Process for Oregon Real Estate Brokers, Principal Brokers to Continue Transactions after Changing Businesses

Oregon has rules to allow principal brokers and brokers to keep working for one brokerage after switching to another 

By Jeff Sorg, OnlineEd Blog

(May 20, 2019)

(PORTLAND, Ore.) OnlineEd –  Senate Bill 67, Section 5 and rule OAR 863-014-0063 set out criteria and a process that will allow a broker or principal broker changing real estate brokerages to continue to work on a sale, exchange, purchase, or lease transaction that was started while under the supervision of the previous brokerage. The law and rule were effective back on January 1, 2018. Here are the highlights:

Transferring Brokers

Following a license transfer, a real estate broker may continue to engage in professional real estate activity on transactions that began while associated with the sending principal broker (the previous principal broker) under the following limitations:

  • If there is a fully executed contract, an active written offer or counter-offer, or a letter of intent.
  • With the client’s documented approval.
  • With a written agreement between the sending principal broker with the old business and receiving principal broker with the new business. The agreement must:
    • Identify which principal broker is responsible for supervision, including record retention.
    • Identify the transaction or transactions included.
    • State the effective date.
    • Address agency relationships.
    • Specify how compensation will be handled.
    • Be signed by sending principal broker, the receiving principal broker, and the transferring broker.

Transferring Principal Broker

Following a license transfer, a principal broker may continue to engage in professional real estate activity on transactions that began while authorized to conduct professional real estate activity for the previous registered business name under the following limitations:

  • If there is a fully executed contract, an active written offer or counter-offer, or a letter of intent.
  • With the client’s documented approval.
  • With a written agreement between the transferring principal broker and the sending principal broker from the old business. The agreement must:
    • Identify responsibilities for supervision, as appropriate.
    • Identify responsibilities for record retention.
    • Identify the transaction or transactions included.
    • State the effective date.
    • Address agency relationships.
    • Specify how compensation will be handled.
    • Be signed by the transferring principal broker and the sending principal broker.

For additional information, please view OAR 863-014-0063 in its entirety.

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OnlineEd blog postings are the opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

About Those Arizona Bed Bugs

Highlights from Arizona Senate Bill 1306 (2011)

By Jeff Sorg, OnlineEd Blog

(April 30, 2019)

(OnlineEd) – Arizona Senate Bill 1306, passed in 2001, assigns specific responsibilities for bedbug control to landlord and tenants of multifamily housing.

Landlord Responsibilities:

  • Keep the dwelling unit free of a bedbug infestation
  • Provide tenants with a copy of the landlord’s responsibilities as outlined in SB 1306 on commencement of each lease
  • Provide educational materials to tenants, including:
    • Measures to prevent and control bedbugs.
    • General information about bedbugs and a description of their appearance.
    • Information about risk factors for attracting bedbugs such as:
      • used or discarded mattresses;
      • used or leased furniture;
      • pre-owned clothing; and
      • traveling without precautions to prevent transferring bedbugs back to the dwelling.
    • Information provided by the US Centers for Disease Control and Prevention and other Federal, State or Local health agencies.
    • Information provided by nonprofit housing organizations.
  • The landlord cannot enter into a lease with a tenant for a dwelling that has a known bed bug infestation.
  • Within seven business days after receipt of a written or electronic notice of a possible bedbug infestation from a tenant, the landlord or their licensed pest control operator shall visually inspect the unit for bedbugs and within seven business days after finding evidence of an infestation, the landlord will start a mitigation process in the unit.
  • Unless the landlord is a licensed applicator, the landlord shall not use any pest control techniques that constitute mitigation and shall use a pest control applicator who is licensed according to Title 32, Chapter 22.
  • The landlord will provide the tenant with written notice of the bedbug mitigation treatment protocol at least three business days before the initial treatment. Notice shall be deemed received by the tenant on the date the notice is personally delivered or mailed first class.
  • Unless otherwise provided in this section, the landlord is responsible for the bedbug mitigation expenses for the dwelling unit and any surrounding units that are infested.

