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March 7, 2011

I N   T H I S   I S S U E . . .
   

 
 
RPAC Hawaiian Bash Extravaganza
TUESDAY, APRIL 12
6 - 10 p.m.
@ La Fontaine Bleu
Contribute to your industry, meet County and
State lawmakers, and have fun!
And yes . . . Hawaiian shirts are allowed!

Texas Hold'em ~ Caricaturist
Silent & Live Auctions ~ Costume Contest
Great Food ~ Open Bar ~ DJ & Dancing

Tickets: $35 each or 3 for $100
Register today >

Click here to contribute a door prize, auction item,
or sponsorship >

NOTE: Contributions are for RPAC which is not deductible for Federal Income Tax purposes, charitable or otherwise: Contributions to RPAC are voluntary and are used for political purposes to support state, local and federal candidates and are charged against your limits under 2USC441A. Nothing should be construed as solicitations of contributions.

 
 
Down Payment and Closing Cost Assistance

My HOME Program

Opening today - The My HOME program offers $$$ incentives to buy a home in
Prince George's County. Up to 5% of home sale price to qualified homebuyers
who have not owned a home within last 3 years.

My HOME Program

Through HUD's HOME Investment Partnerships Program (HOME) the County has acquired over $1 million to use toward Down Payment and Closing Cost Assistance loans. The County's Department of Housing and Community Development (DHCD) recently finalized program guidelines and officially launched the program today.

My HOME Details:

  • Start date is today, March 7, 2011.
  • The purchase property DOES NOT HAVE TO BE A FORECLOSED PROPERTY. The MY HOME program is open to all residential sale properties in Prince George's County up to $362,790. . . including short sales (single family, townhome, condominium, new construction included. The buyer must occupy.)
  • DPA is NOT restricted to specific zip codes. Under My HOME all areas of Prince George's are eligible.
  • Applicant must be a first time home buyer, defined as "not owning a home within last three years."
  • The amount of down payment assistance (DPA) is 5% of the property sale price.
  • Buyer must contribute 1.75% of sale price toward transaction or 50% of liquid assets over $3,000 which ever is greater.
  • Purchaser's total household income must be at or below 80% of the area median. Income Limits Chart >
  • Buyer must qualify for the first mortgage through a Participating Lender approved by DHCD.
  • The lender will accept and complete the DPA loan applications and underwrite and qualify the first mortgage and pre-qualify the DPA loan simultaneously.
  • DHCD will require a specific DPA application, a special contract addendum, and seller/borrower affidavits.
  • Prospective purchase property will be subject to special inspections performed by a DHCD qualified inspector (at no cost to buyer).
  • A Streamline 203K is acceptable, limited to repairs up to $35,000. The next 203K Purchase Rehab 3 CEU class is this Wednesday, March 9. Register at www.pgcar.com.
  • The DPA will be in the form of a deferred payment loan secured on the property as a second trust. Repayment is required if ownership is less than 10 years.
  • Applicants must attend 8 hours of HUD approved financial counseling classes.
  • Real estate licensee certification is not required; however, training on the program is provided by DHCD. REALTOR® training schedule >   Lender training schedule >

Forward the My HOME information page to clients.

My HOME Program Guidelines

Prince George's County My HOME Website

At this point there is just over $1 million dedicated to down payment and closing cost assistance through this program. It is estimated that this may translate into over 100 loans. Help your clients become homeowners with this amazing opportunity.

 
 

My HOME Program Like Us on Facebook

PGCAR now has a Facebook page at www.facebook.com/pgcar. Our Facebook fans were the first to know about the REALTOR® and Lender training dates which started last Friday. If we get late-breaking updates to news, right after broadcasting an email alert, the "just in" news will be posted at www.facebook.com/pgcar. Don't miss out on future legislative, CE and homebuyer savings. Bookmark both www.facebook.com/pgcar and www.pgcar.com/calendar.htm today!

 
 
NAR Federal Tax Report

1099 Reporting Repeal Effort Continues

House and Senate bills have been introduced that would repeal the 1099 information reporting requirement affecting all businesses, that was included as one of the "pay-for" provisions in the 2010 Health Care legislation. HR 4 has 263 House sponsors from across the political spectrum. Senate Finance Committee Chairman Baucus (D-MT), along with Majority Leader Harry Reid (D-NV) has introduced S 72, along with 16 cosponsors. In the State of the Union address, President Obama anticipated that the provision would be repealed and said he would sign a bill with full repeal. Nonetheless, neither bill has been scheduled for House or Senate consideration. NAR supports this repeal effort.

