BCAR May 2011 Newsletter

A House Financial Services Subcommittee unanimously has approved H.R. 1309 to reauthorize the National Flood Insurance Program (NFIP) until September 30, 2016. Terry Sullivan, NAR's Land Use Committee Chair, testified in support of the bill's provisions to continue and strengthen the program for another 5 years, including indexing coverage limits and adding options for living expenses and business interruption. At the same time, Sullivan raised concerns over other bill provisions for pilot projects to explore privatization of the NFIP beyond the bill's 5-year timeframe. Attached is NAR's testimony delivered by Mr. Sullivan, as well as our more recent letter to the House subcommittee. The bill is now scheduled for full committee markup on May 12, 2011; from there, it would go to the House and then the Senate for consideration. NAR will continue to urge the long-term reform and extension of NFIP authority before it is again set to expire on September 30 later this year.

NAR Letter to the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity
Testimony of Terry Sullivan

CLICK HERE

TO READ

MAY REPORT

President's Message

Pete Frandano

I hope you had a good April!

A note on "silver linings". In our media and legislative day this past month, we noted the marked increase in bank owned sales in our MLS – increasing 146% from 2009 to 2010. In my mind, this is a positive trend because as we all know, in order to get back to a normal market, the distressed inventory has to be placed on the market and then absorbed by buyers and investors. Still a way to go - but all evidence continues to be that our trend is for the positive.

We had a great turnout from our membership for our Legislative Day in Raleigh this past month – word from our NCAR colleagues is that we had the best turnout of any Association for meetings with our Legislators. We had over 20 colleagues get on the bus to Raleigh and their voices were heard loud and clear by our Legislators once they arrived!

The week of May 10, we have our annual NAR Mid-Year Convention in Washington DC. As you are aware, there are many challenging issues on our table. We as REALTORS® play an integral role in the awareness and advocacy of some of these issues including short sale reform (the expediting of short sale transactions), supporting the future of the secondary mortgage market to help ensure there is capital for mortgage lending in all markets, having access to affordable mortgage products, ensuring affordable and available property insurance (an escalating issue for us in Brunswick County), preserving home ownership tax benefits – preservation of the mortgage interest deductions and terminal groins (to name a few!). In many cases, these issues are addressed at the Federal level only but there are many times that these issues are also addressed at the local level (e.g. insurance and terminal groins for example). This year’s Mid-Year meetings are once again crucial for making sure our collective voice is heard in our nation’s capital in our continued effort to be advocates for private property rights.

CLICK HERE to read more!

Where Elegance Meets Versatility…

In April the West Brunswick High School Prom held its prom here for the third consecutive year. Lower Cape Fear Hospice held a breakfast that was part of their fundraising efforts for the new building they will be building soon.

The GFWC held its Annual Fashion Show Fundraiser Luncheon here for the third consecutive year. The women are always such a pleasure to work with and every year they come up more fun and excitement for the attendees. Their silent auction is no joke!

BCAR events included: Legislative Media Breakfast, New Member Orientation, Strategic Planning Session, BCAR Board Meeting and a continuing education update and elective. GFWC 2011 Fashion Show

Carolina Creations Landscapes Customer Appreciation event was held here on Saturday, April 30. They held a first class event with live entertainment, lunch and their nursery vendors brought truck loads of beautiful plants that were purchased by the attendees.

Carolina Creations Customer Appreciation Day 2011

The board room was rented by Brunswick Community Hospital and SBI Rotary.

UPCOMING EVENTS!

The Brunswick Arts Council will have its masterpiece event here on May 20.

EVENT INFO

There will be three weddings in May and the Law Day Bank Brunswick County Bar Dinner. One of our new affiliates will be hosting a customer appreciation reception. BCAR will also have its monthly committee meetings and board meeting.

If you want to learn more about 101 Stone Chimney Place

contact Sabrena Reinhardt via Sabrena@bcarnc.com or 910.754.7050.

AFFILIATE ASSIST WITH NEW MEMBER ORIENTATION! BCAR's April new member orientation got a big assist from Rob Ferber of Sandpiper Heating & Air. They helped sponsor lunch for our new members. Rob gave a great presentation about HVAC and Sandpiper and took the time to network with the members.

910-250-0454 . rob@sandpiperhvac.com . www.sandpiperhvac.com

NEW NEWSLETTER ITEMS THIS MONTH

Committee Spotlight - Want to know what your BCAR Committees are working on? How about a sneak peak of what's coming up at BCAR? Interested in serving on a committee? Check this out and be the FIRST to know and get involved!

Appraiser Members added to Affiliate Directory - This directory is now the BCAR Member Services directory - this is THE place to check when looking for real estate related and other professional service providers. SUPPORT YOUR MEMBERS! VIEW/PRINT DIRECTORY

Plan to join this historic event by holding open houses on June 4 & 5!

• BCAR will be providing press releases to local newspapers •

• FREE Blue REALTOR® balloons to display at your open house •

(call the Association Office FIRST for availability of balloons!)

CLICK HERE for a Flyer to use with both Buyers & Sellers

CLICK HERE to check out the NAR Field Guide to Open Houses

Risk Watchline

QUESTION: I recently agreed to list a home for sale. One of the rooms is being used as an office but the owner says that it used to be a bedroom. He wants me to advertise the home in the MLS as if that room is a bedroom. I have some concerns because the room does not have a closet. What should I do?

ANSWER: In an article published in the October 2006 issue of the "Real Estate Bulletin", the North Carolina Real Estate Commission acknowledged that there is no clear answer to the question "What is a bedroom?" The article advised brokers to use their common sense and exercise reasonable judgment when determining whether a room is, for listing purposes, a bedroom.

Some Multiple Listing Services have prepared guidelines to assist their members on what can be listed as a bedroom. You should check with your MLS and be sure to follow those guidelines.

In the absence of MLS guidance, you should consider several factors in making your determination. First, if the home has a septic tank, the home must comply with the septic permit issued by local authorities. If the home is only permitted for two bedrooms, you cannot list it as having three or more bedrooms.

If the home is on public water and sewer, you should consider whether the room was designed to serve as a bedroom. A closet is one indication of such intent, but older homes were often designed to use an armoire. If the home you are listing is relatively new, keep in mind that potential buyers will likely expect to see a closet in every bedroom.

Finally, you should consider the applicable building code. Under the North Carolina Residential Building Code, if a room has at least 100 square feet, and at least 50% of the room has a ceiling height of greater than 7’, it can be called a bedroom. The NCRBC also requires a bedroom to have a window or door leading directly to the outside for access in case of an emergency. If the room in question meets these guidelines, advertising it as a bedroom would be reasonable.

Have a legal question? Call our Risk Watch Line at 1-800-443-9956

INFO CENTRAL

• 5 Steps to Improve Your Website Traffic - HAVE A WEBSITE PARTY

• How Technology Has Changed Real Estate

• Inflation Watch: April 2011

• 6 Business Building Webinars - 1 Day - May 24 $19.99 COUPON RUWS4 for $5 OFF

• NEW REALTOR.com iPad App FREE

• Table Computers - the future of real estate? (originally aired 4/28/11)
if you have one or are considering - THIS IS A MUST WATCH!!!

• NAR Existing Home Sales in March

• NAR Launches QRM Website (Qualified Residential Mortgage)

• Blog Tips for Profitable Closings

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