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   Michigan REALTOR E-News

 

Legislation Streamlining the PRE Filing Process for Lenders on Foreclosures on the Move

With the passage of the Principal Residence Exemption (PRE) Enhancement legislation last year, lenders were able to retain the PRE on a foreclosed property, but they must still pay the 18 non-homestead mills in local school operating property taxes. There has been some concern from lenders and local governments regarding the arduous process of filing to retain the PRE on foreclosed properties and instituting the new specific tax. Many forego the cumbersome process.

House Bill 4135, sponsored by Representative Frank Foster (R-Petoskey) eliminates that requirement for the lenders to pay the 18 mils, while retaining Principal Residence status on the home. This legislation alleviates the “red tape” burden on lenders so that these properties can retain their PRE without interruption, providing quicker turnaround for these properties to get back on the market.

The bill passed the House last week, and now heads to the Senate Finance committee for consideration. We will continue to keep you updated as this bill makes it way though the legislative process.  

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Name Change and New Web site Launched 

On Monday, May 5, our association name changed to — Michigan Realtors®. In addition, our new web site launched. The URL will remain the same — www.mirealtors.com — but you will find a streamlined and enhanced presentation of all the information that you need and use regularly. There is now a portal site as well as additional and distinct micro sites for the important segments of our services to you. Bookmark the main portal and/or all the sites you use most frequently. This new web site is appropriately optimized for easy use on your office computer as well as your mobile devices.

Please let us know if you are having any difficulties with the new web site, and we will continue to enhance its effectiveness going forward.

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Brokers Bring Business into Focus at Ford Field

Michigan brokers and office managers from across the state gathered at Ford Field, Detroit on April 23rd for the 12th annual Michigan Realtors® Broker Summit. We would like to thank all sponsors and attendees for making this a memorable event. Highlights included a real estate and economic outlook with Dr. Lawrence Yun, a Tigers Game Reception and an exclusive Detroit Lions locker room and field tour.

View event photos on Facebook

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Michigan Realtors® Head to Capitol Hill May 12-17

NAR is holding their annual Midyear meetings on Capitol Hill in Washington D.C. next week during the REALTOR® Party Convention & Trade Expo. These meetings provide an opportunity for each state association to meet with their legislators on the federal level to discuss issues important to the real estate industry in Michigan and across the country.

Bookmark this page to find out when Michigan’s Congressional Hill Visits are scheduled. This page will be updated with additional information for Michigan Realtors® attendees in the coming days, so check back often. 

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NAR Tech Edge Conference Visits Greater Detroit in June

Friday, June 6
Shriner's Silver Garden Events Center
Southfield

This one-day, high energy conference is geared toward agents who are eager to learn how current web-based and mobile technologies can benefit their business and clients.

Register online

 

Legal Lines – "Highest or Best Offer"
 
With the help of McClelland & Anderson, we are taking the most recently asked questions from our legal hotline and putting them in E-news. We will be featuring a different question each issue.

QUESTION:
I am representing a buyer in the purchase of a home. I was told there were two other offers and that we should submit our “highest and best offer.” My buyer’s offer was not accepted and now my buyer is demanding to see the other two offers. Is the seller legally required to show us the other offers? 

ANSWER:
NO, the Seller has no legal obligation to let your buyer see the other offers.

For more Legal Q&A, visit the new Legal Resources Web site

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MAR Edge: Home & Auto Insurance

Frankenmuth Insurance is offering special discounts to Michigan Realtors®. Savings include a generous discount on auto and home policies. They can also be combined with other discounts available through your independent insurance agent.
  
To locate an independent insurance agent click on this link: http://www.fmins.com/ or call 800.682.6881 or visit the Hartland Insurance Group web site

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In this issue:

Notice: Effective May 1st, 2014, Michigan Realtors® discontinued our P.O. Box service. Our mailing address is 720 N. Washington Avenue, Lansing, MI 48906. Please remove P.O. Box 40725 from your records and mailing lists. Thank you.

FEATURED VIDEO
 New Mirealtors.com

Take a tour of the new Mirealtors.com

 

Upcoming Events

YPN Statewide Happy Hour
Save the dates!
June 26, July 31 and August 28

Go Grand With Knowledge
August 27-28, 2014
Grand Hotel
Mackinac Island
Register

Convention & Expo
October 1-3, 2014
Amway Grand Plaza Hotel & DeVos Place
Grand Rapids
Sponsorship Opportunities

Centennial Celebration
June 7-9, 2015
Grand Hotel
Mackinac Island
Learn more


For more Upcoming Statewide Events, visit the Statewide Calendar

 
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Real Estate Radio Today: Make It Your Own

Real Estate Today opens doors for buyers and sellers with critical and credible information on the real estate market. It’s fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions.

Listen Now 

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Michigan REALTORS
http://www.mirealtors.com/
720 N. Washington Ave
Lansing, MI 48906
USA
800-454-7842
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