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October 20, 2009

 
NSP Update - October 19, 2009

DOWN PAYMENT ASSISTANCE - STILL GOING STRONG!
OVER $7 MILLION STILL AVAILABLE
IN ASSISTANCE MONEY FOR FIRST TIME BUYERS

Over 70 properties have settled under the County's "Down Payment on Your Dream" homebuyer assistance program since its inception on July 1st and more are in the pipeline. DHCD's experienced underwriters, processors and title people are accepting loan applications everyday! There is still $7 million in reserves dedicated for the program. In total, over 700 down payment assistance loans will be issued.

"Down Payment on Your Dream" is compatible with FHA, VA, and Conventional mortgages as well as 203K programs. Other programs such as CDA, Housekeys 4Employess, and Smartkeys are also eligible.

The County is doing a great job of promoting the program to the public via radio and print advertising. The program has received a lot of positive reports in the local press, including the Gazette, Prince George's Post, and Sentinel as well as all major television stations, including WUSA Channel 9, WRC Channel 4 and WJLA Channel 7. In fact, PGCAR Past President Don Frederick spoke to Fox 5 News about the advantages of the program for first time buyers.

All of the County's advertising drives consumers to  www.pgcar.com as the resource to find a REALTOR® to assist in the search for foreclosed properties. Members are encouraged to go to the www.pgcar.com "Members Only" section to update your member profile to take advantage of this marketing opportunity.

Click here for the most recent PowerPoint which details all provisions of the program and will answer most questions. Also visit www.princegeorgescountyMD.gov/dream for more info and all necessary forms and guidelines. These details are also available on the "Members Only" section at www.pgcar.com.

 
- - - Call for Action Milestone! - - -

Tax Credit Call for Action Update NAR is pleased to report that we now have a 15.2% response rate to the homebuyer tax credit Call for Action (CFA). For the first time, we have reached - and beat - our national goal!! This is no small thing. Over 154,000 REALTORS® have taken action, sending nearly half a million letters to Capitol Hill. Those are numbers that cannot be ignored.

The CFA is still live and we're still pushing to get more letters up to Congress. PLEASE ask every REALTOR® you know to respond. Tell them to go to the REALTOR® Action Center, follow a few prompts and it's done.

We can't stop now. Congress still needs to act to "expand and extend" the homebuyer tax credit. Please send your message today, emphasizing how the tax credit is helping homebuyers and our economy. Thank you for adding your voice!

 
 
TAX CREDIT BEST TOOL FOR SUSTAINING HOUSING RECOVERY

NAR representatives testified at a hearing of the U.S. House Small Business Committee on October 7 that the best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, and it is essential that Congress extend the credit into 2010.

The tax credit expires November 30.

"The credit is working," NAR Regional Vice President Joseph Canfora said, pointing out that the 355,000 to 400,000 transactions directly attributable to the credit made a significant dent in the housing inventory and will help to stabilize home prices. Further, the credit has provided a huge indirect benefit to local governments, shoring up property tax bases in particularly hard-hit areas.

Further, NAR data has estimated that every home purchase pumps into the recovering economy about $63,000 - the equivalent of one new job added to the employment figures.

Full Article >>
Email Legislators to Extend and Expand Homebuyer Tax Credit >>

 
Save the Date!
FOR THE ANNUAL LEGISLATIVE RECEPTION ON NOVEMBER 3
at Jasper's from 6 pm to 8 pm

 
 
2010 Membership Renewals
are Due November 30!

Renewed for 2010? Use our fast and secure Online Dues Payment!
Paying online is easy, secure, supplies you with a receipt, and allows you to confirm your 2010 PGCAR, MAR and NAR membership renewal in your Member's Only History records.

Renew as Easy as 1-2-3:

  1. Click here
  2. Log in
  3. Renew online and receive an itemized receipt too!

Please pay your 2010 dues by November 30th to prevent late charges. Thank you!

 
URGENT: Revised MAR Conservation Easement Addendum
Please Read Entire Article and Download Updated Contract Addendum

Al Monshower has notified us of the implications of the change in the law concerning conservation easements and has urged PGCAR to make all of our members aware of these changes.

