New Agency Law Requirments

On July 1, 2012, a number of changes to Virginia’s Agency law go into effect. Among these changes is the requirement that all real estate licensees enter into written brokerage relationship agreements with their Buyer clients. Theintent of this new requirement is to ensure that buyers are aware of the types of representation available to them.  Our brokerage is requiring that all agents comply with this new requirement immediately. Please read this this PDF about agency.

Buying a Fannie Mae Property

I’ll be writing an offer for a Fannie Mae property today. Your client needs to know that Fannie Mae often prefers to have the contract on their own paper—on other words, they prefer the language in their contract over the language in the NVAR contract.  Additionally, Fannie Mae homes generally start with a good price. If the home doesn’t sell at that price Fannie Mae will lower the price. But they usually won’t bargain much off the price they have listed.  They usually put 3% for concessions into the price.