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NVAR releases coronavirus Sales Contract Addendum
During the March 19, 2020 NVAR Board of Directors meeting, the Board approved the new COVID-19 Addendum (the “Addendum”). The form is available for immediate use (see education version here) and has been provided to all standard forms vendors for immediate release.
Virginia REALTORS releases COVID-19 Sales Contract Addendum
See below for a copy of the COVID-19 Addendum that VAR has published. Thank you to Ekko Title for this summary. This document does a couple of key things:
Paragraph 1:
This allows the parties in the contract to agree to extend ALL CONTRACT DEADLINES for a certain number of days. The form is pre-printed with fifteen (15) days but there is also a blank that allows you to choose you own number of days. What are “ALL CONTRACT DEADLINES”? Taken in plain meaning, “all” means “all”. So this basically includes any deadline, including but not limited to settlement date, home inspection, financing contingency, appraisal, inspection timelines such as termite, well and septic, coinciding settlement contingencies, etc., etc.
This also indicates that if the COVID-19 condition extends for sixty (60) days, or another amount of days you choose, that either party can terminate the contract by written notice to the other party.
Finally, paragraph one specifically indicates that this addendum DOES NOT have ANY effect on deadlines related to the delivery of HOA/Condo packets. The Buyer still has the same three (3) days to void the contract on the HOA docs.
Paragraph 2:
Clarifies that if the contract is terminated under Paragraph 1, the Deposit SHALL be returned to the Purchaser.
Paragraph 3:
This is an “add-on” paragraph that can be included or NOT included in the addendum by checking the box. IF CHECKED… even if the Purchaser’s financing contingency is removed, if Purchaser’s inability to fund their loan and settle is due to Purchaser’s loss of income from COVID-19 related issues (which is not defined), then either party can cancel the contract and the Purchaser shall receive their EMD.
Access other COVID-19 resources from Virginia REALTORS® at virginiarealtors.org/coronavirus including
• Sales FAQs (addressing property showings, open houses, and more)
• Property Management FAQs (including the eviction moratorium)
• Licensing & DPOR FAQs (including the Governor’s Executive Order addressing license renewal extensions)
OTHER NEWS
DPOR update: DPOR extends license renewals/expiration deadlines to June 10, 2020. More details available at http://www.dpor.virginia.gov/COVID-19/
Developing News: Senate passes HR 6201
ADDITIONAL RESOURCES
Impact of HR 6201 “Families First Coronovirus Response Act” on NAR Members
List of FAAR’s rescheduled Events & Classes
Spotsylvania Circuit Clerk Update
DPOR extends license renewals through June 10, 2020.
Effective March 18th, 2020, DPOR Offices at the Perimeter Center will be closed to the public, in response to the continued spread of novel coronavirus (COVID-19).
To minimize inconvenience during this public health threat, DPOR is extending the validity of licenses, certifications, and other credentials issued by its regulatory boards that would otherwise expire during the declared state of emergency.
Spotsylvania Clerk of the Court issues update on operations
Read the new details issued in this March 18th update.
An update from FAAR: Classes and Events postponed; Office closed to comply with Governors Orders
FAAR members,
After much consideration by the FAAR Board of Directors, the decision has been made to postpone events and classes through the month of April and close the FAAR office through April 30th. Our main priority is to keep our members and staff safe and healthy. With that in mind, we are exercising an abundance of caution until public health officials deem the threat of coronavirus exposure to be significantly reduced. As you may also know, NAR is closely monitoring the coronavirus outbreak. Based on questions from REALTOR® associations and real estate brokerages, NAR is providing guidance for REALTORS® for use in your day-to-day business, including how to approach open houses, driving clients to showings, and workplace precautions in addition to information on the major provisions of HR 6201. The PDFs are available to download below.
We invite you to widely share this guidance with your teams, offices, and others.
As for open houses we feel the guide published by the National Association of Realtors and sent out to millions of members adequately covers how best to protect oneself and clients. We cannot mandate or dictate the business practices of brokers between their agents and clients. We can however, continue our outward messaging encouraging people to use best judgement and adopt internal company rules that limit risk and exposure during this time, and we WILL continue to do that. You, as a member who cares, can be our best help by sharing this information we’ve shared with you and encourage your colleagues to adopt safe and best practices.
What does FAAR class and event postponement mean for you? No action is required on your part. You will be automatically registered for rescheduled events and classes. FAAR leadership and staff will continue to monitor this developing situation and schedule postponed events accordingly. With the ability to work remotely, FAAR does not anticipate interruption in services— FAAR staff will be available via email during this time.
