The Synergy Point of View

Massachusetts Realtors - - Do you know about the upcoming changes to the Mass General Laws pertaining to licensure?

WEICHERT, REALTORS® - Synergy — Mon, 16 Nov 2009 12:11:12 -0600

The House and Senate of our Commonwealth are reviewing final readings of proposed legislation, which when enacted, will drastically alter the licensing and continuing education requirements for real estate salespersons and brokers. House Bill 4169 will require a minimum 20 hours of continuing education for all licenses renewing on or after January 1, 2011. Senate Bill 121 will raise the minimum number of hours required for classroom instruction required of salespersons desiring to become brokers and will also raise the minimum work experience under a duly licensed broker from 1 year to 3 years.

Personally, I support the efforts of our House and Senate. These changes are not "barriers to entry", but are being made to strengthen the knowledge and experience of real estate agents and their brokers and in turn, increase the consumer's confidence in our industry.

When asked by Senator Karen Spilka (D-Second Middlesex and Norfolk) for my comments before the November 9th reading of the proposed legislation in the Senate, I responded favorably for both the House and Senate bills, but also urged Senator Spilka to consider language that would require continuing education to be more relevant and timely. Using the model of the Board of Accountancy, I suggested that a certain number of continuing education hours be mandated for ethics, professional standards, real estate law and practice, and a limitation on non-technical hours allocated to the continuing education requirement.

If you want to review the proposed legislation, please contact your local Representative or Senator.

As for the MAR and the local real estate board, I have yet to see a position statement from these groups, which is surprising, at a minimum.

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GoDaddy Salutes the US Marine Corp on Veterans Day

WEICHERT, REALTORS® - Synergy — Wed, 11 Nov 2009 14:53:28 -0600

Bob Parsons from GoDaddy has done it again! Each year he celebrates Veterans Day with a salute to the USMC. Even Gomer Pyle would be proud. Click here or on the graphic below to see this year's salute.

Happy Veterans Day, everyone!

And to those in our armed services, the US Navy, Coast Guard, The US Marine Corp, The US Air Force and the US Army. God Bless you all and thank you for the sacrifices that you have made to make our country safe and for protecting our freedom. God Bless the USA.

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Freddie Mac confirms short sale commission policy

WEICHERT, REALTORS® - Synergy — Thu, 05 Nov 2009 08:27:42 -0600

In a bit of positive news, Freddie Mac recently confirmed, in writing, that Loan Servicers may not renegotiate sales commissions below the amount agreed to by real estate brokers and sellers, whcih is now consistent with Fannie Mae policy on the same issue. Previously, Freddie Mac officials has publicly stated such a policy, but had not confirmed it in writing.

If the negotiated commission exceeds six percent, servicers are required to limit it to six percent. The National Association of Realtors has asked Freddie Mac officials to establish an appeals process for cases when servicers refuse to comply with the commission policy.

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Whoa! Extended Tax Credit NOT YET APPROVED

WEICHERT, REALTORS® - Synergy — Thu, 29 Oct 2009 13:01:29 -0500

In another incidence of media frenzy, and haste to be the first to get the news out (a la Fort Collins Balloon Boy), more inaccurate information has hit the wire.

The extended tax credit is not yet approved

There is talk that the extended (and possibly expanded) credit will have the following features:

1) Sales agreements must be signed no later than April 30, 2010

2) Deeds must be recorded no later than June 30, 2010

3) A reduced credit of up to $6,500 is being proposed for repeat buyers who have owned their current homes for at least five years (the original credit of up to $8,000 is for home buyers who have not owned a home for at least 3 years and is limited by income)

HOWEVER, no formal vote has been taken on the floor of the U.S. Senate regarding any extension of the First Time Homebuyer tax credit. However, there is some talk that U.S. Senate leaders from both parties have agreed in principle to extend and expand the housing tax credit before it expires on December 1, 2009.

If all is approved at the U.S. Senate level and voted upon, it still must go to the House of Representatives for further action.

At this point, all is still very uncertain.

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SHOULD I PAY MY MORTGAGE? WHEN SHOULD I STOP PAYING MY MORTGAGE?

WEICHERT, REALTORS® - Synergy — Tue, 27 Oct 2009 17:28:13 -0500

This is a "must read" for real estate agents, their clients and "friends" to get a better understanding of what can happen if an upside down homeowner follows anything other than proper legal advise or consultation as to whether to continue to make payments on a mortgage when they are "under water". The ramifications of making the wrong decision can be quite harmful, so read this excellent blog very carefully...

Via Richard Zaretsky, Florida Real Estate Attorney (Richard P. Zaretsky P.A. ):

This seems to be THE NUMBER ONE question I get. Unfortunately there are several answers and which is correct for you depends on the Circumstances. I will address the common scenarios in this article.

Policy in my office is to never "tell" - as in "instruct" - our borrower client to pay or not to pay their mortgage. Paying or not paying has a lot of collateral effects and the borrower needs to know what they are before making the decision. We don't make the decision for the borrower (our client) because the effects of paying or not paying are not going to affect me - but they will affect the client, so it is the client that must make the final decision.

Let me make one issue clear - when we are hired to help facilitate a short sale or loan modification it is far easier for us to negotiate with the lender if the payments are late, but it is almost never a requirement. The exceptions to which will be discussed later in this article. Additionally, internal rules change at the banks constantly. A new client came in totally frustrated. They called their bank to help with a modification and the bank said they could not address their situation until they were at least 60 days late. So the near perfect (800+) credit score couple stopped paying for 60 days and then called the bank back. Now the bank says that because they are 60 days late they cannot speak to them about a modification! The point is, if you don't have to be late then why voluntarily create a late payment credit history that will adversely affect your credit-dependent life almost immediately and for years to come?

SO LET'S GET INTO IT - Danger - this is a long article and it covers a lot of ground!

Short Sale:

A borrower that is current and contemplating a short sale wonders if they should stop paying their (first) mortgage. They are upside down and until now they have been current. However they are paying the mortgage at a cost of not paying other bills. (Other or different facts may be that they are paying all their bills but taking the money from savings or a pension fund to make those payments, or they are borrowing money from another equity loan).

Generally, it is not a good idea to get into debt to pay your mortgage, unless you have a solid plan to both (i) keep the mortgage current and (ii) repay the additional indebtedness you are creating. It is not like taking from one pocket to put into another - it is more like taking from someone else's pocket to pay your bills. This would include credit card loans as the source of funds. It all has to be paid back, so if you don't have a plan to pay it back, don't borrow it in the first place! You are only digging a bigger hole for yourself and making it harder to get out of the hole.

If you are taking from your pension or savings money, again you better have a rock solid plan to get that money back into those accounts, or there is no sense in giving up that hard earned and usually irreplaceable retirement money, especially considering these are monies that are usually protected from creditors' judgments including those your mortgage lender could obtain (deficiency judgment)..

Of course the "amount" of money you have "in reserve" comes into consideration. If you have 2 million dollars in reserve and you decide to spend 10% of it to keep the loans current until you can short sale the property, that plan has a basis that the 10% is not going to make a difference in the way you run your life over the remaining time you have left as a mere mortal.

Sometimes, but rarely, we run into a lender that says they won't approve a short sale or modification because the borrower is current with his payments. When we have encountered this it is in most cases associated with a government backed loan, (but later on we will show you why this may be motivated by plain greed on the part of a loan servicer). A properly compiled financial snapshot of the borrower should show why they are current and what will happen if the short sale or modification is not approved.

