Huge Victory for Real Estate Professionals AND Consumers

By
Real Estate Agent with The Cascade Team

On Wednesday, March 11th, 2009, President Obama signed HR 1105, the Omnibus Appropriations Act of 2009.  Among the bill's many provisions, is one that affects us all.  Banks are now permanently prohibited from getting involved in real estate brokerage and property management.

This obviously benefits us in that banks won't be able to squeeze us out, but it also benefits our clients.  As agents, we work for them and watch out for their interests, instead of the banks' bottom line. 

The National Association of Realtors has fought for this for the past eight years.  We should all celebrate this great victory!  The NAR website has some great information on their website about this bill and what it means for real estate.  http://www.realtor.org/banks_and_commerce.nsf/Pages/banks_in_real_estate?OpenDocument

 

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  1. Bill Sauneuf 05/03/2009 06:09 PM
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Rainer
34,142
Andrew Baumbach
Homestead Realty Inc. - Milwaukee, WI
Greater Milwaukee Real Estate

It's been a long fight, glad to see it worked out for the good guys and the people we help.

Mar 14, 2009 05:06 AM #1
Rainmaker
19,440
Corey & Erika Kahler
The Cascade Team - Kirkland, WA

Andrew - thanks!  It is such great news for us!

Mar 14, 2009 05:10 AM #2
Ambassador
3,717,079
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Banks are making a hash of most of what they touch these days!  Good bill!

Mar 14, 2009 06:07 AM #3
Rainmaker
19,440
Corey & Erika Kahler
The Cascade Team - Kirkland, WA

Patricia - yes they certainly are!  The last thing we should do is give them more to manage since they can't seem to manage their own business!

Mar 14, 2009 07:16 AM #4
Rainer
234,728
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC

This was a good and positive move - great victory for those in the RE profession.  Thanks for posting the information about it.

Diane

Mar 14, 2009 08:20 AM #5
Rainmaker
19,440
Corey & Erika Kahler
The Cascade Team - Kirkland, WA

DIANE - You're welcome.  I was pretty excited because it is such important legislation!

Mar 14, 2009 06:41 PM #6
Ambassador
3,204,797
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

This is interesting news.  I had no idea it was part of the huge bill that just passed.  Thanks for clueing me in.

Mar 15, 2009 03:34 AM #7
Rainmaker
45,912
Mary Kent
Five Star Real Estate - Grand Rapids, MI
Grand Rapids to the Lake Shore

Wahooo! I also didn't know that was part of the package! Thanks for the update. Best to you~

Mar 15, 2009 05:46 AM #8
Rainmaker
19,440
Corey & Erika Kahler
The Cascade Team - Kirkland, WA

Chris Ann and Mary - With a huge bill like that, I don't know how even the legislators know everything that's in it!

Mar 15, 2009 07:47 AM #9
Rainer
35,514
Terry McDonald The McDonald Group
TerryMcDonaldRealEstate.com, LLC - Charlotte, NC
Brokers NC/ SC

It is wonderful news- and about all i hear about the bill is EARMARKS- that represent less than 2% of the bill......Ugh we continue to arugue the small things- atleast this time we got a big thing right.

Mar 16, 2009 02:18 AM #10
Rainmaker
690,150
Kathy Toth
Ann Arbor Market Center Keller Williams - Ann Arbor, MI
Ann Arbor Real Estate Experts - Kathy Toth Team

Let's see how this all shakes out.  I am hoping conusmers actually feel the benefits someday.  I am finding few people are even getting lender responses.  So,I have just completed the CDPE, since 2/3 of our sellers are upside down.  Cheers to better times in Ann Arbor and around the globe. info@KathyToth.com 

 

Mar 21, 2009 08:38 AM #11
Rainmaker
19,440
Corey & Erika Kahler
The Cascade Team - Kirkland, WA

Terry - that the problem with big bills like that, too much to digest!

Kathy -  Hear, hear!

Mar 30, 2009 04:29 PM #12
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