 
The U.S Senate has amended a bill to give homebuyers who were under contract on a home purchased by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit. Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide, according to amendment sponsor Sen. Harry Reid, D-Nev. It’s important to note that the amendment would apply only to purchasers who have satisfied the April 30 binding contract rule for the $8000 and $6500 tax credits. The amendment creates no new eligibility for the tax credit.
The National Association of REALTORS® supports the amendment, saying REALTORS® have reported that as many as one-third of qualified applicants have been told by lenders that their loans will not close before June 30 because of the sheer volume of loan applications in the pipeline. "Since these applications were already in the pipeline and figured into the program's cost, the extension of the closing deadline should not incur any further government costs," NAR President Vicki Cox Golder said in a statement Passage of the amendment (on a vote of 60 - 37) attaches the provision to HR 4213. That legislation is subject to a procedure that will require 60 votes in order to pass. However, two efforts to secure the 60 votes have failed. The bill could come to the floor again this week; however it is not presently on the calendar. If it appears that the bill can secure the necessary 60 votes, it will be considered. Then there will be several more votes required in the Senate. The bill then returns to the House. There is no guarantee that the House will adopt the Senate amendment. Congress will be in session during the weeks of June 21 and June 28, so votes on the legislation are still possible before the June 30 th current deadline. For more information, please visit www.realtor.org
The knowledge session line up is being finalized for the 2010 MAR Convention & Expo, and is sure to impress those facing challenges in today’s market. The Convention & Expo is being held September 29-October 1 at the Soaring Eagle Casino & Resort in Mt. Pleasant. This year’s knowledge sessions include nationally renowned speakers, on topics that can help your business. Don’t miss your opportunity to learn, and benefit from these sessions & more: Time Management in “The Cloud”: Using Google Apps for Time, Life, Work, Project, & E-mail Management, Randy Dean
In this session Randy tailors all program and software demonstrations to the Google applications environment, and shows several strategies and techniques on how Google apps can seriously be considered for an advanced personal productivity and time management system. Randy will help you understand how many of the different functions within Gmail, Google Calendar, & Google Docs, as well as key third-party applications that give you the project/task management capabilities needed by serious business professionals. Randy can show you how these new applications were designed for enhanced productivity, and give great suggestions on their best usage.
Generational Selling, Rhonda Hamilton
Today for the first time in our history, we are faced with the challenges that come from four distinct generations doing business together in the marketplace and working side by side in the workplace. Their differing perspectives and values lead to differing opinions and views regarding rules, work ethic, loyalty, success, time and work procedures, which often times leads to incompatibilities in working together. In order to be an effective sales professional, coworker or teammate, it is vitally important to explore the differences, know the traits and strengths of each generation, and the value each one brings to the table. Advanced Short Sale Negotiations – Double Your Short Sale Closing Rate!, Joel Zieve
You have much more control over the outcome of a short sale than you think. Your instructor (Joel Zieve) has over an 80% short sale approval rate so come learn from the best. In this advanced class, you will learn topics specific to negotiating short sales in Michigan including: · The simplest way to determine the length of the redemption period · How to prevent the redemption period from being cut to 30 days and terminating your listing · The right way to negotiate 2nd mortgages during the redemption period · How Michigan’s “foreclosure by advertisement” process effects your negotiating strategy Real Estate Marketing, Max Pigman
Attendees will review and evaluate their current marketing efforts and consider their effectiveness. Receive tools to help improve their efforts and identify and integrate marketing and technology techniques that will help you stay current with consumer’s expectations. Check out the rest of the Convention Schedule of Events on the MAR Convention Web site. Remember, register early and save! Register Now!
Although the home buyer tax credit has expired for buyers signing contracts after April 30, the credit remains in effect an additional year for military personnel and foreign service employees deployed overseas for 90 days or more between January 1, 2009, and April 30, 2010. They can still claim the credit if they sign a contract on or before April 30, 2011, and close on or before June 30, 2011. The extended benefit could be helpful to members of the military ending tours of duty in Iraq and Afghanistan, among other places, as well as sailors returning from naval deployments across the globe. For more info contact Ken Trepeta.
Michigan Association of REALTORS® (MAR) has been named to the 2010 Associations Advance America Honor Roll, a national awards competition sponsored by the American Society of Association Executives (ASAE) & The Center For Association Leadership, Washington DC. Out of 84 total entrants, 21 Award of Excellence winners and 34 Honor Roll winners were selected. MAR received the award for its Foreclosure Prevention & Response program. The Michigan Foreclosure Prevention and Response Program will be recognized nationally for successfully uniting statewide and community efforts to reach out to Michigan residents needing assistance. The program effort began when NAR funded state associations in an effort to assist homeowners with protecting their most important investment – their homes. In addition, as part of their dedicated and continued fight against the problems facing Michigan homeowners, MSHDA joined with the MAR to support what became the immensely successful Michigan Foreclosure Prevention and Response Initiative. Now in its 20 th year, the prestigious Association Advance America (AAA) Awards program recognizes association that propel America forward – with innovative projects in education, skills training, standards setting, business and social innovation, knowledge creation, citizenship, and community service. Although association activities have a powerful impact on everyday life, they often go unnoticed by the general public. “MAR’s program truly embodies the spirit of the Associations Advance America campaign. It is an honor and an inspiration to showcase this activity as an example of the many contributions associations are making to advance American society,” remarked Associations Advance America Committee Chair Ping Wei, director of education opportunities for the American Society of Civil Engineers.
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 am representing a Buyer in connection with the purchase of a house from a Seller-couple. One week before the scheduled closing, the Seller-husband suffered a stroke that left him permanently disabled. The Sellers now want to back out of the sale due to the husband’s condition. The Buyer still expects to close and is willing to give the Sellers some more time before closing. The Sellers have rejected this proposal. The Buyer is now considering filing a lawsuit against the Seller asking the court to enforce the contract against the Sellers. Would a court do this?
ANSWER: While it is true that the Buyer and Sellers have a binding contract, it is probably unlikely that a judge would immediately order the sale of the property due to the circumstances in this matter. A judge is more likely to either order breach of contract damages – presumably, the difference between the sale price and the fair market value of the home, if any, or provide a reasonable period of time for Seller-couple to remain in the house prior to closing.
The MARST administers two scholarship funds, the Russel A. Pointer and the Barney Harkins Scholarship and Educational Fund. Applicants are automatically considered for financial assistance from both funds. The scholarships are intended for full time college students who have reached at least junior status and who intend to pursue a real estate-related career upon graduation. Awards range from $500 to $2,000 and are distributed over two semesters. Completed application forms for consideration of the 2010-2011 academic school year must be submitted to the Michigan Association of REALTORS® by July 1, 2010. The application form can be found on the MAR Web site. If you have any questions, please contact Andrea Bates at abates@mirealtors.com. Tax-deductible contributions are also accepted by MARST.
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