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How Hurricane Season Stands to Impact American Real Estate

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According to the 2021 Hurricane Report from real estate data analytics provider CoreLogic, nearly 8 million homes with a rebuild cost value of more than $ 1.9 trillion are at risk of storm surge damage in 2021.

The report, which focuses on single and multi-family homes along the Gulf and Atlantic coasts, examines how hurricane damage to a property affects the owner’s ability to pay the mortgage. It also studies the impact of hurricanes on the country’s already appallingly scarce housing supply.

For homeowners, the outcome of a financial disaster leads to a significant spike in mortgage defaults as people paralyzed by spending and lost wages fail to make monthly payments, according to the report. For example, after Hurricane Laura hit land in Lake Charles, the already raised delinquency rate rose from 9.8% in August 2020 to 16.1% in September 2020, an increase of 6.3 percentage points, the report said.

“To give a 360-degree view of the effects of climate change, we looked at the US real estate industry after a hurricane and saw a significant increase in mortgage defaults and housing losses,” said Frank Nothaft, Chief Economist at CoreLogic. “Some of the communities hardest hit by natural and financial disasters include communities with already high crime rates, such as Lake Charles, Louisiana, as reflected in the landfall rates before and after Hurricane Laura.”

Last week we listened as CoreLogic hosted its webinar on Hurricanes and Climate Change and the panelists discussed why hurricane risk assessment is so important to financial institutions, borrowers and entire communities.

“We’ve already seen 2020 and previous years have had a record-breaking financial impact in many communities,” said George Gallager, principal, Hazard and Spatial Solutions. “I summarize this as an important reminder that we cannot overlook the impact devastating hurricanes and other natural disasters have on homeowners and the communities they live in, on the people and the community.”

Historically, the housing stock is depleted after a categorized storm. For example, according to Harvey, Houston, Texas, saw its supply fall 23% over the next five months. Wilmington, North Carolina lost 26% of its inventory within four months of Florence in 2018. Panama City, Florida, declined 13% in the two months following Hurricane Michael in 2018.

As climate change continues to affect the way storms occur, the risk in these hurricane-prone areas will continue to increase, according to the report’s authors: Tom Larsen, Dr. Thomas Jeffery, Rhea Turakhia, Denise Moore, Molly Boesel,
Elizabeth Greeves, Maiclaire Bolton Smith and Jose Acosta.

“Based on data from the NOAA National Centers for Environmental Information, we’ve seen total inflation-adjusted losses from weather events in the United States increase 70-90% every decade – and that trend is not slowing down.”

They say the trend of urban migration to coastal cities could result in more households at risk.

These areas are typically deep, prone to hurricanes and, according to the Hurricane Report, are particularly subject to climate-related factors such as sea level rise, extreme rain events and a possible increase in hurricane intensity.

The resilience of these coastal communities – high or low income – remains a focus of prevention and preparation.

“The only way forward is to understand what is really at risk and educate, prepare, and work with them
everyone involved in the ongoing crisis, including insurance companies, lenders, government agencies and frontline families, “they noted.

Access the full report on CoreLogic.com for an insight into real estate risk at both national and regional levels.

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Are There Fees for Canceling a Real Estate Agent Contract?

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You did your research, found a real estate agent who you thought was right for the job, and signed an agreement for the professional to list your property. But when time goes by – and your house isn’t sold – you may be wondering: Can you terminate this real estate contract – and if so, at what cost?

In a perfect world – where we all read the fine print before we sign a legally binding document – you already know the answers to these questions because they are in the listing agreement you signed.

But this is the real world – a world where many of us sign things up in a hurry and don’t expect there to be any problems. If that’s the case for you, here’s what you need to know about terminating a listing agreement.

What is in your listing contract?

Of course, nobody can force you to sell your home, but real estate brokerage contracts are legally binding contracts.

Listing agreements vary between real estate companies, property managers, and cities and states. In general, however, they all typically include a time frame that they cover for a particular property. If the contract doesn’t include a cancellation fee, you can cancel at any time and you’ll be off the hook. However, many list a fee that will be billed to the seller if the contract is canceled before that expiration date.

