PDI Blog

Housing Relief Bill and what it means to you as an agent

2008-08-05T10:46:00.006-04:00

Buyer agents take heart. Your time is just around the corner. Now that the Housing Relief Bill (initially known as the "Credit Suisse Plan") has been passed by congress, certain lenders - who had their lobbyists working overtime on the bill - should be ready to negotiate. Some Prince William County lenders already dropped their REO prices by $130,000 to the median sales price and got rid of almost 25% of their housing inventory stock. The bill authorizes a 3 year program that permits the FHA to insure up to $300 billion in new mortgages for distressed property owners. Only primary residences are eligible and lenders must voluntarily agree to forgive a portion of their outstanding debt so that the new load equals no more than 90 percent of the property's current market value established by a certified appraiser. (After years of pressured overvalued home loan valuations and interested party contributions, I wonder what that value will be) Better get your estimates of market value down pat if you intend to negotiate successfully.

The program also offers $15 billion in tax breaks - up to $7500 per family - for first-time home buyers (or at least a buyer who has not owned a home in the last 3 years). Sorry, no investors need apply. The money must be repaid with interest to the government within 15 years. The FHA maximum loan limit for a single family house has been raised from $362,790 to $417,000. And Fannie and Freddie's limits have been raised to $625,000 - in high prices areas to $729,750. Both Government Services Enterprises (GSEs) will be able to borrow from the Federal Reserve or sell stock to the Central Bank, and they have doubled the fees they pay lenders for negotiating with delinquent borrowers. It permits states to issue an additional $11 billion in tax-exempt bonds to refinance risky high-cost mortgages to first-time home buyers; and finance the construction of affordable housing, it raises the federal debt limit from $9.8 trillion to $10.6 trillion, and creates a new affordable Housing Trust Fund.

Critics claim the billl does more for lenders than borrowers giving lenders a chance to cherry-pick the best loans for themselves while turning the worst over to the FHA. The current Secretary of HUD admits that taxpayer's could easily end up absorbing "preventable and foreseeable" costs unless insurance premiums are raised to cover riskier costs and more safeguards are put into place. However, the bill did cover a FHA pet peeve. The agency had claimed statistics following the practice of sellers donating housing down payments to non-profits, who in turn gave them to the seller's designated buyers for a fee, demonstrated a higher number of delinquencies than when buyers put up their own deposits and pushed to have the practice outlawed in the new bill. But just as soon as a seller funded down payment assistance appeared to be on its way out, new legislation has been introduced to bring it back.

Other critics claim it is wishful thinking with the government making promises in the taxpayer's name, but does nothing to force lenders to stip using accounting gimmicks to keep non-producing loans off their balance sheets. Chief economist for MoodysEconomics.com notes, "It may staunch some of the downturn, but it is going to have a modest positive effect." Still others claim that it will add more junk fees to mortgage costs. My own feeling is that something is better than nothing. With foreclosures hitting 8500 a day in July and many economists claiming that we're still in the 2nd or 3rd inning in a housing comeback anything that motivates lenders to loosen the REO stalemate is progress.

One of my former students, who made the trip from his home in Florida to take my foreclosure class, called me yesterday and said that he found 500 homes in north Miami sitting vacant - all REOs. In my next class, we will cover not only how to estimate true market value, but also how to price a cosmetic rehab and several unique ways to utilize the new housing relief bnill to benefit the first-time home buyer. Many licensees have complained that a weekday 6 hour foreclosure mentoring class presents some time scheduling challenges, so we are moving to a Saturday class. The next mentoring seminar will be held on August 23rd, 2008 from 9:00am-3:00pm at 11501 Georgia Avenue, Suite 312, Wheaton, Maryland 20902. To enroll contact PDI at 301-949-1771 or visit our website.

Mizzer Foreclosure Newsletter

2008-07-18T11:00:00.010-04:00

For those agents who were not licensed during the Savings & Loan crisis of the late 1980s, welcome to a Buyer's Market - too many houses and not enough qualified buyers willing to pay yesterday's price in today's declining market. Indeed, it is a very confusing place to try and make a living selling real estate. Market value can be a fleeting concept when held hostage to falling prices and a glutted marketplace where the bottom-line is ultimately determined by incentives and Interested Party Contributions (IPCs).

