REALTORS® received good news last week when Congress unanimously approved a one-year extension, until Sept. 30, 2011 for the National Flood Insurance Program (NFIP). A long-term extension has been a top legislative priority for the National Association of REALTORS®. Earlier in 2010 the NFIP lapsed, causing major disruptions for REALTORS®, and with a deadline of September 30th, NAR redoubled its efforts to extend the program.
REALTOR® advocacy efforts helped make the long-term extension a reality. When Congress returned to Washington, D.C. in mid-September NAR was waiting with our Federal Political Coordinators who came to DC to meet with key Senators and urge the long-term extension. Calls for Action were sent out in April and June urging members to contact their Congressmen and Senators in Washington and ask them to extend NFIP.
It was a great testament to NAR’s lobbying efforts that a Call for Action was not needed to bring about the unanimous Congressional votes to extend NFIP last week. You can always keep up-to-date on REALTOR® news from Washington at www.realtoractioncenter.com
Another piece of good news is that Fannie Mae will offer cash incentives to agents to sell REOs. The program offers an extra $1,500 to sales associates who put buyers into Fannie Mae-owned properties. The homebuyers themselves can receive up to 3.5 percent of the final sales price toward closing costs, including home warranties. The homes in the program are found on Fannie Mae’s Web site, www.HomePath.com
Eligible offers must close by December 31, 2010. The sale must close within 60 days of the offer being accepted. Buyers must be owner-occupants.
For more information, visit http://www.fanniemae.com/homepath/incentive/index.jhtml