Comments on: Hot or Not? http://raincityguide.com/2006/12/29/hot-or-not/ Seattle's Leading Resource for Real Estate Information Sat, 21 Nov 2009 06:01:18 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: ARDELL http://raincityguide.com/2006/12/29/hot-or-not/#comment-159600 ARDELL Fri, 13 Jul 2007 07:01:45 +0000 http://raincityguide.com/2006/12/29/hot-or-not/#comment-159600 We don't mean to ignore your comment HJ, but comment 29 already states that you have to get them through an agent you are working with or an attorney who has access to them. Otherwise the person who might "give" them to you to complete yourself, would be penalized in some way. You could get a real estate license and join the mls. That seems to be a popular method these days. We don’t mean to ignore your comment HJ, but comment 29 already states that you have to get them through an agent you are working with or an attorney who has access to them. Otherwise the person who might “give” them to you to complete yourself, would be penalized in some way. You could get a real estate license and join the mls. That seems to be a popular method these days.

]]> By: HJ http://raincityguide.com/2006/12/29/hot-or-not/#comment-159567 HJ Fri, 13 Jul 2007 05:23:39 +0000 http://raincityguide.com/2006/12/29/hot-or-not/#comment-159567 Does anyone know how I can get free NWMLS forms? Does anyone know how I can get free NWMLS forms?

]]> By: craig http://raincityguide.com/2006/12/29/hot-or-not/#comment-57502 craig Wed, 03 Jan 2007 16:45:47 +0000 http://raincityguide.com/2006/12/29/hot-or-not/#comment-57502 Oh yeah -- 2007 is gonna rock... Oh yeah — 2007 is gonna rock…

]]> By: jf.sellsius http://raincityguide.com/2006/12/29/hot-or-not/#comment-57491 jf.sellsius Wed, 03 Jan 2007 15:22:25 +0000 http://raincityguide.com/2006/12/29/hot-or-not/#comment-57491 Not only should the attorney be familiar with the area but also with the TYPE of property being conveyed. As an atty in NYC, you should know how to draw contracts and close for single family houses, multifamily/rental properties, co-ops and condos, and new & pre-construction. Each niche is somewhat unique. Make sure you choose a lawer who has experience in your niche. In NYC, lawyers can act as brokers. I is not recommended because of possible conflicts of interest. Not only should the attorney be familiar with the area but also with the TYPE of property being conveyed. As an atty in NYC, you should know how to draw contracts and close for single family houses, multifamily/rental properties, co-ops and condos, and new & pre-construction. Each niche is somewhat unique. Make sure you choose a lawer who has experience in your niche.

In NYC, lawyers can act as brokers. I is not recommended because of possible conflicts of interest.

]]> By: ARDELL http://raincityguide.com/2006/12/29/hot-or-not/#comment-57406 ARDELL Wed, 03 Jan 2007 06:22:02 +0000 http://raincityguide.com/2006/12/29/hot-or-not/#comment-57406 Craig, Watch it...I almost agreed with you there. It would be an RCG FIRST! OK, what the hell. Yes! You, Craig Blackmon, are absolutely correct! The 3% DOES come off the "finally negotiated" price. Not that you need me to tell you that you are right, but it's my Happy New Year present, now print it and frame it cause it may never happen again. Happy New Year! Craig,

Watch it…I almost agreed with you there. It would be an RCG FIRST!

OK, what the hell. Yes! You, Craig Blackmon, are absolutely correct! The 3% DOES come off the “finally negotiated” price.

Not that you need me to tell you that you are right, but it’s my Happy New Year present, now print it and frame it cause it may never happen again.

Happy New Year!

