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April 20, 2009

 

YOU can help pick the next

REALTOR® IDOL
TUESDAY, APRIL 21, 2009
At the RPAC Fundraiser
You'll rave over our talent. But you can't enjoy the show
or vote for the winner unless you are there in person.
> Buy your tickets to the show here

 
 
RPAC Annual Fundraiser
T O M O R R O W
at La Fontaine Bleu
6 to 10 p.m.
            
REALTOR® Idol Competition
and Texas Hold 'em
Tuesday, April 21
Door Prizes, Silent Auction, Good Food and Drinks too!
Join the fun and order your tickets now!

$35 RPAC Contribution = 1 Casino Night Ticket
Receive THREE Tickets for $100 RPAC Contribution!

Be a hero by donating a silent auction item or door prize!

Click here for a printable flyer >>

 
 
Red Cross Blood Drive at PGCAR
This Thursday, April 23
9 a.m. to 3 p.m.
Please donate blood and help save lives.

Family, friends and associates are ALL welcome!
Sign up in advance if you can
~ Otherwise just come on in!


 
 
Down Payment and Closing Cost Assistance
Neighborhood Stabilization Plan

Roll Out Briefing for PGCAR Members
Since November, PGCAR has been keeping members informed about the County's down payment and closing cost assistance program entitled the Neighborhood Stabilization Plan. The projected start date for this program is May 1, 2009. PGCAR is announcing the "roll out" of this program at two special sessions - one on Monday, April 27th at 1 p.m. and one on April 30th at 10 a.m. Both sessions will be held at La Fontaine Bleu.

Representatives from The County's Department of Housing and Community Development (DHCD) will be providing specific details about the program.
YOU MUST MAKE A RESERVATION ONLINE or by Fax at 301-306-8273 TO ATTEND.
Space is limited.

Register to attend and learn about:

  • Required Forms and Paperwork
  • Who Qualifies
  • What Property Qualifies
  • Which Lenders are Participating

There is over $9 million dedicated to down payment and closing cost assistance through this program. It is estimated that this will translate into over 700 loans.

Prepare yourself and your clients to be ready for this opportunity.
REGISTER TODAY!

Next Monday
April 27th @ 1 p.m.
Register Here >>
  Next Thursday
April 30th @ 10 a.m.
Register Here >>

 

 

LEGISLATIVE ALERT - April 6, 2009
Mike Graziano, Director of Government Affairs

 
DOWN PAYMENT AND CLOSING COST ASSISTANCE UPDATE
Can $15,000 or more in closing assistance
help YOU place a buyer into a home?

Neighborhood Stabilization Plan funds will be available soon, most likely around May 1. The County's Department of Housing and Community Development (DHCD) has been negotiating with the Department of Housing and Urban Development (HUD) to finalize the program guidelines.

Target Zip Codes Announced

The prospective property must be a vacant foreclosed upon property located within one of the listed (33) zip codes. The property must be a residential unit (single family, townhome, condominium) that the applicant will occupy.

20607
20608
20613
20623
20705
20706*
20707
20708*
20710
20712
20715
20716*
20720
20721
20722
20735
20737
20740
20743*
20744*
20745
20746*
20747*
20748*
20769
20770
20772*
20774*
20781
20782
20783*
20784
20785*
*Target zip codes, where closing cost assistance will be even higher, are highlighted.

Preliminary Details:

  • Projected start date is May 1, 2009. Application packages will not be accepted prior to May 1st.
  • Applicant must be a first time home buyer, defined as "not owning a home within last three years". A co-signer that OWNS A HOME will disqualify the applicant.
  • DHCD will require a specific NSP application, a special contract addendum, and seller/borrower affidavits. (As of this printing these have not been released)
  • Participating Lenders must be FHA/CDA approved. Participating Lenders are required to attend training and execute a lenders agreement.
  • The lender will accept and complete the down payment assistance (DPA) loan applications and underwrite and qualify the first mortgage and pre-qualify the NSP DPA loan simultaneously.
  • Purchaser's total household income must not exceed NSP income limits as verified by lender.
  • Prospective property subject to FHA inspection or use a rehabilitation loan such as FHA 203K.
  • Contract price must reflect a 15% discount from an appraisal dated within 60 days of contract date.
  • Seller must pay a certain amount of closing cost assistance which will be stipulated in final program guidelines. (guidelines not yet finalized)
  • Applicants must attend 8 hours of HUD approved financial counseling classes.

Down Payment Closing Cost Assistance Program
DRAFT Program Fact Sheet

As we wait for the final "roll out" of the NSP there are a number of things that members can do to prepare:

  • Search MRIS and create an inventory of foreclosed properties
  • Attend one of the FREE NSP Roll Out Briefings - Monday, April 27th or Thursday, April 30th.
  • Pre-Qualify buyers under the parameters of the income limits
  • Encourage your buyers to attend 8 hour HUD approved housing counseling and financial literacy classes prior to NSP application. (See following article with class dates and times.)

