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Sandy's Blog

By Sandy | Real Estate Pro in Dallas, TX

ATTN Real Estate Agents - Risk Managment for your business

Take extra courses, stay ahead of the curve, learn all you can in this ever changing industry!


This month we need to hit several items with a wide brush stroke that we need you and your managers to keep examining more thoroughly and thoughtfully to keep us all safe and out of trouble.  If I can help, I am always happy to do so.  Let's start with advice for you all to take extra courses available-much more than the required hours.  There is so very much to learn about our ever changing industry.


First stop, new contract forms that will likely be up on Zipform any day if not there already.  These forms are mandatory by March 1, 2011 so you need to make sure you understand the changes.  Most of the changes are language clarifications, but those will be important for all of us.  Paragraph 4, please, read and re-read to make sure you understand that the contract itself applies to the property and the financing addendum then clarifies creditworthiness of the buyer.  The buyer now has the right for sure to terminate if the property does not qualify.  This will especially be important for FHA which makes up almost 80% of our transactions.  No one wants a transaction to fall through at the last minute allowing all your work and your clients' dreams to be foiled.  Paragraph 7 is also made more clear about what cannot be written which I hope none of you ever did.


With the new sheriff in town at TREC, really watch what you write in ads, run every ad by your manager. And be sure to disclose to both parties any fees (like Builder bonuses) that you may receive.  This is part of the Texas Real Estate License Act.  Be careful, TREC is watching.


This reminds me that complainants can now file anonymous complaints of Articles 3, 4, 5, 6, 12, 14 and 16.  Re-read these, too.  There are lots of implications, but the biggest one is that you can be fined $300 if you do not respond to the complaint on time and in the proper fashion.  Pay attention and report to your manager immediately if you receive a complaint.


HUD is changing with "little" changes almost daily.  We are trying to keep the managers aware of the changes as they happen.  I strongly suggest that you attend sales meetings to stay informed even if you have taken one of the HUD courses offered. 


Short Sales will be the last item.  They are here for awhile.  Keep learning.  A recent article advised to "show initiative and interest" which means for us to get involved and involved early in the process.  It also suggested to "lean on bank reps for insight on acceptable terms".  Push for information, especially after you have the Seller package completed with a strong argument on their behalf.  A CDPE class is offered at the C21 Convention.  I am planning to take it to be better informed and suggest you take one, too.  Guys stay safe out there.

For more information, or to find out how you can develop your real estate career, contact training@judgefite.com.

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