VanEd - Real Estate School News

Key Flood Insurance Legislation Moves Forward after NAR, House Committee Reach Agreement

 NAR says significant improvements to the “21st Century Flood Reform Act” have cleared the way for endorsement of the bill.

In a welcome press release the National Association of REALTORS® touted changes to the 21st Century Flood Reform Act which includes a commitment to retaining "grandfathering" - a policy that protects homeowners from significant rate increase when a flood map changes.  This key provision had been left out of the initial draft of the bill.  The new bill limits increases to fees and limits rate increases which earlier versions of the bill had included.

This legislation protects taxpayers, as well as homeowners, which is no easy task. The September 30 reauthorization deadline still looms in front of us, and Realtors® are eager to see this legislation progress quickly. Leaders on both sides of the aisle are well aware that this issue touches 22,000 communities – in every state, both coastal and inland.

                                                --  NAR President William E. Brown

The bill expects to achieve reforms to improve the financial stability of the National Flood Insurance Program, to enhance the development of more accurate estimates of flood risk through new technology and better maps, to increase the role of private markets in the management of flood insurance risks, and to provide for alternative methods to insure against flood peril, and for other purposes.

In February NAR put out their brief on The National Flood Insurance Program, which reads as follows;

NAR Principles for Flood Insurance Reform

(February 17, 2017)

The National Flood Insurance Program (NFIP) was essential to completing nearly a half million home sales in 2015, according to NAR research. However, the program as currently structured is unsustainable for policyholders and taxpayers alike. For these reasons, NAR supports a strengthened NFIP coupled with a robust private market to offer choices and maintain access to flood insurance in all markets at all times. NAR believes:

• NFIP reauthorization should be long term.
• To keep rates affordable, the federal government should provide pre-disaster risk mitigation options – including guaranteed loans, grants and buyouts for property owners to build stronger or relocate to higher ground.
• Private flood insurance options should also be encouraged where cost effective, provided that NFIP remains a viable option for property owners.
• Premiums should be more accurately priced to the property specific risk, but any rate increases should be gradual and phased in over many years.
• There should be better oversight and training of insurance companies marketing NFIP policies, and an adequately supported Homeowner’s Advocate at NFIP to directly assist policy holders with rate disputes.
• Flood mapping should be done at higher resolutions with a streamlined and less expensive appeal process.

Finance Friday: Appraisal Institute Improves Tool to Aid Valuation of ‘Green’ Home Features

The recent updates to the Green Addendum from the Appraisal Institute may help real estate professionals demonstrate the value of green features of high performance homes. We are including the press release from AI here. Full story details and a link to the original article are also included. 

- AI News Releases - News | Appraisal Institute | CHICAGO -

(May 16, 2017) – The nation’s largest professional association of real estate appraisers today released an updated research tool to assist appraisers and users of appraisal services in understanding market reactions to green and energy efficient homes.

In updating the AI Reports® Residential Green and Energy Efficient Addendum, the Appraisal Institute intends to position appraisers to analyze data more efficiently and to report the analysis in a format that is more readable and consistent with mortgage industry information standards. 

The Appraisal Institute originally issued its Residential Green and Energy Efficient Addendum in September 2011 as an optional addendum to commonly used appraisal forms for loans sold and guaranteed by government-sponsored enterprises and government agencies. The Addendum was most recently updated in March 2013.

“The objective of this Addendum is to standardize the communication of the high performance features of residential properties,” said Appraisal Institute President Jim Amorin, MAI, SRA, AI-GRS. “The Appraisal Institute encourages builders, contractors, homeowners and third-party verifiers to complete the Addendum and present it to appraisers, real estate agents and lenders.”

The Addendum has been reorganized and updated to ease readability and to address continued industry developments in the valuation of green and energy efficiency, including solar systems. It also helps appraisers meet appraisal standards requirements for identifying property characteristics that are relevant to that property type and value.

Also, the Addendum can now be delivered in a digital form using a dataset specification that is based on the Mortgage Industry Standards Maintenance Organization (commonly known as MISMO) Reference Model v3.5, which enables it to be delivered and read electronically by end-user systems, including those used by mortgage lenders analyzing collateral risk.

