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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Sincerely,
Jeff & Grace Safrin, Broker / Owners
F.C.Tucker 1st Team Real Estate
13 Lincolnway Suite # 203
Valparaiso, IN 46383
Office # 219-309-9930
serving Lake, Porter, La Porte, Jasper, Newton & Starke Counties in NW Indiana
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Grace, What wonderful information to share. I hope the new legislature passes and is a help for everyone.
You guys are always so on top of things. If there is something happening that will affect buyers and sellers in your area...you are on it! It sounds like these new laws will help a lot of people. GBU!!!
Grace, Good information and good news for Indiana. Hope they have similar regulations everywhere.
Hello Carole - Thanks - These Laws Have Passed aand are in effect ! Thanks for stopping by and taking your time to comment.
Hello Elizabeth - Awesome to see you back on AR and we see you are still so kind & encouraging - a breath of fresh air amidst the poluted world LOL GBY too!!!
Hello Gita - That would be great - especially for the short sale guidelines so REALTORS could know quickly or help their clients move on to other properties.
Sincerely,
Grace