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July 12, 2010

I N   T H I S   I S S U E . . .
   

 
APPLICATION DEADLINE:
THIS THURSDAY, 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 additional funds from the State of Maryland for borrowers with household income up to and including 120% of the Area Median Income (AMI). 120% AMI for a family of four is $124,200. Eligible borrowers can receive up to $20,000 towards buying a foreclosure in Prince George's County, but all applications are due this Thursday.

NSP application guidelines are the same, with the exception of slightly increased maximum income limits for 2010. Guidelines, marketing PDFs and required forms are available at pgcar.com Members Only and www.princegeorgescountymd.gov/dream.

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.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

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 >>

 
 
Maryland Drops CDA Rate to 4.5%, Sets Aside $100 Million
For Loans to BRAC Buyers
PGCAR REALTORS® participated in a press event in Laurel on Thursday, sponsored by the Maryland Department of Housing and Community Development to announce that the Maryland Mortgage Program interest rate is being lowered to 4.5%.

L-R - Senator Jim Rosapepe, MAR President Steve Meszaros, Lt. Governor Anthony Brown, MBA CEO Kathleen Murphy, PGCAR President-Elect Joanne Darling (at podium) and DHCD Secretary Raymond Skinner.
 
MAR President Steve Meszaros, MD DHCD Secretary Raymond Skinner, Lt. Governor Anthony Brown (at podium) and PGCAR President-Elect Joanne Darling.

PGCAR President-Elect Joanne Darling joined Lt. Governor Anthony Brown, Maryland DHCD Secretary Raymond Skinner, State Senator Jim Rosapepe, MAR President Steve Meszaros and representatives of the Maryland Bankers Association in making the announcement.

In addition to lowering the state Community Development Administration (CDA) mortgage interest rate, $100 million of federal assistance bond money is being set aside for 4.5% mortgage loans in Prince George's County and nine other Maryland counties that will be impacted by the federal Base Realignment and Closing act (BRAC). Our neighbors Anne Arundel, Howard and Montgomery are also included. It is estimated that this set aside can be used for approximately 625 mortgages.

For detailed information on the Maryland Mortgage Program, CDA and Downpayment Assistance go to www.mmprogram.com.

See Full Press release >>

 
 
President's Message

Michael Cerrito, PGCAR President Prince George's County Legislators Are Key to Important
Real Estate Industry Legislation

Governor O'Malley recently signed four pieces of key real estate industry legislation that were introduced by Prince George's County Legislators. PGCAR President Mike Cerrito details this legislation, PGCAR's important role in advocacy, and gives us the information to contact and thank our elected officials for their key roles to advance homeownership and the economy of Prince George's County. Please take time to send a quick message of thanks.

 
 
SentriLock Lockboxes on Sale !!

Rush into PGCAR.
SentriLock Lockboxes are on sale for $85.

Supplies are limited.

This sale ends on July 30 or when supplies are sold, whichever comes first.

 
 
EARN YOUR GRI
GRI 200 Starts August 4
Sign up for the entire, 27 CE Series here!
(6 hrs Legislative Update and 21 hrs Elective CE )

Need a few make-up classes?
Sign up for individual classes by clicking class titles below.

  red arrow Module 201: Pricing Property & Appraisal - Wed, Aug 4
  red arrow Module 202: Contracts & Agency - Fri, Aug 6
  red arrow Module 203: Interpersonal Skills & Personal Assistants - Thur, Aug 12
  red arrow Module 204: Advanced Financing & Real Estate Investments - Fri, Aug 13
  red arrow Module 205: Condominiums, Cooperatives & Buyer Brokerage - Wed, Aug 18

 
 
FORECLOSURE SALES - Closing the sale

Visit www.realtor.org for resources to help close Foreclosure Sales and Short Sales.  RealtyTrac reports that foreclosures were 34.6 percent of Prince George's county's total home sales in the first quarter of 2010.

 
 
Market Sen$e: Mortgage Interest Rates Fall Again

30-year fixed-rate mortgage averages fell to another record low for the week ending July 9. 15-year rates fell to a new record the previous week, and are now up just slightly, according to Freddie Mac.

  • The 30-year fixed-rate mortgage averaged 4.57 percent, down from 4.58 percent a week ago.
  • The 15-year fixed-rate mortgages averaged 4.07 percent, up from 4.04 percent.
  • The five-year Treasury-indexed hybrid ARM average fell to 3.75 percent.
  • The one-year Treasury-indexed ARM average fell to a new six-year-low of 3.75 percent.