During the 2007 Session of the Maryland General Assembly, the Legislature enacted a requirement that properties affected by one or more conservation easements or other restrictions limiting or affecting use of the property be fully disclosed to a prospective purchaser of the property.

However, under the laws enacted effective October 1, 2007, the buyer had no right, upon receipt of any applicable conservation easement affecting the property, to declare the contract null and void, provided the purchaser received the easements within ten (10) days from the date of the contract of sale.

During the 2009 Session of the Maryland Legislature this oversight was corrected. Effective October 1, 2009, a new Maryland law took effect which now provides the purchaser with the right, under certain circumstances, to rescind the contract of sale.

Specifically, under the new law, a buyer who receives the required notice as set forth in the Conservation Easement Addendum and copies of the conservation easements applicable to the property on or before the buyer and seller enter into a contract of sale, would not have any right to rescind the contract of sale based upon the information as perceived from the seller regarding such conservation easements.

However, under the new law, a buyer who does not receive the notice as contained in the Conservation Easement Addendum or copies of all applicable conservation easements on or before entering the contract of sale of the property, upon written notice to the seller or the seller's agent, has the unconditional right to rescind the contract at any time before receipt of the notice as set forth in the Conservation Easement Addendum or the receipt of the conservation easements, or within five (5) days after receipt of the notice and copies of all applicable easements. In such event, the buyer would be entitled to the immediate return of any deposits made in accordance with the contract of sale.

THIS NEW LAW WILL HAVE SIGNIFICANT IMPACT
UPON MEMBERS OF OUR ASSOCIATION.

First, the new law, as stated above, does now grant to the buyer the right to rescind the contract, unless the notice, documents and easements were provided to the buyer before the contract of sale was entered into, any time before the buyer receives the notice and easements or within five (5) days thereafter. THIS IS A MAJOR CHANGE FROM THE LAW AND A MAJOR CHANGE IN THE CONTENTS OF THE CONSERVATION EASEMENT ADDENDUM.

More problematic, if the contract of sale was prepared by a REALTOR® and does not contain the Conservation Easement Addendum, then the buyer, even if they received copies of the conservation easements prior to entering into a contract of sale, would still have the right to declare the contract null and void.

THE FOLLOWING INFORMATION IS OF UTMOST IMPORTANCE:

  • Only the revised MAR Conservation Easement Addendum which now bears the date of 10/09 as published by MAR should be used in any contract of sale on or after 12:01 a.m. on Thursday, October 1, 2009.
  • Brokers should remove from their current inventory any prior versions of the MAR Conservation Easement Addendum.
  • Brokers and office managers should notify their sales associates to destroy all prior versions of the MAR Conservation Easement Addendum which they may have in their personal possession which are outside the control and authority of the broker and/or manager.

 
EIGHT ADDITIONAL CONTRACT CHANGES

The MAR Conservation Easement Addendum and 8 other contract forms were either updated or added to Members Only in early October. Visit www.pgcar.com Members Only and run an update on ZipForms today if you haven't yet updated these forms. Don't risk a settlement due to outdated forms. Do a forms check today!

 
 
OCTOBER 2009 STATE LEGISLATIVE CHANGES

Several other new laws besides the one affecting disclosure of conservation easements took effect as of October 1, 2009.

Click here for a summary of those which impact residential or commercial real estate, including changes to new home construction contracts and the replacement of septic systems in Maryland's Critical Areas.

 
 

 
 
WHAT'S NEW - BOWIE MORTGAGE ASSISTANCE

Bowie Homebuyer SavingsHere's a great program which gives your buyers who are police officers, teachers and Bowie City employees a $2,000 grant when buying a primary residence in Bowie.

Flyer to share >>
Website >>

Information on other homebuyer savings can be found on www.pgcar.com - in the Homebuyer Savings section.

 
 
GIVE BLOOD — SAVE LIVES
This Friday, October 23
9 a.m. to 3 p.m.
PGCAR is sponsoring and hosting a Red Cross Blood Drive® at the association office this Friday, October 23.

Optional sign up ~ Please help spread the word!

FRIENDS ~ FAMILIES ~ MEMBERS
All are Invited to Give the Gift of Life!


