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THIS THURSDAY, AUGUST 13
9:30 a.m. to 12:30 p.m.
At La Fontaine Bleu
All members are invited to attend a General Membership Meeting this Thursday, August 13
at La Fontaine Bleu with a continental breakfast at 9:30 am, meeting starting promptly at 10 am.
Agenda items include:
NSP MRI Update — 10 a.m. to 12 Noon
Roz Clemons, NSP Managing Director
P J Gardner, NSP Settlement Manager
Yetta Stokes, NSP Loan Coordinator
Lunch — 12 Noon to 12:30 p.m.
An update on Association Activities and Services
Meet the 2010 Candidates for Officers and Directors
Please take time from your busy schedule to participate in this
important exchange of information and ideas.
RSVP at pgcar.com
or using attached flyer.
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| TO: |
ALL VOTING MEMBERS |
| FROM: |
Linda Simpson, President |
| RE: |
ELECTION PROCEDURES AND BALLOT |
In accordance with the applicable provisions of the Prince George's County Association of REALTORS® Bylaws governing the election procedure, listed below are the candidates for Officers and Directors for 2009 / 2010. This year PGCAR Members will have the opportunity to vote online. From September 1st to 12 Noon on September 23rd, you are encouraged to go to the PGCAR website at www.pgcar.com to VOTE ONLINE. If you do not wish to or are unable to vote online, you may contact Joan Ostenso at the Association office at 301-306-7900 Extension 223 or email her at jostenso@pgcar.com to have a paper ballot mailed to you.
| The 2009 / 2010 Candidates are as follows: |
| President |
Michael Cerrito, Cerrito Realty, LLC |
| President-Elect |
Joanne Darling, Darling Real Estate |
| Secretary |
Willie Rhone, Weichert, REALTORS® |
| Directors (4 to be elected): |
| Desiree Callender, Desiree Callender & Associates |
| Charmayne Clark, Clark & Associates Real Estate |
| Pat Dowtin, GMAC Real Estate / Real Estate Service Center |
| James Haskins, Coldwell Banker Residential Brokerage |
| John Lesniewski, RE/MAX United Real Estate |
| Lorrence "Chuck" Ottley, SellState Dominion Real Estate |
All ballots must be cast online OR delivered to the Association office via mail or in person
no later than 12 Noon on September 23rd.
Please contact Joan Ostenso at 301-306-7900 Extension 223 with any questions.
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Red Cross Blood Drive at PGCAR |
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Bring a Friend ~ Double Your Impact
Next Thursday, August 20
9 am - 3 pm @ PGCAR
On June 25, we collected 26 pints of blood. Let's do it again!
Thanks for caring to Give Blood . . . to Give Life.
Please donate on August 20 >>
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2009 Distinguished Sales Associate of the Year
Nominations for selection of Prince George's County's 2009 Distinguished Sales Associate of the Year are now being sought.
Any licensed sales agent or associate broker holding REALTOR® membership is eligible for consideration. Candidates must have not held an active broker's license any time during 2009 and may not hold any percentage of ownership in the firm they represent. Also, managers, owners and salaried officers are not eligible to enter this competition.
There are four standards used in the selection process.
LOCAL BOARD / ASSOCIATION ACTIVITY (50%)
COMMUNITY / CIVIC ACTIVITY (30%)
BUSINESS CONDUCT AND PRACTICES (10%)
EDUCATION AND DESIGNATIONS / CERTIFICATIONS (10%)
Please fill in details under each of the four standards and submit your entry along with ONE (1) COLOR PHOTO (any size) now for consideration. REMEMBER, individuals may nominate themselves. To encourage participation you may submit your entry unsigned or anonymously, so if you think you qualify, why not nominate yourself!?
Distinguished Sales Associate Nomination  
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2009 Affiliate of the Year
Nominations are also being sought for the 2009 PGCAR Affiliate of the Year. Which one of our many distinguished affiliates will be named the 2009 Affiliate of the Year? Please nominate yourself or one of our many active Affiliate members. We appreciate you and your contributions to PGCAR!
