Well, this blog may not have an affect on real estate prices but it seems to have a bit of sway in getting the GAR to enforce its reporting rules. After another broker brought to the Board’s attention that 253 Round Hill Road’s sale has not been reported even though it closed a week ago tomorrow, a call was made to the laggard listing agency and presto, the reporting form was found resting right next to the fax machine. It’s on its way.
In fairness to the Board, they can’t monitor every single transaction’s sales agreement to discover when closings are scheduled. They rely on their own members’ cooperation and compliance with the rules (which require that transactions be reported no more than 48 hours after closing). If someone slips up, either deliberately or inadvertently, the Board won’t know about it unlsess and until someone complains. Well, someone has, and the problem has been addressed.
So why wasn’t it reported in the first place? It could be that the listing agent was saving this sale to combine for a splashy combination in a few days – look! We’re selling up a storm! – but more likely it was due to inattention and poor record keeping, with no deliberate rule evasion intended.
UPDATE: well, maybe it wasn’t sitting by the fax machine. An hour later, the sale is stil unreported. Someone steal the crayons down on Arch Street?