All Forum Posts by: Craig E.

I've flip flopped on this. Given our litigious culture (imo), free and clear ownership is too risky.

The duty owed by a professionally licensed person is higher than the public's. This duty attaches based on the presumed knowledge and experience required to obtain the license. You can't deactivate your license and claim you no longer have the requisite knowledge and experience of a licensed professional. That said, disclosure requirements do change.

.

Yes, as a licensed broker you don't have to hang your license with another brokerage (unless you want to). Also, you need a broker's license in CA to OWN a third party property management company.

Why does your friend/client/buyer need a lawyer to buy this house when your broker is already representing them? Lawyers cost money. Follow the money for your answer to this riddle.

Matt, my offer included a pre approved HP loan letter from my broker. No contingencies other than title. That said, if you make any changes to your original offer (changing your cash offer to HP loan, contingencies, title co, closing date, name changes, etc), FM considers your act a rejection/counter offer. Now they can raise the price or sell to another buyer. Happened to me once. My market is extremely competitive. I will never try to make a change to an already accepted FM contract again.

Doing one now. 10% DP. No contingencies except for title (purchase "as is"). If you add contingencies don't be surprised if you get rejected (at least in Calif). After working on other FM/HP deals, I'm finding that if you drop all contingencies (except title), they will take a reduction in price. If you have contingencies, forget it (and the deal - again Calif). The close period is set by them (45 days here) and they use their title co. Minimal contribution to closing costs.

Disclose it. Perform sweat equity. There are other ways. Half the people here don't have cash, a IRA or a rich relative. The other half don't need any help.

I did that on a condo about 10 yrs ago. The seller carried a note for the DP. Deposited in my account for seasoning and financed the property through the bank. The carrot? Offer above asking (waiting for the appraisal police)...

There are a few things you can do, but you need to know exactly what the agent will net personally if you buy it now at your price with the agent in place.