Several House members in Washington D.C. have introduced bills reflecting their support for the first-time homebuyer tax credit and urging that it be expanded and extended. The National Association of REALTORS® is saluting their efforts, but has not endorsed any particular approach. The bills have differing details, but, taken together, all would have beneficial effects on the housing market. NAR anticipates additional bills in the near future.
MAR’s
Federal Political Coordinators (FPCs) have been meeting with Michigan members of Congress during their August break to communicate the need to have the current $8000 First Time Homebuyer tax credit extended through December 2010. The National Association of REALTORS® homes sales data has shown that the portion of first-time homebuyers in the market during 2009 has been about 50%. Historically, about 35-40% of purchases are first-time buyers. Furthermore, it is the hope that the tax credit, if extended, will be expanded to all homebuyers. The MAR acknowledges that there may be further announcements in the coming months as the current tax credit December 1
st expiration date approaches.
The current tax credit is equal to 10% of the purchase price of the home up to $8000 and does not have to be repaid. Those eligible for the tax credit must meet income requirements- single buyers with incomes up to $75,000, and for married couples, incomes up to $150,000. The credit can be applied to a single-family home, townhouse, co-op or condo. Click
here to read more about the First Time Homebuyer Tax Credit.
Plans are being finalized for the 2009 MAR Convention & Expo, being held October 7-9, 2009 at the Grand Traverse Resort & Spa. Next Thursday, September 10, marks the deadline for the early bird registration rate. Save today, and register now! With license renewal deadline looming this October 31, 2009 get your CE in one place, at one time, for one low price. Over 29 CE credits are already approved, one in every knowledge session time slot.
If you’re unable to attend or want to extend your registration dollar, purchase the MAR 2009 Convention & Expo Live Learning Center. For only $99, have access to EVERY knowledge session approved in Streaming Media Format or for Download - even to your MP3 player. The sessions will contain the audio fully synchronized to their PowerPoint’s to provide you with a true multimedia recreation of the event. User notes, online handouts and the MP3 file for downloads are just some of the additional features. Return to the office with the full convention experience, AND the sessions you may have missed!
Still on the fence on whether to attend this year’s Convention & Expo? Find out the reasons why YOU should attend, by visiting
MAR’s 2009 Convention & Expo Web site.
MAR along with the Department of Energy Labor & Economic Growth (DELEG) encourages you to renew your license early. Even though the deadline for renewal is not until October 31, 2009, starting the process now will help avoid any potential delays that could result in a lapsed license. Online renewal is currently open. You can go to DELEG’s Web site at
www.michigan.gov/realestate , click on “iCOLA Information” under the “Spotlight” heading and use a credit card to renew your license. For a smoother, quicker renewal process, DELEG recommends you utilize its online renewal process. However, licensees will also receive a paper application in the mail that they may fill out and return with the appropriate fee. To make the renewal process easier for its members, MAR worked with DELEG to put together a list of frequently asked questions that can be found on the
MAR Web site.
Download Online License Renewal FAQ's
The U.S. Department of Housing and Urban Development has released
frequently asked questions (FAQs) on the Real Estate Settlement Procedures Act (RESPA) final rule published last year. Nearly 90 FAQs, organized by subject, cover topics ranging from effective dates to the new GFE and HUD-1 forms. Some provisions are already in effect. Others, including mandatory use of the new GFE and HUD-1 forms, go into effect Jan. 1, 2010. For more info contact Scott Rinn,
srinn@realtors.org, 202/383-7508.
With the help of McClelland & Anderson, we are taking the most commonly asked questions from our legal hotline and putting them in E-news. We will be featuring a different question each issue.
QUESTION: I am a REALTOR
® representing a buyer who made a “short sale” offer on a foreclosed property. The listing agent told me that seller has already signed another offer and presented it to his bank for approval. I told the listing agent that the seller was free to accept my client’s offer because he had no binding purchase agreement yet. Am I correct?
ANSWER: NO. Ordinarily, unless the contract says something different, once the seller accepts the contract and submits it to the bank for its approval, a contract is formed. (Bank approval is simply one contingency in the contract.)
The Michigan Association of REALTORS® is helping its members meet their health insurance needs by offering individual and family coverage through Blue Cross Blue Shield of Michigan (BCBSM). Health insurance is something you can’t afford to be without. If you’re graduating, self-employed, considering early retirement or losing your employer-sponsored coverage, BCBSM will help you figure out a plan that is not only affordable, but flexible as well.
Through BCBSM’s MyBlue plans, MAR members can obtain coverage that includes health (including maternity, surgical care and hospitalization), dental and vision. Whether you are looking for individual or family coverage, BCBSM can help you customize a plan that meets your needs and work within your budget.
Group Associates, MAR’s group administrator for BCBSM programs can assist you in reviewing and selecting the right plan for you. Call Priscilla Adkins at 800.342.8908 ext. 2810 or visit
www.groupassociates.com/mar.html.
GRI is an exciting program that provides practical real estate sales training for the novice or the veteran. The goal of the GRI program is to prepare REALTORS® to provide more professional service to the public and be rewarded through increased commission income.
Benefits of the GRI designation are numerous. Designees gain through increased productivity, competency and income, while increasing their network of referrals. Join over 3,700 GRI members in the state who have earned their certificate and pin and fulfilled broker licensure requirements.
The GRI courses are available online or in a traditional classroom setting.
Click here to register for an online course or view our
course calendar , and search GRI.