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2. The above comment, "It sickens sellers to learn this, at the closing table," implies that neither the seller, nor the agent (otherwise they should have informed the seller) were apparently aware that the selling agent was giving "less than full service" previous to the closing. So, if that is the case, again, why should the seller care what the selling broker does with his commish?
OK,
The "sickens" thing was mine. What sellers should or should not care about does not change what they care about.
I am a full disclosure Realtor and strive for no surprises at the closing table.
Many full service agents in my area will rebate a portion of their split to the buyer, especially when the same agent represented them on the listing side.
Isn't it normal to expect full service for a full service commision? I never got it, had to do almost everything myself, but for the MLS listing, and still had to pay full commision.
Given you seem to be a savy investor, I cannot figure out for the life of me, that your saviness does not translate into your choice of Realtors. If I am not mistaken, you do your business in Florida, probably one of the most competitive markets in the U.S. There are indeed many terrific agents in your state ready, willing and able to knock your socks off with over the top full service.
Given you seem to be a savy investor, I cannot figure out for the life of me, that your saviness does not translate into your choice of Realtors. If I am not mistaken, you do your business in Florida, probably one of the most competitive markets in the U.S. There are indeed many terrific agents in your state ready, willing and able to knock your socks off with over the top full service.
Well if you call it like that, that is your opinion but in the same sentence you call realtors from the biggest companies like Remax, Coldwell Banker, etc. the same since I worked with just regular big companies. Why do you call me a savy investor, doesn't make sense to me. I have no debt what so ever, make money in a bad market, no mortgage, help people get out of their bad situation by buying their property when they offer it for a short sale and let them stay and live in there and have them pay way less than they paid when they had a mortgage.
Most people call other people names as the way they are themselfs.
Sometimes it's hard to hear critism about realtors and I wish I didn't have to give it as I experienced.
Why do you call me a savy investor, doesn't make sense to me. I have no debt what so ever, make money in a bad market, no mortgage, help people get out of their bad situation by buying their property when they offer it for a short sale and let them stay and live in there and have them pay way less than they paid when they had a mortgage.
Most people call other people names as the way they are themselfs.
Actually, Bee, she was giving you a compliment. Someone who performs better than the market, as you say you do, is savvy. Good to see you can still buy short and lease back to homeowners in trouble there. Legislation has effectively killed that here. The government decided only they could best help out homeowners in distress. Fine job they're doing...
About your previous posts regarding full service (and otherwise), there are all levels of good service available. It's up to you to decide what level you want to pay for, do your homework to find the best person to do it, then require they disclose to you what they are (and are not) going to do.
Actually, Bee, she was giving you a compliment. Someone who performs better than the market, as you say you do, is savvy. Good to see you can still buy short and lease back to homeowners in trouble there. Legislation has effectively killed that here. The government decided only they could best help out homeowners in distress. Fine job they're doing...
.
Sorry? You have legislation that says you cannot buy on a short sale and lease it back to the prior owner? HOw the hell could they do that? How would they know?
Sorry? You have legislation that says you cannot buy on a short sale and lease it back to the prior owner? HOw the hell could they do that? How would they know?
They didn't make it "illegal" to do that. However, they enacted laws last January so restrictive against those investors promising to keep homeowners in their homes that, if anything goes wrong, such as the borrower cannot buy it back, the Attorney General will go after the investor, criminally, for 'misleading' them. With the added legal risk also came limits on purchasing (no less than 82% MV) and sale back (no more than 125% of foreclosing loan balance). The stated idea was to protect against fraudulent activities, but the AG threw all investors into the same basket.
So, in effect, most investors who used to do that now avoid that risk and, instead, only purchase preforeclosure properties when the seller is willing to rent, without any promise of repurchasing, or vacate altogether.
I want to apoligize to middle aged mom, i'm so sorry i wasmistaken with the word shabby. English is not my first language but that shouldn't be an excuse. Sorry.
They didn't make it "illegal" to do that. However, they enacted laws last January so restrictive against those investors promising to keep homeowners in their homes that, if anything goes wrong, such as the borrower cannot buy it back, the Attorney General will go after the investor, criminally, for 'misleading' them. With the added legal risk also came limits on purchasing (no less than 82% MV) and sale back (no more than 125% of foreclosing loan balance). The stated idea was to protect against fraudulent activities, but the AG threw all investors into the same basket.
So, in effect, most investors who used to do that now avoid that risk and, instead, only purchase preforeclosure properties when the seller is willing to rent, without any promise of repurchasing, or vacate altogether.
I'm not promissing the buyer can buy it back, only if at the time of selling if they want to buy it back they can do it if they want. I just offer them a lease option and many people love the house and the area and have the feeling the are not hummiliated by having to leave and many neighbors don't even know something has changed. The only that really has changed is that the don't have the dept burden above their head. Of cause I know they don't own the home any more, but what is owning if you have so much debt and a mortgage so high that you wake up every morning and don't know how to pay for everthing and now they wake up, pay a reasonable rent amount and can go and buy stuff and built up there life again and maybe buy a home in the future with a reasonable mortgage rate. One thing is sure they all have learned a lot and I hope they don't do the same mistake again.
At first I felt horrible to offer a lease to stay in the home but when you see the smiling faces you know you arereally making a difference, specially for the kids who can stay in the same school as their friends.
"all commission rebates to buyers must be disclosed to the lender in the transaction, and must be shown on the closing statement." (this is quoted from the January 2008 North Carolina Real Estate Bulletin)
If the lender won't allow it on the closing statement, the rebate cannot be made outside of closing.
If there is no lender, such as a cash sale, I would say it would be prudent to show the transaction on the settlement statement.
We are expressively prohibited from paying rebates, incentives or referral fees to unlicensed persons or entities who are not buyers or sellers in the transaction.
I understand...sale and lease-option back. It WAS done all the time here. But, with the new (1-year-old) legislation, if you do that and the homeowner can't exercise the option, investors here now run the risk of criminal prosection if that homeowner complains. The Atty Gen is out to get investors in that situation, so they won't touch it with a ten foot pole.
After all, why should they? The government is doing an excellent job 'helping' these homeowners
The most dangerous sentence in the English language..."It's the government, we're here to help"
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