GPAR Gazette

GPAR GAZETTE 121211

 

                                                                                     December 12, 2011******Issue 392

 

Brokers and Managers Please Distribute to ALL Agents

Another Benefit of Membership!

 

A note from the desk of GPAR Chief Executive Officer, Diane A. Lucidi…

Thank you all for your continued support of our Association. I am very interested in meeting all of you to advise you on the happenings of GPAR and answer any questions you may have. This goal is achieved primarily through office visits. If you are interested, call (215) 423-9381, Ext. 105 to arrange for a date and time.

 

The following individuals and/or offices have made application to the Association for membership.  Pursuant to the Association’s Bylaws, any comments from REALTOR® members of the Association need to be put in writing and submitted to the Chief Executive Officer for receipt by Monday December 26, 2011: 

 REALTOR® Members:  Joseph V. Scorese, Dominate My Social Media, Matthew J. Zonies, Rothamel Bratton, LLC.

 FOR YOUR INFORMATION:

 On October 6^th, 2011, GPAR’s Board of Directors accepted the Nominating Committee’s recommendations for the 2012 Slate of Executive Line Officers.  They are as follows:

President:                           Barbara Capozzi

President Elect:                Allan Domb

Vice President:                 L. Anthony Brown

Secretary:                           Michael R. McCann

Treasurer:                           Joseph Rey

 Legislative Information from National Association of REALTORS®

 Beginning January 1, 2013, anew 3.8 percent tax on some investment income will take effect. Since this new tax will affect some real estate transactions, it is important for REALTORS® to clearly understand the tax and how it could impact your clients. It's a complicated tax, so you won't be able to predict how it will affect every buyer or seller.  Please click the attached link for more information nar_3.8%_tax_brochure-.pdf

 Recently NAR participated in New Solutions for America’s Housing Crisis a conference hosted by the Progressive Policy Institute and Economic Policies for the 21^st Century (e-21)two well-respected policy think tanks.

The conference brought together policy leaders, industry representatives, Members of Congress, thought leaders and the media to present ideas and make actionable recommendations intended to stimulate the growth necessary for a sustained recovery in housing and extend an ensuing positive effect on job creation and the broader economy.  NAR has endorsed many of the bipartisan ideas and recommendations that came out of the meeting and has urged Congress and the Administration to undertake their consideration promptly.

 Please visit www.realtor.org/housingsolutionsfor details about the proposal, copies of the letters NAR has sent and links to Progressive Policy Institute and Economic Policies for the 21^stCentury (e-21).

 The Greater Philadelphia Association of REALTORS now has a website www.gparcares.com.  We created this website to show all of our charitable and volunteer activities.  Please visit the website to register for one of our events and to also gain some information about upcoming events and how you can help. 

 FOR YOUR INFORMATION LEGISLATIVE UPDATE

 Lead Paint Bill #100011.  Our collective efforts have secured some amendments, and many thanks to those that contacted City Council members.  The bill has been amended to apply to properties where children 6 and under reside. The bills should not apply to every rental unit.  Council has agreed to work with us next year in streamlining this bill further. 

 TO ALL MEMBERS:

 We are currently looking for Key Contact team Members for Council Members, State, and Senate.  The most important aspect of being a member of the Key Contact team is having a POSITIVE ONE ON ONE personal relationship with your District City Council member, State Representative, State Senator or House Representative.  This relationship promotes a sense of mutual respect and familiarity.  Aside from maintaining this relationship, Key Contacts are called on to perform other functions as well.  This could include any of the following:

• Attending in-district fundraisers for your Councilmember, House Member or Senator; with funding from PhilPac
• Responding to Calls to Action
• Visiting your Councilmember, House Member or Senator in his/her district
• Remaining current on legislative issues
• Attending occasional training sessions
• Developing REALTOR support for your Councilmember, Senator or House Member
• Volunteering on your Councilmember, Senator or House Members campaign
• Other activities that further promote a positive relationship

If you are currently a Key Contact person and would like to remain or not remain a Key Contact Member please email Maureen Smith at .(JavaScript must be enabled to view this email address). If you would like to volunteer for the Key Contact team please email Maureen as well with your information.