2010 Weekly Primary Mortgage Market Survey >>

The number of Prince George's County listings, contracts and settlements all increased from May to June, for both single-family and condominium home sales. 2010 year-to-date County home contracts and settlements have improved significantly in comparison to 2009 levels.

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

 
 
International Interest in U.S Homeownership Increases
International home buyers are increasingly attracted to property in the U.S., according to the National Association of REALTORS®' 2010 Profile of International Home Buying Activity released July 7. Several factors, including the strength of the dollar, the value and desirability of U.S. real estate, and the emerging economic recovery, continue to drive international interest in owning a home in this country.

"The U.S. continues to be a top destination for international buyers from all over the world," states NAR President Vicki Cox Golder. "Foreign buyers understand the value of owning a home in this country and can rely on REALTORS® to help guide them through the complex process of buying property in the U.S. With expertise, knowledge and experience, REALTORS® have a global perspective."

Complete article >>
Additional International Real Estate Research >>

 
 
PGCAR 2011 Dues

Invoices for PGCAR 2011 Dues in the Amount of $503 will be mailed during the first week in August. Dues are due and payable on October 1, 2010. A late fee will be charged after November 30th. If you choose, you may pay your dues in four installments as follows:

August 31 $125.75
September 30 $125.75
October 31 $125.75
November 30 $125.75

Thank you for your prompt payment of these fees.

 
 
Take the Quiz: Image and Etiquette

REALTORS® are constantly in the public eye, and it's important to keep a professional image and use proper business etiquette.

Take this short quiz to help fine-tune your public image.

 

 
 
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 >>

 
 

UPDATE TO RESPA INTERPRETIVE RULE
on Referral Fees By Home Warranty Companies
to Real Estate Brokers and Agents

On June 30, Assistant Secretary for Housing / FHA Commissioner Dave Stevens further addressed the appropriate circumstances under which brokers and agents can be compensated on a per transaction basis for selling home warranties. NAR and industry partners have been working for more than two years to get HUD to accept legitimacy of these arrangements after an earlier intepretive letter raised great concerns for real estate professionals and their partners in the home warranty industry and led to class action lawsuits.

While HUD has accepted that agents and brokers can be paid on a per transaction basis and that review of transactions should be done on a case by case basis, concerns remain. One of the biggest concerns is that the mere marketing of these contracts to individuals by real estate agents is not enough in their view to justify compensation. HUD is accepting comments for 30 days; comments are due by July 26, 2010. NAR and its industry partners will be submitting comments and seeking additional clarifications.

Commissioner Stevens also addressed RESPA rule implementation and the SAFE Act in the memo.

Please read the following for further details.

 
 
FLOOD INSURANCE PROGRAM - Extended!

On July 2, President Obama signed into law H.R. 5569, an extension of National Flood Insurance Program (NFIP) authority until September 30. The bill is retroactive and covers the lapse period, from June 1, 2010 to the date of enactment of the extension. NAR will continue to work with Congress on the 5-year NFIP Reform bill and will continue to provide regular updates. Read more >

 
$35,000 in Closing Cost and Down Payment Assistance

Settlement Deadline Extended to September 30!
$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, the former settlement deadline of June 30, 2010 has been extended to September 30, 2010. Approximately 180,000 homebuyers with ratified contracts were not able to meet the June 30 settlement deadline, but will now have until September 30 to close.

Information on the Homebuyer Tax Credit and other homebuyer savings are available at pgcar.com. You can also send links to your contacts from these public information pages. NAR President Vicki Cox Golder singled out House Majority Leader Steny Hoyer (D-Md.) and 6 other Congressional members for their efforts to extend the tax credit closing deadline.

Extension for qualified Armed Services members - The First Time Home Buyer Tax credit is valid 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

PGCAR hosts another July session 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.

 
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

Next 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

Prince George's County Habitat for Humanity is in dire need of funds to complete a build in Capitol Heights and they have contacted PGCAR for help. 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.

Thank you for your help and generosity!

 
 
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.

PGCAR is offering MD Legislative Update and MD Fair Housing, both taught by Don Martin tomorrow — Tuesday, July 13.   Details & Registration >


This 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

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

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

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

Next 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 #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 REALTORS® 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 >>

 
 
2010 - 2011 Leadership Academy - Apply Now

The annual MAR Leadership Academy is a rare opportunity for training in organizational leadership and communications. Applications for the upcoming October 14, 2010 through April 19, 2011 session are due August 1, 2010. Applicants must be available for interview on August 10 or 19.

Hurry! Applications are due August 1st.
Details and 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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