Welcome to Friday six!
This week we recorded Episode #4, Double Down podcast. This will be edited and ready for you next Friday at sweep time. 38 minutes in interviewing our Tune Up team as we double down on: support. We share the history of the team, where our current focus is and how to ask for a “tune up” – hint hint: email@example.com. I am hopeful the conversation with Maddy + Patty + I will inspire you on some level and provide a few insights you weren’t yet aware of. We are here to help – the ultimate goal.
This week – at a glance: a note on Earnest Money (or lack of!), NWMLS stats and summer market commentary, compliance fun (the auditors are out and about!) and a reminder of your Q2 Seattle Market Report ready for you – and yes, can be personalized for you.
I’m hopeful the stories I’ve heard this week do not become the “next big thing” in our marketplace and instead a giant coincidence on a few occasions. A heads up specifically to those of your representing Sellers. Please be vigilant in making sure Buyer’s Earnest Money is being deposited on-time. We’ve had a couple scenarios where Buyer gets into mutual (strong, tight, no contingency offer) and then sends rescission terminating the PSA (purchase and sale agreement) – only then for Listing Firm to discover there was no Earnest Money deposited. Without deposit of EM there is no Interpleader process > thus Seller would have to obtain counsel and sue Buyer for EM (aka, damages). Not a good look for anyone no matter how you slice it. To get ahead of this, as a Listing Broker – be certain to check status of EM deposit of Buyer. ***I may have more commentary later on this, for now – simply be vigilant in representing your Sellers.***
Summer doldrums for home sales “not happening” around Western Washington
Full NWMLS monthly statistical report released this week, full report hosted on the homepage of NWMLS. I’ll be recapping the Seattle “science” next week.
One soundbite to digest in the immediate…
“The leap in prices may have some people crying “housing bubble,” said OB Jacobi, president of Windermere Real Estate. “I still feel confident we’re not headed in that direction. Bubbles result from irresponsible lending practices, but buyers in King County have high credit scores and higher than average down payments. This area also has a high percentage of homeowners who are ‘equity rich’ which means their home is worth more than twice what they owe. For a housing bubble to occur we would expect to see far lower equity, down payments and credit quality.” – OB
DOL auditors are out, pretty please help us get audit proof! Your managers will be reminding your about compliance items soon, if they have not already. 100% absolutely blame me. Being that I know auditors are on the road, I have to dig in to be sure we are in good shape as a Company! I know what there hot buttons have been this year. First and foremost, please digest the Department of Licensing’s two-day rule – whereas we (WRE Co. – aka, The Firm) have to log everything you do in a timely fashion to be in compliance.
TWO DAY RULE:
“WAC 308-124C-135 and 140 require that all managing brokers and brokers deliver “transaction documents” to the appropriate managing broker, branch manager or designated broker within two business days of mutual acceptance. Transaction documents generated after mutual acceptance should be delivered to the firm promptly after generation. WAC 308-124C-125 and 130 require that the designated broker and any branch manager ensure that all licenses submit transaction documents to the firm within two business days of mutual acceptance. According to DOL interpretation “transaction documents” do not include correspondence. As such, a firm may permit licensees to deliver correspondence to the firm at any time during a transaction or upon closing or termination of transaction. Licensees should review their files at closing or termination to ensure all transaction documents and required correspondence has been delivered to the firm.”
That’s a wrap for this week – next week I’ll release the Tune Up team mic’d up! Hope you’ll listen in on the conversation as we Double Down on: support.
Laura Smith, General Manager | Windermere Real Estate Co.
Ballard + Eastlake + Madison Park + Northgate + Sand Point + Wedgwood
…and a reminder that our Q2 Seattle Market Review is ready for you! Our offices have several formats available for you. If you are interested in how to leverage this tool &/or have customized by adding your picture and contact information please connect up with out Tune Up team. Note: this will too be embedded within our Sept 1st client newsletter (mailchimp) as well for those of you who use this as one of your monthly “flow” pieces.
Request Q2 Seattle Market Review support via email: firstname.lastname@example.org
…your Tune Up team members are standing by! For a quick peak – click the image below!