Your decision on how to proceed should be based on what goal you are trying to accomplish and how you plan to get to that goal (see how to determine your goal).

Mortgage Modification:

Apart for some voluntary government programs regarding (Fannie Mae or Freddie Mac) government involved mortgages, I know of no lender that absolutely will not deal with a borrower who is current with their mortgage payments. Lenders deal with all sorts of situations and "absolutely not" is just not in the vocabulary. A typical borrower calling a lender may hear that they must be late, but that is more of a "vetting" statement than an absolute policy.

The exceptions are some government program guides for modification. The first step to seeing if your loan comes within this exception is to see if it is a Fannie Mae or Freddie Mac loan. You can do this online at the Making Home Affordable site. Many servicers and lenders whose loans are not "government backed" are now choosing to follow this government plan (known as the Home Affordable Modification plan or more affectionately called the "Obama Plan" - see below) for the simple reason that they are being compensated by the government for each successful modification they execute within its guidelines, and either the servicer or lender receive a residual bonus for the loan staying current under the modification. In these cases we have seen non-government backed loans insist on the borrower being late to qualify for modification as well. What is confusing on this point is that when the plan was introduced it included modifications (and compensation for such) for current loans as well. However, we are told time and time again from the lenders directly that they must be late to qualify. There is no such rule in the guidelines.

While this is contrary to what has been published by the government about the plan, keep mind that following the plan and any of its various aspects is entirely voluntary and up to the Lender or servicer. They can pick and chose from this plan as they see fit for their own internal reasons. Here is a more interesting twist - a servicer that modifies a delinquent loan is paid more under this incentive plan than if the borrower were to modify while the loan is current! If the borrower is current, the servicer can receive up to $3,500 in incentive fees from the government. If the borrower is delinquent, the servicer can receive up to $4,000 in incentive fees from the government. Thus it seems that it pays ($500 to)the servicer to encourage a borrower to be delinquent!

We often see a client that fits the profile for modification under this government plan. Some of these plans are said to require that to be qualified the borrower must be late 60 days (see Guidelines page 5 at bottom). But in fact, being late is not a requirement, but only one factor of many (see Guidelines page 16 at the top - "However, a NPV (net present value) positive result is not necessary to qualify a loan for a Home Affordable Modification"). If the goal is to qualify under such a plan as put in place by the lender at that time, then to accomplish that qualification the borrower may need to make themselves late, but that cannot be determined in a 2 minute telephone call with a lender representative. I cringe when we go this route because just like these "plans" came into existence, I can see them change the plan thus leaving the now 60 day late borrower with ruined credit scores that occurred needlessly.

Generally about a quarter of our modification clients never go late and still get a modification offer from the lender. However, keep in mind that nearly all lenders put up as their first line of defense the policy that going late is a necessity to qualify. We can only speculate this is done to deter the enormous inflow of loan modification requests from borrowers that would come in if this was NOT said to be a requirement. It also helps address those in the most dire amount of need first.

The Pro's and the Con's:

The general rule of thumb we use is if you can pay your mortgage and maintain your life's necessities, you may consider keeping the loan current, taking the points in this article into account. However, if you need to choose between buying food or medications and paying the mortgage, the decision that should be made is clear: your life necessities take precedent.

Here are the pro's to consider when in the short sale or modification process. Keeping the loan CURRENT has the following benefits:

a) Your credit score is not dinged until the short sale transaction occurs (and not at all in most loan modifications) and your overall credit score reduction will be minimized, and b) You will remain in good standing with your lender without worry of penalties, fines, or a foreclosure.

The "con's" of keeping the loan current are that:

(a) You will be out of pocket for the monthly mortgage payment (monies which you may or may not need to survive), and

(b) Your lender may question the sincerity of your claimed hardship, and you may be spending funds that would otherwise be potentially (but rarely) forgiven by the lender. In addition, occasionally the lenders in a short sale may require a lump sum payment above the sale amount from the borrower to forgive the debt. Coming up with that money is sometimes the difference between a deal or no-deal. If you can put your mortgage payments aside and stockpile them, it will help you cover that potential lump sum.

A similar pro/con approach applies to GOING DELINQUENT with your mortgage. In favor of going late is being able to keep the unspent mortgage payments in your pocket (or applied towards other necessities as the case may be) in which event your hardship may appear more sincere to the lender. On the other hand, there are very real consequences to going late with your mortgage payment:

a) You WILL incur late fees and other penalties on the late interest. Usually this is not a large issue as it is part of the forgiven debt in a short sale and usually forgiven in a modification, but it is something to consider,

b) Your credit score downgrade will be harder as you will compound the short sale hit with a 30 day late, 60 day late, etc, (and if this is a modification you will make a non-negative credit score event turn into a negative credit score event), and

c) You will eventually cross a threshold (typical industry standard of 90 days late) where the lender will initiate a foreclosure action in State court.

Going Late on Your Second Mortgage:

Often a borrower comes to us and says that they are late on the first mortgage but current on the second mortgage. The second mortgage is almost always totally upside down with no equity left in the property to secure that financial obligation. The borrower says they paid the second mortgage because they had the money for the smaller payment (second) mortgage but not the larger amount first mortgage. Our answer - if you don't pay the first mortgage they are going to foreclose it and then paying the second mortgage is not going to save your house.

Lately we have seensecond mortgage lenders with 90 day late mortgages skipping the foreclosure process (since if they cause a sale of the house it is sold subject to the first mortgage, and thus any buyer still has to pay the first mortgage, which usually makes no economic sense). Instead the second mortgage lender sues the borrower on the promissory note only and gets a money judgment that they can keep for a long time (20 years in Florida).

So if a client says they are paying the second mortgage but not the first mortgage, we usually suggest they look at the common sense approach and what are they likely to gain or lose by doing so.

Effect of Non-Payment / Late Payment on Credit Score:

This is a big question and nowhere is the answer clear cut. Definitely if you get a report on your credit that you were "late" (in mortgages that means 30 days or more late) then your credit has been "dinged" and your credit score is adversely affected.

Credit scores are used for many purposes, including the amount of credit you can get on a credit card, the interest rate you get on credit cards, car loans and mortgages, your ability and price of life and disability insurance and even car or house liability insurance, your ability to get a certain type of job, or to establish business relationships, and your ability to rent a place to live, to name a few. So credit scores are important. If you want to better understand credit scoring you can see the Federal Reserve Board's Report to Congress from April 2008.

How much your credit score is affected by a 30, 60 or 90 day late report depends on a lot of other factors about your financial well being, your past credit history and myriad other issues. Generally though we have our clients reporting drops of as little as 50 points for a no late payment short sale or up to 150 points for a short sale with multiple late payment reports. We have seen an 800 go to 720 and we have seen a 740 go to 500. It all depends on too many uncontrollable credit issues to be able to give a formula that works for everyone. For a discussion on credit scores this our past article.

Confused?

Rightfully so. The fact of the matter is that we are in uncharted waters and there is no industry standard for Short Sales or Loan Modifications, which makes pinning down exactly what the Lenders may do near impossible. Pile on the fact that there are a large number of lenders out there and each have their own internal policies which change as readily as the tides. The best anyone can hope to do is make an educated decision, set a plan, and be ready for anything.

Copyright 2009 Richard P. Zaretsky, Esq.

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com New Website www.Florida-Counsel.com. See our easy to find articles at SHORT SALE AND LOAN MODIFICATION TABLE OF CONTENTS

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Ha, Ha! I am not stuttering

WEICHERT, REALTORS® - Synergy — Sun, 25 Oct 2009 10:05:06 -0500

Ha, Ha. I played with some of my user settings today on AR and added a "signature". This is a great tool, because in the past, I have been manually inserting something about recruiting or offering a complementary market analysis, etc to the end of a majority of my blogs. But what I didn't realize is that by doing so, the signature was placed on all of my past blogs!

