GGAR NEWSLETTER GREATER GREENVILLE ASSOCIATION OF REALTORS C.E.O. REPORT. Duty to Present Offers MAY - JUNE 2012

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1 GGAR NEWSLETTER GREATER GREENVILLE ASSOCIATION OF REALTORS MAY - JUNE 2012 Nick Sabatine, C.E.O. CRB, CRS, RCE, CAE IN THIS ISSUE: MarketClick 2-3 Officers and Directors Committees C.E.O. REPORT Duty to Present Offers The complaint comes in to the Real Estate Commission like this: The lis ng agent will not present my offer. The inves gator says: The lis ng agent must present all offers. When challenged, the lis ng agent says: The owner told me not to bring in any more offers The inves gator says: You cannot follow an unlawful instruc on. even when the property is subject to a contract of sale. Today s lis ng agents o en receive instruc ons from clients that are not legal instruc ons under SC License Law: ---don t bring any offers less than full price ---don t bother me with offers that don t net me at least this much ---don t bring me any offers from families with children ---don t bring me offers from people who are not just like me ---don t bring me offers now that the property is under contract to the bank in order to comply with the law. Scanning and ing the offer, faxing the offer to the bank, or even sending the offer by overnight mail should be considered. Again, the law has not changed to allow the licensee to refuse to present the offer, even though the submission site has been shut down. Ques ons o en arise as to whether the owner of the property must deal with or consider the offer. Remember that the owner of the property is generally unlicensed and not subject to the regula ons of the Real Estate Commission. Therefore, the owner is not required to respond to an offer and is not even required to review the offer. Government Affairs Update 7 Social Flyer 8 Revitalization Flyer 9 Education Upcoming Events 15 The lis ng agent says: What am I supposed to do? The inves gator says: Follow the law. Though this is a simplifica on of a frequent complaint to both the Real Estate Commission and REALTOR Associa- on staff, it summarizes a common license law viola- on failure to present offers in a mely manner. The law is clear under C (2) (b) that it is the duty of the seller s agent to present all offers and counteroffers, None of these are legal instruc ons that you can follow as the seller s agent. O en, lis ng agents working for foreclosure companies have addi onal issues. It may be that the bank or HUD requires the lis ng agent to upload offers through a stated web-based process. The scenario o en goes like this: The bank accepts an offer and the site is shut down and won t allow addi onal offers to be uploaded. The lis ng agent would then be obligated to discover addi onal methods of ge ng the offer A risky situa on might arise when the owner of the property who already has a contract on the property from one buyer wants to subs tute the second buyer s offer. The owner might ask the agent for advice on how to be released from the first offer so that the second one can be subs tuted. The best advice the lis ng agent could give the seller client in this situa- on is to consult an a orney for the legal advice you need. CONTINUED ON PAGE 2

2 PAGE 2 C.E.O. REPORT continued... Full compliance with the law is a given when reducing risk and increasing professionalism. REALTORS who are not in compliance with the license law risk being reprimanded by the Real Estate Commission and being subject to sanc- ons by the REALTOR Associa on itself. When you receive an unlawful instruc on from a client, you must take care of the client by discussing why you cannot comply. That behavior will reduce risk and decrease complaints. So when your seller client says: Don t bring me any addi- onal offers now that the property is under contract. Your response should be: I must present all offers in compliance with the law. Doing so will decrease risk and increase rewards. This article was taken from MarketClick, an online magazine provided as a member service to GGAR members. The current and archived editions of MarketClick will always be available to you at: You can also access MarketClick from the home page of the GGAR website: GGAR MARKET OVERVIEW If you re seeing a lot of new faces in your neighborhood, that s because Greenville is one of the top 10 fastest-growing cities in the U.S. Between 2000 and 2010, the city grew 32.5%, says Les Christie of CNN Money. One reason upstate cities like Anderson, Spartanburg and Greenville are doing so well is that we ve worked hard to reinvent opportunities for businesses and residents. Upstate boasts more than 250 international firms-the highest international investment per capita in the nation. And one of those firms is announcing big plans. Michelin North America is a French company that is expanding their earthmover plant in Lexington County and building a new tire plant in Anderson County. Currently Michelin employs 700 people, and will likely double that number when construction is complete. Only six months ago, Greenville was named the 21st Best City for Jobs, thanks to data from Manpower and the U.S. Department of Labor Statistics. In March 2012, Greenville and Lexington Counties registered 6.8% unemployment, well below the national average of 8.1%. Continued on page 3 GGAR News is published bi-monthly for our members. Editor: Connie Winslow, e-pro GGAR NEWSLETTER

