First appraisal with new RPA form

[robertwells]

With the new purchase agreement form there is an addendum for "Seller payment to buyer's broker" that appears to say buyer has entered into a written agreement to compensate buyer's broker and page 2 of the contract now has a check box for "Seller agrees to pay the obligation of buyer to compensate buyer's broker under a separate agreement"...This transaction also includes a seller concession/credit of $10,000. I just wondered if anyone has handled a sale yet with these new items...I guess we will be having to reach out to listing agents of all sales used in the appraisal to get detail on how each sale handled this...Bob

 

[Terrel L. Shields]

a seller concession/credit of $10,000. I

Deduct off the comp $ for $.

I guess we will be having to reach out to listing agents

Good luck with that. Many are being told this is "confidential" information.

 

[Zoe]

With the new purchase agreement form there is an addendum for "Seller payment to buyer's broker" that appears to say buyer has entered into a written agreement to compensate buyer's broker and page 2 of the contract now has a check box for "Seller agrees to pay the obligation of buyer to compensate buyer's broker under a separate agreement"...This transaction also includes a seller concession/credit of $10,000. I just wondered if anyone has handled a sale yet with these new items...I guess we will be having to reach out to listing agents of all sales used in the appraisal to get detail on how each sale handled this...Bob

Idk. I know it changes the landscape for Buyer, Seller, and agents.

 

[Zoe]

Don't get Chopra on you dog. CFPB is bad dog. CFPB was nice to appraisers in appraisal bias hearing. Chopra liked Jonathan Miller.

Others on witness stand called Jonathan Miller a liar.

 

[Zoe]

Here he is.

Homepage | Miller Samuel Real Estate Appraisers & Consultants

NYC Real Estate Appraisal & Consulting Professional – Unbiased – Informed Order an Appraisal learn more Providing Market Insights For: NYC Real Estate Appraisal & Consulting Professional – Unbiased – Informed Order an Appraisal learn more

millersamuel.com

Not a good move when Chopra was not on his case.

 

[Fernando]

The settlement hasn't been finalized by the courts and NAR already started the changes.
No backbone giving away billion dollar in settlement. It's going to be a mess in how real estate deals will be done.

 

[Zoe]

With the new purchase agreement form there is an addendum for "Seller payment to buyer's broker" that appears to say buyer has entered into a written agreement to compensate buyer's broker and page 2 of the contract now has a check box for "Seller agrees to pay the obligation of buyer to compensate buyer's broker under a separate agreement"...This transaction also includes a seller concession/credit of $10,000. I just wondered if anyone has handled a sale yet with these new items...I guess we will be having to reach out to listing agents of all sales used in the appraisal to get detail on how each sale handled this...Bob

I don't really know but I do know NAR paid a huge penalty. So whatever they are doing is to avoid future penalities.

 

[Zoe]

Commissions don't really enter into my appraisal. That is between buyer and seller which started this whole thing.

Kinda like commingled fees on AMC/ APPRAISAL fees.

 

[Fernando]

With NAR war chest, they could have fought this all the way to the Supreme Court.
Instead, they pay a hefty penalty and confusing way of paying agents. Good for investors who have cash and need less hand holding in real estate transactions.

 

[Zoe]

Seller or buyer concessions are different ballgame.