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Short Sale and Foreclosure Assistance

Short Sale and Foreclosure Assistance

A partnership of local Realtor Associations across Massachusetts joined together in late 2009 to apply to the National Association for assistance in training members on Foreclosure Prevention and Short Sale Processing. A 7-series set of videos was created specifically for you. Visit our Online Education Center to view the videos at no cost.

  • PALM–Practical Application of Loss Mitigation
  • Don’t Buy Blind: When the Seller is the Lender.
  • Getting to the Closing Table
  • Secrets of a Professional BPO
  • Nobody Told me that Was Mortgage Fraud
  • Fair Housing in a Changing Market

The Board also held a Short Sale / Foreclosure Breakfast Forum and distributed quite of bit a helpful information for REALTORS dealing with short sales and foreclosures. We have included all of the materials provided here as well.

Short Sale / Foreclosure Documents: The Short Sale Workflow Report by NAR, the LMC Sample Authorization for Realtors to interact with Bank, Sample Exclusive Right to Sell and Purchase and Sale language, and more.(870k pdf)

New MLS Rules Clarifying Disclosure Requirements:

Also worth noting are the changes made to our MLS Rules and Regulation regarding the disclosure of short sales. See below for the additions made to help clarify the process of disclosing the short sale possibility in the MLS listing information.

Section 5. Nothing in these MLS rules precludes a listing participant and a cooperating participant, as a matter of mutual agreement, from modifying the cooperative compensation to be paid in the event of a successful transaction.

… Read on

REALTOR® Mediation

by Seth G. Weissman
Reprinted with the permission of the
Georgia Association of REALTORS®

What is mediation?

Simply put, mediation is a structured negotiation facilitated by a neutral third person called a “mediation officer.” The mediation officer assists the parties in a dispute to arrive at a mutually agreeable settlement.

The mediation officer clarifies issues while remaining dispassionate and focused. He or she guides the discussions between the parties. By providing a forum in which the parties can tell their sides of the story in a non-confrontational way, the mediation officer helps find common ground on which to resolve the dispute.

How is mediation different from arbitration?

Arbitration and mediation are both methods of resolving disputes outside the courtroom. With arbitration, however, a hearing panel plays a role similar to a judge. The procedures, while abbreviated and informal, are like those used in our judicial system.

There is an arbitration hearing (like a trial) where every party has the right to present evidence and witnesses and to cross-examine the other parties and their witnesses. The hearing panel renders a decision, called an award, based on the evidence and arguments presented. After the hearing, the parties have no control over the hearing panel’s award and are bound by its decision.

When a real estate professional becomes a member of a REALTOR® Association, he or she agrees that in exchange for the benefits of membership in the association, he or she will be bound by the duties imposed by the NAR Code of Ethics, including the duty to arbitrate.… Read on

Filing a Complaint

Board of REALTORS Complaint Process:

This one page graphic will give you an overview of the process used by the Board of REALTORS when a complaint is received.

Dispute Resolution System Forms & Brochures:

Buyers or sellers who want to resolve differences among themselves or with a REALTOR can take advantage of the Berkshire County Board of REALTORS® endorsed dispute resolution system. This process is administered through our partner, The Berkshire Regional Housing Authority in Pittsfield, MA. The system aids in the settlement of differences between sellers and buyers, and between consumers and real estate practitioners, through mediation rather than costly and time-consuming litigation.  The housing authority sets their own fees for this process.

Dispute Resolution System Forms & Brochures

Microsoft Word Versions (Fill-ins)
Adobe Acrobat Versions (for Printing)

Mediation:

Mediation is our preferred method of dispute resolution. All local REALTOR® associations must, as a benefit of membership, offer the ability to mediate contractual disputes and resolve claims of unethical conduct.  Mediation involves the skillful intervention of a third-party professional to help resolve disputes that arise between two or more parties.  We have trained volunteers who administer this mediation meeting and seek to bring all parties together in finding a swift and equitable solution.  We offer this service at no cost.

