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May 18, 2009

Have a Safe and Happy Memorial Day Weekend!
The PGCAR Office will be Closed next Monday, May 25th
in observance of Memorial Day.
Memorial Day Salute

 
 
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 >>

 

 
ALSO ANNOUNCING . . . the NEW Consumer Friendly PGCAR.COM!

Developed to help home buyers and home sellers find the experts in Prince George's real estate. . . YOU !!

Click this graphic on the home page to visit the familiar PGCAR Member Services site!

 
2009 CULTURAL DIVERSITY DAY

Women's Council of REALTORS® Prince George's Chapter
and Prince George's County Association of REALTORS®

Present their
2009 CULTURAL DIVERSITY DAY
Thursday, June 4th
at La Fontaine Bleu

7963 Annapolis Road, Lanham

TRANSNATIONAL REFERRAL CERTIFICATION
SPECIAL PRESENTER: Prabhjit Singh

Time: 9:30 AM - 12:30 PM

Earn 3 CEU (CEU pending) and jump start your TRC certification, while learning an excellent overview of the transnational referral market.
  • Learn how to integrate international referrals into your business plan.
  • Increase your income.
  • Distinguish yourself among 2 million brokers and agents worldwide.
  • Receive hands-on training in using the ICREA referral system and related services at WorldProperties.com.
  • Market yourself worldwide as "TRC" (Transnational Referral Certified).
  • Be part of a searchable database of certified professionals.
  • Learn on your own time; 24 hours/7 days a week (online version).

For more information on the TRC, e-mail consortium@realtors.org.

COST: $20 in Advance
(Continental Breakfast and Lunch included in Registration)

Click Here to Register >>
PDF Flyer to Share Here >>

 
 

 

Classes include: MD Ethics, MD Legislative Update, DC Ethics, DC Fair Housing, What a REALTOR® Should Know About Mortgages and Title Issues? Title Solutions.

 
 
$8,000 TAX CREDIT WILL BE AVAILABLE AS FHA DOWNPAYMENT

JUST announced at last week's NAR Midyear Meetings, Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a DOWNPAYMENT.

HUD is in process of approving use of the $8000 Tax Credit as a down payment for FHA loans. It should be officially approved shortly and will be reported here in REALTOR® Connection and online at www.pgcar.com when it is approved. Meanwhile, the $8,000 is available as a tax credit when qualifying new homeowners file their tax returns.

Donovan's remarks came in an address to several thousand REALTORS® gathered last Tuesday morning at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the REALTORS® Midyear Legislative Meetings & Trade Expo.

You can also view video highlights from the Real Estate Summit.

 
 
2009 First-Time Home Buyer Tax Credit

Did you know that the maximum $8,000 First-Time Home Buyer Tax Credit may be received by single buyers with incomes up to $75,000 and married couples with incomes up to $150,000?

Discover all of the details at REALTOR.org >>
IRS Form 5405: First-Time Homebuyer Credit >>
IRS Guidelines >>

 
 
Fundamentals of
Commercial Real Estate

Friday, June 5, 2009:  9:00 am - 4:00 pm
at PGCAR, 8400 Corporate Drive, Suite 225, Landover, MD

Earn 6 CEU while learning an excellent overview of the commercial real estate market.   Full-day, 6 CE price: $150
  • Who are the players?
  • Key differences between commercial and residential markets
  • Handling commissions
  • Types of commercial assets
  • Detailed commercial transaction examples
  • Sales contract, lease clauses and why
  • Commercial property evaluation
  • Where to go for further commercial education
  • . . . and more relevant & helpful Commercial tips & topics

Instructor: D. Scott Smith, CCIM
KW Commercial, CLC Director, President of Maryland / DC CCIM Chapter

Please Click Here to Register

 
 
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 next Tuesday, May 26, 2009.

 
 
Down Payment and Closing Cost Assistance
Neighborhood Stabilization Plan

Program Details in PGCAR.com Members Only
THANK YOU FOR STAYING INFORMED ON THIS PROGRAM!
PowerPoint slides from the PGCAR/County "roll out" presentations are available at PGCAR.com as well as:
  • Down Payment & Closing Costs Assistance Guidelines - Updated May 4
  • Loan Application Checklist
  • Required Forms and Paperwork
  • Who Qualifies, including Qualifying Income Limits for Homebuyers
  • What Properties Qualify
  • Participating Lenders List with Contact Information - Updated May 16
  • NSP DPCCA Loan Amounts

Prepare yourself and your clients to be ready for this opportunity.
LOGIN TO PGCAR.COM MEMBERS ONLY TODAY!