Affiliate of the Year Nomination
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ALL ENTRIES MUST BE RECEIVED AT PGCAR
no later than 5 p.m. on Friday, August 28th.
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THE DREAM OF HOMEOWNERSHIP
IS NOW MORE AFFORDABLE
$20,000 NSP Down Payment Assistance,
$8,000 Tax Credit, Low Interest Rates . . . and More!
As Seen on FOX 5 News!
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Click here to see PGCAR's very own
Don Frederick talk about NSP.
This is the best time to buy for any homebuyer in Prince George's County. Qualified buyers who want to buy a foreclosed home have an even better deal, up to $20,000 available towards the downpayment and closing costs, which doesn't have to be paid back if living in the home for 10 years.
Fox TV >> PGCAR.com >>
Prince George's County Government >> |
NSP REALTOR® Resources
A Down Payment on Your Dream printable marketing brochure for potential home buyers as well as all required forms and details are available at PGCAR.com Members Only:
- REALTORS® Guidance and Instructions
- Down Payment & Closing Costs Assistance Guidelines
- Loan Application Checklist
- Required Forms and Paperwork
- NSP Contract Addendum and Notice to Seller
- Buyer's Affidavit
- Seller's Affidavit
- Who Qualifies, including Qualifying Income Limits for Homebuyers
- What Properties Qualify
- Participating Lenders List with Contact Information
- NSP DPCCA Loan Amounts
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YOUR Action Items:
- Search MRIS and create an inventory of foreclosed properties
- Login to PGCAR.com Members Only for program documentation, guidelines, required forms and other helpful details.
- While in Members Only, update your Member profile to help consumers find you.
- Pre-Qualify buyers under the parameters of the income limits.
- Encourage your buyers to attend the required 8 hour HUD approved housing counseling and financial literacy class prior to NSP application.
- Take the 3 CEU 203K Purchase Rehab class this Friday, August 14.
Help your clients take advantage of this great opportunity.
HERE is the Money:
 $8,000 TAX CREDIT EXPIRES IN 3 MONTHS
The $8,000 First-Time Home Buyer tax credit is available for single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 . . . but only until December 1. This tax credit in combination with currently low interest rates and the NSP funding available for buying a foreclosed home in Prince George's adds up to a very affordable time to buy.
2009 First-Time Home Buyer Tax Credit Facts at REALTOR.org >>
IRS Form 5405: Claiming the First-Time Homebuyer Credit >>
IRS Guidelines >>
INCENTIVES FOR TEACHERS, POLICE, NURSES, FIREFIGHTERS & WORKFORCE HOUSING - NSP down payment and closing cost assistance is available to more than first-time home buyers. It is also available to teachers, police officers, nurses, firefighters, and to anyone moving to within 3 miles of their employment. Did you know that Deputy Sheriffs and municipal police officers also save on transfer taxes when buying a home in Prince George's County?
BEING A HOMEBUYER BUILDS WEALTH - Check out these statistics showing the change in home prices over the last ten years in the top 100 U.S. metros. Even in the midst of a recession, home values show strong growth over time.
FHA Loans Increase in Popularity - Every REALTOR® who wants to sell more homes will benefit from the NAR FHA Toolkit - all you need to help clients find the right FHA-insured loans. Whether it's to finance needed repairs, qualify for a better interest rate, or qualify for NSP down payment assistance, an FHA loan offers many advantages to homebuyers.
Click here for FREE or low-cost resources and marketing brochures.
Want to be extra savvy on 203(k) refinance loans? Take this Friday's 3 CEU class >>
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| DOWNPAYMENT ON YOUR DREAM BROCHURES AVAILABLE |  |  |
PGCAR has a limited supply of NSP Down Payment on Your Dream promotional brochures targeting the home buying public. Brokers and office managers may pick up a supply for display in your offices. The brochures will be distributed on a first come, first served basis while supplies last.
| DC SALESPERSON LICENSE RENEWALS DUE AUGUST 31 |  |  |
There's now less than 3 weeks to meet CEU hour requirements and renew licenses through the DC Real Estate Commission. Please visit the DCREC license renewal website today to understand the new "Mass License Renewal" process. There are tutorials for Brokers and for Salespersons.
