Financial fluctuations, mortgage rates, laws and tax changes can have major implications on home buying and selling. As the changes and shifts take place, we will keep you posted on the issue here and direct you to more information and late breaking updates.
FYI - There is a seperate section of our website devoted just to market research. There are a host of reports for your review. The most comprehensive data that we
offer is in our Quarterly Market Watch Report. This report has a multi-page
summary about the market in general and includes detailed data on each county,
city and town and property type. Others are also available on-line for your review as well. Check it out.
Dues Payment Plan - August 31, 2010
Time to Start Thinking about 2011 Dues Payment!
Spread your payments over 5 equal installments, beginning with the first installment on August 30th!
Event details
Tenant Issues in Foreclosure - Notes from Legal
By Steve Ryan & Mike McDonough, MAR's Legal Team
Learn about the responsibilities of a lender that has acquired title to a home in which tenants are currently residing.
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Mortgages - Notes from the MAR Legal Hotline
Putting Deals together when Financial Issues arise.
Financial issues that arise during a closing can be frustrating, and many times plain hazzardous. The MAR Legal Counsels offer a few recommendations on how to handle perilous situations...
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Rental & Fair Housing Notes from the Legal Hotline
What is an Owners obligation for service pets and ramps?
If you represent owners of rental units, perform property managmenet or are a multi-unit owner yourself, this is valuable information from the Legal Hotline. Can you really say "No pets?"
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Title 5 Obligations
Who Pays, and When
In reading the Purchase and Sale Agreement, did you ever wonder why the seller doesn’t have the ability to terminate the contract if the title 5 fails inspection? Shouldn’t they have the ability to get out, especially if they can’t afford to fix it?
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Mortgage Issues - Doing Business Locally
Buyer - and Seller - And Realtor Beware
While there has been a lot of talk about the sub-prime and predatory lending issues across the commonwealth and the nation, we are experiencing another problem in the Berkshires. It seems that there are a number of transactions that are dissolving in the final hours...
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New Housing and demographic information posted
Data at your Fingertips
When you are an active REALTOR in the Berkshires, it is important to know the demographics you are dealing with - both in housing and in the population. When building and updating your business plan, the perfect time is in this market, and the American Community Survey can be very valuable in understanding where you live and work.
Consider this: Could knowing that 60% of the housing in Berkshire County is valued under $200K impact your business plan? What about understanding that 80% of the housing stock is valued at less than $300K? It can make a difference in the markets you target and the skills you hone to be competitive. What is our homeownership rate, our unemployment rate, or the age of the most residents? Interesting stuff that could help you understand the business aspect of the community in which you live. All free, and at your fingertips: Housing & Demographic information
Fire Department Regulation
House Numbers Required
Recently, a fellow REALTOR was denied a CO certificate because the house she had listed did not have the house number displayed on the home (there were numbers displayed on the mail box). The certificate was issued but she could not have it in hand until this situation was recitifed.
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Fuel Assistance Funds
Home Heating During a Difficult Time for Many Families
The REALTOR Community Service has started a fundraising campaign to help needy families heat their home during a difficult winter. Three funds have been established to donate to the Berkshire Community Action Council:
North County Fuel Assistance
Central County Fuel Assistance
South County Fuel Assistance.
You can make a donation of any amount to the fund of your choosing or by mailing a check payable to BCBR to 194 Fenn Street with the notation of either NORTH, SOUTH or CENTRAL FUEL FUND in the memo field. (If you would like this contribution to be tax deductible, please make your check payable to BCAC - but still forward it to the Board Office so we can keep a tally.)
Our plan is to keep these funds open through mid-January and, at that time, to close them and forward all monies collected to the appropriate branch of the Community Action Council firm. Please, consider making a donation now and, if possible, stop back at our website and make others when you can.
Short Sale Foreclsoure Information
Compiled Material from the Berkshire, Mass and National Associations
The Board held a Short Sale / Foreclosure Breakfast Forum and distributed quite of bit a helpful information for REALTORS. We have included all of the materials provided here as well.
