SCR contract states that the parties will sign a disbursement agreement if a deal fails to close. SCR310 Section 23 (D) If either/both Parties default, Parties agree to sign an escrow deposit disbursement agreement or release agreement. If there are brokerages that want their law firms to develop similar language, that is fine but that… Continue Reading Earnest Money Solution
Safest risk management is (1) seller discloses audio/video surveillance and (2) buyer behaves legally/respectfully inside the listing and (3) buyer never speaks confidential information inside the listing (e.g. I would pay full price for this house! I love this house. If overheard, this info could harm the buyer's negotiating position.) Issues with security surveillance (audio/video)… Continue Reading Surveillance Issues – Security Cameras and Security Microphones
Federally backed home loans from the Rural Housing Service have been called one of the the government’s best kept secrets because buyers can get safe, affordable mortgage financing in areas where few other loan options are available. The underwriting requirements are considered both strong and reasonable, and, maybe most important, homes that wouldn’t be eligible… Continue Reading How Suburbanization Impacts Rural Home Loans
New Jersey Department of Banking and Insurance Acting Commissioner Marlene Caride has issued a bulletin that alerts banks, mortgage lenders, real estate licensees, consumers and small businesses involved in mortgage loan transactions of the prevalence of fraudulent schemes to divert funds transferred by wire. The bulletin also provides guidance for financial services companies on recommended… Continue Reading Wire Fraud NJ Issues Alert Bulletin
NAR members and Association staff can borrow up to six electronic books, digital audios and/or videos at no cost, through the Virtual Library eBooks Collection. Members can also borrow up to three books for 30 days from the Library Catalog for a nominal fee of $10. Call Information Services at 800.874.6500 for assistance. Fill Your Funnel Selling with… Continue Reading New Books–April 2018
Buyer reps, please communicate with the listing rep during offer preparation and include the listing agent info on page 8 of SCR310 residential contract as well as your own info and escrow agent info. An email or phone call with the listing rep or five minutes on the internet and LLR licensee lookup website can… Continue Reading Why Complete Page 8 (Licensee Info) on SCR310? You Should, Always, Completely!
Spring has sprung, and for many homeowners, this means it is time to head outdoors. Now is the time of year to tackle landscaping projects, and HouseLogic has ideas for projects that even the most amateur gardener can take on. Installing a path with flagstone or gravel is a simple, yet charming yard addition anyone… Continue Reading Story Ideas: Landscaping Projects Anyone Can Tackle
For earnest money disputes, the outcome may depend on who is holding the earnest money. If a lawyer is holding the earnest money, contact the lawyer about how the money can be disbursed. SCR recommends always having the buyers, sellers, and lawyer execute an escrow agreement when the lawyer takes possession of the money (e.g.… Continue Reading Earnest Money Disputes After a Fail to Close Can Include Mediation Settlement
Lack of homes available for sale and the concomitant rise in prices appears to be sidelining many first-time potential homebuyers in 2018. In the first two months of 2018, first-time buyers made up only 29 percent of home buyers compared to 32 percent in the same period one year ago, according to the February 2018… Continue Reading First-time Buyers Sidelined by Lack of Supply and Rising Prices
By Melissa Dittmann Tracey, REALTOR(R) Magazine Pocket doors are not only getting a chic makeover in recent years, but they really can be key to solving some design challenges in small spaces too. And for the “wow” factor, try a double-pocket door. Pocket doors are those that slide right into the wall when opened. It’s… Continue Reading Hot Home Trend: Double-Pocket Doors That Make a Statement