 
 
PRINCE GEORGE'S COUNTY HABITAT FOR HUMANITY HOUSE

Prince George's County Habitat for Humanity is in need of $50,000 to finish a house in Prince George's County.

Please click here to contribute. Any amount will help put a family into a home.

Thank you for your generosity!

 
 

 
 
CANNED FOOD DRIVE

PGCAR is collecting food until November 15th. Let's each contribute one can . . . or two. Do you realize that if each member contributed 1 food item that would be 3300 items? Imagine how many people that would help!

Please drop off cans at the Association office, or collect them in your own office throughout October before bringing them in.

 
 

 
HOMEBUYER EDUCATION CLASSES
Offer a Class that Helps Buyers Qualify for Government Funds for a Downpayment on Dream Home

PGCAR is continuing to partner with HIP and HOPE to offer the NSP-required 8-hour HUD approved class. These classes now have a fee, a reduced charge of $50 for the entire 8-hour class.

Below are the next 3 sessions. Call 301-567-3330 to register your customers.

 
Monday, October 26, 2009 5:30 p.m. - 9:30 p.m. Part 1 (4 Hours)
Wednesday, October 28, 2009 5:30 p.m. - 9:30 p.m. Part 2 (4 Hours)
- - - - - - - - - - - -
Tuesday, November 10, 2009 9:00 a.m. - 5:00 p.m. Parts 1 & 2 (8 Hours)
- - - - - - - - - - - -
Thursday, November 12, 2009 5:30 p.m. - 9:30 p.m. Part 1 (4 Hours)
Saturday, November 14, 2009 5:30 p.m. - 9:30 p.m. Part 2 (4 Hours)

See the full schedule for class dates through June 2010.

 
 
CONTINUING EDUCATION

Earn ALL of Your Continuing Education requirements for Maryland and DC license renewal at PGCAR!

Sign up for YOUR choice of classes here!


This Wednesday, October 21
GRI Series I - Module 104:
Basic Residential Financing

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

This Thursday, October 22
GRI Series I - Module 105:
Marketing Methods

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

Next Thursday, October 29
Agency Law
3.0 MD Required Legislative Update CEU
Stu Stern 9:30 am - 12:30 pm
REALTOR® Etiquette
1.5 MD Elective CEU;
1.5 DC Elective CEU
Stu Stern 1:30 pm - 3:00 pm
MD Fair Housing
1.5 MD Required Fair Housing CEU;
1.5 DC Elective CEU
Stu Stern 3:15 pm - 4:45 pm

Full CEU Schedule >>

 
COUNTY SUBREGION 6 APPROVED MASTER PLAN

Subregion 6 Master Plan and Sectional Map Amendment (SMA), covering almost one third of Prince George's County, was approved by the Prince George's Council on September 15, 2009. Council Resolution (CR-62-2009), a schedule of related events, and the Preliminary Master Plan can be found on the Subregion 6 project website.

Copies of the Preliminary Subregion 6 Plan and approved Amendments are available in hard copy at these locations:

  • Upper Marlboro Library, 14730 Main Street, Upper Marlboro, Maryland 20772
  • Baden Branch Library, 13603 Baden-Westwood Road, Brandywine, Maryland 20613
  • Information Services, Lower Level, County Administration Building, Upper Marlboro, Maryland 20772

Historic Sites and Districts Plan Staff Draft

The Prince George's County Planning Department released the Staff Draft of the Historic Sites and Districts Plan (HSDP) on the plan website for public comment on September 25, 2009. A hard copy version of the staff draft will also be available at the Planning Information Services Office located on the lower level of the County Administration Building at 14741 Governor Oden Bowie Drive in Upper Marlboro.

Written comments (letter, fax and/or email) will be accepted until COB next Monday, October 26. Staff will consider those comments as they finalize the document for review by the Planning Board for "Permission to Print."

Please see the attached PDF document for more details concerning the Staff Draft of the Historic Sites and Districts Plan. Questions? Please contact Chris Wilson.

What are a master plan and SMA?

