In an effort to stabilize declining home values in certain neighborhoods, FHA announced a temporary waiver that will extend government-backed mortgage insurance and allow for the immediate sale of vacant foreclosed properties.

For one year, the FHA will insure foreclosed properties marketed and sold by property disposition firms on behalf of lenders. FHA's new policy will permit the immediate sale of foreclosed properties to legitimate borrowers wishing to use FHA-insured financing.

[Download FHA waiver (150KB PDF)]

If you could do just one thing in the next 12 months guaranteed to ratchet-up your earning potential and real estate knowledge and create a personal referral network that could pay dividends for the rest of your career...would you do it? Graduates of the Virginia REALTOR^® Leadership Academy say it's the best way to supercharge your real estate career. See how VARbuzz contributor Candy Lynn reminisces fondly about her time as a participant.

The Virginia REALTOR^® Leadership Academy enrolls 20 emerging leaders per year. Prospective entrants are hand-picked to participate in a nine month program of leadership development training focused on the real estate profession. Participants work together over the course of four retreats in development experiences that combine individual study, group sessions, and actual project experience in using leadership skills.

The deadline to apply is July 1, so start downloading and filling out your application today!

[Apply before the July 1 deadline]

It's only a matter of time. Sooner or later gas prices will hit $10 a gallon. Read Tony Arko's predictions on how high gas prices will change the REALTOR^® profession and the home-buying process for the better.

And if you're feeling the pinch at the pump, correctly complete and return VAR's Convention & Expo 2008 crossword puzzle for a chance to win one of four $25 gas cards. That should be helpful as you make your way to Baltimore for VAR's Convention this September.

[$10/gal gas is good for real estate]

It may have been years since you encountered an FHA loan, if you've ever seen one at all! But in the near future, FHA mortgages are expected to account for approximately one-third of all home loans. Discover what you need to know about FHA financing in a new webcast: "Mortgage Lending in 2008: Back to the Future; how FHA can help you and your clients." This new webcast and interactive handouts cover:

• The impact of Fannie Mae and Freddie Mac pricing changes
• What you need to know about down payments
• New consumer protection measures
• How the loan process and limits have changed
• Upcoming FHA changes

[Watch the FHA lending webcast ]

Need a hand putting the housing market in perspective for clients and customers? VAR has a tool for that. When combined with your niche market knowledge and expertise, this attractive postcard-sized selling tool can help you educate customers and clients about Virginia's housing market.  Based on analysis from the expert economists at George Mason University's Office of Housing Policy this selling tool explains five housing market facts that brokers, agents, and your clients need to know about the housing market in Virginia.

[Download five facts about Virginia's housing market]

VAR member service partner ZipForm is offering two demonstrations of its Online and Desktop products for VAR members. Learn tricks and shortcuts to make your use of ZipForm as efficient as it can be. Both dates will offer demonstrations of both ZipFormOnline and ZipFormDesktop. Click on one of the dates below to register online for either demonstration:

• 9:30 - 10:30 a.m. on Tuesday, July 22
• 9:30 - 10:30 a.m. on Tuesday, July 29

October 8-10, 2008
Boar's Head Inn, Charlottesville

Join your fellow managers from IREM, NARPM, CAI, VAMA and VAR/Property Managers Council for an education-packed three day conference detailing pertinent issues for the future of Property Managers. Get the latest property management education updates, including ramifications of the new Property Owners Association act at this popular event. Speakers include Chip Dicks, Lem Marshall, JC Cancelleri, and Grimes Creasy.

[Register online today]

Register today for VAR's best event of the year at the best price of the year. Here's what to expect in Baltimore:

• Three keynote speakers bring practical and provocative perspectives to the stage.
• Sessions focused on new technologies, blogging and how you can use them to develop clients and work more efficiently.
• An all-around great time: Baltimore is a great place to be in September. Average daytime highs are in the 70's, the National Aquarium is nearby, and our host hotel is right on the Inner Harbor, just steps away from scores of restaurants, lounges and entertainment venues.

