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You are receiving this email because of your relationship with Washington Association of REALTORS.
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Hotline Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of the Week. Please submit que stions to legalhotline@warealtor.org or call (800) 562-6027. Please have your NRDS number ready when you call or e-mail the Hotline with your question. The Legal Hotline lawyer does not represent Washington Association of REALTORS� members or their clients and customers. Research this topic and thousands of others online.
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Question:
Section 2 of Form 22EF, Evidence of Funds Addendum, has one option a broker can mark stating that the Buyer is relying on the sale of a property owned by the Buyer as the source of funds for the Buyer's purchase. Can the Buyer mark this box on this form to disclose their contingent source of funds and not include a Form 22Q Buyer's Pending Sale of Property Addendum if they have a pending sale on real property they own?
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Answer:
Theoretically, yes. But Form 22EF is not the correct form for that contingent source of funds. Part of a broker's limited license to practice law, granted by the Supreme Court in Cultum v. Heritage House, is the obligation to select the proper form to use. For a real property sale pending contingency, the proper form to use is Form 22Q.
If the buyer does use Form 22EF to identify a pending sale contingency, the buyer should expect a counteroffer from the seller changing the contingency to Form 22Q. Form 22Q has additional provisions that are helpful to both parties when a buyer is relying on the closing of a pending sale of real property. Accordingly, if the buyer wants to create an offer that can be accepted without a counter, the buyer should use Form 22Q for a pending sale of real property contingency.
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We have scanned and selected interesting tips & tricks articles from a variety of industry publications so you don't have to. Always check with your broker/owner to see if these practices fit within your company policies.
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Brush up on Your Second Language Skills
The NAR Library has some great e-books on many different languages, like Spanish, French, Chinese, Italian, etc.) available for members. You'll also find plenty of other e-books to help you in your real estate business. Check out books on mobile marketing, leadership, technology, self-help, healthy lifestyles, and more.
This is a member's only benefit, so you'll need your NRDS # to log in. Visit the Library for more information!  |
Working with Your Clients During the Gov't Shutdown
(YPN Blog - Dave Robison) In the midst of the government shutdown, we are still working with our clients to get their deals closed. Yes, the FHA is still committed to getting loans processed, but other government entities are closed, including the IRS. Lenders require a 4506-T form, but the IRS is now unable to fulfill requests. So what does this mean? If your lender requires this, the loan won't close until the IRS reopens, thus putting your deal at risk. Some lenders are waiving the 4506-T requirement, with income verification to follow later. But you can be proactive and help your clients. Here are some tips:
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Supreme Court Decision Could Limit Water for Homes
A recent Supreme Court decision invalidates a Skagit Basin Instream Flow rule passed in 2006. The "2006 Rule" explicitly provided water supply for those parts of Skagit and Snohomish Counties that cannot obtain water from existing water systems such as cities, water districts, or public utility districts. With this decision, the water rule governing the Skagit Basin is now the original rule adopted by Ecology in 2001 ("2001 Rule").The effects of the decision are still being evaluated by Ecology and it is unclear how Ecology, counties, or others will address situations involving homes lawfully built using water supply from the 2006 Rule. It is also unclear how they will evaluate whether legal water supply exists under the 2001 Rule for new building permit and subdivision applications. Washington REALTORS� will keep you updated!
Read the Special Bulletin.
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Housing Recovery Picks Up Steam Despite Headwinds
( RIS Media) With home prices and household formations rising and household balance sheets healing, the ongoing housing recovery is expected to gain momentum next year even as several challenges remain, according to economists who participated in a recent National Association of Home Builders (NAHB) Fall 2013 Construction Forecast Webinar. "The cards are in play for a decent and fairly strong recovery in 2014 and particularly in 2015," said NAHB Chief Economist David Crowe.
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September/October 2013 Market Pulse
( REALTORMag) July saw a monthly dip in pending sales nationally, though the rate was above one-year-ago figures for the 27th straight month. Higher prices are affecting the availability of FHA financing in some areas. And some areas are seeing higher mortgage and flood insurance premiums. On the plus side, households are jumping into the market to buy before rates and prices rise further. All trend lines are from July 2012 to July 2013.
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Lenders Adapt to Shutdown
(Housingwire) The government shutdown is gradually impacting the mortgage industry, with more lenders creating momentary bypasses to approve loans. Lenders are required to include a 4506-tax transcript, which allows the lender to pull and verify a borrower's income directly from the Internal Revenue Service. But this step in the process came to halt once the IRS shutdown with most of the U.S. government. As a result, banks crafted temporary exceptions to keep businesses running.
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| National Averages |
30-Yr FRM
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15-Yr FRM
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5/1-Yr ARM
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1-Yr ARM
| | Average Rates | 4.22% | 3.29% | 3.03% | 2.63% | | Change (from prior week) |
-0.10%
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-0.08%
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- 0.04%
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----
| | Fees & Points |
0.7
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0.7
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0.6
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0.4
| | Margin |
N/A
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N/A
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2.74
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2.77
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Regional Averages
(West) |
30-Yr FRM
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15-Yr FRM
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5/1-Yr ARM
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1-Yr ARM
| | Average Rates |
4.17%
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3.22%
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2.95%
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2.50%
| | Change (from prior week) |
- 0.10%
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-0.09%
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- 0.02%
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-----%
| | Fees & Points |
0.8
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0.8
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0.7
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0.4
| | Margin |
N/A
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N/A
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2.73
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2.75
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Source: Freddie Mac - Weekly mortgage rates released every Thursday.