Impacted Events and Classes: The following events and classes are POSTPONED until further notice. The next CE/PL sessions will be offered in June.
3/20 Latte and Learn-Radon (rescheduled to 7/21)
3/23 March is for Members Day of Education
3/25 Broker Management (rescheduled to 5/21)
3/30 Success Series (rescheduled TBA)
4/1 New Member Ethics (rescheduled to 6/3)
4/2 New Member Orientation (rescheduled to 6/4)
4/2 YPN Networking at BJs (rescheduled to TBA)
4/2 80s Dance Party RPAC fundraiser (rescheduled TBA)
4/3 Latte and Learn: Fraud (rescheduled TBA)
4/7 & 4/9 CE (rescheduled to 6/11 & 6/12)
4/ 7, 4/9, 4/14, 4/16 PL (rescheduled to 6/11, 6/12, 6/16, 6/18)
4/14 Tech Time Workshop (rescheduled to 5/12)
4/15 Marketing and Lead Gen class (rescheduled 7/22)
4/22 VHDA class (rescheduled 7/23)
4/23 REALTOR Awards Lunch (rescheduled TBA)
Committee meetings: At this point, any change in the Committee meeting schedule is at the discretion of the Chair and Vice Chair. Individual committees will receive communication from either the Chair or the Staff Liaison on the status of that particular meeting.
Future events: If additional events or classes need to be cancelled or postponed, FAAR will email all individuals registered for those activities and also share information on our website at faarmembers.com/news, in our weekly newsletter, and across all of our social media channels.
REALTORS are good Neighbors: As schools, businesses and services close in an effort to prevent the spread of coronavirus, many nonprofits remain open. Their dedicated workers and volunteers are facing increased need and diminishing donations. Here are a few ways you can help:
–Donate to your favorite charitable organization online.
–Order food online to ship directly to the local food bank.
–Shop for an elderly/ill neighbor, and check on them by phone to see if they need food or prescriptions, to lighten the demand on nonprofits and emergency responders.
–Call a friend, neighbor or acquaintance who lives alone and may be struggling.
#ThatsWhoWeR
Show the way—Share a helping hand stories or stories that make you smile at FAAR’s Facebook and Instagram channels.
Staff Contacts for Services
For questions regarding Membership or Lockboxes, contact
Lori Hillard Wehr, Membership Services Director
lhillardwehr@faarmembers.com
For questions regarding Education or DPOR credits contact
Barbara Castillo, Professional Development Director
bcastillo@faarmembers.com
For questions regarding faarmembers.com, contact
Lauren Zuza, Communications Director
lzuza@faarmembers.com
For other issues or concerns, contact
Pat Breme, CEO
pbreme@faarmembers.com
We appreciate your patience during this time and apologize for any inconvenience. Stay healthy, FAAR members!
Coronavirus: A Guide for REALTORS®
In response to the growing concerns about COVID-19, commonly referred to as coronavirus, NAR is providing this guidance to help REALTORS® respond to the coronavirus’s impact on the real estate industry. This guide also links to the CDC’s Interim Guidance for Businesses and Employers.
Impact of H.R. 6201 “Families First Coronavirus Response Act” on NAR Members
Early in the morning of March 14, 2020, the House of Representatives passed H.R. 6201 by a wide margin. It is expected to be taken up by the Senate early next week. Click for the major provisions affecting REALTORS®, Brokers, and Real Estate Associations.
Center for Disease Control (CDC)
Click below to visit the CDC’s website
Spotsylvania Clerk of the Court posts availability of services
Access the below pdf for information on availability of services at the Spotsylvania Courthouse.
What do YOU think about signs?
We want to know how you feel about signs!
Background Information on Signs
Spotsylvania County has changed the way it enforces its sign policy. The underlying zoning ordinance on signs is not changing. It has always been illegal to place signs in the VDOT right-of-way, but the County has historically suspended enforcement of its sign rules from 12:00pm on Friday to 12:00pm on Monday.
The Board of Supervisors voted to eliminate the weekend grace period of sign enforcement. The Board has received significant negative feedback on the proliferation of advertising signs throughout the County. While the Board’s action does not target real estate in anyway, there is no legal mechanism for exempting signs by the words on the sign so our members who put up temporary directional signs for open houses will be impacted.
The County began enforcing the sign rules full time as of the last week of February. Zoning officials and public works employees are authorized to pick up signs in violation of the rules and there is a process for retrieving those signs. At this point, there is no fee associated with a violation. Many of the surrounding jurisdictions have similar strict sign rules that prohibit directional signs on public land and in the VDOT right-of-way.
