Happy Veterans Day!

Mid-Atlantic Settlement Services recognizes the dedication and sacrifice made by those who have served in our armed forces. Formerly known as Armistice Day, the state and federal holiday was officially changed to "Veterans Day" in 1954 to honor our military veterans.

For more history on Veterans Day, check the wikipedia.org line here.

THANK YOU to those of you who have served on our behalf, or are currently serving!




Photo Credit: respres on Flickr

EDITOR'S NOTE: The writer (Derek Massey) scheduled this post for a Wednesday release. The Editor (Derek Massey) inadvertently published it today. As President of the company (Derek Massey) hereby apologizes for the Writer's and Editor's lack of communication.

Additional Detail on Existing Homeowner Credit: Contract or Settlement Date?

We have seen a few folks question whether it is the contract date or the settlement date which determines whether an existing homeowner qualifies for the $6,500 tax credit. The National Association of REALTORs (NAR) is indicating that it is indeed the settlement date. Even if your buyer is already under contract, as long as the settlement takes place after President Obama signed the bill (and assuming he qualifies in all other respects), he is eligible for the credit.

From the REALTOR Action Center Blog "Frequently Asked Questions" document we shared earlier:

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

As always, your buyers should seek the advice of a CPA to determine eligibility for any tax credit, but this is helpful information.

It's Official: Tax Credit Extended

Today President Obama signed the Unemployment Insurance Bill, which contains a provision to extend the current $8,000 First Time Homebuyer Tax Credit and expand the reach of the credit by allowing for a $6,500 credit to so-called "step-up" buyers. Details of the story can be found here.

As a real estate agent, how do I explain this to my client or determine whether her transaction qualifies?

Perhaps the best description we've see so far is the NAR Frequently Asked Questions: Homebuyer Tax Credit Changes document. Check it out, become familiar with the hypothetical scenarios, and share with your clients.

Listing Agents: Ask for Seller's Title Policy at Listing

As a listing agent, you likely have a checklist of items to gather or pull from various sources, including basic information from the seller. Here's a thought which could save time and money later down the road: Ask the seller to produce her owner's title policy (if she has one) at time of listing.

Here are just a few reasons why this simple step could prove so valuable:

- If a prior-owner unreleased lien surfaces during the title search, you'll know exactly which title insurance company to contact, and they should expedite the clearing of the issue.

- The policy should disclose any matters that a prior survey or location drawing has revealed.

- The policy should disclose if the property is subject to ground rent.

- The buyers may be eligible for a "reissue rate" of title insurance premium. While benefitting the buyer, this cost savings can be an inducement thereby aiding the seller.

- Asking at time of listing rather than several days before settlement could be the difference between the seller having it available and it being packed away in a moving truck.

Some sellers won't be able to find it. In that case, a copy of the HUD-1 from their purchase can also be very helpful as it tells which title insurance company the policy was written on so a copy can be obtained directly from them.

Make sense?

GBBR REALTOR® Fair Thursday: "Wii" Will Rock You!

Mid-Atlantic Settlement Services will be at the Greater Baltimore Board of REALTORS® (GBBR) REALTOR® Fair this Thursday, and we hope to see you there!

Why should you stop by our booth (#63)? Besides getting to meet and talk with some of the most established and experienced settlement officers in the region, we will have Nintendo Wii set up for your playing pleasure. You can bowl, play tennis, box, or challenge our own guitar god Dan Coleman to a game of Guitar Hero.

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What: GBBR REALTOR® Fair
When: Thursday, October 22nd
Where: Martin's West, 6817 Dogwood Road, Baltimore, MD (We're at Booth 63)
How: Register with this link

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Photo credit: Clemson

Tech Tips: Posterous.com

Have you thought about blogging, but are a little intimidated by the setup process? Not sure which platform to select? Maybe you just want a place to very quickly add photos while on the go?

www.Posterous.com is a great place to start!

Here are some of the great benefits of using Posterous either as your first blog platform, or (if you're already blogging) another place to collect your thoughts, photos and videos in one place:

- To start, all you have to do is send an email to post@posterous.com. THAT'S IT!

- Easily add text posts by emailing your blog posts to post@posterous.com.

- Easily add photos via email.

- Take videos with your Blackberry, iPhone (or other smartphone) and send straight to Posterous for easy processing and posting.

- Link to your Twitter or Facebook account.

- Very quickly host "discussions" where you can post a question and allow your readers to "discuss" the question via the comments.

Feel free to check out my Posterous account if you want to see how I use it. I keep it light (for the most part) and typically post photos. I have it linked to my Twitter account so each time I post to Posterous, a "tweet" gets sent out notifying my Twitter followers of the new post.

Call or email if I can help you set up your Posterous account today!

We will be OPEN for business on November 27th!

We are proud to announce that we will remain OPEN on Friday, November 27th (the day after Thanksgiving) to help you get your clients into their dream homes before the expiration of the $8,000 First Time Homebuyer Tax Credit on November 30th, 2009.

As we discussed in this post, now is the time to start planning for the second half of November when getting contracts ratified. Even if the tax credit DOES get extended, we are expecting some unusually high transaction volumes during a traditionally slow period around the Thanksgiving holiday. You need to talk to your lenders and title companies to see who is open and who is not, and plan accordingly!

Please call your MASettlement TSR with any questions or concerns, or (of course!) to schedule a closing. You can also contact me at Derek[dot]Massey[at]MASettlement[dot]com.

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Photo licensed under Creative Commons by Monica's Dad on Flickr: http://www.flickr.com/photos/virtualsugar/316200555/