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5 Real Estate Scams You Need to Know About
Don't be duped by mortgage fraud. Here are a few common scams and the red flags you should look for in a transaction. Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. An entire community can be damaged by mortgage fraud, says Rachel Dollar, a lawyer from Santa Rosa, CA, and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses. | MORE INFO
Source: Realtor®Mag
Congress Passes Financial Regulatory Reform Legislation
On Thursday, July 15, 2010, the U.S. Senate passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173) by a vote of 60-39. The President is expected to sign the bill shortly. A large financial regulatory reform measure, the bill includes a number of provisions that will affect the real estate and real estate finance industry, as well as real estate professionals. The bill also creates a "Consumer Financial Protection Bureau" (CFPB) to regulate a broad range of activities.| MORE INFO
Source: National Association of REALTORS®
Nice Ride
Nice Ride is a non-profit organization, and anyone can become a subscriber. Simply take a bike when you need one, and return it to any station in the system when you arrive at your destination. It's quick, easy and affordable. | MORE INFO
Source: Nice Ride
Stop Foreclosure Prevention Scams
 The Minnesota Home Ownership Center and its many partners are sponsoring a new foreclosure prevention program,, “Look Before You Leap,” a statewide public education campaign to raise awareness about the booming mortgage rescue scam industry and its dangerous implications for struggling and unsuspecting home owners. The program will also connect struggling home owners to the state’s network of free, trusted non-profit foreclosure counselors.
Home owners and Realtors need to be on the lookout for companies offering help that charge a fee for their services, ask home owners to sign over the title to the home, claim homeowners should stop paying their mortgage during the loan modification process, claim home owners should pay them – not the bank, or promise a guaranteed outcome or claim they can help home owners in any situation. | MORE INFO
 Brooklyn Center ReNew Home Purchase Program
Brooklyn Center still has funding available through its ReNew Home Purchase Program. The program offers down payment and closing cost assistance for eligible buyers in the form of a loan or grant as part of an approved rehabilitation loan. Eligible properties must have been mortgage foreclosed and registered with the city as vacant property. | MORE INFO
Home Inspection Reminders
Home inspectors and Realtors work cooperatively to ensure a thorough inspection of the property. Inspectors need access to the attic, so be sure the access is accessible, especially if it’s in a closet. Be sure pets are confined. Most inspections take three to four hours, particularly with large homes, so plan accordingly.
REALTORS® Core Health Insurance Rates Locked for Second Year of Program
Great News! After a very successful first year, REALTORS® Core Health Insurance has insured thousands of REALTORS® and their families. The good news is that because of this renowned success, the carrier for the program has held premium rates to the initial level for the second year of the program.
NAR would like to take this opportunity to remind members of this great benefit and to take advantage of the affordable & guaranteed- issue, limited medical indemnity coverage.
| MORE INFO
Source: National Association of REALTORS®
Gay Equal Rights Affirmed
NAR's board votes to prohibit members from discriminating on the basis of sexual orientation. Eric Kodner, MAAR REALTOR® was recognized for his work towards civil rights and fair housing issues and was featured in the most recent issue of the REALTOR® Magazine | READ MORE
Source: Realtor®Mag
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