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

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Mortgage and Lending with Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, 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.

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Rainmaker
3,088,760
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 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 #1
Rainmaker
1,449,747
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 #2
Rainmaker
4,101,704
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 #3
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

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 #4
Rainmaker
1,317,198
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

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 #5
Rainmaker
4,369,732
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 #6
Rainmaker
740,278
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 #7
Rainmaker
1,191,770
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 #8
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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 #9
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John Meussner

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