Mediation Forms & Brochures

Microsoft Word Versions (Fill-ins)
Adobe Acrobat Versions (for Printing)

Code of Ethics:

REALTORS® have voluntarily agreed to abide by a Code of Ethics, for professionalism and protection of the public.

… Read on

2012 President Chapin Fish

Chapin was elected by Berkshire County real estate brokers to serve as the 2012 President of the Board, and also served as a voting director on the Multiple Listing Service Corporation. In that role, Chapin worked on enhancing services for the local real estate CFishprofessionals. He led the creation of a new strategic plan and drove the Board to work hard on new initiatives to benefit the members.We are proud to announce that L. Chapin Fish, co-owner of Brockman Real Estate in Monterey Massachusetts, has been named the 2013 Berkshire County REALTOR of the YEAR! This award is given to the REALTOR® that best exemplifies professionalism and service to the industry. Chapin has contributed outstanding time and energy to the betterment of the REALTOR® organization, the real estate industry and our Berkshire community.

The award, given for the past 18 months of service to the association, reveal that Chapin devoted much time and talents to many projects, including serving as the spokesperson for the Board. He traveled to Washington DC to advocate for home ownership rights on Capital Hill and traveled to California and Chicago to represent the interests of the Berkshire Realtors and community. Locally, he also served on the Finance, Personnel, Strategic Plan, Litigation and Professional Standards Committees. He was a voting member of the Massachusetts Association of REALTORS Board of Directors and is the Berkshire Liaison to the Pinnacle Group Program, a national thinktank for industry ideas.

Over a decade ago Chapin returned to his roots in Massachusetts and affiliated with William Brockman and the late Jack Jefferson.… Read on

2008 President Sheila Wood

Sheila, a REALTOR® since 1993, became actively involved in the Association in 2001 when she was first elected to serve on the Multiple Listing Service (MLS) Board of Directors. In 2003 she was elected to serve as the Vice President of MLS and moved up the officer ranks, serving as President in 2004 and ex officio in 2005. In 2006, the REALTORS® elected her Vice President of the Berkshire County Board of REALTORS®, swood200x282the parent company of the MLS and Sheila has continued on as President Elect in 2007 and President in 2008.

In 2006 Sheila was the recipient of the REALTOR of the YEAR title for her outstanding service and dedication to our organization. Sheila is no stranger to committee work, and since 1994 has served with pride on the Professional Standards Committee, where she takes re-certification training every two years on the REALTOR® Code of Ethics and the administration of hearings. She served on the MLS Fields, Website Advertising and the Broker-Owner Education Task Forces.

She actively participates in many REALTOR® Community Service events, such as donations for and creation of Thanksgiving baskets for needy families, the Realtor Holiday Elf program for needy children and is a Relay for Life Dream Team Supporter. She serves as an official moderator of the Board’s education classes and speaks at the New Member Orientation, on MLS topics.

Sheila was a Presidential Appointment to serve as a Massachusetts State Director in 2004, 2005, 2007 and was an alternate Director in 2006 before assuming the Presidential Representative position on the state board of directors in 2008.… Read on

Free Credit Reports

How do You Stack Up—Credit Wise?

The average U.S. consumer has:

Eleven credit accounts, of which seven are credit cards

A 20 percent chance of having a delinquency report

A total debt of $5,000 or less

A 13-year credit history

Free Credit Reports:

Massachusetts residents have access to free credit reports from the three big bureaus – Equifax, Experian and Trans Union. This free access should help consumers keep track of any inaccuracies or omissions in their credit files that could depress their credit scores and raise the cost of the mortgage money they need to purchase a home.

 

This central site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion.

https://www.annualcreditreport.com/cra/index.jsp

Credit Scoring Issues

Credit scoring has become a serious issue in the lending community and it can affect your ability to obtain or refinance your next mortgage. Credit scoring systems can gauge a mortgage applicant’s credit rating and assign an interest rate and risk value based upon information provided in the loan application. It offers several advantages – quick recommendations while taking human judgment out of the equation, efficient and, usually, inexpensive.

