AAR Updates – February 2012
- FHA Extends Anti-Flipping Waiver Through 2012
- Get a Jump on the Code of Ethics Training Deadline
- New Style of Credit Report on Its Way
- Mortgage Forgiveness Debt Relief Act Ends This Year
- Education Does Pay! $50 GRI Scholarship Available
- REALTOR.com to Offer Free Mobile Listing Sites
- Resort & Second-Home Markets Course in Sedona in February
- Seller’s Representative Specialist Course at WEMAR in April
- NAR $1,000 Charity Grants Deadline February 24
FHA rules generally do not allow them to insure mortgages on homes that have been owned by the seller for less than 90 days. In an attempt to stabilize home values, FHA has agreed to extend its 2010 waiver of this rule through the end of 2012. Read the FHA news release.
NAR requires every REALTOR® to complete their Code of Ethics training every four years—and December 31, 2012 is the next deadline. If you haven’t done it already, take some time to get it out of the way well before the deadline. The online course is free and available anytime, or contact your local association of REALTORS® to inquire about ethics training in your area. Source: NAR Information Central Blog
With a huge database of consumer financial information at its fingertips, CoreLogic has announced that it will introduce a new type of consumer credit report. This new report can monitor a whole slew of data that the traditional credit bureaus miss, such as evictions, applications for payday loans, unpaid homeowners’ association dues and more. Learn more in this news release from CoreLogic or in this article from the New York Times.
According to the IRS, “the Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.” Translation: If a lender agrees to forgive a portion of a mortgage debt, either through a loan modification or a short sale, that amount would generally be considered taxable income. The Mortgage Debt Relief Act of 2007, however, allows consumers to exclude that “income” on a principal residence. The act is scheduled to sunset at the end of 2012—an important consideration for homeowners debating whether to short sale their homes in the next year or two.
In fact, it pays $50. AAR has scholarships available for upcoming GRI classes around the state. If you have the time and want quality education, consider pursuing your GRI. Visitwww.azgri.com to learn more about the designation and the scholarship opportunities.
“The GRI is the stuff that you WISH you would have learned in real estate school. Of all the designations I have received, and I have many, the GRI has been the one I gained the most from and the most worthwhile and practical.” – Tiffany Robbins Cloud, ABR, CRS, e-PRO, GRI
REALTOR.com has announced that it will offer a free tool to help real estate agents build single-property mobile sites for their listings. The listing sites will pull information from the MLS. Learn more on REALTOR.com. Or read an Inman article on the news.
Be a part of this exciting opportunity to learn about the resort area and second-home specialty. This one-day course focuses on the essentials of assisting customers in tourist-driven areas. You’ll learn to:
- Develop a second-home clientele
- Identify real estate niches in your market
- Understand 1031 exchanges and how to use them in your marketing
- Recognize how the market shift has impacted luxury & second-home buyers
This is one of the core requirements for NAR’s RSPS certification and fulfills the elective course for the ABR designation.
Trainer: Holly Mabery, ABR, GRI
The SRS course is a two-day intensive program that reinvents the way you represent sellers in today’s challenging market. This course provides you with a refreshing perspective of back to basics, “nose to nose, toes to toes” consumer contact combined with today’s technology. With comprehensive education on how to deal with Baby Boomers to Gen Ys, you will gain a competitive edge to earn more while reducing risk in a market where clients rely on you more than ever for guidance through transactions.
Trainer: Frank Dickens
C/E: 3-contract, 3-agency, 6-general
REALTORS® launching a charitable effort and seeking financial assistance and mentoring by one of the Good Neighbor Award winners have until February 24 to apply for theVolunteering Works program, sponsored by the Good Neighbor Society and REALTOR® Magazine. Five recipients will each receive a $1,000 grant for their charity and be matched up with a mentor from the Good Neighbor Society. For more information, contact Sara Geimer (firstname.lastname@example.org | 312-329-8296).