Still, it presents wide opportunities to create wealth buying real estate. The "Mortgage Meltdown" closely resembles the Savings and Loan Crisis - a weak economy, cheap and easy insider undervalued loans, overvalued properties, and defaulting financial institutions. As Yoggi Berra, MVP philosopher for the Champion 1950s New York Yankees once said, "It's Deja Vu all over again. "

Let me read a few lines from Profiting from the Bank and Savings & Loan Crisis. "It's the fire sale of the century! As banks and savings and loans have failed, our government has been left with over $400 Billion (later turned out to be over $500 Billion) assets that it now has to sell. Fast! And with more banks teetering on failure, there's more to come. Cut rate prices have been characterized as more in the realm of a steal than a good buy and a blowout of the bottom of the market.

You want to know why lender's aren't receptive to "short sales" or auction "minimum bids." There seem to be a number of reasons, but more and more smart money analysts are coming to the conclusion the major issue is that lenders believed the government will bail them out. And after the Bear Stearns bailout, the blank check for the Fannie & Freddie overload, and the IndyMac takeover by the Federal Deposit Insurance Company (FDIC), I'm inclined to agree. There are too many harbingers of change, to totally rule it out. The Washington Post editorial page recently referred to Federal Reserve Chairman, Ben Bernanke as "Bail Out Ben." Yet, I don't necessarily believe this is a bad idea for the real estate business. In negotiating with the government's selling arm for the savings and loans fiasco - the Resolution Trust Corporation, both as an agent and investor, I made deals as low as 50 cents-on-the-dollar.

Interestingly, the problem with what we now call the "Morgage Meltdown" has roots in the Savings and Loan Crisis. After the "cirisis property" sale, a financial innovation was created to insulate lenders from sharp interest rate spikes by spreading the risk amoung many investors. Wall Street called it securitization. So to a large degree, the current housing market problems are a product of a change brought about to avoid the problems of the late 1980s savings and loan debacle. These securitized vehicles mixed the good, the bad, and the ugly mortgages and were sold as a low risk product. But by the 4th quarter of 2006 , the so-called "chickens came home to roost" and foreclosure signs started to grow like weeds in a garden. Recently on CNBC, Robert Shiller, co-author of the Case-Shiller housing report, projected a housing downside into 2009-10. The Harvard economist professor who predicted the high tech bubble claimed the worst was far from over in housing. Further, a June report by the Metropolitan Counsel of Governments claimed the Washington region foreclosure rate grew six-fold surpassing most urban areas in the nation. And Mortgage Banker's Association claimed defaults broke all existing records.

The role of Federal Reserve in this crisis is still evolving. The "Fed" regulates the flow of money and interest rates in the marketplace. It determines the discount rate for it's member banks, the federal funds rate the banks charge each other, and the prime rate which is used as a base for consumer borrowers. But there is another power the "Fed" wields in the marketplace which should be of particular attention to anyone interested in "steals and deals" from distressed properties. The Federal Reserve requires that each member bank keep a certain amount of assets on hand as reserve funds. In effect, it limits the amount of money that a member bank can use to make loans. This requirement protects customers and allows the "Fed" to control the flow of cash in the marketplace by defining liquidity.

The current question before the "Fed" is how long a period of time must pass before a securitized, non-producing loan goes from asset to liability and is charged against the reserve requirements? The current question before you is are you ready to move on a "fire sale" market when the government steps in? Do you understand the foreclosure process? Have you analyzed areas and neighborhoods? Is your money in place? Have ytou upgraded your credit scores? Do you have investors waiting in the wings? Can you do your own appraisals? Do you know the secrets of an experienced buyer's agent? Can you determine "True Market Value" in an overpriced marketplace? Do you know how to avoid the most costly mistakes? Can you do a title search? These questions and more are answered in the foreclosure mentoring seminar.

Author: Tony Mizzer has 40 years real estate experience as broker, educator, investor, regulator, writer and foreclosure and real estate investment specialist. he also teaches several investment, foreclosure, tax free exchange courses and others at PDI.

10 Costliest Landlord Mistakes

2008-06-30T15:17:00.002-04:00

By: Manuel Enrique Lopez

Classic business philosophy teaches that a great part of survival and subsequent success lies in an operation's ability to reduce mistakes. The cost or repairing the mistakes is inversely proportional to the amount of profit potential of the operation. In other words..."Mistakes Kill the Profit Margin!!!!!"