“The Addendum can be attached to the MLS listing to provide sufficient detail on sales and listings to assist buyers, appraisers and real estate agents in understanding the high-performance features of the property,” Amorin said. “It also can be shared with the lender at the time of the loan application to assist them in understanding the property type. The lender may engage an appraiser with sufficient knowledge of the property type to provide an appraisal to meet secondary mortgage market guidelines.” 

Other advancements in the latest version of the Addendum:   

·         The accompanying materials include a field-by-field reference guide featuring definitions to all 140 fields found in the Addendum.

o    Users of the Addendum will now have a full reference for each field. This will help improve the application, readability and understanding of the Addendum and reduce interpretation variances within the industry.

·         The reference guide and data specification sheet will help appraisal software information technology companies to write scripts to auto-populate information from data systems used by appraisers (multiple listing services) to appraisal software programs, which can then be interpreted by end users and mortgage lenders. 

·         Parties utilizing the Addendum, including those providing information to appraisers can now utilize relevant components of the form.

For its efforts in updating the Addendum, the Appraisal Institute was recognized May 15 at the Better Buildings Summit 2017, as part of the U.S. Department of Energy Home Energy Information Accelerator in Washington, D.C.

Learn more about the Appraisal Institute’s industry leadership in green valuation.

Download the Appraisal Institute’s seven-page Addendum. 

 Full story originally published by the Appraisal Institute online at http://www.appraisalinstitute.org/appraisal-institute-improves-tool-to-aid-valuation-of-green-home-features-/?CategoryId=19#

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For Students: An Introduction to Superfund enforcement

This post is presented to identify for our students who is responsible for determining the liability and cleanup enforcement under the Comprehensive Environment Response, Compensation and Liability Act (CERCLA), also known as the Superfund Act of 1996. We will also define Potentially responsible parties.

Under the 1976 Toxic Substance Control Act, as well as the Resource Conservation and Recovery Act, the Environmental Protection Agency (EPA) was charged with regulating potentially hazardous chemicals. The same year the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) was passed that created liability for any party involved in creating a toxic waste site as regulated by the EPA.

These laws also created defenses that can be used to defend a land owner against actions. In this piece, we will focus on the enforcement under the Act.

Taken in part from the EPA: The Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) provides a comprehensive group of authorities focused on one main goal: to address any release, or threatened release, of hazardous substances, pollutants, or contaminants that could endanger human health and/or the environment. CERCLA's response provisions focus on the protection of human health and the environment. The statute also provides authority for assessment and restoration of natural resources that have been injured by a hazardous substance release or response.     

The Oil Pollution Act (OPA) was enacted in reaction to the Exxon Valdez oil spill and provides authority for oil pollution liability and compensation as well as for the Federal government to direct and manage oil spill cleanups. Similar to CERCLA,  OPA contains authorities to allow the assessment and restoration of natural resources that have been contaminated by the discharge or threatened discharge, of oil.

Under CERCLA and OPA, the EPA shares with the U.S. Coast Guard the general responsibility for investigating and responding to contamination by hazardous substances or oil. The Coast Guard is primarily responsible for contamination involving the coastal zone including all U.S. waters subject to the tide, the Great Lakes, and deepwater ports. The EPA is primarily responsible for contamination on land and inland waters.

CERCLA provides EPA with comprehensive authority to respond to hazardous substance releases by initiating either response activities financed by the Hazardous Substance Superfund (Superfund) or enforcement actions to force responsible parties to pay for cleanups. Under the OPA, the EPA is also the lead agency in responding to oil spills in inland waters. The EPA is required to initiate a removal action when there is a discharge, or substantial threat of discharge, of oil into inland waters "that may affect natural resources ...".

As defined in the Acts, and as further described in the Superfund And Small Waste Contributors pamphlet, "Potentially responsible parties" (PRPs) are individuals or companies who may be responsible for all of part of the contamination at a site. PRPs may include individuals, business, local, state or federal governmental agencies and other types of organizations. PRPs are classified in four ways;

1. a current owner or operator of the site
2. a former owner or operator of the site during the period of disposal
3. a party that arranged for the treatment, disposal, or transportation of hazardous substances to the site
4. a party that transported hazardous substances to a site you selected

If a party fits into any one of these descriptions they may be a PRP even if they were unaware that waste was disposed of at the site, or did not dispose of it themselves.

In other words, anyone involved with a site could be a PRP.

