| ARE YOU AN UNDISCOVERED
Then we want YOU to participate in
At the RPAC Fundraiser
TUESDAY, APRIL 21, 2009
|Are You a REALTOR® Idol? Singer, comedian, magician? Any REALTOR® or affiliate may participate. Pre-registration required. You will need to bring your own music.
Please complete the attached form, or sign up while buying your tickets at pgcar.com.
GRAND PRIZE: Two night hotel stay in Ocean City during the MAR Convention, and two tickets to the Shark Attack Party where you will compete with the other REALTOR® Idols from across the State.
LEGISLATIVE ALERT - April 6, 2009
Mike Graziano, Director of Government Affairs
DOWN PAYMENT AND CLOSING COST ASSISTANCE UPDATE
Can $15,000 or more in closing assistance
help YOU place a buyer into a home?
Since November PGCAR has been keeping members informed about the County's down payment and closing cost assistance program entitled the Neighborhood Stabilization Plan. Those funds will be available soon, most likely around May 1. The County's Department of Housing and Community Development (DHCD) has been negotiating with the Department of Housing and Urban Development (HUD) to finalize the program guidelines. Recently representatives of PGCAR, lenders, title companies and others were invited to participate in a work session on the preliminary guidelines. While DHCD is approaching their final stages of approval we wish to inform you of the most recent details.
|Target Zip Codes Announced
The prospective property must be a vacant foreclosed upon property located within one of the listed (33) zip codes. The property must be a residential unit (single family, townhome, condominium) that the applicant will occupy.
|*Target zip codes, where closing cost assistance will be even higher, are highlighted.
- Projected start date is May 1, 2009. Application packages will not be accepted prior to May 1st.
- Applicant must be a first time home buyer, defined as "not owning a home within last three years". A co-signer that OWNS A HOME will disqualify the applicant.
- DHCD will require a specific NSP application, a special contract addendum, and seller/borrower affidavits. (As of this printing these have not been released)
- Participating Lenders must be FHA/CDA approved. Participating Lenders are required to attend training and execute a lenders agreement.
- The lender will accept and complete the down payment assistance (DPA) loan applications and underwrite and qualify the first mortgage and pre-qualify the NSP DPA loan simultaneously.
- Purchaser's total household income must not exceed NSP income limits as verified by lender.
- Prospective property subject to FHA inspection or use a rehabilitation loan such as FHA 203K.
- Contract price must reflect a 15% discount from an appraisal dated within 60 days of contract date.
- Seller must pay a certain amount of closing cost assistance which will be stipulated in final program guidelines. (guidelines not yet finalized)
- Applicants must attend 8 hours of HUD approved financial counseling classes.
Down Payment Closing Cost Assistance Program
DRAFT Program Fact Sheet
As we wait for the final "roll out" of the NSP there are a number of things that members can do to prepare:
- Search MRIS and create an inventory of foreclosed properties
- Attend FHA 203K Rehab Financing Workshops
- Pre-Qualify buyers under the parameters of the income limits
- Encourage your buyers to attend 8 hour HUD approved housing counseling and financial literacy classes prior to NSP application. (See following article with class dates and times.)
There is over $7 million dedicated to down payment and closing cost assistance and the state has indicated that they will contribute additional funding. It is estimated that this will translate into over 700 loans. Prepare yourself and your clients to be ready for this opportunity. PGCAR will continue to keep members informed on this issue.
PGCAR NSP Archive:
PGCAR 11/20/08 Legislative Newsletter RE: NSP
PGCAR 2/23/2009 Legislative Newsletter RE: NSP
PREPARE YOURSELF AND YOUR CUSTOMERS FOR DOWNPAYMENT
AND CLOSING COST ASSISTANCE
- FHA 203K REHAB FINANCING WORKSHOPS -
In light of the forthcoming Prince George's County Neighborhood Stabilization Plan (NSP) - Down Payment Assistance - PGCAR is offering classes to prepare members for the "roll out" of this program. Knowledge of the 203K programs will help REALTORS service their customer when applying for assistance under the Neighborhood Stabilization Plan.
Section 203K insurance enables homebuyers and homeowners to finance both the purchase of a house and the cost of rehabilitation through a single mortgage. Buyers can obtain a single long-term, fixed - or adjustable - rate loan that covers both the acquisition and rehabilitation of a property. These loans will save buyers time and money and also protect lenders by allowing them to have the loan insured even before the condition and value of the property can offer security.
NEXT CLASS: Wednesday, April 22, 2009 - 9:30 am - 12:30 pm
Click here to register >>
YOU WILL LEARN:
- What is a 203K Loan
- Key Characteristics of the 203K
- Differences Between 203B, 203K and "Streamlined K"
- Advantages of the 203K
- Role of the REALTOR® in securing 203K Loans
- What the REALTOR® NEEDS to Know!
CLASSES ARE FILLING UP FAST - SIGN-UP TODAY!
