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How Do Recessions Happen? – Ming & Alan Richardson

The Real Estate Backstory is our weekly update of real estate news, information and education for the Atlanta real estate market. This week we cover:

Record low in U.S. says it is a good time to buy a home.

Homeowner equity grows again across US in first quarter.

Adjustable rate mortgage demand surges to 14-year high.

How are buyers coping with rising interest rates?

First-time homebuyers are driving demand.

10 must have features buyers look for when searching for home.

Some sellers hit a tipping point.

FHA gives buyers exclusive sneak peek at foreclosures.

Most home owners facing foreclosure have at least some equity.

Is your city overvalued?

Check in on your new construction buyers!

Lumber prices tumble to lowest level of 2022.

Renters facing bidding wars.

1031’s on the chopping block again.

The difference between the rich and everyone else.

How do recessions happen?

Thank you all and please let us know if we can be of service.

Alan Richardson – Managing Broker – Maximum One Realtor Partners

alan@maxonepartners.com

http://www.maxonepartners.com

Office: 678-782-5050

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2022 Midyear Changes to GAR Contract Package – Part 1 of 2 

PART 1 – Midyear Changes to the 2022 Georgia Association of REALTORS (GAR) Contract Changes – Part 1 of 2 . This video begins the series of videos covering the 2022 Midyear changes to the Georgia Association of Realtors (GAR) contract package. Please subscribe so that you don’t miss any videos on additional changes to the Georgia Association of Realtors contracts for 2022!
 
👀 2022 Midyear Changes to GAR Package – Index – https://maximumonerealty.files.wordpress.com/2022/05/2022-gar-forms-revisions-package-changes-with-notes.pdf
👀 Exclusive Seller Brokerage Agreement – https://maximumonerealty.files.wordpress.com/2022/05/f101-05.01.22-exclusive-seller-brokerage-with-notes.pdf
👀 Mutual Termination of Brokerage Agreement – https://maximumonerealty.files.wordpress.com/2022/05/f152-05.01.22-mutual-termination-of-brokerage-with-notes.pdf
👀 Purchase & Sale Agreement – https://maximumonerealty.files.wordpress.com/2022/05/f201-05.01.22-purchase-sale-with-notes.pdf
👀 Instructions to Closing Attorney – https://maximumonerealty.files.wordpress.com/2022/05/f255-05.01.22-instructions-to-closing-atty-with-notes.pdf  

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FYI… there are more videos on the YouTube Channel, “Real Estate Made Crystal Clear” ahead of what is presented in this Newsletter.  
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The 3 Most Dangerous Lines to Leave Blank in a Real Estate Contract – Parts 3 – Due Diligence

PART 3 – Here are the 3 most DANGEROUS lines to leave blank in a real estate contract… What if the Buyer leaves the Due Diligence time frame blank? What if this is 0 days? Why should Buyers & Sellers consider 1+ days for a Due Diligence Period? Why is this important & what does it have to do with Earnest Money? What is the one exception in the Georgia Association of Realtors (GAR) contract? Watch the video to find out!   3 Most Dangerous Blanks –
Part 1 – https://youtu.be/-aYjri8wIi0 3 Most Dangerous Blanks –
Part 2 – https://youtu.be/PQaT2aqWs6w   00:00
Introduction 00:25 – Leaving a Blank for Due Diligence Period
00:51 – Why are Buyers Putting in 0 Days Due Diligence?
01:47 – What IS a Due Diligence Period?
02:21 – Reasons to Consider 1+ Days Due Diligence
03:15 – Why a BUYER Should put in 1+ Days Due Diligence
04:17 – Why a SELLER Should Accept 1+ days Due Diligence
04:43 – What Happens to Earnest Money if Buyer Terminates with 0 Days Due Diligence?
05:47 – Seller & Broker Remedies for Buyer’s Default
07:18 – Georgia Association of Realtors (GAR) Contract
08:11 – RE Forms Contract
09:07 – The One Exception to Putting in 0 Days Due Diligence – GAR Contract
10:06 – GAR F273 – Property Sold with Right to Request Repairs Exhibit
11:32 – Other Dangerous Lines to Leave Blank3    

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The 3 Most Dangerous Lines to Leave Blank in a Real Estate Contract – Parts 1 & 2

The 3 Most Dangerous Lines to Leave Blank in a Real Estate Contract – Parts 1 & 2
PART 1 – Here are the 3 most DANGEROUS lines to leave blank in a real estate contract… If the time frame for a Financing or Appraisal Contingency is left blank does it mean 0 days or through the end of the contract? What happens to the earnest money of there is a termination? What does the Georgia Statute of Frauds say? Is there any contractual evidence for the interpretation? Watch the video to find out!  
00:00 – Introduction
00:54 – Competitive Strategies for Buyers
01:27 – Interpretation of a Blank Time Frame for Contingency
01:53 – What does a blank indicate contractually
03:27 – What is the contractual impact of leaving a blank
05:21 – Does a Blank Time Frame mean 0 Days or Through Entire Contract
06:26 – Georgia Statute of Frauds
07:49 – Possible Interpretations of Buyer & Seller Intent
08:57 – Contractual Evidence that a Blank Time Frame means contingency runs through Entire Contract 11:43 – How do Georgia Courts Interpret a Missing Essential Term in a Real Estate Contract
13:17 – What Do You Do as a Real Estate Agent
14:44 – Summary  

