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WESTWORDS OCTOBER 2020

I AM

I AM CARLOS CICERO I AM RELATIONSHIP FOCUSED I AM TRANSPARENT I AM HONEST I AM LOYAL I AM CARING I AM WEST USA

HIGHLY RECOMMENDED

WHAT PEOPLE ARE SAYING “Carlos was very professional throughout the entire process of selling our SFR property. His sales knowledge, preparation and take charge attitude gave us the confidence that we were in safe hands. Carlos represented us as buyer/seller agent with two of our homes and has always represented with the utmost professionalism. His team is great at staging homes beautifully, if need be, which helps get them sold. He also has a great network of reliable contacts for repairs and improvements which came in very handy. Carlos is that go to Agent you can trust and to top it off he is also bilingual.“ “Carlos and his team were amazing in helping me get through the sale of my brother’s house after his passing in March. Even though we did everything long distance from Me in Texas to Carlos and his team in Arizona, they kept me in the loop every step of the way. Carlos never gave up on getting my brother’s house sold even after two buyers backed out. He went the extra mile to entirely restage the house and get an even better offer for it than I even imagined could be had. I am forever grateful for Carlos and his team. They are truly amazing.” “We have been working with Carlos and The Cicero Group for many years. Carlos is very knowledgeable in the Real Estate Arena and has made buying or selling a property a stress free experience! Thank-you so much Carlos for helping us on the recent sale of our home in Maricopa. We will definitely continue working with you in future sales and acquisitions.”

BROKER BLOG WITH BOB STEPHENS BUYER OR SELLER CANCELLATIONS WITHOUT CAUSE This happens often when clients change their mind in a transaction they are in contract on. Just so they understand that they may need legal counsel as to the ramifications of their action, I have written up two documents that should cause them to re-think their notification of cancellation by at least getting legal counsel! I have attached these documents to this one so the agent will also understand where this cancellation might lead to. Also buyers need to re-think their situation when backing out without cause and I have included some possible actions the seller may take against the buyer. Also we recommend that the buyer seek legal counsel. I hope this helps the agents to better understand the different courses that the buyers and sellers need to consider before cancelling a contract without cause. BUYER’S BREACH OF CONTRACT MEANS FORFEITURE OF EARNEST MONEY? All contingencies have been met and it is now time to close escrow, per the contract between a seller and a buyer. The buyer was signing closing documents at the Title Company for closing the next day. He decided at that time that he did not want to close escrow, so he refused to sign anymore papers and told the Title Representative to forfeit the earnest money to the seller, “he was canceling this transaction”. Can he do this?  Perhaps, if the seller cooperates with that decision!

On line 318-319 of the contract: The seller may, at seller’s option, accept the earnest money as seller’s sole right to damages. Of course, per the listing agreement with the broker, the earnest money is split with the broker unless agreed differently. YOU, the agent, must urge him or her to speak to an attorney before following through with this decision. Some possible ramifications from the seller might be a suit for specific performance of the contract between seller and buyer. OR, in my mind, an even larger problem would be a lawsuit for damages caused by the buyer’s decision. The possibilities here are tremendous in the change of the seller’s future caused by this decision of the buyer. The seller should have already moved so that possession can be given at the CLOSE OF ESCROW time. Imagine these expenses that might include the purchase of a new residence whereupon the funds from the sale of the contracted property will be used to close escrow on the seller’s recent purchase and possibly in another state? Perhaps with a moving truck with possessions headed there now. The buyer really needs to think it over BEFORE canceling the contract! Questions, contact: Managing Broker, Bob Stephens 602-942-4200

If you have the listing on the property and the seller gives notice without cause to cancel, the form I have drafted (below) will explain some possible reasons that it may be a wrong decision.

