Anyone in Virginia actually getting ALL the Addendums to a Ratified Contract? If not, please email your asset manager. If DPOR audits any of your files, they're going to ask to see the Addendums because it's stated right on the Contract "Other Addendum attached" and they make the buyer check that box off. You need to complain - that's the only way the AMs are gonna get their butts moving to correct this situation.
Are you REALLY getting the cancellation letters on Ratified Contracts? Please complain to your AM if you're not. Without a copy of the Cancellation Letter stating the contract is cancelled and giving the disposition of the earnest deposit, the contract in your file is STILL alive. Can't have two live contracts on one property.
If you're having problems such as these - you need to let your AM know.
MRIS is cracking down on the AM's rule that says we can't put 'foreclosure' anywhere on the MLS Listing. That little box that says "Foreclosure - Yes/No" - remember that little box? Apparently that goes against not giving a true picture even if you tell MRIS 'foreclosure' is a process not a noun!
Anybody realize that if a HUD bidder bids ABOVE the As-Is Value (FHA's appraisal price) and their own appraisal (VA, Conventional, Whatever) comes in lower than their offered sales price, they MUST pay the difference out of their own pocket? AM says they offered XYZ and we WANT XYZ from the buyer! There is NO financing contingency on the HUD contract.
Share YOUR sudden surprizes...and let you AM know these things need fixing or your license could revoked/suspended!