There is over $7 million dedicated to down payment and closing cost assistance and the state has indicated that they will contribute additional funding. It is estimated that this will translate into over 700 loans. Prepare yourself and your clients to be ready for this opportunity. PGCAR will continue to keep members informed on this issue.

PGCAR NSP Archive:

PGCAR 11/20/08 Legislative Newsletter RE: NSP
PGCAR 2/23/2009 Legislative Newsletter RE: NSP

 

 

PREPARE YOUR CUSTOMERS FOR DOWN PAYMENT
AND CLOSING COST ASSISTANCE

 
- HOMEBUYER EDUCATION CLASSES -

Homebuyers wishing to take advantage of Neighborhood Stabilization Plan (NSP) funds are required to complete eight hours of FHA/HUD approved housing counseling. PGCAR has partnered with a HUD certified housing counseling agency to offer FREE classes for your customers. The classes are designed for the home buying public. After completion of the required eight hour course attendees will be provided with the documentation necessary to qualify them for NSP down payment assistance. All classes will be held at the PGCAR offices.

 
CLASSES BEGIN:
Tuesday, April 28, 2009 5:30 p.m. - 9:30 p.m. Part 1 (4 Hours)
Thursday, April 30, 2009 5:30 p.m. - 9:30 p.m. Part 2 (4 Hours)
- - - - - - - - - - - -
Tuesday, May 5, 2009 5:30 p.m. - 9:30 p.m. Part 1 (4 Hours)
Thursday, May 7, 2009 5:30 p.m. - 9:30 p.m. Part 2 (4 Hours)
- - - - - - - - - - - -
Saturday, May 9, 2009 9:00 a.m. - 5:00 p.m. Parts 1 & 2 (8 Hours)

Call 301-567-3330 to register your customers.

 
 
CHRISTMAS IN APRIL
Those who Volunteered - THANK YOU and See you Saturday!

This Saturday, April 25
7:30 AM - 4:00 PM
at a Prince George's County home
This Saturday, PGCAR volunteers will help a needy Prince George's family with general home repair. Thank you to all who volunteered! The Community Service Committee is coordinating the last details for a fun and rewarding day of work.

 
BY POPULAR DEMAND -- SHORT SALES WITH AL MONSHOWER

Returns to La Fontaine Bleu
Thursday, May 14
1:00 - 4:00 p.m.

3 MD Elective CEU

Register Here >>

This Program addresses all aspects of Short Sales, including a comprehensive thirteen page Short Sale Workflow Chart. Hear and learn from a discussion of Options, Forms, Commission Issues, Legal Requirements and Tax Consequences.

 
 
SALES CONTRACT, REQUIRED ADDENDA, OTHER FORM QUESTIONS?

Members!
Please click here to

  1. Login to Members Only,
  2. Click on the Form Feedback graphic, and
  3. Ask your questions on form intent or content - and to provide suggestions, changes or general feedback about PGCAR standardized forms.

Questions?
They can be answered. Sometimes a form Q & A will be reviewed by legal counsel before being answered, so please expect a few days for a full response, but it really is that easy to get your questions answered. We also appreciate feedback and suggestions. Thanks for your attention!

 
 
CONTINUING EDUCATION

Earn All Required
MD Continuing Education Hours
During April at PGCAR.


This Wednesday, April 22
203K Purchase Rehab - SOLD OUT!
3 MD Elective CEU;
3 DC Elective CEU
Everett Sands 9:30 am - 12:30 pm
What Every REALTOR® Should Know About Mortgages
3.0 Elective CEU, MD and DC
Michael Chelst 1:30 pm - 4:30 pm

This Thursday, April 23
MD Code of Ethics
3 MD Required Ethics CEU;
3 DC Elective CEU
Don Martin 9:30 am - 12:30 pm
New Agent Survival
3 MD Elective CEU;
3 DC Elective CEU
Stu Stern 1:30 pm - 4:30 pm

This Friday, April 24
DC Fair Housing & Predatory Lending
3 DC Required Fair Housing CEU
Prabhjit Singh 9:30 am - 12:30 pm
DC License Exam Preparation

Prabhjit Singh 1:30 pm - 4:30 pm

Friday, May 8
DC Legislative Update
DC Required Legislative Update CEU
Prabhjit Singh 9:30 am - 12:30 pm
DC Ethics
3 DC Required Ethics CEU
Prabhjit Singh 1:30 pm - 4:30 pm

Tuesday, May 12
Reverse Mortgages
1.5 MD Elective CEU
Bruce Winstead 6:00 pm - 7:30 pm

