June 17, 2009
Luncheon Meeting
Largest Attended Luncheon in SCRC History!!!
sponsored by
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Reducing Tax and Legal Risks in Relocation
Our June luncheon began with a brief, informative presentation from David Fowler, Regional Vice President, Corporate/Institutional Group, Wells Fargo Bank. Fowler discussed Tax initiatives and their impact on the relocation industry. "Transferee’s are now experiencing much more stringent home equity guidelines." Three important layers to now be aware of are: proving the ability; proving the willingness; and required proven documentation. Fowler advises that the best thing to do is to educate all those involved in the process and manage the expectations.
Peter Scott highlighted important facts as they pertain to tax implication in the relocation industry. He was not only able to accomplish this in the time allotted but even flavored the topic with a few jokes. Thanks Peter for keeping the audience engaged!!
Scott’s presentation highlighted: Relocation Short Sales; One-year rule; Buyer incentive: Appraisal/Directed offer; Homebuyer-credit (both U.S. and California).
In today’s market, short sales, negative equity and loss on sale are common. "What does this mean to the transferee and what does it mean to the employer?" Answers to this question were discussed in detail during Scott’s valuable presentation. Due to the commonality of these situations in today’s market, Peter Scott said that “companies may want to consider adding a "pre-decision counseling" element to its relocation program.
Peter’s presentation with all of the facts and guidance can be found here in the member's area.
A silent auction was held offering a free registration to the Fall ERC conference this coming October in Chicago, IL. This was donated to our chapter from ERC. Linda Hawkins was the recipient of this registration winning the auction with a bid of $900.00!! Thank you Linda!
Also, in attendance at our luncheon was Dick Smith from the Harvest Food Bank. One of the selected charities SCRC continues to support due to its highly effective program that distributes to 393 non-profits within Orange County! A very entertaining speaker, Dick left everyone wanting more! The question is will Dick be at the next meeting to finish his advice for all of the men in the audience??? Stayed tuned!