Take the survey linked below and be entered for a chance to win a $50 Target gift card!
Bowling Mixer Postponed
The FAAR Bowling Mixer scheduled for Monday, March 16 at Splitsville is POSTPONED. FAAR’s main priority is to keep our members safe and healthy. With that in mind, we are exercising an abundance of caution and postponing this event, and likely other events and classes, until public health officials deem the threat of coronavirus exposure to be significantly reduced.
What does this mean for you? No action is required on your part. You will be automatically registered for the rescheduled event. FAAR leadership and staff will continue to monitor this developing situation and schedule postponed events accordingly.
We apologize for any inconvenience this may cause you and will keep you posted on further postponements of FAAR events and classes. Stay healthy, FAAR members!
February market hot, but what lies ahead?
February continued the local real estate market’s trend of increasing sales volume and median price coupled with decreasing days on market FAAR Board Member Randy Walther states, “The market was active for February continuing a strong winter season. My office was busy with sellers listing early to take advantage of warm weather and sparse listings in the area. Buyers are seeing the benefit of historically low interest rates.” But the excitement over a hot February is certainly tempered by fears of a coronavirus-fueled recession and what that could mean for real estate across the country.
Sold dollar volume was up in February nearly 35%, jumping from approximately $106.4 million last February to more than $143.5 million this year. The increase in volume was fueled by a more than 20% increase in units sold and a more than 15% increase in median sold price. There were 429 properties sold this year compared to 357 last February with a median price of $316,000 in 2020 compared to $274,000 in February 2019.
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, fell 8% with houses averaging 56 days on the market in February 2020 compared to 61 days in February 2019.
Overall active listings were down nearly 18% this February compared to last year, but the month posted a more than 8% increase in new listings coming on the market. Prospective buyers have 1,140 homes to choose from right now, with 783 new listings coming onto the market. Commenting on the market for February, Walther observes, “It appears that there is no real buying and selling season anymore. When a property comes on the market there is always a surge of activity. If there was more to sell there would be more buyers.”
Virginia Realtors® Chief Economist Dr. Lisa Sturtevant advises that the economic fundamentals that support a healthy housing market remain strong in the Commonwealth and that the housing market is well-positioned to handle a short-term impact on the economy from coronavirus. High-income households could see dampened demand as they tend to have more money tied up in the stock market and may be planning to use those now fluctuating resources on a new home purchase. If concern about the virus continues, there could be a modest slowdown in traffic and homes sales in the weeks to come. However, if that does happen, it is expected to be of short duration and the lost sales will likely be made up in future months
Call for Action: Association Healthcare Plans
Approximately 7,000 Virginia REALTORS® go without health insurance each year and many others struggle to pay the high costs for coverage.
The Virginia General Assembly has passed two Virginia REALTORS® supported bills that could allow REALTORS® to obtain more affordable health insurance. But our fight isn’t over yet.
Both House Bill 795 and Senate Bill 235 passed the General Assembly with nearly unanimous bipartisan support. The passage of these bills will allow Virginia REALTORS® to request that the State Corporation Commission seek a waiver to current federal law and, if approved, to then work with insurance providers in an effort to develop a menu of affordable health insurance plans for you and your family.
Please click below to ask Governor Northam to sign these bills.
Press Releases
FAAR Congratulates 2017 Parade of Homes Winners
The Fredericksburg Area Association of REALTORS® (FAAR) would like to congratulate 2017 Parade of Homes Realtors® Choice Award winners. Over 20 homes competed for the distinction of being “the best home for the value” as decided by a group of more than 20 Realtor®...
August Posts a Strong End to the Summer Selling Season
August rounded out the summer market with a strong showing, posting gains in volume of sales, median sold price, and units sold and seeing yet another year-over-year decrease in days on market. Total sold dollar volume was up over 6% over August of last year coming...
FAAR Contributes to Hurricane Harvey Relief Efforts
On Tuesday, September 5, 2017, the FAAR Board of Directors approved a $1,500 contribution to the Realtors® Relief Fund to assist storm victims impacted by Hurricane Harvey. The Fund was established to provide needy victims of disasters and their families assistance...
Hot Local Housing Market Continues into July
Fredericksburg, VA – (August 11, 2017) – The following analysis of the Fredericksburg, Virginia area housing market has been prepared by the Fredericksburg Area Association of REALTORS® based data provided by Bright MLS (formerly MRIS). The temperature wasn’t the...