This morning the Indiana Association of REALTORS took it's show on the Road so to speak coming to Northwest Indiana to share important legislative changes affecting REAL ESTATE.

Sally Johnson - Government Affairs Director for IAR shared a powerpoint presentation summarizing

many legislative issues! Although her presentation covered many Outcomes and lasted over an Hour,

We are excited about ........These 3 POSITIVE changes in LAW affecting REAL ESTATE in Indiana.

and below is just a BRIEF summary of SOME of the MANY changes** made in Legislation in our State recently you may want to know about and share with your clients !

**If you'd like to read the Entire Law - Click on each Bill's numbered Link :)

#1 HEA # 1359 :  

Section about  Foreclosure ...  Something to prevent Short Sales From Becoming LONG WE HOPE !!

specifially the section REGARDING SHORT SALE TIME FRAMES...

- Lenders will now have 10 days to acknowledge offers on short sale properties.

- Lenders will have 30 days to respond to those offers to purchase on short sales.

- It could be a RESPA VIOLATION with actual damages plus FINES of up to $2000. for non-compliance!

#2  HEA # 1293 :

Section about  Homestead Credit Exemptions ....Something LONG Overdue for our CLIENTS !

- Homeowners are now allowed to apply for this exemption YEAR ROUND (no more county deadlines).

Look for future changes also - as a process is underway for AUTOMATIC FILING OF THESE Homestead Exemption Credits to be done AT CLOSINGS ! (even better:)

#3  HEA # 1164 :  Model Home Tax Deduction ... A break for Builders !

- Allows for 50 % Property Tax Deduction for Model Residences under certain time frames-

   maximum  of  3 houses per owner.

We strive to stay informed on the latest changes and their impact on our marketplace by being actively involved.

Grace was glad to finally able to meet Sally in person today!

 She has emailed her numerous times in the past regarding various impact of potential legislation on Buyers and Sellers in proposed legislation involving REAL ESTATE.

Jeff & Grace Safrin REALTORS -

 "Spouses Selling Houses' TM

F.C. Tucker Advantage Realty

Serving Lake County, Porter County, La Porte County, Starke County, Jasper County and Newton County in NW Indiana.

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Disclaimer: The opinions expressed by The ActiveRain Network and it's members and those providing comments are theirs alone, and do not reflect the opinions of Jeff and Grace Safrin of F.C. Tucker Advantage Realty. Jeff and Grace Safrin and F.C. Tucker Advantage Realty are not responsible for the accuracy or content provided by The Active Rain Community.