President Bush signed H.R. 3221, otherwise known as the Housing Stimulus Bill, into law. NAR is rather excited about the bill … but I’m not so sure.

One of the more talked-about provisions is the $7,500 tax credit for homebuyers … except it’s not really a pure tax credit. Rather, it’s essentially a 10-year tax-free loan available only on qualifying purchases (foreclosed or “recently built” homes) and available only to qualifying buyers (like anything tax related, there are some income limits built into the process.)

I guess the mere fact that the credit is less robust than first suggested leaves me less sanguin than I was yesterday at the thought of incentives only being offered on the purchase of foreclosed homes. The last thing your average home owner needs is for there to be additional incentive for buyers to ignore their homes for sale in favor of a bank-owned “deal.” (Note to Congress, et al: REOs are selling at a much faster rate than the rest of the real estate market.)

Another provision in the bill does away with down-payment assistance programs such as Ameridream and Nehemiah. Through these programs, sellers could help buyers with their down payments in addition to closing costs by making a contribution to the non-profit (with a nominal processing fee attached.) As of October 1, those go away.

I understand the concern about the percentage of FHA purchases being made through these programs, or at least I try to. For the most part, people qualifying for FHA loans legitimately are qualified to buy. You’re not seeing the shell games played with an FHA loan that you saw with sub-prime loans.

The only thing these buyers lack is sufficient money for a down payment. Having been in that situation myself, I can empathize with their plight … they have the credit, they can afford the payment and all they need is a helping hand to get them into their home.

Now that opportunity is gone (or will be shortly) in favor of tax credits that do next to nothing when all is said and done.

NAR can celebrate the “victory.” Me? I’ll take a pass.

Others opine:

• Livingston Living Online
• Bargaineering.com - the Housing Stimulus Bill Explained
• Steve Hoffacker - Housing Stimulus Package - NOT
• Dr. Housing Bubble - Crony Capitalism for Dummies

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“Let’s take the kids roller skating,” said my wife, apparently having flashbacks to her bejeweled youth when she was the queen of Great Skate in northwest Phoenix. I’m blaming myself for these flashbacks because of my penchant for listening to ABBA radio on the Sirius; one too many renditions of “Dancing Queen” may have finally sunk in.

Less than 30 seconds into the adventure I realized something had gone seriously wrong. When we went to Great Skate a couple of years back for a Pioneer Elementary fundraiser, I was clumsy but was able to make my way around the rink repeatedly without any sort of major damage. Last night? Maneuvering on carpet was a major issue.

Ironically, my balance-impaired wife - the same woman who set a record at Sun Devil Stadium by taking 13 seconds to swivel and fall on one stair - found her groove on four wheels within a lap. Maybe her skates came with gyroscopes.

There were brief flashes of hope - the six consecutive strides (which ended with me planting myself into the wall at what for me was full speed), and later a lap with my 9-year-old holding my hand (and keeping me out of the wall.)

By night’s end? I finally remembered what I was doing but at that point my quads already were searing and the free skate time was two minutes from ending.

Many home sellers these days are in the same boat … they’ve sold a couple of homes in the past and have no doubt they can jump right in and do the same thing again without any trouble. We did it once, how hard can it be?

Except selling a house now is nothing like selling a house once upon a time. Those For Sale By Owner signs that used to attract investors like moths to a flame? The investors are flying for the brighter lights - the bank owned homes, short sales, etc. Placing an ad in the newspaper? Nobody’s looking there anymore.

Even trying to compensate for changes over time - say using craigslist - isn’t necessarily going to work. I had one client with whom I parted ways because I wasn’t interested in going into craigslist daily to put his house temporarily at the top of the search. This, he knew, would be the key to his house selling.

Four months later, he still owns the house. Being aware of the changes doesn’t always mean that you’re aware of everything that has changed.

I mean, I knew I’d gained a few pounds since the last skating expedition but wasn’t really prepared for the impact it would have. Or at least the degree of the impact.

At least there’s Wii fit. Mercifully, it doesn’t come with wheels.

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Two days ago I saw something new - a multiple offer addendum prepared by the buyers’ agent. In essence, the buyer is making offers on multiple homes all at the same time.

Normally, once a seller accepts an offer and returns to the offer to the buyer (or her agent), you’ve got yourself a binding contract. Not so in this case as the language says the contract isn’t really a contract until the buyer affirmatively signs to agree to the sellers’ acceptance.