For those who contribute minimally to the waste on the site, they may be eligible for a special type of settlement depending on how much waste they contributed, the hazardous effects of the waste and if the settlement only involves a minor portion of the response costs at the site.

Those interested can learn more on the EPA website by reviewing the information publicly available: Natural Resources Damages: A Primer.

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EcoBroker Announces Sustainability and Community Service Award Winners

To an EcoBroker, service and sustainability advocacy come naturally, with innovative, persistent work. It is a great honor to announce the EcoBroker Service and Sustainability Advocacy Award winners for 2016. Thank you to these awardees, and to you countless other nominees and EcoBrokers serving communities, consumers, and investors tremendous gratitude. Thank you.

	Renee Frank, EcoBroker in Las Cruces, New Mexico Renee Frank relishes building strong relationships with energy professionals in her community. She provides her clients with access to affordable (and often free) energy assessments. Facilitating energy and environmental upgrades based on real data, Renee helps saves her clients money and makes their lives more comfortable. That’s just Renee’s standard operating procedure. Renee’s voice perks up when she tells the story of helping a woman who wanted to live closer to her grandchildren find a 1950’s home she loved, in walking distance to downtown Las Cruces. Renee was able to help find her client a complimentary energy assessment and blower-door test with a trusted, local energy assessment company. The contractor then insulated and air-sealed the property, dramatically reducing energy costs and increasing comfort.  “The bottom line is, she is as comfortable as a bug in her house, and absolutely is a happy camper,” Renee says. Working new construction and existing property real estate solutions, Renee guides her clients to the best green financing, helping identify local, State, Federal, utility, and private sector financing and incentives. Renee points out that the energy contractor with whom she works knows the utility companies, has a deep understanding of what rebates are allowable for which updates, and helps the customer secure the incentives. It’s a great strategic partnership.  On the new construction side, Renee partners with a local Home Energy Rating System (HERS) professional. Together, they offer classes to educate the community about what the HERS Index is and how a better HERS rating translates to a lower cost of property ownership. Renee and her energy colleagues also plan to offer efficiency workshops for the public during their community’s Earth Day celebrations this spring. “It really has been a lot of fun,” Renee says. “Becoming an EcoBroker was probably one of the most instrumental things in my real estate career. It sparked an excitement for being able to do something that could really make a difference.”   Renee also makes a difference advocating for the Organ Mountains/Desert Peaks National Monument and helping re-establish a vibrant downtown Las Cruces. Renee partners with developers, city planners, builders, and others to advocate for development based on the principles of new urbanism and smart growth. Every day, Renee utilizes her EcoBroker expertise and kindness, working to help clients and customers understand the benefits of  properties with high performance and green features. Renee is truly all about her her clients and her community. Thank you, Renee.

	Alex Kennett, EcoBroker in Morgan Hill, California Alex strives to be a bridge between business and the environment. Noticing that many chambers of commerce historically eschew environmental issues, Kennett became the chairman of his local organization in 2002 and began one of the first environmental affairs committees in California. He works steadfastly to convince the business community it can work in sync with the environmental community.  Environment and economy have to work hand in hand, Alex says. “In fact, it’s good for business.” As an EcoBroker and a managing broker with with Real Estate Solutions in Morgan Hill, CA, Alex ensures he and all his agents ask questions and share information on the local utility’s energy efficiency and renewable incentives for commercial and residential properties with their clients and customers. “With just a couple hundred dollars a month [in energy savings], you can literally save someone a complete mortgage payment per year,” Alex says. “The cost of living is so high, anything you can do to keep costs down is appreciated.” Dedicating significant time to his work on the Santa Clara County Open Space Authority, Alex is serving his fifth term in elected public service. The organization buys land and preserves it in perpetuity, eventually opening the land for recreational uses such as hiking, biking, and equestrian activities for generations to come. The Open Space Authority also provides an incentive to help farmers keep farming, by paying them for the development rights to their lands. Service is an integral part of Alex’s life. He enlisted in the National Guard twice, and went to flight school so he could help fight forest fires, rescue people, and fly sick people to hospitals. He retired with the rank of Lieutenant Colonel. Desert Storm brought Kennett out of retirement from military service to be a liaison between the Department of Defense and the Federal Emergency Management Agency (FEMA). He has spent years in disaster relief. Alex is a strong advocate for fostering the adoption of renewable energy sources, like solar power. He also has served on the boards of the Committee for Green Foothills, the Greenbelt Alliance, and the League of Conservation Voters, and has been a member of the Sierra Club since 1961. He is as hard-working and kind an EcoBroker as there is, through and through. Alex, thank you for your service.