All convention events and meals are included in your full conference registration fee.

[Register early for the best price!]

Don't procrastinate! Get your mandatory ethics training out of the way early so you aren't in a rush to complete it at the end of the year. Many local associations offer ethics training that satisfies both NAR's ethics training requirement and qualifies for CE credits with the Virginia Real Estate Board. Alternatively, you can take NAR's course online and check their requirement off your list.

[NAR's online ethics training course]

Foreclosures and short sales continue to be prevalent in many areas of the Commonwealth. Do you know your legal and ethical obligations when dealing with a distressed seller? In this 29 minute webcast from Special Counsel Lem Marshall, we address some of the most frequently asked questions such as:

1. What happens when a ratified contract with a third party approval clause fails because the third party rejects the offer?
2. What are my obligations when the lender asks me to reduce my commission on a short sale?
3. Why aren't lenders required to pre-approve the selling price before short sale listings are entered into the MLS?

[Watch Lem's webcast now]

VAR successfully lobbied for changes to the laws governing real estate during the 2008 General Assembly session and many of those new laws go into effect on July 1. Download a concise reference guide outlining the changes prepared by VAR, and be sure to share this important information with your agents at your next sales meeting.

As a reminder, revised VREB regulations went into effect on April 1. For your convenience, VAR Special Counsel Lem Marshall developed this summary of the changes. Or, here's a link to the PDF of the Virginia Real Estate Board's complete regulations.

Please note that VREB will not be mailing hard copies of the new regulations to licensees as they have in the past.

[Download the guide]

Changes to the laws governing governing Property Owners Associations, sought by VAR during the 2008 session, are so far-reaching that brokers should consider this upcoming virtual event a must-attend.

On Friday, June 20 at 10 a.m., a webcast presentation on the POA Act (HB 516) changes by VAR's special counsel Lem Marshall will be broadcast, followed by a live question and answer session about how it affects REALTORS^® and their clients. VAR members will be able to e-mail questions to be answered by Lem during the webcast. In addition, handouts will be available prior to the presentation.

This program is being provided to VAR members in cooperation with local associations. Contact your local association for information on how you can participate.

For those who can't participate live, the entire webcast and handouts will be archived at VARealtor.com for download after the live event.

[Read more about the webcast at VARbuzz]

Admit it: There are sections of NAR's Code of Ethics that you've had to re-read four times just to get the gist of it. And you're not entirely sure you actually got it. We understand.

VAR recently introduced StraightTalk, a component of The Code is Good Business Campaign that aims to make the Code more accessible and applicable for all REALTORS^®. The NAR Code of Ethics is actually a powerful selling tool, and by reading the 17 articles of the Code in StraightTalk, you'll be better prepared to apply it in your business. Enjoy StraightTalk for its layman's language, but understand that it's not a substitute for knowing the real REALTOR^® Code of Ethics.

[Check out StraightTalk at TheCodeIsGoodBusiness.com]

Don't fall victim to one of the most common rookie mistakes: Accidentally divulging sensitive client information. During casual conversation, many untested REALTORS® inadvertently drop clues about their clients' ability to pay or the price at which their clients will sell. Not only could this jeopardize your ability to help your client negotiate the best possible deal, it could also violate your fiduciary duties.

Read this article at AgentGenius.com for a sampling of rookies' most common mistakenly-uttered phrases.

[Read more at AgentGenius.com]

Do you represent buyers or sellers in residential areas adjacent to farms? A panel of experts convened by the Commonwealth's Secretary of Health and Human Resources to study the effects of biosolids on residential real estate has requested VAR's assistance. At the request of the panel, a ten question survey is being conducted to elicit your experience in working with properties that might be affected by biosolids. Your experience is especially relevant if you work in or around residential areas adjoining farmland. [Complete the biosolids survey]