New Listings
| MLS# 1604112 - 5746 Forsythia Place | ||||
| Mary Jane Brummer | 3 Bed 1 Bath | $196,900 | ||
A/O's
| 1599161 | N/A | Swain, Jennifer | 7831 Twinflower | Madison |
Huge Opportunity!
THE OPPORTUNITY:
Wow, Condos rate of expiration have boosted almost 50% in the past six months. Residential over 26%. $$$Expired listings are a huge opportunity$$$! Listen to the attached MP3 to learn from Ben Kinney who listed and sold 217 expired listings in 2008. He was in the business less than four years when he did this!
THE CHALLENGE:
You need listings desperately this time of year so you need to take advantage of this opportunity. Expired listings are sellers that have raised their hand, have asked an agent to sell their home and were willing to pay a commission! Plus, every morning you can open up paragon for a list of leads. $$$I challenge you to take advantage of this awesome opportunity$$$.
If you need to polish up your skills, consider taking the classes I linked below on KWConnect:
YOUR REWARD:
Financial Freedom!
Listings which will bring you buyers and keep you busy through the winter months!
Plus, I will be taking the Top 5 September Listing Agents to lunch on Monday October 4th to pass along the BEST OF MEGA CAMP.
Jessica Fox
WRA Legal Hot Tip
Q. Conflicting statements from two different home warranty companies (HWC). One company said they no longer can pay the broker’s company a $60.00 service fee based on HUD's RESPA rulings and the other said they not only can, they do. Both companies require the broker’s agents/company to provide services which include giving the brochure, filling out the application, collecting or making sure it is on the HUD settlement statement, etc. Can the broker collect fees for services rendered?
A. The following is taken from the Real Estate Settlement Procedures Act (RESPA): Home Warranty Companies’ Payments to Real Estate Brokers and Agents Interpretative rule found online at http://www.hud.gov/offices/hsg/ramh/res/homewar625.pdf.
“In some circumstances, marketing services performed on behalf of an HWC are not compensable services. In particular, a real estate broker or agent is in a unique position to refer settlement service business and through marketing can affirmatively influence a homebuyer’s or seller’s selection of an HWC. As a real estate broker and agent hold positions of influence in the real estate transaction, a homebuyer or seller is more likely to accept the broker’s or agent’s promotion or recommendation of a settlement service provider. Therefore, marketing performed by a real estate broker or agent on behalf of an HWC to sell a homeowner warranty to particular homebuyers or sellers is a ‘referral’ to a settlement service provider.”
“Section 8(c) of RESPA and HUD’s regulations allow payment of bona fide compensation for services actually performed. (See 24 CFR 3500.14(g)(1)(iv).) HUD’s regulations also allow persons in a position to refer settlement service business to receive payments for providing additional compensable services as part of a transaction. (See 24 CFR 3500.14(g)(3).) Services performed by real estate brokers and agents on behalf of HWCs would be compensable as additional settlement services only if the services are actual, necessary and distinct from the primary services provided by the real estate broker or agent. Further, the real estate broker or agent may accept, and an HWC may pay to the broker or agent, a portion of the charge for the homeowner warranty only for services that are not nominal and for which there is not a duplicative charge. (See 24 CFR 3500.14(c).) HUD looks at the actual services provided to determine in a particular case whether compensable services have been performed by the real estate broker or agent. For example, conducting actual inspections of the items to be covered by the warranty to identify pre-existing conditions that could affect home warranty coverage, recording serial numbers of the items to be covered, documenting the condition of the covered items by taking pictures and reporting to the HWC regarding inspections may be compensable services.”
This rule has been challenged by NAR but at the moment stands as the applicable guidance on the subject. The broker can confer with his company’s attorney, evaluate the relative risks and rewards, and determine the best course for the company at this time.
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