- HOMEBUYER EDUCATION CLASSES -
Homebuyers wishing to take advantage of Neighborhood Stabilization Plan (NSP) funds are required to complete eight hours of FHA/HUD approved housing counseling. PGCAR has partnered with a HUD certified housing counseling agency to offer FREE classes for your customers. The classes are designed for the home buying public. After completion of the required eight hour course attendees will be provided with the documentation necessary to qualify them for NSP down payment assistance. All classes will be held at the PGCAR offices.
|Tuesday, April 28, 2009
||5:30 p.m. - 9:30 p.m.
||Part 1 (4 Hours)
|Thursday, April 30, 2009
||5:30 p.m. - 9:30 p.m.
|| Part 2 (4 Hours)
|- - - - - - - - - - - -
|Tuesday, May 5, 2009
||5:30 p.m. - 9:30 p.m.
||Part 1 (4 Hours)
|Thursday, May 7, 2009
||5:30 p.m. - 9:30 p.m.
||Part 2 (4 Hours)
|- - - - - - - - - - - -
|Saturday, May 9, 2009
||9:00 a.m. - 5:00 p.m.
||Parts 1 & 2 (8 Hours)
Call 301-567-3330 to register your customers.
Long-time PGCAR Member Jack Dunnigan passed away in Florida in February. Jack was the Broker of Mike Casey Realty. The burial was private.
Jack Darling, former owner and broker of Darling Real Estate and Joanne Darling's father-in-law, passed away in Florida on March 23rd. After a Mass of Christian Burial in Florida, he was laid to rest in Gate of Heaven Cemetery in Silver Spring on March 30th.
Jean Bousigard passed away on March 24th. Her funeral was on Friday, April 3rd. Jean had been a PGCAR Member for many, many years and will be missed.
Our prayers and deep sympathy go out to their families and many friends.
Women's Council of REALTORS®
|WCR ANNUAL PRAYER BREAKFAST - This Friday!|
Prince George's County Chapter invites you to its
31st Annual Prayer Breakfast
Good Friday, April 10, 8 - 11 a.m.
At La Fontaine Bleu
GUEST SPEAKER: Rev. Juanita Maclin, Evangel Assembly, Temple Hills, MD
SOLOIST: Wanda Petty
CONTACTS: Rose Marie Jung, 301.318.4655 and Alease Bowles, 301.599.9373.
$20 Registration / Donation accepted at pgcar.com, by fax / mail, or at the Prayer Breakfast.
CHRISTMAS IN APRIL
Volunteer Now to Make a Difference!
Saturday April 25
7:30 AM - 4:00 PM
at a Prince George's County home site — or two!
|Please join us on Saturday, April 25 to help a needy Prince George's family with general home repair. If you can hold a hammer, paint brush or broom you can help. No special skills required ~ please come and help out! The Community Service Committee will be putting together at least one team of workers.
Please sign up now to help Committee planning!
Earn All Required
MD Continuing Education Hours
During April at PGCAR.
Rookie REALTOR® Society Presents:
Thursday, May 7
At La Fontaine Bleu,
7963 Annapolis Road
Lanham, MD 20706
||Registration & Networking
|10:00 - 12:00 noon
FREE to all Rookies, but registration is required.
How often do you think about your safety on the job? Do you practice good safety at home and on the road? You can't afford not to! Do your family and friends a favor. Learn . . . and practice good safety tips. And pass them along!
|SPRING FOOD DRIVE|
The need for food has nearly depleted the food supply at area food banks. Please help us replenish the food supplies by bringing your non-perishable food items to the Association office between now and April 30th
You can also help by holding your own office food drive. If you would like to have a Member of the Community Service Committee pick up the food from your office, please contact Marie at PGCAR - 301.306.7900.
You may also bring your food contributions to the RPAC Fundraiser
on April 21st at La Fontaine Bleu.
Thank you in advance for your generosity.
Code of Ethics Case Study: Case #13-1:
Preparation of Instrument Unrelated to Real Estate Transaction
Client A dropped in to see his friend, REALTOR® B, who had recently provided professional services to Client A's company. Client A said that his company was sending him on business to the Far East; that the trip would involve a good deal of air travel in remote areas; and that he would like to leave a power of attorney with his wife while he was gone "just in case." He asked REALTOR® B if he would prepare a power of attorney for him and REALTOR® B said, "It's a simple document. I'll be glad to prepare one for you," and did.
This action came to the attention of the Grievance Committee of the Board of REALTORS®, which, after review, filed a complaint with the Board's Professional Standards Committee, charging REALTOR® B with a violation of Article 13 of the Code of Ethics.
REALTOR® B's defense was that he understood Client A's request to be essentially for a real estate service since from his general knowledge of Client A's personal affairs, he knew that Client A could have no reason for giving his wife a power of attorney except to put her in a position to act in a real estate transaction. He contended that because his preparation of a legal document was directly related to real estate matters, he had rendered real estate, not legal, service to Client A.
You Be the Judge
Based on your understanding of the Code of Ethics Article 13, how do you think the Professional Standards Panel ruled?
Find out here >>
|Housing Affordability Sets New Record, Pending Home Sales Increase|
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 2.1 percent to 82.1 from a reading of 80.4 in January. Also in February, NAR's Housing Affordability Index rose to a new high, indicating that the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970.
