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June 28, 2010

I N   T H I S   I S S U E . . .
   

 
 
PGCAR CLOSED NEXT MONDAY, JULY 5th

The PGCAR office will be closed next 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!

 
APPLICATION DEADLINE: JULY 15
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, with the exception of increased maximum income limits adjusted for 2010. You may obtain them from pgcar.com Members Only and www.princegeorgescountymd.gov/dream.

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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 updated 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 >>

 
 

2011 OFFICERS AND DIRECTORS
NOMINATIONS DUE NEXT FRIDAY JULY 9.
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 to 301-306-8273 or by e-mail to info@pgcar.com.

 
 
David Maclin Memorial Scholarship

  County REALTORS® Award $12,500
in Scholarships to Seniors

The Prince George's County Association of REALTORS® (PGCAR), the county's leading advocate for real estate and private property rights, presented five Prince George's County high school seniors with $2,500 college scholarships through the Association's David Maclin Memorial Scholarship Fund.

Click here to read the press release >>

 
 
Market Sen$e: Mortgage Interest Rates at All-Time Low

15-year and 30-year fixed-rate mortgage averages fell to the lowest point ever for the week ending June 25, according to Freddie Mac.

  • The 30-year fixed-rate mortgage averaged 4.69 percent, down from 4.75 percent a week ago.
  • The 15-year fixed-rate mortgages averaged 4.13 percent, down from 4.2 percent.
  • The five-year Treasury-indexed hybrid ARM average fell to 3.84 percent.
  • The one-year Treasury-indexed ARM average fell to a new six-year-low of 3.77 percent.

Complete Freddie Mac weekly interest rates history >>

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 >>

 
 
Continued Strong Pace for Existing-Home Sales
Pending home sales have risen for three consecutive months (March through May). Existing-home sales also remained at elevated levels in May on buyer response to the tax credit, stabilizing home prices and historically low mortgage interest rates, according to the National Association of REALTORS®. Gains in the West and South were offset by a decline in the Northeast (Prince George's County experienced one of the highest May gains in closings for the state of Maryland, and also fared well in relation to most of the Northeast); the Midwest was steady.

Complete Existing-Home Sales article >>
Complete Pending Home Sales coverage >>

 
 

JUNE 25, 2010 - RESPA INTERPRETIVE RULE
on Prohibited Referral Fees By Home Warranty Companies
to Real Estate Brokers and Agents

On Friday, June 25th, HUD published an Interpretive Rule under RESPA addressing services provided by real estate brokers and agents on behalf of home warranty companies.

The Interpretive Rule discusses the prohibition in RESPA Section 8(a) on referral fees paid by home warranty companies to real estate brokers or agents, including the following cases:

  1. A payment by a home warranty company for marketing services performed by real estate brokers or agents on behalf of the home warranty company that are direct to particular homebuyers or sellers is an illegal kickback for a referral under Section 8.
  2. Depending on the facts of a particular case, a home warranty company may compensate a real estate broker or agent for services when those services are actual, necessary, and distinct from the primary services provided by the real estate broker or agent, and when those additional services are not nominal and are not services for which there is a duplicative charge. The Interpretive Rule lists examples of such additional services, which include

    1. conducting annual inspections of the items to be covered by the warranty to identify pre-existing conditions that could affect home warranty coverage; and
    2. recording serial numbers of the items to be covered.

    HUD also provides guidance on the types of evidence to support determination of compensable services.

  3. The amount of the compensation from a home warranty company that is permitted under Section 8 for the additional services must be reasonably related to the value of those services and does not include compensation for referrals of business.

HUD is accepting comments on this Interpretive Rule, which must be provided by July 26, 2010, within 30 days from the publication.

Please read the following for further details.

Synopsis of Interpretative Rule at mdrealtor.org >>

Full text of the Interpretive Rule at gpo.gov >>

 
$35,000 in Closing Cost and Down Payment Assistance

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

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

NAR and Legislative push to extend settlement deadline - A vote for cloture (which would end debate and move the legislation to a vote) on H.R. 4213 did not reach the required 60-40 majority. H.R. 4213 was passed by the House and is still being considered by the Senate. Among its many provisions is to extend the Homebuyer Tax Credit June 30 settlement deadline to September 30 for homebuyers who met the contract deadline of April 30.

Latest NAR update >>
H.R. 4213 status >>

Extension for qualified Armed Services members - The First Time Home Buyer Tax credit is good for an additional year for members of our military, intelligence and foreign services who were out of the United States on active duty between January 1, 2009 and April 30, 2010 for at least 90 days. They have until April 30, 2011 to have a house under contract and until June 30, 2011 to close.

IRS.gov details >>

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

Mortgage rates are at an all-time low -
It's still a great time to buy in Prince George's!

 
 

 

NSP REQUIRED HOMEBUYER'S CLASS July 10th Class Offered Prior to July 15th Deadline
on Higher Income Limit NSP Program

PGCAR is hosting two July sessions for your homebuying customers.

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

 
Saturday, July 10 9:00 a.m. - 5:00 p.m. Offered by HOPE, $50 cost
RSVP by calling 301-567-3330.
Tuesday, July 20 (Part I) and
Thursday, July 22 (Part II)
5:30 p.m. - 9:30 p.m. Offered by HOPE, $50 cost
RSVP by calling 301-567-3330.

 
 
Broker & Manager Supervision - 3 CEU Class

Broker & Manager Supervision Class Please join us at La Fontaine Bleu

Tuesday, July 20, 6 - 9 pm
Instructor: Al Monshower

Register at the early bird price of only $35 for members and REALTORS®!

 
 
Habitat for Humanity Needs Our Help

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.

 
 
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 month's special offerings! They don't come around every quarter.


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

Tuesday, July 20
Broker & Manager Supervision
3 MD Elective CEU
Al Monshower 6:00 pm - 9:00 pm

Wednesday, July 21
Pre-Qualifying Home Buyers
1.5 MD Elective CEU
Kenneth Bossard 6:00 pm - 7:30 pm

Friday, July 23
MD Code of Ethics
3 MD Required Ethics CEU;
3 DC Elective CEU
Don Martin 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 #6-1:
Profit on Supplies Used in Property Management

REALTOR® A, a property manager, bought at wholesale prices, janitorial supplies used in cleaning and maintenance of an office building which he managed for his client, Owner B. In his statements to Owner B, he billed these supplies at retail prices.

REALTOR® A's practice came to the attention of Owner B who filed a complaint with the local Board of REALTORS®, charging REALTOR® A with unethical conduct in violation of Article 6 of the Code of Ethics.

In questioning during the hearing called by the Board's Professional Standards Committee, REALTOR® A's defense was that the prices at which he billed these supplies to his client were no higher than the prices which Owner B had been paying prior to putting the property under REALTOR® A's management. It was clearly established that no disclosure of this profit or supplies used in property management had been made, and also that in proposing the management contract, REALTOR® A had held out to Owner B the inducement of attainable economies in operation.

Based on your understanding of the Code of Ethics Article 6, 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. Applicants must be available for interview on August 10 or 19.

All applications are due by August 1st.
Click here for an application.

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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