All Forum Posts by: Patrick Connell

#SellersDisclosure

Christopher Hunter , do you have any previous real estate or investing experience?

smh...

Nat Chan , as others have said, closing attorney is in the right. She is NOT your attorney and therefore should not be sending letters on your behalf. I also agree with those who have said to write it off and move on. You'll spend more money, and more time, winning back your $2000 then if you just let it go. Put that money and time into another deal or six. Let go of the emotional need to teach the seller a lesson, because you will learn a few hard ones yourself as you progress through the process. Finally, attempting to cloud title, file a lien, etc. over a situation like this isn't as simple as people make it seem.

Sandra Holt , taking the test will not get you into as many houses as you want, anytime you want. What will get you that is access to the local MLS, which is more than likely operated by a Board of REALTORS. That means you'll have to pay local, state, and national dues to be a Board member (a requirement for MLS membership), and then join and pay your MLS dues. That's how you get into the thousands of dollars a year.

Crediting commission to a buyer on the HUD-1 is done all the time.

There's also the question of whether or not your feel and/or are competent enough to get through the whole transaction without any hick-ups. Big money transaction so if not then worth their weight in gold. But, if they've already been helping you and you bounce just because they won't give up some of their pay check, well......that's precisely why I stopped working for commissions and get paid by the hour and then rebate the whole commission at closing.

Tenants need to be "trained," like children or new recruits. They need to be guided on what is acceptable and what isn't, regardless of your philosophy on repairs. If you don't do this early on, you'll regret it the rest of the lease. Set yourselves and your tenants up for success.

It's common for properties to go up and come back down for a variety of reasons. However, even with the new information from the agent, write up an offer and send it over to the agent. If a REALTOR, their bound to present the offer unless the Sellers have given them written notice not to present any. Worse that happens is the Sellers refuse it and fail to counter.

@Sam Leon the push by NAR is to suspend syndication; most are moving forward, have already done so, or are currently discussing it.

In regards to your other stuff, first, none of the other websites will be affected. Home search engines that appear on agent/brokerage websites, realtor.com, etc. all use IDX plug-ins which are directly linked to the MLS. Those folks pay a fee each month for access to the info. However, the access it only for basic information and only includes property that's available. You can't use those systems to narrow down your search beyond price, location, beds, baths, etc. and you definitely can't research sold listings or any other data.

Second, you're correct that it increase cost and decrease turn-around time on updating the data. However, the MLS systems will get word of this and just institute restrictions with VERY stiff penalties for any agent or broker who shares information with third-party listing agencies. The information stored and tracked on MLS is entirely owned by the MLS and the way information is distributed is up to them. I know of no agent that would risk losing access entirely or being fined significantly just to share information.

Finally, the rental market is still heavily tracked by the LMS (leasing management service), which is the MLS for rentals. You can pull comps and data the same way as the MLS. And, while there are many more people who lease their properties without an agent than FSBO, a lot of folks use them because they don't want to deal with it.