Cook Co. suspends foreclosure evictions

[debk]

The one person that wins on those "seminars"  is the person giving the seminar.

They have managed to get umpteen people to sign up for it at several hundred dollars a pop. 90+% of those attendees won't make a dime.

 

[Texacon]

The one person that wins on those "seminars"  is the person giving the seminar.

They have managed to get umpteen people to sign up for it at several hundred dollars a pop. 90+% of those attendees won't make a dime.

 

I usually shut them down pretty quick.  I call the agent who has sent me an offer on almost every home I have listed .... she/he has sent me the first page of a 16 page document with the 50% offer on it.  When I get in touch with the agent I ask them to send me the rest of the contract so I can submit it to my seller.

I never hear from them again.  Hmmmmm how hard are they willing to work to make the deal?  Evidently not very.  Hey, you never know, some of my seller's may be willing to take the deal!  LOL

KC

[debk]

Tex....you are an RE right?

Are you doing many short sales?

[Chris_]

Nice theory.  Now back to the reality channel, where prospective tenants don't do title searches for liens or secured interests when renting, and do vote.

Same for cars and money.  What do you propose?  What would be the legal basis for maintaining tenancy?

I have had shit happen to me over my life -- many times not from my making.  Sometimes external events, even (horrors!).  Somehow I survived them.  Even in the reality channel that you seem to want -- got DU?

OTOH: I have heard that tenants can cut deals with the bank to stay in exchange for keeping the place nice and to show prospective buyers around.  Sometimes even for lower rent.

[DumbAss Tanker]

Same for cars and money.  What do you propose?  What would be the legal basis for maintaining tenancy?

I have had shit happen to me over my life -- many times not from my making.  Sometimes external events, even (horrors!).  Somehow I survived them.  Even in the reality channel that you seem to want -- got DU?

OTOH: I have heard that tenants can cut deals with the bank to stay in exchange for keeping the place nice and to show prospective buyers around.  Sometimes even for lower rent.

The last is a typical resolution, when the bank does its homework and actually finds out whether there is a tenant in possession or not before trying to get the sherrif to kick the occupants out.  There is an old saying about 'Possession is nine tenths of the law' which is not entirely wrong, and does influence the public's perception of whether the Sherrif is acting in a just and proper way.  I'm just saying it's a situation where the third party interests that would be adversely affected have to be taken into some kind of account, it is not as simple as A vs. B, A has all the paper so A wins, nobody else can say boo.   

[Texacon]

Tex....you are an RE right?

Are you doing many short sales?

Yes, I'm a Broker here in Texas.  I have been doing RE for almost 9 years and have been a Broker for almost 2.

No, I haven't done any short sales.  I am fortunate in the area I work.  Most of the homes I deal with are 2nd homes so most of my clients could let the property sit and rot to the ground without feeling a pinch.

The downside of working a 2nd home market is when the market tanks 500 frickin points in a day!!!!  Sheesh.

KC

[debk]

Yes, I'm a Broker here in Texas.  I have been doing RE for almost 9 years and have been a Broker for almost 2.

No, I haven't done any short sales.  I am fortunate in the area I work.  Most of the homes I deal with are 2nd homes so most of my clients could let the property sit and rot to the ground without feeling a pinch.

The downside of working a 2nd home market is when the market tanks 500 frickin points in a day!!!!  Sheesh.

KC

I have been for 11.5. I took my Broker's class 8 yrs ago, and then didn't take the state test.  Now I have to retake the Broker's class.

So far, the only involvement I have had with short sales, is doing the interior BPO's on them. The last 2 I have done have had water issues. 

We had a condo in Key West....that we sold in spring of 2006 when the market was dropping out in FL from the hurricanes. The HOA fees and hazard insurance for both the complex and our personal sky-rocketed. The complex has 45 units, 14 others besides ours was on the market at the same time and we were the only one who were able to sell. Took a bath....

[Texacon]

I have been for 11.5. I took my Broker's class 8 yrs ago, and then didn't take the state test.  Now I have to retake the Broker's class.

So far, the only involvement I have had with short sales, is doing the interior BPO's on them. The last 2 I have done have had water issues. 

We had a condo in Key West....that we sold in spring of 2006 when the market was dropping out in FL from the hurricanes. The HOA fees and hazard insurance for both the complex and our personal sky-rocketed. The complex has 45 units, 14 others besides ours was on the market at the same time and we were the only one who were able to sell. Took a bath....

Sorry to hear about your loss on the condo but you are probably glad to have gotten out when you did.  That is another issue with some sellers.  When the market is tanking trying to tell someone in a secondary market they may have to take a beating if they really want to sell ..... that can get a little dicey.  If/when you do take a listing from them they usually list higher than suggested then beat you up down the road because 'you have done nothing to sell the property'.   