PART 2 – Here are the 3 most DANGEROUS lines to leave blank in a real estate contract… If the Binding Agreement Date is left blank what is the correct date? If it is wrong, what do you do? Why is this important & what does it have to do with Earnest Money? How does the Georgia Association of Realtors (GAR) contract potentially CHANGE the Binding Agreement Date? Watch the video to find out!   3 Most Dangerous Blanks – Part 3 – Coming Soon  
00:00 – Introduction
00:49 – Why is the Binding Agreement Date so important?
02:35 – Definition of Binding Agreement Date & How is it Determined?
03:00 – What is the Binding Agreement date with Examples
05:21 – When is a Contract Binding?
06:56 – Examples of Confusion with Binding Agreement Date
07:31 – What if Party signs on one date but sends contract back the next day?
08:38 – What if Binding Agreement Date is Left Blank?
08:49 – What if one party Signs Contract & Fills in Binding Agreement Date with the WRONG date? 09:53 – Earnest Money is on the line
11:06 – Steps to Take as an Agent to Avoid Earnest Money Disputes
12:33 – How the 2022 GAR Contract potentially CHANGES the Binding Agreement Date
13:37 – GAR F733 – Binding Agreement Date Confirmation Amendment
14:16 – Other Contracts   Please browse “Videos” or “Playlist” for so many more!  

FYI… there are more videos on the YouTube Channel, “Real Estate Made Crystal Clear” ahead of what is presented in this Newsletter.  
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Is a Team Transaction – Designated or Dual Agency????

In a real estate transaction within a team, are the parties represented by the Broker via designated or dual agency? How is the client relationship created in Georgia? What are the real estate license laws regarding agency? Watch the video and find out!  
00:00 – Intro
01:24 – How is the Client Relationship created in Georgia
02:02 – BRRETA & Other License Laws
03:04 – Types of Agency
03:49 – Designated Agency
05:16 – Dual Agency
05:33 – Is Having Both Sides of a Transaction Always Dual Agency
06:41 – If a Team Has Both Sides is it Designated or Dual Agency
07:30 – More About License Laws governing Your Actions as a Real Estate Agent in Georgia
09:55 – “Fiduciary” defined
10:27 – Note About Confidentiality
11:23 – Agency Disclosures in the Georgia Association of Realtors & RE Forms Contracts
14:06 – What About a Team Situation
15:07 – The Answer Is…
18:25 – Bottom Line
19:11 – Points of Practice for Having Both Sides
19:45 – ALL Are entitled to Representation does NOT equal Compensation
21:09 – Nami & Sema     Please browse “Videos” or “Playlist” for so many more!   FYI… there are more videos on the YouTube Channel,
“Real Estate Made Crystal Clear” ahead of what is presented in this Newsletter.    
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Is There Financial Liability for Agents with Respect to Cyber Fraud?

What can you do as an agent to prevent electronic theft of your client’s money in a real estate transaction? Watch the video!

Resources:

Wiring Instructions Agent Indemnity Policy – by Andy Hartman of Hartman Law Firm – www.HartmanLawFirm.comhttps://maximumonerealty.files.wordpr…

Beyond Computer Solutions – Chris Noles – https://beyondcs.com/

Email Protections for Real Estate Agents – https://maximumonerealty.files.wordpr…

Computer Protection – https://maximumonerealty.files.wordpr…

Office 365 Security Monitoring – https://maximumonerealty.files.wordpr…

Real Estate Brokerage Cyber Protection Insurance – Annie Neal – Real Estate Insurance Solutions – www.REISPC.com

Cyber Coverage for Real Estate – https://maximumonerealty.files.wordpr…

Cyber Security Awareness Training – https://maximumonerealty.files.wordpr…

Multi-Factor Email Authentication Resource – https://maximumonerealty.files.wordpr…

00:00 – Intro

00:43 – The Real Estate Industry as a Target for Wire Fraud & Cybertheft

04:10 – Points of Practice for Real Estate Agents

06:07 – What type of funds are getting stolen

06:59 – Warnings About CyberFraud in the Georgia Real Estate Contracts

08:12 – Best Practices for Real Estate Agents

09:49 – What About Agent Liability if Wired Funds are Stolen?

12:13 – Contractual Consequences to Electronic Theft of Buyer’s Down Payment

12:38 – CyberSecurity Tips for Real Estate Agents

15:34 – BONUS TIP!!

Please browse “Videos” or “Playlist” for so many more!