The fee often covers the agent’s time and expense. This may include the costs incurred by the agent to have your property listed on the multiple listing service in your area, as well as forms, photos, videos, brochures, and other means of promoting your home. In some cases, the fee is a percentage of the list price.

If there are any fees, you can always wait for the contract to be completed to avoid the possibility of having to pay them. In many cases, however, even if you cancel early, you can make arrangements with your real estate agent.

“If you quit early, chances are the broker will let you off the hook for the rest of the contract – at least most of us – especially if the homeowner requests that termination,” says Maria Jeantet is a real estate agent at Coldwell Banker C&C Properties in Redding, CA. “It all depends on what you do when you tell them you want to cancel.”

Reasons for terminating a listing agreement – and alternatives

The reasons why people want to terminate a listing contract vary. If you’ve decided not to sell your property after all, that’s one thing. But if you want to cancel the listing because you’re not happy with your agent’s advertising, or disappointed that they’re not getting as many views or offers as you hoped, that’s another matter. The latter can often be worked out with your agent through clear communication about what you are dissatisfied with and what changes you would like to see.

Jeantet says it’s best to always be direct with your agent.

“Keep it clean. Either speak heart-to-heart to your current agent about the resignation or talk to them about getting more out of their service for you,” she says.

If this is not effective, you can also consider contacting a broker’s brokerage firm (if your broker is not the broker / owner) to discuss the issues and possibly reassign a different agent.

If nothing can be resolved, it may be in your best interest to cancel, even if you have to pay a fee.

Make sure you get the cancellation in writing because if you are listing your home with a new agent within the time period covered by the listing agreement and there is no written cancellation from your current agent, your current agent may charge commission fees to sell the home. Look back at your listing agreement to see what it says.

Not all real estate relationships work, people change their minds, and circumstances change. This is why it is so important to do your research when it comes to choosing a real estate agent and carefully examine what is in a listing agreement before signing it.

The post Are there any fees for canceling a brokerage agreement? first appeared on Real Estate News & Insights | realtor.com®.

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What Community Associations Should Know From HOA Attorneys – Real Estate and Construction

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Servicing, repairs, upkeep and rule enforcement include for a. daily business Community association – now one of the most common forms of housing in North Carolina.

To date, nearly 27% of the state’s population lives in some type of single family home, townhouse, or condominium managed by a homeowners association known as an HOA.

With its explosive growth and abundance of housing options, from affordable new homes to multi-million dollar neighborhoods, the Triangle has become a hotbed for these types of planned communities. In response, the company recently announced a dedicated team to assist new and established boards of directors and managers of associations in Raleigh, Durham, Chapel Hill and the surrounding area in addressing the challenges of running an HOA.

The Triangle Team consists of litigation attorneys Amy Wooten, Lawyer for business and community associations Madeline Lipe, Real Estate Lawyer James Toddand creditor attorney Thomas Wolff. Each has a unique perspective to serve and guide a community organization at all stages of development and through all kinds of disputes and conflicts.

I recently asked my colleagues to share the most important things about HOAs. This is what they had to say:

“I would say that risk management is one of the most important things that community associations need to know and appreciate!”

Amy Wooten, Litigator

It is vital that community associations take a proactive approach to managing risks that they may face for many reasons. One of these reasons is that proactive risk management can reduce the likelihood of litigation against a community association or enable the community association to defend itself in the event of a legal dispute. It can also better enable a community association to cope with the financial difficulties and other stressors that often arise when a community association finds itself in a situation where it is the party to litigate. In short, an association’s risk management strategy should include seeking legal advice and advice early on when a potential dispute or legal problem arises. This requires the community association to invest in legal fees. In my experience, however, these dollars are mostly well spent. Whereas, skipping this investment, among other negative consequences, will result in community associations incurring significant legal fees that could be avoided or significantly reduced if they had been proactive in finding an attorney.

“When it comes to a community union question, the starting point is almost always the same … start with the administrative papers.”

Madeline Lipe, Lawyer for business and community associations

The relevant documents of a community association (declaration, statutes and statutes) form the basis for understanding the role of the community association. The purposes of the community association are set forth in its administrative documents which, along with the applicable North Carolina bylaws, outline the association’s responsibilities, define the rights and obligations of owners, and generally set the framework of the community. Accordingly, it is important to know what is in the relevant documents so that the powers, duties and limits of the association are understood.

