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Objectives 1. Define real estate bubble, foreclosure and short sale. 2. Locate Ohio websites to help buyers and sellers. 3. Define “CLUE Report. ” 3
Objectives 4. Identify your fiduciary duties when listing a property. 5. Identify Red Flags from the OREC. 4
Currier & Ives Print 1875 5
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Rapid increases in real property values until they reach unsustainable levels relative to incomes and other economic elements. 7
An agent shared that his property in Florida appreciated 40% a year four (4) consecutive years. 2001 The “Housing” began. 8
Borrowers negotiated No Money Down Loans when home prices were inflated Adjustable Rate Mortgages without understanding how much the monthly payment would adjustment 9
August 2005 The housing bubble burst and the slowdown continues in 2010. 10
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The legal process by which a owner/s of real property loses his or her interest in the property for failing to comply with the terms and conditions of the mortgage. 12
Where to go for help? 13
Ohio Division of Real Estate 14
Click Mortgage Broker Information 15
Division of Financial Institutions 16
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PDF files at the ODRE website Several are available in Spanish 18
www. Save. The. Dream. Ohio. Gov 19
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If the bank calls you to list a house in foreclosure… 22
Do NOT… Change locks Clean out the property Throw away personal property Change utilities OR… 23
List the property until… the sale has been confirmed. 24
Safety – Foreclosed Properties When arriving at a foreclosed property… If the door is open… you may call the police. They will enter the property with you. 25
The lender agrees to accept less than a full payoff for a property that’s in foreclosure. 26
Advise Sellers and Buyers… It will be a long process. Be sure to have the contract signed by the person at the lending institution who has proper authority. 27
When a seller is NOT involved in a foreclosure or short sale 28
Share with them… The “Housing Bubble” Burst The “Market” has changed! 29
Create an accurate CMA showing properties that have recently sold 30
What is a CLUE Report? Comprehensive Loss Underwriting Exchange National insurance industry database with more than 40 million personal property claims 31
Examines all claims reported on a property for the last 5 years. Will disclose the damage and amount paid 32
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You may want to recommend that the seller/s purchase a CLUE report on their property. It will answer the question, “Can the buyer get insurance? ” 34
Show them a marketing plan for their property. Show them how you will represent them. 35
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Listing Agreement Personal Service Contract Employment Contract Creates Agency relationship with the seller 37
Listing Appointment Ask the seller/s to see a copy of the deed. (You may want a copy for your files. ) 38
How many signatures should be on the listing? Both spouses – Ask is this you? 39
Competent Parties Proper Power-of-Attorney Must be able to be recorded Must give authority to sell “real property. ” Keep a copy in your files. 40
Person given authority in the corporation Anyone in a fiduciary capacity Administrator Executor Sheriff 41
Be sure to provide the seller with a Residential Property Disclosure Form. 42
Keep a copy of the listing agreement and other documents for 3 years! Give a copy to the parties when they sign 43
ORC 4735. 62 Applies to ALL Agents 44
Fiduciary Duties O Obedience L Loyalty D Disclosure Obey lawful instructions of the principal To act at all times in the best interest of the principal and to put those interests above all others, including yourself. To disclose all known, relevant facts to the principal. 45
Fiduciary Duties C Confidentially A Accountable R Reasonable care and skill Anything that would harm the negotiating positions of the principal for the money and property of others that come into your possession To diligently use real estate skills and knowledge when pursing the principal’s affairs 46
O - Obedience L - Loyalty D - Disclosure C - Confidentiality A - Accountable R - Reasonable Care and Diligence 47
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