Sustainability and Community Service Award Summary Tirelessly, amidst uncertainty and countless obstacles, these great public servants continue to advocate for better buildings, better communities, better water and indoor air quality, better safety, affordability, comfort, environmental protection, energy efficiency, and renewable energy (among other important building and community solutions). As has often been the case during EcoBroker’s history since 2001, it was difficult to select only a few award winners from a wide range of deserving and very qualified nominees. There are many more superstar EcoBrokers than those who have received these awards over the last sixteen years. To help spread the word on their great work, EcoBroker has worked with thousands of EcoBrokers to share their service stories with local and far larger audiences. All EcoBrokers have to do is ask, and EcoBroker will help you produce press releases, build community programs, endear more community, and build more good green business.   “There are so many unbelievably dedicated professionals in our membership, helping so many different clients, customers, and communities,” Dr. John Beldock (EcoBroker’s CEO) explains. “It continues to be an incredible honor to serve alongside these outstanding EcoBrokers. We are continuously grateful for their extraordinary service. Please seek out your local EcoBroker. You’ll find some of these great stories in your town, city, county, and community.  For more information, please visit EcoBroker.com.  To learn more about the new EcoBroker: Current Trends in Sustainability course online click here.

Land Conservation - Incentives, Acquisitions & Easements

Land conservation - the practice of holding land open and free of development – has become a significant real estate activity in the United States. Since 1988 voters across the country have approved spending around $54 billion on land conservation in state and local ballot measures, according to the Trust for Public Land. Additional private money is spent on conservation through non-profit land trusts and conservation by individuals and corporations. Land conservation has become an important component of smart growth efforts, as well as for environmental protection and recreational opportunities. 

Understanding the purpose, various techniques available and other issues associated with land conservation is essential for real estate and appraisal professionals. Land owners may receive benefits for conserving their land, but must also be aware of costs and potential issues. Sale of land for conservation may have additional benefits. Land conservation programs can have significant impacts on real estate markets, valuation, and can affect the use of adjacent land as well as the land being conserved. Implications for long term maintenance cost, valuation and taxes may be complex and substantial.

Many land conservation actions attempt to preserve the land in a natural condition to achieve environmental benefits. Other approaches may intend to preserve agricultural use rather than a natural environment. In any case, the overriding objective is usually to work cooperatively with property owners to limit urban development in order to achieve other public goals.

Land conservation actions can be as simple as an individual landowner deciding not to develop land, but instead preserve the natural environment. Land conservation can occur with relatively simple easements on private property that prevent future development.  Easements can be sold, exchanged for other land, provide tax reductions, or granted for a variety of other considerations. Conservation can also occur through fee simple purchase of land. Purchase might be based on the full market value or for another negotiated value allowing some continued use or tenancy by the seller.

Government agencies are typically involved in land conservation efforts. Other non-governmental organizations (NGOs), such as non-profit land trusts and other conservation organizations may be partly or solely involved. In more complex circumstances, all the governmental and NGO entities and available tools may be used in some combination to conserve larger properties or areas.

The basic conservation tools are:

Personal action – efforts on the part of individual land owners to conserve their land because it benefits quality of life for themselves and the public. Historically, farming and ranching has maintained open land as an inherent part of the land use. Today, some individuals are acquiring and operating farms and ranches specifically for conservation purposes. Ted Turner is perhaps the best known, and is the largest private landowner in the United States. His working ranches are economically viable businesses that simultaneously support conservation goals, including water resource management, reforestation and reintroduction of native species.

Land acquisition – fee simple purchase of the land by government, land trusts, other conservation organizations or voluntary donation by the property owner. An acquisition example is the Richardson’s Bay Sanctuary, located on the edge of San Francisco Bay in California. The Audubon Society purchased submerged and upland areas to provide habitat for wildlife and migratory water birds.

Conservation easements – these are legally binding agreements that limit uses and development of a property and protecting the ecological values of the property for public benefit. This is accomplished through either through voluntary sale by the property owner or grant. Conservation easements are the most commonly used conservation tool. Anyone interested in participating in a conservation easement should carefully review the conservation easement information found through state and local government resources, including a detailed review of the policies and procedures.

