All Forum Posts by: Jane Ho

May I ask why seller would be ok with still have their names on the mortgage but not on the deed anymore? Also what if the bank noticed that the owner has changed? 

Hi I am an agent. I have a buyer wants to buy a piece of land only  120k (and we want to negotiate down to 105000). He can only put down 20%. He wants to borrow around 100k....Asked around, seems no program fits him. Any one can do this loan please contact me thank you so much!!!!

Quote from @Chris Seveney:

@Jane Ho

During covid there were loan forbearances being modified down to 2%. Those days are gone so they are probably using that as a scam to say “see we did this”

Most loans are securitized and in pools and investors are buying those securities and servicers can be on the hook.

As a rule of thumb

Any person who ever tells you to intentionally break a contract is not someone you should associate with

 Love your rule of thumb!!!!

Thanks all. The company is call ocean park financials....I googled them....didn't find any useful info. my client bought this house with me this Jan, with a 6.5% rate and they want low....I mean LOWER rate....I feel it is totally fishy and like a scam but I dont process loans so I don't have a firm answer for them. Thank you all for the info I will tell them don't do it :)

I have a loan question from a past client...(I am an agent).

They tell me today that someone approached them (a company from LA), that if they purposely not paying their mortgage for 3 months, the company can negotiate a better term and rate for them with their bank, so they can have lower rate (like 3%) and better terms....and they charge like 10k when it is done....

So...this is kinda of a 'forbearance',....however, the starting point is that they are PURPOSELY not paying mortgage instead of unable to. 

Have you every heard anything like this ? Legal? or just a grey area and that company is just being creative of making money.... ?

Quote from @Sean OToole:

Hi @Derrick Reyes 

I appreciate the feedback. A couple of quick points:

1. We honor absolutely ever cancellation we get based on the time it comes in, even if someone on my team isn't there at the time. We are not trying to trick folks - if you cancel before the trial ends you won't be charged. Only exception is if you cancel in the middle of the night right before the trial ends you might get charged just because we didn't see it in time, but we will absolutely refund that charge as soon as we do see it.

2. @Steve Babiak , and @Travis Hamilton  are both partially right that it's a business decision, but unfortunately its primarily driven by problems with Customer Fraud. Let me explain...

As a trial user you can actually download 1,000's of leads, and then simply cancel. We limit free trials to one per user, but we have a real problem with people using fake information to repeatedly sign up to steal our service on an ongoing basis. As our first step in trying to catch these criminals, we recently started requiring that trial users cancel by contacting support. This gives my security team another data point in tracking down these repeat offenders. We've got a few other things we are trying as well, but unfortunately we are likely either going to have to stop offering free trials altogether, or limit the trials substantially to stop this abuse. More unfortunately it's not a small problem for us - we estimate the cost of this abuse to be more than a hundred thousand dollars annually. This really bums me out, as I just hate to let these rotten apples ruin my belief that even a brand new trial user should be allowed to use everything we offer. :-(

Thanks again,
Sean

 Should only allow download 100...not 1000 ...I get your point... I know someone who used a futon for 2 years and when they move, they return to IKEA for a full refund....They are very happy and proud about it, and IKEA honored full refund but ..if everyone does that, IKEA wouldn't exist! 

Quote from @William Yeh:

Hey Jane,

Just curious are you looking to pay a mentor? Or are you looking to hang your license under them? You've got a lot of requirements which is good but it might help to understand what value you are bringing to the table for your future mentor.

Cheers,

William

 Yes I am offering the 50/50 split on gross. I found someone at Keller Williams now!! I will try out :) Thank you all!

I am a residential agent and have been doing it since 20015. Had multiple business/commercial opportunities went by...Now I decide to break into commercial real estate, Currently I have 1 client needs to sell her restaurant business (I need immediate help) and 1 buyer looking to buy a commercial building. I am offering 50/50 split on gross commission. 

I expect my mentor:

1, Experienced and knows inside and out so can point me correct direction. 

2, Respond to my text/email within a timely manner. If it is a business day, I expect a response within half an hour to 2 hour maximum. Of cause every now and then you have things to run, half a day or even a whole day is ok...but I hope 80-90% of the time I can get answers within 2 hours.  It will be questions like what I do next? what paperwork I should put in for this? What disclosure I need prepare? How much I should charge for commission etc.

3, Tell me anything I didn't know to ask but important for the transaction. Because I don't know what I don't know and I need your help to make sure the transaction is legal and smooth.

I do not expect my mentor to be physically present at any time. So if you are a bit far from Sacramento Area, that's fine too.  All I need is Q&A session via text or email. I rarely will call you unless that's your favorite communication method. I found text or email is better for me to go back and review in case I forgot and I have to asking you again (I will take notes as much as I can and try my best to be a good student!!) I will do all the leg work and paperwork!I am currently with AARE (broker), and ok to co-broker with another agent in other firm!

If you are interested, please contact me. Let me know how long you have been doing this, what kind of transactions you have done before. Thank you very much!

Quote from @Dylan Vargas:

@Ranjit Sandhu Welcome! The key to Section 8 tenants is putting in your ad "Accept HCV or Section 8 Vouchers or Vash (Veterans) vouchers". You advertise just like usual via Zillow or whatever you use. You can also post a flyer with your local housing authority which I would think Placer county would have a housing authority. You can usual email the info and the Housing Authority will add the property to their list of properties for rent. Also....make sure you know what your county allows (for section 8 rents) for market rents. You can look this info up as well and may even be on the housing authority site. Good luck and keep us posted. 

 Great info!! Thank you Dylan! 

Quote from @Ranjit Sandhu:

so how do you find section 8 tenants? One of my buyer asked me and I told him let me find out more details. I'm in Placer county in Northern California.

Hey neighbor I am in placer county too!!!so from my experience once I publish the house there will be multiple section 8 applicants reaching out! And there are even more in Sacramento!!! They come to you….