Real Estate Blog

An operations manager for Jack in the Box was late for a meeting and called his boss to tell him he was running late. As he was leaving the voice mail message, he witnessed an accident and went on to provide "play by play" of the incident. This is the actual voice mail message. It was forwarded so many times within Jack in the Box, it crashed the company’s voice mail server. Turn your sound up. Click here for the scoop. (Thanks to Lynda King of RE/MAX at the Crossing, Indianapolis for sharing this gem on the RealTalk real estate listserv.)

This post was written by Frances Flynn Thorsen, source: Dallas Fender Bender Report Offers Humorous Aside On A Sunday

The Federal Trade Commission and Department of Justice (DOJ) have issued a letter urging the Texas Real Estate Commission to reject a proposed regulation that would change current rules by imposing new restrictions on the ability of Texas real estate professionals to offer flexibility in brokerage services. The agencies expressed concern that the proposed regulation would not only cause Texas consumers to pay more for real estate services, but also would reduce consumer choice by restricting the ability of real estate brokers to provide services tailored to customer needs.

Currently, Texas real estate brokers can offer the level of service that a customer wants and needs. If the Commission accepts the proposed regulation, customers will be forced to purchase additional services that they may not want or need.

“The Commission is urging the Texas Real Estate Commission to reject the proposed rule, which would restrict the ability of limited-service real estate brokers to respond to the demands of Texas consumers,” said FTC Chairman Deborah Platt Majoras. “The likely result would be higher prices and fewer options for the state’s consumers, with no offsetting benefits.”

“Limited-service brokers are growing rapidly in Texas and across the country because they provide greater choice and can save consumers thousands of dollars on a single home sale,” said R. Hewitt Pate, Assistant Attorney General in charge of the DOJ’s Antitrust Division. “The proposed regulation would restrict the beneficial competition created by these limited-service brokers, and the Texas Real Estate Commission should reject it.”

In Texas, real estate services are offered by limited-service brokers and full-service brokers who compete against one another. Full-service brokers charge consumers a single price for a bundle of individual real estate services and limited-service brokers offer consumers the option to pick and choose from a menu of different real estate services according to each respective consumer’s individual needs. For example, a seller can decide just to purchase multi-list services from a broker and to represent himself or herself in negotiating with buyers.

Under the proposed new regulation, limited-service brokers would be required to bundle together certain of their service offerings into a mandatory package and would no longer be able to offer services separately. In this example, the seller would be required by the proposed regulation to purchase representation and negotiation services from the broker in addition to the multi-list service. As a result, customers would have fewer choices and pay more for their real estate needs if the regulation is passed.

This post was written by Frances Flynn Thorsen, source: FTC And DOJ Strap On Consumer Holsters As Monday Showdown Vote Looms

Al Mansell, president of the National Assn. of REALTORS® testified on Capitol Hill this week and urged the Senate to pass the Small Business Health Fairness Act to allow small businesses and self-employed workers to band together through a trade or professional association to negotiate lower health insurance costs for participants. Said Mansell:

“For the most part, REALTORS® are small-business people or independent contractors who struggle to find quality, affordable health care for their employees and families. Small business health plans will give small-business and self-employed workers the same right to quality, affordable health insurance as corporate employees and union members. REALTORS® are doing everything we can to see that small business health plan legislation is enacted this year.”

Here’s what the Congressional Budget Office has to say:\

“ …about 600,000 more people (including employees and their dependents) would be insured through small employers than would be insured under current law. By 2008, about 7.5 million people would obtain health insurance through association health plans. However, under current law, most of those AHP enrollees would have been insured in the state-regulated market rather than being uninsured. CBO also estimates that about 10,000 people would lose coverage in response to rising premiums in the small-group market.”

CBO also warns us that far from reducing health expenses, this bill will increase health care costs because it will encourage cherry picking of the most desirable employees, leaving the more expensive employers in the current system. CBO concluded that AHPs primarily will compete by offering less generous benefit packages and thus, reducing coverage for 7 million workers and families. And those who remain covered by non-AHP insurance will pay increased costs to compensate for those who are siphoned off into AHPs.

A 2003 study by Mercer Consultants, commissioned by National Small Business United, made even more dire predictions. Mercer found that AHP legislation would increase the number of the uninsured by 1 million as employers in the non-AHP market dropped coverage due to premium increases. Health insurance premiums in the non-AHP market were estimated to rise 23% due to the exodus of healthier firms to non-regulated AHPs.

Rather than expanding health coverage and health services; it is going to lead to the reduction of health coverage for 7 million Americans who will lose the right to vital medical coverage such as OB/GYN and pediatrician services, cervical, colon, mammography and prostate cancer screening and treatment, maternity benefits and well-care child services, and diabetes treatment.

