For several months the National Association of REALTORS® has been working closely and aggressively with the Federal Trade Commission to minimize the potential impact on real estate professionals who assist financially distressed clients who obtain short sales. The FTC has now announced that it will not enforce provisions of the rule against real estate professionals.  This is a substantial victory for REALTORS® in that the FTC MARS (Mortgage Relief Services Rule) disclosures are no longer needed when facilitating short sales. For additional information on the MARS Rule, click here. For the FTC statement on the MARS Rule, click here.

SDAR members can now promote property listings at SDAR Service Centers. SDAR understands the competitive real estate environment and wants to help members expand their marketing reach (for FREE). Here’s how to participate:

Email listingboard@sdar.com and provide the following:

• A print-ready PDF of your 8.5 x 11, single-sheet listing flyer* (files cannot exceed 10 MB).
• Your name
• SDAR member #
• The property MLS # and expiration date

Once SDAR receives your email request, you will be contacted by a Member Services Representative who will confirm receipt of your materials. While it’s free to advertise your listing, a nominal $5 printing fee will apply to cover print costs for producing 40 flyers. REALTOR® Plus + members will receive a 15% discount off this printing fee.

Payments can be made by credit card and will be processed when a SDAR Member Services Representative contacts you to confirm receipt of your materials. You’re welcome to deliver 40 flyers to SDAR’s Kearny Mesa Service Center to avoid this fee.

Listing board advertising requests will be processed on a first-come, first-served basis. Requests submitted by the 25th of each month will be scheduled for promotion during the following month (based on availability). At the close of the promotional period, remaining flyers will be removed. As a courtesy to your fellow SDAR members, please notify SDAR if your property has sold.

Space is limited so secure your spot now!

*Listing flyer content must adhere to Sandicor® MLS rules and regulations.

With a real estate market filled with complex deals, legal disputes from real estate transactions are on the rise. Legal snags from short sales, foreclosures, and disclosures are prompting more real estate deals to end up in court.

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As you conduct your daily business, we want you to be aware of all issues that could impact your clients and your business. One such issue is the recertification of condominiums for FHA financing. Many associations that did not meet the December 2010 deadline were granted extensions. According to FHA, the extensions were granted to reduce the impact of processing and reviewing the number of project approvals expiring at the same time while recognizing current housing market conditions. We are providing information in the event you encounter a situation in which your client has FHA financing and would like to purchase a condo.

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REALTORS® who negotiate short sales with lenders and those who promote their services as a way to help consumers avoid foreclosure must generally comply with new disclosure and other requirements under the federal Mortgage Assistance Relief Services (MARS) rules.  These new rules, however, do not apply to real estate agents who limit their short sale services to providing customary assistance to consumers in selling or buying short sales, such as listing homes for sale, showing homes, and finding desirable homes for consumers, and who do not negotiate with lenders and do not promote their services as a way to help consumers avoid foreclosure.

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Fewer than three of five short sales close in California, illustrating the complexity and difficulty of navigating lenders’ and servicers’ short-sale procedures, according to a Short Sale Lender Satisfaction Survey conducted by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Of the REALTORS® surveyed, 94% participated in a short-sale transaction during 2010, demonstrating the surplus of short-sale listings in today’s real estate environment. The most frequent problems REALTORS® cited in working with lenders and servicers during the short sale process include unresponsiveness, onerous procedures, and long processing delays.

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The San Diego Business Journal is surveying for its annual Residential Real Estate Agencies list to publish in early April. Please contact Stephanie Glidden at sglidden@sdbj.com or call 858-436-4636 with the name of your firm, address, and the name and e-mail of the person to whom the survey should be sent if you would like to participate. The due date for the survey is Mar. 11, 2011. The list will be published in a special edition of the Journal on real estate.

If your SentriLock key service has been interrupted for nonpayment, key service will be reestablished when both the 2011 Key Fee ($72) and Reactivation Fee ($25) have been paid. Payment Options: Contact SDAR Member Services by phone (858) 715-8040 or stop in at any of the five SDAR Service Centers. You can also go to www.sandicor.com and select “Bill Pay� at the bottom.

REALTORS® have reported thieves at several open houses in North County (specifically Leucadia) during the weekend of February 12 and 13, taking jewelry from clients’ homes while agents were distracted. Remind homeowners to stow away valuables, as well as mail, bills, and important documents. Take caution when conducting open houses and remember these Safety Tips.

A major real estate TV series is coming to San Diego and looking for homes that can use some help in getting that “unsellable� home sold. For more information,  Click here.