NAR's quest to extend the $8K tax credit from OAR eConnections

 
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Increasing media coverage has drawn attention to the reality that the $8K first-time homebuyer tax credit will expire Nov. 30, but that prospective purchasers need to act quickly to assure that they will qualify for the credit. To receive the credit, purchasers must actually close the transaction before 
Dec. 1. 

Ways and Means Chairman Rangel (D-NY) has introduced legislation that would extend the benefit of the credit through 2010, but has limited eligibility to individuals who have served in the military, Foreign Service or in the US 
intelligence community outside the US for 90 days or more during 2009. They must also be first-time purchasers. 

NAR has sent a letter of support to the Chairman and has also urged him to include an extension of the first-time homebuyer credit when the full House considers that legislation. The House will likely require that any extension of the credit be "paid for." Paying for an extension of the current credit is said to "cost" just less than $1 Billion per month of extension. 

In the Senate, Senator Ben Cardin (D-MD) has sponsored S. 1678. It offers a straight extension of the credit for 6 months. Majority Leader Harry Reid (D-NV) is a co-sponsor, as is Senator Johnny Isakson (R-GA), an early advocate for a tax credit. The Senate does not yet have a strategy for moving that bill, as all revenue measures must originate in the House.

NAR is asking REALTORS® to convince Congress to extend current law. 

First-timers need $8K tax credit in 2010

Nearly one in five (18%) prospective first-time home buyers 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. (Source: RISMedia)

Analysis: Tax credit adds 357,000 buyers to market

A study estimates that 357,000 buyers have been motivated so far by the $8,000 first-time homebuyer tax credit.

The study by Campbell Surveys, a division of Campbell Communications, calculated the figure by comparing the number of first-time homebuyers before and after the tax credit was instituted. The percentage of first-time buyers rose from 32 percent in January and February to 43 percent for the rest of the year--except July when the rate fell to 42 percent. 

Campbell's Research Director Thomas Popik pointed out that this survey mirrors the numbers calculated by the National Association of REALTORS® and those from Moody's Economy.com.

The data supports legislative efforts in Congress to extend the tax credit. (Source: HousingWire.com)

Credit reports under extra scrutiny

Buyers who are under contract and hoping to close before Nov. 30 when the first-time home buyer credit expires should refrain from buying furniture and other things on credit. Lenders are running credit checks prior to closing day and any increase in credit card or other debt can jeopardize the loan, says Lew Reich, an associate with Keller Williams Realty in Plano, Texas.

Reich warns buyers to even refrain from checking out a new large purchase because even an inquiry on a credit report could scare a lender. Reich tells borrowers: "If someone's squeaking by and, all of a sudden, they may be looking at increasing debt, the lenders will have a keener eye in looking at your loan," he says.

"Stay out of the stores," he adds. (Source: The Associated Press)

 Reminders From the OHIO DIVISION OF REAL ESTATE

 
From the OHIO DIVISION OF REAL ESTATE & PROFESSIONAL LICENSING NEWSLETTER 

Budget Passed - Changes Coming

House Bill 1 – the state’s budget bill – was signed into law by Governor Ted Strickland on July 17, 2009. The enactment of this much anticipated legislation brings updates to the laws governing Ohio’s real estate licensees and appraisers.

Effective October 16, 2009: 

Fee changes: Acting upon the recommendation of the Division and industry representatives, the legislature approved a series of fee changes designed to provide funding for maintaining services. In doing so, it was noted that the last fee increases were made in 1994. The new fee schedule is as follows:
 

During the transition between fee schedules, the amount due for the renewal of a real estate license will be determined by the license expiration date, not the date of payment or receipt of paperwork. Determination of the fee for all other applications will be based on the date the application is received by the Division or by the postmark if the application is sent via mail or other type of delivery service. In addition to fee changes, the budget bill allows the real estate operating cash balance to be infused with excess funds previously designated for Education & Research or Recovery. A total of $1.9 million is being transferred into the real estate operating fund from these sources. The fund transfers and additional income generated by approved fee changes will provide the Division with the resources necessary to continue to operate. 

Appraiser Renewal: Appraisers who fail to renew or submit  required CE by their expiration date will no longer be able to practice during the 90 day grace period  following the credential’s expiration date. Appraisers who want to reactivate their credential may do so if, during the 90 day period following expiration, they file required renewal and CE paperwork and  pay the renewal fees and penalty fees. In addition, the Superintendent has the ability to grant a  medical exception to appraisers who miss the reactivation period but who provide proof of a medical  reason. Barring a medical exception, an appraiser who does not reactivate within the 90 day period  must meet the requirements of a new applicant if she/he wants to again be licensed or certified  as an Ohio Appraiser. Complaint Investigation Timeframes Eliminated: Recognizing  that various Ohio courts have determined that the timeframes contained in the laws regarding the  investigation of complaints are guidelines rather than mandates, the legislature stripped them from the statutes governing Ohio’s real estate appraisers.

REMINDER

Brokers Must Report Dormant Special or Trust Accounts to the Division of Unclaimed Funds by November 1 Annually 

A broker must identify any amounts payable to an individual that are dormant in their special or trust accounts and report them to the Division of Unclaimed Funds before November 1 of each year. For more information, please refer to the Division of Real Estate and Professional Licensing’s Winter 2008 - 2009 Newsletter. The link is: http://www.com.ohio.gov/real/docs/real_winter0809.pdf

Attention Brokers
The Division of Unclaimed Funds now has an “Unclaimed Funds Guide for Real Estate Brokers” available on its website. To view the guide, please follow the link below: 
http://www.com.ohio.gov/unfd/docs/UCFGuideForREBrokers.pdf


REMINDER

New FHA Policy Concerning Licensed and Certified Appraisers 

According to Section 202(f) of the National Housing Act, all FHA Appraiser Roster appraisers in all states and territories must:

(1) be “certified” by the State in which the property to be appraised is located; or by a nationally recognized professional appraisal organization, and (2) have demonstrated verifiable education in the appraisal requirements established by the FHA no later than October 1, 2009, in order to be eligible to conduct appraisals for FHA-insured mortgages and remain on the FHA Appraiser Roster.

For more information, please visit the FHA Appraisers home page at: http://www.hud.gov/appraisers


For Your Information:

Administrative Fees 

In April 2009, the U.S. District Court for the Northern District of Alabama found that a $149.00 administrative fee charged by an Alabama broker violated RESPA. While Ohio license law does not specifically prohibit an administrative fee that a client is provided notice of and consent to, it is not permissible to provide notice to the client by placing such notice in the consumer guide to agency
relationships.

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 REALTORS® Attend OAR Convention

 
Twelve members of the Youngstown Columbiana Association of REALTORS® attended the 99th Annual Convention of the Ohio Assocition of REALTORS® (OAR) September 20-23rd at the Columbus Convention Center.

Convention highlights included an Opening General Session at which Susan O'Neil of the Akron Area Board of REALTORS® was named OAR's REALTOR® Of The Year, and a President's Sales Club Dinner, honoring the top producers in the industry.

In addition to the business meetings, educational courses and general interest sessions, Convention attendees viewed products and services displayed by more than 50 exhibitors.

Front (L-R) Chuck Willson, Betty Belding, OAR Treasurer Meg Hudson, Tom Williams, Eric Caspary, OAR President Jon Hall. Back (L-R) Dave Walker, Steve Brown, Candidate for 2014 NAR President, Kathy Carroll, David Klacik

Eric Caspary, OAR President in the General Session

 Thank You from Tom Williams Candidate 2010 OAR Treasurer

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 NEOHREX Institutes New Automated iCheck System

 
iCheck is an automated process that verifies the integrity of MLS listing by ensuring all listings are in compliance with the REALTOR® Association's rules and regulations.

The automated iCheck system will be going live on October 15th. It is imperative that all members have a valid email address in the NEOHREX MLS system as it will all be email generated. Per MLS rules, Participant shall be required to maintain on file with the MLS a current, accurate and active email address at which they may be contacted. 

Rules Update

Listings that cannot be shown for a specific period of time must be PLACED in Temporarily Off Market status per MLS rules. 

Three eight seven five five seven. Contingent listings expire on the Expiration date as they are considered active listings. Please check your contingent listings to ensure you either have an extension or that it should be changed to Pending status per MLS rules.

Summit County tax amounts in Realist are the gross amount which is including assessments, etc. The correct amount will be auto filled when entering a listing and will be the amount minus assessments and penalties. 

 Marnette E. Nelson Recipient of 2009 Dick Alt Award

The members of the association's Equal Opportunity Committee are responsible for determining annually the recipient of this award. 

This year's award was presented to Marnette Nelson on September 10th at the association's membership meeting at Antone's Banquet Centre. 

Marnette began her career in the banking/mortgage industry in September of 1980 with Home Savings and Loan in Youngstown. As a "Savings Counselor" Marnette was responsible for the generation and maintenance of new accounts. She was required to be knowledgeable of terms and government regulations required for the bank's core savings and retirement products. Marnette was promoted to a Branch Manager and Loan Originator with Home Savings in 1983. 

In this position, Marnette was responsible for the origination and closing of consumer and mortgage loans. In 1987 Home Savings promoted Marnette to Branch Manager. She was then responsible for the oversight and daily management of several of the banks full service branches including supervision of a staff of 18 employees. 

In 1995 Marnette became the bank's Community Reinvestment Officer responsible for insuring the bank's compliance with the Community Reinvestment Act requirements. She initiated community development programs and served as bank liaison with community for-profit and non-profit, civic and public organizations and agencies. 

Marnette completed her service with Home Savings & Loan in 2001. She then became associated with the Center for Community Empowerment. As a Homeownership Trainer for the Center, Marnette developed and facilitated homeownership and financial literacy training for clients serviced under contracts of the non-profit community support organization. 