So now, if you go back in time, you may see duplicate "signatures". This is completely unintentional and no, I am not stuttering (just too lazy to go back to correct some 190 odd blog posts).

And thank you for your understanding!

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Ever Dreamed of Owning a Motel? - Turn Key Opportunity in Falmouth, MA

WEICHERT, REALTORS® - Synergy — Thu, 22 Oct 2009 09:53:15 -0500

Main Street Falmouth Motel Investment Opportunity

Prime opportunity to create Falmouth 's first "Green " motel with incentives from CIRenew and the "stretch " building code. Well maintained 30 unit motel property features heated swimming pool and single family residence that can be re-converted to a 4 room B&B. Shopping, restaurants, and the Vineyard ferry are all steps away from this prime location. Just a short drive to some of the Cape 's best beaches. Land is subdividable into four separate lots and gas utility connections are available.

Contact Information

Joyce Creiger

617-517-5427

joyce@synergy-metrowest.com

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Location

555 Main Street
Falmouth, Massachusetts 02540
UNITED STATES

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Links

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FEATURES

Zoning: BU

Commerical Property Type: Lodging

Floors in Building: 1

Square Footage: 14800

Lot Size: 1.45 acres

Utilities: town water/town sewer

MLS/IDX#: 709043147

Metro Area: Boston

Status: For Sale

ATTRIBUTES

Exterior Amenities

Barbecue Area

Disabled Access

Fenced Yard

Guest Parking

Near Public Transporation

Near Shopping

On-site Manager

Parking Lot

Sprinkler System

Swimming Pool

Building Amenities

On-site Manager

Swimming Pool

Guest Parking

PRICING

Asking Price: 1600000

Flexibility:

Currency: USD

Additional Pricing Information: Financial information is available with signed confidentiality agreement.

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Sawitonline.com LISTING ID:: 2005711

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Sawitonline.com LISTING ID:: 2005711

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2 Bedroom Diamond District Gem in Lynn, MA

WEICHERT, REALTORS® - Synergy — Thu, 22 Oct 2009 09:47:31 -0500

2 Bedroom Diamond District Gem

Top floor, end unit condominium features 2 bedrooms, 1.5 bathrooms and a private balcony. Located steps away from the boardwalk at Lynn Beach and centrally located between the towns of Nahant and Swampscott on the Lynn Shore Drive. Entertain friends and enjoy sweeping views of the Boston Skyline and Nahant Bay from the common area roof deck. Building amenities include intercom security, elevator, laundry room and extra storage. Easy access to the Commuter Rail and minutes to North Shore Community College. Call to see today. MLS 70941973. www.synergy-metrowest.com

Contact Information

Martin E. Kalisker

781-237-3102

martin@synergy-metrowest.com

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Location

95 Nahant Street
Lynn, Massachusetts 01902
UNITED STATES

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FEATURES

Bedrooms: 2

Bathrooms: 1

Floors in Building: 4

Partial Bathrooms: 1

Square Footage: 927

Located on Floor #: 5

Parking Space: 1

Year Built: 1978

MLS/IDX#: 70941973

Metro Area: Boston

Status: For Sale

ATTRIBUTES

Parking Type

Off Street

Interior Amenities

Air Conditioning

Elevator

Intercom System

Heating Source

Gas

Exterior Amenities

Balcony

Disabled Access

Guest Parking

Near Public Transporation

Near Shopping

On-site Laundry

Building Exterior

Brick

Building Amenities

On-site Laundy

Guest Parking

Appliances

Range / Oven

Full Refrigerator

Dishwasher

Sink Disposal

PRICING

Asking Price: 235000

Flexibility: Negotiable

Currency: USD

Homeowner Dues: 324

Taxes: 2028

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Sawitonline.com LISTING ID:: 2005704

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Sawitonline.com LISTING ID:: 2005704

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Office of the Attorney General - Massachusetts - Press Release - Rental Discrimination

WEICHERT, REALTORS® - Synergy — Wed, 21 Oct 2009 10:46:01 -0500

This shoud serve as a reminder to all real estate agents, leasing agents, FSBO owners and landlords that the state and federal fair housing laws have "teeth" and there are people anonymously "tagging" landlords and their agents for violations. This sort of discrimination happens often. I'm glad to see that our Attorney General is planning to address the issue.

Via Scott Nelson (Wolfson Cutler Real Estate):

Wednesday, October 21, 2009

Office of the Attorney General - - Press Release - Rental Discrimination

Office of the Attorney General - - Press Release

Posted using ShareThis - 10/15/2009

Attorney GeneralMartha Coakley Sues Melrose landlords for Housing Discrimination

WOBURN - Today, Attorney General Martha Coakley's Office filed a housing discrimination complaint against Carl and Karen Fontana, the owners of a two-bedroom rental property in Melrose. The complaint, filed in Middlesex Superior Court, alleges that the Fontanas violated state antidiscrimination laws by refusing to rent to recipients of housing subsidies.

"We are facing critical housing needs in the Commonwealth and the strain on those needing rental or transitional housing assistance is particularly great," said Attorney General Coakley.

"Realtors, brokers and landlords inMassachusetts should understand that discrimination against those who hold housing assistance subsidies is illegal and we will seek to hold accountable those who break the law."

According to the complaint, the Fontanas refused to rent the Melrose property to a prospective tenant who held aSection 8 federal housing subsidy and her six-year-old daughter. The complaint further alleges that defendant Karen Fontana told the prospective tenant that she did not want to deal with the Section 8 program. Under Massachusetts law, it is illegal to discriminate against housing applicants because they receive public assistance.

The Attorney General's Office is seeking an order prohibiting the Fontanas from engaging in housing discrimination, damages, and attorneys' fees and costs.

This matter is being handled by Assistant Attorney General Gabrielle Viator of Attorney General Coakley'sCivil Rights Division.

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Attention Wellesley Residents - Water Main Flushing Begins This Week

WEICHERT, REALTORS® - Synergy — Tue, 20 Oct 2009 16:51:03 -0500

The Wellesley Department of Public Works has sent out notices to all residents informing them that the water mains will be flushed during the hours of 8am to 5pm starting yesterday (October 19) through Friday October 23. Since the Town just sent out the notices today (Tuesday), I hope that there haven't been any surprises!

The major issue (besides not having water to brush your teeth or flush the toilet during the day) is that there may be sediment left in the water pipes which could discolor or stain your clothes. So, when in doubt, run the cold water for a while before putting in a load of whites!

For more information, please read the entire alert issued by the Town of Wellesley here

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America Runs on Dunkin...Not Here!!!!

WEICHERT, REALTORS® - Synergy — Tue, 20 Oct 2009 15:41:22 -0500

In another example of "marketing ideas gone wrong", the Boston Globe recently carried a tidbit of information about a reader who wrote in with a story about how she took her daughter out to the local Dunkin Donuts one day and the daughter announced that she and her friends no longer liked to go to Dunkin Donuts. "Why" the mother asked. "Because the slogan 'America Runs on Dunkin' stands for A Rod (Alex Rodriquez of the NY Yankees - worse than poison to a member of Red Sox Nation)."

You've got to hand it to her. She has a point. As for the marketing geniuses at the Ad Agency. I think it's time to come up with a new slogan!!!

