Staying safe, both physically and professionally, is very important for every REALTOR® to acknowledge and achieve. Understanding the issues that have emerged from other associations and other members is helpful in keeping your business moving along with new pressures and opportunities.
This latest risk reduction information has been compiled from many sources for your consideration.
Slippery Going, Who is to Blame
Legal Hotline Weighs in on Seller Agent Responsibilities
Snow and ice have stayed at bay so far this winter, but the Massachusetts Assocation of REALTORS legal counsel have a few valuable tidbits to share about your liability for a property in our fickle New England weather.
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Lead Paint Notes from the Legal Hotline
Proper Disclosure and Paper Trail
The state legal team has answered a few relevant questions from Berkshires Central Council regarding the proper disclsoure of lead paint and paperwork requirements in the new age of technology.
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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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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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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.
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.
Upgrades of Oil Tank Supply Line
New Regulation Effective July 1, 2010
Effective July 1, 2010, homeowners must upgrade their oil tank supply line to prevent undiscovered leaks. There are two manners of upgrade; an oil safety valve on the tank or a protective sleeve that encases the actual oil line from tank to burner. Since all homeowners (not just those transfering title) must comply with this new regulation, you'll start to see Home Inspectors identify this issue during their inspection and Fire Inspectors check when issuing a smoke/carbon certificate.
This regulation applies to 1-4 family homes heated with oil, unless the burner and entire supply line is located above the oil tank. Homeowners conforming with this new regulation will also be able to purchase insurance coverage for oil leaks (typically not covered), as mandated by the regulation. For more information, please see Mass DEP guidance
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
Staying safe, both physically and professionally, is very important for every REALTOR® to acknowledge and achieve. Understanding the issues that have emerged from other associations and other members is helpful in keeping your business moving along with new pressures and opportunities. 