Unfortunately, neither bill includes a repeal of the burdensome landlord reporting provision that was included in a 2010 small business bill. That provision requires ALL persons who "receive rental income"(not just property managers) to report payments of over $600 to the contractors and others who do work for them. NAR has identified a senior member of the House Ways and Means Committee who intends to lead an effort to secure repeal of the landlord provision.

NAR Issue Brief: Information Reporting IRS Form 1099

 
 
More Great News to Share with Your Customers
Free Housing Fair   |   Homebuyer Savings
FREE! Annual Housing Fair
& Homeowner Legal Consultations

Saturday, June 11 at the Sports and Learning Center
Share the Flyer!

Help spread the news. The County's Annual Housing Fair is FREE, and open to everyone in the industry and the public. Free workshops will be held to give homeowners, sellers and buyers practical information on Credit Rebuilding / Finances, Short Sales, Senior Programs / Reverse Mortgages, First-time Homebuyer Programs and Rental Information.

Free legal consultations on Foreclosure Prevention and Loan Modification will also be provided. Advance registration and preparation are required for the consultations. Online registration will open soon; required forms and information are now available at www.pgcar.com.

2011 Housing Fair details are online at pgcar.com. Email the Link and Share the Flyer.

Sponsorship Opportunities >
Exhibitor Registration (save $100 by registering now) >       Sponsors / Exhibitors Guide >

American Dream Downpayment Initiative - Up to $10,000

ADDI Now Available for County Homebuyers!
Up to $10,000 Available in Downpayment / Closing Costs Assistance to Eligible Households

The American Dream Downpayment Initiative (ADDI) provides downpayment and closing cost assistance for purchasing a home within Prince George's County to be used as a family's principal residence. Eligible families earn a maximum 80% of the area median income and are first-time homebuyers (or have not owned a home in the last 3 years). Assistance is in the form of a 5-year forgivable loan at 0% interest of up to $10,000 for downpayment and/or closing costs.

Learn more about the County's Down Payment Assistance Programs during
the 3 CEU 203K Purchase Rehab class this Wednesday, March 9.
FHLB First-Time Homebuyer Down Payment Funds - Up to $7,500

Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced that funding is now available under its 2011 First-time Homebuyer Program. FHLBank Atlanta will provide up to $7,500 in matching funds per eligible household through its member financial institutions for down payment and closing costs.

Funds are provided to FHLB member institutions on a first-come, first-served basis, and potential homebuyers must request the funds from a participating member institution of FHLBank Atlanta.

Fannie Mae "First Look" Gives 15 Day Preference
to Owner Occupants

Fannie Mae FirstLookHave you checked HomePath.com lately for affordable real estate owned (REO) properties? If so, you'll notice the "First Look" logo on several Fannie Mae property listings.

Fannie Mae's innovative First Look period contributes to neighborhood stabilization by encouraging home ownership. During the First Look period, typically the first 15 days a property is listed on HomePath.com, offers will only be accepted from owner occupants and public entities. No investor offers.

If the property remains available for sale after the expiration of the First Look period, investor offers may be submitted and will be considered along with all other offers.

Did you also know that the earnest money requirement is only $500, for buyers of Fannie Mae homes using public funds (e.g., ADDI and NSP program funds)?

 
 
DC Broker and Property Manager Licenses

Non-renewed licenses expired as of March 1, 2011.

Renew Your DC Broker or Property Manager License Online >

Practicing real estate within DC without a current DC real estate license is punishable by fines, loss of your license and other disciplinary actions. For more information on license renewals from the DC Real Estate Commission, click here. Renewals made now (of an expired license) require a $50 late fee.

 
 
MAR Breakfast of Champions

Market $ense The Maryland Association of REALTORS® invites you to attend...
"Get in the Green Zone!"
Don't miss this fun, fast-paced and idea-packed 90-minute learning experience!

  • How to plan (and actually have) a productive, profitable day . . . every day!
  • The four "green zones" that have the greatest affect on your career success
  • Breaking down the barriers to open new doors to new business opportunities
  • Big steps and bold moves other real estate professionals are making right now
  • How to keep from becoming a "victim" of this market
  • Ideas and actions for moving forward through 2011 with the drive and energy to succeed!

