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On December 22, 2010, former Governor Jennifer Granholm vetoed MAR-supported legislation aimed at getting the housing market moving. Senate bill 77, which passed both the House and Senate in the last days of the 2010 session, allowed foreclosed properties to retain their principal residence exemption for a period of up to 3 years. The bill was seen as a stepping stone in getting foreclosed properties, which are non-principaled residences, moving. Currently, a buyer may be priced out of purchasing a foreclosed property because they do not qualify for a mortgage at the higher tax rate. The bill alleviated that burden by allowing the homebuyer to immediately make a foreclosed property their principal residence.
The Michigan Association of REALTORS® worked hard through the last hours of session to provide information to legislators as to why this bill was critical for the housing market in this state. We are extremely disappointed that this bill was not signed into law, given the opportunity it provided for potential home purchasers. However, we expect legislation addressing the Principal Residence Exemption to be re-introduced next legislative session beginning this month.
A recent MAR REALTOR® member survey cites a lack of consumer confidence in the economy and inadequate responsiveness from financial institutions as the two key challenges facing the industry in the new year. Despite trepidation about these issues, members note that they are not new to Michigan's 23,000 REALTORS® and most have taken steps to address these issues and work successfully with clients. In addition, there are signs the nation's economy is improving as well as continued pressure on financial institutions to address roadblocks affecting real estate sales.
Furhad Waquad, a REALTOR® from Bloomfield Hills, Mich., is the NATIONAL ASSOCIATION of REALTORS® liaison for Region VI, comprised of Michigan and Ohio.
A REALTOR® for over 21 years, Waquad is a sales executive with Real Estate One, Inc., specializing in residential sales. He holds a designation from the Council of Residential Specialists (CRS®). He is also an Accredited Buyer Representative (ABR®), a Graduate from the REALTOR® Institute (GRI), a Certified International Property Specialist (CIPS) and has completed the Short Sale and Foreclosure Certification Program (SFR.)
On the national level, Waquad served as the NAR President's Liaison for the International, Resort and Second Homes Real Estate Group in 2009. From 2008-2009, he served as the President’s Liaison to India. In 2006, he served as the Federal Political Coordinator for U.S. Rep. Sandy Levin of Michigan in addition to being the Federal Political Coordinator to Senator Debbie Stabenow from 2004 - 2010. He has served on numerous committees like the Strategic Planning, Communications, Issues and Mobilization and Public Policy Coordinating.
The Michigan Association of REALTORS® elected him President in 2007. He has chaired the Finance, RPAC Trustees, Public Policy and Equal Opportunity and Fair Housing Committees. He has also served on the Professional Standards Committee.
In 2003, the Michigan Association named Waquad “REALTOR® of the Year.” In 2002, he received the “REALTOR® Active in Politics” award from the association. For the Metropolitan Consolidated Association of REALTORS®, Waquad served as President in 2008. In 2010, the Council of Residential Specialists named him the REALTOR® of the Year from Michigan.
Active in his community and in politics, Waquad served as President of the Pakistan Association of America in 2003 - 2004. From 2007 – 2010, he served as Senior Vice President for the Pakistani American Congress. He volunteered with the Bush-Cheney Presidential Campaign in 2000 and 2004. He has volunteered with Habitat for Humanity and has been a member of Inter-Faith Partners since 2002. He is the founding President of the South East Michigan Coalition for Fair Housing & Equal Opportunity, a 501(c)(3) Corporation.
The MAR 2011 Legal Update Video Series continues as Greg McClelland highlights the topic of earnest money deposits. Did you miss video #1 featuring land contracts? Watch both videos today only on Mirealtors.com. This 8 part video series will continue through January and cover additional topics including: dual agency, silent fraud, flopping, RESPA, full bid credit rule and legal liability.
Make progress on your New Year checklist and make your hotel reservations at the Westin Book Cadillac by Thursday, January 6 to get the MAR group rate of $141++ for Achieve. While you are at it, be sure you register online to attend Achieve. There is a great line up of talent for this year’s program including Randy Dean, Terry Wisner and Greg McClelland & Gail Anderson. Let it be known that you will be there! Promote Achieve & Achieve After Dark, help MAR by updating your personal Facebook & Twitter sites to let all know that you are attending. Include MAR Events in your Facbook post or #MAREvents in your tweets!
With the help of McClelland & Anderson, we are taking the most recently asked questions from our legal hotline and putting them in E-news. We will be featuring a different question each issue.
QUESTION: I represent Sellers who are trying to negotiate a short sale. We have accepted an offer and presented it to the lender for approval. We have received a second offer, but have not heard back from the lender on the first offer. It is my belief that we can present this offer to the lender since the lender has not yet accepted the first contract. Am I correct?
ANSWER: This is not advisable as the Sellers have already accepted the first offer. It is likely that a court would conclude that lender approval is simply one contingency in a binding contract. The Sellers would be better advised to accept the second offer in a back-up position.
Get control over your costs in the new year by making sure you never pay too much for all of those technology gadgets or products you need to run your business.
ShopSmart, a Consumer Reports publication, offers the following tips:
Check the cost: Before you buy, use the search engines to find the lowest cost. ShopSmart's top three favorites (out of 25 reviewed): PriceGrabber.com, Google.com/products, and Nextag.com. Or if you're at a store, use your smartphone to check whether it's a deal. Bar-code-scanner apps, such as RedLaser and ShopSavvy, allow you to instantly compare prices of the store with those online.
Change the font: Stop using 12-point Times New Roman to print all of your documents and try Arial. ShopSmart found that using 12-point TImes New Roman font resulted in 27 percent more pages per ink cartridge than using the more ink-friendly option of Arial. Calibri was another ink-saving font, whereas Tahoma and Verdana were found to be ink wasters.
Phone coupons: Get coupons delivered right to your phone. Coupon Sherpa, MobiQPon, and major retailers are now jumping on the bandwagon of offering coupons for discounts delivered right to your phone.
Become a friend and get insider deals: Add some companies to your social networking connections to find more deals. For example, "like" a company on Facebook or sign up for e-mail alerts on their Web site to be notified about special sales and freebies. ShopSmart also notes following Twitter's @EarlyBird service for limited-time offers.
Reprinted from REALTOR® Magazine Online January 2011 with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2011. All rights reserved.
This application is intended to be a quick link guide to MAR’s hottest covered topics and events that are currently happening or upcoming. We will keep this updated and current with the MAR web site on upcoming events, podcasts, videos, and legal updates. Enjoy.
Instructions for different phone versions use of the My MAR application.
ITunes
· On the iTunes Store, search for Michigan Real Estate or My MAR
· Once you download the app, the Member Access Code is mirealtors followed by your email address.
BlackBerry
Android or Other Web-enabled Smart Phones
For any other questions or need any additional information or assistance please contact Andrew Francoeur afrancoeur@mirealtors.com directly at 517.334.5554 or 517.372.8890.
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