Tri-City Area and Real Estate Blog

Changes to the real estate license law haven’t been made in decades until now.  As of July 1, 2010, the first review and comprehensive changes were made.  Changes were made to:

Real Estate Salesperson Titles
The titles of real estate sales persons have now changed to the official title of real estate broker.  The titles of current real estate brokers and associate brokers  have now changed to managing broker.  Along with the changes to their titles, responsibilities have also changed. 

EPA’s New Lead Paint Restrictions
Do you know anyone who is updating/remodeling a home older that 1978?  Starting April 22, 2010, anyone paid to work on homes before 1978 are to provide homeowners or residents with an EPA pamphlet.  Homeowners or residents can also be sure to hire someone with the appropriate certifications by reviewing their real estate licensees.  The requirements for the regulations can be waived by the homeowner if no children are presently living with the home, although, lead based paint poisoning can affect many people and it is best to know all the facts.  A list of certified professionals can be found here: http://www.epa.gov/lead/pubs/renovation.htm

New Tenant’s Rights Law
Homeowners with a property going into foreclosures, which is currently occupied by a tenant, could affect the use of the rental property.  There are limitations on terminating a tenant’s lease in this situation. 

To see the rest of the changes and all of the details for these changes, check out the full article here!
http://www.dol.wa.gov/business/realestate/docs/REnewsltr-winter2010.pdf

A new grant from HUD’s Hispanic Serving Institutions Assisting Communities program will be used by Pasco’s Columbia Basin College to work with groups in the community towards downtown Pasco revitalization.

The $600,000 grant will be used towards improving the appearance of some storefronts and additionally providing marketing plans and support training to business owners. The focus is to make downtown Pasco a more inviting environment for shoppers and for events in which the community can participate.

By the Herald staff

More homebuyers in the Tri-Cities will be eligible for loans insured by the Federal Housing Administration thanks to a provision in the stimulus package that temporarily raises loan limits, the U.S. Department of Housing and Urban Development accounted Tuesday.

In the Tri-Cities and Benton and Franklin counties, the limit for a single-family house is now $275,000.

For a duplex, the limit is $352,050.

On a three-unit house, the limit is $425,550 and on a four-unit house it’s $528,850.

The limits previously were $271,050, $347,000, $419,400 and $521,250, respectively, and were established as the permanent limits at the beginning of 2009.

The most recent change in limits applies to all FHA-insured mortgage loans written between now and Dec. 31st.

New permanent limits on the maximum mortgage amount insured by the Federal Housing Administration will take effect Thursday.

In the Tri-Cities and many other markets in Washington, the limit on a one-family home will increase 35.4 percent from $200,160 to $271,050, according to the U.S. Department of Housing and Urban Development.

Higher-cost markets such as Seattle will have higher limits.

This is the first time since January 2007 that permanent FHA limits have been raised nationwide, according to HUD. The new limits replace the temporary ones that went into effect with the economic stimulus act passed earlier in 2008.

Through the first 11 months of 2008, FHA insured 27,855 mortgage in the state with a value of nearly $6.4 billion. It’s the third best year since FHA’s creation in the 1930′s, HUD said.