Legal and Regulatory - St Louis Real Estate News

First-time homebuyer credit provides tax benefits to 1.4 million familes to date according to the IRS

By Dennis Norman, on September 19th, 2009

Dennis Norman

By: Dennis Norman

“I’m from the IRS and I’m here to help you.”

Yeah, sure. :)

Actually, in this case the IRS is trying to help. The IRS has a website and has even published a video on YouTube to help first-time buyers and potential buyers understand the first-time home buyer tax credit as well as how to claim the credit.

The IRS issued a notice yesterday reminding potential home buyers they must complete their first-time home purchases before Dec. 1 to qualify for the special first-time home buyer credit. The credit of up to $8,000 Continue Reading →

FDIC Launches Foreclosure Prevention Initiative

By Dennis Norman, on September 17th, 2009

The Federal Deposit Insurance Corporation (FDIC) is launching an initiative to help consumers and the banking industry avoid unnecessary foreclosures and stop foreclosure “rescue” scams that promise false hope to consumers at risk of losing their homes.

This initiative includes outreach, referral services, and an information tool kit. Arming consumers with information will heighten consumers’ awareness of foreclosure “rescue” scams and give them more confidence in knowing they are working with legitimate counselors and servicers to obtain a loan modification that could help them avoid foreclosure.

Continue Reading →

REALTORS Urge Congress to Extend Homebuyer Tax Credits

By Dennis Norman, on September 16th, 2009

Dennis Norman

By: Dennis Norman

The National Association of REALTORS®is calling upon its 1.2 million members to urge Congress to extend the home-buyer tax credit into next year.

According to NAR the $8,000 first-time home-buyer tax credit has brought 1.2 million new buyers into the market – 350,000 of whom would not have purchased a home without the credit.

Continue Reading →

Title Insurance 101 from a St. Louis Title Professional – Final post in the series

By Dennis Norman, on September 5th, 2009

Dennis Norman

By: Dennis Norman

Over the past two days I published the first part and second part of my E-View TMwith Wendy Cromer, Vice-President of Marketing for Security Title Insurance Agency, LLC about title insurance, the new laws affecting it and things consumers should know.

Wendy Cromer, Vice-President of Marketing, Security Title Insurance Agency LLC

Today were going to do the final part of our E-View TM with Wendy:

Dennis-Wendy, title insurance seems to be one of those things that is a mystery to most homeowners. Can you please explain what title insurance is and Continue Reading →

New Laws affecting real estate in Missouri

By Dennis Norman, on August 25th, 2009

Dennis Norman

By: Dennis Norman

The Missouri Legislature passed several bills this past session affecting real estate or property in Missouri, most of which were signed into law by Governor Nixon and go into effect August 28, 2009. Below is a brief synopsis of the new laws and their purpose based upon the bill summary. (Unless noted different the new law goes into effect August 28, 2009- For the complete bill click on the bill number): Continue Reading →

Storm water consumer protections signed into law

By Dennis Norman, on August 10th, 2009

Dennis Norman

By: Dennis Norman

Legislation to protect St. Louis area residents from storm water fees for services they are not receiving was recently signed into law. Representative Tim Jones sponsored the legislation, which was amended to House Bill 661 during the 2009 session and was signed by the Governor on July 7th.

Rep. Tim Jones, 89th District

“When MSD refused to remove this unfair tax, I heard the voices of my constituents loud and clear. Although we knew it would be a touch mountain to climb to pass legislation of this magnitude in only one Continue Reading →

FBI Arrests Two People in Foreclosure Scheme

By Dennis Norman, on August 8th, 2009

Dennis Norman

By: Dennis Norman

Previously I did an article on avoiding foreclosure rescue scams which have unfortunately become rather common in recent months.

This week the FBI arrested two people that the FBI alleges has done just that. I wanted to share the press release from the FBI to heighten people’s awareness of scams such as this and hopefully help prevent more victims of such scams. The press release describes in detail how they allege this scam was carried out. To read the FBI press release click here, or just read below as I have published it Continue Reading →

St. Louis Association of REALTORS(R) Presidents’ view of the market – Final Post of the series

By Dennis Norman, on August 7th, 2009

Dennis Norman

By: Dennis Norman

Earlier this week I did part one , and yesterday part two of my E-View with Carole Baras, CRS, GRI, ePRO, the 2009 President of the St. Louis Association of REALTORS(R) to get her take on the St. Louis real estate market.

Today I’ll pick up where I left off and complete my E-View with Carole:

Carole Baras, 2009 President, St. Louis Association of REALTORS(R)

Dennis – Carole, What do you feel are the best opportunities today for buyers in St. Louis?

Carole – Buyers that are looking to purchase a Continue Reading →

FBI issues consumer alert warning of phony online rental ads

By Dennis Norman, on July 30th, 2009

By: Dennis Norman

The FBI has issued a consumer alert warning of phony online rental ads. According to the alert, the scam goes like this:

You can’t believe your good fortune-you find a rental home in a nice area through a Craigslist classified ad at an unbelievably low rate. The landlord-who had to leave the country and travel to Nigeria-asks that you wire him two months worth of rent. You arrive at the home on the agreed-upon date, but there is just one small problem- the house is not actually for rent and its owners know nothing about your agreement.

Continue Reading →

Mortgage information and advice from a St. Louis Mortgage Banker – Part 2 of a series

By Dennis Norman, on July 29th, 2009

H. John Frank, Jr., President, Paramount Mortgage Co.

By: Dennis Norman

Yesterday I did the first post of my E-View TM with respected mortgage banker, H. John Frank, President of Paramount Mortgage Co. located here in St. Louis.

Today we continue with part two of the E-View TM:

Q-How many states require mortgage brokers/bankers to be licensed? Does licensing protect the consumer in your opinion? If so, how? If not, why not?

A-I don’t know how many states require licenses, but later this year (I believe around the 1st of August) most, if not all, states Continue Reading →

Bill in congress to stop HVCC gains momentum

By Dennis Norman, on July 17th, 2009

Dennis Norman

By: Dennis Norman

Since going into effect May1st the new Home Valuation Code of Conduct (HVCC) has caused controversy, been blamed for killing sales and seems it has everyone up in arms.

In late June I did a post on another blog about a bill, H.R. 3044, that was introduced in the U.S. House of Representatives that, if passed, would put an 18 month moratorium on HVCC.

The bill was introduced by Representatives Travis Childers and Gary Miller. Since being introduced the bill is gaining some support and momentum. As of today there are 22 cosponsors Continue Reading →