All Forum Posts by: Phil G.

In Massachusetts a salesperson must apprentice with a broker for 3 years as a salesperson before they can seek a broker's license on their own. Legally, a salesperson represents the broker in any deals the salesperson is involved with and the broker has primary responsibility and liability. Working for a broker is commonly referred to as "hanging your license with the broker". People with a brokers license can also work for another broker as if they were a salesperson.

I use INCORP. You can get a free year for each entity by signing up at freeregisteredagent.com. $99/yr after that.

They also have a financing arm Visio Financial Services which does lending on properties you buy apart from econohomes.

The reciprocity laws are all over the place. As an example, New York State has some of the more restrictive laws in the country, if you are trying to get a NYS license through reciprocity. For example, NYS only grants reciprocity to brokers who have been brokers for at least 2 years. They will not grant reciprocity to salespersons. Your residence and business must be in your home state.

Unless it's a very odd listing agreement, the seller wouldn't be in jeopardy for the MLS typo, even if a selling agent could press the case with the listing agent. It's also so blatant an error, it would be hard to make a case that you actually thought commission was going to be 30%.

Many listing agents don't like getting questions in stereo -- from both the principal and the agent. If you're working with an agent, funnel communication through them. If you don't trust them to represent you, then you need a new agent.

It's not uncommon to not show all units until there's an accepted offer. I also wouldn't turn over leases as an owner or recommend that a seller turn them over without an accepted offer.

As said previously, the lawyer may be representing the seller and the agents are acting in the sellers best interest by setting that meeting up.

I would take a buyer more seriously with a written offer that explains your terms, that contains all contingencies to allow for your due diligence (leases, inspection of all units, verification of expenses, etc.), to present to my seller.

@Patricia Gammage

My advice is you get legal advice from someone very well versed in this subject area. This transaction seems like it could be a bit of a minefield. Personally, beyond the analysis of whether the initial purchase is prohibited with regards to disqualified parties, I'd also be worried about some grayer areas. For example, a transaction can also be prohibited for self-dealing. If it can be deemed that you're acting for the benefit of your son and not in the best interest of your IRA, you could be defending your transaction.

As I remember, there's a 1% transfer tax levied by Pennsylvania and an additional municipal transfer tax that varies by municipality. Transfers from an individual to an entity are subject to the tax, based on FMV, wherever the entity is domiciled.

There is a case where the surviving (and non-borrowing) spouse could face foreclosure if they can't pay off the reverse mortgage upon the death of the borrowing spouse. If one of the spouses is under 62 years of age at the time the couple wants to take a reverse mortgage, the younger of the two, may have removed their name from the title to enable the other spouse to qualify for the reverse mortgage. Less scrupulous mortgage brokers sometimes omitted or lied (and continue to do so) about the impact of changing the title.

HUD may be required to protect these spouses in its HECM reverse mortgage program, in the future, due to a lawsuit file and won by AARP on behalf of two non-borrowing spouses.

As a brokerage, Redfin is a member of the MLS in the geographies in which they compete and they publish MLS listings like any other brokers website.

Sites like Trulia, Zillow, HotPads, etc. are not MLS members and get their listings through a syndication process originated either by an MLS or by individuals broker/agent, depending on the particular MLS. Companies like ListHub provide syndicated listings to these sites. Sites publishing syndicated listings like Trulia and Zillow's tend not as complete or up-to-date as Redfin's.

Sorry.. Misread.