If you’re thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won’t cover your total mortgage obligation and… Continue reading Navigating Short Sales: What to Do When the Sale Price Leaves You Short
Appraised Value verses Assessed Value can be one of the most misunderstood concepts in property values. An appraisal is a formal estimate of market value performed by a licensed appraiser using analytical procedures and formulas. The appraiser will use the sales price of recently sold, nearby homes, with similar features (comparables), making adjustments for any… Continue reading Appraised Value vs. Tax Assessment
VREB Disciplinary Authority Every real estate Licensee, whether active or inactive, must fully comply with all Virginia Code and Standards of Conduct, which are enforced by the Virginia Real Estate Board (VREB). Failure to comply will result in disciplinary action. VREB has broad authority to discipline Licensees who violate the License Law, Rules, and Regulations. … Continue reading Other HB 1907 Changes
Sellers, this one is for you!! The magical day has arrived, and you now that long awaited day of being the newest home on the market and MLS has arrived, so congratulations! You and your agent spent time going through the house to get it picture perfect, and show ready. You have done all the… Continue reading That Is Not Coming With The House?
Disclosed Dual Representation (§ 54.1-2139.2.) A Licensee may act as a Dual Representative only with the Disclosed written consent of all Clients to the transaction, in addition to the Disclosure of the Brokerage relationship. Such disclosure may be given in combination with other disclosures or provided with other information, but if so, the disclosure shall… Continue reading Understanding Dual & Designated Representation Disclosure Requirements
Changes in Agency Relationship HB 1907 also requires that if after the initial written Disclosure is given the Agency relationship changes between the Licensee and Client or Customer, then the Licensee must Disclose such material changes in writing to all Clients and Customers already involved in the transaction, and receive written consent. Be sure to… Continue reading Disclosure of Brokerage Relationships – Continued
Virginia Agency Disclosure We discussed in previous chapters that Virginia Law requires Licensees, both Agency and non-Agency, make certain Disclosures to Clients and Customers. Now that we have an understanding of the different types of Agency relationships, Duties, Brokerage agreements, let’s discuss how to apply what we’ve learned to Virginia Licensee Disclosure requirements. Remember that… Continue reading DISCLOSURE OF BROKERAGE RELATIONSHIPS