EKKO Title

Northern Virginia Realtors®️ we are offering two CE classes this month. On October 15, 2024, my colleagues, Valerie Triplett and Lisa Mitchell will be teaching a CE course on Unconventional Transactions. And on October 24, 2024, I will be teaching a 3 hour course on Agency. Location and registration information is below. We hope to see you there! #ceclasses #ekkotitle #realestateeducation #continuingeducation #northernva #northernvarealestate

Good morning Northern Virginia Realtors(R)! Join me and Marcus Simon tomorrow for a 2 hour CE course on NAR Settlement Changes - Leveraging NAR Settlement Changes to Work for You! We'll be talking about how to handle conversations with buyers and sellers on the changes, working with unrepresented buyers, articulating your value, writing winning contracts, etc. Register at ice@ekkotitlecom. Space is limited so reserve your space today!

Anecdote I'd like to share from a recent meeting with many local lenders RE: the coming DOJ Settlement effective date of August 17: All Buyer agents should now begin submitting their Buyer's executed Buyer-Broker Agreements to their Client's chosen loan officer/Lender contact, so that the Lender can underwrite the amount the Buyer is contractually bound to pay their Broker. This way, you will know from the outset, and before submitting any offers: 1. where the Buyer stands with regard to cash reserves; 2. the flexibility in amount they can offer and pay all closing costs (Including Buyer Broker fee); 3. and/or the Buyer's needs of any sort of subsidy to ensure payment of all closing costs (including Buyer Broker fee) at their desired contract sales price. Secondly, due to the July 1 change in our standard form contract where Paragraph 22 now dictates that the "Parties irrevocably instruct Settlement Agent to pay Broker compensation at Settlement as set forth in Parties respective brokerage representation agreements.", copies of both the executed Listing Agreements and Buyer-Broker Agreements should be submitted to the Settlement Agent with each ratified contract. Every Settlement Agent should document the respective parties' obligations to pay the brokers as negotiated, and ensure that the Settlement Statement/CD illustrates the correct amounts from each party. Finally, the submission of the Buyer-Broker Agreements to the Lender will also alleviate the worry from many agents that "we're going to be forced to work for free". The Lender will ensure that the Buyer's buying power is documented and that you are informed. So that when making the offer, you know exactly where the Buyer stands in terms of ability to purchase a given Property at a given price and pay all relative closing costs (incl. Buyer Broker fee). Or, alternatively, if the Buyer decides to reach toward a higher price where perhaps they will be stretched to pay all closing costs (incl. Broker fees), you will know that a negotiation of a Seller concession to pay Broker, or even a Seller subsidy, will be needed.

EKKO Title has partnered with Chelsea Peitz for an online workshop on DECODING SOCIAL MEDIA. Even the most gifted social media folks will learn something. Please join us, Thursday June 13, 2024 from11:00 AM to 12:30 PM. Don't forget to register : https://lnkd.in/eNKWSYxh