Distressed Property Law
A new law goes into effect June 12, 2008 that will change the duties required of real estate agents and brokers in many transactions. Several statewide forms will be revised and new forms will be drafted to meet the requirements of the new law. Agents and brokers must modify the assistance they provide short sale sellers. Agents and brokers will have to choose carefully the services they offer to sellers.
During the weeks of May 12 and 19, NWMLS and the Washington REALTORS® will provide broker-only classes statewide teaching compliance with the new law. The importance of brokers attending the class cannot be overstated. The classes will be offered at no charge at locations across the state with the hope that all brokers will attend.
Education will also be available for agents through instructional DVDs. The DVDs will be available to brokers within a few weeks, at no cost, for use in educating their agents.
NWMLS will provide updates with additional information as it becomes available.
NWMLS and Washington REALTORS® are aware that this law will cause some inconveniences, but we are now focused on assisting you in how to best comply with the requirements in the most effective and efficient way.
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Well, our broker was at the meeting today (5/9/08) in Renton. The attorneys won't answer any questions....you're just supposed to "get it" and know the law(s)? The classes are free to BROKERS yet it is the real estate AGENTS who need the information. Do Brokers really want to be teaching this important topic to all of their agents? The DVD's aren't even written yet.
Knowing this important law was coming down the pike, we already have a 3 hour CE class approved for Real Estate Agents and Brokers that covers issues surrounding short sales, foreclosures and the "Distressed Homeowners".
The instructor is Richard Hagar, The School is Kinja LLC, The Class # is C-5750 (just approved 5-7-08) for 3 CE's for real estate brokers and agents.
We can teach internally to your office or to a group of more than 25. We are a local Mercer Island company and we want to help you understand how your world is about to change.