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June 29, 2009

 
 
LEGISLATIVE ALERT - June 29, 2009
Mike Graziano, Director of Government Affairs

Down Payment and Closing Cost Assistance
Neighborhood Stabilization Plan

Final Plan Details Released
Application Intake Begins Tomorrow, June 30th

 
The County has officially launched details and specific information about the down payment assistance program. The Department of Housing and Community Development (DHCD) will begin accepting NSP Loan applications as of TOMORROW, Tuesday, June 30, 2009. REALTORS® and consumers may go to Prince George's County's NSP for complete information about the "Down Payment On Your Dream" down payment assistance program. Click on the " REALTORS® Only" and "Lenders Only" links for all necessary forms and applications.

From the County's web page, consumers are steered to PGCAR.com to search for REALTORS® and to gather information about the program. When landing at PGCAR.com, potential home buyers are greeted by a consumer friendly home page with details about the NSP, a system to search for Prince George's County REALTORS® and much more consumer oriented information.

Revised Details as of June 26, 2009:

Be prepared for your phone to ring!

PGCAR NSP Archive:


 
 
PGCAR CLOSED 3 PM THURSDAY, JULY 2nd
THROUGH JULY 4th WEEKEND

The PGCAR office will close at 3 p.m. this Thursday, July 2nd and will remain closed until 9:00 a.m. on Monday, July 6th in celebration of Independence Day. If you will need signs, a SentriCard or box, please plan accordingly. Have a happy and safe July 4th celebration!

 
 


Are you, or someone you know, interested in serving as a member of the 2010 Prince George's County Association of REALTORS® Board of Directors? The PGCAR membership will elect:

  • a President-Elect,
  • a Secretary, and
  • four (4) Directors to serve two-year terms.

All terms begin this October 1, 2009. Any individual wishing to run for President-Elect or Secretary

  • must be a REALTOR® member in good standing of PGCAR,
  • must have held membership in PGCAR for a minimum of two years and
  • must have served two years as a Member of the Board of Directors during the last four years.

Those running for a Director position

  • must be a REALTOR® member in good standing of PGCAR,
  • must have held Membership in PGCAR for a minimum of two years and
  • must have served on a PGCAR standing or special committee for two full years or two separate standing or special committees for one full year during the last four years.

Service on the Board of Directors requires a commitment to attend Board of Directors meetings (12 per year) as well as participating in other PGCAR activities. Interested in having your name considered by the Credentials Committee for inclusion on the ballot? Please complete the Online Candidate Form TODAY  or you can print and fax a candidate form.


Printed forms may be submitted by fax at 301-306-8273 or by e-mail to info@pgcar.com.

 
Why Miss a Lead? Update your REALTOR® profile today.

The new consumer friendly pgcar.com helps 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!

Thanks to the huge response to updating your profiles. Still on the back burner? Click here now and log in to Members Only to edit your Membership profile.

 
 
PGCAR REALTOR® Sherman Ragland, II Elected as Chamber Chair

Congratulations to Sherman L. Ragland, II, elected as the new Chair of the Prince George's County Chamber of Commerce. Elections were held last Thursday, June 25. As Chamber Chair, Mr. Ragland will head the 30-member Board of Directors and the nearly 1,000 member organization, responsible for representing the interests of businesses located within and doing business within Prince George's County. Mr. Ragland is the first REALTOR® in recent history to lead the Prince George's Chamber of Commerce.

Sherman Ragland resides in Bowie with his wife and three children, is a PGCAR and Urban Land Institute member, an Alumnus of Leadership Washington, President / CEO of Tradewinds International Holdings, and Chief Visionary of Realinvestors of Maryland Inc, a holding company that runs a network of education centers focused on adult financial literacy. He is also the past Chairman of the City of Bowie Economic Development Commission and served as a Commissioner of the Maryland Higher Education Commission from 2004-2007.

We extend our congratulations and well wishes in your new role!

 
 
4 Contract Changes Now Effective!
3 updated Condo forms covering new legal requirements and 1 NEW contract form. . .

 
 
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!

 
 
Red Cross Blood Drive at PGCAR
Save the Date!
Next PGCAR Blood Drive
Thursday, August 20
9 am - 3 pm @ PGCAR

On June 25, we collected 26 pints of blood. Great job! Thanks for caring enough to Give Blood . . . to Give Life.

Please donate on August 20 and bring a friend!

 
 
COMMITTEE

VOLUNTEERS

NEEDED

Early Alert - Committee Applications are Opening for the 2009 / 2010 Membership Year

Interested in expanding your leadership role within the Association and Community?
Volunteering to learn new skills and meet new people?
Applying your special talents to improve PGCAR and help others?

There's something for everyone!
Check out our committee listing at pgcar.com >>
Apply for a committee position here >>

Committee applications will be due August 1, 2009.

 
 
  Thank you to everyone who organized or participated in Saturday's FREE Community Health Fair. We had a great attendance, and helped educate many in our community about the importance of health screenings, and it was a fun time! PGCAR REALTORS® do make a difference!

 
 
WORTH A SECOND LOOK ~ TAKE ACTION NOW
Down Payment and Closing Cost Assistance
Neighborhood Stabilization Plan
Opens for Home Buyer Applications TOMORROW

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

NSP Sales Planning Action Items:

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

 

 

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.

