Can two words change an entire Agreement of Sale?

The PAR Hotline fielded an interesting call last week regarding disclosures, inspections and the Agreement of Sale. The buyers’ agent received a counteroffer, signed by the sellers, that made one seemingly small change to the offer – the sellers added the words “As Is” in the Special Clauses paragraph of the Agreement of Sale.

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Short sales…Long transactions

As we end 2008 and look back at this turbulent year, one of the defining terms of the year has to be “Short Sale.” Nobody is happy that many homeowners have found themselves in a position to need to sell their homes for less than their outstanding mortgage debt, but at the same time, this wave of potential transactions has created a niche market that can be well served by REALTORS® who have done their homework and know how to make a short sale happen.

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Switching brokers and taking sellers

The salesperson seeking to move his license to a different broker “plans”. In the opinion of the broker, he “plots”. Either way, the move is timed to enable the salesperson to reap the reward of past effort, if not more. It can also be a time of accusation and recrimination. Out of this cauldron, come some difficult ethical dilemmas.

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Was your offer presented? How do you know?

In November a suggestion was made to the NAR Professional Standards Committee that they consider establishing a policy — probably through a new Standard of Practice — requiring that listing brokers confirm in some “verifiable format” (likely in writing) that an offer from a buyer offer has, in fact, been presented to a seller.

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SFI – Financially qualifying the seller

OK, PAR does not have a Seller Financial Information form similar to the familiar BFI, but…should we? At a time when so many sellers are “short” or “upside-down” aren’t there compelling reasons for listing and selling agents to qualify sellers at the threshold of a potential listing or transaction?

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It's not really cheating if I feel good about it, right?

The Josephson Institute recently released its 2008 report called “The Ethics of American Youth.” A few tidbits from an AP article describing the report:
The survey found that 35 percent of boys and 26 percent of girls — 30 percent overall — acknowledged stealing from a store within the past year. One-fifth said they stole something from a friend; 23 percent said they stole something from a parent or other relative….

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It’s not really cheating if I feel good about it, right?

The Josephson Institute recently released its 2008 report called “The Ethics of American Youth.” A few tidbits from an AP article describing the report:
The survey found that 35 percent of boys and 26 percent of girls — 30 percent overall — acknowledged stealing from a store within the past year. One-fifth said they stole something from a friend; 23 percent said they stole something from a parent or other relative….

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