BREACH BY SELLER SELLER____________________________________________ADDRESS____________________________________________________ You have notified West USA Realty Brokers of your intention to cancel or not perform on a contract with BUYERS_________________________________________Of your property at________________________________________________ Before proceeding with this action, we urge you to obtain the advice of legal counsel regarding the obligations of the contract you have entered into with the buyer: regarding “specific performance” and or damages caused by your failure to close escrow. Also, be aware of the failure to complete clause of your listing agreement with West USA Realty, under section 6-g of an Exclusive Right to Sell/Rent  Listing Contract Legal Language in the amount agreed to under 6-b.  Or in an Exclusive Agency-Residential Sell/Rent Listing Contract Legal Language under 7-g, in the amount agreed to under 7-b. The commission in either contract, in the full amount will be due immediately upon cancellation by the seller. West USA Realty has obligations to pay real estate agents involved in this transaction per the Multiple Listing Service to other real estate Brokers, if any, and also to the agents that work here at West USA Realty. BROKER OR AGENT NAME, West USA Realty mm/dd/yyyy

Freedom to Telecommute Could Add Almost 2 Million Potential Buyers to the Market By Zillow Research Almost 2 million U.S. renters that currently can’t comfortably afford to buy an entry-level home in their current metro area could potentially afford the nation’s typical starter home if they took advantage of increased telework options and moved to a less-expensive locale. Zillow analyzed renter households for whom monthly payments on a starter home in their metro are unaffordable, but would be affordable on the typical U.S. starter home. Those households were then assigned a probability of being able to telecommute based on income, the worker’s industry and occupation. Millennials, between 26 and 40 years old, represent almost half of the 1.92 million renter households who could afford homeownership if given the flexibility to work from home, the largest generational group to potentially benefit from these new options. Nationwide, the typical starter home is currently valued at $131,740. But similar starter homes in 37 of the nation’s 50 largest metro areas — home to the lion’s share of the country’s jobs — are more expensive than in the country at large, often by a wide margin. As a result, owning even a modest home (and taking advantage of the wealth-building opportunities that can bring) is out of reach for many households as long as they need to be within commuting distance of a physical workplace. Rethinking the Relationship Between Work & Home Close to half (43.6%) of U.S. workers are in occupations in which teleworking is at least theoretically feasible, though

less than a quarter of these workers actually telework. But the ongoing pandemic has shaken up how workers and their employers alike think about the relationship between work and home. Over the past six months, many companies have found that their workforce can function better remotely than originally thought. If telework becomes more of a norm, and businesses allow it where possible, this could give millions of Americans more choice over their home and home finances. From the City to the Suburbs Still, despite whatever financial advantages may be in play, many renters may rightly choose not to move for any number of personal reasons — they simply might prefer to rent in a bustling city like New York, rather than own in a sleepier rural area in another state. And while it may make sense on paper to move far from a given area to be able to afford homeownership, practically speaking it can be very difficult to completely uproot and move away from family, friends and valued local cultural institutions (sports teams, schools, museums etc.). As such, in many cases, it may be far more likely that current residents can’t or won’t flee and cut the cord with their hometown entirely, and instead exchange it for an extension cord — moving from the commute-friendly center city to farther-flung suburbs, but still maintaining ties. For more on this and other market trends, visit zillow.com/research research/telecommute-2-millionbuyers-27866.

* Survey results come from polling conducted by Zillow Group’s Behavioral Science and Population Science Teams. Data was collected by ZillowGroup using CloudResearch’s Prime Panels platform.

TODD MENARDâ€™S

REAL ESTATE MARKET STATS

A LETTER FROM THE

PRESIDENT Today, I am excited to announce West USA Realty is now offering The Home Swap™️ program allowing your sellers, the ability to purchase their next home without having to include a contingency offer on the new home. The Knock Home Swap™️ program gives your clients: • The ability to purchase their new home before listing their old home.

CLINT FOUTS President & CEO

• Up to 6 months of Mortgage payments for their old home, so they are only paying one mortgage. • Up to $25,000 to get the old home sold for top dollar.

