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June 14, 2010

I N   T H I S   I S S U E . . .
   

 

MAR CARE Award
Due TOMORROW, Tuesday, June 15

PGCAR members give back to their communities every day in a number of different ways; they are coaches, mentors and scout leaders. They deliver Meals on Wheels, work on Habitat and Christmas in April homes, form March of Dimes teams. We have many REALTOR® companies that raise money every year for a favorite charity and collect food, coats and toys.

Encourage everyone to share what they do for the community! Sharing your volunteer and fundraising efforts can help win MAR's CARE Award -- which gives us $10,000 to use for whatever cause we select!

We can't win if you don't tell us what you are doing!

 
Click here for an online form >    Here for a PDF form >

 
ADDITIONAL NSP FUNDS AVAILABLE NOW
FOR ELIGIBLE BORROWERS
UP TO 120% MEDIAN INCOME LEVEL
Prince George's County NSP Down Payment on Your Dream Funding NSP has received a limited amount of additional money from the State of Maryland for the Down Payment on Your Dream Program. Additional funds can be used for any eligible borrower with household income at or below 120% of the Area Median.

Application packages for additional funds will be accepted until July 15, 2010. Applications received will be funded on a first come, first completed basis until additional funds are depleted. Applications received by July 15, 2010 that are not funded will be placed on a waiting list. NSP does not guarantee that applications received by July 15, 2010 will be funded. Incomplete applications will not be funded.

Please note that these additional funds DO NOT affect the funds that we have for the 50% or below AMI borrowers (more details below). We are continuing to accept applications from 50% borrowers. There is no application deadline currently established for this group.

Guidelines are the same, you may obtain them from pgcar.com Members Only and www.princegeorgescountymd.gov/dream.

EXPANDED NSP PROGRAM
NOW OPEN TO SHORT SALE PURCHASES

SPECIAL FUNDING WITH INCREASED TIME LINE
AND LOAN LIMIT OF UP TO $60,000 FOR HOUSEHOLDS
AT OR BELOW 50% OF THE AREA MEDIAN INCOME LEVELS,
NOW OPEN TO SHORT SALE PURCHASES

Effective immediately, revised NSP Program Guidelines now allow NSP Funds to be used by First Time Homebuyers who purchase "short sale" properties.

The program for households at or below 50% of the area median income levels still has $1 Million in funding left and has closed almost 650 loans. Program Requirements and Assistance Details are available in the January 20 Legislative Alert >>

If you have any questions about either NSP program, don't hesitate to contact the NSP office.

Yetta Stokes
NSP Senior Loan Processor
301-883-7409
HStokes@co.pg.md.us
  Rosalyn B. Clemens
NSP Program Manager
301-883-3288

FORMS AND DETAILS AVAILABLE
IN PGCAR.COM MEMBER'S ONLY >>

 

REALTOR® of the Year and Community Service Award nominations
DEADLINE EXTENDED TO 5 PM NEXT MONDAY
Monday, June 21, 2010

Return nominations to jostenso@pgcar.com or the PGCAR office.

Who shall be named Prince George's
REALTOR® OF THE YEAR?

It could be you, or someone you know whom exemplifies leadership and service.
But you first have to submit a nomination!

One ROTY application will be submitted by PGCAR to be entered in the MAR competition. The winner of the State Award will be sent to the National Association of REALTORS® (NAR) for consideration in the national award. Could we see a Prince George's REALTOR® honored in Ocean City or New Orleans this year?

Click here for the REALTOR® of the Year Award application >

Click here for nomination details >>

 

COMMUNITY SERVICE AWARD
Introducing the PGCAR Community Service Award! This award will honor individual REALTOR® members who give unselfishly of their time to assist the communities in which they live. There is no limit to the number of entries that can be submitted from any office. Please nominate those you know who contribute above and beyond. Self nominations are highly encouraged! All nominees submitted to PGCAR will also be submitted to MAR for consideration at the state level.

Click here for the PDF nomination form >

 
 
Market Sen$e: Interest Rates Fall, Contracts Increase

Home-mortgage rates fell again for the week ending June 11, according to Freddie Mac.
15-year rates are at record lows.

