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Buying or Selling a Home/LSR
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Question
When purchasing a home you get pre-qualified for a loan. Now when you find the home you want, you have to put an offer in and put earnest money in escrow and receive an LSR describing the interest rates. How long are these rates locked in for while negotiating takes place etc.?? If the owner does not accept the offer for a few weeks and at that time the current rates went up, am I required to have my loan meet the original rates of the LSR or the current market ones on the day when the sale takes place and the offer is accepted?
Hello James - Excellent questions. In Arizona, the LSR Loan Status Report indicates the loan terms that you are "seeking" and if available willing to close. If you are not able to obtain the loan described in the contract and LSR, and you are not willing to accept the loan terms currently available, then you can submit an Unfulfilled Loan Contingency Form. This form unilaterally allows you to cancel the contract and receive your earnest money back. Please note: The LSR and LSU along with the finance section of the AAR Residential Real Estate Purchase Contract and supporting addenda have been revised effective 2.27.2011. - Todd Menard
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Todd C. Menard
Expertise
National Association of Realtors Code of Ethics and Professional Standards * Contract Questions: 05/05 Arizona Real Estate Purchase Contract, Exclusive Buyer Broker Contracts, Listing Contracts and associated contract documentation as it relates to boilerplate, covenants, contingencies, procedures and procedures. * ARMLS Arizona Regional Multiple Listing questions * Real Estate Professional Standards and Practices, Ethics, Obligations, Duties * Agency relationships in Arizona, Procurring Cause * Questions typicaly arising during the listing period * Questions typically arising during the escrow period * Questions about working with a real estate agent/REALTOR * Questions Related to New Home Builders
Experience
National Association of REALTORS Board of Director (2011)
Arizona Real Estate Salesperson License (1991-1995),
Arizona Real Estate Brokers License (1995-Present),
Arizona Association of REALTORS Board of Directors (2008-Present),
Arizona Association of REALTORS Professional Standards Committee (2008-Present),
AAR Certified NAR Code of Ethics and Professional Standards Instructor,
Southeast Valley Regional Association of REALTORS President-Elect (2011)
Southeast Valley Regional Association of REALTORS Board of Directors (2008, 2009),
Southeast Valley Regional Association of REALTORS Grievance Committee Chairperson (1998-2007),
Southeast Valley Regional Association of REALTORS Bylaws Committee (2008-Present),
Southeast Valley Regional Association of REALTORS Education Committee (2008),
Arizona Association of REALTORS Forms Committee - Residential Purchase Contract (2005),
Arizona Association of REALTORS Forms Committee - Residential Rental Agreement (2008),
Arizona Association of REALTORS Forms Committee - Buyer Broker Agreement (2009),
Arizona Association of REALTORS Presidents Advisory Group, Road to Professionalism (2009),
Arizona Association of REALTORS GRI Curriculum Review Committee (2009),
Arizona Department of Real Estate, Commissioner's Education Advisory Group Sub-Panel B (2010)
Arizona Department of Real Estate, Commissioner's Statute and License Review Committee (2007)
Organizations
National Association of REALTORS,
Arizona Association of REALTORS,
Arizona Real Estate Educators Association (AZREEA),
Arizona Regional Multiple Listing System (ARMLS),
American Notary Association,
Southeast Valley Regional Association of REALTORS (SEVRAR),
Southeast Valley Regional Association of REALTORS Women's Council of REALTORS (2010-Present),
Phoenix Association of REALTORS (1994-2000, 2005-2009),
Scottsdale Association of REALTORS (1994-2000, 2005-2009),
Maricopa/Glendale Association of REALTORS (1994-2000, 2005-2009),
Publications
"Real Estate in 2008"- Lifebushido Publishing (Contributory Author), SEVRAR Magazine,
Internet Crusade, RealTown ListServe, Blogger.com, Active Rain
Education/Credentials
- AAR Certified Ethics and Professional Standards Instructor, Graduate REALTOR Institute (1993), Certified Negotiation Expert (CNE), Over 100 Hours of annual real estate continuing education, Annual Ethics and Professional Standards Development Workshops as required by the National Association of REALTORS, Approx. 36 hours of NAR Code of Ethics training annually, Numerous IDW, Seminars and Train the Trainer programs, Business Management Degree - 1981
Awards and Honors
2009 REALTOR of the Year Award, Southeast Valley Regional Association of REALTORS (10,000+ Members),
Double Platinum Production Award ($45,000,000 Sales Volume)- Keller Williams Realty Int'l (2001),
Top 15 Sales Production Keller Williams Realty International (2001),
Top 5 Sales Producation Keller Williams Realty Southwest Region (2001),
Top Recruiter Award - Keller Williams Realty Int'l, SW Region (2002),
Who's Who in U.S. Executive (1983),
Who's Who in U.S. Real Estate Professionals (2007)
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