On the one hand, it’s admirable for the buyer and his agent to let the seller know that they are writing offers on several properties at once. Most would not do that. But on the other hand, does such an addendum help in negotiations? The tone seems to be one of “take it or leave it” but that doesn’t mean the seller necessarily ought to “take it.”

Buyers in Arizona, if using the standard AAR Purchase Contract, have a 10-day inspection period during which they can cancel the contract for any reason - they need only a reason. Which is why it’s rare for a buyer or buyers’ agent to disclose multiple contract are being written. If more than one’s accepted, keep one and cancel the others during the inspection period. (Not the best scenario for sellers, but we’re talking about the buyer’s side.)

Language requiring an affirmative acceptance beyond the normal signature isn’t new - it came almost directly from AAR’s Multiple Counter Offer form. When confronted with more than one offer, the seller has the option of countering just one or countering multiple offers. Affirmative acceptance is necessary because if the seller were to counter two offers on the regular counter offer forms and both buyers accept, the seller has no way to cancel one and they now have their home under contract twice.

Multiple Counter Offers do not need to be identical. In other words, sellers can have different terms on the counter offer sent to each buyer.

The biggest risk, of course, is that all the buyers elect not to accept the counter and the seller is left still trying to find a buyer. It happens. But the best case scenario is one where there are serious buyers desiring this one home and the extra offers provide the needed leverage to get the seller a higher net than they might normally expect.

Multiples are extremely common on bank owned homes in the Phoenix real estate market these days, less so on owner-owned homes … but they still happen.

Buyers’ multiple offer addenda? Those still are blessedly rare.

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In my previous real estate incarnation I was certified through USAA for its Movers’ Advantage program. This program is one of the many benefits of USAA membership and represents one-stop shopping at its best. Call to arrange for your financing and have a specially-trained real estate agent recommended to you at the same time.

With the switch to RE/MAX Desert Showcase in January, my certification with USAA expired. One change that came with the expiration is I now can mention that I was certified (Movers’ Advantage and Cartus relocation business was much like membership in Fight Club - Rule Number 1, You Do Not Talk About Fight Club.)

Realistically, though, I wasn’t de-programmed of the additional training the moment that I switched companies. And the old instincts still kick in when the situation arises … such as yesterday.

Thursday I received a call from someone who had come across new homes for sale in Tolleson through the Just Listed section. As we looked at homes yesterday, the buyers mentioned they were financed through USAA.

Did I have to mention Movers’ Advantage? Absolutely not. Was it the right thing to do? Absolutely. Even if it means a little less money in my own pocket at the end of the day.

You see, Movers’ Advantage provides a rebate to USAA members when you use one of the agents in the program. I’m not in the program anymore, but I have no issue with providing an identical rebate myself to USAA clients. It’s the right thing to do.

USAA’s goal always has been providing “top block” service to its clients. I’d like to think I can still do that even without the extra certificate hanging on my wall.

Now if we can just find a bank-owned home here in Phoenix that isn’t under contract after 35 minutes on the market, we’ll really be in business.

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There’s no other way to explain it …

Between strangers traipsing through your home and looking through your closets, the need to keep your home from looking lived in even while you’re living in and the necessity of making all those minor repairs you’ve lived without for so long, selling a home is highly inconvenient.

And that’s just before you have an accepted purchase contract.

Earlier this week, we received an offer on my listing at 10649 W. Adela. According to the Arizona Association of REALTORS’ purchase contract, the buyers have 10 days from the date of contract acceptance to complete all due diligence including home inspections.

Here in the Phoenix real estate market it’s common practice on an occupied house to give the owners a day or so notice, just in case there may be something unforeseen that would prevent or inhibit the inspection. (The contract says the seller has to give the buyer and their inspectors access but doesn’t specify when or with what notice.)

This morning, my sellers awoke to the sound of the home inspector knocking on their front door. Their first call was to me, asking why I hadn’t told them the inspector was coming. It was a simple if unfortunate answer - no one told me.

As we speak the inspection is continuing on … fortunately they were able to accommodate the short-notice no-notice request.

The morale? As a real estate professional I do everything I can to try and make the buying or selling process as simple as possible. But sometimes I’m only as good as the other folks involved in the transaction.

Even in the smoothest of sales there will be inconveniences - of this I can be absolutely certain. Because selling a home is a very, very inconvenient process.

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