Comments on: Legal Lines http://varbuzz.com/legallines0803/ Virginia real estate news, views, and issues. Thu, 28 Aug 2008 09:45:39 +0000 http://wordpress.org/?v=2.6.1 By: Matthew Rathbun http://varbuzz.com/legallines0803/#comment-1670 Matthew Rathbun Tue, 03 Jun 2008 01:19:52 +0000 http://varbuzz.com/legallines0803/#comment-1670 Lem/Blake Thanks for posting these thoughts on VARBuzz, it's been a great resource for members who call in with questions, both this and the similar section on VARealtor.com. Thanks, again! Lem/Blake

Thanks for posting these thoughts on VARBuzz, it’s been a great resource for members who call in with questions, both this and the similar section on VARealtor.com.

Thanks, again!

]]> By: Blake Hegeman, VAR Associate Counsel http://varbuzz.com/legallines0803/#comment-1180 Blake Hegeman, VAR Associate Counsel Mon, 14 Apr 2008 19:36:20 +0000 http://varbuzz.com/legallines0803/#comment-1180 Steve: The General Assembly exempted REO sellers from the Virginia Residential Property Disclosure Act (55-518(2)) because such sellers are not expected to have sufficient knowledge about the property they are selling to provide the disclosure. Steve:

The General Assembly exempted REO sellers from the Virginia Residential Property Disclosure Act (55-518(2)) because such sellers are not expected to have sufficient knowledge about the property they are selling to provide the disclosure.

]]> By: Bob Jurgensen http://varbuzz.com/legallines0803/#comment-1161 Bob Jurgensen Thu, 10 Apr 2008 16:19:19 +0000 http://varbuzz.com/legallines0803/#comment-1161 Lem: Can you help me understand something that I think impacts our profession every minute of every day? WHY does the state of Virginia feel that it is appropriate to permit '2 week wonders' to inflict themselves on the general public without so much as any mentoring or apprenticing under an associate broker - similar to the way appraisers and even home inspectors work? I mean, WHY is it that you can get a license (and perhaps not even speak good English?) in two short weeks then start practicing with no REAL supervision (let me tell you there is NO supervision on about 90% of these agents today!) or REAL training. Why not have BROKER licensure (like so many other states do now) and require a three year mentoring or apprenticeship before ever being permitted to put your name on a contract or get paid anything more than a referral fee? I mean, THAT WOULD GET RID OF SOME OF THE IDIOTS that call themselves Realtors, wouldn't it? But alas, that would mean less dues and licensing fees (which I would gladly pay higher IF...) and that surely would not be acceptable to the money driven motivations of the local associations and even DPOR, would it. I'm angry - and honestly, I don't think we, as a profession, can take much more of this nonsense. WAKE UP DPOR, NAR and VAR - it's time for change - real, meaningful change in this industry! Stepping off my soapbox now... Lem: Can you help me understand something that I think impacts our profession every minute of every day? WHY does the state of Virginia feel that it is appropriate to permit ‘2 week wonders’ to inflict themselves on the general public without so much as any mentoring or apprenticing under an associate broker - similar to the way appraisers and even home inspectors work? I mean, WHY is it that you can get a license (and perhaps not even speak good English?) in two short weeks then start practicing with no REAL supervision (let me tell you there is NO supervision on about 90% of these agents today!) or REAL training. Why not have BROKER licensure (like so many other states do now) and require a three year mentoring or apprenticeship before ever being permitted to put your name on a contract or get paid anything more than a referral fee? I mean, THAT WOULD GET RID OF SOME OF THE IDIOTS that call themselves Realtors, wouldn’t it? But alas, that would mean less dues and licensing fees (which I would gladly pay higher IF…) and that surely would not be acceptable to the money driven motivations of the local associations and even DPOR, would it. I’m angry - and honestly, I don’t think we, as a profession, can take much more of this nonsense. WAKE UP DPOR, NAR and VAR - it’s time for change - real, meaningful change in this industry!

Stepping off my soapbox now…

]]> By: Steve http://varbuzz.com/legallines0803/#comment-1160 Steve Thu, 10 Apr 2008 14:35:17 +0000 http://varbuzz.com/legallines0803/#comment-1160 RE: Commonwealth magazine page 8. In legal lines, it states that REO properties are exempt from the Residential Property Disclosure Act. I understood that Trustee sales (sales at the courthouse steps) were exempt, because that is a transfer by foreclosure which is an exemption. At that Trustee sale, normally the lender foreclosing on the property will start the bidding and if no one else bids, the bank will be the new owner of the home. An REO property is a separate sale from the trustee sale, and is not a foreclosure sale, so why are REO properties exempt? Thanks, Steve RE: Commonwealth magazine page 8.

In legal lines, it states that REO properties are exempt from the Residential Property Disclosure Act.

I understood that Trustee sales (sales at the courthouse steps) were exempt, because that is a transfer by foreclosure which is an exemption. At that Trustee sale, normally the lender foreclosing on the property will start the bidding and if no one else bids, the bank will be the new owner of the home.

An REO property is a separate sale from the trustee sale, and is not a foreclosure sale, so why are REO properties exempt?

Thanks,

Steve

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