All Forum Posts by: Account Closed

hi,

I've been wholesaling properties for a while as well as doing flips. I recently got my sales person's license because I thought it might help broaden my horizons. I'm looking for a cheap light-weight brokerage to hang my license with. I don't want to pay any monthly fees because I already have enough of my own tools and leads and don't want to sit in an office or be on a team. One online brokerage I was looking at seemed pretty chill. They only charged a flat fee with 100% commission split however when I looked in the terms of their contract they had a 5k penalty charge for any real estate related compensation I receive without reporting to the broker. I emailed them about that and the answer was basically if I get paid for doing anything real estate related, especially if its buying investment property, I need to report it unless I'm the principal and in that case I need to be represented by another agent(?). They also said as a licensee I need to report to the seller if I plan on wholesaling their house as per the DRE regulations and realtors code of ethics. This all sounds like ******** to me. Does anyone know if these requirements to report all my real estate doings to the broker are universal? Any suggestions for how to activate my license without dealing with this? I'm looking for answers from like-minded individuals only who, like me, got into this business because they don't like being told what to do by ********. If you are a butthurt agent or other chronically self righteous pseudo moralist scum (I have encountered far too many on this forum) please don't bother replying. 

Hi All,

Recently we got a house under contract at 1.1m. We then had a buyer sign an assignment at 1.2. The EMD was 36k and the buyer put 33k(?) into escrow. Then a few days later the buyer said they didn't want to go through with the transaction. This really messed us up because the seller was in pre-foreclosure and their house was going to auction very soon. This along with the fact that the buyer tried to cut us out of the transaction made us decide to try to keep his deposit. In the assignment it clearly states that the deposit is "NON REFUNDABLE". The only thing making the deposit refundable is if the property isnt delivered free of any cloud on title by the closing date. After the buyer already backed out the payoff demand from the lender didn't get to title before the closing date on the purchase agreement and came a week later. I know that the would be considered a cloud on title but it isn't the reason the buyer backed out and requested his deposit back and he hasn't expressly mentioned it as the reason since then. My question is considering these factors what would it be like trying to keep the buyers deposit? We have no experience with going through mediation for something like this. Can anyone help shed some light on the situation?