FYI… there are more videos on the YouTube Channel,

“Real Estate Made Crystal Clear” ahead of what is presented in this Newsletter.

Unique Ways to Give Your Buyers a Competitive Edge for New Construction

Do this before anyone else does! How do I find Buyers new construction houses before anyone else? Watch the video to find out a unique method – could get you a listing or two also!

0:00 – Introduction

0:58 – Usual Methods

02:03 – Search MLS Sites

03:33 – Unique Method

06:10 – Additionally

07:15 – Summary

08:29 – Bonus

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FYI… there are more videos on the YouTube Channel, “Real Estate Made Crystal Clear” ahead of what is presented in this Newsletter. Click to Watch More Videos

How Much Cash Does a Buyer Actually Need per an Appraisal Gap Stipulation?

Additional considerations with an “Appraisal Gap” stipulation… how much does a Buyer actually need? What if the Buyer doesn’t actually have the cash at closing? How may a Seller protect themselves up front? Stay tuned for a Bonus Tip at the end!

Also watch:

Appraisal Stips vs. FHA & VA Loans – https://youtu.be/aGiaaBGg9QU

A Unique Twist on the Appraisal Gap Stip – https://youtu.be/qGaj0Ipg_w0

00:00 – Intro

01:19 – Buyers Trying to Compete

01:48 – Basic Overview of Appraisal Gap Stipulation

02:15 – Reminder about Appraisal Gap Stip & FHA & VA Loans

02:55 – Conventional Loan & Appraisal Gap Stip – Important Questions

04:10 – What if Gap is Bigger or Buyer Doesn’t have enough cash?

05:05 – Default Clause in contract – May be Different in Different Contracts

05:45 – Many Expenses for Buyer buying a House

06:40 – So Cash for Gap PLUS….

07:08 – For Example…

10:34 – Buyers’ Agents….

11:01 -Listing Agents…

11:35 – What a Buyer’s Agent Should Do

12:21 – What a Seller’s Agent Should Do

13:52 – Proof of Funds

15:39 – Bonus Tip!

Please browse “Videos” or “Playlist” for so many more!

FYI… there are more videos on the YouTube Channel, “Real Estate Made Crystal Clear” ahead of what is presented in this Newsletter.

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Is the Rumor True About the Appraisal Gap Stipulation?

I heard that a Buyer getting an FHA or VA Loan can’t use the “appraisal gap” stipulation… is that true? What if it’s in their contract? Watch the video to find out! Make sure to watch to the end for a BONUS Contract TIP!

00:00 – Introduction

00:36 – What is an “FHA” or “VA” Loan?

01:18 – Federal Regulation – Amendatory Clause

02:12 – What is an “Appraisal Gap” Stipulation?

03:56 – What is relationship between Amendatory Clause & Appraisal Gap Stip

05:03 – What Does this have to do with Appraisal?

06:37 – What are the Time Frames

07:27 – I thought a Special Stip supersedes an Exhibit

08:52– 2022 Georgia Association of Realtors (GAR) Purchase & Sale Agreement

10:47 – Point of Practice for Listing Agents

12:43 – BONUS TIP!

Please browse “Videos” or “Playlist” for so many more!

FYI… there are more videos on the YouTube Channel, “Real Estate Made Crystal Clear” ahead of what is presented in this Newsletter.

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Interest Rates on the Rise… How to Address That in a Contract!

When negotiating a contract for a Buyer, how do you address the fact of increasing interest rates? What happens if a Buyer goes under contract with a Builder to build a new house but when the house is ready several months later, the mortgage rates are too high? What happens if when the house closes, the interest rate for the mortgage increases to one that the Buyer can’t qualify for or doesn’t want? What should a Seller look for in a Loan Denial Letter to make sure that the Buyer is terminating based on their right to do so & protect their Earnest Money? Are there any special stipulations I should consider? Watch the video to find out!

00:00 – Introduction

01:34 – Mortgage Rates – January 2022

01:47 – Interest Rates March 2022

02:30 – Rapidly Changing Mortgage Interest Rates – Check with Lender

02:52 – Impact of Increasing Rates on Real Estate

03:07 – Contact Past Clients about Refinancing

03:40 – Equity Line of Credit

03:58 – Get Buyers Off the Fence

04:24 – Get Sellers Off the Fence

04:58 – What About New Construction?

05:49 – Two Parts to a Buyer’s Qualification at a Particular Rate

06:43 – How to Protect a Buyer Contractually

07:39 – Seller’s Agent Considerations

08:08 – Must Look at Financing Terms in Contract

09:00 – License Law in Georgia Regarding Financing

09:41 – Check the Loan Denial Letter

10:56 – Buyer’s Agent Considerations

11:22 – Special Stipulation

13:03 – Additional Considerations for the Special Stipulation

14:50 – Summary

15:11 – Nami

Please browse “Videos” or “Playlist” for so many more!

FYI… there are more videos on the YouTube Channel, “Real Estate Made Crystal Clear” ahead of what is presented in this Newsletter.

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