Only $15 for program and breakfast.

Tuesday, March 29 in Frederick   •   Tuesday, April 26 in Edgewood

Learn tips to keep your attitude up and your business strong!
Register today at mdrealtor.org.

 
 
REQUIRED FORMS & ADDENDUM ALERT
- Don't Risk a Settlement


Have you updated to the new listing and sales forms? Have you
re-signed the Consent for Dual Agency with existing clients?
  • Download and save all revised contract and agency forms in PGCAR.com Members Only.
  • Please discontinue and destroy any printed, non-used copies of Forms #901, #902 and #1311 that may be accessible to sales staff.
  • See details of both updated Agency forms from Al Monshower, general legal counsel for the Maryland Association of REALTORS® in the February 7 Legislative Alert.
  • Re-execute the new revised Consent For Dual Agency form as promptly as possible with current seller and buyer clients.

 
 
COMMUNITY SERVICE AWARD - Tell Us What You've Done

So many PGCAR members help others in the community. Please tell us about it, by completing a simple online form. Whether you adopted a family, collected "Toys for Tots," donated to local charitable organizations, or donated time at your child's school or at church, we want to know about it. We will compile and submit all submissions for possible MAR C.A.R.E. award recognition. If PGCAR wins, MAR will contribute funds to a charity within our community! With your help, we can win. We just need to know:

  • Which charity did your work or fundraising benefit?
  • What dollar amount was collected?
  • How many total hours were volunteered?

 
 
PGCAR is Moving!

Our office will be closed from Monday, March 28th until Monday, April 4th to move.

The new offices will be located at:
9200 Basil Court, Suite 400
Largo, MD 20774
mapquest Google maps

Please visit the store for signs, information boxes, and other needs prior to March 28th. We will be available by phone at 301-306-7900 in case you must reach us. If that number is disconnected, please call 410-610-4731.

 
 
Maryland Mortgage Program (MMP) - Free 3 CEU Training

Learn how to utilize the Community Development Administration's MMP for your customers. CDA has interest rates of 4.50% with no points! Downpayment assistance of $5,000 is still available, plus matching closing cost programs. Register early for the CDA workshop being held Wednesday, March 9 or Thursday, April 21 at 8:30 am. February's class filled up right after we advertised it in REALTOR® Connection. Details and registration >

 
 
Your Virtual Branch Bank is Open 24 / 7

At the REALTORS® Federal Credit Union

Enroll in Online Banking today. Scan and deposit checks from your home or office (no more racing to the bank between appointments), pay your bills online, transfer funds online, and call a customer support person anytime of day or night!

Visit REALTORSFCU.ORG for more information.
Share the link and flyer.

 
 
Market Sen$e: Still Favorable Rates, February Sales Reports

30-year average rates retreated substantially from the 5.05% mark reached three weeks ago. Freddie Mac reports the following averages for the week ending March 3, 2011:

  • The 30-year fixed-rate mortgage averaged 4.87 percent, down from 4.95 percent a week ago.
  • The 15-year fixed-rate mortgage averaged 4.15 percent, down from 4.22 percent.
  • The 5-year Treasury-indexed hybrid ARM averaged 3.72 percent, down from 3.80 percent.
  • The 1-year Treasury-indexed ARM averaged 3.23 percent, down from 3.40 percent.

Freddie Mac's Weekly Primary Mortgage Market Survey >>

 
County Home Sales Surge in February
February 2011 home sales statistics have just been released at pgcar.com/stats >>

New contracts and settlements increased from January to February in both the single family and condominium markets, from a 5% increase in single family settlements to a 34.9% increase in condo/co-op contracts. Prince George's County home sales statistics also beat national averages when comparing 2010 and 2011. All County contract and settlement numbers also increased from 2010 to 2011, from a 10.3% increase in single family contracts to a 154.2% increase in condo/co-op settlements. Details at pgcar.com/stats >>

 
Membership Renewals Past Due

Brokers and non-paid Agents - January 31 was the deadline to pay 2010-2011 dues or remove any unpaid agents from your office roster. All new licensed agents in your office were also required to join by January 31.

Renew Online, or please call the office at 301-306-7900 to renew.

 
 
MD and DC CEU at PGCAR

Earn ALL of your required Continuing Education hours for Maryland and DC license renewals early -- including the newly required 3 CEU Agency training requirement for Maryland. Don't sweat your next licensing deadline!