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It's Pie Time Again!!!! Support Community Servings in Boston and Get a Homemade Pie for Thanksgiving

WEICHERT, REALTORS® - Synergy — Tue, 20 Oct 2009 14:52:13 -0500

I am happy to announce that WEICHERT, REALTORS®-Synergy is once again supporting "Pie in the Sky" annual Thanksgiving Pie Sale to benefit Community Servings, based in Jamaica Plain, MA.

Community Servings is a not for profit organization that provides free, home delivered meals throughout eastern Massachusetts to 725 homebound individuals who are unable to shop or cook for themselves because they are too ill with acute life-threatening illnesses.

For every pie sold, Community Servings will be able to feed one of their clients lunch, dinner and a snack for a week.

Through the combined efforts of TEAM WEICHERT SYNERGY SELLS, we hope to sell 100 apple, pecan, pumpkin or sweet-potato pies to friends, family and neighbors in our primary service area of Wellesley, Natick, Dover, Weston, Wayland, Needham, Sherborn, Lexington and Newton, as well as to our friends and clients outside of the Metrowest area.

Pie sales are taking place now and will continue through Wednesday November 18, 2009. Orders may be placed by clicking here and selecting a pie for pick up or you may donate your pie back to Community Servings. Please choose site 129 for pickup at the WEICHERT, REALTORS®-Synergy offices during the afternoon of Tuesday, November 24 or all day Wednesday, November 25.

If you're not a pie lover, you can donate your pie to someone that Community Servings helps. This way, they too, can have a festive Thanksgiving.

For more information or to join Team Weichert Synergy Sells, go to Pie Seller Signup! and be sure to select Team Synergy Cares from the drop down list.

For more or contact Broker/Owner Martin Kalisker directly at 781-237-3102.

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Dear "Bo Didley" Thank you for registering on my website

WEICHERT, REALTORS® - Synergy — Mon, 19 Oct 2009 18:42:23 -0500

Dear Bo Didley -

Are you any relation to Fred Flintstone, Barney Rubble, Elvis or John Doe? You see, all of these folks have registered for free home updates on my website www.synergy-metrowest.com.

It looks like you came back twice - once because registered with an invalid e-mail address (bo@didley.com), and the other with what I assume to be your actual e-mail so that you will receive the updates. You didn't give me a good telephone number either, because I called it today to thank you for registering for home updates and to see if I could assist you with an introduction to one of my Gold Services partners to get you pre-approved for a home loan.

Bo - one of the purposes of registering on our site is for us to be able to start a discussion about what property amenities you are looking for, your price range, your timing, etc. Without being able to contact you about this information, you are missing out on a whole bunch of neat things that we offer our clients and which differentiates us from Brand X down the street.

Without allowing us to communicate with you, you are missing out on the Synergy Difference.

So, in the meantime, I hope that you enjoy the features of my website and that you are able to wade through the MLS listings on your own. If there is anything that I can do to help make your property search easier, just give me a call or e-mail me. And don't forget to download your free "go mobile" application so that you can look up MLS listings as you drive by a neighborhood, or to help you with your search for open houses.

I hope to hear from you. I'm not disappointed by your wish to remain anonymous. I respect that. I just want you to know that I'm here for you when you are ready to work with a Realtor.

Kind Regards,

Martin E. Kalisker, ABR, E-Pro, LMC
Broker/Owner
WEICHERT, REALTORS®-Synergy
378 Washington Street
Wellesely Hills, MA 02481

martin@synergy-metrowest.com
www.synergy-metrowest.com

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Join the Weichert Synergy Team! Career Seminar Tuesday October 20

WEICHERT, REALTORS® - Synergy — Mon, 19 Oct 2009 16:53:36 -0500

Have you ever thought about getting your real estate license? Are you currently licensed and haven't yet put your real estate skills to work? Are you ready for a career in real estate?

Come join us on Tuesday October 20 at 6:30 pm for our Career Seminar in Real Estate to learn more about career opportunities in real estate and with WEICHERT, REALTORS®-Synergy. Weichert is one of the fastest growing real estate franchises in the country and our office in Wellesley Hills continues to build market share. We have immediate opportunities for newly licensed as well as "seasoned" real estate agents. Systems, Tools and Training are included!

If you like to work with people and want a job with flexible hours and high visibility in the community, a career in real estate may just be for you! WEICHERT, REALTORS®-Synergy agents work with clients throughout the Metrowest, the North Shore and Greater Boston, in addition to our primary service area of Wellesley, Lexington, Natick, Newton, Needham, Dover, Sherborn, Wayland and Weston.

Interested? Call Broker Martin Kalisker at (781) 237-3102 to reserve a space.

WEICHERT, REALTORS®-Synergy
378 Washington Street
Wellesley Hills, MA 02481

Located off of Route 9 Westbound and Route 16 (Washington Street). Across from the Wellesley Hills Commuter Rail Station.

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Whether the short sale "bed" is too hard or too soft - it's our job to make it "just right"

WEICHERT, REALTORS® - Synergy — Mon, 19 Oct 2009 16:33:21 -0500

Is the short sale "bed too hard? Is it too soft? Why can't Realtors find a short sale that is "just right?"

I have always been amazed at how the real estate profession seems to be dominated by dinosaurs that refuse to evolve or let themselves become extinct. These folks seem to pass on some form of gene that has mutated even to the younger Gen Y agents who don't want to adapt to the current real estate climate, but rather, they want the current real estate climate to adapt to them.

Well, I for one am a chameleon. I can work through a tough market just as easily as I did in "easier" times when homes sold to the highest bidder and walk-in traffic to the office was non-stop each and every day.

So, I had to stand back and reflect a bit on the overload of blogs and comments on blogs about how awful it is to work with short sales and how lender A is the devil incarnate, and how the banks like to put the screws to Realtors over their commissions. It's all about me and nothing about the upside-down homeowner.

It's probably an understatement to say that banks and loan servicers were horribly unprepared for the housing market to collapse and for so many homeowners to default on their promissory notes. Lenders from all over the country got involved in the hysteria of granting home loans and equity lines on top of equity lines without taking a good look at common sense and risk-based lending practices. Many became geographically concentrated and many lenders are now out of business. Those lenders that survived were forced to pick up the pieces and try to salvage what they could from the rubble. The real estate industry, for the most part, has not been there to help, but instead has sat there like a vulture waiting for the next lender to collapse from the weight of all those broken pieces.

That's right, we as an industry have not tried to help the banks to pick up the pieces. We've only fought with them to make their lives more difficult. Instead of working with them to come up with better service models and best practices, we have individually criticized the entire mortgage industry for not doing enough.

On our side, we took the hungriest Realtors and made them "short sale specialists." The primadonna Realtors wouldn't dare dirty their hands with short sales, but instead chose to save their energy to be the loudest complainers about the system. The problem with taking the hungriest Realtors to do short sales is that as a group, they oversold themselves and instead of using their heads, they used their greed to build up mini 'empires" to preclude those of us who have developed through evolution into full-service loss mitigation specialists that have a solid "core" of legal, accounting, and mortgage lending professionals at our disposal, as well as exercising solid business acumen.

The short sale process got messy because we let the banks and services develop their own individual policies and procedures to solve their problems. In fact, most short sales with a single lender are successful, once the policies and procedures of the lender are adhered to by the Realtor. When the policies and procedures of multiple lenders conflict with one and the other, the short sale process becomes quite nightmarish. Instead of the NAR taking the time to address the short sale crisis with the banking and mortgage loan industry, we fought with the banks - often times to the detriment of our mutual client - the distressed homeowner.