What are the requirements in Tennessee for a broker's license?

In Texas it is;

2 years active as a real estate agent and 900 hours of classes.  Take and pass the state test and pay your extortion fee to the state.  My license costs me almost $1,000 a year now with all my licensing, association dues, background checks, fingerprinting, etc...

KC

[Texacon]

I have been for 11.5. I took my Broker's class 8 yrs ago, and then didn't take the state test.   Now I have to retake the Broker's class.

By the way.  That's gotta suck right there! 

KC

[debk]

Sorry to hear about your loss on the condo but you are probably glad to have gotten out when you did.  That is another issue with some sellers.  When the market is tanking trying to tell someone in a secondary market they may have to take a beating if they really want to sell ..... that can get a little dicey.  If/when you do take a listing from them they usually list higher than suggested then beat you up down the road because 'you have done nothing to sell the property'.   

What are the requirements in Tennessee for a broker's license?

In Texas it is;

2 years active as a real estate agent and 900 hours of classes.  Take and pass the state test and pay your extortion fee to the state.  My license costs me almost $1,000 a year now with all my licensing, association dues, background checks, fingerprinting, etc...

KC

It was 3 yrs active as an affiliate agent, 240 hours, an additional 140 hours within 3 yrs.  Take the Broker's class which is 40 hours and pass the test, then can take the state test. I know it has changed some.

I haven't looked at it in a while as I was going to get my Broker's license in FL and sell down there. Ended that idea when the market went south - no pun intended. And yes, we felt very lucky that we sold it.

I was thinking about quiting real estate altogether late 2006-early 2007, as I had been primarily selling new construction for 5.5 years and was really burned out with "personalities", my personal life was in a serious mess, I was flat out of patience (not something I have in abundance to begin with), my stress level was maxed. I had to figure out what to do....stay in real estate or reinvent the wheel...which at the time seemed to just add more stress. So I gave up my listings, called up the company in Utah that I had done BPO's for 2-3 yrs before and asked if I could do work for them again. They said yes, I hibernated in the house for 6 months - literally, went out very little. Late last fall, called another company in FL that I used to do foreclosures for and asked if I could come back and they said yes. Since then, I've picked up a couple other companies to do BPO's for and occasionally do some interiors for another agent who has his own agency. Have applied to a couple others to do foreclosure sales.

Haven't really been interested in getting my Broker's license again. Renegotiated my contract with my current company and I'm pretty happy with it. Gave up my really nice office and work from home and outside of some ridiculous conversations with India....I'm pretty content for the most part.

Though I have to admit, it still crosses my mind to go back to school...just haven't figured out what to study.... 

[Zeus]

The Health Insurance Portability and Accountability Act of 1996 (HIPAA), Public. Law 104-191.

[debk]

The Health Insurance Portability and Accountability Act of 1996 (HIPAA), Public. Law 104-191.

HIPAA has also had an affect on getting any personal information on anyone....not just health issues.

[Zeus]

Sorry to hear about your loss on the condo but you are probably glad to have gotten out when you did.  That is another issue with some sellers.  When the market is tanking trying to tell someone in a secondary market they may have to take a beating if they really want to sell ..... that can get a little dicey.  If/when you do take a listing from them they usually list higher than suggested then beat you up down the road because 'you have done nothing to sell the property'.   

What are the requirements in Tennessee for a broker's license?

In Texas it is;

2 years active as a real estate agent and 900 hours of classes.  Take and pass the state test and pay your extortion fee to the state.  My license costs me almost $1,000 a year now with all my licensing, association dues, background checks, fingerprinting, etc...

KC

That's why I let mine lapse. That and Removing a large target from my back as far as litigation concerns. Besides you don't need a RE Liscense to Sell your own proprties.especially when you have a Real Estate attorney as an assets manager.

[debk]

That's why I let mine lapse. That and Removing a large target from my back as far as litigation concerns. Besides you don't need a RE Liscense to Sell your own proprties.especially when you have a Real Estate attorney as an assets manager.

I had another agent in my office list my house when I sold it for that very reason. Agents selling their own properties just invite lawsuits.

[Texacon]

It was 3 yrs active as an affiliate agent, 240 hours, an additional 140 hours within 3 yrs.  Take the Broker's class which is 40 hours and pass the test, then can take the state test. I know it has changed some.

I haven't looked at it in a while as I was going to get my Broker's license in FL and sell down there. Ended that idea when the market went south - no pun intended. And yes, we felt very lucky that we sold it.

