“Agent Says She is Going to Take this Fall Off”

 

 

“Agent Says She is Going to Take this Fall Off”

 

I got a call from a Realtor asking if I could get a transaction closed by the end of September. It was a pretty simple transaction so I let her know; based on what was described to me I could but to have the prospective buyer contact me as soon as possible.

 

She told me she wanted to make sure we closed before all of this “New Crap” that will start in the beginning of October started. I let her know that any purchase agreement and mortgage application that is done prior to October 3rd will follow all the old guidelines. She told me that her office told her it has to close by then which is not the case.

 

Then she went on to tell me that she is going to take a hiatus from the business for a couple of months, as she is frightened by these new rules and regulations and doesn’t want to get sued. I asked her if she would intentionally do something illegal, of course not she said.

 

It sucks that they are not being properly trained and coached. It seems like they are leaving everyone in their office to their own devices.

 

Stop all the fear, we will all work through all the issues and everyone will survive. Will there be hiccups? You bet, but hopefully they will be minor in nature. Communication will be extremely important between Realtors, loan officers, title companies, attorneys, lenders, buyers and sellers. 

 

I wish we had gotten started August 1st instead of October 3rd, but we will work with what the powers to be give us.

 

Are you prepared?

 

Image courtesy of Stuartmiles/freedigitalphotos.net

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

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Comment balloon 42 commentsJoe Petrowsky • August 24 2015 06:21AM

Comments

Good Wednesday morning Joe. I guess that we will have to take a wait-and-see attitude. Who knows, it may be pushed off again - Jan 1 maybe?

Posted by TeamCHI - Complete Home Inspections, Inc., Home Inspectons - Nashville, TN area - 615.661.029 (Complete Home Inspections, Inc.) over 1 year ago

Good morning Joe.  You can bet we are.  We've had no less than three training sessions outlining what is going to come.  Before October 3rd gets here we will have at least one more on the changes that are to take place.

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty AR LLC) over 1 year ago

Hi Joe.  No doubt about it.  That is one dumb ass agent.  She should be out of the business permanently.

 

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) over 1 year ago

Hopefully, the transition won't be that bad.  I guess we shall see.  And, yes, I guess there is a lot of misinformation out there.

Posted by Debbie Gartner, The Flooring Girl & Blog Stylist -Dynamo Marketers (The Flooring Girl) over 1 year ago

Joe, it is change, not the end of the earth! Enjoy your day! 

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) over 1 year ago

Wow, that's extreme to take time off so as not to have to deal with new regulations.  I attended a seminar about the changes, and while there could be some additional delays, the changes didn't really sound horrible.

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, 914-419-0270, kat@thehousekat.com) over 1 year ago

I attended a seminar about the changes and will attend another one again. We are prepared for the changes.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 1 year ago

Interesting, Joe.  If I were to take two months off, it wouldn't be from fear but from exhaustion.  

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 1 year ago

Good morning Joe. This is odd I think. No one should be flying blind or be afraid to fly at all.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) over 1 year ago

Good morning Joe,

It is just another learning curve that will seel like it had been around a long time soon.

Make yourself a great day.

Posted by Raymond E. Camp, Licensed Real Estate Salesperson Greater Rochester (Nothnagle) over 1 year ago

Hello Joe,

    I am curious why you wish for the August one start?  I took a couple of classes/seminars.  Had people asking in amazement "why I would take another when just finished the one?"  Because I did not want to have the fear that is stirring in so many.  With knowledge comes a sense of peace and direction.  Feel bad for your agent.  I believe it shows an agency neglecting the needs of their agents.  Or perhaps an agent trying to ignore reality.  Either way it would be a tough way to continue with business.  Top of the Morning Joe.  Make it a great day.  Mark

Posted by Mark Don McInnes, Sandpoint, North Idaho Real Estate - 208-255.6227 over 1 year ago

Good morning, Joe Petrowsky this might eliminate many of those who are not following the present guidelines and are messing up transactions....that's better for those who expect change periodically in the real estate business....everyone who knows how to do business properly will survive....no short cuts or last minute stuff....no changes....it will be interesting.

