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REO Corruption.
Regulate that!
The problem with licensing is that it tells you nothing about the character of the person you are dealing with, it only forms a barrier to competition.
Discussing tax ramifications may interfere with CPA and EA licensing. I’m not sure.
Perhaps it would just be best if all transactions had statistical transparency to the public via license number. The consumers or professional analysts could look at the data regarding sales, listings, time on market, etc.
Of course, certain types of transactions are going to be handled more and more by the consumers and it seems most of the legislation is to protect the licensee.
So you want to penalize homeowners for criminal activity in a particular neighborhood for which they had or have no involvement or control. Bull shit to that idea. First of all, neither the homeowner or brokers involved in the sale of a home, almost always have no ACTUAL KNOWLEDGE of criminal activity in any given neighborhood. They only think they KNOW what has actually happened on any period of time. Further, exactly what do they report and over what time frame? You are just sticking your nose into information for which you have no business in proposing new legislation. If anything the legislators need to stop writing new laws that can not be enforced. Let the civil process go forward. If owners or brokers have ACTUAL KNOWLEDGE, not just some rumor, that would possibly be of value in the buyers decision to purchase, it’s already covered in the TDS or a supplement to the TDS. Stick to providing forms.
Geo. J. Donaldson Jr
Real Estate Broker
I agree with Geo Donaldson that most information a homeowner “thinks” they know is in fact gossip. So having to disclose criminal activity based on gossip will open a whole can of worms for lawyers to extract more money from people. Not a good idea at all. If a homeowner is concerned then having access to public police activity in the area would be a better way to go. Then it is completely up to the buyer to decide based on the information they have research if they want to buy in the area.
Create an even playing field in the mtg origination arena: ALL originators regardless of whether they work for a bank or BKR should have an MLS license and every bank Mtg loan office should have a BKR and licensed agents with no exceptions. Their processors should be licensed just like BKRs. The GFE should be the same for Banks as BKR’s: the GFE page 2 block 2 assigns the yield spread premium as a credti to the borrower. The SAFE act has legislated away the BWR’s rt to know what the bank’s are charging them in junk fees, allows the GFE page 2 block 2 to be left ABSOLUTELY blank if a bank is the originator; legally allowing them to hide their compensation / add to it without proper disclosrue and allows banks to hire unlicensed individuals with no fiduciary, conduct or ethics training, no FBI fingerprint check, etc. In the years to come, new loan agents will likely choose the path of least resistance opting for bank employment with no licensing, education requirements or fees, until there are no mortgage brokers and thus lesser competition, great incompetency, and a banking oligopoly
We need to get back to buyer/renter be-where. If the buyer wants to buy real estate on 1-4 units, let them be responsible for due diligence just like in commercial real estate or for that matter in the sale of REO properties. The same goes for prospective tenants. Late payments, make it stiff. Corrective action needs to hurt, so that lessons are learned. Late payments should be 10% of the payment due with no more than a 5 day grace period.
This whole area of, if something goes wrong, it’s always someone else who is the cause, is pure bunk. Personal responsibility is what we need, and we need a very large dose of it.
I am SO sick of the theory that the government should somehow provide sperm to worm coverage.
Even during these great losses in value and foreclosures there a persistent stupid belief that just because a person rent out a home he/she is outomatically retained rich behind belief and thus can sustain all sorts of losses.
The reality is that rental business is more perishable and prone to loss than than any other business because the time loss can never be recaptured, changed or even amended.
the reality is that the tenant who does not pay as agreed is equal to going to a store and still merchandise.
It is a great injustice that any one would condone or even defend a thief.
Even during these great losses in value and foreclosures there a persistent stupid belief that just because a person rent out a home he/she is automatically retained rich behind belief and thus can sustain all sorts of losses.
The reality is that rental business is more perishable and prone to loss than than any other business because the time loss can never be recaptured, changed or even amended.
the reality is that the tenant who does not pay as agreed is equal to going to a store and still merchandise.
It is a great injustice that any one would condone or even defend a thief.
Landlords are at the greatest risk of loosing their investments when a “squatter or freeloader” takes advantage of the landloard by not paying their rent on time. This economy has brought out the beast instead of the best of tenants who think they have all the rights and squat on the property and within 3-6 months fail to pay rent on time or at all. Tenants seem to know “their rights”, under the “Landlord Tenant Laws” & work the system while violating the Landloards rights of recovery for lost rents, property damages & legal fees to evict these scumbags. However, a good tenant is worth their weight in gold to the landloard & needs the respect & appreciation of the landlord. The maximum time allowed for a “deadbeat tenant” should not exceed 45 days & give them the boot, without further interference from the courts. If there is a violation by the landlord, let the non paying tenant exercise their rights in Small Clains Court & provide documented evidence of landlord violation of their rights. Less time will be wasted by enforceing the rights of all parties & less losses to the property owner, who has the most to loose. Change the law!
This is a tough one. I live in an area of the San Fernando Valley (los Angeles) Where a “Hispanic Gang” know as the “Alhambras” have a bounty on black people (several have been killed). The Police have been working to eradicate the gang there have been arrests and convictions. But the gang still exists! I made the suggestion to my old broker that I must disclose and was told that was not my responsibility!
There are other areas near Dodger Stadium that this also exists. I read a L.A. Times article that two black men were shot and killed in their Condo Complex near San Fernando Road. I have no knowledge of the conditions that currently exist. My suggestion is to direct the client to the local Police station for that type of information.