Date Archives October 2007

$270,000,000

in Albemarle Charlottesville Politics Transportation on

McDonnell says if the local highway oversight group known as the Metropolitan Planning Organization takes the Western Bypass off its Six-Year Transportation Improvement Plan, our highway district could lose a lot of money….  The Attorney General issued his opinion at the request of Lynchburg State Senator Steve Newman (pictured below), who’s been fighting for years to get a bypass around Charlottesville.Attorney General McDonnell’s letter is here (PDF):You ask whether the Charlottesville-Albemarle Metropolitan Planning Organization (“MPO”) would risk losing its primary system highway construction funds should it remove the proposed U.S. Route 29 Bypass around Charlottesville (“Bypass”) from its Six-Year Transportation Improvement Plan (“Plan”).  If MPO removes the Bypass from its Plan and the federal government requests reimbursement of its funds expended on the Bypass, you ask whether MPO would be required to repay such amount from its primary highway system funds.  Response It is my opinion that if MPO removes the Bypass from its Plan and the Federal Highway Administration requires the Commonwealth to reimburse the funds spent on the Bypass, an amount equal to such reimbursement would be deducted from the primary system highway construction funds for the Department of Transportation district in which the Bypass is located.

Read More

Whither false blame?

in Buyers Public Perception Sellers on

Readers of real estate blogs – buyers, sellers, consumers among them – already know the how wrong the claims made in the article are (as do the commenters on your blog).The word “disappointing” keeps coming up in comments referencing the Wharton article.dis·ap·point·ingfailing to meet expectationsThe clear lack of knowledge and awareness about the real estate profession indicts the entire article.Misdirected blame and clearly wrong arguments from prestigious institutions and leaders such as Wharton do great disservice to all involved – the Realtors, the buyers and sellers, the lenders and I would argue themselves and their students as well as policy makers who may trust such business education leaders’ opinions – and then we all may suffer.Thanks to Greg for sending the traffic and to everyone who commented here on yesterday’s post about the article posted at Wharton’s blog, The Subprime Blame Game: Where Were the Realtors?Seeking to level blame on some Realtors is one thing – there are unscrupulous individuals in every profession….  There is plenty of culpability to go around, but to argue that all 99% of Realtors were advocating on behalf of the Sellers is liable to give some apoplectic fits.Greed is the primary culprit – greed that affecting the decision making ability of people in every camp – buyers, sellers, Realtors, lenders, appraisers, inspectors, title insurance companies ……  Promote the interests of the buyer by” and then this – a sample Exclusive Right to Represent Buyer’s Agreement can be found here.The author and professors make one accurate argument accidentally – until the real estate industry, mortgage industry, HUD, etc. embrace divorced commissions, we have a long way to go….  Until this is fixed, the perception will exist amongst those who don’t know any better – whether by unfamiliarity or neglect (as would seem to be the case in the Wharton professors’ cases) – that true representation does not exist.I come not to condemn the professors (I have read the Mortgage Professor site for years), but to enlighten them to the wonderful world known as the 21st century and Buyer Brokerage.

Read More