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Keller Williams Realty San José - Gateway
Team Meeting – September 13, 2011

Guest Speakers
*Art Pratt- Old Republic Home Protection
800.445.6999
artp@orhp.com

Announcements
*Watch Video
*New MLS Matrix System to replace ProSearch
*Broker Risk Management-
*Keep a Copy- James
*MARS update- Lisa
*eEdge- Alex Tafoya
*Lotto Tickets

ALC Updates
*Growth
*Culture
*Education

Wrap-Up
*Feedback Session!
*Team Meeting Agenda Suggestions

Prospect Mortgage
*Audrey & Rosalio
Set the date!!!

At this Wednesday’s
September 14th
CBVA meeting
at 8:30am
at the Sonoma Chicken Coop

Mark Messemer
from MLS Listings

re: The new MLS “Matrix System”
that’s rolling out on November 15th
that will completely replace the
existing “ProSearch” system.

ProSearch will no longer be available
after Nov 15th when Matrix comes
out, so come and hear all about it!!!
BROKER RISK MANAGEMENT
WEEKLY PRACTICE TIP

Keep a Copy – It Will Save You Later

Q I am a listing agent on an upper end home listing that just expired.
When I was taking the listing, the sellers wanted a proposal on what I
would do to market the listing, so I wrote a letter outlining my
marketing plan and presented it to sellers. After the listing was
finalized, I prepared marketing materials, recommended a stager to
make the vacant home look presentable, and heavily marketed the
property. We had one ratified buyer who cancelled and the listing
expired. Then the sellers presented me with a bill for almost $5,000 for
the cost of the stager which they said I had agreed to pay. I thought I
had agreed to pay for the stager only if it closed and then from my
portion of the listing agreement, but I couldn’t find a copy of the listing
presentation letter – apparently I hadn’t kept a copy. At first they
couldn’t find my letter either and we had angry words, whereupon they
filed a complaint in Small Claims Court. Just before the hearing, they
found the letter wherein I had indeed agreed to reimburse them for the
stager from my commission upon close of an escrow. They did the right
thing and dropped the case. But now I’ve lost a client.
A: That is an expensive lesson indeed.
We all know that the law requires agents to give clients a copy of all
documents signed by them regarding any disclosures, transactions or
listings. But, while it is not required by law, it is always a good idea to
keep a copy of all communications with clients. This is particularly
important for any documents which outline important details or facts of
your relationship with your client or any transaction documents or
disclosures.

PRACTICE TIPS:
1. Always give clients a copy of any contract documents or disclosures
which they have signed.
2. Always identify documents you are sending, and use a transmittal
cover sheet when sending several documents.
3. Always make a copy of all important documents that you send to
your clients or the other broker and put those copies in the broker file.

See Weekly Practice Tip entitled “Documenting the Paper Trail”
4. Slow down and document what you do – it will save you later.
BROKER RISK MANAGEMENT
WEEKLY PRACTICE TIP
MARS – Strict Compliance No Longer Required

In the last several weeks there have been further clarifications of
the regulations we have come to know as MARS – Mortgage Assistance
Relief Services.
First, the FTC (which created the MARS regulations), and now
the newly-created federal Consumer Financial Protection Bureau
(“CFPB”), which has taken over the MARS regulations from the FTC,
have made clear that the MARS regulations do not apply to real estate
listing agents who take short sale listings so long as the agents meet
three criteria:
1. The agents are licensed and maintain good standing under state
law;

1. They are acting in compliance with state law governing the
practices of brokers and agents; and,
2. They are assisting or attempting to assist a consumer in
negotiating, obtaining or arranging a short sale of a dwelling in the
course of securing the sale of the consumer’s home.
So, if listing agents and brokers satisfy the above three
requirements, they no longer need to:
A. Provide CAR form MARSSN when taking the listing.
B. Provide form MARSMRN at the time they obtain the lender
approval letter.
C. Include the MARS disclaimer notice in advertisements when
marketing properties.
D. Comply with MARS’ other record keeping and monitoring
requirements.
However, because there remains some concern amongst
attorneys surrounding the MARS disclosures at the time that the
lender’s Term Sheet is delivered to the seller, and at the time that the
seller then delivers that Term Sheet to the buyer per the requirements
of the Short Sale Addendum to the Purchase Agreement, a disclosure
that addresses these concerns should be given to sellers at the time
that the Term Sheets are delivered to your seller on each of your
short sale transactions. (SEE BELOW.)
….
…
PRACTICE TIPS:

1. As a short sale listing agent you no longer have to give
sellers the MARSSN or the MARSMRN forms, nor do you have
to include the MARS advertising disclaimer in your
advertisements regarding short sale listings.
2. As a short sale listing agent, each time that you deliver a
Term Sheet from a lender to your seller, give your seller a copy of
the attached “Seller Advisory Regarding Lender’s Term Sheet
and Seller’s Instructions to Listing Agent.”
3. Review the paragraph entitled “Instructions to Listing
Agent” which contains a default instruction that seller must give
you, the listing agent, a written instruction before you deliver the
Term Sheet to the buyer’s agent. If you wish to have a different
instruction, there are check boxes for that purpose. Have your
seller check one of those boxes ONLY if you want to change the
default instruction.
3. Have the seller sign this document, giving seller a copy for
their files.
5. Only deliver the Term Sheet to buyer’s agent per the
instruction from seller.
6. Any DRE licensee engaging in the following activities must
still comply with MARS:
A. Pure short sale negotiations.
B. Promoting their services as a way to help property
owners avoid foreclosure.
C. Loan modification negotiations.
D. Deed-in-lieu negotiations.
(BROKER NAME)
SELLER ADVISORY REGARDING LENDER’S TERM SHEET
AND SELLER’S INSTRUCTIONS TO LISTING AGENT
This Advisory and Instructions to Listing Agent is being provided to you with the Term Sheet from your
lender approving a Short Sale payoff to that lender. The Term Sheet and this Advisory contain important
information regarding your Short Sale. Read them carefully.
Property Address: _________________________________________________________
1. A California law, effective as of July 15, 2011, requires that the holders of all loans secured by 1 to 4 unit
residential properties must give up their rights to pursue the Sellers for any loss suffered by them as a result of
a Short Sale after the short payoff is approved (in the “Term Sheet”) and the transaction closes. This
protection is lost, however, if a Seller commits fraud with respect to the sale of the real property, or causes
“waste” (damages the real property), in which case the lender(s) may seek damages against the Seller, and any
participating third party.
2. You do not have to accept the terms offered by the lender(s) if the Short Sale is approved. See the Short
Sale Addendum for details. If you accept the lender(s)’ offer, the commission to the brokers in the
transaction will come from the sale proceeds in an amount approved by your lender(s) in the Term Sheet(s).
Listing Broker will seek no other compensation from you unless agreed in writing by you and approved by the
lender(s).
3. Seek Legal and Tax Advice. Real estate agents are not attorneys and are not qualified to give legal or tax
advice regarding a lender’s Term Sheet or its legal or tax effects. Listing Agent urges you to contact a qualified
California real estate attorney regarding the terms and conditions proposed by the lender in the Term Sheet,
and also to discuss this transaction with your tax advisor, prior to making any determination as to whether to
proceed with the Short Sale.
4. INSTRUCTIONS TO LISTING AGENT. The Short Sale Addendum to the Purchase Agreement
provides that you have a set time frame to deliver the Term Sheet(s) to the Buyer. During this time you
should review the Term Sheet(s) with your attorney and/or tax advisor. Once the Term Sheet is delivered to
the Buyer, your Short Sale Contingency is automatically removed and your ability to safely terminate the
transaction because of the Term Sheet is limited.
Upon receipt of the Term Sheet(s) by you, you understand, acknowledge and agree that Listing Agent is
authorized to deliver the lender(s)’ Term Sheet(s) to the Buyer and/or the Buyer’s Agent only after you
notify the Listing Agent in writing that your attorney and/or tax advisor has reviewed and approved the
lender(s)’ Term Sheet(s).
Or, (if checked):
□ Listing Agent is authorized to deliver the Lender(s)’ Term Sheet to the Buyer and/or the Buyer’s Agent on
_________________, 201_ (date) without further instructions you.
□ Other Instructions __________________________________________________________
__________________________________________________________________________
5. If you stop paying your monthly mortgage payments, you could lose your home and damage your credit.
If you have ceased making mortgage payments, the lender(s) may file a Notice of Default and proceed with a
foreclosure even though there are ongoing short sale negotiations. Negotiating a short sale does not stop the
foreclosure process. You understand and acknowledge that Listing Agent cannot and does not guarantee that
a short sale can be obtained from the Lender(s) or that the foreclosure process can or will be stopped.
6. No cash to Seller. You, as Seller, may not receive any cash, or other valuable consideration, from either
agents or Buyer, paid directly to or for your benefit, either through or outside of escrow, without the written
approval of all of all existing lenders. This includes any holding over or rent-back agreements. Disclosing
such payment, or other consideration, solely on a HUD-1, without the lender(s) otherwise giving their written
consent, is generally considered by lenders to constitute a violation of the Term Sheet(s), and may be a form of
lender fraud.
BY SIGNING BELOW, I/WE ACKNOWLEDGE AND AGREE THAT I/WE HAVE RECEIVED, READ
AND UNDERSTOOD THE ADVICE IN THIS ADVISORY.
Seller__________________________________ Date: _________________, 201__
Seller__________________________________ Date: _________________, 201__
New Listings

Brian Babcock 233 Grayson Terrace San Jose 95126 $279,995.00

Christine LeQuang 22649 Country View Court San Jose 95120 $389,000.00

Colar Team 19166 Reynolds Avenue Dos Palos 93620 $425,000.00
CONGRATULATIONS!

Conlan/Tofte
6094 Montgomery Court San Jose 95135 $215,000.00
Team

Dale Warfel 205 South Cragmont San Jose 95127 $285,000.00

Matt Cossell 5463 Don Edmondo Court San Jose 95123 $172,000.00

Matt Cossell 99 Alton Street Milpitas 95035 $399,000.00

Steve Noble 117 Elm Street #A Watsonville 95076 $119,900.00

Steve Noble 372 Avenida Arboles San Jose 95123 $436,500.00
Open Escrow

Annette Aguilar 51 Park Essex Place San Jose 95136

Athenia Kelley 1774 Millgate Lane San Jose 95122

Matt Cossell 5463 Don Edmondo Court San Jose 95123
CONGRATULATIONS!