Tenant Responsibilities:

  • The tenant shall maintain the dwelling unit free of an infestation of bedbugs.
  • The tenant shall not move materials into a dwelling that are infested with bedbugs.
  • A tenant who knows of the presence of bedbugs will provide the landlord written or electronic notification within three business days of discovering the presence of bedbugs. Notice provided by the tenant constitutes permission to the landlord to enter the dwelling for the sole purpose of inspecting for or mitigation of the bedbugs.
  • After receiving notice from the landlord of a bedbug inspection or mitigation, the tenant shall allow the landlord and the landlord’s licensed pest control applicator access to the dwelling.
  • The tenant shall comply with the bedbug mitigation protocol established by the licensed applicator, which may include pretreatment activities, temporary evacuation of the dwelling, posttreatment operations and an obligation to report the ineffective treatment or reinfestation to the landlord within three business days.
  • The tenant shall not apply or allow any unlicensed person to apply any bedbug control techniques that constitute mitigation.

If a landlord fails to inspect and, if necessary, mitigate an infestation, the tenant can give written notice to the landlord of the tenant’s intention to correct the condition, at the landlord’s expense. If the landlord fails to correct within ten days after being notified, the tenant can order the work to be done by a licensed pest control applicator, submit to the landlord an itemized statement for the pest control services and deduct from any rent due the actual and reasonable cost of the pest control treatment not to exceed five hundred dollars or one-half of the monthly rent, whichever is greater. If the tenant fails to comply with any of their obligations, the tenant may be held financially responsible for bedbug mitigation expenses for the dwelling and surrounding units that are also infested.

This law is for multi-family units. Landlords and tenants of single-family units are advised to work out their own agreement before when negotiating their agreements.

For additional information, please see the entire text of Arizona Senate Bill 1306.

 

 

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OnlineEd blog postings are the opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party or cited documents when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Timeshare Scammers in Oregon

Real estate agent and brokerage names are being used to steal timeshare owners

By Jeff Sorg, OnlineEd Blog

(April 12, 2019)

(PORTLAND, Ore.) OnlineEd – The Oregon Real Estate Agency has put out a notice that timeshare scammers are using the names of legitimate Oregon real estate licensees and companies to steal from timeshare owners. These company and licensee names are being used without the permission or knowledge of the actual licensees or companies. Possible warning signs to share with your clients that a “timeshare reseller” may be a scammer:

  • They receive an unsolicited call from someone who has a “buyer” for, or wants to
    buy, your timeshare.
  • The contact information provided (address, phone number, or business name)
    doesn’t match what’s in the Oregon Real Estate Agency’s records for the company or licensee.
  • They are asked to wire money to pay a transfer “fee” or “tax” that is required so the
    transaction can close. Once paid, more and more “fees” may be needed for the
    transaction to close.
  • They are required to sign the deed over without the benefit of going through a
    licensed escrow company.

If one of your clients suspects a timeshare resale scam, ask them to report it to the Oregon Department of Justice.

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OnlineEd blog postings are the opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Categories: Real Estate

All About Easements: The Easement in Gross

The easement in gross gives the owner of the easement the right to use real property for a particular purpose

By Jeff Sorg, OnlineEd Blog

(April 9, 2019)

(PORTLAND, Ore.) OnlineEd – The easement in gross gives the owner of the easement the right to use real property for a particular purpose. An easement in gross does not attach to or benefit a parcel of land and is usually created for the benefit of a legal person such as a utility company or railroad. The important characteristic of an easement in gross is that it gives the limited right to use another’s land and it is not created for the benefit of any land owned by the owner of the easement.

The land over which the easement in gross crosses is burdened by the easement and is known as the servient tenement. Since the easement right is personal and does not benefit another parcel of land, there is no dominant tenement.

Most easements in gross are for commercial purposes, are not revocable, (the servient tenement landowner cannot revoke the easement), and can be assigned to another legal entity. Some common examples of easements in gross are sewer lines, gas lines, electric lines, cable lines, etc.

Commercial easements in gross provide for the right to cross a property with the physical cable, pipe, power line or the like, as well as the right to re-enter the property after the initial installation to perform maintenance, repairs, and updates.

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OnlineEd blog postings are the opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

All About Easements: The Easement Appurtenant

An easement appurtenant gives a property owner a right of usage to portions of an adjoining property

By Jeff Sorg, OnlineEd Blog

(April 5, 2019)

(PORTLAND, Ore.) OnlineEd – An easement appurtenant gives a property owner a right of usage to portions of an adjoining property owned by another party. The property enjoying the usage right is called the dominant tenement, or dominant estate. The property containing the physical easement itself is the servient tenement, since it must serve the easement use.

The term appurtenant means “attaching to.” An easement appurtenant attaches to the estate and transfers with it unless specifically stated otherwise in the transaction documents. More specifically, the easement attaches as a beneficial interest to the dominant estate, and as an encumbrance to the servient estate. The easement appurtenant then becomes part of the dominant estate’s bundle of rights and the servient estate’s obligation, or encumbrance.