As landlord's, we don't want to do damage to the precious profit margin we fought so hard to nurture. A landlord's profit margin struggles every day to survive, grow and flourish in a sea of predators, competitors and government regulators. Below are the top 10 threats to your thriving profit margin.

1-Poor Screening

The costliest mistake is accepting a new tenant without properly screening. An undesirable tenant will often have poor rental and financial histories. Landlords should review previous landlord relations, credit reports, courthouse records and income. It is probable that if they have not met their obligations with previous landlords, then chances are that they will repeat their behavior with new landlords. Many landlords have faced horrific situations where tenants have stopped paying rent while employing legal maneuvering to avoid eviction. Others have faced tenants who moved in and initiated criminal activity, which adversely affected other tenants and neighbors. Either of these scenarios translates into expensive ordeals where the measures of rectifying the situation can threaten the financial stability of the landlord.

A thorough screening also involves verifying that the person who is applying is the same person that submits credit/criminal info for screening. A picture I.D. should be cross-referenced with the application. Landlords must make sure that there are no omissions, inaccuracies or inconsistency in the actual application. Due diligence will certainly save landlords much money and stress.

2-Lease Preparation

Having a poorly prepared lease is very costly because it is the document that legally binds the landlord to the tenant. It is the rules of the relationship that dictate conflict resolution, financial responsibility and terms of execution. With out a professionally prepared lease the landlord stands to forfeit many of the rights afforded to the owners of the property. Landlords need to employ leases that are designed to protect them and their property and not the other way around. Many generic leases do not take into account the values of the landlord. Therefore, a custom lease would assure the landlord that their interests are protected.
Many times landlords receive requests for agreements after the lease has been signed. Landlords will use their best judgment when deciding to agree to a proposal but must never neglect to put the agreement on paper. A verbal agreement is always vulnerable to a false interpretation by the tenant.

3-Rent Collections

Landlords must always enforce the terms of rent payment as it is written in the lease including late payments and fees. If not enforced, the landlord runs the risk of creating a dangerous precedent that will certainly cost the landlord dearly. If a tenant fails to pay rent for two weeks, then legal notices and actions must be initiated as soon as the law allows. Landlords should not accept partial payments. The courts interpret receiving partial payments from tenants as an acceptance of terms by the landlord. The eviction process is subsequently terminated for that rental period while landlord's costs increase.
If a tenant has had a poor history of paying rent on time, a landlord should consider not renewing the lease. Being late consistently is a sign of financial trouble and future uncertainty for the landlord. Poor payment habits can be a precursor to bankruptcy or evictions.

4-Law and Regulation Ignorance

Many landlords get into rental business with out learning the rules of the game. To get a perspective of the folly of not knowing the rule, Imagine trying to play basketball with out knowledge of the rules. You would become paralyzed from the constant rule infractions. It would be impossible to win. Translated to the rental business: Knowledge of the Laws and regulations can make the difference between a profitable venture and a loser.
Landlords must familiarize themselves with the states' Landlord/Tenant Act. Every state has different laws, therefore due diligence must be taken by landlords to educate themselves. Landlords must also take the initiative to draw upon with the experiences of other landlords. Many landlord advocacy groups exist in most communities and the Internet.
Finally, it encouraged for landlords to develop a relationship with a real estate attorney that specializes in the rental industry. Having a knowledgeable supporter on your side can relieve a lot of uncertainty. A landlord must never wait to the last minute to develop a relationship with an attorney because the requirement of immediate response will prove to be costly.

5-Poor Response to Service Requests-

The number one reason that tenants do not renew their leases is poor response and execution for service requests from the landlord. Tenants expect a constant inspection, repair, and preservation of the general conditions of their rental home. This also includes a timely repair or replacement of parts for appliances. Everything has to be in working order and problems must be addressed quickly and courteously. Everything has to be in working order and problems must be addressed quickly and courteously. To facilitate an efficient delivery of maintenance requests, the property manager's best method of receiving these requests is actually answering the telephone. When the manager is too busy to actually answer the phone or the request comes at an odd hour, many properties utilize apartment call centers. This resource allows properties to always have a human responding to the needs of their tenants. The apartment call centers are industry specific and have a direct, open communication with the maintenance and property management. Maintenance requests should be supported by a shared calendar that documents the request cycle: creation, delivery, execution, completion and follow-up. Maintenance requests, if implemented properly, should be a team effort that will lessen and distribute workload through the property staff.