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Short Sales - Notes from the Legal Hotline
By Steve Ryan & Mike McDonough, MAR's Legal Team
A legal question from the listing broker of a short sale property, answered by MAR's legal team
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Estate Sales - Notes from the Legal Hotline
By Steve Ryan & Mike McDonough, MAR's Legal Team
Who needs to sign... Question answered from a listing agent of an estate sale.
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Housing Support and Foreclosure Prevention Included
On February 10, 2009, Treasury Secretary Timothy Geithner announced broad outlines for the Obama Administration's Financial Stability Plan. Although much more detail is needed, the plan has 6 key elements:
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Your Membership
Valuable Stuff!
It is difficult, as time and dollars become tight, to spend money on your Board and MLS dues. We like to think that we add value to your business (hey, free contracts anyone?), to your peace of mind (ut-oh, something’s come up and I need some advice) and to your industry (keeping up with the laws and technology so you don’t have to). But, is it really worth a $1.45 a day to keep both REALTOR® and MLS memberships?
Well, consider this… last year while the market slowed, Berkshire Realtors still received $8.9 million dollars in cooperative compensation for listing offered and sold in the MLS. Berkshire Realtors received over $17 million dollars in compensation in total for sales through the MLS. That is a lot of opportunity for $1.45 a day, and we hope to help you explore ways to tap into new markets, polish your skills, save money, network, and generally focus your business on the possibilities. Our Board of Directors is already working on plans, building task forces and setting new directions – want to take part? Let us know if you have a Brilliant Idea or want to Join a Task Force to get something done.
REALTORS® Core Health Insurance
Three limited medical plans were designed to meet the diverse needs of Realtors
The REALTORS Core Health Insurance (RCHI) provides guaranteed-issue, affordable, Limited Medical health insurance plans to REALTORS® and full member (REALTOR) Appriasers.
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Clarification: Tax Credit Used as Down Payment
Advise Buyers to Consult with Banker
We've received questions about the $8,000 tax credit being used as a buyer's down payment, and asked Steve Ryan, MAR General Counsel to respond. Steve said, "Under the new rule the tax credit can be used for FHA loans for both the down payment and for the closing costs but only AFTER the buyer has come up with the first 3.5% themselves. The 3.5 can come from their savings or from a gift from relatives.
The 8k can be used to buy down the interest rate or to decrease the principal of the loan but, again, the first 3.5% has to be their $ not the tax credit. The reason the feds changed the original plan was due to concerns about buyer getting homes with none of their own money being involved and thus having no stake or 'skin in the game' as they keep saying.
Alternatively, MHFA already has a no $ down program for certain buyers and 3% down program for all buyers & those may actually be the better programs here in MA." Mass Housing Program Details
PLEASE NOTE: Tax credit is available on ALL 1st time homebuyer new purchases within the loan/income limits, not just FHA mortgages. The ability to use the tax credit for a downpayment is limited to FHA borrowers, but not all Berkshire lenders are participating in this program - encourage your buyers to ASK. More information below.
Home Valuation Code of Conduct
Let Appraisers Know of Errors, Moritorium requested
As you may know, the Home Valuation Code of Conduct (HVCC) put into effect on May 1, 2009, created havoc as banks are no longer allowed to select, retain, recommend, or influence the selection of an appraiser...
Armed services members, as well as intelligence service and foreign service personnel, who are on active duty and out of the U.S. for 90 days during any part of 2009, get an additional year to buy their homes, to May 1, 2011. Another benefit is a waiver on the time of occupancy of the home purchased with the tax credit. Homebuyers who purchase their home using the tax credit must use that home as a principal residence for a period of no fewer than three years, or must forfeit the entire credit. Military, intelligence and foreign service members do not have to repay the credit if they have to sell their home after fewer than three years occupancy due to official business.