 NOTICE OF FHA LOAN LIMIT EFFECTIVE OCTOBER 1, 2011 THROUGH DECEMBER 31, 2011

 This provides notice of the posting of the comprehensive update to the Federal Housing Administration’s (FHA) single-family loan limits which are effective on or after October 1, 2011 through December 31, 2011.  These limits apply to forward mortgages insured under section 203(b)(2) of the National Housing Act and  reverse mortgages insured under section 255 (Home Equity Conversion Mortgages (HECM)).  A mortgagee letter providing further guidance has been issued August 19, 2011.

 For Forward Mortgages, the FHA floors for the period October 1, 2011 through December 31, 2011 are $271,050, $347,000, $419,425 and $521,250 for 1-, 2-, 3- and 4-unit dwellings, respectively.  The FHA ceilings are $625,500, $800,775, $967,950 and $1,202,925 for 1-, 2-, 3- and 4-unit dwellings, respectively.  For all other areas, i.e., those where 115 percent of the median home price for the area is in between the floor and the ceiling, the limit shall be at 115 percent of the median home price.  For areas under Section 214 of the National Housing Act (Alaska, Guam, Hawaii and the Virgin Islands), higher ceilings of $938,250, $1,201,150, $1,451,925 and $1,804,375 for 1-, 2-, 3-, and 4-unit dwellings, respectively, apply. 

 For HECMS, the maximum claim amount will remain at $625,500.

 As HUD is not updating median prices at this time, there is no appeal period associated with the change of loan limits on October 1, 2011. 

 For calendar year 2012, HUD does expect to announce proposed maximum mortgage amounts in November 2011. Once the principles set forth in the Mortgagee Letter announcing the loan limits that take effect on October 1, 2011, there will be no further declines in any loan limits for 2012, absent a change in authorizing legislation. As all locality specific maximum mortgage amounts are ultimately tied to the so-called national conforming loan limit of 12 USC 1454(a)(2)(C), and that limit may only go up and not go down over time, county-level loan limits under current statutory authority may only go up in the future and not go down.

Complete schedules of FHA mortgage limits for all areas for forward mortgages will be available through the downloadable file links found at https://entp.hud.gov/idapp/html/hicostlook.cfmThe website also provides a current look-up tool that will have the capability of finding loan limits for periods in 2011 and 2012.  Please read these FHA Maximum Mortgage Limit FAQs: http://portal.hud.gov/hudportal/documents/huddoc?id=faqfha.pdf

If you have questions regarding this notice, please call FHA’s Resource Center at 1-800-CALL-FHA (1-800-225-5342).  Persons with hearing or speech impairments may access this number via TDD/TTY by calling 1-877-TDD-2HUD (1-877-833-2483). You can also get email technical support on FHA mortgage limits at: .(JavaScript must be enabled to view this email address)or by visiting: www.hud.gov/answers

Roth IRA Conversion Clarification

In a recent issue of the Isdaner Insights newsletter there was an article about reversing 2010 Roth IRA Conversions entitled "Pay Attention to the Deadline for Reversing 2010 Roth IRA Conversions."

A Clarification to the section "Reconverting after a Reversal" is needed.

A traditional IRA that results from the re-characterization of a Roth IRA may be re-converted to a Roth IRA in the future, so long as the new conversion does not take place until after the later of:

1. 30 days after the re-characterization from Roth to Traditional IRA; or

2.  The beginning of the tax year following the year during which the re-characterization took place.

For example, a calendar year taxpayer who re-characterizes a Converted Roth IRA back to a Traditional IRA on December 1^st of any year can make a new conversion to a Roth on the first business day after January 1^st of the following year or the first business day thereafter.  On the other hand, a taxpayer who re-characterizes on October 15th of one year is forced to wait until the first business day of the following year, which is about a 1 1/2 month increase in the waiting period.

2012 REALTOR ®DUES ARE DUE JANUARY 3, 2012. Please contact Charlotte at 215-423-9381, Ext. 106 or .(JavaScript must be enabled to view this email address)

SAVE THE DATE

Greater Philadelphia Association of REALTORS® Annual Holiday Party

When: Wednesday, December 14, 2011

Where: Paradiso Italian Restaurant 1627 East Passyunk Avenue Philadelphia, PA 19148

Time:6:00 P.M. -

Cost:FREE

Donation of at least 1 unwrapped toy or kid's pajamas for

Pajama Jamboree

Necessary for admittance

ENJOY GREAT FOOD FRIENDS...HOLIDAY CHEER FABULOUS SILENT AUCTION ITEMS FUN PHOTO BOOTH

Please RSVP your availability to attend to..

