September 5, 2007

GBREB/MAR Support Lead Paint Tax Credit
In joint testimony presented to the Massachusetts Legislature's Joint Committee on Revenue in August, Patricia Baumer, GBREB’s Director of Government Affairs, and Steve Ryan, General Counsel of the Massachusetts Association of REALTORS®, urged state lawmakers to support an increase in the state’s lead paint tax credit.

Specifically, REALTORS® support the passage of SB 1827 “An Act Encouraging the Deleading of Residential Units", sponsored by Senator Richard Tisei (R-Wakefield), which seeks to increase the tax credit for deleading homes from $1,500 to $2,500 per unit.  Although the cost for deleading has gone up significantly in recent years, the amount of the tax credit hasn’t increased in 13 years.

Only “residential premises" qualify for the Lead Paint Tax credit, which includes single-family homes, individual units in an apartment building, condominium units, or individual units in multi-family homes.

There are several other financial assistance programs available for deleading, including “Get the Lead Out," the Home Improvement Loan Program (HILP) and the HUD 203 (K) program.  Information on all of them can be accessed online.

Massachusetts Lead Law requires that when a property is being sold or rented, the real estate agent must provide the prospective buyer(s) or tenant(s) information prepared by the Massachusetts Department of Public Health’s Childhood Lead Poisoning Prevention Program (CLPPP).

Notably, GBAR will be offering a course on Lead Law on November 19 at the Greater Boston Real Estate Board at 11 Beacon Street.  A time has not yet been determined.  Check the calendar of events for updates.

New Plan to Aid  Homeowners At Risk of Foreclosure Unveiled
President Bush announced last week a new plan to help up to 700,000 homeowners avoid foreclosure in the next two years, effective immediately.

The new FHASecure plan gives the Federal Housing Administration (FHA) the authority to insure loans for delinquent borrowers facing foreclosure.  Officials say this will allow the FHA to guarantee an additional 60,000 refinance loans a year.

FHASecure is geared toward borrowers who have become delinquent on their adjustable-rate mortgages (ARMs) because of interest rate resets.  To be eligible, homeowners must meet five criteria:

  1. History of on-time mortgage payments before the teaser rates expired or loan rate reset;
  2. Interest rates must have, or will reset, between June 2005 and December 2009;
  3. Three percent cash or equity in the home;
  4. A sustained history of employment; and
  5. Sufficient income to make the mortgage payment.

Also, in January 2008, the FHA intends to  implement risk-based pricing, which is expected to help an additional 20,000 troubled borrowers refinance into a conventional loan. The number of FHA-backed refinancings is expected to reach 240,000 in the current fiscal year up from a projected 160,000 under existing programs.

The plan also calls for the U.S. Treasury and HUD to identify borrowers who are in jeopardy of defaulting and work with private lenders as well as Fannie Mae and Freddie Mac to provide new loans that would allow property owners to hold onto their homes.

Additionally, President Bush has asked Congress to change a provision of the federal tax code which can penalize borrowers who are able to negotiate forgiveness of part of their mortgage debt.  Currently, the Internal Revenue Service considers cancelled mortgage debt as taxable income, which can hurt borrowers when they are already financially stressed.

Finally, the Bush Administration has asked Congress to pass an FHA modernization bill which would raise loan limits in high-cost states, like Massachusetts, from $363,000 to $417,000.

The National Association of REALTORS® strongly supports the administration’s action plan.  “This represents a step forward in helping families who strived to achieve the American Dream keep their homes," said NAR President Pat V. Combs in a prepared statement.  “NAR encourages everyone – government agencies, lenders, individuals and REALTORS® - to work together to address this issue."

Updated State Building Code Takes Effect on October 1
On October 1, 2007, the 7th Edition of the Massachusetts Building Code will take effect for one and two-family dwellings.  Changes include emergency escape window sizes; piping protections and other administrative, technical and licensing changes.   The requirements governing carbon monoxide detectors which were put into place last year after the passage of Nicole’s Law were also incorporated into the building code.

The Board of Building Regulations and Standards has provided a copy of frequently asked questions and a copy of the new building code on-line.

For those interested in learning more about the latest revisions to the state Building Code, the Home Builders Association of Massachusetts has scheduled classes across the state to provide an overview of the changes.  Classes will be offered on September 17 at the Radisson Hotel in Rockland and September 18 at the Bank of Canton Auditorium in Canton.  Space is very limited.  You can download a registration form or register online at www.hbama.com.

REALTOR® Safety Week Begins September 9
Did you know that 25 percent of respondents in a National Association of REALTORS® survey indicated that they had been in involved in unsafe "incidents or harassing situations" while working?

On September 9, National REALTORS® Safety Week begins, making now a good time to brush up on safety precautions you should be practicing on a daily basis.  Among the most important precautions you can take are to rely on your mobile phone (always have a charged battery and important numbers preprogrammed); take two seconds when you arrive at your destination to check out potential dangers; and be prepared for road dangers.

