All Forum Posts by: Rick Santasiere

@Jay Hinrichs, I often miss the point. I have never been great at the interpretation of others (I have to work on that).  

1. Makes sense

2. THAT IS CT for 95% of all transactions

3. Why liability? Because you do have multiple brokerages and can often be the broker and the buyer/HML/seller all in one? That, I can understand (if I am interpreting that correctly)When I (as a broker) sell one of my properties, I will never take that money as I would never want that $$ in ANY of my accounts. I send directly to my attorney (payable to them as well)

100% of ALL EMD comes in checks in CT right now. That will change at some point, but most likely when we get rid of the dinosaur regulators, and the wire fraud thing decreases... My guess is the title companies (who at some point will take over the job of the attorney in CT, will be pioneering that effort)

@Jay Hinrichs two mentions in one day! CT is one of those states that has definitely not caught up with technology. Lawyers handle closings and title companies are simply just pulling and sending title for attorneys to review. I would love for wiring to be common practice. Sadly, wire fraud has most likely kept our state in the dark, for now... it will be nice when this changes... I’m ready!

Interesting to hear all the differences across the nation. I find it odd Jay, that you, as a seller actually holds on to a buyers money in your personal accounts. You clearly know what you are doing, but for our state and our contracts, all money (especially emd), is changed hands AT the transfer of title and the signing of the deed, which is the closing. This is probably the reason why attorneys want to hold all money until closing, or take in checks from brokers trust accounts. In CT we have a split state, in that a portion of our state, attorneys hold the emd from the very start, and some 

In this particular case (unless I am missing details), EMD should be held by broker (if one is involved) or sellers attorney. I could paste the portion of our contract that states that deposit money is released at transfer of title, but I'm on a road trip. @Account Closed, does the contract you used state that this deposit money is given to the seller right away? 

@Jay Hinrichs I am licensed for similar reasons to you my friend. More importantly is that I can help many more segments of people that need homes

confirmed @Jerryll Noorden. Helping people, and doing right by the consumer will always be the best policy. I have a slightly different viewpoint here on “obligation.” If I we’re the motivated seller and i had a choice between a wholesaler being obligated to “perform,” regardless, verses one who didn’t, I would opt to sell to whoever gave me the greatest chance of closing. Imagine if the seller knew with certainty that their “end buyer” is guaranteed? 🤔

Cliff T. I think you missed my point. It’s all good. I respect what you are saying regarding the OP, and i was sharing different insight. There was no insecurity in the least. I was an investor before I was and agent, so there is not much substance to your assumptions. Simply put, my point was that the more people you know, the more people you surround yourself that have more knowledge than you, the better. When you limit that network and exclude experts in any area, you run the risk of making mistakes and/or losing money. Too many people advise others on these forums in the wrong ways. When i see something that should be looked at in a different regard, i say it. And that, Cliff, is what these forums are for. Opinions are everywhere, and I appreciate and respect all sides even if they differ from my own.

Brian Barbosa are you a broker? If you are not a broker with a IORETA account, you should not be taking any form of EMD in your possession. The funds need to be in one of two places (in CT): Real estate brokers ioreta account or an agreed upon attorney (usually the sellers) to put in their IOLTA account. I would also never use wire for EMD unless your attorney is accepting the funds and agree to the financial responsibility. My advice is to start over, return the funds ASAP, and have them write your attorney a check. Normally it would be paid like this “John Smith, trustee.” If John Smith were your attorney.

@Cliff T. while I understand your point, it could be shortsighted.   There is a reason why agents get paid for their service. It seems to me that you have never had that experience, where an agent provided you with the value that you would deem worthy.  I am not your average realtor, and what I do each and every day is to provide a value, a service, and my experience to everyone I come in contact with.  The more people you know, and the more wisdom you can get, will ALWAYS reap you large rewards. If you feel that way about a buyers agent, you WILL lose much more in the long run.  This is what we do.  In a perfect world, yes, you can bypass all agents.  There are times when this works, for sure.  Just don't allow yourself to not see ALL of your options for your present and future.  A "realtor" may provide you with the deal of a lifetime, and had you not wanted to work with them (to save a little $$), you may not have been introduced to it..  You get more bees with honey is the cliche :-)

@Daina Estime, talk with some little brokerages as well. There are some great names out there, but a lot of them are "profit centers" that fee you to death, and can make you pay for everything. When you call on a smaller brokerage, they will most likely not offer you as much substance, but they can pay you more. Some of the "substance" can be take it or leave it, and you can potentially be a little more self-directed.  Reach out of you ever want to chat. 

@Jerryll Noorden, It's a good thing you put your cute girlfriend on there instead of your mug :-) You sure are an intelligent fella, now let's change some lives my man!! 

Gary Chlastawa welcome! I think we met the other night at the Newington Meetup. Good luck and feel free to connect any time. It was great meeting you and chatting about REI.