Transfer. Easement appurtenant rights and obligations automatically transfer with the property upon transfer of either the dominant or servient estate, whether mentioned in the deed or not. For example, John grants Mary the right to share his driveway at any time over a five-year period, and the grant is duly recorded. If Mary sells her property in two years, the easement right transfers to the buyer as part of the estate.

Non-exclusive use. The servient tenement, as well as the dominant tenement, may use the easement area, provided the use does not unreasonably obstruct the dominant use.


The exhibit shows a conventional easement appurtenant. The driveway marked A belongs to Parcel #2. An easement appurtenant, marked B, allows Parcel #3 to use #2’s driveway. Parcel #3 is the dominant tenement, and #2 is the servient tenement.

Easement by necessity. An easement by necessity is an easement appurtenant granted by a court of law to a property owner because of a circumstance of necessity, most commonly the need for access to a property. Since property cannot be landlocked (without legal access to a public thoroughfare) a court will grant an owner of a landlocked property an easement by necessity over an adjoining property that has access to a thoroughfare. The landlocked party becomes the dominant tenement, and the property containing the easement is the servient tenement.

In the exhibit, Parcel #1, which is landlocked, owns an easement by necessity, marked C, across Parcel #2.

Party wall easement. A party wall is a common wall shared by two separate structures along a property boundary.

Party wall agreements generally provide for severalty ownership of half of the wall by each owner, or at least some fraction of the width of the wall. In addition, the agreement grants a negative easement appurtenant to each owner in the other owner’s wall. This is to prevent unlimited use of the wall, in particular, a destructive use that would jeopardize the adjacent property owner’s building. The agreement also establishes responsibilities and obligations for maintenance and repair of the wall.

Example: Helen and Troy are adjacent neighbors in an urban housing complex having party walls on property lines. They both agree that they separately own the portion of the party wall on their property. They also grant each other an easement appurtenant in their owned portion of the wall. The easement restricts any use of the wall that would impair its condition. They also agree to split any repairs or maintenance evenly.

Other structures that are subject to party agreements are common fences, driveways, and walkways.

A negative easement appurtenant does not allow the owner of the dominant estate to cross over the servient estate. Instead, the dominant estate has the right to restrict some activity or use of the servient estate.

Example: Developer Bud purchased a tract of land abutting Oceanfront Lake and divided it into two parcels. Lot A is on the shoreline and Lot B is farther back from the shore. Lot B has a good view of the lake because it is situated on higher ground that overlooks Lot A, but it is located behind Lot A and could be lost if Lot A builds a two-story house. Because Bud wants the best price for each parcel, he protects Lot B’s view of the lake by adding a deed restriction in Lot A’s deed to limit any structure built on Lot A to a single story.

In the example above, the owner of Lot B is the owner of a negative easement appurtenant. The dominant estate, Lot B, can prohibit certain activity on Lot A, the servient estate, that could block or restrict the view of the lake. In this situation, Lot B’s owner does not have an affirmative easement appurtenant and cannot cross over the land of Lot A to reach the lake, since only the view is protected.

Though not applicable to the above example, it is possible to have both an affirmative and negative easement at the same time. If an easement had been created to allow access to the lake as well as to limit the height of any structure, then the owner of Lot B would have both a negative and affirmative easement.

Easements appurtenant are created in any one of the following ways:

By grant or reservation – An easement created by grant or reservation is created by the express written agreement of the landowner. This is most frequently done in the deed but can be done in a separate recorded instrument. When done by grant, the owner of a property gives to someone else the easement right. When done by reservation, the owner of the property retains an easement on land conveyed to another.

By intent or necessity – The right to ingress (entry) and egress (exit) are required by law. Any property that is landlocked, meaning it has no ingress and egress, has these rights and a landlocked landowner has a right to an easement to cross the land of another to reach a public way. This type of easement for a landlocked owner is called an easement by necessity and is outlined in ORS 376. The servient estate in the easement by necessity may be entitled to compensation for the easement.

By prescription – An easement by prescription is the use of the land of another that is:

  • open and notorious (obvious to anyone);
  • actual, continuous (uninterrupted for the entire required period);
  • adverse to the rights of the true property owner;
  • hostile (in opposition to the claim of another, not “hostile” in the common sense); and
  • continuous for a statutorily defined period (10 years in Oregon).

