Gloucester/Salem Counties Board of REALTORS

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Welcome to the Gloucester/Salem Counties Board of Realtors website. We are currently in the process of building an entirely new website to better serve our membership and the public. Please excuse our appearance during this process.
 
 
 

 
THANK YOU….
 
A special Thank You to all who attended our Golf Outing on October 8th, whether you golfed or attended the evening tent event , we thank you for your participation.
 
We would like to give a special THANK YOU to our wonderful Affiliates who, as always, help make it happen.
 
2-10 Home Buyers Warranty
Foundation Title
Group 21 Title
Hoffman & DiMuzio
J & S Inspection
McAllister Fuels
Treasury Mortgage.
 
 
QUARTER CENTURY CLUB….
 
Once again, applications are being accepted for the New Jersey Association of Realtors Quarter Century Club.  Requirements – Membership as a Realtor or Realtor-Associate for a minimum of 25 years. (does not have to be consecutive.)  Those persons who have been in the real estate business but not members of NJAR for 25 years or more are not eligible.  Proof of membership is the responsibility of the applicant.  Applications are now available at the Board office.  Deadline for submitting your completed application is September 28th.
 
 
NEW LENDER DISCLOSURE RULES ...
 
Effective July 30th, lenders must give good faith estimates
of mortgage loan costs within three business days after a consumer applies for a loan under the Truth in Lending (TILA)
disclosure requirements (Reg.Z) revised by the Federal Reserve Board.  The new requirements apply to loan applications
filed on or after July 30, 2009.  Realtors will want to learn the basics of these new rules so they can advise clients on the new procedures, which are complex and expected to be a challenge for lenders.  Among other provisions, lenders may not collect fees before the disclosure is provided, except for a reasonable fee for obtaining a credit report, and closings may
not take place until expiration of a seven-day waiting period after the consumer receives the early disclosure.

CONTINUING EDUCATION LEGISLATION CLOSER...
 
On June 25, 2009, the New Jersey General Assembly
approved A-3099, legislation that provides for mandatory continuing education (CE) for real estate brokers, broker-salespersons and salespersons with an overwhelmingly bipartisan basis. 
 
A-3099 will now be sent to the Senate Commerce Committee, where it must be approved before the full Senate can vote and Governor Jon Corzine can sign the legislation. 
 
For additional information, go to NJAR’s CE webpage at: http://www.njar.com/government_affairs/issues/state/ce.php 
 
 
 
FANNIE MAE CONFIRMS SHORT SALES COMMISSIONS POLICY...
 
In discussions between NAR and Fannie Mae, Fannie Mae has reconfirmed its short sale commission policy and established a process for REALTORS to follow if issues arise.
On February 24, 2009, Fannie Mae sent Announcement 09-03 to its services instructing them not to negotiate commissions on short sales below the amount negotiated by the listing agent, unless the commission exceeds 6 percent.  The Announcement reminded servicers that third party approvals (i.e., private mortgage insurers) may be required and can affect commissions.
 
In response to concerns raised by NAR that some servicers of Fannie Mae loans are unaware of this policy or believe it is not binding, Fannie Mae has established a process for NAR members when short sales commission issues arise. 
 
Visit www.REALTOR.org to review the steps to the new process.
 

Do you have any suggestions for the design of our new website or the information we should include?
We welcome any input that you have. Contact our office or Jeff Tessing at (856) 848-4446. This is your website, so please let us know now so that we can include your ideas when we unvail the new site.

 

Welcome Mat

BROKER LUNCHEONS:

Tuesday, November 3, 2009

15 Blackwood-Barnsboro Road, Sewell (Deptford Twp).  (MLS #5559168) 12:00 to 2:00 pm

This 3 bedroom, 2 bath home is an updated farm house that sits on almost 2 acres and is equipped with island kitchen, fireplace, new upgrades, etc. 

Lunch provided. 

Hosted by Mark Hebert.  For directions or further info, contact Mark at 609-221-1891 (cell)

 

If you would like to have your Brokers Luncheon posted here, call Maria at the Board office: 468-8224 or Jeff Tessing at: (856) 625-3967.

Please try to give us a few days notice so that we can post your notice ahead of the day it is being held.

 

New Feature: Members Bulletin Board!!
 
If you have an item of interest you would like to share with the membership, you can have it posted here!
Do you belong to a community service orginization? Post your event here.
Do you have a seller hosting a yard sale? Post it here!
Any item of interest, contact Maria at: 468-8224 or Jeff at: 848-4446.

Gloucester/Salem Counties Board of REALTORS
1167 Mantua Pike
Mantua, NJ. 08051-1649
Phone: (856) 468-8224