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May/June 2009 Newsletter

June 23, 2009 eRESOURCE

 First Time Homebuyer Guide

 MNAR Seeks Committee Members

The Guide has had some minor updates made, and the new revision is available to purchase.

Go to www.customfirstmnhome.com to place your order.

PLEASE NOTE: The Guides are only available to order online.

Have you ever considered serving on a Committee of the Minnesota Association of REALTORS^®? If you ever wondered what legislative issues the Association pursues or who determines ethics violations or awards a disputed commission, or how the money is spent, you might be interested in becoming involved in your State Association. Click here for a brief description of the various Committee positions that are available and how you can apply.

MNAR is seeking candidates for 2009 MNAR REALTOR^® of the Year

 2009 Edwin Anderson Political Achievement Award

The MNAR 2009 REALTOR^® of the Year will be announced at the MNAR Leadership Reception in October. The winer will receive $1,000 to offset expenses to attend the NAR Convention in San Diego, CA where the National Association of REALTORS^® will recognize our recipient along with REALTORS^® of the Year from other states. Click here to nominate someone.

The award was designed to honor Minnesota REALTORS^® who have contributed time, knowledge and resources to the preservation of the real estate industry. If you know of a Minnesota REALTOR^® who is active in politics and works to better the industry through their involvement, please submit an application on their behalf. Click here to submit a nomination.

 Short Sale Contingency Addendum

American Recovery and Reinvestment Act of 2009 & First Time Homebuyer Tax Credit

The MNAR Forms Committee has adopted the Short Sale Contingency Addendum form.

Read 'How Does a Short Sale Work?'

View Short Sale Videos:
Heidi Peterson, Esq. on the Short Sale Contingency Addendum,
Linda Modlinski on Risk Reduction: Short Sales
Chris Galler and Brad Boyd, Esq. on Short Sales, parts 1 and 2

Read 'Creative Short Sale Products' by Brad J. Boyd, Esq., Thomsen & Nybeck

The National Association of REALTORS^® outlines the real estate provisions found in the recently passed stimulus bill (American Recovery & Reinvestment Act of 2009). It is important for REALTORS^® to be aware of the provisions and how they effect your clients. As an example, the Homebuyer Tax Credit has a provision that FORGIVES the $8,000 tax credit, unlike the provision for home buyers who purchased last year. More detail on the bill here.