VanEd Newslog

Veterans Day ~ Thank You Veterans and Active Duty personnel

Van Education Center is proud to support our troops, both those who have served our Nation in the past and those who are on Active duty. And to honor their service, VanEd is offering special discounts on real estate licensing courses and appraisal licensing courses to active and retired military personnel and their spouses. Discounts of 20% off the full program price will be available online beginning today, and students will be able to register with the discount directly on the VanEd web site through Sunday.

After Sunday our normal 10% discount will still apply for all veterans. 

For those interested in learning more about the required coursework for real estate, mortgage or appraisal courses, visit the VanEd web links below. Veteran discounts are available directly on the enrollment page. VanEd also continues to offer a 5 day Free Trial to all enrolling students. Have questions? Send us an eMail! We're here to help!

>>> Real Estate Licensing

>>> Appraisal Licensing

>>> Mortgage Broker Licensing

Finance Friday: First time home-buyer credit may be set for extension

News reports out of Washington have indicated that an extension of the extremely popular $8,000 tax credit for first-time home buyers, along with a proposal to offer a $6,500 credit for existing homeowners, has been agreed to by key members of the Senate. The new $6,500 credit would be for those existing homeowners who have lived in their current residence for a consecutive five-year period within the past eight years.

Potential home buyers would need to be under contract by April 30, 2010, and close before July 1st, 2010. Concerns have been raised by House Democrats about the cost of the program, and there have also been allegations of abuse of the program that have resulted in an IRS probe of the program.

Affiliate Spotlight: $2 Million in Commissions Paid and Growing!

Entrust New Direction reports that over $2 Million in commissions have been paid to real estate professionals who know about self-directed retirement plans have been brokering deals involving IRAs purchasing or selling real estate for their clients. Entrust New Direction has overseen over 900 real estate transactions for clients. Self-directed plan administrators like Entrust New Direction are not allowed to give investment advice, make recommendations, or sell any products.

“Being a marketing person, our limitations put me in an awkward spot at times. Potential clients call, are excited, and want to know how to find that first piece of real estate for their IRA. I can’t help them with that. That’s why we spend so much time building relationships with professionals who can,” offers Marketing Coordinator, Amy Sheflin.

“The key for professionals is just letting clients know that they can make these investments and then following up with listings of available investment properties. Knowing how to analyze the investments for the client’s retirement plan is key. This education can be a cornerstone to building sales and catering to investor clients.”

Many professionals are just starting to realize what this growing market of investors could mean for their business. Entrust New Direction continues to try to reach these professionals through continuing education and other events in the metro area and teach them how to use the tool to build sales. Entrust offers education both online and in their on-site classroom and has several events planned for this fall. For a full list of upcoming events, visit www.NewDirectionIRA.com.

Agents and brokers can take the MRE approved course online through Van Education - register online at http://www.vaned.com. Entrust New Direction will also be the featured course author in VanEd's booth at the Colorado Association of Realtors convention in Colorado Springs from 11:30am - 2:00pm at the Broadmoor on Monday, October 19^th. Stop by the VanEd booth to say hello!

Two follow-up classes are planned after this event and qualify for 2 hours of Continuing Education credit. The Introduction to the Real Estate IRA offers an overview of how it all works and how professionals can incorporate self-directed investment tools into their business to help sell properties. It will be offered on October 28^th from 8:30am – 10:30am and again on November 12^th again from 8:30am – 10:30am. Both classes will be held in Entrust New Direction’s classroom, registration is available online by clicking here.

Guest Authors Bill Humphrey and Catherine Wynne are Principals with Entrust New Direction IRA. Reach them online at www.newdirectionira.com.

Finance Friday: Colorado updates Mortgage Broker education rules to meet S.A.F.E. Act

Last week the DRE in Colorado published the new education and examination rules for mortgage broker licensees in order to meet the requirements of the S.A.F.E. Act. The Act, which went into effect last year, required changes to Colorado's licensing and registration structure.

Rule 1-4-1 - Education - clarifies that those who are licensed prior to January 1st, 2010 must complete the required education and pass not only the two-part Colorado mortgage broker exam but also must pass the national portion of the two part S.A.F.E. Mortgage Loan Originator exam.

Those applying for licensure after January 1st, 2010 shall complete the required education and pass BOTH parts of the S.A.F.E. Mortgage Loan Originator Exam.

VanEd will announce when the new S.A.F.E. exam is available in Colorado when that information becomes public. Questions may be emailed to us at info@vaned.com, or you may follow our stream on Twitter for the most current updates by clicking the link below.

Colorado makes Well Permit data now available online

The Colorado Association of REALTORS® reported that the Colorado Division of Water Resources has opened WellView Web, a site dedicated to providing Well Permit data, information and images. Licensees and the general public can now search and view permit information online using the free service.

In order to view the information you will be asked for a reciet number to be provided. You may also search based on geographical or permit states data. The information can then be viewed or downloaded directly online. Information is updated daily on the site, however new permit information will take up to two weeks to be uploaded.

