Good morning. Are we allowed to do a limited representation? I have a seller who wants to their own open houses every weekend and I am not able to do it. If they find a buyer can I just charge them 1% and not represent the other side?
You must fulfill all fiduciary duties. It is not a good idea to have sellers hold open houses. The buyers arrive and see your sign and expect to be dealing with a licensee. You can charge whatever you would like but you can not do a limited services agreement. TM
I have 2 clients very interested in the same house....what do I do if they both want to make an offer? Eek!
Jill, very difficult challenge to submit offers from 2 different clients on the same property. You just know the one that loses is going to be upset and create a legal issue. My best recommendation is can you avoid it? Pick the best one, let the other one go? Bring in another agent to write the offer for one in order to avoid conflict? I'll mention it to Trudy in the morning and see what she has to say. Jeff.
That is what I was thinking also. Let me know what Trudy thinks.
You should refer one of the buyers to another agent. You can't represent 2 buyers on the same house at the same time. TM
I am listing a home for someone who is licensed agent in AZ. I know I disclose that in MLS and we write in PC. Does this make her Owner/Agent also? or does that only mean if it were my house? Owner/Agent term always confuses me. Thanks
You must state that the Owner has an active AZ real estate license. If they are not a HomeSmart agent then you don't need the Owner Agent Addendum. TM
I have an agent with Firebird Housing asking if I know any agents that can sit an Open House for her this weekend. Are we allowed to sit other Broker’s homes open?
Nope. You can only sit HomeSmart listings open. TM
I hope this message finds you well. I met with an agent in another company who is doing some leading edge marketing for luxury properties. I want to work with him on a few deals but don’t want to leave Home Smart.
What is our company’s co-lister policy? Can we work together on listings and buyers if we are at different brokerages?
Thanks so much!
You cannot co-list with another brokerage. Most brokerages in town have the same policy as we do. You can have them give you permission to market their listings and pay you a referral fee or something when it does close. TM
Please proof read this flyer/Gift Certificate I created and let me know if any changes are required. Thank you.
Hi Ewa, unfortunately this type of advertisement isn't allowable. Raffles are considered "games of chance" which aren't allowable under the Commissioners Rules. You can of course give a certificate to people for a discount on their fees, but it can't come as a result of a raffle or drawing.
Also, it would have to be in the form of a commission reduction (if you're on the Seller side) or a credit towards closing costs (if you're on the buyer side), you can't pay them after the transaction is closed. It has to be done within the contract.
I just submitted an offer for client on Foreclosed Gilbert home listed for $208,000 at $160,000. Home has a LOT of repairs, some structurally, such as,window that has been replaced & doesn't fit so they have packaging tape filling gap between wall & window. This is sold "as is" & I'm wondering if they can get financing until major repairs are complete. Your opinion?
What type of loan, FHA? VA? Conventional? FHA and VA Appraisers will definitely call out safety items and they do require the roof to have a minimum 2 year life left, they do look at windows and doors to make sure they are functional, no broken glass, etc. So that could be an issue if the appraiser calls it out.
Can I pay a referral fee to an agent that is also the client? I'm representing a seller that has a license in California.
Krista, that would be allowable, but why not just reduce their commission fee to you? If they are paid, they will be 1099'd for the income. A reduction in commission that they pay you would not be a taxable event to them.
DO SPEAKER MOUNTS CONVEY?
Do small speakers mounted on wall of a home convey in the sale or is this exempt? Generally speaking they do convey. Rule of thumb to use is that it is considered a fixture if it takes a tool to remove it and all fixtures convey.
Have a great day, JR
Is it considered an Owner/Agent sale if my husband/spouse owns the property sole and separate?
Hi Debbie, I did speak with Trudy, if it is your husbands sole and separate property then that would not be an owner/agent transaction, although you would still need to disclose that the seller is related to the listing agent. As for the coming soon, yes, you could let people know now but you do need a signed listing agreement to market the property now. Keep me posted, thx, JT
Additional interest--3rd party is indemnified again any claims
In US insurance policies, an additional insured is a person or organization that enjoys the benefits of being insured under an insurance policy, in addition to whoever originally purchased the insurance policy.
4 Emotions of the home buying process 1) Excited 2) Overwhelmed 3) Stressed 4 ) Fulfilled
I'm representing the buyer. I just received a call from the listing agent regarding the home that we are schedule to close on tommorow. She infomed me that sshe was checking on the property and there seem to have been some vandalism to the property. I'm not sure of the extent yet. If the iitems can't be fixed today, should I delay closing? What other steps do I ned to take? Any suggestions?
Are you and the Buyer going to be able to go by to assess the "damage?" I don't think you can make a decision until you know what happened. The seller is obligated to deliver the home in the same condition as it was on the date of contract acceptance, plus they need to update the SPDS (see section 4f of the PC). Also, if the damage is extensive, will the seller be filing an insurance claim? The bottom line is to asses the damage and discuss with the buyer, if it's extensive I think an Addendum extending COE might be in order.
Supply and drain lines under bathroom sink are corroded...is this warranted? Thank you.
Hi Kelly. Probably not unless they are actively leaking at the drain lines. I would check for "wetness" to see if there is any moisture present. (Corrosion is a process that occurs naturally and is quite common around water/drain lines). JT
I am going to be listing a property owned by my mom's boyfriend they both live at the property but are not married, do I have to disclose that I have a relationship to the seller, since since they are not married he's technically not related... or is he, If so how would I word it?
You only have to disclose if your are related, if you are not related then there is nothing to disclose.
I know that… I'm just unsure if we are or are not consider related… my guess is we are not since they are not married. Just want to make sure?
There is no legal obligation to disclose.
1. Millennials Prefer to Rent
2. Millennials Search for Themselves
3. Millennials Seek Out Small, Efficient Spaces
4. Millennials Don’t Shop Around for Real Estate Agents
I have received the response below from my clients Lender.. We are attempting to do a short sale on his home. Our last offer to the lender was $235k their reply is $235k net for lien release.
Does that mean the current owner will no longer have any ties to this home with a lien release? In effect the short sale will be approved and once closed it is finished for my clients.
I received a response back from the client. They are countering back at $235k net for a lien release. Please forward a new HUD-1 reflecting these changes for approval. Thank you for your advice!
That sounds correct Wendy, yes. You always want to advise clients that are considering short sale to speak with an attorney just to be sure that they know what they're getting into. You don't want them relying on us to interpret that for them, but I'm pretty sure that by saying "lien release" they're saying that the issue is considered resolved for the owners and bank/lending institution.