All Forum Posts by: Billy Runyan

The licensing div. of your State should have some input and the ability to effect some level of response.   Get a copy of the duties and agency laws in your State.  In addition, if they are members of the National Association of Realtors® there are a code of ethics that could be involved as well. 

Having been a high volume REO agent in the past I can concur there are many details involved that must be transacted properly on both sides of the transaction in order for the seller to substantiate taking what is more often than not a serious loss of capital. Nobody likes to do it and the guy who is charged with pulling it together is quite often under the gun to get it perfectly right. That said, both agents have a fair share in dealing with the issues and documentation needed. I had a 2 page detail on dealing with my seller and getting all the needed items in usually prior to even making the offer. It helped and I had about 40 properties turning over every 45 days but it was a real challenge. In your position I would look to get a written list from the seller with a timeline on responses and results.

BEST LUCK!

Don't know about there but here in Nevada the licensing is handled by the State division of Real Estate In the Department of Business and Industry.  A little internet searching should come up with it try Texas Real Estate Licensing.  Our data base is searchable by name, license #, Brokerage and show how long and the status of the holder.   Hope that helps.

BEST LUCK!

First rule of any licensee: DISCLOSE!  You now are technically a legal 3rd party in any transaction.  Although I'm not sure as to the State regs. I am very sure on the ethics.

BEST LUCK,

Yes, the new agent would be out although they often arrange referral fees between themselves, but because there is often additional clauses... make sure to read every word in both documents.

Most real estate listing contracts have what's called a "procuring cause" paragraph that says what happens in this case.  Normally its about six months protection to the first broker.  See the listing document and you'll likely find that you agreed to it.

Hi,

I'm not an expert at Trustee Sale law in Florida but I've done a lot in Nevada.  BE CAREFUL on this, there's a lot of opportunities to be taken advantage of in this transaction.  You need to confirm you have the right person before doing anything.  Its also matter of getting to the foreclosing authority or "Trustee" of record involved, you can get that information at the local Recorders office.   Only the Trustee can release or delay IMHO.  Before funding anything I'd recommend a highly experienced Real Estate Attorney in foreclosure law. In most states there's a ton of other ways to delay but that's a start.  Remember, everything about this attempt is on a legal timer and it will go ahead without any further input from anyone.

Congratulations!  That's really a lot.  I'd suggest you get a good CRM system, start capturing those calls and get them each on a followup program based upon your initial interview (slow, medium or fast).  Fast you call back and work on every 3 days, medium is every 5 days, and slow is 7-14 days.  Can you share with us what the "call to action" was that you used in the ad that got that much response?  Normally mail campaigns are good for 1-3% and good ones are 5% you really blew it away with 12%.  Please tell...?

E&O is an absolute, I used to worry about this and bought another 1M rider on top of the Brokers because I was doing so many REO's that I figured it wouldn't hurt. In the end, I've never even been contacted with a complaint of any kind ever. I do however hold my license in an L.L.C. for tax purposes as well as having separate credit cards ect. It's a big pain and every year when I pay the accountant I keep asking myself why, but on it goes.

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