This Tuesday, March 8
Reverse Mortgages
1.5 MD Elective CEU
Bruce Winstead 6:00 pm - 7:30 pm

This Wednesday, March 9
203K Purchase Rehab
3.0 MD Elective CEU
Michael Chelst 1:30 pm - 4:30 pm

This Thursday, March 10
Buyer Beware - Foreclosed & Neglected Properties
3.0 MD Elective CEU
Vimal Kapoor 1:30 pm - 4:30 pm

Tuesday, March 22
MD Legislative Update
3.0 MD Required Legislative Update CEU;
3.0 DC Elective CEU
Larry Hudson 9:30 am - 12:30 pm
MD Fair Housing
1.5 MD Required Fair Housing CEU;
1.5 DC Elective CEU
Larry Hudson 1:30 pm - 3:00 pm

Wednesday, March 23
Commercial SBA Loan Programs
3.0 MD Elective CEU
John Throne 9:30 am - 12:30 pm

Thursday, March 24
MREC Agency-Residential
3.0 MD Required CEU
Don Martin 9:30 am - 12:30 pm
MD Code of Ethics
3.0 MD Required Ethics CEU;
3.0 DC Elective CEU
Don Martin 1:30 pm - 4:30 pm

Full CEU Schedule >>

 

Code of Ethics and Standards of Practice
Preamble

Have you recently read the Preamble to our Code of Ethics? It sets out the aspirational ideas that all REALTORS® should strive to attain. REALTORS® have the privilege of being instrumental in one of the most important decisions that an individual or family will make -- selecting and buying a home. As such, we should hold to a higher set of values and uncompromised integrity. Being a REALTOR® is much more than "just another job."

Preamble...

Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. REALTORS® should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment.

Such interests impose obligations beyond those of ordinary commerce. They impose grave social responsibility and a patriotic duty to which REALTORS® should dedicate themselves, and for which they should be diligent in preparing themselves. REALTORS®, therefore, are zealous to maintain and improve the standards of their calling and share with their fellow REALTORS® a common responsibility for its integrity and honor.

In recognition and appreciation of their obligations to clients, customers, the public, and each other, REALTORS® continuously strive to become and remain informed on issues affecting real estate and, as knowledgeable professionals, they willingly share the fruit of their experience and study with others. They identify and take steps, through enforcement of this Code of Ethics and by assisting appropriate regulatory bodies, to eliminate practices which may damage the public or which might discredit or bring dishonor to the real estate profession. REALTORS® having direct personal knowledge of conduct that may violate the Code of Ethics involving misappropriation of client or customer funds or property, willful discrimination, or fraud resulting in substantial economic harm, bring such matters to the attention of the appropriate Board or Association of REALTORS®. (Amended 1/00)

Realizing that cooperation with other real estate professionals promotes the best interests of those who utilize their services, REALTORS® urge exclusive representation of clients; do not attempt to gain any unfair advantage over their competitors; and they refrain from making unsolicited comments about other practitioners. In instances where their opinion is sought, or where REALTORS® believe that comment is necessary, their opinion is offered in an objective, professional manner, uninfluenced by any personal motivation or potential advantage or gain.

The term REALTOR® has come to connote competency, fairness, and high integrity resulting from adherence to a lofty ideal of moral conduct in business relations. No inducement of profit and no instruction from clients ever can justify departure from this ideal.

In the interpretation of this obligation, REALTORS® can take no safer guide than that which has been handed down through the centuries, embodied in the Golden Rule, "Whatsoever ye would that others should do to you, do ye even so to them."

Accepting this standard as their own, REALTORS® pledge to observe its spirit in all of their activities whether conducted personally, through associates or others, or via technological means, and to conduct their business in accordance with the tenets set forth below. (Amended 1/07)

Join us as we continue our tour of the Code of Ethics, in the next issue of REALTOR® Connection.

 
 
Leadership Training Opportunities:

2012 NAR Leadership Academy
Are you already actively involved, have a passion for the industry and a vision for the future of real estate? If this describes you, consider applying for the 2012 graduating class of the National Association of REALTORS® Leadership Academy.

Full Details & Application >>
Application deadline is March 31, 2011.

FREE REALTORS® Excelling in Association Leadership (REAL) Self-Study Course
Whether you're already in association leadership or interested in getting more involved, you can learn valuable insights in this free, online course, available 24/7. Details and course sign on >

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  :  ©2011, PGCAR

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