In February, the US Treasury announced the Making Home Affordable (MHA) program, which promised to modify the way that lenders review and approve short sale transactions. (See my blog "Renavigating the Short Sale Waters - What You Should Know About MHA"). The new guidelines for approving short sale transactions under MHA are a positive step towards streamlining the approval process, the acceptable sales price and Realtor commissions. As of the end of September, 67 national loan servicers and lending institutions had registered with the Treasury to adopt the new MHA guidelines.

So, what have we as an industry done? Very little. However, the "little bears" of our industry have all started to run around with a rallying cry of "destroy the MHA guidelines, they won't help us sell the homes that we have listed." A non-Realtor friend of mine recently commented that we sound like a bunch of spoiled babies. We weren't consulted by the government, therefore, we don't want to play by their new rules.

But wait a minute. Weren't these same Realtors the ones that let the banks set up their own way of approving short sales and allowed their clients to make multiple offers on short sale properties, hoping that something would "stick"? Weren't these the same Realtors that had nothing good to say about Bank A, B and C because their short sale processes took too long? Weren't these the same Realtors that regularly complained that they wasted all their time and effort trying to get a home sold before the lender foreclosed on the property?

Sorry to tell you all. You can't have it both ways. I don't see too many lenders or servicers complaining about the new guidelines. I haven't seen any rational discussion from a servicer why they haven'tsigned on to the MHA program.

Is this just another example of the dinosaurs refusing to evolve? Or is it even more basic than that. Are we the Goldilocks of the industry? Do we have trouble finding a bed that is just right, because we are too busy finding those beds that are too soft or too hard?

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Town of Wellesley Posts Sunday Leaf Disposal Schedule

WEICHERT, REALTORS® - Synergy — Sat, 17 Oct 2009 13:41:54 -0500

Per the Wellesley DPW, the Recycling and Disposal Facility (RDF) will be open for six Sundays during the busy fall leaf season as follows:

- - October 25, 2009

November 1, 2009

November 8, 2009

November 15, 2009

November 22, 2009

November 29, 2009

SUNDAY HOURS OF OPERATION: 11 am to 3 pm

All contaminants should be removed before disposing leaves in the Grass and Leaf disposal area. Plastic bags, plant pots and other non-compostable material are common contaminates.

Brush, bushes, tree wood must be disposed of in the Brush disposal area, which is separate from the Grass and Leaf area.

The RDF will accept Wellesley residents' recyclables, solid waste and yard waste. The Reusables Area will also be open.

(photo cc courtesy of Rich Eye)

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Renavigating the Short Sale Waters. What you should know about MHA

WEICHERT, REALTORS® - Synergy — Fri, 16 Oct 2009 14:36:59 -0500

No sooner than when you thought you knew everything there was about how to navigate the often choppy Short Sale Waters, does the government come up with a new plan that will drastically change the way that short sales are going to be looked at by lenders. The new Making Home Affordable (MHA) program will require home homeowners, Realtors and lenders to do things differently. Very differently.

The Making Home Affordable program, which is being managed by the US Treasury Department and Fannie Mae covers the great majority of all loans underwritten in the United States (by some estimates, more than 85% of eligible delinquent mortgage loans will be covered), including loans owned or guaranteed by Fannie Mae or Freddie Mac, FHA loans, and loans managed by 63 of the major servicers as of September 30, 2009. For these loans, the new MHA policies and processes are mandatory.

The Good, the Bad and the Ugly
The good news is that the MHA guideline are aimed to standardize and simplify the short sale process, rules and paperwork for lenders. The bad news is that there are literally thousands of loss mitigators out there who need to be trained and taught how to implement the new guidelines before the new program can be viewed to be successful and being applied on a consistent basis throughout the country. As can be imagined, this is a monumental chore. However, to speed up the implementation, Freddie Mac has been selected to audit servicers' files and to issue fines to servicers who haven't fully complied with the MHA process. It is hoped that this approach will increase timely compliance and adherence to the new guidelines.

Why it's Ugly for Realtors
Realtors who want to close short sales must be familiar with the new MHA rules, guidelines and use the new standard forms. Although the intention is that this will make things easier for all involved, because procedures amongst lenders will be addressed on a consistent basis and handled in a consistent manner, the Making Home Affordable program will require Realtors to be at the top of their game and know their way around the program rules and guidelines, not only to counsel potential home owners, but to actually educatethose Realtors that have short sale listings that don't seem to understand the impact that this legislation will have on them.

In general, there are three key changes to be taken note of; although there are likely to be some small differences based on whose loan it is:

How MHA will affect you

There are clearly defined steps which the servicer's loss mitigator must follow when a loan is in default (or imminent default ). Homeowners must first attempt to approach the lender with a request to refinance or modify the existing loan. If the lender is unwilling or unable to refinance or a modify the terms of the loan then and only then will a loss mitigator consider the possibility of a short sale. This is the only time during the loss mitigation process when the approval for a short sale can be considered. The loss mitigator will apply a specific net present value formula to determine if the lender/investor will net more from a short sale than from a foreclosure. The decision is strictly a financial one. This means that the request for short sale approval will be considered only if it is financially to the lender's advantage.
The seller will still sign all listing contracts with the Realtor, but the loss mitigator sets the price and the listing term which can can be as few as 90 days to as long as 365 days. In all cases, the servicer/lender still must accept the contract which your seller has approved.
With regards to commission structures, Fannie Mae's Servicing Guide Announcement #09-03 clearly states there will be no negotiation of short sale commissions. "...closing of pre-foreclosure sales may not be conditioned upon a reduction of the total commission to be paid to real estate agents to the level below what was negotiated by the listing agent with the borrower, unless the fee exceeds 6% of the sales price of the property in aggregate." In other words, if the Realtor has negotiated a listing fee with the seller, the servicer/lender may not ask you to reduce that fee.

Is it business as usual?
No one knows for sure how this is all going to pan out. But there are definitely some positives for the distressed homeowner and their Realtor because there will no longer be an uncertainty as to price and whether the short sale will be approved - or how long it will take to obtain the shorts sale approval.

Lenders will probably still require that delinquent taxes and other liens be addressed by the buyer unless these items are considered as part of the short sale approval. Therefore it is also incumbant on the listing agent to work proactively with the homeowner in presenting a complete summary of the homeowner's true financial position.

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Now Hiring LMC Mentors and Agents

WEICHERT, REALTORS® - Synergy — Wed, 14 Oct 2009 08:53:21 -0500

WEICHERT, REALTORS®-Synergy located in Wellesley Hills, MA and a member of the Weichert REO Network, is looking to add experienced loss mitigation and REO agents to our rapidly expanding businesss. Opportunities to mentor and train new agents in the areas of loss mitigation, REO sales and BPOs. Prior experience useful, as your relationship with the asset managers and lawyers will help to expand this business line.

Weichert Realtors is known nationally for its excellent systems, training and tools. Extremely competitive compensation is offered.

Call me for an interview today. Martin Kalisker, Broker/Owner (781) 237-3102 or email me at martin@synergy-metrowest.com. All discussions will be held in the strictest confidence.

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More Items to Consider when Buying a Foreclosure (Post 3)

WEICHERT, REALTORS® - Synergy — Tue, 13 Oct 2009 09:12:34 -0500

I skipped re-blogging Melissa's second blog post on foreclosures because it dealt exclusively with contracts in California. In part 3 below, she provides valuable information that is relevant when considering foreclosed properties in Massachusetts.

