Announcements

Watch for your new R-Guide

Your 2006 CBR membership directory -- the R-Guide-- was scheduled to mail in July. As a benefit of membership, each member of the Columbus Board of REALTORS® receives a copy of the full CBR membership roster annually. If you haven't received your R-Guide by August 1, please call Lenora Moore at (614) 475-4000 x253.

Balance and harmony in the CBR Library

Interested in achieving balance, harmony and increased income in your Real Estate career? Then check out Feng Shui Paradigms, a self study audio course for Feng Shui certification available to all CBR members to check out from the Library. And be sure to stop by the CBR library to see what other interesting items are there!

Legislation proposed to Make FHA Loans More Viable

Last month the House passed H.R. 5121, which will make FHA loans more attractive to borrowers by increasing its loan limits, both nationally and in high-cost areas, and eliminating its 3 percent down payment requirement. The bill will also allow the agency to extend loan terms to up to 40 years and to price loans depending on borrowers' risk. Another bill, S. 2597, introduced by Sen. Hillary Clinton (D-N.Y.), would raise the FHA loan limits nationwide to the lesser of the Fannie Mae and Freddie Mac conforming loan limits or the median single family home price in the area.

Want a prime parking spot at CBR?

You are invited to park in the CORPAC parking space, located in the front circle drive of the Columbus Board of REALTORS® building on 2700 Airport Drive anytime it is available -- for a mere $5 per occasion. Just make your check payable to `CORPAC' and drop off at the front desk. Beware ? Non-paying violators will be tracked down and made to pay -- with interest. This exclusive opportunity made possible by long-time CORPAC supporter Lynda Long.

Home Ownership Education Workshops

If you have clients who might benefit from home buyer/ownership education, here are program opportunities you might suggest . . .

Homes on the Hill regularly offers Home Ownership Education Workshops in English and Hispanic.Remaining 2006 class dates include: English - 7/17, 8/7, 9/16, 9/23, 10/30, 11/20; Spanish -- 8/29, 8/26, 10/14, 10/21. Call (614) 275-4663 for more info.
Columbus Housing Partnership (CHP) offers an 8-hour homebuyer education course where attendees will learn: How to find a home and negotiate a contract; How to apply for a mortgage loan; What lenders look for when approving you for a mortgage; How to budget to buy a home; How to understand your credit; What happens during the closing process; How to be a successful homeowner. Down payment assistance through CHP may be available to qualified buyers.
Upcoming CHP course offerings include: July 5, 11, 18 and 25 from 6:30 - 8:30 p.m. or July 8 and 15 from 9:00 a.m. - 1:00 p.m.; August 1, 8, 15 and 22 from 6:30 - 8:30 p.m. or August 5 and 12 from 9:00 a.m. - 1:00 p.m. Call CHP at 614-221-8889 x134 for more info.

Getting rid of used furniture? Consider donating to MAP

Material Assistance Providers, Inc., Columbus' only free furniture bank serving Columbus' most needy families, is looking for new, high quality, and used furniture, appliances and household goods. Items can be dropped off at their warehouse located at 1130 Milepost Dr, Columbus 43228., or MAP will pick them up. For more information and/or to make a contribution, call Jeff Hay, founder and director at (614) 853-9355.

On the legal front - To read more on these cases, visit www.realtor.org/letterlw.nsf

Buyers satisfy purchase contract condition with one loan application Maryland's highest court has found that buyers could fulfill a purchase contract's financing contingency by submitting only one loan application. The home sellers in this case filed suit against the buyers with whom they had entered into a contract because they didn't secure financing for the home. Yet the purchase contract's language ("agree to make written application") is singular and so the court found that it required the buyers only to make one loan application, which had been rejected.
Commission awarded to broker for fullprice offer...An Arkansas appellate court found that a broker was due the commission amount for a full-price offer when the owner rejected the offer during the term of the listing agreement. Under Arkansas law, brokers are entitled to collect a commission when they produce a ready, willing and able buyer who is qualified to make the purchase on the terms set forth by the sellers. In this case the only term that the sellers had made absolute was the price.
Condo buyer has absolute right to cancel contract...A buyer can terminate a purchase contract within the required five day condominium document review period for reasons other than the information contained in the documents, the Superior Court of Connecticut, Judicial District of New Haven, ruled. That's because the cancellation right is absolute.

IRS stipulates new tax-free exclusion rules for homeowners

The Internal Revenue Service rules regarding the tax-free exclusion say you must live in your home for two of the last five years, and you must not have used the exclusion within the past 24 months.

However, the IRS has recently clarified its rules relating to how much gain you can exclude in certain circumstances, including death of a spouse, accepting a new job in another location, divorce, and medical issues.

The new rules say that if you must sell your home because of one of these reasons, you keep a portion of the gain tax-free. If you find yourself (or your client) in any of these situations, you might want to consult your tax preparer or accountant.

Downtown living an option for many

While much attention has been made of the high-end condos being built downtown Columbus, the majority of the housing fits Mayor Coleman's description of "everybody's neighborhood." Sixty-four percent of all downtown housing is either subsidized or workforce-priced, according to a housing analysis by the Downtown Development Resource Center released in February 2006. While the market for downtown housing remains hot, 30 percent of the homes for sale built or under construction cost less than $200,000.

Subsidized -- Housing where tenants pay less than the current market rates for rent; and meet eligibility standards based on their income.
Workforce -- Market rate rental and owner-occupied housing that is affordable to private and public sector workers - like teachers, police officers, fire fighters, retail clerks, restaurant servers.
Market rate -- All other housing

CBR Staff Update

	Brandi Graves joined CBR on April 24, 2006, as Member Service Center Assistant. Previously, Brandi was in marketing with Atrium. Brandi is an online student studying business. For CBR, she will be splitting her time between helping in the Member Service Center and producing fax sheets for members in the CBR Print Shop.
	Heather Martinsen was promoted to MLS Rules Administrator as of May 30, 2006. (Heather joined CBR in June of 2003 as Accounting Assistant.) As MLS Rules Administrator, she will be handling all of the warnings and assessments for the new MLS fining system, which became effective April 1, 2006.
	Christina Peterson joined CBR on May 30, 2006 as Accounting Assistant replacing Heather Martinsen (above). Prior to coming to CBR, Chrissy worked for Abercrombie & Fitch in its distribution department. As Accounting Assistant, Chrissy will be responsible for CBR dues collection, assisting in the accounting area and backing up the Electronic KeyBox office.
	Amie Tessler joined CBR on February 27, 2006 as an Administrative Assistant for CBR Professional Development Department and Administrative Services. Amy came to CBR from Columbus Distributing Company where she worked in the accounting department. She is in her senior year at Franklin University where she is majoring in HR and Business Administration. As Administrative Assistant, Amie's responsibilities include helping with administrative duties in the education department, monitoring classes and working on Board projects and committees.

Over 60% of U.S. Investors Looking Abroad

Over 60% of U.S. Investors Looking Abroad Results from the 3rd annual Bryan Cave Real Estate Executives' Forecast Survey, released June 7, reveal that 61% of U.S. real estate executives surveyed plan to invest outside the U.S. within the next 12 months despite threats of terrorism, pandemic virus and continuing military conflict in certain parts of the world.

Respondents expressed the greatest interest in investing in Mexico (15%) and China (15%). Other top-named countries identified included the United Kingdom (12%), Canada (8%), and Japan (8%).

The high level of interest is noteworthy given that the survey also showed that roughly the same percentage of respondents (63%) believe the U.S. real estate market will strengthen (16%) or stay the same (47%) within the next 12 months, compared with 35% who believe the market will weaken.