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May 3, 2007
Call
to Action: Voice opposition to transfer tax proposals today!
Three bills aimed at creating a new sales tax on homes will be heard by the
Massachusetts Legislature’s Revenue Committee on Monday, May 7th,
and while the measures have been filed on behalf of communities outside of
greater Boston (Chatham, Martha’s Vineyard and Nantucket) it’s not
unreasonable to expect that passage of the legislation could result in many
more cities and towns seeking to introduce a transfer tax locally.
GBREB, of course,
opposes transfer taxes because they have a negative impact on housing costs
and economic development.
Real estate transfer taxes are a major burden to buyers and sellers,
particularly at the time of closing. In addition, due to their volatility
in response to the ebb and flow of the real estate market transfer taxes
also are a poor source of revenue. It is also the position of GBREB and
the REALTOR® organization that costs associated with programs
designed for the public good should be shared equally. Home buyers and
sellers should not be singled out to pay for programs that benefit the
entire community.
If you are a
constituent of one of the lawmakers who serve on the Massachusetts
Legislature’s Revenue Committee (listed below), we strongly urge you to
contact them to communicate our industry’s opposition to the transfer tax
bills to be considered at the May 7th hearing.
Please thank the following members for
opposing transfer taxes measures last year and urge them to oppose S.1773,
S.1776 and H.3959.
Senator Brian Joyce,
Milton 617 722-1643
Rep. Walter Timilty, Milton 617-722-2810
Rep. Joe Driscoll, Braintree 617-722-2460
Rep. Patrick Natale, Woburn 617-722-2810
Rep. Richard Ross Wrentham 617- 722-2305
Urge new legislators who have not yet
taken a position on transfer taxes to oppose S.1773, S.1776 and H.3959.
Rep. Thomas Conroy,
Wayland 617-722-2575
Rep Steven D’Aminco Seekonk 617-722-2014
Rep. Fred Barrows, Mansfield 617-722-2487
And, urge those lawmakers who voted to
support transfer tax legislation last year to reconsider their position
this year.
Senator Cynthia Creem,
Newton 617-722-1639
Rep. Michael Rush, Boston 617-722-2210
Governor Proposes
Criminalization of Mortgage Fraud in Bay State
With a record 19,487 foreclosures filed last year in Massachusetts,
Governor Deval Patrick has proposed legislation aimed at criminalizing
mortgage fraud and banning abusive foreclosure “rescue” schemes in the
Bay State.
The proposal is
based on recommendations from last month’s Mortgage Summit Group
report, which was presented at the Massachusetts Association of
Community Development Corporations’ (MACDC)
Legislative Action Day on April 25.
If approved, the
legislation would require a mandatory “pre-foreclosure” notice be
filed with the state before any foreclosures can pass. A central
repository of foreclosure notices would then be created at the
Division of Banks to track foreclosure trends.
Other highlights of
his proposal include:
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Tightening the
licensing and education requirements for mortgage lenders and
brokers;
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Raising licensing
and examination fees for licensed mortgage lenders and brokers to
increase enforcement capabilities;
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Reviewing sales
practices of real estate brokers and salespersons who refer clients
to mortgage lenders and brokers;
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Implementing a
hotline for people facing foreclosures to receive referrals to
reputable foreclosure counselors and lenders; and
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Creating a public
education campaign targeting future and current homeowners.
On a similar note,
lenders Fannie Mae and Freddie Mac announced they are creating new
types of loans to help distraught borrowers.
Fannie Mae will
launch consumer-friendly subprime products this summer designed to
include 30-year and possibly 40-year fixed rate mortgages, as well as
adjustable rate mortgages with longer fixed-rate periods.
Freddie Mac will
launch HomeStay – a new program that offers options for subprime
mortgage holders to refinance out of high interest adjustable rate
mortgages and other difficult loans. Its subprime loan terms will
also be increased to 40 years as opposed to the current maximum of 30
years, which could reduce monthly payments up to 5 percent for some
borrowers.
Let’s Fill the
Hill!
Did you know that several communities in Massachusetts are considering
the imposition of real estate transfer taxes? At the same time the
City of Boston has proposed legislation that would allow fines and
property liens to be imposed for violations of zoning laws,
regulations governing minimum rental standards and rental
re-inspections, and the ordinances related to the transport, storage
and disposal of trash? These taxes are a major burden to home buyers
and homeowners , and have a negative impact on housing costs and
economic development.
Did you also know that
the state of Massachusetts continues to lag behind the nation in creating
housing opportunities for young people?
However you
answered, issues such as these will be the focus of this year’s agenda
for REALTOR® Day on Beacon Hill on Thursday, June 7. And we’re
excited to say that the Greater Boston Association of REALTORS® will
be doing things a bit different this year.