Via Melissa Zavala Realtor® North San Diego County Homes (Broadpoint Properties):

This is my third and final post in a series on the many items to consider when buying a foreclosure in Escondido, San Diego County, and beyond. (Click to read Post 1 and Post 2.) In these posts, my goal is to convey to buyers what while buying a foreclosure may seem like a great way to get an awesome deal, sometimes there are factors that will severely impact the awesomeness of the deal.

I have already reviewed how the current market supply may impact price in a way that is unfavorable to buyers. Other concerns include using the bank's contract to supersede the state contract which was designed with some protection for buyers.

In this post, I would like to discuss REO listing agents and protocol. Active Rain is full of blog posts that complain about listing agents who refuse to return phone calls, who only receive contracts via email and force all communication to occur in that manner. Many of these agents are very, very busy and perhaps so overwhelmed that they cannot provide the personal touch. Unfortunately, this can have a negative impact on the transaction.

When a buyer wants to purchase a property, the buyer enlists a buyer's agent who will go to bat for him/her and do everything possible to help the buyer obtain the property. In a situation where listing agents do not return phone calls or play "hard to get", it puts the buyer and the buyer's agent in a difficult position. Certain listing agents in states that permit dual agency may opt to put their own buyer into the REO in order to earn a little more commission. While there may be some ethical concerns surrounding this matter, it is a fact plain and simple that some agents will intentionally double end the transaction when they should have accepted another offer.

So, what's a buyer to do? I recommend that you qualify every property before you even go out and look. If the property is an REO, then the buyer's agent should try to find out if offers are still being accepted and also obtain a description of the listing agent's process for receiving and addressing offers. If the transaction is a short sale, the buyer's agent should learn as much as possible about the listing agent (or negotiator's) success rate in obtaining lien holder approvals quickly and efficiently. It would stink to wait a month or two (or even three) just to learn that you did not get the property. So, please consider all of the factors that I have reviewing before purchasing a foreclosure!

Broker, Realtor®
DRE #01324959
Broadpoint Properties, Inc
Short Sale Expeditor®

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Looking to Buy a Foreclosure?

WEICHERT, REALTORS® - Synergy — Tue, 13 Oct 2009 09:10:00 -0500

This is great information for those of you looking to buy a foreclosure property. As a Loss Mitigation Certified Realtor, WEICHERT, REALTORS®-Synergy counsels many clients about the risks and rewards of buying a bank-owned property. Sometimes the pot of gold is not under the foreclosure rainbow, as many buyers soon find out...

Read on...

Via Melissa Zavala Realtor® North San Diego County Homes (Broadpoint Properties):

If you are a buyer who is looking to buy a foreclosure (a bank-owned property-also called an REO) in Escondido, San Marcos, San Diego County and beyond, you may want to think again.

In many parts of the United States, particularly in San Diego County, buying a foreclosure is en vogue. Buyers flock to these properties because they are allegedly a "great deal." But, are they?

While each and every foreclosed property listing is different, the majority of foreclosure listings in San Diego County are listed below market value, and receive anywhere from 10-30 offers in the first 5 days!

Here are some things you may want to consider when purchasing an REO:

Do you really want to compete against so many other people to buy the foreclosed property? (Competition drives up the purchase price.)

Will your offer be strong enough? (If you are obtaining an FHA or VA loan and putting little to no money down, your offer may not--unfortunately-be competitive.)

Are you qualified to go high enough in your offer to compete with the others or is your first offer your highest and best? (Again, competition drives up the purchase price.)

Once your offer is accepted, will the property actually appraise for the purchase price? What will happen if it does not? (If the competing offers drive the price very high, the new purchase price may be actually higher than an appraised value. If you are getting a loan for the purchase, this factor may impact your ability to obtain financing.)

There are many other factors to consider including contracts and communication with REO listings agents. I will address those factors in a future post . . . so, stay tuned or-better yet-subscribe to my blog!

Broker, Realtor®
DRE #01324959
Broadpoint Properties, Inc
Short Sale Expeditor®

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All About Locking the Rate

WEICHERT, REALTORS® - Synergy — Tue, 13 Oct 2009 09:05:55 -0500

This is very useful information that may clarify why your mortgage lender may encourage you to lock in a rate and why.

Read on...

Via Rick Pelleriti - Upfront Mortgage Broker (Clarion Mortgage Capital, Inc.):

We are in a time where rates are historically low, and very volatile. Everyone wants the lowest rate possible, so the question I am invariably asked is, "When can I lock the rate?" Before I can answer that, you must understand what has happened in the industry, and how the rules have changed.

Briefly, lenders have lost billions, and they are now much more risk averse. That means they are tired of losing money - and no longer tolerate someone locking the rate and then not having the loan close.

You need to realize that locking a rate means that the lender is making a financial commitment in the marketplace.

If the lender does not deliver that loan as agreed, then the lender must pay a penalty. Lenders used to absorb this, but those days are over. Lenders now pass that loss on to the mortgage company. If that happens too much, the lender TERMINATES the relationship with the mortgage company. That's the absolute worst thing that can happen to a mortgage company, so guess what? They will not let that happen.

So, what does the mortgage company do? If a loan is not delivered because the borrower decided to go somewhere else, then the mortgage company will pass that cost on to the mortgage broker. If that happens too much, the mortgage company TERMINATES the mortgage broker.

Yes, that is right. Everyone is getting pretty serious these days - but that's the nature of the beast.

So, what do we learn from this? First, we make sure we have a solid deal BEFORE we lock the rate.

That means we get the appraisal done first. That means the complete loan file is submitted to the lender. That means we make sure the loan can fund BEFORE we lock.

It's the right thing to do - and it's the only way any reputable mortgage broker can work - including me.

So, having said that - here's the ideal process regarding locking the rate.

Let's say you want to get 4.75% for a 30 year fixed conforming loan. In order to "lock" that rate, we must do several things.

First, fill out a loan application, including getting your signature on a "Borrower's Signature Authorization" form. Then we can run your credit score.

All the forms of the loan application must then be signed and returned.

Equally important, at this time we also want to receive all required documentation, like pay stubs, W2s, copies of bank statements, and possibly tax returns, etc. Depending on your cooperation, this can easily take several days - or maybe one day if you are prepared and responsive.

We order the title report, and we also order the appraisal. Note that as of May 1st, the lender now is in charge of the appraisal ordering process, by law. This can add a week to the process.

Then, if there is a Homeowner's Association, they must fill out a "Certification Form." They have up to 10 business days to do that. If there is any "Pending Litigation," then you cannot refinance at all. No sense locking a rate until we know that. (sad but true).

Then, the loan must be uploaded to the lender's website. That entails having my loan processing company work on your loan file, and fill out various forms, access the lender's site, and submit it. Assuming everything goes OK, this may take 24-48 hours, depending on backlog.

Once the complete loan file has been submitted, and we are confident on value, then and only then can we even consider locking. However, here is the next very important variable.

What is the lender's turn times? If they are taking 25 days to process the loan (which means from receiving the COMPLETE file to funding the loan), then it would be foolish to lock for 15 days upfront. There are some lenders who do not allow you to extend the lock. So, if you lock for 30 days, and it takes 31 days, you are out of luck. You have burned a lock, and are subject to all the penalties mentioned above. (Note - we try not to use those punitive lenders).

An acceptable strategy is to wait enough days into the lender's approval cycle so that you can then lock for 30 days (with the 30 day pricing) so you minimize the risk of not funding within the lock expiration date. This is just common sense.

Another, perhaps better strategy is to wait even longer until you are allowed to order docs, (meaning the loan has been COMPLETELY approved) and then you can lock and get the better 15 day pricing.

