Fantastic Friday and Welcome to Rosemary’s Rubies!
Sponsored By: Frank Bello
Sponsored By: Heather Shimala
Agent Tip of the Week!
TREC: “Don’t Be The One Who Gets Blamed When a Buyer Does Not Get Approval”
Want to avoid a complaint? If you are a buyer’s agent and the buyer needs to get a loan, here are a few tips on how to avoid issues that have led to some complaints to the Commission.
First, ask for enough days in paragraph B of the Third Party Financing Addendum for the buyer to have a reasonable chance of getting Buyer Approval by the deadline. Find out from the buyer’s lender what the lender’s timeframe is for approving this particular buyer. If the buyer does not get Buyer Approval from the lender or does not terminate the contract by the deadline, and does not qualify for a loan (absent some other “out” in the contract), the buyer most likely defaults and forfeits the earnest money to the seller. The buyer won’t be happy and may then file a complaint against you. Further, the defaulting buyer is unlikely to recoup any money already paid for transactional expenses, such as an option fee, inspection fee, or appraisal fee. The buyer will be disappointed and may blame you.
Also, if the Buyer Approval deadline is approaching and the buyer will not have an answer from the lender regarding Buyer Approval by the deadline, the buyer’s agent should submit an Amendment to the listing agent to ask the seller to extend the deadline for Buyer Approval. A buyer’s agent who fails to monitor the Buyer Approval deadline or to timely request an extension from the seller probably commits a violation by not looking out for the buyer’s best interest or, at a minimum, for negligent or incompetent conduct. A failure to fulfill these obligations is another reason the buyer may file a complaint with the Commission.
Remember – once the contract has been negotiated, a license holder cannot just sit back thinking that his or her job is done. The license holder needs to shepherd the transaction to closing, and that includes helping the buyer to understand the significance of the Buyer Approval deadline. Doing so is in both your best interest and your client’s best interest.
What’s Going on in Your Market Center?
C O R E ORIENTATION
(Creating Outstanding Realtors For Excellence)
12/11/2017 at 3:30 PM
12/13/2017 at 5:00 PM
Creating Outstanding Realtors for Excellence – is a fast track program to provide agents with the foundation needed to launch their business, and get off to a fast, exciting start in real estate!
This 90 minute orientation class covers how, what, when and where details necessary to get your Real Estate business started with Dallas Metro North. You will be introduced to “Path to Success”. Path to Success is your first 100 days business guide.
Cinda Knight, Productivity Coach, facilitates this class and program. If you have questions about the CORE program, Cinda’s email is firstname.lastname@example.org.
If you want to build your profit share tree, this is also an excellent recruiting tool for you so come & check it out!
Training Room B
Join our Office Leaders in their discussion regarding the future of our Market Center! Feel free to bring your lunch and eat during the meeting.
More Training Events This Week!
Monday, December 11th 2017 ~ 1:00-1:30 ~ CGI Call
Wednesday, December 13th 2017 ~ 9:00-12:00 ~ Tech and New Agent Orientation* ~ Sarah Bordelon and Rosemary Croney
*Join Sarah and Rosemary for tech tips and an overview of Policies & Procedures. Not just for new agents.
Wednesday, December 13th 2017 ~ 1:30-2:30 ~ Safety Committee Meeting
Wednesday, December 13th 2017 ~ 2:00-2:30 ~ Linda & Anne’s Best Recruiting Questions! ~ Anna McKissack
Save the Date!
Partner Agent Meeting
11:15 – 1:00 PM
Everyone is Welcome and Lunch is Provided!
January 9th, 10th, and 11th!
What’s Going On In Your Community?
Check Out This Week’s Treasure Chest!
Located at the Front Desk!
Congratulations To Our Newest Cappers!
Brian and Tisha White