Since April of 2004, Marnette has been the Homeownership Coordinator with the Youngstown Metropolitan Housing Authority (YMHA). In this position, Marnette is responsible for coordinating and assisting in the development of all Housing Authority homeownership programs. She develops and facilitates homeownership and financial literacy training for YMHA clients, as well as for other interested residents within the community. 

Marnette currently serves on Mahoning County's Save Our Valley Homes Task Force, a group associated with the Mahoning County's Treasurer's Office, who has developed a Foreclosure Prevention Resource Guide for the community. 

Marsha Ruha, Chairman of the REALTOR® Association's 2009 Equal Opportunity Committee presented the award to Marnette stating "I am honored to present the Dick Alt Fair Housing Award to you, Marnett, in recognition and appreciation to your dedication of ensuring that the people who choose to make this nation their home are provided with equal opportunity in housing and the type of counseling you provide. Thank you Marnette for serving so many in our community in so many loving and caring ways and for making sure that fair housing is available to all. You are truly a very deserving recipient of the 2009 Dick Alt Fair Housing Award of the Youngstown Columbiana Association of REALTORS®."

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 Soup Kitchen Volunteers

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 Coldwell Banker Announces Fall Festival

 
Special thanks go out to Affiliate Members Home Savings and Homes Guide for co-sponsoring the buffet breakfast for YCAR members at the annual general membership meeting on September 10th at Antone's Banquet Centre.

The morning's featured speaker was Attorney Peg Ritenour, Vice President of Legal Services of the Ohio Association of REALTORS®.

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 Dues Deadline Is December 1st!

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 Association Needs Historical Photos/Articles

Wow, no one found their file number in the September 2009 issue of the Mahoning Valley REALTOR®!

Continuing our free dues contest in 2009, each monthly on-line issue of the MVR will continue to contain three file numbers hidden in the articles.  

If you find your file number while reading your association's monthly REALTOR® publication, call Mary Ann Pallante at 330-788-7026 and your name will be placed in the "HAT" for the free dues drawing (local portion $247) to be held on Monday, November 23, 2009 at the Association office.

Now when you read the MVR Newsletter, not only do you reap the benefits of increased knowledge of your profession and your association, but you may also receive your 2010 YCAR local membership dues free!

In order to be eligible for the drawing, you must call in your found file number by the 15th of each publication month.

The following numbers are no longer eligible: Carmen Garcia 384572, Gary Mayle 164673, Mary Sohayda 262540

Monday, October 5: Ballot Counting Committee Noon

Tuesday, October 6: 100th Anniversary Task Force Mtg. 2:00 p.m.

Thursday, October 8: Board of Directors Mtg. 8:30 a.m.

Monday, October 12: YCAR Office Closed in observance of Columbus Day

Thursday, October 15: Lunch & Learn, YCAR 11:30 a.m. -1:00 p.m.

Monday, October 19: CRIS Board of Directors Mtg., Akron 1:00 p.m.

Friday, October 16: Ethics Seminar, McMahon Hall 8:30 a.m. - Noon

Friday, October 23: New Member Orientation 8:30 a.m.-4:30 p.m.

Sunday, November 1: Daylight Savings Returns... Turn Clocks Back at 2:00 a.m.

Excused: Treasurer Joan Zarlenga, Sandi Bates

	Approved the minutes of the August 13, 2009 Directors meeting as written.
	Approved the minutes of the general membership meeting of September 17, 2009 as  written.
	Filed the August 2009 Financial Statement for review.
	Reviewed the 2009 year-end Financial Statement as prepared by Annes, Gerlack &  Williams.
	Approved to set the 2010 local RPAC goal at $15,000.00.
	Approved to keep the voluntary RPAC contribution on the 2010 REALTORS dues at  $25.00.
	Approved to request $1,000.00 from OAR RPAC Trustees for State Senator Joe  Schiavoni as recommended by the Legislative Committee.
	Approved to request $1,000.00 from the association's RPAC Entitlement Funds for Kathy  Miller, candidate for Boardman Township Trustee as recommended by the Legislative  Committee.
	Approved the nomination of Debbie Parisi for 2010 Treasurer.
	Three one four four seven five.
	Approved to sell raffle tickets to win 2 tickets to the association's 100th annual  Installation Dinner in January of 2010 at the Trade Fair on October 1, 2009
	Defeated a $10.00 increase to 2010 REALTOR dues.
	Approved the provisional REALTOR® membership of one applicant and one new  broker/company applicant and the reinstatement of REALTOR® membership of one  applicant.
	Endorsed Brad Knapp for 2010 NAR Regional Vice President.
	Endorsed Selma Triplett for 2010 NAR Director.
	Defeated motion to purchase a $75.00 ad in the Society of St. Vincent dePaul Annual  Benefit Show program.

Sherry Franklin-Berry - ERA Tri Sun Real Estate

June Neel - Stamp Realty, Inc.

Sarah Wahed - Coldwell Banker First Place Real Estate

Helen Prest - Real Living Volpini Realty Group

David Rice - Coldwell Banker First Place Real Estate

Members: Place Your "FREE" Classified Ad Here - Call Mary Ann at 330-788-7026