Earlier last week, the Michigan Association of REALTORS® launched an association-wide Call to Action. The Call to Action urged members to contact their legislator regarding
House Bill 4915, introduced by Representative Robert Jones (D-Kalamazoo) which seeks to expand the Michigan Consumer Protection Act (MCPA) to include licensed professionals. Michigan REALTORS® are currently exempt from the MCPA. This exemption has been upheld in the courts on various levels, and the MAR Legal Action Committee has fought to reinforce this position throughout the years.
Since the launch of the Call to Action,
over 2500 members have participated! As of now, it looks as if the issue will not be brought up again this year. However, the MAR will remain vigilant and continue the fight against this burdensome and costly legislation should it come up again in 2010.
A big thank you to all who have participated in the Call to Action! The MAR continues to be a strong association because of the membership and the willingness to get involved on issues that affect the industry. We will continue to keep you posted on this issue should anything arise.
2010 is quickly approaching, and as holiday shopping comes to a close, it’s time to focus on one of the most important aspects of the new year; your business! With improving market conditions, kick off your 2010 with a new years resolution that will help your business, your success AND your income!
MAR’s 2010 Achieve Conference is the premier event for executives and leading REALTORS® in the industry. Surround yourself with motivation, inspiration and drive among your real estate peers, and make 2010 the year YOU lead. Click on the following links to find out how MAR’s 2010 Achieve Conference can be YOUR New Year’s Resolution to succeed!
On November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA), part of the Home Affordable Modification Program (HAMP).
HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. HAFA applies only to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which will issue their own versions of HAFA in coming weeks.
Learn more about HAFA
Government Forms and Guidelines
NAR HAFA Program FAQ
Short Sales: The Basics
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 seller of a home that is in foreclosure. We are attempting to arrange a short sale. It is my understanding that a seller disclosure statement must be provided despite it being a short sale. Is this true?
ANSWER: YES. There is no exception in the Seller Disclosure Statement Act for short sales.
WASHINGTON, Taxpayers can get the most out of new recovery tax breaks and get a jump on preparing their 2009 federal income tax returns by consulting a newly revised comprehensive tax guide now available on IRS.gov.
Publication 17, Your Federal Income Tax, features details on taking advantage of new tax-saving opportunities, such as the making work pay credit for most workers, American opportunity credit for parents and college students, energy credits for homeowners going green, first-time homebuyer credit, sales or excise tax deduction for new car buyers, and the expanded child tax credit and earned income tax credit for low- and moderate-income workers. This useful 308-page guide also provides more than 6,000 interactive links to help taxpayers quickly get answers to their questions.
Publication 17 has been published annually by the IRS for more than 65 years and has been available on the IRS Web site since 1996. As in prior years, this publication is packed with basic tax-filing information and tips on what income to report and how to report it, figuring capital gains and losses, claiming dependents, choosing the standard deduction versus itemizing deductions, and using IRAs to save for retirement.
Those who do not have access to the Internet can call 1-800-TAX-FORM (829-3676) to request a free copy from the IRS. Printed copies will be available in January 2010.
Besides Publication 17, IRS.gov offers many other helpful resources for those doing year-end tax planning. Many 2009 forms are already posted, and updated versions of other forms, instructions and publications are being posted almost every day. Forms already available include Form 1040, short Forms 1040A and 1040EZ, Schedule A for itemizing deductions, new Schedule L for those increasing their standard deduction by real-estate taxes paid, sales or excise taxes on new car purchases or a net disaster loss, and new Schedule M for claiming the making work pay credit.
In addition, the American Recovery and Reinvestment Act of 2009 Information Center features a variety of recovery-related videos, podcasts, tax tips and answers to frequently-asked questions.
MAR works diligently around the clock to protect Michigan’s real estate industry by fighting burdensome regulations, protecting private property rights, and promoting REALTOR®-friendly legislation in Lansing and on a national level through working with NAR.
Now, MAR is making it even easier for you to stay up-to-date on RPAC and governmental affairs. Check out the December edition of the REALTOR® Advocate Online. Prepared by MAR’s Public Policy staff, this member newsletter will provide you with plenty of insight and background on the hottest legislative issues. With an approaching election year, you can’t afford to miss this member benefit.
View the December REALTOR® Advocate Online today
You work hard to help people find peace of mind and security when they are searching for a new home. You are well respected and loyal to your buyers when helping them make one of the most important purchases of their lives.
We understand and respect that kind of loyalty. What’s more, we think it’s time that you enjoy that peace of mind and comfort as well. That’s why Frankenmuth Insurance is offering special discounts to members of the Michigan Association of REALTORS®. Savings include a generous discount on auto and home policies. They can also be combined with other discounts available through your independent insurance agent.
To locate an independent insurance agent click on this link: http://www.fmins.com/
or call 800.682.6881 or visit the Hartland Insurance Group web site: www.hartlandinsurancegroup.com <http://www.hartlandinsurancegroup.com/> .