Spring Break is here! If you have kids, or grand kids, enjoy this time. Work will always be waiting for you, so relax a little bit! I will be. We go to the beach on Sunday.
As for your mortgage needs for your clients, my team will not miss a beat! They are working away at the office. In fact, we are about to SAVE A DEAL. The borrower closes 3/31- and 4 other lenders already denied him. Credit score is 590- and on FHA we can go down to 580. A great borrower, just had a couple credit hiccups. My team has the bandwidth and patience to deal with challenging scenarios! That ONE OF THE REASONS that having a team is great for you! We have the energy and group experience to put our heads together to get your deals closed! And we love the easy deals too by the way!
This week at the CRS luncheon I had the pleasure of hearing the TREC Chair , Avis Wukasch, speak. Here are 6 things to watch out for! Many of them are new regulations, or changes of the current ones. Here is what she said below:
1. IABS (Information About Brokerage Services)
- required to fill out, and put on your website, facebook biz page, or anything public. Yes , you still present on 1st face to face meeting.
- if you put in an email, it must be in the BODY, not below at the bottom, lost where they may not see it.
2. Consumer Notice-
2. Consumer Notice-
- put on your website, on facebook biz page,
- In your office it must be in full view, if you have a home office it must be on your website.
3. You CANNOT use the word 'value'. Instead use price.
3. You CANNOT use the word 'value'. Instead use price.
- For example: " this is the value of your home' or click here to find value. (DONT SAY THIS) Instead say price.
- When you use the word 'value' , it alludes that you are an appraiser! This is against Federal law! (unless you are an appraiser)
4. Accidental POA (Power of Attorney)
- Let's say the buyer /seller instructs you to sign , initial for them!!!!!!! (example- they are out of town, or on a plane, etc)
-No!!!!!! Not even ' by agent' ! Unless an official POA (power of attorney) has been signed by them designating you as their agent.
-This is fraud. So just don't do it.
5. Accidental Property Management
- seller is out of town (for example) , and asks you to pay a landscaper in the interim and they pay you back.
-No!!!!!!!!!!!!! What if the vendor messes it up!? This is a major liability you are causing for yourself, and your broker.
-Just dont do it. YOu can organize the vendor/repair (get in writing that you presented the seller with options, Avis suggests!)- but do NOT PAY with your funds to be repaid.
6. Agency
6. Agency
- when you, the agent, are also the buyer and/or seller, paragraph 4 states clearly that you cannot represent both sides!!!!
As always, I hope you found my information helpful today!
Have a glorious weekend, where ever you are!
