New Rules for Washington agents

By
Real Estate Agent with Windermere

 

This is a quick blog update of the New Washington State "Distressed Home Owner" law that comes into effect today, June 12th 2008.

I will be updating the blog later and getting in to much more detail of this new law.

I went to a class this morning regarding "Distressed" homes in the either for sale now, or on their way to being put on the market.

There are several new rules that we as agents need to be updated on. We of course have several new forms that we must include in both listing homes of someone who is or "might" become a "distressed" Home owner!

Who qualifies as a "distressed" seller? Pretty much everyone! If you have missed a mortgage payment, or THINK you might miss a mortgage payment in the next three to four months, you are a "distressed" home owner.

At that point, any agent who helps you list or sell your home could be qualified as a "distressed home consultant" , which opens you up to lotsssssss of litigation.

The new law is there to protect home owners from scams that have risen by people who realize you are in trouble, come in to help you keep your home, and then turn around and not keep their word and victimize the home owner all over again.

Agents have been sucked into the mix by the nature of our business of helping buy and sell homes.

Stay tuned for updates and details...........

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Groups:
Realtors®
POSITIVE ATTITUDE for the Weary Soul
REALTOR LIFE
At Home with Cultural Diversity (AHWD)
Tags:
washington real estate laws affecting distressed forclosure homes

Spam prevention
Show All Comments
Rainer
215,890
Gail MacMillan
Titusville, FL

Hi Patrick - What a mess going on in our country, doesn't it seem to get worse and worse?
I wish I had a better outlook but it just feels like a great big oppressive weight.  We went
through a very bad market in South Florida mid '90ish.  Property values were very high, the
economy slowed, Resolution Trust Company was buying properties for 30-40% of value.
As bad as that was, this somehow feels worse.  Our market started turning 8/05....hats off
to the agents still giving it their all :-)  I just keep thinking "nothing lasts forever".

Jun 27, 2008 12:21 AM #1
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
30,475

Patrick Johnson

Ask me a question
*
*
*
*