NAEBA Calls on Congress to Establish a Federal Mandate for Real Estate Agency Disclosure

/PRNewswire/ -- The National Association of Exclusive Buyers Agents (NAEBA) released a letter to Congress on Wednesday urging members to include real estate agency disclosure language in legislation relating to mortgage lending reform, including the Anti-Predatory Lending Act and the ongoing discussion over the formation of a Financial Products Safety Commission.

"Too many consumers have no idea that when they contact an agent listing a home, that agent must do everything possible to achieve the best outcome for the seller," stated John Sullivan, President. "As a result, these consumers have no one involved from the beginning of the transaction who can advise them on negotiating techniques, price points or the acquisition of an appropriate loan."

As Congress considers a range of measures to better inform consumers of their rights and responsibilities in the home buying process, NAEBA hopes to include clear, transparent and mandatory real estate agency disclosure language in legislative vehicles as they move forward.

"Clear, consistent and transparent real estate agency disclosure will help consumers better understand that there are many types of real estate agents, each of whom have responsibilities to different parties in a real estate transaction," stated Sullivan. "Common sense suggests that when an agent is representing a seller or, in the case of dual agency both parties, neither the buyer's nor seller's interests are fully served. Consumers need to have all the facts in hand in order to make informed decisions."

A recent NAEBA white paper titled "Consumer Protection and the Real Estate Industry," makes clear the extent of the problem. While the states have attempted to better inform consumers through state disclosure laws, inconsistencies in these laws, as well as lack of compliance and enforcement, have left most home buyers in the dark. In fact, three studies by the National Association of Realtors since 2002 show that only about 30 to 35% of home buyers actually receive agency disclosure statements at their first meeting with a licensee, a level that is virtually unchanged since it was first revealed by the FTC in their 1983 study.

NAEBA believes that, at a minimum, consumers should know what kind of agent they have and who specifically that agent is responsible to in the transaction. The organization is supporting language that will bring transparency to the process by:

-- making clear all types of agency representation available;
-- providing consistent definitions of agency throughout the country;
-- clarifying the time and method of disclosure;
-- obtaining written confirmation from the consumer that they have
received and understand the information; and
-- providing for enforcement with significant penalties


"In keeping with ongoing efforts to provide consumers with the tools they need to avoid foreclosures, we urge Congress to establish a federal requirement for real estate agency disclosure in the home buying process. Armed with the facts, the home buying public will be much better able to make informed and appropriate decisions - decisions that will impact their financial well-being for years," stated Sullivan. "We look forward to working with members of the U.S. House and Senate to help their constituents on this important issue."

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HGTV’s FrontDoor.com Offers the Top 10 Tips for Selling Your Home During the Holidays

(BUSINESS WIRE)--The holiday season from November through January is often considered the worst time to put a home on the market. While the thought of selling your home during the winter months may dampen your holiday spirit, the season does have its advantages: holiday buyers tend to be more serious, and competition is less fierce with fewer homes being actively marketed. First, decide if you really need to sell. Once you've committed to the challenge, don your gay apparel and follow these tips from FrontDoor.com. (http://www.frontdoor.com/top10)

1. Deck the halls, but don't go overboard. Homes often look their best during the holidays, but sellers should be careful not to overdo it on the decor. Adornments that are too large or too many can crowd your home and distract buyers. Also, avoid offending buyers by opting for general fall and winter decorations rather than items with religious themes.

2. Hire a reliable real estate agent. That means someone who will work hard for you and won't disappear during Thanksgiving, Christmas or New Year's. Ask your friends and family if they can recommend a listing agent who will go above and beyond to get your home sold. This will ease your stress and give you more time to enjoy the season.

3. Seek out motivated buyers. Anyone house hunting during the holidays must have a good reason for doing so. Work with your agent to target buyers on a deadline, including people relocating for jobs in your area, investors on tax deadlines, college students and staff, and military personnel, if you live near a military base.

4. Price to sell. No matter what time of year, a home that's priced low for the market will make buyers feel merry. Rather than gradually making small price reductions, many real estate agents advise sellers to slash their prices before putting a home on the market.

