Seattle Community

Helen Martin
Helen Martin
Green Certified Realtor, Referrer
Seattle, Mercer Island, Bellevue, Washington
Posted by Helen Martin, Seattle, Mercer Island, Bellevue, Washington | May 31, 2008

Subscribe to Community-wide general discussion Distrissed Home Consultants Unite

Hello Washington Realtors! Who is excited about the new Distressed Property Law that goes into effect June 12th? Are you all ready to be distressed home consultants? Are you ready to be fiduciaries to the Seller even though you are a buyers' agent? Do you feel this makes you a dual agent?

Who has their attorney's ready for drafting the listing and purchase and sale agreement (the new Distressed Property forms and addendums) in other languages?

Interpreters could have a new line of work and another unique selling proposition. Does anyone know how much interpreters charge for interpreting a legal document such as a purchase and sale agreement?

Who feels this new law really protects the consumer?

Does it make sense that single family homes, duplexes, triplexes and fourplexes are subject to this law, but condos are not? How many of us have seen short sales on condos over the last two years?

What real estate agencies are making this new law required learning besides Keller Williams Realty?

Who is excited about informing FSBO's who fall into the distressed property law and the buyers looking at these homes that they now become Distressed Home Consultants without their knowledge, under this new law?

I'm looking forward to your input and discussion! Distressed Home Consultants Unite!

2 Bizniks have posted replies

  • Chris Cliff
    Posted by Chris Cliff, Lynnwood, Washington | Jun 04, 2008

    I had forgotten that was coming up. I am married to a real estate agent, and I haven't heard anything coming from her about it. The state never does too good a job about letting everyone know about these sorts of changes.

  • Helen Martin
    Posted by Helen Martin, Seattle, Mercer Island, Bellevue, Washington | Jun 04, 2008

    Thanks for your input Chris. The NWMLS, which I'm sure your wife is a member of, has already posted the forms that are needed for these transactions. In fact, as of June 12th, any current listings need the Seller to complete the Distressed Home Addendum stating whether their home is "distressed or not". If it is, then the listing has to be canceled and redone with the new Distressed Home Listing Forms.

This forum is unmoderated, but please keep discussion courteous and not too far off topic.

Members posting in this topic

  • Chris Cliff
    Residential Remodeling and Painting Specialist
    Lynnwood, Washington
  • Helen Martin
    Green Certified Realtor, Referrer
    Seattle, Mercer Island, Bellevue, Washington

Post tags

  • short sale
  • pre-foreclosure
  • default
  • investment property
  • real estate deals
  • fsbo
  • investors
  • consulting
  • interpreters
  • attorneys
  • realtors
  • real estate law