By Gary Mueller from Gary S. Mueller & Associates, LTD
So----school is back in session, baseball season is winding down, pro football season is about ready to start----and the real estate market appears to be churning forward! I hope all is well for you and your business model.
Just a few points to make for this month.
We will be welcoming the new leadership team on September 23. The past year was difficult under many standards of review. In spite of the difficulties, your Association survived the pandemic and actually came through the year better off on the other end. Your Association never stopped working for you and for your part of the real estate industry. Thank you to all in leadership and the directors for the tireless and thankless hours, and hours, and hours of volunteer work for our Association. Special thanks to our Association staff, Amanda, Molly, and Frank, and our CEO, Neil. We are truly very fortunate.
On September 16, we will have a panel discussion consisting of two attorneys and two agents to discuss the more prevalent use of appraisal waivers or provisions to cover the gap between contract sales price and appraised value. The discussion will include an analysis of the situations that have occurred and how the respective parties (buyers and sellers), agents, and attorneys have handled how to use such contingencies/waivers in deals. The panel will offer suggestions for how to use this method of negotiation in the final contract or through attorney review. In short, the panel hopes to provide guidance on the concerns with the proliferation of these waivers, the protection for buyers by providing at least a maximum gap to be covered, and the correct way to have these provisions included in a deal that will NOT constitute the unauthorized practice of law by REALTORS®.
We look forward to addressing any questions you may have concerning the waivers.
Thank you, as always, for allowing our office to work with you. We wish you continued success in business and your personal affairs.