6-Not Employing Good Customer Service

Running a rental business is just like any other business in the sense with respect to employing good customer service. Many landlords forget that they would not be in business if it weren't for the customer. Practicing good customer service not only reduces tenant turnover, it also is one of the primary forms of marketing. Word of mouth advertising is the time tested, most effective way to promote any business. In the long run, a positive approach to communicating with your tenants will reflect in the profitability and value of a property. On the other hand, poor customer service will take a toll on the general conditions of the property. Tenants will not respect the property by not cleaning up after themselves or not following the property's rules and regulations. Therefore, poor customer service may result in high turnover, high vacancies, higher operational costs and lower profits.

7-Not paying taxes

Many landlords do not have their rental income as their primary source of income and neglect to report their income to the government. Others fail to pay property taxes because they don't reside in the property. Failing to declare income and ignoring property taxes can cause very expensive recovery efforts. The government will assess taxes, add fees, add penalties and assign interest. Other costs will come from attorney fees, added accountant charges and personal time. In extreme cases, landlords may get their property confiscated.

8-Not waiting for the funds to clear

In a rush to fill the occupancy, many landlords make the mistake of allowing the tenants to move in before the funds are cleared. The scenario of tenants moving into a property too soon has caused numerous headaches for landlords having to initiate eviction procedures without ever collecting any rent or deposit. Always ask for money orders and certified checks or simply wait for the funds to clear the bank.

9-Not conducting a detailed premove-in inspection

Neglecting to have the tenants complete a premove-in inspection can result in damages to a property that cannot be documented by the landlord. Payment for rent must not be accepted until this inspection is completed.

10-Not keeping a professional landlord/tenant relationship

Landlords must always uphold a professional relationship with tenants to avoid the pitfalls of not employing the codes of conduct that are based on the stipulations outlined in the lease. The professional relationship is based on the landlord realizing profits from the rental business. Changing the nature of the business relationship threatens the ability for the landlord to collect rent.

Article Source: http://www.articlerampage.com

For more profit generating tips for rental property go to www.landlordprofits.com For Tenant Screening go to landlord-tenantscreening.com

Proposed Building in Dubai--Rotates and 100% "Green"

2008-06-25T15:32:00.005-04:00

A video detailing the newest building project in Dubai:

How tax payers are using their rebate checks

2008-06-04T09:40:00.001-04:00

Evaluating Return on Real Estate

2008-05-21T11:42:00.001-04:00

10 Websites to find great deals, rebates, or freebies

2008-05-16T11:44:00.003-04:00

Image via Wikipedia
10 places online where you can find great deals, rebates, or freebies:

1. Bargainist.com
2. CouponNinja.com
3. slickdeals.net
4. dealcatcher.com
5. dealhack.com
6. dealnews.com
7. heyitsfree.net
8. bensbargains.net
9. totallyfreestuff.com
10.freeafterrebate.info

Announcement: How to List, Sell, and Invest in Foreclosures

2008-05-13T10:27:00.002-04:00

On May 31, 2008 we will be presenting a special 6-hour mentoring seminar for those of you interested in How to List, Sell, and Invest in Foreclosures. The seminar will run from 9:00am until 4:00pm at 2730 University Blvd, Suite 618, Wheaton, Maryland 20902.

This seminar will show you how to turn short sales, lender auctions and REO negotiations into successful flips, rehabs, restorations, and rental accommodations. Learn hands-on, insider secrets that lenders don’t want you to know and how to avoid costly mistakes that make or break a deal. Enroll today and learn the tricks of the trade from an experienced investor and foreclosure coach who has successfully invested in both up and down markets.

For more information, or to enroll visit our website.

Real Estate Prices Still Rising in Some States

2008-05-07T10:43:00.002-04:00

According to a feature published at CNNMoney today, there are still some housing markets that continue to see price increases. They just published a list of 10 areas where home prices on average are higher than they were a year ago. The full list follows.