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) over 1 year ago

Hi Joe -- I hope there are others "out there" like the agent who called you ---- less competition, right?  YIKES -- some people.   With the proper preparation everything should be fine -- we just need to adapt.  

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) over 1 year ago

HA!  Your title had me thinking, "taking the fall off sounds great!"...but not for the reasons this agent gave.  Beautiful weather, changing leaves, sleeping in, bonfires...THOSE are the reasons to take the fall off not some new regulations. 

Posted by Jenna Dixon, Assoc Broker - Let's Talk Cobb County Real Estate (DRA Homes | Cobb County Real Estate ) over 1 year ago

Joe, I joked about this too, but we cannot operate like that, just do what we are suppose to, and will be fine.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) over 1 year ago

Oh Joe, digging in early is so important...you get comfortable when you falter and learn a bit...offices do need to prepare their agents!

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate) over 1 year ago

Joe, Good advice. Yes, we will work through it just like we have always done. No reason to run and hide.

Bill Roberts

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) over 1 year ago

Joe,

It amazes me that she is taking off rather than facing it head on...and so it goes, the different ways people deal with stuff.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding and Marketing (Napa Consultants) over 1 year ago

I have seen criticism about NAR sponsoring the D.A.N.G.E.R. Report but what you are talking about is exacting why there is a danger to the low level of professionalism is our business. My suggestion is that she take more than the Fall off.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) over 1 year ago

No I am prepared for sure. No issues in my office or with my lenders or attorneys. In fact the attorney I recommend just purchased a old bank building and is using the vault for file storage. (I think that's secure enough to pass the test).

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) over 1 year ago

Joe, I would say that I understand her apprehension.  What Federal program is not creating uncertainty?  We're not these changes born out of government over reach and reaction to problems that were fostered by former Federal meddling?

Yes, in spite of all the fumbling, bumbling, on and off, blaming the private sector, and the remembrance of the role out of Obamacare, and despite the certainty of  snaggs, frustration, and even a liklihood of fury, MY CONFIDENCE IS HIGH:  Some of the hardest working, persistent, creative and talented workers in AMERICA are on the job!  NOW, is our opportunity to shine, our opportunity to rise above every obstacle government can put before us, and help a record number of our fellow citizens REALIZE THE AMERICAN DREAN, come to understand that the driving force behind this NATION'S POWER AND PROSPERITY COMES NOT FROM ELECTIONS, BUT FROM SWEAT, IMAGINATION, THE FREE EXERCISE OF OUR LIBERTIES, AND PLAIN OLD AMERICAN KNOW HOW AND GRIT!  

Send the politicians, lobbyists, regulators,  and bureaucrat's deep into their holes.  Watch REALTORS®, Mortgage Professionals, Home Inspectors, Apprsisers, Title Clerks, Attorneys, Registrars, Credit Repositories, Surveyors, and anyone else involved in Real Estate; and the outcome is certain: THE JOB WILL BE DONE!

Posted by Fred Cope, Looking For Homes With A Smile (Reliant Realty in Nashville, TN) over 1 year ago

I'm not going to let new regulations derail my business. Having been in the short sale business, I'm used to delays and long time to close. Who will be important is the mortgage lender as it falls mostly on them. Agents just have to be ready and willing to keep the communication lines open and help out to get done what needs to be done. 

Posted by Pamela Seley, Residential Real Estate Agent serving SW RivCo CA (West Coast Realty Division) over 1 year ago

Its pure foolishness and stupidity on the part of our government. They cant create a job unless its with regulations for things that don't need to exist. Lets create and industry inside of an industry? Its pure waste that could all be resolved with normal underwriting requirements and guidelines this is just over the top

Posted by David Shamansky, Creative, Aggressive & 560 FICO - OK, Colorado Mtg (US Mortgages - David Shamansky) over 1 year ago

Not only is she unprepared but, at least in my opinion, she's handling it in an unprofessional manner. Instead of running away, she needs to be proactive and learn what needs to be done.