Our goal is to
Fill the Hill with as many of our members as possible. How
is that different from any other year? Glad you asked. Our
jurisdiction consists of four regions defined by local communities
and starting today, when you register for and attend REALTOR® Day on
the Hill you will be competing to see which region can attract the
most REALTORS® to the State House on June 7. You’ll have the
opportunity to discuss key public policy issues of concern to our
industry with state legislators.
The more REALTORS®
on the Hill, the more your voice stands out as an influence over
legislation that affects your livelihood.
The members from
the winning region will receive gasoline gift cards in the amount of
$25 and lunch compliments of GBAR. We’re not done there, however. If
you’re not too keen on driving into the city take the “T” (commuter
rail or subway) and we’ll reimburse your for the round trip fare up to
$17.50! So what are you waiting for? For more details visit
gbar.org or
click here to register.
Do You Fit the
Profile?
Every two years, the National Association of REALTORS® conducts a
survey of its members to gain insight into the lives of REALTORS®. Here are some highlights of the latest survey. To begin, 63% of
members hold a sales agent license with 75 percent of REALTORS ®
specializing in residential real estate brokerage. More than one
quarter cite relocation as a secondary business specialty – up 20
percent from the last survey.
Regarding
technology, REALTORS® spent a median of $820 on technology products
and services. Thirty six percent spent less than $500 and 5 percent
spent more than $5,000 on technology.
Nearly all REALTORSÒ
reported that their firm has a web site for business use while 61
percent of REALTORSÒ
say they have their own website for business use – up from 44 percent
in 2005. Twelve percent of REALTORS® say they plan to have a website
for business use in the future. Thirty five percent of REALTORSÒ
say they maintain their own website while 27 percent use a website
that their firm provides.
Looking to the
future, 80 percent of REALTORS® are “very certain” they will remain
very active in the profession during the next two years. In addition,
a median 25 percent of REALTORS’Ò business is “repeat business” from a previous
client.
You can get a
condensed version of the survey results online or purchase the full
report from the
NAR bookstore shortly – item # 186-12-07.
House Approves
Tax Reporting Change for Sellers
The U.S. House of Representatives has passed the Taxpayer Protection
Act of 2007, H.R. 1677, which includes a long-sought after provision
by NAR that could change how sellers’ identities are reported at
closing. Under the current law, sellers must provide a buyer with an
affidavit that they are a U.S. citizen and disclose their Social
Security number. But with identity theft growing, sellers have become
reluctant to provide Social Security numbers to buyers. If approved,
the legislation would continue to require verification that the seller
is a U.S. citizen, but the tax laws would no longer require sellers to
provide their Social Security number to buyers. The bill now heads to
the U.S. Senate for deliberation.
GBAR to Host Sunset Dinner Cruise
Aahh summer. Ocean breezes, Sox games, Fourth of July fireworks and
the GBAR ROTY Awards. Yes, you heard us correctly!
On
July 10, join your fellow REALTORS® for a summer networking event on
the Spirit of Boston yacht. You’ll have the opportunity to
reconnect with old friends, make new ones and meet the newest (and
very excited) GBAR staff members.
The cruise will begin with a docked cocktail hour from 6:00-7:00 p.m.
and will include a presentation of the 2007 REALTOR® of the Year and
Andrew F. Hickey Distinguished Service award recipients. Afterward,
sit back and relax as the ship sets sail for a two-hour sunset cruise
of the Boston harbor; during which a plated dinner will be served and
live entertainment featured. This is sure to be an enjoyable and
memorable event for all. We recommend registering early as seating is
limited. Cost for the event is $60 which includes dinner and
parking. To register online
click here.
Don’t forget to nominate your fellow REALTORS® for the 2007 REALTOR®
of the Year and Andrew F. Hickey Distinguished Service awards. The
deadline is May 25!
Click here to access the nomination form. We’ll
see you aboard!
Reserve Your Slot in Vegas for 2007 NAR Convention
Registration for the 2007 REALTORS® Conference and Expo opens
Thursday, May 3 at 1:00 p.m. on the NAR website. This year’s
conference will be held at the
Venetian Resort Hotel Casino in Las Vegas from November 13-16.
There is something for everyone at the event with session
topics ranging from buyer representative, commercial, brokerage
management, leadership, and technology. Of course, there’s lots of
entertainment in Vegas, and this year’s conference will feature
stars such as Bill Cosby and James Taylor. The cost for members
registering before August 15 is $300. Don’t delay, however, as rooms
will fill up fast – good luck!
