All Forum Posts by: Steve Nicewarner

It is a typical Krugman arguement -- people are too stupid to take care of themselves, so they need government to do it for them. Personal responsibility is an alien concept.

BTW, I especially liked the bit where he implied that there was no deficit before Reagan, implied that rising government debt was bad, and then spent the rest of the article talking about private debt. A classic bait and switch.

Jeff, I gave you a vote just for using the word "mountebank" :)

Have a nice weekend everyone!

Hi Karen,

I'm not surprised that a State regulatory agency would discourage options. It makes them nervous to go outside the traditional box they have constructed. Before giving up on the idea entirely, I would talk to an [or better yet a few] investor-friendly real estate attorney and see what they say.

It's a matter of perspective. The government agency wants you to stay in between the lines, and the attorney is, hopefully, more interested in how to make the deal happen

Basically yes [I would say one agent that works for the bank, and one agent that works for you, but that is semantics]

Most purchase contracts have a clause that allows the buyer reasonable access to the property for inspections and the like. Use that to make the arrangements. The bank shouldn't fuss, as they expect you to bring in contactors to prepare for the needed repairs/upgrades. You will have to be there, but you will want to be there to show off the place to your end buyer anyway, right?

Also, make sure the contract says assignment is allowed. The North Carolina standard Realtor contract, for example, says assignment is not allowed without the express consent of both sides.

By my understanding of the terms, that isn't bird-dogging, that is wholesaling. And I agree -- it's perfectly legal. Bird-dogs, on the other hand, have no interest in the property -- they simply put sellers and buyers together in exchange for compensation. As I understand the letter of the law, that requires a brokers license

Actually, yes that's exactly what I mean. the farther you venture out into the grey areas, the more likely it is you run afoul of someone who is looking to score points. After all, one of the scapegoats for the whole housing meltdown is "evil speculators."

I never said it should be illegal. All I said is that the letter of the law says its illegal. All it takes is one prosecutor who is looking for re-election and wants to suck up to the local Real Estate Association and Joe Bird-Dogger is in a world of hurt.

Personally, I don't care. In my mind bird-dogging is a long way from "unlicensed real estate brokerage." I'm just reluctant to base my business model on something that relies on a prosecutor looking the other way.

The real problem with Bird Dogs is that bird dogging is technically illegal in most states. You are, after all, getting a buyer and a seller together in exchange for compensation. In most, if not all states, that requires a real estate brokerage license.

If the bank has, in writing, instructed him to do so ["don't bother sending me offers at less than 50% of the listing price"], yes. Probably not the brightest idea in the world, but banks haven't been known for being bright.

If you really think the agent is blowing you off, talk to your state's Real Estate Commission. They would be the ones to enforce the rule.