1. McAllen, Texas
2. Rochester, New York
3. Birmingham, Alabama
4. Syracuse, New York
5. Buffalo/Niagra Falls, New York
6. New Orleans, Louisiana
7. Scranton, Pennsylvania
8. Grand Rapids, Michigan
9. Baton Rouge, Louisiana
10. El Paso, Texas

To learn more you can visit the CNNMoney feature yourself. Also, just so you know we are now offering online continuing education classes in many of these states. You can view the full list of states where we offer classes by visiting our website.

Another Fed Rate Cut?

2008-04-29T10:58:00.001-04:00

Announcing: May 15, 2008 Networking Event

2008-04-24T15:42:00.005-04:00

We wanted to let everyone know that on May 15, 2008 there will be a Realtors Networking Event put on by the Real Estate Networking Association. This event is a terrific opportunity to market your listings, and meet other professionals in the industry. There will also be a drawing for a 3 day 2 night getaway.

Event Details:

Location:
Hilton Washington, DC / Silver Spring
8727 Colesville Road
Silver Spring, MD 20910

When:
Thursday, May 15 from 5pm to 8pm

For more information or to RSVP view the printable flyer.

Going green doesn't have to be expensive

2008-04-23T10:54:00.005-04:00

Going green has become quite popular as of late and contrary to what many people think it doesn't have to be expensive. By doing some simple things in your home you can dramatically reduce your consumption of energy and water and as a result save some money.

Here are some quick, simple and inexpensive ideas to get you started:

Install Low-flow shower heads and Aerators.
Lower the temperature setting on your hotwater heater.
Install a ceiling fan instead of running your A/C during the summer months.
Get an ENERGY STAR programmable thermostat installed.
Change fixed light switches to dimmer switches.
Insulate your water heater.

Fortune 500 List Released

2008-04-21T09:05:00.006-04:00

Image via WikipediaFortune Magazine just released its Fortune 500 list which is a list of the 500 largest companies in America based on revenues. Despite the downturn in the Real Estate industry and the credit crunch, a few real estate firms made the list this year. However several more made an expanded list which includes the largest 1,000 companies in America.

Here is a list of real estate firms that are part of the expanded list of largest companies based on 2007 revenues:

1. ProLogis
2. CB Richard Ellis Group
3. Realogy
4. Host Hotels & Resorts
5. Simon Property Group
6. Vornado Realty Trust
7. General Growth Properties
8. Jones Lang LaSalle
9. Equity Residential
10. AIMCO

For the full list of companies in the Fortune 500 visit Fortune.

5 Links: 5 great articles from the Tim Ferriss blog

2008-04-16T09:58:00.003-04:00

1. How to get George Bush or the CEO of Google on the phone.
2. The Not-To-Do-List: 9 Habits to stop now.
3. Relax Like A Pro: 5 Steps to hacking your sleep.
4. How to do the impossible.
5. How to "winter" like old money.

Risks Faced By Real Estate Investors In A Buyers Market

2008-04-11T14:18:00.001-04:00

By Dick Weiss

From one end of the United States to the other real estate property values are falling. In some areas, like Arizona, Florida, Nevada, Michigan and California, they are in free fall.

Foreclosures are at an all time high, flooding the market with homes for sale. Many of these homes are currently worth less than what is owed on them. The only way these sellers can move their property is through a short sale.

A short sale means that the seller is asking the lender to accept less than what is owed on the property as payment in full. There are so many properties currently being submitted for short sales that lenders and service

Those properties that have been foreclosed and repossessed by the lenders are being placed for sale in the form of REO (real estate owned) properties. The number of properties in this category is increasing at a rapid rate and swelling already large inventories of homes.

The result of all this is the strongest buyer's market we have ever seen in this country. The inventories of property for sale are at an all time high.

While this is dismal news for people that have to sell it is welcome news for those interested in purchasing homes. The opportunity to buy at very favorable price and terms has never been better. For a real estate investor it is the opportunity of a lifetime.

These opportunities are not without risks. The greatest risk in the current market is your ability to exit your investment. There is no doubt that you should be able to source a real estate property at a good price but what are you going to do with it once you have it. It is possible to buy 15 properties a year at great prices and still end up broke and in bankruptcy.

This is all part of building a solid business plan up front. Each property that you purchase needs to be evaluated on its own merits. You need to plan an exit strategy before you buy. This exit strategy needs to be carefully planned out and implemented. In a buyer's market this practice becomes a necessity.

