A recent court case found email communications alone could create a contractual agreement between a buyer and seller that is enforceable and meets the statue of fraud requirements for the sale of real property. Read the Details of this Decision...

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.

Note: The MLS Board approved a new MLS Policy that reads: "The owner of the property at the time of the exclusive right to sell agreement, including banks or relocation companies, shall be named on the MLS listing sheet as seller".

This clarification was made because cooperating brokers were not able to draft enforceable, legal Purchase & Sale agreements without this information. The seller's name field is required in the MLS, and as such, needs to be completed accurately. The MLS board did agree that there are limited circumstances in which a seller specifically directs their agent to withhold that information (in which case it would still, most likely be publicly available on the deed and researchable by a buyer's agent). Exceptions to the rule can be granted upon written instructions from the seller, conveyed to the MLS office with the Exclusive Right to Sale agreement, and with the understanding that the listing broker will promptly provide the seller's name to cooperating brokers upon request, to facilitate potential offers.

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.

Common renovation activities like sanding, cutting, and demolition can create hazardous lead dust and chips by disturbing lead-based paint, which can be harmful to adults and children. As such, the EPA issued a issued a rule requiring the use of lead-safe practices and other actions aimed at preventing harmful effects from lead exposure.

After April 22, 2010, federal law requires Contractors who perform renovations, repairs, and painting jobs in pre-1978 housing and child-occupied facilities, to be certified and to use lead-safe work practices. To become certified, renovation contractors must submit an application and fee payment to EPA.

Renovation contractors must:

• provide owners, tenants, and child-care facilities with a copy of EPA's lead hazard information pamphlet "Renovate Right".
• document compliance with this requirement via the EPA’s pre-renovation disclosure form
• Contain the work area and limit exposure
• Minimize dust during construction.
• Clean work space thoroughly.

Direct Link to the EPA for Contractors Lead Paint Renovation Rules

Renovate Right! A Contractors Brochure for Home Owners (pdf)

Sample Record Keeping Checklist for Contractors

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

The new smoke detector regulation goes into effect on April 5, 2010. The new regulation still requires photoelectric smoke detectors within 20 feet of a kitchen or full bath containing a shower. Areas located beyond 20 feet will now be required to contain dual detection by either a single unit or two separate units. This regulation applies to residential properties (up to 4 units) constructed prior to January 1975 that have not undergone major alteration covered by the State Building Code. It also contains a provision for low voltage household warning systems that may have been installed in these homes. A new Smoke and Carbon Detector flyer has been created, for you to provide to your seller. This form was okay'ed by the Pittsfield Fire Inspector.

Heads up! Brokers in the Pioneer Valley region have been visited recently by testers. They ask to see office records for providing the agency disclosure form. Below are a few tips to keep in mind about the laws regarding agency...

Please note that a contingent status can be added to both active AND pending listings. It indicates there is a contingency on the property, but the main status should tell you if it is being actively shown (active) or not shown (sale pending).

A contingency is noted with a bright yellow flag next to the MLS number on all listings. You also have the ability to add brief remarks describing the contingency, which will appear when a view cursors over the contingency flag.

If a home goes under agreement and you are not showing it any longer, you must mark it as Pending, and can add a contingency for inspection or financing. If you are continuing to show a property, you should keep it as active, but indicate that there is a contingency to the active status so cooperating brokers are aware.

Common Contingencies: Financing / Insurance Home Inspection Septic Inspection Right of First Refusal Buyer Sale of current home Attorney Review

• Active - Property on the market and being shown. When also marked with a contingency status, a property that is still being shown despite some other contingency.
  
• Pending - Property is not being shown due to a pending sale, even if all contingencies have not yet been met. You can note if the pending contingency, which will be viewable by other agents.
  
• Close - Title has transferred to another party and the property is considered sold. \
  
• Fall Through - Pending listings do not expire, so if a listing agreement date has passed but a P&S was executed during the original term, it remains in the system. If that deal falls through, you no longer have a valid Exclusive Right to Sell Agreement and the listing is removed from the market. The status will therefore change to expired.
  
• Withdraw - This status is used when you have an enforceable Exclusive Right to Sell agreement, but the seller chooses to withdraw it from the market or from advertising in the MLS. (in writing)

• Cancel - This status is used if, during the term of an Exclusive Right to Sell agreement, both the seller and Listing broker agree to terminate the agreement and the contract is no longer in force. (in writing)
• Back on Market - This status is applied to a pending listing, if the deal falls through. The term of the Exclusive Right to Sell is still in force and the property is "back on the market" for sale through the MLS. The status will therefore change to active.

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