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The income tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences expired at the end of 2013. Without immediate action by Congress, distressed homeowners will have to pay tax on “phantom income” from forgiven debt. Many families have decided not to go through with short sales or seek workouts because of the uncertainty over the status of the waiver. This is not only unfair, but harms families, neighborhoods and communities.
On Wednesday night, the United States House of Representatives passed the bill containing the income tax exemption on forgiven mortgage debt and other expired tax provisions by a vote of 378-46, but the United States Senate has not yet voted on the measure. The National Association of REALTORS® (NAR) is urging all members to contact their senators in Congress and have them extend this tax relief now!
- Despite significant market recovery, more than 5 million are still “under water.”
- Nearly 1 million households are seriously delinquent on their mortgages or in foreclosure.
- Mortgage debt forgiveness tax relief is vital for these families.
Congratulations 2014 CIPS Institute graduates!
Twenty-three REALTORS® attended the National Association of REALTORS® (NAR) Certified International Property Specialist (CIPS) Institute offered at the Silicon Valley Association of REALTORS® (SILVAR) on November 17-21. Attendees included REALTORS® from SILVAR and other REALTOR® associations around the Bay Area. It was the third CIPS Institute offered by the local trade association to both members and nonmembers, providing them the opportunity to learn more about global real estate so they can better serve their international clients. Florida resident David Wyant, NAR’s 2012 and 2009 International Instructor of the Year, returned to the Bay Area to teach the week-long courses, which focused on ownership and transaction principles of international real estate, including specifics on the real estate markets in Europe, the Americas and Asia. “The great thing about teaching the CIPS classes in Silicon Valley is that the REALTORS® here ‘get it.’ Many of them are already experiencing business with international clients. Others quickly grasp the opportunity that exists here and begin to put their business plan in place to exploit it,” said Wyant. Wyant added, “Silicon Valley is a brand well known in virtually every country in the world, and our CIPS graduates report that they have experienced success reaching out to clients in their preferred ‘niche’” Sales to international buyers reached a record $92.2 billion last year, according to NAR. California, Florida, New York and Texas are the most popular states where international buyers search for properties. Upon completing the required courses and other necessary requirements, the REALTORS® have the opportunity to receive their CIPS designation at the annual REALTOR® Conference and Expo slated for November 2015 in San Diego. Since SILVAR began offering the CIPS Institute in 2012, more than 50 REALTORS® have earned the CIPS designation.
For the second year in a row, the National Association of REALTORS® (NAR) has recognized the Silicon Valley Association of REALTORS® (SILVAR) with its prestigious NAR Platinum Award as part of its Global Achievement Program. The local professional trade organization representing over 4,500 REALTORS® and affiliate members engaged in the real estate business on the Peninsula and in the South Bay, is the only REALTOR® association in Northern California to achieve Platinum status since the program’s inception in 2011.
SILVAR was one of eight REALTOR® associations in the nation that was recognized with the NAR program’s highest honor at the REALTORS® Conference and Expo held in New Orleans Nov. 7-10. SILVAR 2014 President David Tonna accepted the award on behalf of the local trade association at the International Night Event on Nov. 8.
“We are honored to receive the National Association of REALTORS® prestigious Platinum Award for two years in a row. This award reflects SILVAR’s commitment to helping our members expand and excel in the business of global real estate,” said Tonna.
SILVAR’s commitment to international real estate goes beyond members assisting foreign nationals buying property in Silicon Valley. As a membership benefit, SILVAR REALTORS® have free access to Proxio, the global networking platform that connects them with real estate agents in the U.S. and abroad and enables them to share their listings with each other. Members also have access to the Proxio Developer Showcase, which connects REALTOR® members to property developments around the world.
The local association’s global business council conducts activities and education programs to raise members’ awareness of global business in their local market. SILVAR offers NAR-accredited courses for REALTORS® seeking the At Home with Diversity certification and Certified International Property Specialist (CIPS) designation. The CIPS courses focus on ownership and transaction principles of international real estate, and provides training in international business issues, including currency conversion, cultural awareness, and legal and tax requirements. The courses also provide an analysis of the real estate markets in Europe, the Americas, and Asia.
“SILVAR is dedicated to helping our over 4,500 members serve their clients. This award is a testament to SILVAR’s accomplishments and mission to give its members the proper tools that will help them succeed in their business here and abroad,” said Executive Officer Paul Cardus.
In recognizing SILVAR, NAR noted the great strides made in SILVAR’s global initiative over the past year, its impressive CIPS (Certified International Property Specialist) designee growth during that time, the extensive outreach efforts the association conducted over the past year, and specifically its collaboration with ethnic real estate associations in the area.
One of the most common reasons that people find themselves in dangerous situations is that they weren’t paying attention. Take a few precious seconds during the course of your day to assess your surroundings.
Take 2 seconds when you arrive at your destination.
• Is there any questionable activity in the area?
• Are you parked in a well-lit, visible location?
• Can you be blocked in the driveway by a prospect’s vehicle?
Take 2 seconds after you step out of your car.
• Are there suspicious people around?
• Do you know exactly where you’re going?
Take 2 seconds as you walk towards your destination.
• Are people coming and going or is the area unusually quiet?
• Do you observe any obstacles or hiding places in the parking lot or along the street?
• Is anyone loitering in the area?
Take 2 seconds at the door.
• Do you have an uneasy feeling as you’re walking in?
• Is someone following you in?
Take 2 seconds as soon as you enter your destination.
• Does anything seem out of place?
• Is anyone present who shouldn’t be there or who isn’t expected?
Safety in Just 10 Seconds
It takes just 10 seconds to scope out your surroundings and spot and avoid danger. Make this “10-second scan” a habit in your everyday work as a real estate professional. Then share it with someone else.
(Source: “What You Can Do About Safety,” REALTOR® Magazine, September 2000. Courtesy Night Owl/Vector Security, Landover, MD.) This article is part of the National Association of REALTORS®’ REALTOR® Safety Resources Kit.
Silicon Valley Association of REALTORS® says ... 