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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
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
Safest to Disclose Business and Personal Relationships NAR ethics requires disclosure of personal relationships. What about business relationships? In this Pennsylvania case, the safe answer for risk management purposes is to disclose business relationships. https://www.nar.realtor/legal-case-summaries/breach-of-fiduciary-duty-claims-denied With the market doing well and inventory being tight, SCR hotline is hearing about investor flippers using equitable ownership interests… Continue Reading Disclose Personal Relationships and Safest to Disclose Business Relationships
NAR offers mediation training in Chicago each fall. This is one of the best mediator training courses in the world. https://www.nar.realtor/events/mediator-mediation-training SCR plans to offer mediation training in SC this fall. All mediators should attend. Anyone interested in mediation should attend. iupdate Posted by: Byron King
Murder/Suicide: PA Supreme Court Says Not a Material Defect SC law labels pure psychologically affected stigma to a real property as something that is not legally required to be disclosed. (SC Code 27-50-270 and 40-57-180) http://www.scstatehouse.gov/code/t27c050.php http://www.scstatehouse.gov/code/t40c057.php However to avoid upset buyers and lawsuits as occurred in PA, sellers should consider disclosing psychological stigma. While… Continue Reading Psychologically Stigmatized Property
REALTOR Ethics and Arbitration (commission dispute) Hearings in a Nutshell The Chair of the Hearing Panel of REALTORS makes opening remarks. Both sides make opening statements. Complainant produces evidence (testimony, witnesses, documents, video) to prove their case by "clear, strong, convincing" (ethics case standard) or "preponderance" (arbitration money standard). Other side tries to poke holes… Continue Reading Summary of Ethics and Arbitration Hearings
Hour Long REALTOR Overview of Mediation https://www.youtube.com/watch?v=yjdp21Z6ObI Posted by : Byron King
To see RESPA enforcement actions by the federal Consumer Financial Protection Bureau (CFPB): https://www.consumerfinance.gov/policy-compliance/enforcement/actions/ Posted by : Byron King
Listing Brokerages Keep MLS Compensation Updated ASAP Listing brokerages should keep MLS offered compensation updated ASAP. Listing brokerages should not try to change MLS offered compensation once an offer is submitted. Listing brokerages should ensure their listing agreements cover compensation. Bonuses, boats, cars, trips, etc. - listing brokerage should have law firm escrow these "seller… Continue Reading Keep MLS Compensation Correct/Updated
How Do You Pronounce REALTOR? http://realtormag.realtor.org/daily-news/2014/04/07/realtor-lands-list-among-most-mispronounced-words