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That makes no sense. Unlicensed activity is fined heavily here. They would just issue a civil fine.
Apparently not in Indiana.
Trust me, I went round & round with them on the phone. I seriously couldn't believe the state commission won't pursue it. Oh, they did tell me to call the police when I see it happening or get an attorney.
I have not seen this but then again, there are not many foreclosed properties in my area.
Are these properties in the MLS...perhaps flat fee listings?
Is there a common bank or more likely asset manager?
In my neck of the woods, asset managers usually require a substantial referral fee from the listing broker/agent. From a net proceeds standpoint, use of bird dogs or licensed brokers with a substantial referral fee might be the same. I see a bus. op here.
There are several of these people who target HUD homes exclusively.
This was actually the first I'd seen of it in a non-HUD property.
Most HUD's and now regular foreclosures have signs in front advertising them for sale by unlicensed middlemen.
I ran into one yesterday that was actually doing an open house. Complete with flags outside and directionals around town.
I haven't seen a lot of this here in NJ, but I did run into, and therefore looked into the actions of, one such company.
It was actually a mortgage company, and the way they are skirting the law is to say that they are not selling the house at all. The house is for sale by owner. The mortgage company is simply doing open houses at the homeowners location to attract potential buyers and market MORTGAGE LOAN PRODUCTS to them. The homeowner was sitting in the house during the open house I visited. Not actually doing anything, but probably providing just the right amount of cover for the mortgage guy to claim he had nothing to do with marketing the house.
And yes, it irked the hell out of me that this guy was allowed to get away with this, but if I write Bill Keegan instead of William "Bill" Keegan on my marketing materials, I'll get fined for failing to disclose my legal name.
I haven't seen a lot of this here in NJ, but I did run into, and therefore looked into the actions of, one such company.
It was actually a mortgage company, and the way they are skirting the law is to say that they are not selling the house at all. The house is for sale by owner. The mortgage company is simply doing open houses at the homeowners location to attract potential buyers and market MORTGAGE LOAN PRODUCTS to them. The homeowner was sitting in the house during the open house I visited. Not actually doing anything, but probably providing just the right amount of cover for the mortgage guy to claim he had nothing to do with marketing the house.
And yes, it irked the hell out of me that this guy was allowed to get away with this, but if I write Bill Keegan instead of William "Bill" Keegan on my marketing materials, I'll get fined for failing to disclose my legal name.
In this case, it was a REO and the listing agent was completely unaware of what was going on over there - though they had just accepted a PA on the property that day.
My guess is that the PA was written by the unlicensed company (who I've heard uses state forms) .... and they seek cash buyers only - seeking to flip the property immediately I would guess. (I'm not well versed in skirting the law - the particulars escape me.)
The plot is unfolding today actually ... I'm hearing more and more info (i.e. gossip) as the day goes on ...
And yes, it irked the hell out of me that this guy was allowed to get away with this, but if I write Bill Keegan instead of William "Bill" Keegan on my marketing materials, I'll get fined for failing to disclose my legal name.
The way ours reads is that if you don't use a common derivative of a name, then you need to put your nickname on your license form. Otherwise common nicknames are okay here.
But if you went by Skip, then you're license would need to say William "Skip" Keegan.
Here I doubt you could join our MLS unless you held some type of license. Have you talked to the MLS ?
The property was listed in the MLS by a licensed broker. The "bird dog" companies aren't.
Our board/mls has advised agents when they see this happening to call the listing agent and if they don't call the police, then you (the agent) should.
I saw the notice on the board about your experience. Very unsettling, to say the least. I guess there will have to be some huge fraud that will have to be committed by these jokers before the state or the board does anything.
I saw the notice on the board about your experience. Very unsettling, to say the least. I guess there will have to be some huge fraud that will have to be committed by these jokers before the state or the board does anything.
Actually, that was another agent in my office ... she actually went in with her client's after I was there. (We didn't know the other was there until we chatted at the office the next day.)
My favorite part about the broadcast message was that the perpetrators were unknown. Are you flippin' kidding me? I knew as soon as I googled the phone number on the signs what the company's name was that was doing the open house.
I'm sorry, but we're actually talking about this being considered legal activity in one of the states in the USA???????????????? I almost thought for a minute, Chuckity, you were talking about down here.
I have people all the time 'bird dogging', wanting referral fees and I tell them to hit the door - it's illegal. I find out there's someone wandering the streets illegally selling RE, I turn them in - same with unlicensed brokerages. It just chaps my a## when licensed brokerages have to jump through soooooooooo many hoops (that cost $$), to see these ers out there operating without a license.
Dear God, has this always been this way in your state or a new 'technicality' to allow unlicensed people to be involved in anyway with 3rd party RE transactions (i.e., bird dogs).
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Complete with flags outside and directionals around town.
ers out there operating without a license.
