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Weekly News Service
Providing the
Latest Association and Local Real Estate Information
The Weekly News
Service is an exclusive benefit available to members of the Suburban West
REALTORS Association. Featuring both Association news and local real estate
industry information, the Weekly News is a service meant to benefit all
members of the organization.
FHA Announces
Policy Changes to Address Risk and Strengthen Finances
 Late last week, The Federal Housing
Administration (FHA) announced a set of policy changes to return its
capital reserves to congressionally-mandated levels. These changes will
also enable the agency to continue to fulfill its mission to provide access
to homeownership for under-served communities.
Among the changes: an increase in the up-front mortgage
insurance premium by 50 bps to 2.25 percent; a FICO credit score floor of
580 for borrowers to qualify for the agency's 3.5 percent minimum down
payment (other borrowers must put down a 10 percent minimum); and a
reduction in seller concessions from 6 percent to 3 percent of the mortgage
amount.
For more information, click
here to access NAR's issue brief.
Association
Installs 2010 Leadership
2010 Chairman and
Board of Directors are Sworn In
 By all accounts, last Wednesday's
Installation Party was a fun casual evening featuring good food, drinks,
networking and the collegial spirit of the REALTOR. The event at Mater Dei
Hall in Newtown Square culminated with the installation of the 2019
Suburban West Board of Directors and its Chairman, Bill McFalls. In
addition to Bill, the following member volunteers were sworn in: Tyler
Wagner (Chairman- elect), Andrew Wetzel (Secretary/Treasurer), Judith
Alignan, Dave Brant, Beth Endrizzi, Terry Kirkwood, John McFadden, Mike
McGee, Dennis Morgan, Jim Ryal, Kim Wood. For additional information on our
Board members, please click
here.
The organization greatly appreciates the support of those in
attendance, the contributions of our member volunteers on the Board and the
following companies who provided a generous financial contribution as a
sponsor: Realty Executives, Brandywine/Springfield Waterproofing and USI
Affinity. Additionally, we'd like to thank the following companies for
donating prizes: Advantage Green Home Inspect; Centralized Showing
Services; HBA of Chester & Delaware Counties; Helpful Home Inspectors;
Mortgage America; RCN; Reliable Home Inspection Services; Two Men and a
Truck.
Click
here to view pictures of the event.
NAR and REALTORS
Aid Haiti Relief Efforts
In the wake of the
devastating earthquake in Haiti, NAR has quickly mobilized its resources to
support the more than three million people affected by this tragedy. The
REALTORS Relief Foundation of the National Association of REALTORS is
contributing $550,000 to provide relief to Haiti earthquake victims, and
NAR is calling upon its 1.2 million members to help. To learn more and see
how you can contribute, please click
here.
Builder/REALTOR
Expo Slated for February 25
Get One-on-One
Time With the Builders of Chester and Delaware Counties
 Have buyers interested in new construction?
Interested in staying up-to-date on the newest developments in Chester,
Delaware and Montgomery counties? If the answer is "Yes" to
either of these questions, then register today for the Builder/REALTOR Expo
being held February 25 from 11 a.m. to 2 p.m. at the Holiday Inn, West
Chester.
This event, developed by the Sales & Marketing Council of
the HBA of Chester and Delaware Counties, will be a terrific opportunity to
meet some of the top builders in the area. While there, you can learn about
their existing projects, communities they have planned for 2010 and beyond,
and the tremendous incentives they are offering to REALTORS.
Additionally, the first 150 REALTORS who register receive a
free catered lunch (it is $25 after the first 150/ $30 at the door). Click
here for more information or log on to the HBA's
website to register online. Or call the HBA at 610- 692-7733 to
register over the phone.
Want to Make
Seniors A Focus For Your Business?
ARS is Hosting the
Popular 2-Day SRES Course in February
 Seniors are the largest group of property
owners in the United States and account for a significant portion of
Pennsylvania's population. The Seniors
Real Estate Specialist (SRES) course, being held at the Association
of REALTORS School on February 22 and 23, is designed to allow members to
understand the needs of seniors and learn to provide unique professional
consultation about real estate.
As an SRES, you will be able to do the following: Learn
distinguishing characteristics and trends of the 55+ demographic; challenge
stereotypes and draw valid generalities about 55+ real estate clients; and
raise awareness of some do's and don'ts when striving to gain and serve the
55+ demographic. Click
here to register online today or call 610-560- 4900.
Professionalism
Tip: Broker's Disclosure Addendum
The State Real
Estate Commission requires that certain disclosures and information be
included in an agreement of sale. Licensees who use the PAR standard
contract will have complied with these requirements. Should a licensee be
in a position to use a contract other than the PAR contract, the Broker's
Disclosure Addendum To Agreement of Sale (BDA) will ensure
compliance with commission regulations.
Life After a Failed
Transaction is Topic for Next REALTOR/Lawyer Forum - It is a fact of real estate life that not
all transactions go to settlement. So how do you pick up the pieces? What
are the rights and obligations of buyer, seller and REALTOR in these
situations? When can the property be relisted? What happens to deposits?
Who is responsible for incurred expenses? What happens to inspection
reports? Learn the answers to these questions and bring your own questions
to the REALTOR Lawyer Forum on February 4th at Suburban West REALTORS
Association from 12:00 noon to 1:00 p.m. The cost of this session, $11,
covers the cost of lunch. Register
today to reserve your spot (once logged in, access the Events
Calendar). Advance registration is required before Tuesday, February
2, 2010.
Tax Credit Flyers Available - Are you
interested in communicating the value of the tax credit to your clients?
Suburban West continues to make available a customizable Extended and
Expanded Tax Credit Flyer for members to use with their clients. The
question & answer format helps explain the qualifications and nuisances
of the tax credit. To view a sample of the flyer, click
here. To request a customized version, please email sfarace@suburbanwestrealtors.com
your contact information and a high resolution photo.
Upcoming Events at
the Association
 Want to know what's going on the
Association? For a complete list of events and courses, visit the Calendar
of Events.
Important Phone
Numbers & Websites
1-866-495- SWRA
- SUPRA Support: 877-699-6787 (8 am to 10 pm, Everyday)
- TREND:
610-783-4650 (www.trendmls.com)
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