards Procedures/Provisions adhered to by the
Youngstown Columbiana Association of REALTORS®.
Nominated CEO Sharyn Braunstein for the Regional Chamber of Commerce's 2009
Athena Award.
Adopted verbatim the decision of the Ethics Hearing Panel in Case #08-0902-E.
NOTE: All seminar registration
forms must be completed and signed by each individual attendee and
faxed, mailed or delivered to the YCAR office prior to the seminar.
Wow! No one found their file number in the February 2009 issue of the Mahoning Valley REALTOR®.
Continuing our free dues contest in 2009, each monthly on-line issue of the MVR will continue to contain
three file numbers hidden in the articles.
If you find your
file number while reading your association's monthly REALTOR®
publication, call Joanna Freiberg at 330-788-7026 and your name will be placed in the "HAT" for the free dues drawing
(local portion $247) to be held on Tuesday, November 24, 2009 at
the Association office.
Now when you read the MVR Newsletter, not only do you reap the
benefits of increased knowledge of your profession and your
association, but you may also receive your 2010 YCAR local
membership dues free!
In order to be eligible for the drawing, you must call in your
found file number by the 15th of each publication month.
The following numbers are no longer eligible: Michael
Stefanic #403790, Peggy Ritchie #2008001763 and Victor Garcia #2007004520
REALTORS®: Place Your "FREE" Classified Ad Here.
Call Joanna at 330-788-7026
SOLD!
100%
Leather Couch For Sale SOLD!
$550
Like new dark brown 100% leather couch with matching ottoman.
Couch measures approximately 82" long by 38" deep. Has 3 removable cushions.
Matching ottoman measures 23" by 30. Excellent condition.
Original cost of set $895.00. Asking $550.
Call 330-758-8438. ...
Your "FREE" Classified Ad Here
FREE
--
Call Joanna
Freiberg at 330-788-7026 and place your item
for sale in the new FREE Classifieds ad
section of the Mahoning Valley REALTOR®
online newsletter.
REALTORS®: Place Your "FREE" Classified Ad Here.
Call Joanna at 330-788-7026
Williams for OAR Treasurer!
This is the new slogan that will soon be on everyone's lips around the
State of Ohio!!