Starting Thursday, July 9
GRI Series IV
- Full Series of 5 Classes Begins

30 Elective CEU, MD
8:30 am - 4:00 pm

Starting Wednesday, October 7
GRI Series I
- Full Series of 5 Classes Begins

30 MD CEU - covering 1.5 hrs Fair Housing,
3 hrs Ethics, and 25.5 hrs Elective CE
8:30 am - 4:00 pm

Full CEU Schedule >>

 
 
Rookie REALTOR® Society Presents:
REALTOR® Safety
Thursday, May 7, 2009
At La Fontaine Bleu,
7963 Annapolis Road
Lanham, MD 20706

9:30 a.m. Registration & Networking
10:00 - 12:00 noon Seminar

FREE Session: Priceless
Knowledge ~ Just your RSVP required.

RSVP HERE!

How often do you think about your safety on the job?
Do you practice good safety at home and on the road?
You can't afford not to! Do your family and friends a favor.
Learn . . . and practice good safety tips. And pass them along!

 
 
SPRING FOOD DRIVE
The need for food has nearly depleted the food supply at area food banks. Please help us replenish the food supplies by bringing your non-perishable food items to the Association office between now and April 30th.

You can also help by holding your own office food drive. If you would like to have a Member of the Community Service Committee pick up the food from your office, please contact Marie at PGCAR - 301.306.7900.

You may also bring your food contributions to the RPAC Fundraiser
on April 21st at La Fontaine Bleu.

Thank you in advance for your generosity.

 
 
PGCAR AFFILIATES - AFFORDABLE ADVERTISING
Which website had between 27,500 and 37,000 visitors PER MONTH over the last year?
www.PGCAR.com!

And now you may advertise your company on the PGCAR.com website.
Please click here for advertising details and contract >>

Advertising is not for real estate companies or agents
- it is for those who offer services of benefit to our real estate members and other website guests.

 

Code of Ethics Case Study: Case #14-3:
Submission of Pertinent Facts

Buyer A filed a complaint against REALTOR® B, the listing broker, involving a property purchased earlier by Buyer A.

REALTOR® B was notified of the complaint, directed to be present at a hearing, and requested to present to a Hearing Panel of the Board's Professional Standards Committee all pertinent facts relating to the transaction. REALTOR® B's response was a statement that he would refuse to submit any information in the matter to a Hearing Panel and would not attend the scheduled hearing, on the grounds that the complaint itself was not justified.

Explaining his position, REALTOR® B stated that his participation in the transaction was exclusively as the agent of the seller; that he had not been representing the buyer; and hence, could not be subject to complaint by the buyer for simply transmitting information on behalf of the seller.

All of his statements concerning the property, REALTOR® B said, were based on information supplied to him by his client, the seller. Any error in this information, he contended, might well provide the basis for a lawsuit between the buyer and seller. As the agent of the seller, he felt that he was not answerable to the buyer for having done no more than transmit information proved to him by the seller.

You Be the Judge

Based on your understanding of the Code of Ethics Article 14, how do you think the Professional Standards Panel ruled?

Find out here >>

 
 
Housing Affordability Sets New Record, Pending Home Sales Increase

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 2.1 percent to 82.1 from a reading of 80.4 in January. Also in February, NAR's Housing Affordability Index rose to a new high, indicating that the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970.

Broker and NAR President Charles McMillan, said home buyers are in an excellent position. "The drop in mortgage interest rates and home prices mean the buying power of a typical family has never been better," he said. "If you have a good job and long-term plans, it's unlikely that you'll find a much better time to buy a home. This is especially true for first-time buyers who can qualify for an $8,000 tax credit this year, have a great selection of homes to choose from, and are in a favorable negotiating position."

Read More >>

Spring Sales Staging Tips >>

 
HELP WIN $10,000 FOR THE PRINCE GEORGE'S COMMUNITY

PGCAR members do so much to help others. Help us share this good news and we could win a donation from MAR of $1,000, $5,000 or $10,000 to the charities of our choice!

Do you volunteer for your church, collect money or toys for "Toys for Tots," raise or make donations to charitable organizations, drive for Meals on Wheels, donate time at your child's school or Scouts? However you volunteer and give back to the community, we'd like to hear about it! Please complete the online form in the PGCAR.com Community Service section.

Let's win that C.A.R.E. award for the Prince George's community at the 2009 MAR Convention. With your help we can do that. The deadline is May 29th. We know many of you participate in multiple community events, so please submit as early as possible and with photos and testimonials when available.    Online Form >>

 
 
APRIL IS FAIR HOUSING MONTH

NAR and our neighbors at Anne Arundel Association of REALTORS® and the Women's Council of REALTORS® of Anne Arundel County present:

At Home with Diversity®
Certification Course

To prosper in today's real estate markets, REALTORS® need new skills for handling transactions that involve minority buyers or sellers. These skills are taught through the professional development course, At Home with Diversity®.

