CCARlive March Edition!
Click here for the March edition of CCARlive, featuring information about:
· MORE – the Multiple Organization Reciprocal Exchange
· current, expanded housing statistics for Contra Costa County
· eliminating spam from your universe
· new classes and training opportunities
· CCAR Diversity Committee· the CCAR Scholarship Foundation
· Women’s Council of REALTORS®
and much more…
CCARlive uniquely reaches its loyal target market, including some 4,000 REALTORS® and Affiliates, in Contra Costa County, in a way that no other publication can or does. Advertise in CCARlive for as little as $25 per month! Your ad includes a link to your website, and ad design is FREE. Click for ad rates, or contact Michelle Manos, Director of Marketing and Communication, at 925 295 9216 or michelle@ccartoday.com.
CCAR MLS Rules Update – Exterior photo or rendering requirement
Hello, Michael Seguin, Director of Technology for the Contra Costa Association of REALTORS®. We wanted to take a moment to ensure that you are aware of the recent addition to our MLS rules and regulations. We recently modified our rules to require at least one photo or rendering of the exterior of a property be posted to the MLS within 5 days of the property being input to the MLS. Our goal here is of course to improve the value of the MLS compilation to our REALTOR members and to the consumer. The specific text of the rule is below. Please note, we will begin addressing violations of this rule soon. It is our hope that through education and outreach we can solve the issue of properties without photos, rather than through citations and fines.
MLS Rules Language:
Residential, Mobile Home, Residential Income, Lease rental, Commercial Residential Multi units 5+, Commercial for Sale, and Commercial for lease must have a minimum of one main photo/image of the exterior of the property attached to the listing unless directed otherwise in writing by the seller. The main photo/image must be added within five (5) days of the listing being entered into the MLS.
Questions and Answers Regarding Short Sales
Question: I am a listing agent in a short sale transaction. The lender has agreed to accept an offer, but has asked the seller to pay an additional amount outside of escrow. This amount will not be reflected on the HUD-1. Should I advise my client to sign the proposal?
Answer: You should immediately recommend that your client see an attorney before agreeing to any such terms. All payments made to anyone pursuant to a short sale should be reflected on the HUD-1 and all parties should be notified of those payments.
Question: I am an agent handling a short sale. There are two (2) loans secured against the property, including a first and second. The first has approved the short sale, but will only permit the second to take $2,000 payment. The second is owed over $50,000. The second has agreed to the short sale, but has asked for payment outside of escrow in the amount of $10,000. Should I advise my client to accept this proposal?
Answer: You should immediately advise your client to seek legal advice and you should not participate in this transaction. The second lender’s request constitutes fraud on the first lender, as the first lender has advised that its agreement is contingent upon the second lender accepting only $2,000.
-Shannon B. Jones, Partner
Shannon B. Jones Law Group
Diablo Mediation Services
sbj@sbj-law.com
