Be careful if you recently entered into a real estate contract that will run over the Thanksgiving Holiday.
NWMLS contracts do not count Thanksgiving, or Friday, Saturday AND Sunday IF the period of time is 5 days or less, but DO count them if it is 6 days or more.
If you “sign around” tomorrow for example, and have 5 days to do the inspection, the first day is not until Monday. BUT if you allow 6 days or more, then the first day is Thursday and Monday is the 5th day!!! OMG!!!
Be careful. Right now less is more, and more will be over before you finish the turkey leftovers. 6 days or more are calendar days. 5 days or less exclude weekends and holidays and NWMLS declared Friday a holiday for the purpose of contracts.
Check with your agent or attorney if you have any questions.
Why not just one use rule of calendar days for all.
All deadlines are 5PM of the time zone of the county the contract was written. All days are calendar days unless agreed to by all parties in an addendum.
I am in wonderment as to why the real estate industry likes to complicate things. I can just see the committee sitting around a table for two hours working through this. There are certainly enough issues and concerns to deal with, without creating more.
I like the NASA Pen in Space Story (fact or fiction don’t know, don’t care it is the point that is important) NASA spends over a million dollars developing a pen for weightlessness and the Russians used a pencil.
Keep it simple.
I am now pleased that the people that took a look at my listing a couple of days ago did not make an offer…what a confusing set of rules! I fully agree with Rob; why can’t there just be one standard rule of calendar days. (Most good agents would take Thanksgiving, and other holidays, into account and add a few extra days in case their clients, or the other party, were going to be out of town/busy with relatives!)
It’s probably a hold-over from the attorneys drafting the forms.
Court rules have the same thing where under X number of days and you don’t count weekends. Some attorneys would wait to file things at certain times (e.g. December 24) if their motion was far enough out that you’d count weekends. For example this year if you assume no one works on December 31 (a Monday), a ten day period starting on December 24 would have only 5 work days. If Christmas was on a Thursay and you assumed people would take the two Fridays off, then there’d only be 4 work days in the 10 day period.
Boy I don’t miss those days.
I have what appears to be a dumb question for the agents but is not for me (I’m not an agent).
What if someone wrote a contract with a COE for today and they didn’t perform?
Is there a notice to perform, in WA, like in some states?
No Brian. It’s more like South Jersey than North Jersey 🙂
You have a closing date and if that day comes and you can’t close you need the buyer and seller to sign an addendum extending the closing date to another set date. I did one the other day extending from the 20th to the 30th. We all knew at the beginning we would likely be extending. It’s a short sale and property is vacant.
As long as people are well informed and there are no last minute surprises, it usually works out well. You just have to advise them fully before they enter into the contract if you expect date changes, so they can plan accordingly. Much easier with vacant property or with an extended occupancy for the seller so he doesn’t have to reschedule movers, etc.
Kary,
As I said before when Jim wrote the post about the new Statewide contracts, they should have some consumers approve the contracts before they are adopted. Seems like they write them so consumers need a professional more, when they could just as easily simply them so consumers need professionals less.
Thanks. The Jersey analogy nailed it for me.
Happy Thanksgivng, Ardell.
Thanks Brian. I’m having a GREAT one! Laughing so hard I’m crying. Hope yours is going well.
Rain City Guide is starting to lose the luster you once had. I use to really enjoy coming to this site…but now it’s stoked full of very very boring mortgage updates that I can get anywhere…if I was that bored. I miss the old days when it was mostly Ardell, Dustin and a few of the other contributors.
By the way, Dustin your being awful quiet these this past week after the News from the NAR. NAR has handed down some pretty stiff news when comes to the use of the mls term (not old news around the northwest). And now the great leaders and minds at NAR have decided to go after our domain names as well. I’m not talking about just the domain names with mls in the URLs either. But what should we expect more from the NAR, after all they sold us all out years ago when they connected up with Move.com Seems to me the good folks at move.com might have had something to do with this.