 
JULY HOMEBUYER CLASSES
Saturday, July 11, 2009 9:00 a.m. - 5:00 p.m. Parts 1 & 2 (8 Hours)
- - - - - - - - - - - -
Tuesday, July 14, 2009 5:30 p.m. - 9:30 p.m. Part 1 (4 Hours)
Thursday, July 16, 2009 5:30 p.m. - 9:30 p.m. Part 2 (4 Hours)
- - - - - - - - - - - -
Monday, July 27, 2009 5:30 p.m. - 9:30 p.m. Part 1 (4 Hours)
Wednesday, July 29, 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.

 
 
$8,000 TAX CREDIT IS NOW AVAILABLE AS FHA DOWN PAYMENT

EXTRA! EXTRA! Homebuyers across the country can now take advantage of a Federal Housing Administration program to allow qualified home buyers to apply the $8,000 tax credit when purchasing a home - - - at the time of closing or down payment.

FHA will now permit its lenders to provide a short-term bridge loan that will let qualified home buyers use the tax credit to either make a larger downpayment above the FHA required 3.5 percent, cover closing costs, or buy down their interest rate. Shaun Donovan, secretary of the Department of Housing and Urban Development, announced the formal approval on Friday, May 29. See the detailed HUD changes here.

"A true housing recovery depends on buyers returning to the market and reducing inventory," said National Association of Realtors® President Charles McMillan. "Since many of the homes available are lower priced starter homes, the ability for individuals to use the tax credit at closing should have a meaningful impact on home sales and values and will allow thousands of families to achieve the dream of homeownership."

For full details, visit the NEW www.pgcar.com >>

 
General 2009 First-Time Home Buyer Tax Credit Facts

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 >>

 
 
CONTINUING EDUCATION

Earn YOUR GRI and All Required
MD & DC Continuing Education Hours
at PGCAR.


Friday, July 17
Home Inspections & Environmental Issues
3 DC and MD Elective CEU
Vimal Kapoor 1:30 pm - 4:30 pm

Tuesday, July 21
Reverse Mortgages
1.5 MD Elective CEU
Bruce Winstead 6:00 pm - 7:30 pm

Wednesday, July 22
203K Purchase Rehab
3 MD Elective CEU
3 DC Elective CEU
Michael Chelst 6:00 pm - 9:00 pm

Thursday, July 23
DC Fair Housing & Predatory Lending
3 DC Required Fair Housing CEU
Thomas Lynch 9:30 am - 12:30 pm
DC Legislative Update
3 DC Required Legislative Update CEU
Thomas Lynch 1:30 pm - 4:30 pm

Friday, July 24
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

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 >>

 
 
GET THE FACTS. . . ANYTIME

Registration links, deadlines and details for all PGCAR Events, Classes and Applications are on the PGCAR.com Events Calendar. Thank you for your participation in PGCAR!

 
 
CAREFUL BUYERS FIND USEFUL IDEAS ON WEB


Washington Times, June 5 — The National Association of REALTORS® says that more than 80 percent of potential homebuyers start the search for a new home on the Internet. As anyone who has spent time online knows, the Internet provides a wealth of information, but it is difficult to determine how much of that information is accurate.

This Washington Times article gives advice on using online information wisely, and taking the best advantages of both local and national real estate and financing web site. Full article >>

 
 
MAY EXISTING-HOMES SALES CONTINUE RISING TREND

Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit. May's increase was the first back-to-back monthly gain since September 2005.

Existing-home sales rose 2.4 percent to a seasonally adjusted annual rate of 4.77 million units in May, up from a downwardly revised level of 4.66 million units in April, and 3.6 percent below the 4.95 million-unit pace in May 2008.

Lawrence Yun, NAR chief economist, expected an improvement. "Historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates," he said. "First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory. However, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan."

Mortgage rates are still low although rising, with the national average commitment rate for a 30-year, conventional, fixed-rate mortgage of 4.86 percent in May, up slightly from a record low 4.81 percent in April 2009. Last week, Freddie Mac reported the 30-year fixed at 5.38 percent. The rate was 6.04 percent in May 2008. Full article at REALTOR.org >>

Local to Prince George's County, the number of new Contracts improved in May 2009 in both the single-family and condo residential markets. Visit Home Sales and Market Reports at PGCAR.com for more details >>

 

THE NAR CODE OF ETHICS . . .
Our Professional Code of Conduct

The Code of Ethics of the National Association of REALTORS® establishes a public and professional consensus against which the practice and conduct of REALTORS® and REALTOR-Associates® may be judged. In joining a Board of REALTORS®, you signify your intention to abide by the Code and thereby enhance the public and professional image of yourself and all other REALTORS®. Adherence to the Code is the first great bond between REALTORS® throughout the country. Knowledge and adherence to the Code sets you apart from other real estate practictioners.

The Code of Ethics Case Studies which you have been reading have been developed by the NAR Professional Standards Committee to help understand in real-life scenarios, the ethical obligations created by the Code of Ethics. They are also used for extra guidance for Grievance Committees, ethics and arbitration Hearing Panels, and Boards of Directors.

Code of Ethics Case Studies present specific situations involving charges of alleged unethical conduct by REALTORS® and/or REALTOR-Associates®, which are reviewed by a peer panel of Board Members and in which decisions as to ethical conduct are reached. Each case study provides the Hearing Panel's decision based on the facts and the rationale for the decision.

We hope these Case Studies help you in considering your duties and applying good ethics in your dealings with Customers, the Public, and with other REALTORS®. Have you noticed that the NAR Code of Ethics is divided into your

Each of these areas of professional duties will be covered.
Tune in for another case study in the next REALTOR® Connection!

 

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,
July 13
  Ad Copy
Deadline
Wednesday,
July 15
  Publication
Date
Thursday,
July 23

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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