We believe this program gives our family of realtors a competitive edge over contingency buyers & iBuyers competing for the same home. Unlike other programs, this program allows you to be on both sides of the transaction and does not restrict compensation between you and your clients. For more information and to become a Knock Certified agent, please use this link: https://www.knock.com/certified/NWZP For more than 34 years West USA Realty has strived to provide our agents with the best in support, training, and technology.

EMPLOYEE OF THE MONTH

SUE FLUCKE

Congratulations to Sue Flucke West USA Realty’s October Employee of the Month! Sue is the West USA Goodyear Branch Manager. She has been a top coach, Broker, Phoenix REALTORS®️ President, and so much more. She has unwavering support and cares for all agents, partnered with her almost 25 years of real estate experience; she is one of the most sought-after voices for panels and discussions in the valley. We are honored to have her a part of our West USA Realty family.

M O N DAY

T U E S DAY

W E D N E S DAY

OCTOBER 2020

T H U R S DAY

F R I DAY

As Part of REACT - Facebook Basics for Real Estate Professionals Class w/Keith Flynn

10:00am - 11:00am / Webinar

West USA Weekly Webinar 9:00am - 10:00am / Webinar

West USA Agent Orientation 10:30am - 12:15pm / Webinar

Ahwatukee Office Meeting 10:00am - 11:00am / Zoom

Creating Real Estate Wealth

w/ Michael Douville

Don’t Do Dat w/Broker Bob Stephens 1:00pm - 1:30pm / Webinar

10:00am - 10:30am / Webinar

FREE REMOTE CE CLASS Mastering the ER Listing Contract 3Hrs Contract Law 9:00am - 12:00pm / Zoom

ProStart Training Session 1 9:00am - 4:00pm / Zoom

Smart Video with Your Smart Phone w/Keith Flynn

10:00am - 11:00am / Webinar

ProStart Training Session 1 9:00am - 4:00pm / Zoom Virtual Kierland Office Meeting 10:00am - 11:30am / Zoom

ProStart Training Session 2 9:00am - 4:00pm / Zoom

West USA Weekly Webinar 9:00am - 10:00am / Webinar

Creating Real Estate Wealth w/ Michael Douville

Don’t Do Dat w/Broker Bob Stephens 1:00pm - 1:30pm / Webinar

ProStart Training Session 3 9:00am - 4:00pm / Zoom

ProStart Training Session 2 9:00am - 4:00pm / Zoom

ProStart Training Session 3 9:00am - 4:00pm / Zoom

w/ Michael Douville

Don’t Do Dat w/Broker Bob Stephens 1:00pm - 1:30pm / Webinar

10:00am - 10:30am / Webinar

26 West USA Weekly Webinar 9:00am - 10:00am / Webinar Don’t Do Dat w/Broker Bob Stephens 1:00pm - 1:30pm / Webinar

Instagram Basics for Real Estate Professionals w/Keith Flynn 10:00am - 11:00am / Webinar

10:00am - 10:30am / Webinar

Creating Real Estate Wealth

West USA Weekly Webinar 9:00am - 10:00am / Webinar

FREE REMOTE CE CLASS The NAR Code and The AZ Law 3Hrs Real Estate Legal Issues 9:00am - 12:00pm / Zoom

FREE REMOTE CE CLASS Agency and Related Industry Issues 3Hrs Real Estate Legal Issues 9:00am - 12:45pm / Zoom Chandler Office Meeting 10:00am - 11:30am West USA Chandler

27 Creating Real Estate Wealth w/ Michael Douville

10:00am - 10:30am / Webinar

Canva Intermediate for Real Estate Professionals w/Keith Flynn 10:00am - 11:00am / Webinar

28 FREE REMOTE CE CLASS Advanced Contract Writing 3Hrs Contract Law 9:00am - 12:00pm / Zoom

Personal Branding for Real Estate Professionals w/Keith Flynn 10:00am - 11:00am / Webinar

Company Wide Office Meeting 10:00am - 11:30am / Zoom

• CE- Continuing Education Renewal Training • Luxury Division Event

• Commercial Division Event • Office Meetings