Foreclosure Prevention Video Series
FREE For Berkshire Realtors, Online NOW
A partnership of local Realtor Assocation across Massachusetts joined together in late 2009 to apply to the National Assocation for assistance in training members on Foreclosure Prevention and Short Sale Processing. A 7-series set of videos was created specifcally for you, and a live training program will be scheduled in 2010 free of charge to all Realtors of the Berkshrie County Board. Check the calendar for details on the live session, and visit our Online Education Center to view the videos at no cost.
NAR Working to Help Communities
Resources for Foreclosure Hit Areas
4 Minute Message from NAR President, Vicky Cox-Golder
Health Insurance Assistance: Advocacy for Access
Options for Coverage
Looking for health insurance, or know someone who is? There is a little known free program called "Advocacy for Access" to help access various programs that can pay for healthcare services, thereby reducing or eliminating inability to pay as a barrier to receiving healthcare. There are several low-cost health insurance programs and new options under the state’s new health reform law. Walk-ins are welcome, or you can call to schedule an appointment.
BMC Hillcrest Campus: (413) 445-9480 165 Tor Court, Pittsfield , MA 01201 Monday through Thursday – 7:00 am to 4:00 pm, Friday – 7:00 am to 3:00 pm
Fairview Hospital: (413) 854-9608 29 Lewis Avenue, Great Barrington, MA 01230 Monday-Friday, 9 a.m. - 5 p.m.
Additionally, the state and Berkshire associations have affiliations with insurance brokers that can help you select from one of the popular plan options at a group rate (Realtors Association) The local contact is:
Jean Stone, CEBS, GBA, CMS, Insurance Broker True North Insurance Agency 296 Main Street Williamstown, MA 01267 Phone: 413-663-2374 Fax: 413-663-2391 Toll Free: 888-878-6784 x2374
Welcome Colt Insurance
Carla Prendergast New Affiliate Member
Carla Predergast of Colt Insurance in Pittsfield has become our most recent affiliate member. Carla is excited to be able to extend great insurance coverage to you and your family. Another great benefit for your Berkshire REALTOR membership! Please make sure to say "hello" to Carla at our next event, or welcome her directly. She can be reached at:
Colt Insurance Agency 101 South Street Pittsfield, MA 01201 Phone: 413-445-5648 Fax: 413-445-8874
Fraud Alert: In addition to ongoing Craigs List scams whereby for-sale property information is copied from Realtor.com and then illegally listed for rent instead (deposits are stolen...alert Craigs list immediately if this happens and they pull the ad) there is a new nationwide scam that has stolen money directly from real estate agent's escrow accounts.
2010 First Time Homebuyer, Purchas & Rehab, PMI and Lead Remediation Loans
If you have buyers interested in any of the Mass Housing mortgage products, the training programs offered by Berkshire Housing will satisfy the requirements to participate. For more information, course dates and registration information, please see the 2010 First Time Homebuyer Programs Flyer. Please share with all buyers. Also, if you're looking for more information on the Mass Housing products, you can contact Rocco Leone (our guest speaker at the last SOS meeting), or our Platinum Affiliate mortgage lenders who offer these products: Berkshire Bank and Lee Bank. Jamie Pollard also has some great programs through MetLife.
Berkshire County Board of Realtors® -
99 West Street, Suite 200 Pittsfield, MA 01201-5845 413-442-8049 Sandra
J. Carroll, Chief Executive Officer - Sue
O'Brien, Member Services Administrator- Stacy Buhl, Office Clerk
Calendar
Financial fluctuations, mortgage rates, laws and tax changes can have major implications on home buying and selling. As the changes and shifts take place, we will keep you posted on the issue here and direct you to more information and late breaking updates.
When you are an active REALTOR in the Berkshires, it is important to know the demographics you are dealing with - both in housing and in the population. When building and updating your business plan, the perfect time is in this market, and the 
It is difficult, as time and dollars become tight, to spend money on your Board and MLS dues. We like to think that we add value to your business (hey, free contracts anyone?), to your peace of mind (ut-oh, something’s come up and I need some advice) and to your industry (keeping up with the laws and technology so you don’t have to). But, is it really worth a $1.45 a day to keep both REALTOR® and MLS memberships? 
