The video in the adjacent link addresses the No. 1 question to date on the Legal Information Line (LIL). NVR LIL Attorney Christal Keegan addresses some prevalent offer tactics revolving around acceleration clauses. In today's market of increasing sales prices, these clauses can get sticky.
Watch this short Legal Minute video for best practices. If you have any questions, please call the Legal Information Line at 800-748-6999. Click here to watch the video.
Additionally, last week NVR published a video regarding some contemporary appraisal issues. To be fair, this video on appraisal tactics to modify purchase price shares the #1 spot for frequently asked questions into the Legal Hotline. Here's a link to last week's video for your convenience as well.
Nevada REALTORS® (NVR) announced its newly elected officers who will lead the statewide association in 2022, led by incoming President Doug McIntyre. McIntyre, a longtime REALTOR® based in Reno, will serve as NVR president in 2022. He's a past president of the Reno-Sparks Association of REALTORS® (RSAR).
Tom Blanchard, a former president of Las Vegas REALTORS® (LVR), will serve as NVR's president-elect for 2022 and then become the state association's president in 2023.
Trevor Smith, a past president of the Incline Village REALTORS® (IVR), will serve as NVR vice president in 2022.
Marcella Syme, a past president of the Elko County Association of REALTORS® (ECAR), will serve as NVR treasurer in 2022.
NVR 2021 President Brad Spires, of Gardnerville, Nevada, will serve as immediate past president in 2022. A former president of the Sierra Nevada REALTORS® (SNR), Spires was honored this week as NVR's REALTOR® of the Year.
Recording of virtual sessions will be available later this week
The 2021 Nevada REALTORS Virtual State Conference is in the books after hosting more than 400 member attendees last week. The event was originally scheduled to be hosted in-person at Lake Tahoe, but the summer's uptick in Covid cases statewide and forest fire scourge forced state leaders to move the event into a virtual format for the second-straight year.
Still, the event was a hit, featuring a session on keeping a positive mindset from outlook expert Amy Blankson and a diversity program with D&I expert Robert Morris. A leadership panel featuring a trio of past state presidents - Linda Rheinberger, Kevin Sigstad and Dave Tina - and NAR 2023 President Elect Kenny Parcell shared insights on where the real estate industry is headed. Additionally, veteran Silver State journalist Jon Ralston interviewed state assembly members Heidi Kasama and Steve Yeager to discuss issues impacting the real estate industry. Lastly . NVR attorneys Tiffany Banks and Christal Keegan walked viewers through a myriad of legal topics they help members with on a daily basis.
These sessions were recorded last week and will be available to NVR members who missed them the first time around or want to watch a second time for review later this week. The association will share that access information in the coming days.
Soaring home prices over the past year boosted home equity wealth to new highs midway through 2021. The amount of equity in mortgaged real estate increased by $2.9 trillion in Q2 2021, an annual increase of 29.3%, according to the latest CoreLogic Equity Report. The average annual gain in equity was $51,500 per borrower, which was the largest average equity gain in at least 11 years and five times the gain from a year earlier.
The nationwide negative equity share for Q2 2021 was 2.3% of all homes with a mortgage, the lowest share of homes with negative equity since CoreLogic started tracking this number in the third quarter of 2009. The number of properties in negative equity decreased by 520,000 from Q2 2020 to Q2 2021. Click here to continue reading.