3 MAY-JUNE 2012 PAGE 3 GGAR MARKET OVERVIEW continued... Spartanburg s unemployment rate has dropped over tow percentage points in a year, while Anderson had dropped more than a point confirms data from the Employers Association of South Carolina. The effect of job growth on housing is positive, to say the least. From November 2011 through March 2012, housing sales consistently rose above previous year levels every month, and since January this year, sales have reached the highest levels in over six months. Between January 1 and March 31st, first quarter sales were 12.8% higher than they were in Asking prices are rising up 6% for the median list price as of April 10, Inventories are down 17.6% year over year. In some areas and in some price ranges, multiple offers are being made on homes for sale, a sure sign that the market is no longer the same it s been. For buyers: Market conditions may change abruptly from one city, neighborhood and house to the next. You may find yourself in a bidding war for one home, while another similar home a few streets away undergoes repeated price reductions. Work with your Greater Greenville real estate professional to determine your shopping and negotiating strategy based on actual sales data. For sellers: Now is not the time to overprice your home as buyers will take advantage of using the same comparables and analysis that you have. Ask your Greater Greenville real estate professional for advice on crafting a winning price strategy as well as improving your home s curb appeal to take advantage of increased buyer activity. You may access MarketClick from the home page of the GGAR website:

4 PAGE 4 OFFICERS 2012 GGAR BOARD OF DIRECTORS 2012 PRESIDENT KATHIE GAJDA, CRS, GRI THE GAJDA & GUTBROD REAL ESTATE CORNER 803 ROPERS CREEK DRIVE OFFICE# FAX# (M) kathie.gajda@gmail.com 2012 VICE PRESIDENT BILL LAWTON KELLER WILLIAMS GREENVILLE CENTRAL 800 REGENT PARK COURT GREENVILLE, SC OFFICE# FAX# (M) bill@thelawtonteam.com 2012 TREASURER/SECRETARY JON PICKHARDT FLAGSHIP USA PROPERTIES 148 MILESTONE WAY OFFICE# FAX# (M) jonpick@flagshipsc.com 2012 PAST PRESIDENT ADAIR SMITH SENN, GRI PRUDENTIAL/C. DAN JOYNER 22 GARLINGTON ROAD OFFICE# FAX# (M) adair@donnao.com 2012 CHAIRMAN OF MLS MATTHEW THRIFT KELLER WILLIAMS GREENVILLE CENTRAL 800 REGENT PARK COURT GREENVILLE, SC OFFICE# FAX# (M) matthew@humbleabodes.biz GGAR NEWSLETTER

5 MAY-JUNE 2012 PAGE 5 DIRECTORS DAWN BORKOWSKI KELLER WILLIAMS GREENVILLE CENTRAL 800 REGENT PARK COURT GREENVILLE, SC OFFICE# FAX# (M) dawn@thelawtonteam.com BILL KANE RYAN HOMES 30 PATEWOOD DRIVE OFFICE# FAX# (M) bkane@nvrinc.com J.J. BOWERS, ABR, GRI RE/MAX REALTY PROFESSIONALS 600 INDEPENDENCE BLVD. OFFICE# FAX# (M) jjbowersinc@charter.net PAM McCURRY, ABR, CRS, GRI PRUDENTIAL/C.DAN JOYNER 3539 PELHAM ROAD OFFICE# FAX# (M) mccurpa@aol.com DAVID FEILD, CCIM NAI EARLE FURMAN, LLC 101 EAST WASHINGTON STREET GREENVILLE, SC OFFICE# FAX# (M) dfeild@naiearlefurman.com BOB MOFFATT, ABR, GRI, SRES PRUDENTIAL/C. DAN JOYNER 22 GARLINGTON ROAD OFFICE# FAX# (M) bmoffatt@cdanjoyner.com LEN FLETCHER, CRS, GRI RE/MAX REALTY PROFESSIONALS 600 INDEPENDENCE BLVD. OFFICE# FAX# (M) lenf@lenfletcher.com DAVID SIGMON COLDWELL BANKER CAINE COMMERCIAL P.O. BOX 1908 GREENVILLE, SC OFFICE# (M) dsigmon@cbccaine.com CHARLES HUMPHREYS, CCIM COLDWELL BANKER CAINE COMMERCIAL P.O. BOX 1908 GREENVILLE, SC OFFICE# (M) chumphreys@cbccaine.com SHERRY SPONSELLER, GRI COLDWELL BANKER CAINE 111 WILLIAMS STREET GREENVILLE, SC OFFICE# (M) ssponseller@coldwellbankercaine.com Updated 1/5/2012