That's what I recommend to my clients. You might as well be rewarded for your discipline and patience. If you have any questions about this, do not hesitate to ask. All my clients are asked to read the above before we have any discussions about locking the rate.

Video of How I Work

Rick Pelleriti
Clarion Mortgage Capital, Inc.
California Upfront Mortgage Broker

530-205-9145 (Direct)
408-672-1980 (Cell)
408-503-0900 (Fax)

www.upfrontmortgageplanner.com

rick@upfrontmortgageplanner.com

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Did you remember to renew your drivers license?

WEICHERT, REALTORS® - Synergy — Sat, 10 Oct 2009 16:39:13 -0500

We used to have great sports teams in Boston, and that was what all the news was about. But recently, Boston has moved behind Pittsburgh and Chicago as the number three sports town in the country. So, it didn't come as much of a surprise when I started to see people griping that our Registry of Motor Vehicles stopped sending out automatic renewal notices for drivers licenses and car registrations. In fact, in the 11 months since the RMV stopped sending out notices, it has saved something like $800,000. Not a bad thing. But people in our "entitiled" society don't like it when someone isn't there to hold our hands and remind us to get a new drivers license.

So, to address public concern, the RMV has created a system which will send you one alert via email, phone or text message (you choose which) approximately 30 days prior to your license expiration.

To sign up for this free service, go to: https://secure.rmv.state.ma.us/RMVReminder/intro.aspx

I just love the political "spin" on this one.

". . . the Registry of Motor Vehicles newest customer convenience - safe electronic notification services that will help you remember to renew your MA driver's license or MA ID.

With this free service you determine how the RMV reminds you by email, phone or text (SMS) message. The RMV has partnered with Sendza, an outside firm that will deliver your automatic reminder * at no cost to you or the Commonwealth."

As for me, I'm going to forego the risk of submitting my information to a third party and will just send myself an e-mail reminder 30 days from the renewal of my drivers license. Heck, I already do this with my real estate license, why not my drivers license too?

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The Two Faces of Dual Agency

WEICHERT, REALTORS® - Synergy — Thu, 08 Oct 2009 09:58:00 -0500

Catchy title, right? Well, today I want to discuss something which I find to be either a) a commonly mis-used term in our industry; or b) something that the consumer needs to be educated about.

Let's start with A above. Dual Agency. "I work in a dual agency state." No, you actually work in a state that requires brokerages to act in a "designated agency" capacity. Practicing designated agency means that you work for a designated buyers' brokerage, a designated listing brokerage, or a firm that practices"disclosed designated agency." That is to say, two agents from the same firm may represent different sides of the transaction.

Are you with me? Okay, now here's where it gets tricky. "With your consent, licensees from the same firm may represent a buyer and seller in the same transaction. These agents are referred to as dual agents." (Source: Massachusetts Mandatory Licensee Consumer Relationship Disclosure).

To summarize, a fully disclosed designated brokerage firm offers services to both buyers and sellers. Any agent not specifically disclosed as working for the seller (the listing agent) and who is affiliated with the brokerage firm may represent a buyer in the transaction. When this happens, dual agency is created, however the obligations of a designated agent (namely, undivided loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentiality and accountability) still exist on the part of the individual agents vis a vis their individual clients.

So now, it's time for a quiz. You, the consumer, go to an open house and meet Johnny Newbie, agent. Johnny isn't the listing agent, that's Linda Listmonger. Linda doesn't work weekends and only works with sellers (her decision). So, Johnny is there by himself hosting the open house. You don't have a real estate agent because you just started your home search. As Johnny shows you around, you get a good feeling for the house and you like Johnny. Johnny, being hungry for business, says "would you like to make an offer on this house?"

So, after the open house, Johnny and you go back to his office to fill out the paperwork. Being ever diligent, Johnny has you sign the above mentioned Mandatory Licensee Consumer Relationship Disclosure (or whatever it is called in your state). Johnny checks the box that he is acting in the capacity of buyer's agent. Is this right or wrong?

Time is up. If you said that Johnny is a buyer's agent, you are....WRONG. Johnny is a sub-agent of the listing agent who represents the seller. Johnny has an obligation to protect the interests of the seller in this transaction. Can Johnny still write up the offer? Yes he can. But the buyer must be informed that they have an opportunity to have representation before they move forward.

What should Johnny have done? Johnny should have told you that since he represents the seller, there is an agent in the office that can help you put the deal together and they will work as your buyer's agent (Johnny, if he is smart, also ensures that he gets a "referral fee" from his colleague, the buyer's agent.)

Now, I'm not an attorney. I am a diligent broker/owner who has worked closely with legal counsel in formulating a policy for my office on the next tidbit.

In the first example, Johnny represents the seller. If he lets someone else in the office represent the buyer, then dual agency exists for the office, but each agent is still a disclosed designated agent for the buyer and the seller. Our office has built safeguards to ensure that information about the seller stay with the listing agent and information related to the buyer stay with his agent. Faxes are sent to the individual agent's private fax lines, all paperwork is completed and submitted individually and there is no discussion between the two agents about confidential information of their respective clients.

"So why then, did Johnny make me and the seller fill out all these extra forms of consent and notice of dual agency?" Well, he shouldn't have. Because Johnny isn't a dual agent. He still represents the seller because he hosted the open house. What if Linda Listmonger had been there? Well, assuming that the appropriate disclosures were made to the consumer during the open house, then Johnny could act as a designated buyer's agent because he is not showing the house to prospective clients on behalf of the seller, he is showing the house only to prospective buyers who do not have an agent.

But, let's look at another scenario. Sally Superstar has one goal. That is to make as much money in real estate as possible. So, she welcomes servicing both buyer clients and sellers. In one such situation, Sally has a buyer client, Ben, whom she has been showing homes to for about a month. Today, Sally was asked to come over to a home for a listing presentation. Being ever positive, Sally is awarded the listing.

Now, Sally knows that this home would be perfect for her client Ben Buyer. So she shows it to him and he loves it. "Sally", he says, "I want to make an offer on this home." What does Sally do?

Here we go folks. It's really not brain surgery. Sally has an existing relationship with both a buyer and a seller. With the informed consent of both the buyer and the seller, an offer is written up by Sally. Sally is now a dual agent. Sally has to be neutral with regard to any conflicting interest of hte seller and buyer. Therefore, she cannot satisfy fully the duties of loyalty, full disclosure, obedience to lawful instructions which is required of an exclusive seller or buyer agent.

What's the moral of this story? Agents need to be better informed about the laws of agency, and buyers need t be aware that the listing agent is not your friend!!!! The listing agent can only represent the interests of the seller. If the seller is willing to forgo the duties of loyalty, full disclosure and obedience to lawful instruction, then the listing agent could become a dual agent. But in no other case does an individual agent become a "dual agent." Dual agency only exists in the context of the brokerage which allows individual agents from the same firm to represent both the buyer and the seller.

With regards to point B from my introduction, I found a great memo from the NYS Department of State titled BE WARY OF DUAL AGENCY. I attach the memo below.

NYS Department of State

Counsel's Office

Legal Memorandum LI12
BE WARY OF DUAL AGENCY

With the growing number of very large and widespread brokerages, the issue of dual agency arises more frequently than ever before. Any purchaser, seller, lessor or lessee confronted with a dual agency issue by their real estate agent should not take the issue lightly. Parties to a real estate transaction, including real estate brokers and salespersons themselves, seldom realize the inherent problems of a real estate agent acting as a dual agent.

