REALTOR® Hotsheet
 Volume 14, Number 20 ◊ October 2, 2009


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Important Short Sale Clarification

The Department of Banking recently issued a statement concerning debt negotiator's licenses which has caused confusion among members who are working with sellers to bring about short sales. DOB issued the statement in response to a new law which takes effect October 1 that requires a DOB license to engage in "debt negotiation" or "foreclosure rescue services." The law is aimed at "foreclosure consultants", foreclosure rescue services and other parties who are looking to take advantage of homeowners who are in desperate straits.

Some third party debt negotiators have sent spam e-mails to members claiming that real estate agents act illegally in negotiating short sales. This is not true.

CAR has confirmed with the Department of Banking that a real estate agent does not need a debt negotiators license in order to negotiate a short sale as long as they are not separately compensated for negotiating the terms of the short sale. Agents may be compensated according to the commission or fee set forth in their listing agreement with the seller and no debt negotiators license is required even if further communication is performed with the bank regarding the acceptance of the short sale.

As always, members should be careful to avoid the practice of law when performing their activities and should advise the seller to seek the advice of their attorney and their tax advisor in a short sale situation. For further information, contact Attorney Eugene Marconi, CAR's General Counsel, 800 335 4862 or email marconie@ctrealtor.com.

Tell Congress: Extend and Expand the Homebuyer Tax Credit
Join NAR’s Call to Action http://takeaction.realtoractioncenter.com/campaign/hbtc/nq0j35knnj? to help and get the message out to our congressional delegation. 

The $8,000 first-time homebuyer tax credit expires December 1st. The usefulness of the credit diminishes daily if the credit is not extended well before that date. Without Congressional action NOW, the market may freeze again – possibly as soon as October. 

The market has improved, but it has not yet fully corrected itself. Uncertainty about the future of the credit will dampen consumer demand. We can't wait until late in the year to see what happens. We have all seen first-hand the positive impact the first-time homebuyer tax credit is having on the real estate market recovery. 

 

SRES - Senior Real Estate Specialist Designation

The SRES® designation is scheduled to run in Westport on October 29 & 30. The two-day SRES® course offers you knowledge, experience and expertise in successfully providing seniors with professional consultation and real estate.  SRES® is also approved for 6 hours of continuing education credit for Salespeople and Brokers good toward the 2010 license renewal.  Register by Friday, 10/16 and save $25! Click here for registration/information. If you have any questions contact Brett Moody.

 

New Member Benefits Available!

Have you visited the Member Benefits page lately?  Make sure you take the time to see what discounts are available to you as a CAR member. New benefits include:

XL CENTER

Special Pricing is available to CAR members for a variety of events at the XL Center in Hartford. Click here for directions on how to take advantage of these opportunities. Event links will change often...so be sure to act quickly since a limited number of tickets are available at special rates. Click on the event below to order tickets and use Promo Code: CTREALTOR

HARTFORD WOLF PACK OPENING NIGHT - Saturday, October 10th at 7pm 
 

BOSTON CELTICS - Wednesday, October 14th at 7:30pm

SESAME ST. LIVE -October 17th at 2pm

2010 VISA CHAMPIONSHIPS - August 11-14, 2010 – Includes all 7 Events at the XL Center

 

PLANET SIGN SHOP
Planet Sign Shop, home of the largest selection of top quality stock real estate signs available, is offering CAR members discounts ranging from 10-20%. To order, go to http://www.planetsignshop.com/ and use CAR Discount Key Code CTSA6108 or call toll-free 888-552-7446 for assistance with your order or special request.

 

GRI-3 North Haven - The Full Package!

By completing this one course, you will earn: 24 elective credits good toward the 2010 renewal period, 30 hours of elective broker pre-licensing credit, At Home with Diversity: One America certification AND be on your way to earning the GRI designation. This course is being held in North Haven on October 19, 21, 26 & 28. Register by Monday, 10/5 and save $25.  For more information and to register click here or contact Abby Krist with any questions.

 

Georgia REALTORS® Need Your Help: Please Consider a Donation to the GAR Disaster Relief Fund

GAR’s Disaster Relief Fund was founded to assist REALTORS® who have lost their home, their office, their ability to pay for their home and/or their livelihood through a natural disaster or other catastrophic event. Please consider a donation to help your fellow REALTORS® who have been affected by the devastation of the recent floods. Click here to make a secure donation online, or to download a form to fill out and mail in to GAR. No amount is too small! Thank you for any help that you can give to your REALTOR® colleagues in this time of need.