  • The 30-year fixed-rate mortgage averaged 4.72 percent, down from 4.79 percent a week ago.
  • The 15-year fixed-rate mortgages averaged 4.17 percent, down from 4.2 percent.
  • The five-year Treasury-indexed hybrid ARM average fell to 3.92 percent.
  • The one-year Treasury-indexed ARM average fell to a new six-year-low of 3.91 percent.

Complete article >>

Prince George's County settlements increased in May, for both single-family and condominium home sales. May 2010 new contracts were down from their April 2010 surge to take advantage of the Federal Tax Break. In comparison to 2009 levels, 2010 contracts and settlements have all improved.

For full details, visit pgcar.com REALTOR® Resources >>

 
 
Pending Home Sales Surge Continuing
Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, reports NAR.

The Pending Home Sales Index, a forward-looking indicator, rose 6.0 percent to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March. It is 22.4 percent higher than April 2009 when it was 90.6. That follows gains of 7.1 percent in March and 8.3 percent in February.

Pending home sales are at the highest level since last October 2009 when the index reached 112.4 and first-time buyers were rushing to beat the initial deadline for the tax credit. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Complete article >>

 
 

2010 LEGISLATIVE REPORT
ON ALL THINGS REAL ESTATE

What happened in Annapolis which impacts you?

  • What will the new CEU requirements be?
  • How will homeowners forced to upgrade their septic systems be helped?
  • Can the Homestead Act be expanded to protect homeowners taxed by bi-county commissions from large property tax increases?

All this and more is in the June 3 Legislative Newsletter.

 
 
Possible Settlement Deadline Extension for Homebuyer Tax Credit
Legislation has been passed by the House (H.R. 4213) and is being considered by the Senate to extend the Homebuyer Tax Credit June 30 settlement deadline for homebuyers who met the contract deadline of April 30.

Complete article >>
H.R. 4213 may receive Senate vote this week >>

 
 
Habitat for Humanity Needs Our Help
Habitat for Humanity is in dire need of funds to complete a build in Capitol Heights and they have contacted PGCAR for help. Without more funds, they cannot continue. If you would like to donate, please mail your check made payable to Habitat for Humanity to:

PGCAR
8400 Corporate Drive, Suite 225
Landover MD 20785

OR you may contribute online at www.pgcar.com.

 
 

2011 OFFICERS AND DIRECTORS
NOMINATIONS NOW OPEN
Click here to apply online!

Are you, or someone you know, interested in serving as a member of the 2011 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 on October 1, 2010. 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 or you can print and fax a candidate form.

Forms must be received in the Association office by 5 p.m. Friday, July 9.

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

 
$35,000 in Closing Cost and Down Payment Assistance

June 30 Settlement Deadline!
$6,500 / $8,000 Homebuyer Tax Credit
- For all buyers who entered a binding contract for a new or replacement principal residence by April 30, 2010, there are only 2 weeks until the settlement deadline of June 30, 2010. Please assist buyers and their lenders with necessary guidance and communications now.

Homebuyer Tax Credit Basics >>
How to Get the Homebuyer Tax Credit >>
Homebuyer Tax Credit IRS Q & A >>

Visit www.pgcar.com for details on national, state, county and township programs which SAVE HOMEBUYERS MONEY.

Mortgage rates below 5% and unbelievable home buyer incentives -
It's a great time to buy in Prince George's!

 
 

 

NSP REQUIRED HOMEBUYER'S CLASS Offer a Class that Helps Buyers Qualify for NSP Funds for Their Home Purchase

In partnership with HOPE and HIP, PGCAR is offering three June sessions for your homebuying customers.

These 8-hour HUD approved sessions are mandatory for the extended, expanded benefits NSP program, and provide information that will help prospective homebuyers be successful homeowners.

 
Saturday, June 19 9:00 a.m. - 5:00 p.m. Offered by HOPE, $50 cost
RSVP by calling 301-567-3330.
Tuesday, June 22 (Part I) and
Thursday, June 24 (Part II)
5:30 p.m. - 9:30 p.m. Offered by HOPE, $50 cost
RSVP by calling 301-567-3330.
Saturday, June 26 9:00 a.m. - 5:00 p.m. Offered by HIP, FREE
RSVP by calling 301-699-6262.