An easement by prescription gives the dominant tenant the right of use, not ownership.

By implication – An easement by implication arises out of the conduct of the parties. This means it is an implied easement, not a written easement. An easement by necessity is distinguished from an easement by implication in that the easement by necessity arises only when “strictly” necessary, whereas the easement by implication can arise when “reasonably” necessary.

Easement by Implication – The right of lot owners in a subdivision to use a roadway on the approved subdivision plan without requiring a specific grant or easement to each new lot.

By condemnation – The government’s right to use the land of an owner is created by the exercise of its right of eminent domain. Eminent domain includes not only the right of the government to obtain an ownership interest in the property of a private owner; it also includes the right of the government to create a use easement over the land of a private property owner to benefit the government-owned land.

Easement by Condemnation – The US Bureau of Land Management uses its power of eminent domain to create an easement of right of way over private property to access government-owned, but landlocked forest land.

Easements appurtenant can be terminated by one of the following ways:

  • By the release of the easement by the dominant owner
  • By merging the dominant and servient lands into one tract
  • By abandonment of the easement by the dominant owner
  • By the purpose for which the easement was created ceasing to exist
  • By the expiration of the time for which the easement was created

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OnlineEd blog postings are the opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Four Newer Requirements by Oregon DEQ for Asbestos Removal.

 There’s no known safe level of asbestos exposure

By Jeff Sorg, OnlineEd Blog

(April 4, 2019)

(PORTLAND, Ore.) OnlineEd – The Oregon Department of Environmental Quality regulates the handling, removal and disposal of asbestos-containing material to protect public health and the environment. These are four newer requirements by Oregon DEQ for asbestos removal.

1: Residential renovation asbestos survey
All houses and other residential buildings constructed prior to 2004 must now have an asbestos survey conducted by an accredited inspector prior to demolition and renovation activities, with one exception. Owner-occupants doing their own home renovation work are exempt from this rule. This exemption does not apply when the residence is going to be demolished. Previous rules exempted residential renovation projects from the asbestos survey requirement that applied to commercial projects and residential demolition projects. However, residential property owners and contractors were still required to follow asbestos abatement requirements for licensing, certification, notification, handling, packaging and disposing of asbestos. Requiring an asbestos survey for residential renovation projects ensures property owners and contractors know whether or not materials planned for renovation contain asbestos. This requirement reduces the risk that homeowners, contractors, neighbors and disposal site workers could be inadvertently exposed or sites contaminated with asbestos.

2: Updated disposal requirements for nonfriable materials
Nonfriable asbestos waste must now be packaged the same as friable waste. Friable materials are those that can be easily crumbled and release asbestos fibers. Nonfriable materials can become friable if improperly handled, increasing the risk of exposure to asbestos fibers. Applying the same packaging standard for nonfriable and friable materials streamlines the packaging requirements
for all asbestos waste and ensures a safer work environment for employees, residents, neighbors and disposal facility workers.

3: Accredited laboratories for asbestos testing
Laboratories analyzing bulk asbestos samples must participate in a nationally recognized accreditation or testing program by January 1, 2021. This new requirement establishes a common level of  competency and reliability in analysis to properly identify asbestos content. DEQ will maintain a public list of accredited laboratories on its website.

4: Asbestos survey reports
Asbestos survey reports submitted to DEQ must now meet standard requirements. This requirement ensures survey reports include all required information. Learn more about asbestos survey requirements at: https://www.oregon.gov/deq/Hazards-andCleanup/Pages/Asbestos-Information.aspx

 

 

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OnlineEd blog postings are the opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Four Common Listing Agreements Used by Real Estate Agents

Each type of listing agreement allows an agent to market the seller’s property, but they differ when it comes to who else can market it and how the brokerage fee is earned

By Jeff Sorg, OnlineEd Blog

(April 4, 2019)

(PORTLAND, Ore.) OnlineEd – Each type of listing contract allows the real estate agent to market a seller’s property, but the agreements will differ when it comes to who else can market the property or how the brokerage fee is earned. In this post, we discuss the open, exclusive agency, exclusive right to sell, and net listings.

Open – The open listing allows the seller to employ any number of agents at the same time. However, the seller will only owe a commission to the agent who sells the property (the procuring cause of the sale). The open listing agreement also allows the seller to sell the property without owing any commission.

Procuring Cause, as defined by the National Association of REALTORS®, is “the uninterrupted series of causal events that leads to a successful transaction.” It is the way to determine disputes about who deserves a real estate commission for causing a sale. 