Financial incentives – other benefits provided by government to the property owner to conserve the land, such as special tax districts for open lands, tax rate reductions or deductions, or allowances to transfer the development potential to another location. Financial incentives typically work in combination with other tools such as conservation easements. Financial incentives such as reduction of inheritance taxes may be essential for land owners to maintain an existing use, such as farming or ranching and pass the land on to descendants.

Risks Associated With Land Conservation

All parties involved in land conservation assume some risks, such as:

• Property owners entering into conservation easements limit the future use of the land; in most cases they won’t be able to change their minds later. Tax benefits of conservation might be initially attractive, but future legislation could change those benefits. Depending on the structure of the easement, the land owner could be responsible for some maintenance with unanticipated costs.
• The easement holder, such as a land trust, pays the cost of acquiring the easement, and may assume obligations to enforce the easement and, again depending on the specific easement, long term maintenance. They run the risk of unanticipated long term costs, and maintaining a cooperative working relationship with the current and future land owners. Unanticipated impacts to the easement area might reduce the value of the easement.
• The public may risk similar unanticipated long term costs, as well as affects on tax base and revenues. In some cases acquisition of open space land may unexpectedly limit some future options if adequate long range planning is not first done.

Management of these and other risks indicates that all parties should exercise caution, and consult with appropriate professionals. The services of attorneys, accountants, appraisers, REALTORS® and land planners may be needed, as well as coordination with government agencies and conservation organizations. The unique attributes and complexity of land conversation issues highlights the need for experienced professionals.

Summary

• Planning for large scale conservation must consider implications to the local tax base and revenue; if public land acquisition is the preferred approach, the tax base may shrink with less private land, but remaining private land values may increase, providing an offset.
• Property owners donating conservation easements may qualify for property tax reductions and income tax deductions; they should be cautious about ensuring they meet all applicable guidelines for claiming tax benefits.
• Conflicts can result between active and passive recreational uses of open space; conservation actions should clearly identify the purposes of conservation and the uses consistent with those purposes in order to avoid conflict.
• Long term maintenance of open space is a significant cost consideration that should be included in any conservation action.

Make sure that any professional you are working with is well educated in both the process and the law before engaging them in any conservation easement action.

Real Estate Professionals and Land Planners may want to learn more about dealing with Land Conservation issues through the VanEd Continuing Education course Land Conservation.

Boo! Don't get scared off the VINE by the ZOMBIES in our favorite stories from October!

Happy Halloween Everybody!

This month our team spent time helping new affiliates, volunteering on two state exam reviews, performing with children in penguin suits, attending conferences and updating 3 programs (including more than 20 courses!).  Feels like there were a full 31 days in this month. We also had our first zombie sighting in months. So there's that.

And during all of that there was still news and information being presented. Here, in absolutely no particular order, are our favorite items.

 

ARELLO Names Bruce Wooley Investigator of the Year

The Texas Real Estate Commission (TREC) is pleased to announce former TREC Chief Investigator, Bruce Wooley has been named 2016 Investigator of the Year by the Association of Real Estate License Law Officials. Click here to read the full story.

 

Zombies overrun home of sales rep Chris DeLuca

REMOnline posted how there will be a gory zombie doctor’s office, a graveyard with ghosts and zombies, a human meat market, a living dead daycare, a torture chamber and a giant jumping spider all taking over the home of the Sutton Group Heritage sales rep.  The event is for a good cause so if you're in the Ontario area we suggest you go.  

As for us - Thank you for the heads up - we will NOT be attending. #Zombies

 

Real Estate Groups Concerned About APB 'Green' Guidance

The Real Estate Roundtable announced Sept. 9 that it led a real estate industry comment letter to the Appraisal Practices Board stating concerns about its first draft of the “voluntary” guideline Valuation of Green and High Performance Property: Commercial, Multifamily and Institutional Properties.

In its letter, the coalition noted several “significant” concerns about the draft.  You can read more online by clicking here.

 

New EcoBroker® Course Launched

From our perspective, one of the most exciting new Continuing Education courses to come along in a while is the new EcoBroker: Trends in Sustainability update course. This new course covers current issues including Solar leases and financial concerns regarding today's Sustainable homes. The course also discusses key risk reduction issues using what EcoBroker® fondly calls the Liability Reduction Paradigm.

