Special offer

Mr/s Real Estate Agent - You are Right. And You are Wrong

By
Mortgage and Lending with Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI NMLS #138061 MMCD #1141

Mr/s Real Estate Agent - You are Right.  And You are Wrong

 

     In today's world we're all connected.  Through professional groups, lobbies, networking associations, and yes, of course, online.  Many sites create forums for professionals to converse, get help, and meet others in the industry.  Facebook is a place online that has many, many 'groups' which are great places to learn and meet others (kind of like another platform that's been around for a while....hmmm...ActiveRain!?).

 

     Over and over again, there's discourse about rules, regulations, ethics, Real estate laws in different areasmorals, "how to" do certain things, and more.  And one thing remains consistent.  A lot of the answers and replies people provide are right.  And wrong.

 

     When dealing in the national (or international) real estate market, it's important to remember that "Real Estate is local" is a phrase that goes beyond knowing the median home value for a zip code.  Laws, rules, regulations, costs, and customs can be completely different across state lines, and sometimes even in different regions within a state.

 

     This came to mind recently when I saw an online conversation between people discussing a seller recording open houses and home showings in their home for sale.  One agent stated it wasn't a good idea and opened up potential legal issues.  Another agent chimed in that it was perfectly fine, and that anyone can record anyone in their own home.  Completely opposite answers.  Both absolutely correct.  Both absolutely incorrect.  Depending on the location.

 

     
     I don't know all of the laws in all 50 states (51?  Puerto Rico?  What's the latest on that?), but I do know across state lines things can be much different.  In matters of how transactions are handled, things can be a lot different, too.  When it comes to controversial subjects like dual agency, customs, opinions on ethics, and even laws, can determine what's right and wrong.  What doesn't determine what's right and wrong is the opinion of someone else that operates in an area with different rules. 

 

     The internet is a crazy place.  There's a ton of good info, and a ton of people providing info just to see their name in the lights, whether that info is correct or not.  There are some genius professionals out there, and some pompous blowhards.  But anyone can be right, and anyone can be wrong.  when online, it's best to stick to what we know - our individual state(s), customs, laws, processes, and leave the questions from out of area folks to the local experts who are playing with the same rulebook.

Posted by

John Meussner
NMLS ID #138061

It's more than a house - it's home.  So we offer a wide range of mortgage products at competitive prices to help our clients achieve financial security at home.  While we get great feedback on our prices and products, many clients say their favorite part of working with John Meussner & MasonMac is the level of service provided along the way.

Purchase money loans, Refinance, Renovation, Jumbo, FHA, VA, USDA, nonQM, HELOCs, and more

Licensed in
AZ, CA, CO, DE, FL, GA, MD, MT, NC, NJ, NV, OK, OR, PA, SC, TN, TX, UT,
and VA

JMLoans.com

 

(484) 680-4852
Call or Text

Email Me

My Blog

Loan Options

 

Comments (9)

Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi John -- a good reminder to remember the importance of location when issues are discussed.  After all, the mantra is repeated three times for emphasis, right?   

Jun 19, 2017 02:10 PM
John Meussner

Indeed, most people consider market data in the mantra, but it goes beyond that

Jun 19, 2017 02:31 PM
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hi John, even on local real estate groups, there are different "opinions". We have to be mindful when we put any kind of information on the internet, especially when it involves laws/regulations.

Jun 19, 2017 02:51 PM
John Meussner

Very true, Beth.  When agents ask, unless I'm 100%, the answer is usually "check with your broker/legal hotline"

Jun 19, 2017 02:53 PM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

John,

Well said!  More often than not, people do not bother to do their research.  Although there are good answers on line, one should always doublecheck with another source.  Happy Monday.  A

Jun 19, 2017 03:21 PM
John Meussner

Agree completely - 'don't trust and verify' is how I handle internet advice.

Jun 19, 2017 04:53 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

John- very well said! Real Estate is local and what works or doesn't in one state may be different in another. We have to include in our responses the phrase you used...check with your local broker/legal hotline.

Jun 19, 2017 03:37 PM
John Meussner

Thanks Kathy - that phrase is often the best advice the folks seeking it can receive.  Legal hotlines and brokers are there for a reason.

Jun 19, 2017 04:53 PM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

This is so true. There can be huge differences between the way something is done in one location versus another, and both are totally valid.

Jun 20, 2017 03:28 AM
John Meussner

Totally valid, and totally invalid depending on the state!  Thanks for the comment Kat!

Jun 20, 2017 10:38 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I love the post. I agree laws vary and we should be careful when we give advice .

Jun 20, 2017 03:35 AM
John Meussner

Thanks Gita!

Jun 20, 2017 10:38 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

Excellent comment and advice about giving advice, Gita Bantwal!


Gene 

Jun 20, 2017 01:42 PM
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Since I have become more active on AR I have been enlightened as to just how different states are with both laws and practices. I have never been licensed in another state and it is fascinating to me. Often answers, opinions and personal agendas are based on perspective and experience the agents have in their own juristiction which could be completely different in another area. -Kasey

Jun 20, 2017 09:25 AM
John Meussner

Thanks for the comment, Kasey.  I started out working in PA and DE, which both have similar rules.  Now I'm licensed in 11 states and have learned a ton along the way about the different customs and laws across state lines.  It really is interested how much the same exact process (selling homes) varies so greatly.

Jun 20, 2017 10:38 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Can't tell you how many times I've qualified my comments or prefaced them with ..."this is the rule/regulation/law/custom/trend in Chicagoland", John Meussner ... as we are so very different in all of those things depending on our location.  

You raise an important point ... the reader of any post also has a responsibility to do some homework before accepting what is written as gospel or the norm in their area ...

Gene

Jun 20, 2017 01:45 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

John as you know it is even a little more complicated in our industry because the loan program guidelines are not always all that needs to be met.  Different investors within the same state could have their own overlays on the program guidelines.  This makes our lives as LO's very interesting :)

Jun 20, 2017 03:13 PM
John Meussner

Very true -- when I get licensed my first call is always to a local Realtor to discuss customs/processes for their area.  Title/attorney differences, insurance requirements, tax costs, etc --- it's a lot to keep up with

Jun 20, 2017 06:47 PM