Realtors: I'm in a situation |
- I'm in a situation
- How to follow up?
- Study: Federal Mortgage Penalty Could Block Homeownership
- Realtors in High Growth Markets
- Looking for some input on the VA appraisal process.
- ShowingTime Appointment Overlap
- Realtor/lender lying on my loan app?
- Question as a potential Homebuyer
| Posted: 22 Jul 2020 04:56 AM PDT I was with a "boutique" brokerage for several years providing investment real estate for investors. Essentially my job was to contract, close and package up properties that investors would then purchase from us. I recently left in the past year to pursue a career in appraisal. But I had left my license active and hung under this brokerage because still had 2 files open waiting to close. In the back of mind I always felt like the brokerage was going to pull something. Well the first file closes and I get paid no problem. The second file had been under contract about 6 months before I had left to appraise full time and took an additional 4 mo. this to close due to title issues. Mind you my license is still hung at the brokerage during this time. Well this was a larger commission and now the brokerage has only paid me HALF of what it owed based on the commission splits that I had signed. Not cool right? I have reacheD out to the office manager and was told to contact the broker. I have via call and text with no responses. I've talked with an attorney for some council and to review documents. He says it's a fairly cut and dry case to move forward with a suit. Heres the dilemma, this brokerage is known for their scare tactics involving previous agents and opponents alike. I was specifically told (and have on video) that me only getting paid 1/2 was to "set a precedent that you can't leave the company and still do deals with them". They've been know to send cease and desist letters to competition and agents who leave the company but still stay in the same field. What I'm afraid is going to happen is that they will somehow counter sue even though they wont win just to make my life miserable because they have the bankroll for it. I would really like to go for this just to show that you can't always just push the little guy around. But also to what end? I think they will do everything in their power to turn this into a drawn out process meant to break me down. I would be grateful to hear your opinions in this situation. Other alternatives have been to send a letter of demand. Report them to the local board etc. [link] [comments] |
| Posted: 22 Jul 2020 11:53 AM PDT Hey guys, new realtor here based in the Central Jersey area. "The Fortune Is In The Follow-Up" <— this is a quote that I hear a lot. I was wondering what the best methods are for following up with buyer and seller leads? What scripts do you use for that? Also, What percentage of your follow up is calling vs sending emails or texts? Help would be much appreciated, Thanks [link] [comments] |
| Study: Federal Mortgage Penalty Could Block Homeownership Posted: 22 Jul 2020 11:32 AM PDT |
| Realtors in High Growth Markets Posted: 22 Jul 2020 09:22 AM PDT (Half rant half plea) Whether you wanna call it high growth, hot, thriving, whatever: There are several areas, cities, and neighborhoods in the US seeing massive growth in value, and for homeowners and the communities in general this is a great thing. It should also be a great thing to some degree for real estate professionals, higher commissions from more expensive sales, increased interest in their farm area from those moving to town, and many more ideal things associated with economic growth (of course its not a 1:1 on everything, just to please the econ majors of this field lol) What you absolutely have to do in this situation is: alert. Your. Clients. Of. This. When. You're. Listing. Their. Home. I cannot tell you how unbelievably frustrating it is to see a neighborhood a buyer client is interested in, check the 5 listings left in it, and they are all criminally underpriced. We're talking $30-$70below per square foot underpriced. So magically this auction-house listing price drums up (literally) 30-35 offers in 3 days and I'm left telling my clients: "see that $180,000 house over there...yeah that one....you'll probably wanna offer $235,000 for it. Yeah, yeah, I know, sounds crazy, but you'll need to do it because they decided Real Estate Ebay was a good play so, yeah, $235,000..." This is no hate on fellow realtors or the "game" but I just beg that we all advise clients as best we can on just how much they can actually get out of their homes, and include that in listing price as best we can. Competing with dozens of offers on homes listed for 75% of what they'll actually go for gets very tiring, and it can be avoided if in these high growth situations clients know that it's not gonna scare anyone off if the list for 2x the price they bought it for in 2009, as that is the going rate. Just a rant/plea no ones the bad guy, I love you all. Anyone else dealing or dealt with situations like these? Am I just a whinny first year agent? (yes, I am, but to what degree) How did you overcome? [link] [comments] |
| Looking for some input on the VA appraisal process. Posted: 21 Jul 2020 01:25 PM PDT Hello everyone. Looking for a bit of clarification on the minimum property requirements for a VA transaction. I'm super interested in talking to any VA appraisers or any agents with a good amount of VA experience. The story: My clients are conducting preinspections on a ~100 year old single family home in the Seattle market. The home has been maintained meticulously, however it has lacked in updates since about the 60's (some newer renovations in the 90's / early 2000's but nothing big to the major systems). During our preinspection everything came back looking really good for the age of the house. Sewer is in solid condition, just needing a hydro jet to clear some small roots (common in Seattle). Foundation / structure has some earthquake retrofitting, but not up to current code. With that said, it's withstood earthquakes here for the past 100 years. Biggest issue, knob and tube wiring in about 60% of the house!! We're trying to go under contract with some great sellers who are open to completing some of the work needed to get funded via a VA loan (seller is a vet as well). My Worries: My worry is that we'll go under contract, include some of the costs of projects in our initial purchase price to be done by the seller during the transaction, and then the appraisal will come back with further work orders that neither party anticipated and the deal will fall through. I'll build this contract in a way to make sure my clients EM is protected, however I'd really love for them to get this property and not lose out. My question: how much knob and tube is TOO MUCH for the VA to fund? What issues have you seen arise in your VA transactions on older homes? I've done VA sales before, but almost all on new construction or newer homes. I feel like going forward with a VA loan on an older home is like walking into a minefield. Any advice is appreciated. Take care out there, and stay safe! [link] [comments] |
| ShowingTime Appointment Overlap Posted: 21 Jul 2020 08:30 PM PDT I'm not sure if your area uses Showingtime as well, but what is your typical reaction to an agent who is showing a listing that runs over on time into your appointment time? [link] [comments] |
| Realtor/lender lying on my loan app? Posted: 21 Jul 2020 05:37 PM PDT Throwaway just in case. Location CA Thank you in advance. [link] [comments] |
| Question as a potential Homebuyer Posted: 21 Jul 2020 01:28 PM PDT Hi- I am currently in the market for purchasing a new home. I am open to 4-5 neighboring towns. I was curious if I should be looking to use multiple buyers agents that each specify in 1 or 2 of those towns, or is common practice to find one buyers agent to represent you for all the towns even if they don't specialize in all of them? Don't want to do anything unethical, but also want to make sure I am using the people that are most knowledgeable about each town. Thanks! [link] [comments] |
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