Shouldn’t the NAR being supporting it’s Realtor base and instead going after company’s like HomeGain, the Yahoo’s, Homes.com, and the rest of the hoard of company’s misusing mls and so many other things with their websites, then going after us. It just doesn’t make much sense.
Finally…my sincere apology for posting here Ardell. But I’m shocked that you guys haven’t said one word about the new LAWS dropped on us from the NAR. I personally think the NAR is to afraid to take on the giants, so instead heck…lets go after our base instead. Great strategy NAR!!!
Finally…nope your right…not going to post my real name for obvious reasons…But I’m still disgusted with whats going on. By the way…I have nothing against Dustin at all…trust me!
Disapointed R, the mortgage updates are only on Friday and were requested by Ardell. Since then, I’ve had other bloggers recommend to their readers to check out the rates on Friday. Mortgage rates can be boring…I suppose that’s almost good news in light of what’s going on in the industry these days. 🙂
(BTW, there are 2 p’s in disappointed).
Disappointed Realtor:
After the huge NAR event, I returned home from Vegas only to take off on a vacation with the family and I’m only now catching up on all the stuff that’s been going on over the past week. Nonetheless, I haven’t heard much about the new NAR rules… What’s going on?
How is NAR going after the large internet players you mentioned?
Disappointed REALTOR. There’s a fine line between assisting the membership and controlling market forces. I agree that NAR should be going after the “big guys”, but we disagree on just who those “big guys” are. To me they are inside the membership, and not outside the membership.
Nothing happened at NAR that is new news to me, just a whole lot of too little too late plus some not worth mentioning. This is a Seattle Website. What exactly happened at NAR that affects the people buying and selling real estate in the Seattle area, or even those licensed to sell real estate in the Seattle area? Nothing that I can see. Maybe Dustin heard or saw something that will change my opinion. But for me, Inman Connect keeps you more in line with the present and the future than a NAR Convention.
The other day one of my agents complained that I seem to care more about consumers generally than agents. Best half-assed compliment I’ve ever had. The bulk of agents are trying to hold on to something more than they are trying to improve something. Without proactive members, you gets whatever they give. Most of that is simply so far out in left field, it’s not worth watching where the ball went, let alone calling the play.
Until a large contingent is permitted to experiment outside of the “rules”, we will never know where the market would go without interference. Even God only had 10 Commandments. To have a free market we need less rules, not more.
Rhonda,
I very much appreciate your posting the rates each week. I point clients to it. Just recently one of my clients said “where is Rhonda seeing 5.875%??? Without having seen that, he would have settled for the 6.125% being offered to him by his credit union. Instead he found 5.875% with the same or less total costs.
Your posting the rates each week not only helps the consumer see when rates are up vs. down, it also gives them a benchmark rate to be looking for.
Helping consumers is a whole lot more important than entertaining bored agents 🙂
Thanks, ARDELL. I’ve actually had a few lenders call me to ask where I was getting my rates from! I explained to them that I’m a correspondent lender…
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Ok guys,
For starters read this thread to get up to speed:
http://www.realestatewebmasters.com/thread19714.html and then go to the new petition blog that was just started:
http://www.freethemls.com/
When you get up to speed, start a thread here and be front runners on this movement to stop the NAR and their CONTROL issues. Oh that’s right, their is that sort of dilemma for Dustin and his unfortunate involvement with MOVE.com (the enemy if you were all really up to speed on these new rules). But since there is no thread here on this issue and no one seems to understand what just happened. I can only assume you need some background first. Stand up fellow real estate agents and fight the NAR to turn about face and support their enrollment, not the reverse with their most recent rule changes.
Now, before anyone makes any criticism, please read the REW thread above all the way through and then make your comments.
Thanks and have a nice evening
Disappointed Realtor,
NAR does not control our mls or the mls rules in our area. So it is not our battle. Our mls is broker owned and separate from the Board of REALTORS. NWMLS already imposed that rule quite some time ago. If NAR backed off, it wouldn’t change anything for us here in the Seattle area. We have already adapted to that rule.