REALTORS® Endorse Torrington Mayor for Third Term

Ryan Bingham has received the support of the REALTORS® Political Action Committee (RPAC) in his bid for a third term as mayor of the city of Torrington. The decision was made following interviews of all candidates in this three-way race by a screening panel of the Litchfield County Board of Realtors®. According to Art Duel, RPAC Trustees Chairman, “We thank each of the three contenders; Sam Slaiby (D), Thomas Iffland, Jr, (I), and Bingham (R) for participating in the process and sharing their views. Our nonpartisan political Action committee encourages all REALTORS® and their families in the district to back Binghams’s campaign with their votes, volunteer talent, and financial assistance.” Duel further explained that “RPAC was created to help elect candidates to public office who are supportive of private property rights, housing opportunity, and the free enterprise system.”  He said several other local contests are under consideration, but noted that the cut-off date for members to submit new recommendations has already passed. 

Smart Growth Legislation Takes Effect October 1

Two smart growth bills supported by CAR take effect this week. Public Act 09-165 establishes a voluntary pre-application review process for developers of larger projects (e.g., having over 1,000 parking spaces). The idea is for projects of “regional” significance to be informally evaluated in an expeditious manner by the particular town and state officials affected and to give developers and taxpayers a cost-benefit analysis before risking due expense and time. Also, Public Act 09-231 promotes regional economic development and cost-sharing by allowing eligible towns to negotiate various forms of municipal cooperation and then share in the real estate and personal property taxes generated.

Register Today for CAR's 8th Annual CT REALTORS® Leadership Conference!

This year’s Conference is being held December 1-2 at Foxwoods Resort Casino in Ledyard. In addition to our keynote speaker, Richard Flint, the December 1 program will also feature 2010 NAR First Vice President Moe Veissi and NAR General Counsel/Senior Vice President Laurie Janik. Whether you are currently in a leadership position, would like to get more involved or just take advantage of the educational/networking opportunity – sign up today! First time Conference attendees receive 50% off the registration fee. December 2 is CE Day...the two mandatory CE courses for 2010 license renewal will be offered for just $60 (including lunch)! Click here or more information and to register.

Hold the Date:
CAR Legal Seminar December 1, 2009

The CAR Legal Department will hold a seminar on December 1, 2009 from 10:00-11:30 a.m. at Foxwoods Resort and Casino just prior to CAR's Leadership Conference. The session will be devoted to the special needs of Broker principals and attendance will be limited to broker principals only. The session will be at no additional cost to Leadership Conference registrants. For more information email Catherine Hirko or call 1-800-335-4862, ext. 309.

CAR's Annual Membership Meeting
October 20, 2009

CAR's Annual Membership Meeting is being held on Tuesday, October 20 immediately following the CAR Board of Directors meeting at the Crowne Plaza in Cromwell (approximately 11:30 a.m.). This meeting is open to all members. A review of CAR's activities during 2009 will be given. If you are interested in attending this meeting, please contact Alison Hudak.

The RPAC/REALTOR® Party Zone

Three Local Boards/Associations Reach 100% RPAC Goal for 2009

Connecticut RPAC is happy to announce the following local Boards / Associations have made 100% or more of their RPAC Goal for 2009:  1) East Central Board of REALTORS, with Cathy Castellani, Political Fundraising Chair, Deb Oborski, President, and Deb Crider, Association Executive; 2) Mid-State Association of REALTORS, with Mike Casey, Political Fundraising Chair, Anthony Cervoni, Political Fundraising Committee, Marti Correia, President, and Sue Pyzynski, Association Executive; and Grtr. Waterbury Board of REALTORS, with Gene Fercodini, Political Fundraising Chair, Mary Ann Hebert, President, and Sharon Hallock, Association Executive.

Congratulations to these boards/associations, and thank you for a job well done!

For a current RPAC Barometer, and to see where your local board/ association is for 2009, please click here.

For more information, please contact Holly Reed, CAR’s Political Fundraising Assistant. 

In This Issue:

 Hotsheet Legal Tip

"Write-Overs" on Contracts

Handwritten provisions on a pre-printed form are considered changes or additions to the existing language and should be initialed and dated by all parties so that it is clear that all parties have read and agreed to such changes or additions.

 

Real Estate News

Extend the Credit; Sell More Homes

Nearly one in five (18%) prospective first-time homebuyers said extending the $8,000 tax credit would be the primary influence on their decision to buy a home before the end of 2010, according to a Zillow survey. That would equate to 334,000 buyers from Dec. 1, 2009 to Nov. 30, 2010, a likely time period for an extension, according to additional analysis. Click here for the rest of the article.

HUD Releases New RESPA FAQs
In anticipation of the January 1, 2010 rollout of the new Good Faith Estimate and HUD-1, the Department of Housing and Urban Development (HUD) posted, on its official Web site, expanded FAQs on the new RESPA rule, including information on completing the forms. To view the FAQs, click here.

Source: REAL Trends

For more interesting real estate news, please visit here.


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