WA Broker Docs

SHORT SALES:

**If you have not listed a Short Sale before, consult with the Designated Broker**

**In-House Professional Short Sale Negotiations
We have made arrangements for all of our brokers to have access to a highly experienced Short Sale Negotiator.  If you haven't done a Short Sale before, or you want it to be handled by a professional negotiator who has one of the highest success rates in Washington, please contact:
Jim Fleming, SFR
Short Sale & Foreclosure Expert

360-851-9100

CLICK HERE for "Short Sales: Guidance for Licensees". Make sure you read this before
                  listing a Short Sale.

CLICK HERE for the "Short Sale Seller Advisory" to be signed by the Seller

CLICK HERE for "MARS, Short Sales Negotiators, and DOL/DFI" (NWMLS Legal Bulletin 188)

CLICK HERE for HAMP (Home Affordable Modification Program) Program Overview & Forms

CLICK HERE for HAFA Brochures

HUD Approved Counselors: 800-569-4287
Homeowners Hopeline: 888-955-HOPE


BROKER PRICE OPINIONS:

**Agents/Brokers CANNOT be paid directly for BPO's**

SPECIFIC VERBIAGE REQUIRED IN ALL BROKER PRICE OPINIONS RCW 18.140
If the Broker Price Opinion is written and issued to a person who is not a prospective seller, buyer, lessor, or lessee as the only intended user, then the brokers price opinion shall contain a statement, in an obvious location within the written document or specifically and affirmatively in spoken testimony, that substantially states:

REQUIRED VERBIAGE:
"This Broker Price Opinion in not an appraisal as defined in RCW 18.141 and 
has
been prepared by a real estate licensee, licensed under RCW 18.85, who (is/is not)
also state certified or state licensed as a real estate appraiser under RCW 18.140"

The Department of Licensing (DOL) has received many questions from licensees about issuing Brokers Price Opinions and whether or not the licensee can receive payment for these directly. A Brokers Price Opinion, which is often referred to as a Comparative Market Analysis or "CMA", is any oral or written report of property value.  Under RCW 18.140.010(4) individuals producing Brokers Price Opinions are required to be licensed under RCW 18.85.

DOL has determined that an individual receiving the payment must be actively licensed in order to issue a Brokers Price Opinion. **Please be advised that it is considered a violation of RCW 18.85.230(19) for any licensee to receive, compensation, commissions, or any other form of payment or valuable consideration from ANYONE except the licensed real estate broker (Managing Broker) with whom he or she is licensed.

**All checks must be payable to Professional Realty Services.  Broker Service Fees and Risk Management Fees are not charged on BPO's.  We only charge a $10 check fee on BPO's.


EARNEST MONEY:

WE DO NOT MAINTAIN A TRUST ACCOUNT
ALL EARNEST MONEY IS TO BE DEPOSITED WITH ESCROW
**The Department of Licensing WILL fine you if the earnest money is not deposited on time.**

All earnest money funds must be deposited into the escrow's trust bank account by the next banking day unless the purchase and sale agreement states the check is to be held for a specific period of time or the occurrence of a specific event.

Delivery of earnest money funds to escrow is the Buyer's Broker's responsibility.  If earnest money was not deposited on time, the Buyer's Broker must immediately notify ALL parties.

DOL regularly receives complaints from sellers when the transaction fails that the funds were not deposited or never delivered to the escrow company. Not only is the untimely delivery of earnest money a licensing problem, but also not providing this information to the seller that the earnest money was never collected or delivered can be considered failure to disclose.

It is also the Listing Broker's responsibility to check with Escrow to make sure that earnest money was deposited on time.