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Get the Facts is produced by the Washington Association of REALTORS® each Tuesday and is providedas a member benefit to Washington REALTORS® and affiliates.

June 30, 2015 | Weekly Get the Facts Newsletter

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QUESTION

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A Buyer submits an offer, the Seller sends back a counteroffer, the buyer counters that offer, theSeller does not respond. The buyer then decided to accept the Seller's original counter offer, which isstill valid and within the 2 day period provided in the contract for it to remain active. The Seller did notsend a withdrawal notice, withdrawing his original counter offer. Can the buyer accept the seller'soriginal counter offer, thereby securing a mutually accepted contract?

ANSWERNo. When the buyer countered seller's offer, buyer rejected seller's offer. Rejection of an offerterminates the offer. Seller's counteroffer is now terminated and of no further effect. The fact that thetime limit given with seller's counter has not expired is irrelevant. Buyer terminated seller'scounteroffer by countering the counteroffer.

Seller can revive the counteroffer by making it again or buyer can attempt to accept the counteroffer.Buyer's attempt would constitute nothing more than an offer from buyer that seller could either acceptor reject. Buyer cannot, at this point, obligate seller to any contract terms so any agreement betweenbuyer and seller must still be signed by both buyer and seller. Printer-friendly version.

The Legal Hotline Lawyer does not represent Washington REALTORS or its members. To browsethrough our database of past Q & A's, visit www.warealtor.org.

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CAREER HELP

5 Tips for Business-Winning Solutions(Bob Corcoran, CEO Corcoran Consulting & Coaching Inc.) Oh the close. That wonderfulfive-letter word all Realtors strive for and seek. It's the word that keeps the world of real estate goinground and round. But let me share something with you about the close: The only thing that closesany real estate deal is skilled negotiation. It's what you do. It's what you signed up for. AndREALTORS® who are good at it stand a much better chance at succeeding in real estate. In fact, allthe top producers I know are excellent negotiators. They know and use the tips I'm about to sharewith you in this article. They not only understand the fundamentals of negotiation, but also are adeptat putting those fundamentals to use.

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Live Webcast on Closing Process ChangesSave the date. REALTOR® Magazine is hosting a live webcast on what your members need to knowabout the closing process changes coming later this year and how to help keep transactions on trackas the new process and forms take effect. The webcast will be Thursday, July 16, at 2 p.m., EasternTime, and will feature Phil Schulman of K&L Gates, an expert on federal closing rules, and FinleyMaxson, NAR Senior Counsel. Look for details on joining the event shortly.


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Careful ConnectionsDo you utilize online review programs? Do you hire freelancers to other people to run your socialmedia marketing? Do you have paid advertisers on your website? Do you blog? If so, you mightwant to review this excellent FAQ answering questions from advertisers, agencies, bloggers andmore...

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TOP STORIES

US Home Prices Climbing Steadily(seattletimes.com) Strong job growth and low mortgage rates have prompted greater demand forhousing, boosting home values. The continued gains are at roughly double the pace of wage growth,but current levels appear more manageable than the double-digit home price increases seen duringparts of 2013 and 2014...

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Wildfires in North Central WAAs firefighters control the wildfires responsible for the destruction of over4,000 acres of land and property, residents are returning to charredhomes and devastating loss. Want to know how you can help? TheREALTOR Relief Foundation has distributed grant money to assist


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residents in their loss. You can take part by visiting the REALTOR®Relief Foundation's website and donate today...

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Fannie Mae: Mortgage Serious Delinquency rate declined in May,Lowest since August 2008(calculatedriskblog.com) Fannie Mae reported today that the Single-Family Serious Delinquencyrate declined in May to 1.70% from 1.73% in April. The serious delinquency rate is down from 2.08%in May 2014, and this is the lowest level since August 2008. The Fannie Mae serious delinquencyrate peaked in February 2010 at 5.59%. Last week, Freddie Mac reported that the Single-Familyserious delinquency rate declined in May to 1.58%. Freddie's rate is down from 2.10% in May 2014,and is at the lowest level since November 2008. Freddie's serious delinquency rate peaked inFebruary 2010 at 4.20%.

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5 Issues That Will Impact Real Estate(realtormag.realtor.org) Demographic shifts from retiring baby boomers and the increase ofmillennials buying homes will have the most profound impact on the real estate industry in thecoming years, according to a new survey of real estate professionals from the Counselors of RealEstate. CRE's survey identifies the issues that will have the most significant impact on real estatenear and long-term.

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MORTGAGE


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NATIONAL

REGIONAL - WEST


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Source: http://www.freddiemac.com/pmms/

EDUCATION

Free Webinar - TRID ResourcesJuly 9 - 10:00 AM - 11:30 AM - No chargeThe new rule and changes go into effect on August 1,2015 and we want our members ready. This informative1.5 hour webinar is for Designated Brokers and BranchManagers to help them prepare their offices for thechanges. During this session we will discuss: new forms,new terms, new timing requirements, and how toimplement best practices NOW...

REGISTER FOR THE WEBINAR

Additional resources available:http://www.realtor.org/topics/trid-tila-respa-integrated-disclosurehttp://www.consumerfinance.gov/regulatory-implementation/tila-respa/http://files.consumerfinance.gov/f/201503_cfpb_tila-respa-integrated-disclosure-rule.pdf


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More information, class calendar, and registration...

BEST OF THE LEGAL HOTLINE

QUESTION - 7/3/2014Two brokers from different brokerages co-list a property. One of the listing brokers brings aBuyer to the property and writes an agreement representing the Buyer and Seller as DualAgency. Does this scenario also make the other Broker in the co-listing agreement a dualagent in the transaction?


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ANSWERNo. The other listing broker cannot be a dual agent because the other listing broker has no writtenagency agreement between buyer and the other listing broker's firm. Recall that a dual agent musthave a written agency agreement with the seller and a written agency agreement with the buyer.

MEMBERSHIP RESOURCES

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