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There is Only One Week Left!
Next Tuesday, October 15 is the deadline for your 2013 REALTOR� PAC investment. Don't miss your chance to help elect the candidates this fall who will defend REALTORS� bottom line. It only takes a couple of clicks to make a $40, $80 or $1000 contribution (whatever you can) easily, simply and safely. Please help us recognize our 2013 RPAC Major Investors who understand the power of REALTOR� PAC and make a contribution of $1000, $2500 or $5000 because they understand the return on their investment. You can view those REALTORS� HERE .
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REALTORS� to Testify Before Congress on Impact of Shutdown
NAR President Gary Thomas will be testifying before the Senate banking committee next week on the impact of the federal government shutdown and debt default. Other witnesses at the hearing will be Frank Keating, president and chief executive of the American Bankers Association, Kenneth Bentsen, president of the Securities Industry and Financial Markets Association and Paul Schott Stevens, president and chief executive of the Investment Company Institute.
President Thomas's statement will be on the committee website and also on realtor.org after the hearing on October 10th.
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REALTORS� Urge FHFA Not to Change Loan Limits
In August FHFA announced the intention to lower the loan limits to encourage private growth in the mortgage market. NAR sent a letter to FHFA urging them not to make such a change, asserting they do not have the authority to do so and arguing against reducing mortgage liquidity across the nation. Now, 13 US Senators have sent a letter to the FHFA Acting Director urging him not to lower the Freddie Mac and Fannie Mae loan limits.
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For your convenience, Washington REALTORS� Education offers both online education and live classes, including webinars! To participate in a webinar, all you need is internet access and a phone. For more information, or to sign up for classes, visit www.warealtor.org/education.
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 Out-last your fellow REALTORS & Attorneys! Check out Attorney Survivor on October 28, 2013! Come see Annie Fitzsimmons, Jeannie Simpson, Mark Schedler, Michael A. Spence, Steve Francks - as moderator and commentary - and 12 outspoken REALTORS battle to see which REALTOR can out-do, out-wit, out-play and become the Ultimate Survivor! Seating is limited, so sign up now! Winner to receive $500 and a license plate cover!
Date: October 28th, 2013 | Time: 10am-2pm Place: The Rainier Room at the Truitt Building 102 W Main Street, Auburn, 98001 (Above the Odd Fellas - Plenty of FREE Parking)
Cost: $55-includes lunch WCR members: FREE (lunch $15)
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Upcoming Live Classes:
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Date
| Course Title |
CE Hours
| Instructor | Location | Registration Option | | 10/8/2013 10/9/2013 | EDCON 2013 | 15 | Various | Seatac Hilton | 800-748-7053 or Register Online | | 10/10/2013 | Statewide Forms 1/2 Day
Best of the Legal Hotline 1/2 Day | 8.0 | Annie Fitzsimmons | Tri City | 509-783-2184 | | 10/14/2013 | Best of the Legal Hotline | 3.5 | Annie Fitzsimmons | Port Townsend
8:30am-12pm | 360-385-6041 | | 10/14/2013 | Agency Law | 4.0 | Annie Fitzsimmons | Port Townsend
1pm-4:30pm | 360-385-6041 | 10/14/2013-
10/15/2013 | Certified Negotiation Expert (CNE) | 15.0 | Pili Meyer | Spokane | 800-748-7053 or Register Online | 10/16/2013-
10/17/2013 | Instructor Development Workshop | 15.0 | Pili Meyer | Spokane | 800-748-7053 or Register Online | | 10/21/2013 | VA & Military Real Estate Specialist | 7.5 | Pili Meyer | Seattle | 425-974-1011 | | 10/24/2013-10/25/2013 | Senior Real Estate Specialist (SRES) | 13.0 | Pili Meyer | TBD | 800-748-7053 or Register Online | | 10/28/2013 | Attorney Survivor! | 3.0 | Various | Auburn | 800-748-8191 or Register with WCR | | 10/31/2013 | Current Issues in WA Residential Real Estate | 3.5 | Mark Kitabayashi | Oak Harbor CPO Club | 360-416-4902 | | 11/14/2013 | NAR Code of Ethics | 3.0 | Bobbie Chipman | Tacoma | 253-473-0232 | | 11/14/2013 | Best of the Legal Hotline | 4.0 | Annie Fitzsimmons | Spokane | 509-326-9222 | | 11/14/2013 | Agency Law - C8610 | 4.0 | Annie Fitzsimmons | Spokane | 509-326-9222 | | 11/18/2013 | Agency Law - C8609 | 3.0 | Annie Fitzsimmons | Kitsap
9am-12pm | 360-692-8852 | | 11/18/2013 | Best of the Legal Hotline | 4.0 | Annie Fitzsimmons | Kitsap
1pm-5pm | 360-692-8852 |
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Hotline Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of the Week. Please submit questions to legalhotline@warealtor.org or call (800) 562-6027. Please have your NRDS number ready when you call or e-mail the Hotline with your question. The Legal Hotline lawyer does not represent Washington Association of REALTORS� members or their clients and customers. Research this topic and thousands of others online.
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Question
Buyer purchased new construction in a subdivision with CC&Rs recorded against title. The CC&Rs indicated that HOA dues would be owing but the seller never identified the amount of the dues, until after closing. Buyer is unhappy. What is buyer's recourse?
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Online and available 24-7. Browse hundreds of questions and answers. You will need your NRDS number to access.
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Copyright � 2013. All Rights Reserved.
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