As part of your observance of REALTOR® Safety Week, we encourage you to review NAR’s nine must-know safety rules, as well as a series of industry-oriented safety awareness videos, articles and more that NAR has posted online.

Notably, the Massachusetts Association of REALTORS® also has made available several useful resources to ensure your safety while on the job, such as downloadable brochures, a safety quiz and printable posters for your office.

NAR Introduces New Blog Program
Calling all bloggers!  The National Association of REALTORS® introduced "Let's Talk Real Estate,"a new and free blogging program on Realtor.com.  The program was developed to help REALTORS® demonstrate their local expertise and expand their clientele. 

This is another way for REALTORS® to have direct dialogue with consumers about market trends, neighborhoods, listings, etc.  As a bonus, the editorial staff will pick the freshest and most interesting blogs to feature on the site’s homepage, which is visited by more than six million consumers each month.

The program is also engineered with search engine optimization, which means REALTORS® who keep their blogs updated and relevant have a better chance of attracting interest and driving traffic to their sites without paying for expensive key word or pay-per-click purchases.

And if that’s not enough, you don’t have to be a techie to use the program because it’s designed for non-technical users.  Realtor.com also provides videos offering step-by-step instructions on relevant blogging subjects such as how to write a post and uploading photos.

Realtor.com President Errol Samuelson offers some tips for creating a fresh and relevant blog by creating a “sticky" site experience by including information on neighborhood descriptions, local or current events, success stories and advice for buyers and sellers.  Also helpful are links to local organizations and businesses, maps, etc.

To sign up for a blog, visit www.featuredblogsignup.com.

On a similar note, Inman News – a popular real estate news website – just launched a real estate blog directory.  Consumers and real estate agents can locate and read agents’ blogs from across the country.  For more information visit their site.

Smile! Put your Face on NAR’s Centennial Mosaic
The National Association of REALTORS® is turning 100!  In honor of this momentous occasion, photos of REALTORS® are being collected in order to assemble one single, commemorative image. The mosaic of REALTOR® faces will be arranged to represent the REALTOR® "R" membership mark and is part of a year-long celebration of NAR’s 100th Anniversary.

The mosaic using actual member photos will be used in many places in preparation for and during the Centennial, including:

  • Print ads in industry publications, like REALTOR® Magazine
  • Online through web sites, like REALTOR.org, and as banner ads
  • At the Annual NAR Conference & Expo in Las Vegas
  • In the 2008 NAR Membership Kit

To upload your photo, visit www.TheFaceOfRealEstate.com.

Early Bird Special Available for October Tech Course
The early bird gets the worm as they say, or in this case, a $24 savings.  You'll receive the savings off the standard registration fee for a one day technology certification course being presented by GBAR this fall.  Just register before October 1 for Matthew Ferrara’s Ultimate Technology Certification course being held on October 25, and the registration fee will be $275.  The fee will increase to $299 after October 1. The course will be held at the Courtyard Marriott at 242 Speen Street in Natick.

Matthew Ferrara is the CEO of Matthew Ferrara Seminars, Inc. and has been a driving force in real estate technology for more than 15 years.  He’s given more than 2,000 seminars around the world.  His Ultimate Technology Course is designed to help agents and brokers maximize technology into everyday sales activities. 

Several tasks that students can expect to learn are how to maximize consumers’ access to inventory and financial data via e-mail newsletters; incorporate various disclosures and information packets into Open House events and Listing Presentations; and how to plan a consumer-friendly cell phone and text messaging policy.  Participants will receive a workbook, which includes more than 75 pages of exercises, ideas and tips; an appendix of common how-to activities for maximizing laptops, cameras, etc.; and audio CDs packed with tips and tricks. Upon completion, participants will receive Ferrara’s exclusive UTC certification.  Online registration is currently available or to register over the phone contact Kristin Langone at 617-399-7851.

It's Back to School Time - Upcoming CEU Courses
 GBAR has many exciting continuing education courses and programs scheduled in the upcoming weeks.  Here are some highlights: 

9:30 – 11:30 a.m. – Offers

11:45 a.m. – 2:15 p.m. – Quadrennial Ethics

2:45 – 4:45 p.m. – Architecture

9:00 – 11:00 a.m. – Architecture

11:15 a.m. – 1:15 p.m. – Residential New Construction

2:00 – 4:00 p.m. – Foreclosures, Auctions & Estate Sales

Cost: $45 single class/$105 all day

10:00 a.m. – 1:00 p.m. at the Natick Courtyard Marriott

Matthew Ferrara trains senior management and agents on how to implement competitive technology practices into businesses.  No matter what your technology level is, Ferrara will make technology work for you! 

Cost: $150.

Brand new ABR Elective!
(2 CE credits & ABR Elective credit)

          8:30 a.m. – 3:30 p.m. at Regis College – 1st time offered in this area!

This class will help REALTORS® understand:

    • The process of foreclosure and how it occurs;
    • Counseling buyer-clients to help them avoid foreclosure proceedings;
    • Working with bank-owned real estate in pre- and post-foreclosure.
    • Cost: $175

GBAR.org