There are numerous exit strategies available to a real estate investor. Some of these are buy and hold, rehabbing, flipping and wholesaling. All are viable options depending on the property and all have different associated risks and rewards.

The safest method is wholesaling. This is the practice of putting a property under contract and usually selling the contract for an assignment fee to an investor that will rehab, buy and hold or flip the property themselves. This low risk also results in low rewards. Margins in this type of investing are small and as a consequence if you wish to make good money you must do volume.

One of the results of the mortgage crisis is that with declining property values, equity in those properties has also declined. The lax financing requirements also allowed many people to refinance their homes and pull equity out. Because of these two situations it is often difficult to find good wholesale deals in many parts of the country.

Exit strategy number two is to rehab and sell the property. This is also becoming more difficult as access to new mortgages is becoming more difficult for homebuyers. Investors are discovering that it easy to purchase homes that require repairs but selling those homes is becoming very difficult. When purchasing a home that will require a rehab the investor must account for additional holding time in order to sell the property. This translates to a lower purchase price for the original seller.

Buying and holding property has always been a popular way to build wealth through real estate. This market will reward investors that use buy and hold as a main strategy with some terrific returns. The one caveat with buying and holding property is that you need to make sure that the cash flow is sufficient to maintain the property and your business. Many investors have gone to the poor house owning lots of real estate. Remember that you can't eat equity.

The last exit strategy is flipping. This is what you see on TV. Well not quite what you see on TV. In the real world flipping is getting more difficult unless you are selling to a cash buyer. The banks are scrutinizing each deal much more carefully and most want some amount of seasoning. Usually 6 months but sometimes as much as 12 months are required. There are ways around this problem but it does create some barriers, especially with first time homebuyers.

A savvy investor can make serious money in this market by being prudent and observant. Various areas around the country are undergoing different levels of hardship. Some of the areas that did not undergo rapid appreciation have more stable real estate markets.

Investors are moving around the country like never before seeking good markets in which to invest. By being prudent they are able to make acquisitions that will reward them greatly over time. Newer investors need to be much more cautious in making their acquisitions. Seasoned investors will have a much better handle on such thing as repair costs and carrying costs.

Often, newer investors will underestimate these items and come to regret it later on when these costs eat into their profits. Newer investors should make sure that they are receiving good information from any courses that they are taking. Much of what worked two years ago is not working so well in today's market.

If you are purchasing a property to resell you must purchase it at a price that will let you create the nicest and best home in its price range. If your property is priced well under market and shows better than others it will sell in any market. Just be aware of your completion and be prepared to make a deal with a buyer. In a buyers market the buyer is king and they call the shots.

If you want to get more information and stay current on real estate investing you can learn more at http://www.shortclosures.com

Dick Weiss has been in the real estate business for over 30 years and has a successful investing business in Stuart, Florida. He publishes a Free Newsletter at http://www.whoisdickweiss.com and has a foreclosure blog at http://www.shortclosures.com

Please send any questions or comments about this article to Dick at top5percent@bellsouth.net

Article Source: http://EzineArticles.com/?expert=Dick_Weiss

5 Links: Business leaders share, free television, architecture and more

2008-04-09T09:02:00.002-04:00

1. Interesting website where business leaders share their past challenges and how they overcame them.
2. Free television programing from your computer.
3. Contemporary architecture.
4. Desktop wallpapers.
5. Health myths and the real truth.

Report: Pending Home Sales Slump

2008-04-08T14:13:00.005-04:00

According to a report released this morning about pending home sales, the housing picture turned a bit bleaker than it already was. The NAR (National Association of Realtors) reported that February Pending Home Sales dropped 21.4% when compared to February of last year.

So what does this all really mean for you and the housing market? According to NAR chief economist Lawrence Yun in an interview with cnn.com, it means that the housing market is "not out of the woods".

Upcoming housing reports:

Existing Home Sales March 2008 due to be released on April 22nd.
Next Pending Home Sales Index will be released May 7.

