Real Estate

New Laws For California Realtors and Real Estate Investors

With the housing market taking center stage among the nation’s concerns, both Congress and California’s State Legislature have enacted significant new laws affecting REALTORS and Real Estate investors.

EMERGENCY ECONOMIC STABILIZATION ACT ($700 Billion Bail Out)
Hope For Homeworker
http://portal.hud.gov/portal/page?_pageid=73,7601299&_dad=portal&_schema=PORTAL

This bill also extends the tax exemption for debt forgiveness on home loans under the Mortgage Forgiveness Debt Relief Act of 2007 from December 31, 2009 to December 31, 2012. _Source:_H.R. 1424[4].

DRE LICENSE NUMBER MUST BE ON FIRST-CONTACT MATERIALS: Effective July 1, 2009, California’s real estate agents must disclose their Department of Real Estate (DRE) license numbers on all solicitation materials intended to be the first point of contact with consumers.

DEBT RELIEF INCOME EXEMPT FROM STATE INCOME TAX: Starting September 25, 2008, the federal income tax exemption for debt forgiven on a home loan now applies to state income taxes to a limited extent. Federal law provides a tax exemption for debt forgiveness on a loan incurred for acquiring, constructing, or substantially improving a principal residence up to $2 million if the debt is discharged from 2007 through 2012. Under the new California law, the maximum qualifying debt is only $800,000, not $2 million, and the maximum exclusion is $250,000.

Moreover, the California law only applies to a debt discharged in 2007 or 2008. Senate Bill 1055.

DRE CAN DISCIPLINE LICENSEE FOR INFLATING BPOS: Beginning on January 1, 2009, the DRE can suspend or revoke a real estate license if the licensee generates an inaccurate opinion of value (Broker Price Opinion or BPO) for a short sale of residential real property to manipulate the lender to reject the short sale or to acquire a financial or business advantage, such as obtaining a listing agreement. This new rule aims to preclude a self-serving agent from inflating a BPO in hopes that the lender will reject the short sale, foreclose on the property, and give the BPO agent an REO listing. Senate Bill 1737.

DUTY TO DISCLOSE AGENT IS ARRANGING FINANCING: Starting January 1, 2009, a listing or selling agent who undertakes to arrange financing for the sale, lease or exchange of real property (or an agent arranging financing who undertakes to act as the listing or selling agent) must, within 24 hours, provide a written disclosure of that role and any related loan transactions to all parties to the sale, lease, or exchange. Senate Bill 1737.

TENANT VICTIMIZED BY DOMESTIC VIOLENCE CAN TERMINATE TENANCY: Beginning on September 27, 2008, a tenant can terminate a tenancy upon giving a 30-day written notice to terminate, if the notice also informs the landlord that the tenant or a household member has been a victim of domestic violence, sexual assault, or stalking as defined. The tenant must attach to the notice a copy of a temporary restraining order, emergency protective order, or police report issued within the last 60 days. The tenant is also entitled to a proration of the last month’s rent if, within those last 30 days, the tenant vacates and the landlord re-rents the premises to a new tenant. This law will sunset on January 1, 2012. Assembly Bill 2052.

LANDLORDS AND REO LENDERS MUST TAKE CHARGE OF ABANDONED ANIMALS: Effective January 1, 2009, any person or private entity with whom a live animal has been “involuntarily deposited” must take charge of it, if able to do so, and immediately notify animal control officials to retrieve the animal. An “involuntary deposit” includes the abandonment of a live animal on a property that has been vacated upon, or immediately preceding, the termination of a lease or foreclosure of the property. The animal control officers who respond can secure a lien to recover the rescue cost, but this law imposes no other liability upon a depositary who complies with these rules. Assembly Bill 2949.

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I was wondering how many total realtors are in orange county? Also, what is the estimated population of orange county?

thanks!

to many

We rent,owner decides to sell,we have 4 months before lease is up,Can the Realtors show the house any day of the week?No matter if we want 4 of the days with out disturbance. ANY day, 3-4 times or more? While we are showering ,dressing for work??? Can people come in and take pictures even with my stuff in the house? I’m not giving permission to.

Most Realtor make every effort not to invade your privacy and waste your time. I know this may be inconvenient, but maybe the owner has no choice. They really shouldn’t take pictures, it’s rude. If the place were vacant that would be ok. You are typically notified by a phone call. They shouldn’t just show up and walk in. If they do, then you need to complain to the owner.

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Music –
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No one is ever going to buy my house if the Realtors don’t bring them. Do you have any ideas for getting them to show my house? My community is gated and does not allow any signs so we must depend on the real estate agents.

Personally, I don’t even look to see what the payout is on a listing. My first concern is to my client. Believe me when I tell you that it isn’t your Realtor. There are not enough buyers yet. In Minnesota there are estimated to be 7 homes for every one buyer. We have over 11 months worth of inventory. I won’t even tell you to reduce your price, because that may not produce the kind of buyer you want anyway. Nowadays, when a buyer see’s that you have reduced the price, they go for the kill and offer a lot less.

You have two options, #1 stick it out until it sells, or #2 pull it from the market until the market improves.

As much as I like making money to pay my bills, I am honest with folks, if they don’t have to sell, then don’t put your house on the market. If you do have to move, expect to get a very low price for your home.

I do wish you the best.

I have tried to contactr the agent through the only number I was given, a fax. The agent is listed in Chicago and it would be a mailing address, I want my refund asap, and a little appalled that a. The agent has not notified me of my monies (the agent has had it for 4+ months) and b. I get no reply back from the agent when I send a fax. The most important thing is Yahoo! Realtors does not list a return contact number!

Are you sure you have done business with yahoo? Sounds as if you have been scammed.
RE Agent,
Remax

Ohan Antebian, VP of Industry Relations, demonstrates RPR at the 2010 Texas REALTORS® Winter Meeting

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I need a rental house or apartment with no criminal background check. Do realtors do background checks? Is there a way I can avoid being subject to such background checks? My target city is Austin, TX, and I have applied twice at apartment complexes and was turned down. Now I want a rental house but want to avoid being rejected. Should I turn to a realtor?

I don’t know if a realtor will, but the rentor may, which has probably been what is happening anyway.

I don’t know what you did or didn’t do, but if I was renting, I’d be much more comfortable with someone who was honest with me and took the time to explain what went down as opposed to someone who skirted my check, and left me to find out later. I mean, if you don’t get the place, chances are good that you’ll never see that person again, as a landlord or otherwise, so what’s the big deal in saying something, you know? It’s corny, but honesty is the best policy.

Also, keep in mind it’s normally only felonies they’ll check and question…I don’t think they care about most misdemeanors.

REALTOR.com© presents tips to REALTORS on how to shoot your own effective home tour video.

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I heard that a Loan Officer should become more friends with Realtors in order to produce more potential client loans. How should I approach and become friends with Realtors?

My dad would take them for lunch on his $$$.