 

 
Find a REALTOR® in Prince George's County, Maryland
Very soon, even MORE eyes will be on www.PGCAR.com. Since PGCAR staff, Directors, and other volunteers have worked so well and contributed so much to the winning and roll out of stimulus dollars for home buyers in Prince George's County, there is already favorable press coming YOUR way, and there will soon be more. 1) PGCAR is hosting approved FHA/HUD housing counseling classes through this year. That is already introducing home buyers to the resources available to Prince George's County REALTORS®. 2) County resources will be highlighting that Prince George's REALTORS® can be found at www.PGCAR.com, trained and available to help home buyers find a home and guide them in qualifying for NSP down payment and closing cost assistance. 3) As always, www.PGCAR.com will remain "search engine friendly" so that the Find a REALTOR® Directory and other helpful tools can be found on google and other search engines. Online search engines are where most prospective home buyers begin their home search. 4) With the roll out of the Neighborhood Stabilization Plan, PGCAR will be rapidly adding even more consumer friendly tools to our website.

We've already made some changes!
Please login to Members Only and Update your profile so that consumers can find and contact you when searching for a home in Prince George's County.

  1. Click here and log in to Members Only.
  2. Once logged in you'll see a Quick Link labeled Edit Your Membership Information on the right-hand side of page. Click this link, then make the following updates as needed.
    • Is your email address correct?
    • Where are you licensed? Check the state(s) in which you are licensed for real estate services. Your license must be current, with all fees paid and requirements fulfilled.
    • Are you FLUENT in any foreign languages, or in American Sign Language? Please check the appropriate boxes if FLUENT.
    • Have you earned any designations? Warning: you must have completely earned the designation and be current in all designation and/or membership requirements in order to advertise a designation.
    • What specialties do you actively PRACTICE in? The choices are: Residential / Home Sales, Commercial Sales, Land Sales, Property Management, Rentals. This has been updated to allow selection of more than 1 specialty; e.g., if you ACTIVELY perform both commercial and land sales you may select both.
    • Do you list your website, so that consumers can click-through and find out more about you?
    • Have you uploaded a current photograph of yourself? If so, it will be on your REALTOR® Directory profile.
  3. Click the Update Button and You're Done. It's that easy. THANK YOU!

 

 

LEGISLATIVE ALERT - May 18, 2009
Mike Graziano, Director of Government Affairs

 
DOWN PAYMENT AND CLOSING COST ASSISTANCE UPDATE
We can do it! There is funding to help place 700 new owners in homes
-- up to $20,000 in County NSP Assistance Dollars per transaction

Neighborhood Stabilization Plan funds will be available soon. The County's Department of Housing and Community Development (DHCD) is finalizing the program guidelines, has signed up participating lenders, and will release their advertising to the public upon launch.

Target Zip Codes Are. . .

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.

Some Fast Facts:

  • The County is in final stages of program launch, and that is expected shortly. Application packages will not be accepted prior to official launch. However, housing counseling training can be accomplished now.
  • 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. (Prelim forms are in Members Only)
  • 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. (Prelim guidelines are in Members Only)
  • Applicants must attend 8 hours of HUD approved financial counseling classes.

Down Payment and Closing Cost Assistance Program
Presentation, Guidelines, Forms, Lender List and More

As we await the approaching "roll out" of the NSP there are a number of things members can do to prepare:

  • Search MRIS and create an inventory of foreclosed properties
  • Login to PGCAR.com Members Only for program documentation, guidelines, required forms and other helpful details.
  • While in Members Only, update your Member profile to help consumers find you.
  • 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.)
  • Take the 3 CEU 203K Purchase Rehab class on Wednesday, June 10.

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.

 

 

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.