Learn more about this new course by clicking here.

 

Vine. Donzo.

With Twitter announcing that Vine is going the way of the Model A Ford, we wanted to make sure first that all our vines would be saved. Then we saw that "The company insists that they will be working alongside creators to make sure that all questions are answered and that the discontinuation is done “the right way” (if such a thing exists). In the meantime, Vine will be sharing updates and information via their Twitter account."

                                                                                #DeadOnTheVine

We actually thought that was a pretty good hashtag.

 

Fun Facts about the World Series

In Game 4 of the world series Jason Kipnis of the Cleveland Indians became only the third player from a visiting team to hit a 3-run home run at Wrigley Field in Chicago, home of the Cubs. Can you guess the other two?

Jimmie Foxx and Babe Ruth.   Pretty good club to join Jason - congratulations.   

 

Tour the Haunted Ghost Town That Could Be All Yours (If You Dare)

Zillow Porchlight posted on how you could have an abandoned school, general store, and homes all to yourself ... except for the ghosts.  It seems that you'll have to share those. "Along with the sprawling acreage and historic buildings, Johnsonville’s buyers will also be inheriting some ghosts — or at least the stories that people have about them."

As for us, the stories are fine. Not sure about the ghosts, but hey, it's Halloween, right? 

 

Global Real Estate Summit

The Institute of Real Estate Management has already posted a video about next Octobers IREM Global Real Estate Summit. 

Collaborate - Innovate - Differentiate is the theme for the Summit which is planned for October 10th, 2017 in Chicago.

 

 

Registration opens Spring 2017 - click here for more information. (Ignore the blatant pitch to send the author to Chicago next Fall)

 

 

 

Think we missed a story that we should have included? Let us know. Email us stories at [email protected] and we'll make sure to consider them!

VanEd Presents: EcoBroker®: Current Trends in Sustainability course ~ now available Online!

The new EcoBroker®: Current Trends in Sustainability course is now available online!

Since 2001, EcoBroker Certified professionals have become the best sustainability advocates the fiduciary service professional industries have ever known. EcoBrokers protect the interests of property owners and buyers by focusing on quality due diligence, property disclosure, ethics, advocacy, and the energy and environmental opportunities available to ensure real property performs at its optimal operational and financial efficiency, as sustainability as possible.

Today VanEd is proud to partner with EcoBroker to delivery this timely, quality content to all EcoBrokers as well as those interested in real estate trends surrounding green real estate.

The Trends course also introduces a first-of-its-kind business building approach employing: kindness, ethics, due diligence, and what EcoBroker® fondly calls the Liability Reduction Paradigm.

The intent of this Trends Course is to help EcoBrokers stay out-in-front, as the best of the best in sustainability advocacy and the ethics of service. This course is all about the core principals, kindness, professionalism, and ethics that have distinguished EcoBrokers over the course of their service to property owners, buyers, and anyone else interested in learning about and take advantage of sustainability technologies and services.

This course is available for CE Credit for real estate licensees in some states. Learn more about this new course online by clicking here!

 

Notes from the Field: Energy Efficient Appliances

Energy Efficient appliances can benefit each of us. There are both direct benefits to installing energy efficient appliances, such as a reduced electric bill. There are also indirect benefits such as quieter operation of devices and energy savings in general. 

But what appliances are energy efficient and will save you the most money? The American Council for an Energy-Efficient Economy has made available a Consumer Guide to Home Energy Savings online that will, among other things, list the potential savings and even rebates that may be available for trading in an older appliance. You can view the guide online using the link below. EcoBroker has also published an article designed to give brokers and customers information regarding Energy-Efficient Appliances which can be viewed online by clicking here.

>>>>> Consumer Guide to Home Energy Savings

This reliable green information is brought to you courtesy of the EcoBroker Certified® professional designation, currently offered by VanEd. Find out more online at www.vaned.com/ecobroker.

CAR Presents and Introduction to Colorado Water Rights, Well Permits and the Real Estate Nexus

This presentation by the Colorado Division of Water Resources will cover a variety of topics including surface water and water administration, ground water and well permit availability, subdivisions, and general considerations for water rights and wells when purchasing property.

