Date Archives January 2010

I’m an Associate Broker in Virginia. So What?

in Education General Real Estate on

In Virginia the basic requirements to obtain a real estate license are 60 hours of education, don’t have a felony conviction and be at least 18 years of age. … (Colorado, North Carolina are broker-only states, and each state has wildly different licensing requirements) One of our core philosophies at Nest Realty Group is that we have high standards for our agents, so much so that we wrote this belief in Nest’s Core Philosophies – a Manifesto if you will (more to come about these beliefs over the course of 2010).

…A lot of people talk about raising the bar within the real estate industry; I have for many years: – Move Off The Blogs to Change NAR – If A Realtor is Unethical in the Woods – But, We’re ALL Ethical!

…Experience Verification Forms verifying that the applicant has been actively engaged as a real estate licensee for at least 40 hours per week during 36 of the 48 months immediately preceding the date of application.

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Changes coming to Forms Home Buyers Use

in Buyers on

I know this – my buyer clients will appreciate being able to compare Good Faith Estimates from lenders on “apples-to-apples” forms … And make it easier for me to help them identify junk fees.

…Daily interest charges This charge is for the daily interest on your loan from the day of your settlement until the first day of the next month or the first day of your normal mortgage payment cycle.

…In the past a borrower would receive a GFE with a different format from each lender that they visited —- each having a slightly different set of disclosed loan terms, or vocabulary for referencing such terms.

… On January 1, 2010, HUD will require that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs.

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