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October 03, 2017 • Stay Connected!
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QUESTION:  I have a question regarding the form 44 - Bump Notice, where the buyer has the option of removing the contingency of having to have their home sold in order to proceed with the sale. "Buyer’s Property Not Sold – Contingency Waived. Buyer has not accepted an offer to sell Buyer’s Property; however, Buyer waives the contingency in Buyer’s Sale of Property Contingency Addendum (Form 22B). Buyer understands that by waiving this contingency, Buyer waives all other contingencies in the Agreement (including inspection, financing, etc.)."
 
Why should all other contingencies be waived? All I want to do is waive the buyers contingent home sale and have the rest of the contingencies remain the same.



ANSWER:  When buyer entered the PSA using Form 22B, buyer agreed to this waiver provision in the event buyer waives the home sale contingency. This is not an occurrence that presents itself, for the first time, with Form 44.
 
Simply put, buyer is required to waive all contingencies when buyer waives the home sale contingency because when buyer first agreed to purchase seller's home, buyer represented to seller, through the Form 22B, that buyer could not close the purchase of seller's home without selling buyer's contingent property. Now that seller has another offer, buyer is willing to say something different, and represent to seller that buyer can close the transaction without selling buyer's property. There is an inconsistency in buyer's representations to seller and if buyer is not being truthful at this point, the cost to seller is the loss of a buyer to whom seller wanted to sell the property. As a result, before seller can be forced to walk away from the new buyer, the original buyer is required to commit to the unequivocal and non-contingent purchase of seller's property. For that reason, Form 22B, the home sale contingency addendum, requires the buyer who waives the home sale contingency to also waive every other contingency benefiting buyer.
 

 

The Legal Hotline Lawyer does not represent Washington REALTORS or its members. To browse through our database of past Q & A's, visit www.warealtor.org. Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of the Week. Please submit questions to legalhotline@warealtor.org . Please tell us your NRDS number when you e-mail the Hotline with your question.



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Las Vegas Victims' Fund
In light of the recent tragedy in Las Vegas and as a show of support for our friends at the Nevada Association of REALTORS® and Greater Las Vegas Association of REALTORS®, they've asked us to share this Go Fund Me account benefiting the victims and families of those affected. This Go Fund Me account was established by REALTOR® friendly Clark County Commission Chairman Steve Sisolak and Sheriff Joe Lombardo. Join us in supporting our friends by either contributing to and/or sharing the Go Fund Me page. [Las Vegas Victims Fund]
 

 
 
RE Pros Say Prices to Continue to Escalate
(Source: REALTORMag) Home prices likely will continue to rise over the next year as buyer demand continues to outstrip supply in many markets, according to the August 2017 REALTORS® Confidence Index. That bodes well for homeowners, but buyers are likely going to face even higher prices in the coming months as well as continued competition from the limited number of homes for sale, according to the report.  [Read more...
 

 
 
So...apparently this is a thing.
It all started with receiving a bunch of odd phone calls on my cell phone from different Washington real estate brokers and upon answering, I'd hear nothing but either muffled noises or static. I'd call these brokers back via a land line and they'd have NO clue and would insist they'd never dialed me.  I did a little research and found that Scammers/Attackers will mimic a phone number so it looks like they are calling from a legitimate number and unfortunately, real estate is a targeted industry. This poor real estate broker experienced this same thing but on a whole different level...  [Read more...
 

 
 
All Work, No Play
(Source: Inman) Peter Lorimer's advice to new agents on the hustle: Spend as much time as you can on your business in the beginning, and it'll pay off in the end. "As my coach says, 'Every second you exist, you’re either moving toward or away from your goals.' In the first one to three years of your real estate career, you should devote as much time to your business as possible. If you’re new in the industry, the beach isn’t going anywhere. Deploy an obsessive amount of hours into forming your business." [Read more...
 

 
Primary Mortgage Rates Survey
(updated every Thursday)  Source:  Freddie Mac
 
 September 28, 2017  30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  3.83%  3.13%  3.20%
 Fees & Points  0.6
 0.5
 0.5
 Margin  N/A  N/A  2.74



 September 21, 2017  30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  3.83%  3.13%  3.17%
 Fees & Points  0.5
 0.5
 0.4
 Margin  N/A  N/A  2.74



 September 14, 2017  30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  3.78%  3.08%  3.13%
 Fees & Points  0.5
 0.5
 0.4
 Margin  N/A  N/A  2.74



 September 7, 2017  30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  3.78%  3.08%  3.15%
 Fees & Points  0.5
 0.5
 0.4
 Margin  N/A  N/A  2.74





 
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