6 PAGE 6 COMMERCIAL STEERING DAVID SIGMON COLDWELL BANKER CAINE COMMERCIAL P.O. BOX 1908 GREENVILLE, SC OFFICE# (M) dsigmon@cbccaine.com STAFF LIASIONS: LENDA JORDAN LEAH DUKE COMMERCIAL PROPERTY SHARE FRANK HAMMOND COLLIERS INTERNATIONAL P.O. BOX GREENVILLE, SC OFFICE# FAX# frank.hammond@colliers.com (M) STAFF LIASIONS: LENDA JORDAN LEAH DUKE COMMUNITY SERVICE COMMITTEE LISA DeLUCA ALEXANDER DEL-CO REALTY GROUP, INC WADE HAMPTON BLVD. OFFICE# FAX# (M) STAFF LIASIONS: CONNIE WINSLOW LEAH DUKE GRIEVANCE COMMITTEE SEABROOK MARCHANT MARCHANT COMPANY P.O. BOX 2104 GREENVILLE, SC OFFICE# FAX# seabrook@marchantco.com (M) STAFF LIASIONS: NICK SABATINE PAM YOUNGBLOOD PAST PRESIDENT S COUNCIL/BYLAWS JANE McCUTCHEON McCUTCHEON COMPANY 118 WILLIAMS STREET GREENVILLE, SC OFFICE# FAX# janemccutcheon@mindspring.com (M) STAFF LIASION NICK SABATINE PROFESSIONAL STANDARDS COMMITTEE CHARLES WYATT WYATT COMPANY 710 EAST NORTH ST. GREENVILLE, SC OFFICE# FAX# cdwyatt@wyattinstitute.com (M) STAFF LIASIONS: NICK SABATINE PAM YOUNGBLOOD REVITALIZATION COMMITTTEE BRUCE BACHTEL KELLER WILLIAMS GREENVILLE CENTRAL 800 REGENT PARK GREENVILLE, SC OFFICE# FAX# bruce@agooddaytobuy.com (M) STAFF LIASIONS: LEAH DUKE KATHY COLE RPAC/LEGISLATIVE COMMITTEE BILL KANE RYAN HOMES 30 PATEWOOD DRIVE OFFICE# FAX# bkane@nvrinc.com (M) STAFF LIASION: CHRIS BAILEY SOCIAL COMMITTEE SARAH GILLEY ALLEN TATE COMPANY 88 VILLA ROAD OFFICE# sarah.gilley@allentate.com (M) STAFF LIASION: PAM YOUNGBLOOD HOUSING OPPORTUNITY COMMITTEE DENISE FRANKLIN CENTURY 21 BOB CAPES REALTORS 333 WADE HAMPTON BLVD. GREENVILLE, SC OFFICE# FAX# qtnscatc21@aol.com STAFF LIASIONS: NICK SABATINE LEAH DUKE GGAR NEWSLETTER

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15 MAY-JUNE 2012 PAGE 15 UPCOMING EVENTS May 14~18 NAR Midyear Conference Washington, DC May 22 MLS Committee Meeting GGAR Office May 24 GGAR Board of Directors GGAR Office May 28 GGAR/MLS Offices Closed in Observance of Memorial Day May 31 REALTOR Social at Larkin s Saw Mill 5:30pm 7:30pm - See Flyer on page 8 June 14 Association Membership Luncheon Poinsett Club Noon June 19 - MLS Committee Meeting GGAR Office June 21 - GGAR Board of Directors GGAR Office June 22 GGAR New Member Orientation GGAR Office June 27 Broker s Update GGAR Office Noon July 4 - GGAR/MLS Offices Closed in Observance of Independence Day

16 Greater Greenville Association of REALTORS and Multiple Listing Service of Greenville 50 Airpark Court Greenville, SC GGAR Phone: GGAR Fax: Website: GGAR Mission Statement The mission of the Greater Greenville Association of REALTORS is to provide state of the art services designed to maximize member profitability and keep the REALTOR at the center of the real estate transaction.