More than 1300 local and national organizations oppose this bill, including the National Governors Assn., the Republican Governors Assn., Democratic Governors Assn., 41 state Attorneys General, the National Assn. of Insurance Commissioners, National Small Business United, Blue Cross and Blue Shield, the Assn. of Health Insurance Plans, as well as hundreds of labor, consumer, and business groups.

This post was written by Frances Flynn Thorsen, source: Whoremaster Lesson Plan 102: Send NAR President To Spin Congress On Health Plan

Do you own a two-unit building that has two electrical services? Does one of the tenants pay the utility bill for common areas? Watch out! I’ve run into this scenario several times over the years, and York (PA) attorney/blogger Joseph N. Gothie puts the matter in perspective in Utility service, foreign loads, and tenants:

"the tenant called the gas company because he was concerned about…the gas furnace malfunctioning. The gas company inspected everything and noted that the furnace was fine, but that one of the radiators was located in the other half of the duplex. The tenant then demanded that the gas service be switched over to the landlord. The gas company… had no choice but to do this.

"[PA] statute provides that from the date of notice to the utility, the landlord is obligated to pay the utility bill and that the service cannot be thereafter metered in the name of any tenant until the foreign load is removed. ..the statute suggests that the utility may only pursue the landlord for the arrears on the utility, not the tenant. Therefore, the landlord was placed on the hook for not only for future gas bills under a yearly lease (preventing him from raising the rent to cover the extra costs at least for a year) but also the tenant’s profligate use of the gas in the past. No remedy existed for the landlord against the tenant.

"As described above, this scenario is generally known as a "foreign load" problem. Tenants hear about this from time to time, and they will look for areas where, if they turn off their fuses/circuit breakers, common area lights (for instance) turn off. Then, they spring it on the landlord."

Other recent articles include: Why lead paint disclosure compliance matters and Some ideas for handling abandoned property.

This post was written by Frances Flynn Thorsen, source: Pennsylvania Attorney Pens Blog; Offers Sage Advice To Investors

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This post was written by Frances Flynn Thorsen, source: Online Transaction Management Coming Of Age; Obtain Free Viewers For All Types Of Documents

Sounds and sights of New Orleans in Springtime
(Photos by Frances Flynn Thorsen)

This post was written by Frances Flynn Thorsen, source: Images Of The French Quarter April 2005

I was delighted to receive the 2004 Realty World Platinum Cup award for highest number of closed units at the group’s annual awards banquet last week in New Orleans. Additionally, the conference offered agents and brokers an opportunity to attend highly informative seminars and discussions about numerous real estate matters. I will share many of these gems in weblog digest forms in the days ahead.

This post was written by Frances Flynn Thorsen, source: Frances Flynn Thorsen Wins Realty World Platinum Cup At New Orleans Confab

Some 60 percent of litigation following residential home sales could be avoided if home sellers had purchased a home warranty plan, according to David Medley, National Account Manager for First American Home Buyers Protection Corp. Additionally, two out of three lawsuits involving real estate agents might also be prevented, since these claims involve failed mechanical systems, he added.

Home Warranty Factoids:

A home warranty company offers home warranty products to repair or replace appliances, electrical, plumbing, heating, and air conditioning systems on residential properties. If a home develops a mechanical problem during the first year of ownership, a home warranty will likely cover the cost of correcting covered problems, preventing lawsuits against the seller and/or agent.

Failure of mechanical systems must be the result of normal wear and tear, and not abuse or misuse.

Optional coverage may include pool equipment, water softening systems, and well mechanicals.

This post was written by Frances Flynn Thorsen, source: A Good Home Warranty Plan Offers Risk Reduction For Home Sellers And Agents

TheREALTYgram Blogger is in New Orleans this week for a Realty World convention. Check out the wheels parked in the French Quarter! We’re collecting some great blog food for your reading pleasure. Will post later today and tomorrow with some good material on the latest in property disclosure liability, real estate transaction software for buyers and sellers, and much more.

Realty World Roll Call – The following are Realty World Agents I would personally recommend if you are interested in buying or selling a property in their market areas:

California (Lake Gregory) — Jan Stowe, Realty World Mountain Resorts Realty

Kansas (Wichita) — Greg Fox Realty World Alliance

North Carolina (Atlantic Beach) — Ernest Wilkinson, Realty World First Coast Realty.; (Pilot Mountain) Bryant Brantley, Realty World Brantley & Associates

Texas (Edinburgh) — Donald and Deborah Martin, Realty World Valley Properties, LLC

This post was written by Frances Flynn Thorsen, source: Realty World Boogies On Bourbon Street And Chases Away Those Realty Blues