The open listing agreement is rarely used in residential real estate because there is little motivation for an agent to promote the property; there is no motivation to cooperate with other agents; and the agent is competing directly with the seller to find a buyer.

Exclusive agency – The exclusive agency listing gives one agent the right to sell the property, but no commission is owed if the seller sells the property. The advantage of the exclusive agency listing over the open listing is that competition from other agents for the listing contract is eliminated. However, the listing agent is still competing with the seller when selling the property and is at a disadvantage because the seller can sell the property for less than the broker, and no commission has to be paid to the agent.

Exclusive right to sell – With the exclusive right to sell listing, the seller employs just one agent. The agent earns their commission if the property is sold by another agent, the seller, or the listing agent.

This is the most used type of listing agreement in residential real estate brokerage. Because the listing agent is assured of a commission if the listing sells during the term of the agreement, the agent is likely to spend time, money, and other resources necessary to market the property, thereby resulting in a more timely sale for the seller. With the exclusive right to sell listing, the agent earns the fee when a ready, willing and able buyer is produced who meets the agreed upon terms of sale stated in the listing agreement, whether or not the seller accepts such an offer.

The exclusive right to sell listing agreement also usually contains a due diligence clause. A due diligence clause requires the principal broker to exercise due diligence in attempting to locate a buyer for the property. The agreement will also include a clause that requires the seller to pay the fee if the property is sold to anyone introduced to the property during the listing period, even after the listing has expired. The period for which this fee is due after the listing expires is negotiated with the seller and becomes a part of the contract at the time of the listing agreement. The purpose of the clause is to prevent a buyer who was introduced to the property during the listing period from purchasing the property directly from the seller minus any commission due to the listing agent.

Net – A net listing is a listing agreement that allows the listing agent to keep everything over the minimum (net) price set by the seller, however, there wouldn’t be any fee owed to the agent if the seller sold for the net amount. Some states and many brokerages do not allow the net listing, and its use is discouraged even in states where it is legal because of its potential for misuse.

 

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OnlineEd blog postings are the opinion of the author and not intended as legal or other professional advice. Be sure to consult an appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

78 Percent of Servicemember Loans In 2016 Were VA Loans.

CFPB Releases Report on First-Time Home Buying Servicemembersere VA loans.

By Jeff Sorg, OnlineEd Blog

(March 1, 2019)

(WASHINGTON, D.C.) Consumer Financial Protection Bureau – Today the Consumer Financial Protection Bureau (CFPB) released a report focusing on mortgages made to first-time homebuyers who are serving in the armed forces or who are veterans. The Bureau’s report is the first time researchers have been able to provide a description and analysis of servicemembers’ mortgage choices and mortgage performance, both during and after the housing crisis of the last decade.

When buying a house, servicemembers — defined here to include both those on active duty and veterans — have the option of taking out a home loan that is partially guaranteed by the U.S. Department of Veterans Affairs (VA). VA-guaranteed home loans differ from other mortgages in several ways including allowing a purchase with no down payment and without mortgage insurance. Servicemembers may also choose other mortgage products, including conventional loans or loans by a different government agency.

Today’s report spans the years leading up to and after the housing crisis. Among the key findings:

  • The share of first-time homebuying servicemembers using VA mortgages increased from 30 percent before 2007 to 63 percent in 2009. Among non-servicemember first-time homebuyers there was a parallel increase in the use of FHA and USDA mortgages. However, whereas non-servicemembers’ reliance on FHA/USDA mortgages declined after 2009, servicemembers’ reliance on VA loans continued to increase. In 2016, 78 percent of servicemember loans were VA loans.
  • The greater share of VA loans among servicemembers was part of a larger shift among consumers (both servicemembers and non-servicemembers) away from conventional to government-guaranteed mortgages between 2006 and 2009. Conventional mortgages—that is, non-government-guaranteed mortgages—were about 60 percent of loans among first-time homebuying servicemembers in 2006 and 2007, but this share declined to 13 percent by 2016. By comparison, the conventional loan share among non-servicemembers fell from almost 90 percent before 2008 to 41 percent in 2009, then increased back to 60 percent in 2016. The combined share of FHA and USDA mortgages to these borrowers increased and then decreased accordingly.
  • The median loan amount for first-time homebuying servicemembers with a VA loan increased in nominal dollars from $156,000 in 2006 to $212,000 in 2016, closely tracking the median value of conventional home loans taken out by non-servicemembers. By contrast, the median loan amounts in nominal dollars for servicemembers who used conventional or FHA/USDA mortgages during this period were lower in value compared to VA loans and increased at a slower pace, growing from $130,000 in 2006 to $150,000 in 2016.

