One of my goals this year is to increase the communication between the WRAR and members like you. Actually, almost everything you need to know is communicated in the weekly Broker Briefing – but I know how busy we all get!  So here are just a few important updates and a link for your review.
 
Short Sales
 
The NC Real Estate Commission requires the listing broker to not only send every contract to the lien holder, but also every offer to the lien holder when involved in a short sale transaction. Listing agents should confirm to Buyer’s agents that the contract or offer has been submitted to the lienholder. To learn more about how to handle short sales, go to your WRAR website, click on: Membership, Current Members, Resources and Links and scroll down to the BEST BUSINESS PRACTICES (or just click this link). The short sale section is on pages 9-12. On page 12, bullet #7 has the revised information about submitting all offers. There is a wealth of information on the Resources and Links page.
 
New Offer to Purchase and Contract (OTP&C)
 
The new OTP&C has been approved effective January 1, 2011. The Joint Forms Task Force has not completed all of the addenda yet, but should be finished in August. Jerry Panz met with HOA managers to help smooth their transition to the revised Owner Association Addendum. WRAR will also bring a Joint Forms Task Force attorney to Wilmington to meet with the attorneys here. The goal is not to have any conflicting opinions about the meaning of the clauses in the OTP&C and addenda-so all brokers get similar advice. If you would like for Jerry to come to a sales meeting to talk about the forms, please email him directly at JPanz@WRAR.com. A Sample Copy of the OTP&C may be downloaded from the WRAR.com Home Page.
 
New Forms
 
Since we have changes to the OTP&C and addenda, many of our standard forms will also change-including our agency agreements. Some forms will be removed because they will no longer be needed. A Forms meeting will be held on Oct. 8th to assist you with the transition. Please continue to read Broker Briefing for updates!
 
MLS
 
Because of the changes to the forms, new and modified MLS fields are necessary. We are hopeful that all of the modifications necessary-including reports-will be ready for you before January 1.
 
New Building
 
Progress continues toward building a new facility. There is a link on the WRAR home page at the top: New Building where you can always get the latest information.