GBAR Members Earn GRI Designation
Fourteen GBAR members recently earned their
Graduate, REALTOR®
Institute (GRI) designation, following successful completion of the
90-hour, six course program curriculum. The newest GRI designees
within Greater Boston are Linda Abrams, of ERA Key Realty Services in
Milford; Tracey Bartucca, of RE/MAX Real Estate Center in Walpole;
Michael Calef, of Easton Real Estate in Easton; James Duffy, of Prime
Time Properties, Inc. in Walpole; Gary Dwyer, of Buyer Agents of
Boston in Boston; Charles Hinds, of ERA Boston Real Estate Group in
Boston; Lynne Lowenstein, of Coldwell Banker Residential Brokerage (CBRB)
in Arlington; Melissa Mancini, of Easton Real Estate in Easton; Paul
Miranda, of Keller Williams Realty Bay State in Cambridge; Christine
Norcross, of William Raveis Real Estate in Wellesley; Olasunkanmi
Oladoja, of Citipoint Realty, LLC in Lynn; Anne Ruby, of Prime Realty
Group in Brighton; Kenneth Sheytanian, of Century 21 Commonwealth in
Watertown; and James Sinnott, of Bristol County Realty Assoc. LLC in
Attleboro. Congratulations!
To learn more about the
GRI program and the benefits of acquiring the
GRI designation
go online to realtor.org. You can also view a
calendar of upcoming GRI courses to be presented in Massachusetts at
marealtor.com.
Upcoming CE Classes
On May 17, three CE classes on Quadrennial Ethics (8:30 a.m. – 11:00
a.m.), New Construction (11:15 a.m. – 1:15 p.m.), and Zoning and
Building Codes (2:00 – 4:00 p.m.) will be held at Regis College at 235
Wellesley Street in Weston. GBAR Director Paul Yorkis will be the
instructor. Registration is $45 per class or $105 for members who
attend all three courses scheduled for the same day.
On June 6, three
additional CE classes will be held at Regis College – Contract Law
(9:00-11:00 a.m.), Buyers Agency (11:15 a.m. – 1:15 p.m.), and Closing
& Settlement (2:00 – 4:00 p.m.). William Mullen, Esq will be the
instructor for the day. Registration is $45 per class or $105 for
members who attend all three courses scheduled for the same day.
To register, log on
to
www.gbar.org or call 617-423-8700. Don’t delay as seating is
limited for these programs!
ABR Course
Scheduled
This June, GBAR will present the popular
Accredited Buyer
Representative (ABR) designation course for members interested in
receiving comprehensive training in buyer representation. If you
are interested in learning how to provide the same level of service
and fidelity to buyers that sellers have come to enjoy, then you’ll
want to attend these classes to earn your ABR designation, which
happens to be the only buyer representative designation recognized by
the National Association of REALTORS®.
The two-day ABR
course examines agency theory and practice, standards of care in the
delivery of buyer agent representation, and strategies to target niche
markets and build your buyer representation business. In
addition, attendees will receive instruction on how to successfully
handle offers and negotiations as a buyer agent, and learn about
disclosure requirements, vicarious liability and other risk management
issues.
The ABR course will
be offered on June 11-12, with a one-day ABR elective course on
Negotiation scheduled for June 19. Both courses will be held on the
campus of Regis College in Wellesley. Registration fees for GBAR
members are $300 for the ABR course and $175 for the one-day
Negotiation course, or enroll for both programs for just $400. For
more information or to register call GBAR at 617-423-8700 or go online
to the
Education & Events section of
gbar.org.
Awaken Your
Intuition
GBAR is
excited to announce a three-part series of REALTOR® personal development
training sessions created by REALTOR® Terry O’Connor. The first session –
“Awakening Your Intuition” – will be held on Monday, May 21 from 10:00 a.m.
to 12:30 p.m. and again from 1:00 p.m. – 3:30 p.m. at the Greater Boston
Real Estate Board at 11 Beacon Street. Enrollment is open to 8
REALTORS® per session and registration is $55.
The first course
gives an introduction on how to attract more clients, transform your
business, create wealth and achieve lasting results. For more
information, or to register, contact Kristin Langone at
klangone@gbreb.com or call 617-399-7851.
Dig Deeper into
Commercial Real Estate with CCIM Course
Residential real estate practitioners who may be looking to expand
their business to serve local commercial real estate property owners
and investors may wish to consider attending the course Commercial
Investment 101 being presented by the
New England CCIM Chapter
from May 7-11 at the John Hancock Conference Center in Boston.
This flagship
CCIM course offers an array of financial analysis concepts and
calculations to help you make sound commercial real estate investment
decisions. You will
learn the fundamentals of profitable investing and apply these
concepts to commercial properties. Advanced analyses covered
throughout the course include real estate cash flow model and time
value of money. In addition, you'll learn how to accurately measure
investment value and performance of a given property.
The course is open
to all REALTORS® and qualifies for
3 CCIM Core
Course Credits
toward the
Certified Commercial Investment Member (CCIM)
designation
and 4 CE credits in Massachusetts.
Tuition for
REALTORS® is $1,180 and $1,015 for CCIM Candidates. To
register, call
800-621-7027 or go online to the
New England CCIM Chapter website.
GBAR.org |
