9/21/2021

I represent the Seller. The Buyer made an offer and presented the Seller with a Preapproval letter stating they were FHA Buyers and preapproved for the offer amount. Their preapproval letter had only the Buyers names on it (married couple.) Fast forward to Day 20 of the transaction and the Buyer's lender still has not ordered the appraisal. When I questioned their agent why the appraisal hasn't yet been ordered when we are 10 days to our closing date, she says the lender can't order the appraisal because "They are waiting on some documents from the CO-SIGNER." This is the first myself or the Seller are hearing that in order to be approved for the loan, the Buyer required a co-signer. Seller says if they had known the Buyer required a Co-Signer in order to purchase the home, they might have have chosen a different offer. Buyer's agent says the Lender knew from Day One that the Buyer required a co-signer and was not required to reveal this information in the Preapproval letter provided to the Seller. The Buyer's agent says the method and means of how the Buyer is preapproved is none of the Seller's business, even though the co-signer Sellers did not even know existed is now delaying the transaction by not providing documents to the Lender in a timely manner. Sellers feel the Buyer enticed them into a contract with them fraudulently. The Buyer, via their lender's preapproval letter, did not provide the honest picture of the Buyer's ability and strength to purchase the home. Seller feels the Buyer's waived their financing contingency by not including the Co-Signer information anywhere on the Preapproval letter, nor anywhere in the contract. What say you? Has Buyer waved their financing contingency in this scenario?

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9/21/2021

Can a broker write a contract for the buyer with no compensation and with no agency representation for buyer or for seller?

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9/21/2021

Please confirm the following: 1) Form 35R is always to be sent to the lender, correct? 2) If a price reduction or $ concession is agreed in form 35R; 35R will be sufficient for lender and escrow instructions. we are NOT to produce a form 34 and keep 35R to office file only. 3) If repairs are agreed and exceed 35R space for repairs; repairs shall be written in a blank paper and labeled "Attachment to 35R." (Never in an addendum Form 34), Do we send such attachments to the lender as well?

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9/21/2021

I am managing Broker for a highly productive real estate company. The office is paperless and each Broker can access the Listing or Transaction status at anytime. Our office reviews each file as they are submitted and gives notice if signatures are incomplete, additional forms required or any other changes or missing docs that the office requires per office/DOL policy. To this point, the office has monitored and reviewed Listing and Transactions daily with reminders sent out each review. We were concerned about 2 day delivery requirement to the office for Brokers. Obviously this takes an inordinate amount of staff time. My question regards DOL managing Broker responsibility for overall supervision of the Brokers in office. The office is contemplating setting up a review initially upon receipt of documents, as is current procedure, and then one review at closing. We would eliminate the reviews/notices to Brokers between initial receipt and closing. Would the DOL consider this 2 step review as adequate supervision on behalf of the managing Broker?

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9/20/2021

I had an agent respond to the 35R calling out additional inspections per the recommendation of the inspector. The agent copy and pasted the verbiage directly from the report. The listing agent said he would not accept that. He said the verbiage had to be “attached” to the 35R per the language in the form 35R. So my question is, does it have to be attached or can the verbiage be copy and pasted? My other concern if the answer is yes it has to be attached what happens if the buyer does their own inspection. There would be no official report so no recommendation to “attach”. So how would we handle that if the buyer in fact wanted lets say a plumber to come out after the inspection?

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9/20/2021

If a homeowner has a leaking fuel storage tank on their property and no insurance, what potential liability does owner face?

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9/20/2021

Seller's tenant is presenting challenges for seller in the process of selling the home. Can the Hotline lawyer assist broker in understanding the moratorium on evictions and how it might affect this situation?

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9/20/2021

Broker intends to serve as a co-listing broker with a broker in another firm. The sellers are unmarried and separating. Each has a lawyer and each believes they need separate representation by a real estate broker. The brokers have agreed to a split of compensation. There are two remaining questions. 1) The other broker is not a REALTOR member. Can REALTOR co-list with that broker? 2) Who does each broker represent?

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9/20/2021

Seller closes Monday. Buyer wants to use her last walk through right. Seller's minor daughter is home sick, positive with covid, and just out of the ER. Does the buyer still have a legal right to enter the home for this walk through? Can seller decline them as they are absolutely worried sick about the repercussions if buyer contracts covid? Can buyer walk away without losing her EM because of failure to have a walk-through? Who has the rights here I guess is what I'm asking? Is there a form somewhere out there to sign for this leaving my sellers harmless?

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9/20/2021

I am inquiring to see if I can sell a cooperative home/share? Can I list it on the MLS?

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