5. Make curb appeal a top priority. When autumn rolls around and the trees start to lose their leaves, maintaining the exterior of your home becomes even more important. Bare trees equal a more exposed home, so touch up the paint, clean the gutters and spruce up the yard. Keep buyers' safety in mind as well by making sure stairs and walkways are free of snow, ice and leaves.

6. Take top-notch real estate photos. When the weather outside is frightful, homebuyers are likely to start their house hunt from the comfort of their homes by browsing listings on the Internet. Make a good first impression by offering lots of flattering, high-quality photos of your home. If possible, have a summer or spring photo of your home available so buyers can see how it looks year-round.

7. Create a video tour for the Web. You'll get less foot traffic during the holidays, thanks to inclement weather and vacation plans. But shooting a video tour and posting it on the Web may attract house hunters who don't have time to physically visit your home or would rather not drive in a snowstorm.

8. Give house hunters a place to escape from the cold. Make your home feel cozy and inviting during showings by cranking up the heat, playing soft classical music and offering homemade holiday treats like cookies and eggnog. When you encourage buyers to spend more time in your home, you also give them more time to admire its best features.

9. Offer holiday cheer in the form of financing. Bah, humbug! Lenders are scrooges these days, but if you've got the means, then why not offer a home loan to a serious buyer? You could get a good rate of return on your money.

10. Relax -- the new year is just around the corner. Thanksgiving and Christmas are stressful enough, with gifts to buy, dinners to prepare and relatives to entertain. Take a moment to remind yourself that if you don't sell now, there's always next year, which luckily is only a few days away.

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Sold! Homes Are Selling in the Current Real Estate Market

(BUSINESS WIRE)--Navigating the complexities of today’s housing market is as challenging for consumers as it is for real estate agents. Citing the many obstacles those in the market are facing, The Real Estate Book is launching a new program, JUST SOLD 2008, designed to help those looking to buy or sell a home find a leading agent, and at the same time, help real estate professionals market their listings affordably and effectively, as well as share their successes.

“No question, the real estate market is choppy, but today more than ever, it’s important to stay focused and remain upbeat,” says Scott Dixon, President of The Real Estate Book. “It’s also vitally important to spread the news about who is transacting. We’ve got an active and powerful channel of millions of consumers and thousands of real estate agents who are surviving and thriving, and we can help anyone in this market – consumers and agents alike – connect with each other. In fact, those that advertise with us, are selling homes right now.”

The JUST SOLD 2008 program works like this: The Real Estate Book will contribute (at no cost to advertisers or consumers) 20% of its print book pages to its advertisers to promote the homes they sold in 2008.

Todd Walker, Senior Vice President of Sales and Operations at The Real Estate Book adds, “we want to do our part to help hard-working real estate professionals achieve continued success, and provide a way for those who are struggling by providing them with an affordable media solution that works in any market, even on a tight budget. We also want to let consumers looking to buy or sell know that agents who advertise in The Real Estate Book are the top in the business and sell more homes, quicker.”

Simply put, The Real Estate Book, available in print and online, generates more advertising exposure than anyone else in the industry, and the company plans to use the power of its 8 million magazines along with its network of nearly 30 online partners delivering millions of unique users, and its direct mail channel to provide massive reach to more than 50 million consumers, as well as spread the good news in this market.

In fact, The Real Estate Book has been helping real estate professionals connect with buyers and sellers for over 30 years, delivering credible, proven results in over 500 markets across the U.S., Canada, Mexico and the Caribbean.

Dixon adds, “in this business it’s important to work with a media partner you trust, one who knows how to reach your best prospects – locally, nationally, and globally. It’s hard to muster up the confidence and know where to steer the boat when the market is in a downturn. But for our customers, we do all the legwork for them, and they benefit from getting the best leads. And for consumers, they can rest easy knowing that they are going to find an agent who is experienced and actively engaged in helping them find or sell a home faster and better than anyone else.”

That’s the magic of The Real Estate Book, and it is the one thing you can turn to and trust despite the shifts of the market.

For more information on how The Real Estate Book can help you “survive and thrive” in today’s housing market, go to: www.RealEstateBookMediaKit.com/confidence.

To request a book or search online for a property to buy in your market, go to www.RealEstateBook.com or call 1-800-643-1174.

The Real Estate Book is published by Network Communications, Inc.

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