Broker and NAR President Charles McMillan, said home buyers are in an excellent position. "The drop in mortgage interest rates and home prices mean the buying power of a typical family has never been better," he said. "If you have a good job and long-term plans, it's unlikely that you'll find a much better time to buy a home. This is especially true for first-time buyers who can qualify for an $8,000 tax credit this year, have a great selection of homes to choose from, and are in a favorable negotiating position."
Read More >>
Spring Sales Staging Tips >>
|HELP WIN $10,000 FOR THE PRINCE GEORGE'S COMMUNITY|
PGCAR members do so much to help others. Help us share this good news and we could win a donation from MAR of $1,000, $5,000 or $10,000 to the charities of our choice!
Do you volunteer for your church, collect money or toys for "Toys for Tots," raise or make donations to charitable organizations, drive for Meals on Wheels, donate time at your child's school or Scouts? However you volunteer and give back to the community, we'd like to hear about it! Please complete the online form in the PGCAR.com Community Service section.
Let's win that C.A.R.E. award for the Prince George's community at the 2009 MAR Convention. With your help we can do that. The deadline is May 29th. We know many of you participate in multiple community events, so please submit as early as possible and with photos and testimonials when available. Online Form >>
|APRIL IS FAIR HOUSING MONTH|
NAR and our neighbors at Anne Arundel Association of REALTORS® and the Women's Council of REALTORS® of Anne Arundel County present:
At Home with Diversity®
To prosper in today's real estate markets, REALTORS® need new skills for handling transactions that involve minority buyers or sellers. These skills are taught through the professional development course, At Home with Diversity®.
||Anne Arundel County Association of REALTORS®
555 Benfield Rd., Severna Park, 410-544-4554
||Wednesday, April 22, 2009
||9:00 am - 4:00 pm
6 hours of CE (Fair Housing and Professional Enhancement)
Course Materials, Light Breakfast and Lunch
At Home with Diversity Certification, Lapel Pin, Logo for your marketing (must complete training)
Credit toward the CIPS, CRS and PMN designations
Click Here for a Registration Flyer!
Diversity Resources. . . . .
The Cultural Diversity Committee of PGCAR has identified a number of reference resources to assist you in bridging the gap on diverse issues.
- Field Guide to Fair Housing at www.realtor.org
- Spanish/English Real Estate Dictionary*
- Spanish for Real Estate Professionals
- Bow, Kiss or Shake Hands*
*Available at Prince George's Association of REALTORS® Office
Thank you to all who attended the February "Every Voice Counts" Mixer! See the photos >>
Place your ad in the Official Homes Section of The Prince George's County Association of REALTORS®, brought to you by The Gazette. This is a special pullout FULL COLOR supplement reaching over 127,000 homes and businesses in Prince George's County.
CHOOSE YOUR SPECIAL!!!
- BUY 1 AD, GET AN AD IN THE GAZETTE OF YOUR CHOICE FOR 15% OFF
- BUY 2 ADS, GET THE 3rd HALF PRICE
- BUY 3 ADS, GET THE INTERNET FREE FOR 3 MONTHS
(ad must be the same ad that is in the spotlight and will run for 3 months straight)
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.
If you are interested in writing an article or placing an ad, please contact
Heidi Lamere at 240-473-7588 or firstname.lastname@example.org.
|MAR COMMITTEES - CALL FOR VOLUNTEERS|
The Maryland Association of REALTORS®
is looking for volunteers to serve on MAR committees for the 2009-2010 committee year. Sign up at www.mdrealtor.org
REMINDER: Current MAR committee members must complete a new volunteer form if they wish to continue serving for a 2009-1010 term.
DEADLINE: Wednesday, May 13, 2009
|VOLUNTEER FOR A NAR COMMITTEE|
Members! The National Association is now accepting recommendations for committee service in 2010. Please recommend yourselves or other suitable candidates for up to three committee positions at the national level. We encourage you to nominate yourself, and encourage others whom would also make good leaders.
For NAR committee leadership positions, please go to the NAR Governance: Committees section of REALTOR.org. There you will find a direct link to the Online Committee Recomendation Database and details of the 2010 NAR Committees.
All committee recommendations must be submitted at REALTOR.org.
Deadline for submission is May 26, 2009.
|NAR MIDYEAR LEGISLATIVE MEETINGS & TRADE EXPO...|
Join us to take an active role in advancing the industry, public policy agenda and Association during the 2009 Midyear Legislative Meetings & Trade Expo. The event will be held May 11-16 in Washington, DC. And best of all, IT'S FREE!
Register now >>
Membership Renewals are Now PAST DUE!
Haven't renewed yet? Save the loss of your SentriLock lockbox access, discounted MRIS fees and other REALTOR® Membership benefits. Renewing online is as easy as 1-2-3.
1 - Click here
2 - Log in
3 - Renew online and receive your itemized receipt immediately !
Thank You for Making PGCAR One of the
BEST professional associations!