Comments for PAR Just Listed™

Comment on It’s not too early to address re-licensure issues by James L Goldsmith

James L Goldsmith — Tue, 21 Feb 2012 13:54:33 +0000

I’d begin by asking the school if they received verification from the Commission that the course was approved and if so, for how many credit-hours. I’ve not tried to confirm approval by inquiring of the Commission directly, but I presume it is possible.

Comment on Wagner reflects on CRB presidency by Harry McCarty

Harry McCarty — Fri, 17 Feb 2012 17:04:32 +0000

This is an excellent recommendation to join CRB and persue the educational opportunities. Abe has always been an encourager at the Pennsylvania Association of REASTORS meetings in Harrisburg.Thanks, Abe.

Comment on Wagner reflects on CRB presidency by Frank Jacovini

Frank Jacovini — Fri, 17 Feb 2012 15:01:23 +0000

PAR is extremely proud to have one of our own as the national president of the Council of Real Estate Brokerage Managers (CRB).

It is a great honor and the Council could not have elected a better representative and dedicated Realtor.

Thank you Abe for all you do for the Realtor Family.

Comment on What’s a FIRPTA? by Rick Xander

Rick Xander — Thu, 16 Feb 2012 14:51:27 +0000

As I read Hank’s fine blog, this doesn’t sound like a problem until it’s a problem. And when it is, it’s a sword that cuts in many directions. There’s nothing on the residential Seller’s Disclosure that would clue a potential buyer that they could be responsible for escrowing an extra 10 percent (minimum $30,000). And as a listing agent, we can’t help the seller fill out the disclosure. If we ask about a seller’s nationality, that’s possible discrimination. And if we don’t ask, and a buyer could at the very least, lose a property they want, perhaps more in up-front costs, and if they some or all of the escrow, then I could foresee involment in possible litigation. Help!!!!

Comment on It’s not too early to address re-licensure issues by Lynne Moskol

Lynne Moskol — Tue, 14 Feb 2012 16:54:04 +0000

How does one verify that a course is really a qualified MCE course? And what info must be on the ‘transcript’? I took a course that was portrayed as a CE course, but the transcript says ’3.5 hours of training’, has no raised seal, does not have my license # on it, does not have a course #. I was able to check the school & instructor on the commission site, but not the course.Thanks.

Comment on What’s a FIRPTA? by Hank Lerner, Esq.

Hank Lerner, Esq. — Tue, 14 Feb 2012 15:18:53 +0000

Marge: Interesting question on several levels. First, I’d disagree with the comment that “there is no money to withhold” in a short sale. The buyer is funding the purchase – either with cash or a money from a mortgage – and the law says the BUYER (not seller) has the responsibility to withhold 10% under FIRPTA. So if the transaction has a $400,000 purchase price, the buyer’s funds come into the transaction with the restriction that $40K has to be withheld from the seller and sent to the IRS. Or to put it another way, the IRS gets first dibs.

The problem, of course, is that the original lender will now come out with $40K less than expected. In theory, this is something that the lender and the seller should deal with in advance. For example, if the lender knows that taxes must be withheld, they’d consider that as part of their calculations. Also, if there will not be any tax liability (and in other circumstances) the seller can get a non-withholding certificate from the IRS, which relieves the buyer of the requirement to withhold.

As for documentation to the buyer or seller, this is a very sensitive subject you’d need to be careful with. For example, if your buyers instruct you to ask sellers about their nationality because they don’t want to be in a transaction with a foreigner it starts to look a lot like discrimination. If either agent wants that information in advance for the purpose of assessing possible FIRPTA liability – which is likely a legitimate reason – you’d do well to discuss with brokerage counsel how to do that in a non-discriminatory manner. For example, if you only ask that question of people who “look foreign” you’re setting yourself up for a lawsuit.

Comment on What’s a FIRPTA? by Marge Zoto

Marge Zoto — Tue, 14 Feb 2012 01:54:17 +0000

What if the home is in a short sale and there is no money to withhold, but the home sells for way over $300,000, and the sellers are not citizens. What happens then. Is it best to find out if they are citizens and get the documentation before entering into an agreement, or just walk away from such a transaction if the sellers are not citizens?

Should the lisiting agent get documentation from the sellers regarding their citizenship when they take the listing. This is helpful if they are not citizens and it will be a short sale.

Comment on Maximize financial potential with new online course by Diana Dietz

Diana Dietz — Mon, 13 Feb 2012 14:37:02 +0000

Hi Srishti!

This is an online self-paced course being offered through IREM. If you are a member the cost is $47.95 and $59.95 for non-members. There’s a link within the article that will take you to the website where you would sign up and register for the course. (http://www.irem.org/sec1ins.cfm?sec=education&con=event_description.cfm&par=SectionIds%3DSFH201%26SectionId%3D) . I hope this helps! Please let me know if you have any other questions.

Diana

Comment on Maximize financial potential with new online course by Srishti Dubey

Srishti Dubey — Sun, 12 Feb 2012 13:58:41 +0000

How is this class going to be offered? Will there be online classes as well?

Are you going to use tool like http://www.go2meeting.com/ or http://www.wiziq.com/courses to offer this course or will it be through Skype?