 
 
  Thank you to everyone who organized or participated in Saturday's FREE Housing Fair. We had a great attendance, and helped educate many in our community about the value of homeownership in Prince George's County!
PGCAR REALTORS® do make a difference!

 
 
REQUIRED TOPICS CEU AND MORE!

Earn ALL of your required Continuing Education hours for Maryland and DC license renewals -- and your GRI -- here at PGCAR. In relevant topics which are kept current for TODAY's Real Estate Market. Don't miss this June's special offerings! They don't come around every quarter.


This Tuesday, June 15
Reverse Mortgages
1.5 MD Elective CEU
Bruce Winstead 6:00 pm - 7:30 pm

Next Wednesday, June 23
Stay Current on FHA & RESPA
3 MD Elective CEU
Pat Miller 9:30 am - 12:30 pm

Next Friday, June 25
MD Code of Ethics
3 MD Required Ethics CEU;
3 DC Elective CEU
Don Martin 9:30 am - 12:30 pm

Tuesday, July 13
MD Legislative Update
3 MD Required Legislative Update CEU;
3 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

Thursday, July 15
ABC's of Rentals
3 MD Elective CEU
Chris Majerle 9:30 am - 12:30 pm

GRI 200 Series Begins August 4
GRI 200 Series
6 MD Required Legislative Update and 21 MD Elective CEU
various 8:30 am - 4:00 pm

GRI 300 Series Begins November 3
GRI 300 Series
13.5 MD Required Legislative Update and 12 MD Elective CEU
various 8:30 am - 4:00 pm

Full CEU Schedule >>

 
 

Code of Ethics Case Study: Case #5-1:
Contemplated Interest in Property Appraised

Seller A and Buyer B were negotiating the sale of an apartment building, but couldn't agree on the price. Finally, they agreed that each would engage an appraiser and they would accept the average of the two appraisals as a fair price. Seller A engaged REALTOR® C as his appraiser, and Buyer B engaged REALTOR® D. Both REALTORS® were informed of the agreement of the principals. The two appraisal reports were submitted. The principals averaged the two valuations and made the transaction at the price determined.

Six months later, it came to the attention of Seller A that REALTOR® C was managing the building that he had appraised. Upon making further inquiries he learned that REALTOR® C for several years had managed five other buildings owned by Buyer B, and that he had been Buyer B's property manager at the time he accepted the appraisal assignment from Seller A.

At this point Seller A engaged REALTOR® E to make an appraisal of the building he had sold to Buyer B. REALTOR® E's valuation was approximately 30% higher than that arrived at six months earlier by REALTOR® C.

These facts were set out in a complaint against REALTOR® C made by Seller A to the local Board of REALTORS®. The complaint charged that since REALTOR® C was an agent of Buyer B; since he managed all of Buyer B's properties; since he had become manager of the property he had appraised for Seller A in connection with a sale to Buyer B; and since he had not disclosed his relationship to Buyer B, he had acted unethically, and in the interest of his major client had placed an excessively low valuation on the property he had appraised for Seller A.

At the hearing, Seller A also brought in a witness who stated that he had heard Buyer B say that he had made a good buy in purchasing Seller A's building because Seller A's appraiser was his (Buyer B's) property manager.

Buyer B, appearing as a witness for REALTOR® C, disputed this and protested that he had paid a fair price. He substantiated REALTOR® C's statement that management of the building formerly owned by Seller A was never discussed between them until after it had been purchased by Buyer B.

Based on your understanding of the Code of Ethics Article 5, how do you think the Professional Standards Panel ruled?

Find out here >>

 
 
2010 - 2011 Leadership Academy

MAR is now accepting applications for the 2010 - 2011 Leadership Academy.

The Leadership Academy will include 8 sessions, beginning with Organizational Leadership on October 14, 2010 and the last - graduation day, on April 19, 2011. All applications are due by August 1st. Applicants must be available for interview on August 10 or 19. MAR will confirm your interview date and time, and inform applicants of acceptance by September.

Click here for an application.

 
 
PGCAR CLOSED MONDAY, JULY 5th

The PGCAR office will be closed on Monday, July 5th 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!

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  :  ©2010, PGCAR

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