Date and Time Information
Tue, Jun 7 2016 12:00 PM EDT — Tue, Jun 7 2016 1:00 PM EDT

We're not Foolin' - These are the stories that caught our eye in April

When we read the first storyline listed here in early April, we knew we were going to have a big month of stories to follow. Turns out we were right!

If you live near these major-league ballparks, your home is worth more 

Homes near Yankee Stadium saw an 82 percent bump in their value compared to the New York metro area, according to a study published March 30 by real estate research site Trulia. The study focused on how proximity to a Major League Baseball stadium can affect home values.  The study concludes that if you Live close enough to smell the peanuts and Cracker Jack, and your home valuation might improve.

Marketwatch reported on the story and we think you'll agree that these are interesting findings.

 

ARELLO Mid-Year Meetings focus on change

When regulators from around the world gather, those they regulate listen. This years meetings were no different as change in licensing exams, education standards, rules and policy were all covered in the three day conference.  VanEd was in attendance in Atlanta where some of us learned about Chicken N Waffles before focusing on learning more about upcoming changes to licensing exams and new regulations.

Through these meetings VanEd has been invited to participate more closely with regulators in many of the states we offer real estate and appraisal coursework in. This gives us a chance to reach out on behalf of our licensee students to discuss key areas of concern in the industry. Look for more information on these ongoing discussions throughout the year.

 

Colorado Real Estate Commission Adopts changes to Rule F

Rules F-1 and F-2 were updated this month to include the new sections of the contracts that are allowed to be amended during the process, and to codify in rule that a buyers broker may not ask the seller to pay the commission that is the responsibility of a buyer. While buyers may ask sellers to pay, the brokers are not parties to the contract and may not include this language.

Our initial interpretation of these items caused some questions and we have updated our courses to reflect the changes made by the commission. You can view our post online at the VanEd News Page by clicking here.  On that same page you can also download copies of the adopted rules.

 

San Francisco Passed Bill that Requires Solar Panels on All New Construction

The city of San Francisco passed legislation April 19 that requires all new residential and commercial construction of 10 floors or less to install solar panels on their roofs, Business Insider reported. The rule takes effect Jan. 1, 2017. Don't be worried if you don't like solar, though, there is a backup plan.

Additional legislation not yet approved would allow people to add a living roof (think rooftop garden) in place of the solar installation. Business Insider has the story online here.

 

FHFA Announces Principal Reduction Modification Program

The Federal Housing Finance Agency will allow a limited, onetime mortgage principal reduction for borrowers that have fallen behind on monthly payments. This temporarily reverses the policy for Fannie Mae and Freddie Mac.

Citing that the number of underwater homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac has declined by 80 percent in the last four years, the announced program has the potential of helping still more who are under threat of foreclosure.

 

Ability-to-Repay Rules see MASSIVE complaints

oh...wait....what's that? There haven't been ANY consumer claims?  

Fitch reported on April 20th that in the two years since the ATR rule came into effect mortgage services have yet to see any claims.  We love this since it means either consumers really CAN repay the loans they take out OR the lenders aren't lending to anyone who is unqualified. Either way, bully for the ATR rule!    

Read more from the MBA Newsletter online by clicking here.

 

Rental Assistance Funding Down since 2011

The Center on Budget and Policy Priorities reported that rental assistance has fallen dramatically and the likely cause is the Budget Control Act of 2011.  This Bill enacted a series of budget cuts that hit non-defense discretionary programs — the category that includes most housing assistance for low-income families — particularly hard.

The report states that this chronic underfunding has made it increasingly difficult for agencies to maintain public housing developments. When developments deteriorate to the point at which they become uninhabitable or too costly to renovate, agencies must demolish or sell them. On average, this leads to the loss of about 10,000 units of public housing each year.  

Read the full report online at the cbpp.org website.

 

5 Scams to be Ready For

Bank of the West posted on the five scams that are  either new or ongoing that people should be aware of when dealing with financial issues. They are; 

• FTC Scam
• Social Security "Get Protected" Scam
• IRS Scam 
• Credit Card Fraud Department Scam
• Mortgage Closing Costs Scam

See any you haven't heard of yet? Take a look online to learn just a little bit more in the brief summary of the scams, along with a few good tips on how to protect yourself and your clients online by clicking here.

Oh, and this week the Fed left interest rates alone.  Shocking.  Read more about that story ..... well, everywhere else.  See you in May!