“Community associations are empowered, governed, and constrained by the real estate contracts that create their communities.”

James Todd, Real estate attorney

It is important that ward associations understand the authority and limits of their covenants. We often come across church associations that “for as long as everyone can remember” have been operating in a certain way without understanding why. We can help analyze and change the covenants – whether it be a review of decades-old covenants that do not meet the current needs of the fellowship, or proposed changes to bring the covenants into line with longstanding practice. A community association’s covenants are the framework in which it operates – we can help ensure that this framework meets the needs of your community association. “

“One of the most important things to keep in mind when dealing with overdue accounts is taking action early and being consistent in enforcing a homeowner’s payment obligations.”

Thomas Wolff, Attorney for creditors’ rights

Homeowners can find it much easier to pay off their arrears when they are still manageable and relatively small. Contacting them early and being ready to work out an appropriate payment plan can help prevent major problems before they arise. However, there will always be accounts that can prove to be disruptive and ultimately require legal help. In these cases, it is still important to contact the association’s legal advisor to take swift action to maintain the repayment claim and mortgage the defaulting homeowner’s property. In most cases, the lien covers not only the overdue reports, interest and other charges but also the legal fees of the association. Acting quickly helps the association to achieve an optimal repayment position and makes the growing debt difficult for the homeowner to overlook – especially if he wants to sell or refinance his property. By acting early and dealing consistently with overdue accounts, an association can help increase its chances of recovery.

Not every community association conflict may need an attorney, but having qualified legal representation can go a long way towards ensuring the health and peace of your HOA. Our triangle team, supported by our full service, nationwide Practice of community associations, is ready to support your community association.

The content of this article is intended to provide general guidance on the subject. You should seek expert advice regarding your specific circumstances.

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Cushman & Wakefield Echinox Adopts Yardi to Manage Commercial Real Estate Portfolio

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The independent and operated subsidiary of Cushman & Wakefield will use fully connected cloud-based software to manage commercial real estate

AMSTERDAM, June 22, 2021 / PRNewswire / – Cushman & Wakefield Echinox, a leading real estate company in the Romanian market, has selected Yardi® as its technology partner for commercial property management in. elected Romania. The platform will offer investors, developers, owners and tenants a full range of services. Cushman & Wakefield Echinox manages around 50,000 square feet of office buildings in Bucharest.

Cushman & Wakefield Echinox launched Yardi® Voyager Commercial to streamline property and financial management. Yardi Voyager combines real estate management and accounting with property, finance, budgets, forecasting, construction and maintenance and offers a holistic view of an entire commercial real estate portfolio.

“We chose Yardi Yoyager Commercial as an integrated platform for real estate, finance and ancillary cost management, tenant settlement, accounts receivable, accounts payable and budgeting. Yardi gives us the ability to provide improved access to data, which will improve the quality of reporting to our customers and will help us meet our growth goals, “said Mihaela Petruescu, Partner Asset Services Cushman & Wakefield Echinox.

“We are excited to have Cushman & Wakefield Echinox as our newest customer in Romania, “said Neal Gemassemer, Vice President for International at Yardi. “We look forward to working with Mihaela and her asset services team as their passion for exceeding customer expectations and their experience guarantee adaptable customer-centric solutions.”

Learn more about how Yardi supports real estate and property management clients in all areas Europe.

About Cushman & Wakefield Echinox

Cushman & Wakefield Echinox is a leading real estate consultancy in the local market and the exclusive subsidiary of Cushman & Wakefield infield Romania, owned and operated independently, with a team of over 60 professionals and employees offering a full range of services to investors, developers, landlords and tenants. You can find more information at www.cendunginox.com

About Cushman & Wakefield

Cushman & Wakefield is one of the world’s leading providers of commercial real estate services with 50,000 employees in over 60 countries and a turnover of 7.8 billion euros. More information is available at www.cushmanwakefield.com

About Yardi

Yardi® develops and supports industry-leading investment and real estate management software for all types and sizes of real estate companies. Yardi was founded in 1984 and is based in Santa Barbara, California.and serves customers worldwide from offices in Australia, Asia, the middle East, Europe, and North America. Visit Yardi.com/EU for more information.

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SOURCE Yardi

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