Dual agency arises when a real estate broker or salesperson represents adverse parties (e.g., a buyer and seller) in the same transaction.

Dual agency typically arises in the following way: a real estate broker employs two salespeople, one who works for the buyer as a buyer's agent and the other who works for the seller as a seller's agent. The real estate broker and his salespeople are "one and the same" entity when analyzing whether dual agency exists. As soon as the buyer's agent introduces the buyer to property in which the seller is represented by the seller's agent, dual agency arises.

Dual agency can also arise in a more subtle way: A real estate broker who represents the seller procures a prospective purchaser who needs to sell her property before she is able to buy the seller's property. The prospective purchaser then signs a listing agreement with the real estate broker to sell her property so that she can purchase the seller's property. The real estate broker is now a dual agent representing both parties in a mutually dependent transaction.

When you employ a real estate broker or salesperson as your agent, you are the principal. "The relationship of agent and principal is fiduciary in nature, ‘...founded on trust or confidence reposed by one person in the integrity and fidelity of another.' (citation omitted) Included in the fundamental duties of such a fiduciary are good faith and undivided loyalty, and full and fair disclosure. Such duties are imposed upon real estate licensees by license law, rules and regulations, contract law, the principals of the law of agency, and tort law. (citation omitted) The object of these rigorous standards of performance is to secure fidelity from the agent to the principal and to insure the transaction of the business of the agency to the best advantage of the principal. (citations omitted)." (Emphasis added) DOS v. Moore, 2 DOS 99, p. 7 (1999)

"A real estate broker is strictly limited in his or her ability to act as a dual agent: As a fiduciary, a real estate broker is prohibited from serving as a dual agent representing parties with conflicting interests in the same transaction without the informed consent of the principals. (citations omitted) ‘If dual interests are to be served, the disclosure to be effective must lay bare the truth, without ambiguity or reservation, in all its stark significance.' (citation omitted)

‘Therefore, a real estate agent must prove that prior to undertaking to act either as a dual agent or for an adverse interest, the agent made full and complete disclosure to all parties as a predicate for obtaining the consent of the principals to proceed in the undertaking. Both the rule and the affirmative [defense] of full disclosure are well settled in law.' (citation omitted)" Id. at pp. 9-10.

In a purchaser/seller transaction in which dual agency arises, the agent must not only clearly explain the existence of the dual agency issue and its implications to the parties, the agent must also obtain a written acknowledgment from the prospective purchaser and seller to dual agency. That acknowledgment requires each principal signing the form to confirm that they understand that the dual agent will be working for both the seller and buyer, that they understand that they may engage their own agent to act solely for them, that they understand that they are giving up their right to the agent's undivided loyalty, and that they have carefully considered the possible consequences of a dual agency relationship.

The fiduciary duty of loyalty that your real estate agent owes to you prohibits your agent from advancing any interests adverse to yours or conducting your business to benefit the agent or others.

Significantly, by consenting to dual agency, you are giving up your right to have your agent be loyal to you, since your agent is now also representing your adversary. Once you give up that duty of loyalty, the agent can advance interests adverse to yours. For example, once you agree to dual agency, you may need to be careful about what you say to your agent because, although your agent still cannot breach any confidences, your agent may not use the information you give him or her in a way that advances your interests.

As a principal in a real estate transaction, you should always know that you have the right to be represented by an agent who is loyal only to you throughout the entire transaction. Your agent's fiduciary duties to you need never be compromised.

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BORED WITH YOUR CURRENT JOB?

Come see what WEICHERT, REALTORS®-Synergy has to offer.

Interested? Contact us now at http://synergy-metrowest.com/contact.career

http://www.synergy-metrowest.com

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BORED WITH YOUR CURRENT JOB?

Come see what WEICHERT, REALTORS®-Synergy has to offer.

Interested? Contact us now at http://synergy-metrowest.com/contact.career

http://www.synergy-metrowest.com

Did you know that you don't have to be a full-time agent to make money in real estate?

WEICHERT, REALTORS® - Synergy — Wed, 07 Oct 2009 13:27:17 -0500

What is a Weichert Referral Associate?

A person with a current real estate license who does not actively list or sell properties, but maintains their license through WEICHERT, REALTORS®-Synergy, an independently owned and operated franchise of Weichert Realtors.

What are the benefits?

As a Weichert Referral associate, you can generate a stream of income by staying aware of the real estate needs of your friends, family, and neighbors. When someone you know needs a real estate agent to seel their home or begin looking for a new one, offer to refer them to WEICHERT, REALTORS®-Synergy.

All it takes is a phone call or e-mail! You may call or e-mail your referral leads directly to the office manager, who will match the referral to one of our highly trained sales associates. You will be informed of the progress that we are making with your referral client on a regular basis.

When that referred listing sells, or that referred buyer purchases, you earn a fee. If you refer both buying and selling sides, you can double your referral fee!

How much does a Weichert Referral Associate earn?

Referral fees are based upon the actual sales commission produced by the referral. For successful referrals to any of WEICHERT, REALTORS®-Synergy's experienced sales associates, referral fees typically range from several hundred dollars for a modestly priced home to several thousand dollars for the sale of a luxury home. Weichert Referral Associates can also earn fees for referrals anywhere in the U.S. or abroad through our extensive broker-to broker network to other Weichert offices or with a number of carefully screened outside brokerages if your referral is looking in a city that Weichert does not have a presence.

Leads 24 hours a day via e-mail

You can also refer your leads to us at any time via our e-mail address, referrals@synergy-metrowest.com.

Supporting Your Success

We provide you with online training courses through Weichert University, informative e-mails, iMAIL cards, a personal guidebook and office meetings. We also occasionally sponsor a "Referral Associate Evening" where you can network and pick-up ideas for getting more referrals!

How do you start?

Find out how easy it is to earn lucrative referral fees by contacting Broker Martin Kalisker at 781-237-3102 or by e-mail at martin@synergy-metrowest.com. All information will be held in strictest confidence.

WEICHERT, REALTORS®-Synergy
378 Washington Street
Wellesley Hills, MA 02481

www.synergy-metrowest.com

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BORED WITH YOUR CURRENT JOB?

Come see what WEICHERT, REALTORS®-Synergy has to offer.

Interested? Contact us now at http://synergy-metrowest.com/contact.career

http://www.synergy-metrowest.com

Join the Weichert Synergy Team - Career and Information Seminar Tuesday October 13

WEICHERT, REALTORS® - Synergy — Wed, 07 Oct 2009 12:04:37 -0500

Have you ever thought about getting your real estate license? Are you currently licensed and haven't yet put your real estate skills to work? Are you ready for a career in real estate?

Come join us on Tuesday October 13 at 6:00 pm for our Career Seminar in Real Estate to learn more about career opportunities in real estate and with WEICHERT, REALTORS®-Synergy. Weichert is one of the fastest growing real estate franchises in the country and our office in Wellesley Hills continues to build market share. We have immediate opportunities for newly licensed as well as "seasoned" real estate agents. Systems, Tools and Training are included!

Interested? Call Broker Martin Kalisker at (781) 237-3102 to reserve a space.

WEICHERT, REALTORS®-Synergy
378 Washington Street
Wellesley Hills, MA 02481

Located off of Route 9 Westbound and Route 16 (Washington Street). Across from the Wellesley Hills Commuter Rail Station.

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BORED WITH YOUR CURRENT JOB?

Come see what WEICHERT, REALTORS®-Synergy has to offer.

Interested? Contact us now at http://synergy-metrowest.com/contact.career

http://www.synergy-metrowest.com