Posted by Wayne and Jean Marie Zuhl, The Last Names You'll Ever Need in Real Estate (Hallmark Realtors) over 1 year ago

Hmmmm.  Could we get a few more agents to do this!?  Like the ones that don't understand how to do things the old way and don't even know the new stuff is coming? 

Posted by Jeanne Gregory, The most important home I sell is YOURS! (RE/MAX Southwest) over 1 year ago

Joe

It's not a question if we like the new guidelines or we don't. We just have to know the guidelines.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) over 1 year ago

It's like any other industry change. We will all learn to work with it and it will soon become part of what we do. 

Posted by Debbie Laity, Your Real Estate Resource for Delta County, CO (Cedaredge Land Company) over 1 year ago

Joe taking time off because she is frightened about what is coming is a little over the top, and tough on the income during that time.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 1 year ago

Joe Petrowsky - Well done. Interesting story and reaction. The only thing we can count on is change.

Cheers,

Tom

Posted by Thomas F. Scanlon, CPA, CFP (Borgida & Company P. C., CPA's) over 1 year ago

I think this agent is taking this the wrong way and will have problems when she comes back. I think the changes are a small bump in the road, that's all.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) over 1 year ago

Joe Petrowsky these agents require proper guidance which they may not receive in their office, perhaps.

There have been many changes in real estate market as well as in mortgage industry. Does that mean we should run away?

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (Keller Williams Realty) over 1 year ago

Joe it is scary first that the Company she works for does not have the training...second that she does not have her own initiative to learn the new rules...The information has been out there for months.... my take if you plan 15 days or more until everyone gets used to it the answer is easy" 45 day Escrow or sooner."...period!

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) over 1 year ago

Good Morning Joe: October 3 will be a challenge but I am not fazed by it. It is unfortunate that the agent was given the wrong information about the closing before the 3rd. You are absolutely correct about it.

I am a member of GHAR Legal Awareness Committee and we have an addendum that will serve as a Rider to be attached to the main contract in the hope to resolve aniticipated issues.

Anticipated because we don't know yet what could be the actual problems or issues until we get to that point.

Posted by Maria Gilda Racelis, Home Ownership is w/in Reach. We Make it Happen! (Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington) over 1 year ago

So many agents are in such a "groove" that they don't even know when a form that they are regularly using is changed. They just do everything the same ol' way. And that's scary. Now this? How difficult is it? I went to a seminar. I'm ready.

Posted by Hella M. Rothwell, Broker/Realtor®, Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea over 1 year ago

I have been to three different trainings and with each one I am more comfortable. The first couple did tend to scare the agents and now as I see it the biggest responsibility lies with the lenders. If we all do our jobs properly things should be fine.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional) over 1 year ago

Taking time off to stay on top of the latest changes is vital. So many changes in October, including new contracts down here. But that is what classes are for and why we work with partners, so the clients are always taken care of as well.

Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) over 1 year ago

Taking time off may not be the best way to learn how to cope with changes. 

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) over 1 year ago

Joe - that is really a scary story.  I don't know if it is training alone but that brokerage needs some help.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) over 1 year ago

Yes, I think I am prepared, but also believe we will have times of frustration.

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) over 1 year ago

  We highly doubt that what is touted as the Y2K of real estate merits taking months off for the dust to settle...few things are as horrific as forecasted.

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce - Short Sale (Keller Williams 414-525-0563) over 1 year ago

Wow... sounds like that agent needs to "retire", not take a hiatus.  

Posted by Carol Williams, "Customized Mentoring & Marketing Services" (U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business.) over 1 year ago

Lots of unknowns, Joe, but like the last mortgage debacle, we all got through it...blood sweat and tears (and MORE paperwork!)

 

Posted by Gayle Rich-Boxman Fishhawk Lake Real Estate, "Your Gateway to the Lake" 503-755-2905 (Vernonia Realty) over 1 year ago

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