A master plan is a written report, approved by the District Council, which establishes how the county would like the land in the project area to develop in the future. It establishes recommendations that guide the county officials in making decisions on the use of land within the project boundary. The result of this planning process will be to guide growth in the Developing Tier and promote land preservation in the Rural Tier by creating a sustainable community.

A sectional map amendment (SMA) is a process that establishes the zoning of properties in an area. Zoning is the legal power of government to regulate the use of private property. The SMA may change the existing zoning in the area to permit the land use recommendations in the master plan.

 
 
2009 NAR CONFERENCE AND TRADE SHOW
NAR Annual Conference And Trade Show

SAN DIEGO  NOVEMBER 13-16  2009

Navigate Your Way to Success

In the rough waters of today's economy, you have the choice to sail to success. The new ideas, networking and motivation you can gain by participating in the 2009 REALTORS® Conference & Expo will put the wind in your sails and help you chart a winning course! Click here and register for this year's exciting conference.

 
 

Code of Ethics Case Study: Case #7-1: Acceptance of Compensation from
Buyer and Seller

Buyer A engaged REALTOR® B to locate a small commercial property. Buyer A explained his exact specifications indicating that he did not wish to compromise. They agreed that if REALTOR® B could locate such a property within Buyer A's price range, he - the buyer - would pay a finder's fee to REALTOR® B.

Two weeks later, REALTOR® B called Buyer A to advise that Seller C had just listed a property with him that met all of Buyer A's specifications except that the listed price was a bit higher than Buyer A wanted to pay. Buyer A inspected the property and liked it, but said he would adhere to his original price range. REALTOR® B called Buyer A three days later to say that Seller C had agreed to sell at Buyer A's price. The sale was made and REALTOR® B collected a commission from Seller C and a finder's fee from Buyer A which was not disclosed to Seller C, REALTOR® B's client.

Several weeks later, Seller C learned about the finder's fee that REALTOR® B had collected from Buyer A and filed a complaint with the Board of REALTOR® charging REALTOR® B with duplicity and unprofessional conduct. The complaint specified that when REALTOR® B had presented Buyer A's offer at less than the listed price, he, the seller, was reluctant to accept it, but REALTOR® B had convinced him that the offer was a fair one and not likely to be improved upon in the current market; and that REALTOR® B had dwelt at length on certain disadvantageous features of the property in an attempt to promote acceptance of the offer. The complaint charged that REALTOR® B had actually been the agent of the buyer while holding himself out as the agent of the seller. Further, Seller C asserted that REALTOR® B had never mentioned that he was representing the buyer or intended to be compensated by the buyer.

At the hearing, REALTOR® B's defense was that he had served both buyer and seller faithfully; that he had not accepted Seller C's listing until after he had agreed to assist Buyer A in locating a property; and that in his judgment the listed price was excessive and the price actually paid was a fair price.

Based on your understanding of the Code of Ethics Article 7, how do you think the Professional Standards Panel ruled?

Find out here >>

 

SPOTLIGHT SPECIALS

Get YOUR properties in front of over 127,000 homes and businesses in Prince George's County by advertising in The Gazette Paper!

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,
November 9
  Ad Copy
Deadline
Wednesday,
November 11
  Publication
Date
Thursday,
November 19

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

 
 
EXPIRED DC SALESPERSON LICENSE? Last Days to Renew

Agents who missed the August 31 DC Salesperson License Renewal deadline cannot practice in DC until they have met requirements, completed the renewal process, and paid their renewal and $50 late fee. Agents have until October 31, 2009 to renew DC licenses at the DCREC license renewal website before they will be required to apply for a new license. There are tutorials for Brokers and for Salespersons at the license renewal website. For any renewal technical questions or problems, please call Pearson-VUE at 1-888-204-6192 for renewal instructions, and additional details.

 
 
30 UNDER 30

Are you successful in the real estate business, creative in your career, active in the community, or have an innovative marketing approach or story of triumph? If this sounds like you, you are a member of NAR, and you'll still be under age 30 as of May 31, 2010, apply to be recognized as one of 30 rising young stars in the real estate industry. Winners will be featured in the June 2010 REALTOR® Magazine and on the www.realtor.org web site.

Apply here >>

Details and past winner profiles here >>

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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