Welcome to MAP’s Brokerblog

I was a frustrated journalist in high school, editor of the high school paper (n e r d….) and yearbook (please don’t tell my daughter!) and I hope to offer valuable information, tips, news, and fun stuff and even some free stuff to help you in your real estate business–so LET’S GET STARTED!!!

I attended the GAR Broker Conference two weeks ago, this was a first for GAR to have a day-long event to offer GA brokers great information, advice and what’s going on with GAR and the GREC!!!  Of course, our buddy and super lawyer dude, Seth Weisman, was the last speaker and enlightened us with the fact that the GREC AINT GONNA TAKE IT ANYMORE!!!!

 

According to Seth, the GREC is taking no prisoners in the fining, suspending and revoking of licenses (YAY!!) especially when it comes to earnest money mistakes.  In a case recently if I can remember the gory details, a buyers agent finalized an offer with the earnest money not in hand and went binding.  The selling agent said no problem, just put it on another form and we will get to it.  Well, buyer decides not to buy 2 days into contract and since no one had the earnest money no big deal, right???? Well, Seller (an international client and not familiar with our deals) thinks he can keep the earnest money.  But guess what, no one had it in the first place so smart seller contacts the commission, starts firing off complaints and the commission says, yep, Buyers Broker ’said’ they had the money when they went binding and therefore ‘lied’ and did not–Buyers agent has license suspended for 3 months (originally was 6 months but they negotiated) and was asked to pay a substantial fine–if I remember it was in the $10k range.

MORAL OF THIS STORY–you can’t be a little bit pregnant and you can’t tell a selling agent you have a check when you don’t–ALWAYS stipulate it in the contract. 

Our next topic–DUE DILIGENCE in the GAR Contract, was this REALLY such a good idea????????