15 total CE hours are required for license renewal.
The 9 CE in required subjects are offered the following dates / times at PGCAR.
PGCAR classes marked DC Elective CEU on the
Education calendar are available to meet your 6 required Elective hours.
See your full continuing education requirements for DC license renewal here >>
Register for classes here >>
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HOMEBUYER EDUCATION CLASSES
Offer a Class to Learn and to Earn Government Funds for a Downpayment on Dream Home
Homebuyers wishing to take advantage of Neighborhood Stabilization Plan (NSP) funds are required to complete eight hours of FHA/HUD approved housing counseling. You can offer these classes FREE to the home buying public through your membership with PGCAR. 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.
HOMEBUYER CLASSES
| Tuesday, August 11, 2009 |
5:30 p.m. - 9:30 p.m. |
Part 1 (4 Hours) |
| Thursday, August 13, 2009 |
5:30 p.m. - 9:30 p.m. |
Part 2 (4 Hours) |
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| Monday, August 24, 2009 |
5:30 p.m. - 9:30 p.m. |
Part 1 (4 Hours) |
| Wednesday, August 26, 2009 |
5:30 p.m. - 9:30 p.m. |
Part 2 (4 Hours) |
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| Tuesday, September 8, 2009 |
9:00 a.m. - 5:00 p.m. |
Parts 1 & 2 (8 Hours) |
Visit the PGCAR.com Events Calendar for entire class listing >>
Only $50 for the full 8-hour required class.
Call 301-567-3330 to register your customers.
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HIP HOMEBUYER UNIVERSITY
An additional Homebuyer's Class meeting NSP homebuyer training requirements is being offered by Housing Initiative Partnership (HIP) free of charge at PGCAR this Saturday, August 15 from 9 a.m. to 5 p.m..
Please share the flyer!
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LEGISLATIVE ALERT
New Lender Disclosure Requirements
Now Effective for All Mortgage Loans
Lenders are now subject to new disclosure requirements for mortgage loans under the Federal Reserve Board Truth in Lending Regulation. The new requirements apply to all loan applications filed on or after July 30. These new rules are complex, and can dictate the closing date. REALTORS® are advised to learn the basics so you can discuss the new procedures and potential delays with clients and consumers.
Here are key highlights of the changes:
- If the consumer is financing the property, these new regulatory and investor guidelines will impact - and could even dictate - the closing date. Under the new regulation, a closing may not take place until after a seven day waiting period following the good faith cost estimate disclosure.
- Lenders must give good faith estimates of mortgage loan costs within 3 business days after the consumer applies for a loan (early disclosure). The lender may not collect any fees before the disclosure is provided, except for a reasonable fee for obtaining a credit report.
- An increase of more than .125% in the Annual Percentage Rate (APR) from the initial Truth in Lending Disclosure (TIL) triggers a new three business day disclosure and waiting period.
- A consumer may modify or waive the seven business day waiting period or the three day waiting period by waiving the waiting periods to meet a bona fide personal financial emergency, by providing the creditor a dated, specific, signed written statement, and creditors may not use preprinted forms for this purpose.
For more information, visit the National Association of REALTORS®
website by clicking on this link.
FANNIE MAE AND FREDDIE MAC CLARIFY HVCC APPRAISAL RULES
On July 23, Fannie Mae and Freddie Mac issued clear guidance on two very important points raised by NAR over the new Home Valuation Code of Conduct for home appraisers implemented this May:
- That lenders should use appraisers who have clear experience in the geographic area.
- That appraisers are not prohibited from talking to real estate agents.
Read the full article at REALTOR.org >>
Fannie Mae HVCC FAQs >>
Freddie Mac HVCC FAQs >>
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| CONTINUING EDUCATION |  |  |
Earn ALL of Your Continuing Education requirements for Maryland and DC license renewal at PGCAR!
DC licensing for real estate salespersons must be renewed by August 31!
Sign up for YOUR choice of classes here!
| UPTREND CONTINUES IN PENDING HOME SALES | | |
Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent above June 2008 when it was 88.7.
Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. "Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who have been on the sidelines. Activity has been consistently much stronger for lower priced homes," he said. "Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30."
More >>
For Prince George's County, the number of July settlements increased from June 2009 in both the single-family and condo residential markets. Prince George's County market reports >>
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Code of Ethics Case Study: Case #3-10:
Disclose Accepted Offers with Unresolved Contingencies
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REALTOR® A listed Seller S's house and placed the listing in the local association's MLS. Within a matter of days, REALTOR® X procured a full price offer from Buyer B. The offer specified that Buyer B's offer was contingent on the sale of Buyer B's current home. Seller S, anxious to sell, accepted Buyer B's offer but instructed REALTOR® A to continue marketing the property in hope that an offer that was not contingent on the sale of an existing home would be made.
A week later, REALTOR® Q, another cooperating broker working with an out-of-state transferee on a company-paid visit, contacted REALTOR® A to arrange a showing of Seller S's house for Buyer T. REALTOR® A contacted Seller S to advise him of the showing and then called REALTOR® Q to confirm that he and Buyer T could visit the property that evening. REALTOR® A said nothing about the previously-accepted purchase offer.
REALTOR® Q showed the property to Buyer T that evening and Buyer T signed a purchase offer for the full listed price. REALTOR® Q left the purchase offer at REALTOR® A's office.
REALTOR® A informed Seller S about this second offer. At Seller S's instruction, Buyer B was informed of the second offer, and Buyer B waived the contingency in his purchase offer. REALTOR® A then informed REALTOR® Q that Seller S and Buyer B intended to close on their contract and the property was not available for purchase by Buyer T.
REALTOR® Q, believing that REALTOR® A's failure to disclose the existence of the accepted offer between Seller S and Buyer B at the time REALTOR® Q contacted REALTOR® A was in violation of Article 3 of the Code of Ethics, as interpreted by Standard of Practice 3-6, filed an ethics complaint with the association of REALTORS®.
At the hearing called to consider the complaint, REALTOR® A defended his actions noting that while Buyer B's offer had been accepted by Seller S, it had been contingent on the sale of Buyer B's current home. It was possible that Buyer B, if faced with a second offer, could have elected to withdraw from the contract. REALTOR® A argued that continuing to market the property and not making other brokers aware that the property was under contract promoted his client's best interests by continuing to attract potential buyers.
Based on your understanding of the Code of Ethics Article 3, how do you think the Professional Standards Panel ruled?
Find out here >>
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| 2010 PGCAR DUES | | |
Please renew your Association dues on a timely basis to keep your local, state and national member benefits. Payments are due by November 30th, 2009 in order to prevent late charges. Total REALTOR® annual dues are as follows:
2010 Total Annual Dues
| $560 (includes voluntary RPAC contribution of $35) |
| $525 (does not include voluntary RPAC contribution of $35) |
| Prince George's County Association of REALTORS® |
$216 |
| Maryland Association of REALTORS® |
$194 |
| National Association of REALTORS® |
$115 |
| Voluntary RPAC Contribution |
$ 35 |
Your dues invoice is now available online in the Members Only section. Paying online allows streamlined processing and confirms your payment as soon as accepted. It will also email you a dues payment receipt for your records. Thank you for your continued involvement in PGCAR!
SCHEDULE THESE DATES NOW
GRI 100 Starts October 7 |
Sign up for the entire, 30 CE Series here!
(1.5 Fair Housing, 3 Ethics, and 25.5 Elective CE hours)
Need a few make-up classes?
Sign up for individual classes by clicking class titles below. |
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SPOTLIGHT SPECIALS
The market is starting to turn around! Get your properties in front of over 127,000 homes and businesses in Prince George's County by advertising in The Gazette Paper!
Internet Specials - For $20/mo. advertise your information and website to the people who visit our site monthly, ask me how!
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.
Article
Deadline |
TODAY,
August 10 |
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Ad Copy
Deadline |
Wednesday,
August 12 |
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Publication
Date |
Thursday,
August 20 |
If you are interested in writing an article or placing an ad, please contact
Heidi Lamere at 240-473-7588 or hlamere@gazette.net.
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