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Bernie Alvey, Senior Listing Agent with Exit Landmark Realty and Chris Hood, Senior Loan Officer with Academy Mortgage serve fine neighborhoods in: La Plata, MD, Waldorf, MD, Hughesville, MD, Charlotte Hall, MD, Mechanicsville, MD, California, MD and surrounding areas. Bernie Alvey and Chris Hood have over 25 years of experience and have helped over 500 families successfully buy, sell and finance homes throughout Maryland!
Selling your home? Nothing is more important than knowing the perfect asking price! I can help you with a FREE Market Analysis. I use comparable sold listings to help you determine the accurate market value of your home. You don't want just "any Realtor." You want an experienced. FULL-TIME PRICING STRATEGIST who will get you top dollar for your home in the quickest possible time! Check out the Sell your home quickly and 7 things you must know before selling pages in for valuable information!
Buying a home? Check back here often to see our listings, or use my Dream Home Finder form and I'll conduct a personalized search for you. Also, be sure to check out the 7 things you must know before buying page for must-have information before you begin house hunting!
Financing a home? Working with the right loan officer can be critical to your home buying experience. Chris Hood has 10 years experience in financing homes in throughout Maryland. He has several loan programs that will allow you to buy a home with NO MONEY DOWN with a credit score as low as 580. Be sure to use our "apply online" feature so Chris can provide you with a free, no obligiation mortgage pre-approval!
Latest Realty News from NAR
Steve Spano, president and chief operating officer of the Center for Internet Security, recently visited NAR’s Washington offices to discuss techniques real estate professionals can employ to stay safe online. Listen to his comments below.
There’s been confusion since the big tax law was enacted over the deductibility of interest on home equity loans. NAR has been saying that the interest is still deductible for the part of the loan that’s used for home repairs, renovations, and additions. And that’s the correct interpretation, according to the IRS. The agency confirmed that in a memo about a week and a half ago.
The part of the loan that’s used on the house to fix something or improve it remains deductible under the new tax law. Loan proceeds that are used for personal living expenses or anything not related to improving the home are not deductible.
The video also looks at an important vote in the House on so-called drive-by lawsuits. These are lawsuits filed by people who are using accessibility requirements under the Americans with Disabilities Act to extract fees from small property owners. People are sending letters to property owners alleging they have an ADA violation and threatening a lawsuit unless the owner reaches a settlement with them. The person sending the letter typically doesn’t even say what the alleged violation is. The only way the owner can find out is by going to court. Most owners end up settling as the cheaper alternative and if there was ever any violation the owner never finds out what it is.
The House passed a bill requiring people who send these letters to identify what the alleged violation is and to give owners a chance to correct the problem before taking them to court. It’s a solution that addresses a clear abuse of an important law and NAR supported its passage. The bill still has to be taken up in the Senate.
Other topics in the video include NAR’s Commitment to Excellence initiative, which will roll out later this year, to give NAR members a chance to voluntarily assess how well they perform on key aspects of their business, including technology, the Code of Ethics, and the forms and contracts they use.
The video also gives an update on home sales—they’re off to a slow start this year, mainly because of inventory shortages in many markets, especially among lower-cost starter homes—and what’s happening in commercial real estate. Briefly, transaction volume on small cap properties is doing okay but volume on large cap properties is slowing down.
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Real estate practitioners entering into marketing service agreements with lenders, title companies, and other settlement service providers is a well-established practice, but a recent court decision shows why you have to structure these agreements the right way.
An appellate court just ruled that it’s okay for a mortgage lender to refer business to mortgage insurers who are buying reinsurance from an affiliate of the lender, because the reinsurance is a bona fide service and the insurers are paying fair market rates for it. In other words, the arrangement doesn’t amount to a kickback.
Although the case involves a lender, insurance companies, and a reinsurer, the structure of the agreement is something that applies to the kind of marketing service agreements you might be involved in as an agent or broker. Any agreement you enter into with a lender or title company must be for actual services rendered and priced at fair market rates and not simply an arrangement for referrals.
How do you ensure a marketing agreement is appropriate under federal anti-kickback rules? The most important thing is to have it looked at by an attorney who’s familiar with the Real Estate Settlement Procedures Act, or RESPA. For a general idea, though, there are two tests you can apply:
1.Is the marketing fee you receive based on the number of referrals you make to the company, whether it’s a title company, a lender, or another service provider? If the fee corresponds to the number of referrals, you could be inviting a close look by the Consumer Financial Protection Bureau (CFPB), which is the federal agency that enforces RESPA.
2. If you have an arrangement to split costs on a joint project, like a newspaper ad, is the split reflective of what each of you get in return? For example, if you and the title company are splitting the cost of the ad down the middle, then half the ad should go to the title company and half should go to you. If the title company is covering 75 percent of the cost of the ad but only taking up 25 percent of the space, that split makes it look like the company is subsidizing 50 percent of the ad cost. Again, you could be inviting a close look by the CFPB.
Learn more about the recent court decision in the latest Voice for Real Estate news video from NAR. The video also looks at what was in the budget agreement enacted into law about two weeks ago. Among other things, the new law extends the tax deduction for mortgage insurance premiums and retains the prohibition on taxing forgiven mortgage debt as income. It also looks at why a recent Supreme Court decision on the regulation of bodies of water is important to your inbdustry.
Why am I the right Realtor for you? Check on the "About Me" page to learn why I am the right choice to help you sell your home or to help you buy a home!
New York Times article featuring Bernie Alvey. As a result of his foreclosure work in Waldorf MD, The New York Times recently contacted Bernie Alvey for input on a "Financing for Foreclosed Homes" column. You can read the article and Bernie's thoughts by clicking here.