Click Here to visit Colorado's WellView Web site -  http://www.dwr.state.co.us/WellViewWeb/

 

CAR accepting nominations for Good Neighbor Awards

The Colorado Association of REALTORS® is accepting nominations for the Good Neighbor Awards. The CAR Good Neighbor Award will be presented to four REALTORS® who have made extraordinary commitments to improving the quality of life in their communities through volunteer community service.

The awards will recognize individual contributions, association and/or company efforts in the community. The recipients will be announced at the CAR state convention Inaugural Dinner on Sunday, October 18th, 2009 in Colorado Springs. A donation of $1,000 will be made to a community organization on behalf of the winners.

Applications are being accepting now through Friday September 4th, 2009. For information on the award and the application, click here.

IRS issues warning of fraud relating to first-time homebuyer credit

The IRS today issued a warning that they will "...vigorously pursue anyone who falsely tries to claim..." the first time home-buyer credit. The warning was issued after a Florida tab preparer pled guilty to falsely claiming the credit on a client's federal tax return. The IRS also states that they have 24 open criminal investigations of instances involving potential fraudulent claims for the first time home-buyer credit.

The credit, modified in 2009, provides up to $8,000 for a first-time homebuyer if they qualify. In order to qualify for the credit, the taxpayer must not have owned a primary residence in the past three years. If married, then this requirement also applies to the spouse. The credit may be claimed only after the taxpayer closes and has purchased the property, and the closing must take place prior to December 1st, 2009. Homes bought in 2008 also have different rules. Click Here to read the IRS notice.

Click Hereto review the IRS information regarding the first-time home-buyer credit.

CREC changes direction on Foreclosure Protection Act

As many of you know, in May, 2006, Colorado enacted the Colorado Foreclosure Protection Act (the “Act”) aimed at protecting homeowners in foreclosure.  This legislation caused the Colorado Real Estate Commission (the “Commission”) to create a “Foreclosure Addendum” along with a 12 point bold-faced contract in hopes of helping brokers comply with this statute.  Effective July 1, 2009, Colorado changed the Act’s definition of a “residence in foreclosure” to include a homeowner’s residence that is at least 30 days delinquent or in default.  This new definition expands the applicability of the Act AND makes it more difficult to determine when the Act applies. 

The Commission’s original response to the change in the Act was to repeal the Foreclosure Addendum and the 12 point bold-faced font contract.  In response, many private attorneys started drafting their own Act compliant contracts for use by their real estate broker clients.  Based in part on this response, the Commission decided to raise the issue at its meeting on July 7th, 2009.  While there was consensus about lobbying the legislature to change the Act, there was much debate between several attorneys, the commission, and real estate brokers, about how to deal with the Act until such new legislation is passed.

In the end, the Commission decided to change its response to the changes in the Act.  The Commission directed the forms committee to create a Commission approved contract that complies with the Act so that there is uniformity in the forms being used/presented by/to real estate brokers.   While a new Act compliant contract is on the way, I do not expect it until the end of July/ beginning of August at the earliest.  In the interim, the brokerage firms are authorized to continue to offer the private attorney created Act compliant contracts.  

(Click Here to read the follow up post on this topic by Damian Cox)

Damian Cox, Esq. is an attorney with the law office of Richard M. Chanzit and represents real estate brokers and brokerage firms. He is also a member of the CAR Faculty, and is an approved VanEd instructor teaching Foreclosure and Short Sales in the MRE, Master of Real Estate Program.

REALTORS® for Education charity grant application period is open for teachers in Colorado

The REALTORS® for Education Foundation, a non-profit program designed at making direct grant donations to classroom teachers in need of funds to run classroom programs, is accepting applications for the Fall grant cycle.

The open application period has now opened and applications will be accepted until August 1st, 2009. The application is available for teachers and will be submitted online. $3,000 dollars is the limit for each grant application in this grant cycle. For more information and to make application teachers should visit http://www.vaned.com/charity.

VanEd is proud to be a part of this fantastic partnership with the REALTOR® community. 

Donations to the fund may also be made online, and the not-for-profit foundation awards 100% of all donated funds in the form of grants. Do you know a teacher in need of funds to run a classroom project? Have them apply for a grant! The Foundation board of directors will award grants in September. Click here for more information or to donate to the fund!

You can view all of the available information online at http://www.vaned.com/charity.

From all of us at VanEd ~ Have a Happy and Safe Memorial Day

The Van Education Center office will be closed today in observance of Memorial Day.

Instructors may still be checking in so if you have questions, please post them online within our courses in the Q & A's. Our offices will be open on Tuesday, May 26th.

From all of us at VanEd, we wish you and yours the best this Memorial Day. You can learn more about Memorial Day by visiting http://www.usmemorialday.org/. Here you can find information on the history and origins of Memorial Day (originally called Decoration Day) and learn more about, and honor, those who have served our Nation.