All Forum Posts by: Account Closed

I've been really reluctant to post links like this but this is how one of our SMEs deals with the agent playing the "we have multiple higher offers" game.

http://fieldguide.reitactics.com/we-have-multiple-higer-offers-yours

Originally posted by David Peeples:

This topic comes up frequently, but I would be impressed if someone could actually find legislation that requires a real estate agent to present all offers to a seller.

I'm not saying it doesn't exist. I'm just saying that I've never seen it.

I'm with you on this, David. I have never seen anything to indicate it is codified into law. However, unless the seller has hired the agent to "negotiate on their behalf" they should at least notify the seller of any and all offers. A buyer always has the option to contact the seller directly to see if they knew the offer was made and to make the offer directly to the seller if it wasn't. That was the "nuclear" option I referenced above.

You aren't going to make any friends that way though.

At the end of the day, it does not matter to me if I buy one particular property over another. It probably makes a big difference to the seller and their agent if I buy another property instead of theirs. Especially in this market.

Originally posted by BuyandHoldGuy:

So Mr and Mrs. $250K a year plus, get out your checkbook along with me.

No thanks. I can live on a lot less than I have been making and have already made adjustments and moved some income producing assets out of the reach of the socialists coming to power.

Bottom line, I am not going to bust my *** and have my money taken away in the name of "fairness" as long as I have any other options.

I have never been a "fulltime" investor. I know that is nirvana to some but it would be hell to me. I have always either run another business or been an employee in addition to my investing. Neat things happen to your attitude and your job options when you don't have to work but choose to work.

Originally posted by Colin Clive:

Thanks for the response, Taz.

Can you be more specific about the process please?

What is form 4506-T?

An IRS form giving permission to a 3rd party to obtain one's IRS filings?

If not, how do they "pull the transcripts of his tax returns"?

IRS Form 4506-T was introduced a couple of years ago. It gives permission for a transcript of the tax return to be pulled electronically. It is faster and cheaper than the process under form 4506 which had been used to audit loans after closing when fraud was suspected. With 4506-T the cost is less than $5 a tax year and the transcript is available immediately.

John brings up another very good point about the bank statements and the additional due diligence they will do giving his profession.

For a mortgage, they will also do an investigative credit report which means he can forget about keeping them from finding out about his profession even if it isn't currently listed on his Consumer Credit Report.

In short, his best course is to get his money into a bank or credit union and let it season a few months then apply for his mortgage with 100% accurate information.

He will be required to sign form 4506-T for the lender during the underwriting process. They will pull the transcripts of his tax returns, they will learn what his real income was for those years.

It is a crime to lie on a mortgage application but it is rarely prosecuted.

Originally posted by Chris Chung:

I agree with you in principle Mike, but how would we teach people to achieve great things for themselves without a larger budget for education wrung from American tax dollars?

Also, I think this is a great question!

Money is not the problem with education. The city of Atlanta spends over $13K a year PER STUDENT and have some of the most dismal schools and education performance in the country.

There are several symptoms of the education problem but it all basically comes down to a lack of competition. The teachers union fights very hard to keep competition at bay and verifiable accountability out of the classroom for students and teachers.

Look at what is taught in school now compared to generations ago. You have high school seniors and graduates, some who voted yesterday, who don't know how many Senators a state has nor how many House representatives their state has nor why the number varies by state. The government schools are no longer preparing our youth to be good stewards of our Republic, they are indoctrinating them to be "good and obedient citizens".

Originally posted by Harrison Painter:

People actually cared enough to get off of the couch and exercise their right to vote.

That is an amazing occurrence, and something we should all be proud of.

Oh, absolutely correct.

Originally posted by REHoldingsJax:

I'll miss the tax cuts and keeping my money!!! (yes I'm a selfish money whore that works a full time job and runs two businesses on the side)

Then it is time for you to take action NOW to limit your exposure to the wealth grab on the horizon.

Originally posted by Tim Wieneke:

Originally posted by Taz:

I'm curious. Why do you have such a chip on your shoulder?

I'm guessing because Obama had to run on a Reagan platform. :wink: And give the Democratic party a little credit. Sure they were wrong on the race issue for 145 years but galdang it, the last 10 months they have gotten it right. If the Democratic party can change, anyone can change. BTW, how's Robert Byrd? He still in office?

I agree on the race thing. I am very proud of how far race relations have progressed in spite of the racebaiters.

Yes, the former Grand Dragon of the KKK is still the senior Senator from WV.