Announcements

Transfer Tax out of budget
The effort to reinstate the transfer tax into the two-year state budget failed as a result of the overwhelming response from Ohio REALTORS®. We've been assured that the conference committee will recommend a budget that does NOT include a statewide transfer tax and also includes our amendment to prevent the double-taxing of real estate commissions will survive the budget process.

This positive outcome is a direct result of REALTORS generating nearly 6,000 emails and letters in less than 10 hours. Thank you for you effort...you continue to make a difference!

Suitcases for kids
In November, 1995, 10-year-old Aubyn Burnside learned the average child in foster care moves three to four times and traditionally carries his/her personal belongings from home to home in black garbage bags. So she founded Suitcases For Kids which is now getting support nationwide. Can you help? If you have a used suitcase, large duffel bag, backpack, etc., please bring it to the CBR Membership headquarters in July or August and we'll see that your bag gets to the Franklin County Children's Services. Please help a child who is less fortunate than you. Thanks for your help!

Thinking of running for an elected office?
The Ohio Association of REALTORS® is co-sponsoring a Campaign Management seminar in conjunction with several other state associations on July 28 & 29 in Dublin. This is a non-issues, non-partisan seminar that will address everything from developing a budget and effective use of polls to Election Day activities. We strongly encourage our members to become politically active, including seeking public office. This campaign school is a great resource and one anyone considering an upcoming campaign should attend. For more information, contact OAR's Governmental Affairs Director Scott Williams at (614) 228-6675 x124.

Changes to the Sales Award Rules
The sales awards rules were reformatted for clarification. The only substative addition was language prohibiting a member from advertising any level sales award prior to actually receiving the award. (i.e. "Mary Smith will be receiving the $1 Million Dollar Club Award" is not acceptable.) Click here to review the rules.

New FHA loans don't require sellers to make repairs
FHA's new streamline 203(k) Home Repair program will make FHA-insured loans more appealing by allowing sellers to market their property in as-is condition and sell homes to FHA borrowers without making any repairs to their property - provided that less than $15,000 in repairs are needed. The new Streamline(K) Limited Repair program permits the borrower to add $5,000 to $15,000 to the loan amount and make the required repairs after loan closing. This method can also be used for other repairs that the new homeowner wants to accomplish without the need for an additional loan.

Repairs are restricted to roof replacement, heating system replacement, exterior painting, and other such repairs which do not require professional assistance to evaluate the need, feasibility or quality of work. However, written estimates are required.

In addition, since FHA encourages borrowers to obtain a home inspection, the Streamline(K) will permit borrowers whose inspectors identify property conditions in need of repair to obtain financing to undertake the work needed.

For more info, contact your local FHA lender or visit www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm .