real estate practice: Watch Out for Local Association Vigilantes - 08/26/08 03:25 AM
As a Principal Broker, I regularly monitor state and local disciplinary proceeding to keep abreast of any trends or emerging real estate practice areas that are problems I should be aware of for my own company. Fortunately, my local Association (NVAR) has fairly reasonable folks serving on grievance and disciplinary panels. … (4 comments)
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real estate practice: The best advice I ever received….. - 05/01/08 08:55 AM
In doing the business of real estate, we often reach decision points as to when certain types of information or issues will need to be disclosed. Early in my career, my then Broker, Ben Zurun said, “When you least want to say something to your buyer or seller about something that … (15 comments)
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real estate practice: Divorcing: who gets the mortgage? - 12/01/07 10:30 AM
With many areas around the country still experiencing property values in a downward direction, a new problem is emerging: who gets the mortgage when a couple is divorcing? A must-read article appeared in today's Washington Post discussing this growing problem with not a lot of solutions in sight. It's actually causing … (5 comments)
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real estate practice: Is there a "best" way to handle a lease with option-to-buy-contract? - 11/25/07 08:02 PM
I think the "best" way may depend on who you are representing in the transaction. I had a very good agent approach me today with a combination form he was thinking about using for one of his listings. If he had been representing the tenant/prospective buyer, I might have encouraged him … (2 comments)
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real estate practice: “Plowing” the competition underground - 10/23/07 12:48 PM
If you are a “farmer”, do you get annoyed when an outsider lists a home in a subdivision or area you would like to consider your turf? You’ve been sending out CMA’s and area sales data for months and then, they go and list their home with someone you know … (7 comments)
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real estate practice: New Business Model = Less Commission? Less Professionalism? - 10/03/07 12:01 PM
They just keep coming! With Internet access most buyer and sellers can findjust about anything they want about the housing market. With HomeGain andZillow, they can do their own CMA's, with most agent web sites, they canliterally find every property that is on the market in a given area. Thereare new … (0 comments)
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real estate practice: Should Realtors be Loan Officers too? - 08/06/07 04:40 PM
I hope I don’t step on too many toes with this topic, but I say yes!
Too many new and experienced Realtors are clueless about pre-qualifying, assessing whether or not their buyer (client?) is being offered the best range of products; have no idea when or how to pinpoint … (12 comments)
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real estate practice: Have you received an approval letter from AHM for one of your listings or your buyers? If so that letter may be worthless. - 08/02/07 09:09 AM
On the last two days of July fundings did not occur.
One of my favorite lenders, a competitor of AHM, sent me the above headline this morning. It certainly got my attention and no, thank goodness, I don’t have any deals dependent on AHM for a mortgage. On July 31, … (1 comments)
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real estate practice: Mineapolis - Real Estate services after a disaster or during a community "lockdown"? + New 9/11 Stamp - 08/02/07 05:43 AM
Looking at events yesterday and over the last decade, we have seen some very devastating events from a major bridge collapse to hurricanes to cities hiding in fear of being shot. I remember very well a few years ago in the fall of 2002, when we were going through the … (4 comments)
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real estate practice: Internet-based Fiasco’s vs Reliable Purchase Transactions - 07/26/07 05:19 PM
Before I even start this blog, I’m sure it’s clear by the title that I have a bias and a preference. Just as everything else is becoming fully automated in our business, many mortgage lenders make significant use of Internet resources to try and penetrate geographic locations where having an … (2 comments)
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real estate practice: Party House or Lying Agent??? - 07/21/07 04:49 PM
Recently, one of my agents told about a property she is going to write an offer for contract. It seems there is a story that goes with the property and is being spread around by the current listing agent. The home has been on the market for nearly a year in … (4 comments)
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real estate practice: Should you have a business partner? - 07/14/07 08:27 PM
I've tried it twice. Once, when I was a new agent and wanted to work with a "seasoned" and experienced agent. That lasted 6 months. A few years later, I partnered with my former Admin Assistant for nine years. Both ended over the lack of mutual effort in getting the overall … (3 comments)
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real estate practice: Here come the Banks, but not quite yet...... - 07/14/07 05:37 AM
NAR / WASHINGTON --The United States Senate Committee on Appropriations adopted an amendment to the FY2008 Financial Services and General Government Appropriations Bill that permanently prohibits national bank conglomerates from engaging in real estate brokerage and property management."Today's action in the Senate was a great team effort," said NAR Senior Vice-President … (1 comments)
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real estate practice: Cash Rebates: Incentives vs. Professionalism? - 06/18/07 05:44 AM
Tennessee has enacted a law which bars a real estate licensee from “giv[ing] or pay[ing] rebates, cash gifts or cash prizes in conjunction with any real estate transaction.” The law also gave the state’s real estate commission the power to regulate this practice by licensees. The new law followed a … (12 comments)
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real estate practice: When working with Seniors, remember this....... - 06/12/07 04:04 PM
Over the next couple of decades, we are all going to see a lot of seniors coming into the real estate market for assistance, some involuntarily or very reluctant. Sometimes they will seem kindly and easy to get along with while providing the assistance. Other times, they will seem knarly, irascible, … (7 comments)
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real estate practice: Should Sales Agents for Builders be Licensed? - 04/11/07 04:46 PM
Maryland State Legislators think so.
A measure that would require agents who sell real estate for homebuilders to be licensed by the Maryland State Real Estate Commission is making its way through the state Senate. House Bill 1288 would require any real estate or sales agents for homebuilders to … (4 comments)
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real estate practice: I.D. Theft Victim Can Claim Surplus From Sale - 03/29/07 12:24 PM
A California court has considered whether a victim of identity theft could recover surplus amounts from a foreclosure sale of a property fraudulently purchased by another using the victim’s identity. Aurora Lepe (“Victim”) was a victim of identity theft. An unknown individual used her name and other personal information to purchase … (0 comments)
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real estate practice: Broker Liable For Changing Terms of Partnership - 02/17/07 08:22 PM
A Maryland appellate court has evaluated whether a managing broker improperly attempted to alter partnership agreement between parties. In 2001, Aaron Hargrove (“Hargrove”) and Jerry Mathis (“Managing Partner”) of Prudential REALTORS® and Mathis Realty, Inc. (collectively, “Brokerage”) entered into an independent contractor agreement (“Agreement”). Under the terms of the Agreement, Hargrove … (4 comments)
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real estate practice: Nondisclosure Alone Cannot Overturn Arbitration - 02/17/07 06:24 PM
Federal appellate court reverses its earlier decision and determines that arbitrator’s failure to disclose his minimal contact with prevailing party’s attorney did not require vacating an arbitration award. New Century Mortgage Corporation (“New Century”) is a mortgage company. Positive Software Solutions, Inc. (“Positive”) has developed software for the mortgage industry, including … (0 comments)
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real estate practice: Realtor’s attorney defends 'white-flight' flyer incident - 02/09/07 12:48 PM
Merrillville, Ind., Realtor Mary Ann Winslow maintains her intentions were pure after town officials accused her of using scare tactics to encourage white homeowners to move from their neighborhood by citing a bogus bill that threatened to incorporate parts of the town and lower home values. So why did she do … (8 comments)
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real estate practice: Broker Liable for Misleading Client - 02/09/07 10:42 AM
A New Jersey appellate court has considered a challenge by a real estate broker to the trial court’s decision that the broker breached his fiduciary duty to his clients by misrepresenting the status of property negotiations. The Curran Group II, L.L.C. (“Developer”) purchases land, acquires the necessary permits for development of … (2 comments)
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real estate practice: Do gay communities violate Fair Housing? - 02/07/07 07:20 PM
This post s based on a recent article by Amy Sullivan of www.RealLawCentral.com. If you are a full-time Realtor and haven't thought about this type of housing question, know that it is just a matter of time before you will be faced with having to consider it.
With only 17 states … (41 comments)
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real estate practice: Are you guilty of "Steering"? Inadvertenly or otherwise? - 02/07/07 06:42 PM
The directing of homebuyers to neighborhoods where they “belong” not only violates the buyer's rights but also applauds segregation and the ongoing cycle of discrimination, according to one industry expert. Why is steering so dangerous for the economy, and how can agents stay clear of the illegal act? Read on.
Discrimination in … (0 comments)
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real estate practice: Buyers burn their bridges with notice of defects - 02/04/07 09:20 AM
Against their agent’s advice, a couple wanting to buy a Wisconsin property submitted a laundry list of defect fixes the seller would have to comply with before they would consider purchasing. However, not willing to fork out thousands to repair a loose toilet base or remove high amounts of asbestos, the … (1 comments)
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real estate practice: NJ Affordable Homes dupes 1,200 investors - 02/03/07 07:56 PM
In court documents released last week, the Security and Exchange Commission revealed investors had given $123.3 million to the alleged Ponzi scamming firm — up more than three times from the SEC’s original $40 million estimate. So why isn’t the owner behind bars? Read on to find out.
New financial data … (1 comments)
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real estate practice: Verdict Against Brokerage Reinstated - 01/25/07 10:17 AM
A federal appellate court has considered whether the evidence supported a jury verdict against a brokerage for its role in negotiations for a commercial building. George Stinson and Ed Lewis (collectively, “Owners”) owned a building which contained a large nightclub called “The Connection of Nashville”. In 2003, George Alexander (“Salesperson”) of … (0 comments)
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real estate practice: MLS Wins Lawsuit Against Municipalities - 01/25/07 10:12 AM
A Wisconsin appellate court has considered whether the state’s open records law required three municipalities to present electronic data in the same electronic format they use to store their property data. WIREdata, Inc. ("WIRE"), a company owned by Multiple Listing Services, Inc. (a regional REALTOR owned multiple listing service in Wisconsin), … (0 comments)
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real estate practice: Consumer group calls for major reforms to the Homebuilders Commission - 01/16/07 05:45 AM
Homeowners Against Deficient Dwellings (HADD), a consumer protection organization, released a report titled “Leveling the Texas Residential Construction Commission” detailing the changes needed to the TRCC to provide adequate protection to homebuyers with construction defects.
“The Texas Residential Construction Commission (TRCC pronounced trick) created in 2003 is a complete … (2 comments)
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real estate practice: Finally: Brokerage Not Liable for Salesperson - 12/28/06 11:58 AM
A Georgia court has considered whether a brokerage was responsible for the alleged misconduct of an independent contractor salesperson when the brokerage had no direct involvement in the transaction. Keith Johnson (“Developer”) purchased a vacant tract of land and had it rezoned. He then hired an engineering firm to design plans … (1 comments)
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real estate practice: The IRS is partnering with Mortgage Companies (sort of) - 09/30/06 08:55 AM
Starting this Monday, if you have any clients who are planning to apply for a mortgage using a “Stated Income” or other limited-document approach, they had better be careful what income they post on the loan application. The IRS has recently overhauled a key income verification tool used by lenders, … (16 comments)
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