Visitwww.gpar.orgto register or fax flyer to 215-423-0406.

Visitwww.gparcares.comfor more information

 

All of the below seminars will be held at the GPAR headquarters. Please register through Schlicher-Kratz Institute, www.learnrealestate.com

 

Thursday, January 19, 2012 9:00 a.m. – 5:00 p.m.                THE BIG PICTURE: General Module,   Instructor John Becker

 

• Topics will include: Duties of Licensees, Closing Costs, Agreement of Sale, Addenda and Special Clauses, Title Reports, Zoning, Agency Relationships and Representation Agreements.

Thursday, January 26, 2012 9:00 a.m. – 5:00 p.m.               GAINING INSIGHT of the Residential Market: Residential Module,   Instructor John Becker

 

• Includes information on new revisions to the Agreement of Sale
• TOPICS INCLUDE: Uniform Construction Code and Zoning, Environmental Issues, Types of Construction, Land Development, Home Inspections and Home Warranties, Mortgage Information and Fair Housing

BOTH CLASSES ARE APPROVED AS A REQUIRED COURSE FOR “NEW LICENSEES”

Use your Verizon iPhone as a Lockbox Key- the Verizon iPhone uses the same eKEY adapter as the AT&T version. Adapters can be purchased from your Board or MLS, or from Supra directly using the online ordering tool within SupraWeb. The retail price is $54.95, plus tax applicable shipping, handling cost and taxes. The eKEY for iPhone application can be downloaded from the Apple App Store. It is the same download as used for the AT&T iPhone.

Lockbox Abuse- It has come to our attention that lockboxes are being tampered with and left without a key. Please be reminded that the box holder is solely responsible for the property and the ONLY person who should relay the code. We encourage or members to use the electronic lockbox through Supra. Keys and boxes are available at your Association office.

Did You Know?Did you know that you can update your personal information, preferred mailing and specialties on the website? Visit www.gpar.organd sign in to explore these options.

SCHLICHER KRATZ CLASSES - PRE-LICENSURE CLASSES:

Location: 1341 N. Delaware Avenue, Suite 200

 

Real Estate Fundamentals:	Real Estate Practice:
Tuesday & Thursday 6:00PM-9:45PM	Tuesday & Thursday 6:00PM-9:45PM
	January 2012 17,19,25+,26,31,February 2,7,9 +This class is on a Wednesday.
WEEKEND CLASS SCHEDULE: Saturdays & Sundays
January 14, 15, 21, 22, 28, 29
Morning Session 8:00AM-1:00PM	Afternoon Session 1:00PM-6:00PM

Notice to all REALTOR® members:  Effective January 1, 2008, the National Association of REALTORS® mandates that all REALTOR® members provide their current home address as well as a valid e-mail address.  Any members who do not provide this information will no longer receive their state and national publications.  You may check your current information by logging into www.gpar.org.  The website will also allow you to make changes to your personal information.  If you have any questions concerning this new mandate, please contact Donna LePera at 215-423-9381, extension 104.

National Association of REALTORS® member guide/membership card has gone digital!  Wondering why you haven’t received your NAR member guide this year?  NAR has created a digital membership guide and membership card, which will allow you to customize your experience.  Go to http://memberguide.realtor.orgto print yours today!!  Your membership card will give you access to member discounts (you may view these benefits my clicking the tab “Benefits Program”) and will make registration at national and/or state association events easier.

The site will offer you five membership card options with the ability to have up to six designations printed on the card.  You can print the card from your computer or display it on your smart phone.  In addition, iPhone and iPad apps will be available in the near future.

REMINDERS:  

 

• If you have changed offices and have not notified the Association, please do so immediately to avoid any lapse in services or membership.
• Frequently Requested Numbers:
• PA State Real Estate Commission- 717-783-3658
• Legal Hotline- 800-727-5345
• City of Philadelphia 311

 

GPAR Staff: Please feel free to contact any of our staff regarding each of their disciplines:

 

Diane Lucidi- Chief Executive Officer

Charlotte Korman- Director of Finance

Donna LePera- Director of Member Services

Cheryl Adams- Professional Standards Administrator

Maureen Josaphouitch-Smith, Director of Government Affairs