]]> By: NWMLS sets its sights on violators | Rain City Guide | A Seattle Real Estate Blog... http://raincityguide.com/2006/12/29/hot-or-not/#comment-57405 NWMLS sets its sights on violators | Rain City Guide | A Seattle Real Estate Blog... Wed, 03 Jan 2007 06:21:52 +0000 http://raincityguide.com/2006/12/29/hot-or-not/#comment-57405 [...] For those that are thinking I’m bringing back up the topic of NWMLS forms, I’m not. What I am interested in bringing up is the topic that the local MLS seems to be cracking down on violators of various rules. Not only are they cracking down and following up more on violations but they’re not providing as many “get out of jail free” cards - meaning they are doing less suspensions on fines even for first time offenders. [...] [...] For those that are thinking I’m bringing back up the topic of NWMLS forms, I’m not. What I am interested in bringing up is the topic that the local MLS seems to be cracking down on violators of various rules. Not only are they cracking down and following up more on violations but they’re not providing as many “get out of jail free” cards – meaning they are doing less suspensions on fines even for first time offenders. [...]

]]> By: Jane http://raincityguide.com/2006/12/29/hot-or-not/#comment-57365 Jane Wed, 03 Jan 2007 03:30:56 +0000 http://raincityguide.com/2006/12/29/hot-or-not/#comment-57365 i used <a href="http://www.mlsisland.com" rel="nofollow">flat fee mls</a> saved me some money -real estate ny i used flat fee mls saved me some money

-real estate ny

]]> By: Reba Haas http://raincityguide.com/2006/12/29/hot-or-not/#comment-57292 Reba Haas Tue, 02 Jan 2007 20:33:04 +0000 http://raincityguide.com/2006/12/29/hot-or-not/#comment-57292 Jillayne, you asked about attorneys joining NWMLS to have access to forms. I stated in an earlier email that attorneys may order NWMLS forms - they need not be members - but they are restricted as to how often (once a month - I assume to limit NWMLS processing) and what forms (Mary Howard wouldn't elaborate on that part for me). It is the PUBLIC that is not allowed to purchase forms or to have them provided to them without oversight by an agent OR an attorney. If an agent or an attorney is purchasing the forms and then selling them to the public without their involvement in the transaction that is a serious problem. The NWMLS has made it clear that this is not acceptable and I've seen cases reported by NAR from around the nation where agents have been sued for doing similar deeds in their own MLS areas. Jillayne, you asked about attorneys joining NWMLS to have access to forms. I stated in an earlier email that attorneys may order NWMLS forms – they need not be members – but they are restricted as to how often (once a month – I assume to limit NWMLS processing) and what forms (Mary Howard wouldn’t elaborate on that part for me). It is the PUBLIC that is not allowed to purchase forms or to have them provided to them without oversight by an agent OR an attorney.

If an agent or an attorney is purchasing the forms and then selling them to the public without their involvement in the transaction that is a serious problem. The NWMLS has made it clear that this is not acceptable and I’ve seen cases reported by NAR from around the nation where agents have been sued for doing similar deeds in their own MLS areas.

]]> By: craig http://raincityguide.com/2006/12/29/hot-or-not/#comment-57285 craig Tue, 02 Jan 2007 20:10:52 +0000 http://raincityguide.com/2006/12/29/hot-or-not/#comment-57285 Reba: We're in agreement -- we both have an obligation to do the best job possible for our clients, and (generally speaking) we have no obligation to assist or protect the interests of the other party in the transaction. It is based on these principles that I seek a 3% reduction in the selling price. Reba: We’re in agreement — we both have an obligation to do the best job possible for our clients, and (generally speaking) we have no obligation to assist or protect the interests of the other party in the transaction. It is based on these principles that I seek a 3% reduction in the selling price.

