Suburban West Realtors Association
Suburban West Weekly
February 13th, 2019
IN THIS ISSUE
Days on Market (DOM) and the
Withdrawn Status in BRIGHT

Recording of Recent Seminar on
Tax Issues Affecting REALTORS
Now Available

Association Office Closed on Monday,
February 18th

Ignorance is not a Good "Failure
to Disclosure" Defense
 
Starbucks Seminar on Valuations and
Their Potential Risks to Agents Coming
to Haverford

First-Time Homebuyer Savings
Account Legislation Introduced

Employment Notice: Full-Time
Home Inspector

Calendar of Events 
 



Days on Market (DOM) and the Withdrawn Status in BRIGHT

As the spring market began approaching BRIGHT MLS heard that many subscribers had placed their listings in the Withdrawn status due to misinformation that the listing’s DOM/CDOM would reset on the 61st day. BRIGHT understands that subscribers were preparing to put these homes back on the market with the intent of resetting the DOM/CDOM.

To reset the DOM/CDOM, enter a new listing. On February 11th, BRIGHT made a temporary change that allows DOM/CDOM on newly entered listings to reset, where the previous listing was:

* Withdrawn
* Withdrawn and changed to Expired
* Withdrawn and changed to Cancelled

The temporary change is only for existing listings that were put in these statuses while in the BRIGHT system since October 1st, 2018. This will remain in effect until April 30th, 2019.

After April 30th, the DOM/CDOM will only reset when the previous listing is Closed, or on the 61st day after it was Expired or put in the Cancelled status, as these are the only true final state statuses within BRIGHT.

Please note: BRIGHT subscribers need to enter a new listing to reset the DOM/CDOM. If you are putting your currently Withdrawn listing back to Active for the same MLS number, the DOM/CDOM will not reset. It will resume as appropriate for that individual listing.
Please note that all BRIGHT inquiries must be sent directly to BRIGHT MLS Support via 1-844-552-7444.
Looking for BRIGHT MLS training at SWRA? Access our free seminars calendar.

Recording of Recent Seminar on Tax Issues Affecting REALTORS Now Available

With many REALTORS and their clients about to file their 2018 returns, it is a good time to revisit the tax law changes and their impact.
Earlier this month, Suburban West Affiliate Members Frank Haarlander, CPA and Bryan Haarlander EA lead a presentation to help real estate professionals make sense of the changes as well as update REALTORS on their specific tax challenges. The presentation included a review on: income taxes, how to "audit proof" your tax return and how to reduce the income taxes you pay. 
For those who were unable to attend, the recorded presentation and slides are now live on the SWRA website and can be accessed here.

Association Office Closed on Monday, February 18th

The Suburban West REALTORS Association office will be closed on Monday, February 18th in observance of President's Day. The office will reopen on Tuesday, February 19th at 8:00am. Please take note of this closure as you consider any business you may have with the Association. And remember, that you can always visit the Association's virtual office at www.suburbanwestrealtors.com.

Ignorance is not a Good "Failure to Disclosure" Defense

Recent revisions to the Inspection Contingency of the Agreement of Sale stating that “Buyer WILL present all Report(s) in their entirety to Seller” has raised questions such as: “What if my seller does not want a copy of the inspection reports?” and “Don’t I have an obligation to comply with my seller client’s wishes not to receive a copy of the report?”. Some agents have been heard to come right and say, “I don’t want the inspection report because I don’t want to (or want my seller to) have to disclose”.

Attorneys for the PAR Legal Hotline have advised that refusing to accept or review the inspection report will likely not protect agent or client from liability when a defect disclosed in that inspection report becomes the subject of a lawsuit. Read more.

Starbucks Seminar on Valuations and Their Potential Risks to Agents Coming to Haverford

In an ever-changing real estate valuation landscape, the potential risks to agents are only increasing. To highlight these risks, Suburban West is excited to welcome John Russell, Senior Director of Government Relations and Business Development for the American Society of Appraisers, for Starbucks Morning: Valuations and Potential Risks to Agents (February 26th; 10:00am-11:30am) at the Haverford Reserve Rec Center. John will cover: recent changes to GSE collateral policy; an overview of questions to ask about hybrid appraisals; and perspective on the recent proposal to increase the residential appraisal threshold.
John will also answer your questions. Don’t miss this opportunity to gain a better understanding of the today’s valuation landscape and its risks! Click here to register (once logged in, scroll over "Events" and then click "Upcoming Meetings").

First-Time Homebuyer Savings Account Legislation Introduced

Legislation that would create a First-Time Homebuyers Savings Account Program in Pennsylvania was recently introduced in the state House. The program would allow Pennsylvanians to save money toward the purchase of a home, and the money saved would qualify as a tax deduction for their state income tax. Parents and grandparents would be eligible to save for children and grandchildren. To learn more about the proposed Pennsylvania First-Time Homebuyers Savings Account Program and to contact your legislator, visit www.FirstHomePA.com.

Employment Notice: Full-Time Home Inspector

A home inspection company located in Media Pennsylvania is looking for a Full-Time Home Inspector to join their team. Responsibilities and duties include the ability to perform all property inspection related duties including walking the roof of properties and climbing into tight spaces. Qualifications include proficient computer skills, professional appearance and demeanor, excellent attention to detail and customer service skills. For full details and to submit your resume, please email Jamie Meissner.

Calendar of Events

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Suburban West REALTORS Association
1 Country View Road, Suite 201, Malvern PA 19355
P: 610-560-4800 | F: 610-560-4801
Association of REALTORS School
1 Country View Road, Suite 101, Malvern PA 19355
P: 610-560-4900 | F: 610-560-4801
  Equal Housing Opportunity Realtor
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