How’d you spend your Saturday morning? I was up at day break and thought about getting a run in but decided getting some ironing done would be more productive. . .then bustled off to my annual state mandated Real Estate Update Course.
Favorite quote of the day “Facts underlying the hypothetical contract.” . . .it’s sort of a snoozefest, basically, because so much of the information rolls out months prior. Things like contract, addendum changes, disclosure updates and the like. In the last year, we managed to keep (with the NC Bar Association) to keep our contract to nine pages but managed to nix lots of ineffective content and I feel make some of our documents have more “teeth.”
Do I feel smarter? A tiny bit, I did manage to ask a question that stumped the proctor and instructor and that always makes me feel fancy. Question: Why aren’t funds granted to buyer or seller post real estate closing transaction, especially those paid by lending institutions (in particular, USAA, Navy Federal-basically anyone with federal ties) to a client to induce a sale, loan use, membership etc. required to be disclosed on the HUD-1 settlement statement? . . .it’s my singular “stand on soapbox beat on chest” issue that I hope gets resolved in the next renovation of the HUD-1 settlement statement. (http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/rmra/res/respa_hm) I should say, as things stand now, it SHOULD be included as the buyer/seller is receiving funds from the lender and any fund distribution with regards to a specific real estate transaction has to be disclosed on the HUD-1, however, some lenders and some closing attorneys don’t agree. I happen to fundamentally disagree with the lender’s ability to contribute to the client/member due to the fact that REALTORS have very strict provisions on what we are allowed to use as thank you gifts, otherwise, things are denoted as “inducements.” Anyhoo, catching my breath, I’m interested to see how things develop with regards to this specific topic in the next year as we as an industry undergo even more sweeping changes and updates.
Short version. Thrilled I went today even if it took me three diet cokes to make it through.