 
JUNE HOMEBUYER CLASSES
Tuesday, June 2, 2009 5:30 p.m. - 9:30 p.m. Part 1 (4 Hours)
Thursday, June 4, 2009 5:30 p.m. - 9:30 p.m. Part 2 (4 Hours)
- - - - - - - - - - - -
Saturday, June 13, 2009 9:00 a.m. - 5:00 p.m. Parts 1 & 2 (8 Hours)
- - - - - - - - - - - -
Monday, June 22, 2009 5:30 p.m. - 9:30 p.m. Part 1 (4 Hours)
Wednesday, June 24, 2009 5:30 p.m. - 9:30 p.m. Part 2 (4 Hours)

See the entire class listing in the PGCAR.com Newsroom or Events Schedule >>
Call 301-567-3330 to register your customers.

 
 
CONTINUING EDUCATION

Earn All Required
MD Continuing Education Hours
THIS WEEK at PGCAR.


This Thursday, May 21
MD Legislative Update
3.0 MD Required Legislative Update CEU;
3.0 DC Elective CEU
Don Martin 9:30 am - 12:30 pm
MD Fair Housing
1.5 MD Required Fair Housing CEU;
1.5 DC Elective CEU
Don Martin 1:30 pm - 3:00 pm

This Friday, May 22
MD Code of Ethics
3 MD Required Ethics CEU;
3 DC Elective CEU
Don Martin 9:30 am - 12:30 pm

Thursday, June 4
Transnational Referral Certification
3 MD Elective CEU, pending
Prabhjit Singh 9:30 am - 12:30 pm

Friday, June 5
Fundamentals of Commercial Real Estate
6 MD Elective CEU
D. Scott Smith, CCIM 9:00 am - 4:00 pm

Wednesday, June 10
203K Purchase Rehab
3 MD and DC Elective CEU
Michael Chelst 6:00 pm - 9:00 pm

Thursday, June 11
Contracts
3 MD and DC Elective CEU
Stu Stern 9:30 am - 12:30 pm
REALTOR® Etiquette & Professional Courtesies
1.5 MD and DC Elective CEU
Stu Stern 1:30 pm - 3:00 pm
MD Fair Housing
1.5 MD and DC Elective CEU
Stu Stern 3:15 pm - 4:45 pm

Tuesday, June 16
Reverse Mortgages
1.5 MD Elective CEU
Bruce Winstead 6:00 pm - 7:30 pm

Thursday, June 18
Building Green for REALTORS®
3 MD Elective CEU
Vimal Kapoor 9:30 am - 12:30 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 >>

 
 
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.

 
 
SUBREGION 6 PLANNING BOARD WORK SESSION

This Tuesday, May 19
County Administration Building, Upper Marlboro

The District Council worksession for the Subregion 6 Master Plan and Sectional Map Amendment (SMA) is this Tuesday, May 19. Please see the Planning Board's Subregion 6 project website and meeting agenda for more details.

The work session is scheduled to begin at 11:30 am in Room 2027.

 

Code of Ethics Case Study: Case #16-18:
Assumed Consent for Direct Contact

REALTOR® A, who held an exclusive listing of Client B's property, invited REALTOR® C to cooperate with him. When REALTOR® C, shortly thereafter, received an offer to purchase the property and took it to REALTOR® A, the latter took REALTOR® C with him to present the offer to Client B, and negotiations for the sale were started. The next day, REALTOR® C called on Client B alone, recommended that he accept the offer which was at less than the listed price, and Client B agreed. The contract was signed and the sale was made.

These facts were detailed in a complaint by REALTOR® A to the Board of REALTORS® charging REALTOR® C with unethical conduct in violation of Article 16, having made his second contact with the client without his, REALTOR® A's, consent.

At the subsequent hearing, REALTOR® C defended his actions on the basis that since he had been invited to cooperate with REALTOR® A, and particularly since REALTOR® A had invited him to be present when his offer was presented to the seller, REALTOR® C had assumed that he had REALTOR® A's consent for subsequent direct contacts with Client B. He stated further that he had a good reason for going alone because in his first visit to the client, REALTOR® A had undertaken to present his, REALTOR® C's, offer without fully understanding it and had made an inept presentation. Questioning by members of the Hearing Panel revealed that there had been some important considerations that REALTOR® A had not understood or explained to the client.

Based on your understanding of the Code of Ethics Article 16, how do you think the Professional Standards Panel ruled?

Find out here >>

 

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, June 8
  Ad Copy
Deadline
Wednesday,
June 10
  Publication
Date
Thursday,
June 18

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

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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