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Illinois REALTOR® Weekly Connection

News and resources for Illinois REALTORS®

Are you a salesperson with questions about transitioning to broker? Are you a broker who will move to managing broker under the license law rewrite? Watch these short videos with IAR Hotline Attorney Betsy Urbance as she covers the different licensure changes. You can also watch a Dec. 30 webinar with IAR Chief Legal Counsel Steve Bochenek on the issue.

Illinois voters head to the polls today. The Illinois primary election is today with polls closing at 7 p.m. If you haven’t already, get out and vote. Stay tuned later this week for a new State Capitol Report with the latest on election results and what they mean for members.

Home Start + tax credit for spring market buyers. The groundhog Punxsutawney Phil may be predicting six more weeks of winter, but Illinois home buyers aren’t waiting on the spring housing market to buy. Read this IARbuzz post about Home Start and the tax credit motivating buyers now.

Pending home sales stabilize. The Pending Home Sales Index increased 1.0 percent in December and was 10.9 percent higher than December 2008, NAR reported today.

Obama proposes limits on mortgage interest deductions. In his new budget proposal, President Obama calls for limiting mortgage interest deductions for some homeowners. Read this Inman News article to learn more.

Broker license renewal deadline is April 30, 2010. Watch your mail for the broker renewal forms and make sure to complete the required continuing education by that deadline. Brokers must complete 12 hours regular CE and 6 hours broker management CE by April 30, 2010. Download the education matrix and find CE options.

Brochure explaining new short sales program (HAFA). NAR has issued a brochure to help REALTORS® understand the Home Affordable Foreclosure Avoidance Program (HAFA) that takes effect on or before April 5, 2010. Find a copy of the brochure, a fact sheet on HAFA and FAQs.

HUD and Treasury to expedite mortgage modification program. New guidelines outline necessary homeowner documentation and clarify procedures for determining program eligibility. Read the news release and supplemental directive.

REALTORS® lend their efforts to foreclosure crisis. NAR recently announced that it has joined forces with the National Community Stabilization Trust to help rebuild American communities devastated by foreclosure. Read this Illinois REALTOR® Magazine article about Neighborhood Stabilization Program (NSP) efforts in Illinois.

Fannie Mae offering closing costs assistance on its foreclosures. Fannie Mae announced last week that it will offer 3.5 percent assistance to people buying homes through its HomePath program. The 3.5 percent can be applied to closing costs or the purchase of appliances.

Freddie Mac teams with non-profit groups on loan modifications. Freddie Mac announced last week that it will create new Borrower Help Centers in select cities, including Chicago.

Find monthly commercial webinars. Take advantage of FREE, pre-recorded webinars on issues affecting the commercial real estate market. Some recent topics: “121 Ways to Market Yourself" and “Economic Outlook for 2010: Commercial Real Estate.”

Register for Real Estate 2.0: The Evolution. The North Shore-Barrington Association of REALTORS® is hosting a mini convention on February 18 at the Hilton Northbrook. The one-day event features sessions on social media, marketing, short sales, business tips and discussions with top agents. Learn more and register.

6 Rules to Boost Your Negotiating Skills. Read this REALTOR.org article for tips on improving your negotiating techniques with both buyers and sellers. One idea: Gain the respect of all the parties with simple courtesy and integrity.

Real estate resolutions. This recent RISMedia article, “5 Resolutions to Create Real Estate Success in 2010,” offers five steps you can take this year to boost your real estate business.

Right Tools, Right Now. Download the updated brochure, “Why Rent When You Can Buy,” for FREE. It’s a great tool to give to prospective first-time homebuyers to outline the benefits of buying a home rather than renting. Includes updated data for 2010, including the homebuyer tax credit. You can also download the updated, “It Pays to Work with a REALTOR®” brochure.

Did you miss it? Hot topics Weekly Connection readers viewed most last week:
• Education matrix for license law
• NAR video on federal short sale rules
• New protected class – order of protection status