Read Get the Facts including the Legal Hotline Q & A
Get the Facts is a Membership update sent to Washington REALTOR® members and contacts each Tuesday.  
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Weekly Membership Newsletter
November 13, 2018 • Stay Connected!
         


QUESTION:  I am representing a seller and we have been under contract with a buyer for over 30 days. Buyer has no remaining contingencies. Buyer is concerned they overpaid because the market is changing. Buyer believes the agreement is not valid because none of the seller contact information has been filled in on page 1 of form 21. Is the agreement not valid simply because the seller contact information is not on page 1 of form 21?



ANSWER:  No. The seller contact information has nothing whatsoever to do with the validity of the purchase agreement. The contact information is provided to assist escrow, lenders, title, etc. to be able to easily contact the parties. The contact information on the F21 is also essential if either party demands delivery of the earnest money, following a sale fail, based on the statutory process for demanding recovery of the EM. But, the contact information for the parties is not necessary for the creation of a binding purchase agreement.
 
If buyer persists in claiming the right to terminate the PSA, broker should advise seller to seek legal counsel. It appears that buyer will be in breach of the purchase agreement.
 

 

The Legal Hotline Lawyer does not represent Washington REALTORS or its members. To browse through our database of past Q & A's, visit www.warealtor.org. Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of the Week. Please submit questions to legalhotline@warealtor.org or leave a message at 800.562.6027. Please include your NRDS number.



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  VHT Studios

 
 
Scammers Target REALTORS® Thru Lead Gen Sites
Scammers are getting sophisticated in the way that they lure real estate brokers. In Massachusetts, female REALTORS were possibly being targeted through online lead generation sites. Additionally, text messages that were spoofed (made to look like they are coming from a specific number) were sent to try to arrange private meetings. Here are a few safety tips to remember...
 
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1 in 4 Homeowners are Now 'Equity Rich'
(Source: REALTOR® Magazine) Rising home prices are helping homeowners get richer and richer. Equity-rich properties represented 25.7 percent—or nearly 14.5 million—of U.S. properties in the third quarter, a record high, ATTOM Data Solutions, a real estate research firm, reports. “Equity-rich” means the combined estimated amount of loans secured by the property was 50 percent or less of the property’s estimated market value. 
 
 
 
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3 Ways You're Failing at Customer Service
(And What to Do About It)
(Source: The YPN Lounge) It’s no secret that the best salespeople also tend to be the best at customer service. After all, good customer service leads to happy and loyal customers, and happy and loyal customers lead to repeat and referral business. Referrals are crucial to long term success in real estate, yet many agents aren’t building the referral base they should.
 
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ADA & Fair Housing - NAR Recap
(Source: National Association of REALTORS®) While technology has changed the way consumers experience home buying and selling in a generally positive manner, technology used incorrectly has the potential to leave a portion of the population neglected. Because of that, it is vital for Realtors® to understand how application of the ADA and the Fair Housing Act through advertising, websites, apps and smart home technology will affect their businesses."
 
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Primary Mortgage Rates Survey
(updated every Thursday)  Source:  Freddie Mac
 
  November 8, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.94%  4.33%  4.14%
 Fees & Points  0.5
 0.5
 0.3
 Margin  N/A  N/A  2.77



  November 1, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.83%  4.23%  4.04%
 Fees & Points  0.5
 0.5
 0.3
 Margin  N/A  N/A  2.77



  October 25, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.86%  4.29%  4.14%
 Fees & PointsHTML  0.5
 0.4
 0.3
 Margin  N/A  N/A  2.77



  October 18, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.85%  4.26%  4.10%
 Fees & Points  0.5
 0.4
 0.3
 Margin  N/A  N/A  2.77



  October 11, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.90%  4.29%  4.07%
 Fees & Points  0.5
 0.5
 0.3
 Margin  N/A  N/A  2.77



 
 UPCOMING CLASSES
 
Date Class Location CE  
15-NOV  OSCAR Pullman 4.0 More info...
15-NOV  NAR Code of Ethics Olympia 3.0 More info...
15-NOV NAR Code of Ethics Olympia 3.0 More info...
15-NOV Red Flags in RE Transactions Pullman 3.5 More info...
16-NOV  Current Issues in WA Res. RE Langley 3.5 More info...
16-NOV NAR Code of Ethics Langley 4.0 More info...
20-NOV  NAR Code of Ethics Seattle 3.0 More info...
29-NOV  NAR Code of Ethics Webinar 3.0 More info...
29-NOV  Water Rights & Supply Issues Kennewick 3.5 More info...
30-NOV  The Hotline Vs. The Bottom Line Langley 7.5 More info...

More Classes →


  
COE WEBINARS 
Washington REALTORS® will host COE Webinars starting in August to assist members with completing the mandatory training. Don't wait until the last minute, though! These webinars are capped and they fill up fast...
 
THURSDAY, NOVEMBER 29TH  REGISTER
WEDNESDAY, DECEMBER 5TH REGISTER
THURSDAY, DECEMBER 13TH  REGISTER 
THURSDAY, DECEMBER 20TH  REGISTER