]]> By: Reba Haas http://raincityguide.com/2006/12/29/hot-or-not/#comment-57282 Reba Haas Tue, 02 Jan 2007 19:48:56 +0000 http://raincityguide.com/2006/12/29/hot-or-not/#comment-57282 you're assuming then with your letter that there isn't already an agreement in place between the seller and the listing agent about what happens in the case of an unrepresented buyer and/or when there is an attorney or a non-SOC payment involved. In my business we don't suddenly get a 3% "windfall" as you call it. We've already spoken with our clients well in advance of this situation about what will happen and if the buyer is unrepresented then we frequently discount the commission to the seller (I won't give amounts here to prevent any concern of anti-trust violation) - and if the buyer is unrepresented (no agent or attorney) we as agents still carry a lot of liability so we frequently drop the fee total (each case is considered independently based on specific issues of sale) and if there is representation we'll credit some (again, I won't give specifics) back to our seller because they've got higher costs of sale than the buyer has to purchase so the "windfall" as you call it goes to the seller, plus as a listing agent it is my job to help the seller get top dollar. Our goal is to help our client receive the highest sum possible in the sale of their home, I represent them and their interests. I don't see why the buyer should be the one to financially benefit from it in all cases. Buyer's have options in looking for help on closing costs, they'll frequently inflate the price a bit and have it credited at closing. They can do a better job of negotiating price based on real issues with the property and not its representation methods. I found when we recently worked on a deal with Kirk (he acted as attorney and not as agent) that his client would try and come to us directly for a lot of what he had questions about with regard to his transaction. When I found out the buyer was continuing to contact my business partner directly about a lot of his questions (especially regarding the financial prospects of this rental) I had to tell Michael to start redirecting him to his attorney. We provided him with the information from our seller clients, as is required by our position, but it is not our job to interpret the data for him. We found that while this guy was using the non-payment of an SOC to try and negotiate a lower price he was then skirting the costs of his attorney by trying to get information from us. That's not our job as a listing agent when we don't provide dual agency. It was clear up front that we weren't going to provide it and this guy continued to try and break that barrier - it was frustrating and annoying and until I pointed out several liability issues for our business in his answering these questions to Michael he'd been falling for it. It's one thing for us to provide information in our position as a listing agent, and we meet agency requirements of being fair and honest with all parties, but it is not our job to interpret the data for the buyer when he has his own representation. Even if they were unrepresented it is still up to the buyer to do their own review and to hire the appropriate individuals to help them in their analysis. you’re assuming then with your letter that there isn’t already an agreement in place between the seller and the listing agent about what happens in the case of an unrepresented buyer and/or when there is an attorney or a non-SOC payment involved.

In my business we don’t suddenly get a 3% “windfall” as you call it. We’ve already spoken with our clients well in advance of this situation about what will happen and if the buyer is unrepresented then we frequently discount the commission to the seller (I won’t give amounts here to prevent any concern of anti-trust violation) – and if the buyer is unrepresented (no agent or attorney) we as agents still carry a lot of liability so we frequently drop the fee total (each case is considered independently based on specific issues of sale) and if there is representation we’ll credit some (again, I won’t give specifics) back to our seller because they’ve got higher costs of sale than the buyer has to purchase so the “windfall” as you call it goes to the seller, plus as a listing agent it is my job to help the seller get top dollar. Our goal is to help our client receive the highest sum possible in the sale of their home, I represent them and their interests. I don’t see why the buyer should be the one to financially benefit from it in all cases. Buyer’s have options in looking for help on closing costs, they’ll frequently inflate the price a bit and have it credited at closing. They can do a better job of negotiating price based on real issues with the property and not its representation methods.

I found when we recently worked on a deal with Kirk (he acted as attorney and not as agent) that his client would try and come to us directly for a lot of what he had questions about with regard to his transaction. When I found out the buyer was continuing to contact my business partner directly about a lot of his questions (especially regarding the financial prospects of this rental) I had to tell Michael to start redirecting him to his attorney. We provided him with the information from our seller clients, as is required by our position, but it is not our job to interpret the data for him. We found that while this guy was using the non-payment of an SOC to try and negotiate a lower price he was then skirting the costs of his attorney by trying to get information from us. That’s not our job as a listing agent when we don’t provide dual agency. It was clear up front that we weren’t going to provide it and this guy continued to try and break that barrier – it was frustrating and annoying and until I pointed out several liability issues for our business in his answering these questions to Michael he’d been falling for it.

It’s one thing for us to provide information in our position as a listing agent, and we meet agency requirements of being fair and honest with all parties, but it is not our job to interpret the data for the buyer when he has his own representation. Even if they were unrepresented it is still up to the buyer to do their own review and to hire the appropriate individuals to help them in their analysis.

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