IMPORTANT UPDATE FOR MLS4OWNERS.COM CUSTOMERS

1. State of Washington changes Seller Disclosure Requirements
2. Figuring out whether a buyer is qualified to purchase your home
3. Opportunity to re-list when listing expires

 State of Washington changes Seller Disclosure Requirements

The State of Washington’s Seller Disclosure Law changed on Friday July 22, 2011, which means new disclosure forms are available.  Form 17 is for improved properties (such as houses).  Form 17C is for unimproved properties (such as land).  Here is the advice we have been given on how they should be used:

• Sellers should use the new version of Form 17 (rev. 7/11) or Form 17C (rev. 7/11) for transactions where the parties reach mutual acceptance on or after July 22nd.

• Sellers should use the prior version of Form 17 (rev. 7/09) or Form 17C (rev. 6/10) for transactions where the parties reach mutual acceptance before July 22nd and the seller provides Form 17 or Form 17C to the buyer before July 22nd.

• Sellers should use the new version of Form 17 (rev. 7/11) or Form 17C (rev. 7/11) for transactions where the parties reach mutual acceptance before July 22nd, but the seller does not provide Form 17 or Form 17C until July 22nd or later.

If you have any concerns about whether the new law applies to you or questions about how to complete or use the form, please consult with a real estate attorney as MLS4owners.com and other brokers are not permitted to offer legal advice.

Figuring out whether a buyer is qualified to purchase your home

One of the most important elements in selling your home is the buyer's ability to obtain financing. Most sellers have a difficult time figuring out if a prospective buyer has the ability to purchase your home and if the pre-approval letter is legitimately backed up by the banking institution or if it is just information they viewed online.  MLS4owners Mortgage supported by Cobalt Mortgage is available to help you, and they will be in touch to answer any questions you may have.  More information is under the Mortgage Center tab on our front page.

Opportunity to re-list when listing expires

Back in 2005, when the real estate market was rocking and rolling, a typical seller found a buyer in 17 days.  As you all know, times have changed and many sellers need much longer to complete their sale.  If your listing expires and you would like to continue to list with MLS4owners.com for an additional year, you could start a new listing at HALF the prevailing cost of a new listing.  Your property would get a new MLS number and your listing could stay active for up to 12 more months under the new Agreement.  We can re-use your previous listing data if you wish, or you can make changes.  Just let us know if we can help.  The “Data Verification” email that arrived when your listing was activated includes a report that shows your expiration date, on which the multiple listing service database automatically lets listings expire.