The Quarterly Consumer Credit Trends report, “Mortgages to First-time Homebuying Servicemembers,” is available at: https://content.consumerfinance.gov/data-research/research-reports/quarterly-consumer-credit-trends-mortgages-first-time-homebuying-servicemembers/

 

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OnlineEd blog postings are the opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Categories: Mortgage, Real Estate

Oregon House and Senate Pass Sweeping Rent Control – Governor Expected to Sign

Senate Bill 608, Rent Control becomes law just as soon as it’s signed by the governor – some say as early as March 1 

By Jeff Sorg, OnlineEd Blog

(February 27, 2019)

(PORTLAND, Ore.) OnlineEd -Senate Bill 608, Oregon’s sweeping rent control bill, becomes law just as soon as it’s signed by the governor – some say as early as March 1. The bill, passed by the Oregon House and Senate, among other things, eliminates no-cause evictions after the first year of occupancy and adds for-cause reasons to evict including a sale to someone who will move into the property, the landlord or landlord’s family member wants to live in the property, and removal of the property from residential use, provided the landlord gives the tenant a 90-day notice and pays the tenant’s relocation expenses in the amount of one month’s rent. Rents cannot be raised more than 7% plus the consumer price index (CPI) in 12 months. Landlords cannot increase rents in the first year for a month-to-month rental agreement and have to give a 90-day notice after that.

Because the bill has an emergency clause, it will become effective when signed by Oregon’s Governor Brown.

To read a summary and FAQ about the bill, please see the release by the Oregon Association of REALTORS®.

 

 

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OnlineEd blog postings are the opinion of the author and not intended as legal or other professional advice. Be sure to consult the appropriate party when professional advice is needed.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Categories: Real Estate

Zillow Offers Heads to Portland, OR

Is it time for real estate agents to pay attention and get on board with Zillow Offers?

By Jeff Sorg, OnlineEd Blog

(January 17, 2019)

(PORTLAND, Ore.) OnlineEd® -In 2019, Miami, Minneapolis-Saint Paul, Nashville, Orlando, and Portland will give home sellers the option of requesting a “no-obligation” cash offer from Zillow to buy their homes, according to a recent announcement by Zillow®. It is expected by Zillow that Zillow Offers will be active in all five of these markets 2019; the program is already active in Raleigh, Charlotte, Denver, Phoenix, Atlanta, and Las Vegas markets.

“Since launching Zillow Offers just nine short months ago, we have been continually excited by the strong demand from homeowners throughout the country and are constantly getting asked when Zillow Offers will come to their market,” said Zillow Brand President Jeremy Wacksman. “It’s clear people want a convenient, stress-free way to sell their home, and real estate professionals are eager to work with us to leverage Zillow Offers as a way to build their local businesses. With today’s announcement, we are excited to continue to rapidly scale Zillow Offers throughout the country and we are well on our way to delivering a simple, on-demand real estate experience to consumers in at least 14 markets this year.”

According to the Zillow Offers FAQ Page for Agents, to request a Zillow Offer, a homeowner in a participating metropolitan area submits their address and answers a series of questions about their home. Later, they may receive an offer from Zillow to purchase the home. If the seller chooses Zillow’s offer, they will have the home evaluated, work with a Zillow Premier Agent to close the purchase, make appropriate repairs and updates and then resell the home using a Premier Agent as the listing agent. The seller can accept or decline the offer from Zillow. If they decline Zillow’s offer, Zillow will present the opportunity to connect with a local partner brokerage and agent to sell the home on the open market.

Zillow is free to home buyers and sellers, offers some free services and postings to real estate agents, and offers additional services and charges fees to be a Premier Agent based on zip code, competition, and home prices within those zip codes.  To explore pricing and learn more about how to get started with Premier Agent Advertising, agents can visit the Zillow website and fill out their contact form or call them at 855-657-6611.

Regardless of how agents feel about this type of business model through Zillow, it’s probably time to at least pay attention to it and do some research. A simple search for “Zillow offers” should return enough information to help agents make an informed decision.

Zillow® is a registered Trademark of Zillow, Inc. and can be found on the internet at Zillow.com.

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Zillow® is a registered Trademark of Zillow, Inc. and can be found on the internet at Zillow.com.

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OnlineEd® is a registered Trademark