Location: Anne Arundel County Association of REALTORS®
555 Benfield Rd., Severna Park, 410-544-4554
Date: Wednesday, April 22, 2009
Time: 9:00 am - 4:00 pm
Cost: $50.00

Cost includes:
6 hours of CE (Fair Housing and Professional Enhancement)
Course Materials, Light Breakfast and Lunch
At Home with Diversity Certification, Lapel Pin, Logo for your marketing (must complete training)
Credit toward the CIPS, CRS and PMN designations

Click Here for a Registration Flyer!

Diversity Resources. . . . .
The Cultural Diversity Committee of PGCAR has identified a number of reference resources to assist you in bridging the gap on diverse issues.
  • Field Guide to Fair Housing at www.realtor.org
  • Spanish/English Real Estate Dictionary*
  • Spanish for Real Estate Professionals
  • Bow, Kiss or Shake Hands*

*Available at Prince George's Association of REALTORS® Office

Thank you to all who attended the February "Every Voice Counts" Mixer! See the photos >>

 

SPOTLIGHT SPECIALS

Place your ad in the Official Homes Section of The Prince George's County Association of REALTORS®, brought to you by The Gazette. This is a special pullout FULL COLOR supplement reaching over 127,000 homes and businesses in Prince George's County.

CHOOSE YOUR SPECIAL!!!

  1. BUY 1 AD, GET AN AD IN THE GAZETTE OF YOUR CHOICE FOR 15% OFF
  2. BUY 2 ADS, GET THE 3rd HALF PRICE
  3. BUY 3 ADS, GET THE INTERNET FREE FOR 3 MONTHS
    (ad must be the same ad that is in the spotlight and will run for 3 months straight)

BE IN THE SPOTLIGHT FOR FREE!

That's right, FREE! Write an article that would be of interest to real estate consumers and have it published in the Official Homes Section of The Prince George's Association of REALTORS® - brought to you by The Gazette.

Article
Deadline
Monday,
Monday, May 11
  Ad Copy
Deadline
Wednesday,
May 13
  Publication
Date
Thursday,
May 21

If you are interested in writing an article or placing an ad, please contact
Heidi Lamere at 240-473-7588 or hlamere@gazette.net.

 
 
SUBREGION 6 PLANNING BOARD WORK SESSION

This Thursday, April 23
County Administration Building, Upper Marlboro
First Floor County Council Hearing Room

The Subregion 6 Planning Board work session to review the Digest of Testimony from the Joint Public Hearing on the preliminary plan and proposed Sectional Map Amendment is this Thursday, April 23.

Please see the Planning Board's Subregion 6 project website and long range agenda for more details.

The work session is scheduled to begin sometime after 1 p.m.

 
 
Volunteer Part of a Saturday
and Help our Service Men and Women
The USO is looking for volunteers to help pack boxes that are going out to our service men and women who are deployed overseas.

Volunteers will gather on June 13th at Ft. Belvoir, 9 a.m. to 3 p.m., to help prepare the packages. Contributions of $25 are also welcomed and will pay for the cost of one box containing supplies worth over $75.

Click here to Volunteer >>

 
 
MAR COMMITTEES - CALL FOR VOLUNTEERS
The Maryland Association of REALTORS® is looking for volunteers to serve on MAR committees for the 2009-2010 committee year. Sign up at www.mdrealtor.org.

REMINDER: Current MAR committee members must complete a new volunteer form if they wish to continue serving for a 2009-1010 term.

DEADLINE: Wednesday, May 13, 2009

 
 
VOLUNTEER FOR A NAR COMMITTEE

Members! The National Association is now accepting recommendations for committee service in 2010. Please recommend yourselves or other suitable candidates for up to three committee positions at the national level. We encourage you to nominate yourself, and encourage others whom would also make good leaders.

For NAR committee leadership positions, please go to the NAR Governance: Committees section of REALTOR.org. There you will find a direct link to the Online Committee Recommendation Database and details of the 2010 NAR Committees.

All committee recommendations must be submitted at REALTOR.org.
Deadline for submission is May 26, 2009.

 
 
NAR MIDYEAR LEGISLATIVE MEETINGS & TRADE EXPO...

Join us to take an active role in advancing the industry, public policy agenda and Association during the 2009 Midyear Legislative Meetings & Trade Expo. The event will be held May 11-16 in Washington, DC. And best of all, IT'S FREE!

Register now >>


 

Prince George's County Association of REALTORS®
8400 Corporate Drive  :  Suite 225 : Landover MD 20785
Phone 301-306-7900  :  Fax 301-306-8273  :  www.pgcar.com  :  ©2008, PGCAR

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