Fannie Mae Credit Scoring Information

Feature Story from REALTOR Magazine

Underwriting Innovation
Knowing the Credit Score

Quick loan approval or busted deal—
a buyer’s credit score can be the deciding factor. 

BY CHRISTOPHER M. WRIGHT

Why do practitioners need to worry about a technical subject like credit scoring?… Read on

Appraisal

Massachusetts State licensed appraisers develop an opinion of value of real estate. While there are many definitions of value (e.g. — investment value, tax value, foreclosure value), the most common definition of value is market value. If the appraiser’s opinion is based on market value, then it must also be based on the highest and best use of the real property.

For mortgage valuations of improved residential property in the U.S., the appraisal is most often reported on a standardized form, such as the Uniform Residential Appraisal Report.[1] Appraisals of more complex property (e.g. — income producing, raw land) are usually reported in a narrative appraisal report.

 

 

Test Your Knowledge with our Real Estate Quiz!

Hey there, smarty pants! School is back in session and a great way to get in the spirit is by taking our little real estate pop quiz. It is designed to make you think, help you learn and celebrate what you already know. So, if a train is traveling north at 50 mph and a second train is headed south at 20 mph… just kidding.

Take your best shot and then go to our on-line adobe pdf answer sheet to view or print out the answers and explanations!

1. My agency relationships end….

A. When the deal closes
B. If the buyer or seller ‘fires’ me [although I’m sure this never happens] C. When the listing agreement or buyer agreement expires
D. Agency relationships don’t end.
E. A and C
F. A, B and C

2. I should check ‘Side Agreement’ on the MLS input form when

A. The seller pays a different / lower commission to me if I sell it in-house and there is no cooperating REALTOR®
B. Some buyers are excluded from my exclusive contract and offer of compensation
C. There are variable commission rates.
D. All of the above

3. If I have a listing with a side agreement and a buyer’s agent asks me about it, what do I have to say?

A. Say nothing, it could burn me.
B. Confirm that there is a side agreement, but do not disclose the details without the sellers permission
C. Disclose the differential that would result in a sale through an in-house buyer versus a cooperating broker

4.… Read on

Business Licensing

In order to hold a Real Estate Brokers License in Massachusetts, a bond must be secured and held. You can use the link below to find the Form on the Board of Registration’s website.

Real Estate Broker Bond Form

All Massachusetts Real Estate companies must be licensed in one way or another. Sole Proprietors may open a real estate company with an active, valid brokers license. Corporations, Limited Liability Companies, and Partnerships must apply for a separate company license before doing business in Massachusetts.

Fees for Real Estate Brokers and Sales Persons

By the Division of Professional Licensure

Board Code: RE
License Renewal Fees by Type Class
Fees in effect on or after July 1, 2009

Board
Code		 Type
Class		 License Type Renewal
Fee		 Renewal Time Renewal
Frequency
RE   B Broker $142.00 Birthday Biennial
(2 years)
RE   S Salesperson $103.00 Birthday Biennial
(2 years)
RE  AB Attorney Broker $142.00 Birthday Biennial
(2 years)
RE  RB Reciprocal Broker $142.00 Birthday Biennial
(2 years)
RE  RS Reciprocal Salesperson $103.00 Birthday Biennial
(2 years)
RE  WB Education Waived Broker $142.00 Birthday Biennial
(2 years)
RE  WS Education Waived Salesperson $103.00 Birthday Biennial
(2 years)
RE   C Corporation $221.00 Issue Date Anniversary Biennial
(2 years)
RE  LC Limited Liability Company $221.00 Issue Date Anniversary Biennial
(2 years)
RE  LP Limited Liability Partnership $221.00 Issue Date Anniversary Biennial
(2 years)
RE  PC Partnership/Corporation $221.00 Issue Date Anniversary Biennial
(2 years)
RE  PG General Partnership $221.00 Issue Date Anniversary Biennial
(2 years)
RE  PL Limited Partnership $221.00 Issue Date Anniversary Biennial
(2 years)

 

For more information, please visit the Board of Registration’s Website.