Announcing a new class location in Frederick

2008-04-04T09:01:00.006-04:00

Image from Wikipedia

In order to be more convenient to our students in or near Frederick Maryland, we have added a great new class location. The new location is:

Frederick Residence Inn by Marriott

5230 Westview Drive

Frederick, Maryland 21703

Our upcoming classes at the new Frederick Location:

Maryland Code of Ethics, Flipping and Predatory Lending. April 14, 2008, 8:30am-11:30am. (3-hour DC elective, MD Ethics Requirement). ENROLL

Maryland Fair Housing. April 14, 2008, 11:45am-1:15pm. (1.5-hour DC elective, MD Fair Housing Requirement). ENROLL

Maryland Legislative Issues Affecting Real Estate and Their Relationship to the MAR and Regional Sales Contracts and Addenda. April 14, 2008, 1:45pm-4:45pm. (3-hour DC elective, MD Elective, MD Legislative Requirement). ENROLL

Agency/Agency Law Update. April 14, 2008, 4:45pm-6:15pm. (1.5-hour DC elective, MD elective). ENROLL

Renters also being hurt by housing market

2008-04-01T10:56:00.003-04:00

New property tax disclosure requirements

2008-03-28T08:48:00.003-04:00

This is a reminder to Realtors with listings in Montgomery County Maryland about the new requirement to post property tax information prominently on advertising. The new law takes effect on April 1st, 2008 and requires that agents/sellers include property tax information on:

All printed sales material available on site or at an open house
Any information about a specific property for sale which is available on the internet or on a website
Any written material specifying the amount of tax the seller currently pays or recently paid

The new law does not extend to the following, as long as property tax being paid by the seller or recently paid by the seller is not discussed:

a newspaper or magazine classified “liner” advertisement or a “group display” advertisement in which the advertisement for a specific house is less than 16 square inches;
one or more introductory screen listings for a specific property on the internet, which may contain the asking price, as long as the disclosure required by §40-12C appears on the internet listing in any later or linked screen which provides further financial details about the property;
“for sale” signs posted at or near a property; or
radio or television advertisements

Another item to take note of is the fact that the following areas are exempt from the new regulations: Rockville, Barnesville, Kensington, and Poolesville.

If you are looking for a specific tax record you can find it by visiting the Montgomery County property tax calculator at the county website.

To learn more about this and other legislative issues remember that you can take one of our Maryland Legislative classes. View our full schedule of classes by visiting our website.

5 Links: Business links for your areas of interest

2008-03-25T14:26:00.002-04:00

1. SEC filings in a blog format
2. Housingwire - The name says it all
3. Business Net
4. If you are looking for good business reading
5. Business how-to

Communities in once hot real estate markets now losing population

2008-03-21T15:59:00.001-04:00

NCAA Tournament kicks-off today

2008-03-20T15:17:00.002-04:00

The NCAA basketball tournament officially kicks off today with 64 teams vying for college basketball's championship. Since it seems that many people have this on their minds, we thought we would list several resources for the college basketball enthusiasts out there.

1. Watch the games on your computer with live streams from CBS.
2. Printable brackets in a PDF format to follow tournament action from CHN.
3. NCAA Tournament discussion boards from allballers.com
4. Watch the games for free on your computer via IPTV service provider Joost.
5. KeepandShare.com presents free tournament schedules from now through the end of the tournament on April 7th, 2008.

Tax rebate checks: They're coming soon

2008-03-19T08:59:00.003-04:00

The tax rebate checks that President Bush approved as part of an economic stimulus package are on the way. Preliminary numbers from the IRS indicate that 130 million checks will be sent out to tax payers on May 2nd which is less than 6 weeks away.

All indications are that there has been some confusion about the exact size of those checks. In the financial world nobody likes surprises and in response to our surprise-free preferences, the IRS has put together a calculator on their website that will assist you in estimating your tax rebate check amount.

To view the calculator and give it a test run you can click on this link to the IRS website.

5 Links: Interesting reading concerning our financial markets

2008-03-17T12:51:00.002-04:00

There is some really interesting reading available currently concerning the financial markets and the crisis that the federal reserve is attempting to avert by aggressively cutting interest rates. Here are 5 that caught our eye:

1. Interview with Economist Paul Krugman on the mortgage crisis
2. Investment Banks have been bailed-out before: The History
3. What does Alan Greenspan say about all the doom and gloom?
4. Buy signals are being ignored on wall street--What does that mean for the economy?
5. Inside the Bear Stearns Rescue