I was thinking about quiting real estate altogether late 2006-early 2007, as I had been primarily selling new construction for 5.5 years and was really burned out with "personalities", my personal life was in a serious mess, I was flat out of patience (not something I have in abundance to begin with), my stress level was maxed. I had to figure out what to do....stay in real estate or reinvent the wheel...which at the time seemed to just add more stress. So I gave up my listings, called up the company in Utah that I had done BPO's for 2-3 yrs before and asked if I could do work for them again. They said yes, I hibernated in the house for 6 months - literally, went out very little. Late last fall, called another company in FL that I used to do foreclosures for and asked if I could come back and they said yes. Since then, I've picked up a couple other companies to do BPO's for and occasionally do some interiors for another agent who has his own agency. Have applied to a couple others to do foreclosure sales.

Haven't really been interested in getting my Broker's license again. Renegotiated my contract with my current company and I'm pretty happy with it. Gave up my really nice office and work from home and outside of some ridiculous conversations with India....I'm pretty content for the most part.

Though I have to admit, it still crosses my mind to go back to school...just haven't figured out what to study.... 

I completely understand about the 'personalities'.  While I enjoy people I don't like stupid people.  You know the type.  When someone calls and says (now all of you think about this) "How do I get to your office".  That pisses me off.  It taints the conversation .... for me anyway.  Now, if any of you are thinking I'm an ass .... Tell me, "How do I get to your house?"  If you know where I'm coming from it is a very legitimate question but just out of the blue, I've had you on the phone for 30 minutes talking about one of my listings and you ask me how you get to my neighborhood without telling me where you are coming from?!  Those seem like small things but they wear on you after a while.  Not to mention those who come into the office with a chip on their shoulder thinking you are trying to take advantage of them and all you are trying to do is help them.  I had a guy come into the office a few months ago who had the 'chip' and when the conversation was going from bad to worse he said "I have bought a lot of properties and I KNOW how it is supposed to work" .... Ok.  I tried to work it out and smooth stuff over and a little farther into the conversation he told me how many a "Lot of properties" was.  3.  He had bought 3 homes.  That was a lot and he KNEW what he was doing.  I sell between 45 and 60 properties a year.  I know how it is supposed to go and he was simply digging a hole.  These are the things that burn out good agents.

Now, having had my little bitch session I will tell you I don't run into many on the buying side who are as stupid as the guy who had bought 3 homes and was an expert.  The question about how to get to my neighborhood happens quite often but only by people looking to rent.  In 9 years I have only had 3 people I could not work with and I have 1 I will not work with .... he is the guy above.

I know what you mean debk.  I have started moving out of the RE end of things and I have 2 agents I sponsor under my license.  I am in the process of taking over our water system and getting out of the RE.  At the same time I'm trying to expand the RE into other areas of the lake.  It's a long process but I think it will be worth it in the long run.  RE is a fun profession but it can definitely wear on you.

Sounds like you have found a cool niche.  I enjoy the competition of the market more than anything. 

KC

[Zeus]

Back in the day when I first got my liscense I hooked up with a couple people with common goals and ethics and what not. We developed what most thought a silly concept at the time but is rather common nowadays. We worked the team concept, a lot of realtors thought it foolish because'You are giving up to much in commission". Tell ya we didn't make many friends because the big dogs at the time were closing 4 or 5 million a yr. We were avg about 2 million a month. Nowadays thats nothing but back then it got ya noticed Not only were we outproducing the High & Mighties but we were also the new kids on the block. Hell for awhile we were so busy we were handing off referrals and making a tidy sum at that in it's self. The thing is we weren't smarter than all the rest but I dare say not as greedy as most. I shake my head when folks say Real estate sales is so cutthroat. It is only because people make it so. Oh there are the crooked bastards out there but ya give em enough rope they usually end up hanging themselves.

[Texacon]

Back in the day when I first got my liscense I hooked up with a couple people with common goals and ethics and what not. We developed what most thought a silly concept at the time but is rather common nowadays. We worked the team concept, a lot of realtors thought it foolish because'You are giving up to much in commission". Tell ya we didn't make many friends because the big dogs at the time were closing 4 or 5 million a yr. We were avg about 2 million a month. Nowadays thats nothing but back then it got ya noticed Not only were we outproducing the High & Mighties but we were also the new kids on the block. Hell for awhile we were so busy we were handing off referrals and making a tidy sum at that in it's self. The thing is we weren't smarter than all the rest but I dare say not as greedy as most. I shake my head when folks say Real estate sales is so cutthroat. It is only because people make it so. Oh there are the crooked bastards out there but ya give em enough rope they usually end up hanging themselves.

The biggest cut throat thing I get in my area is; Houston Realtors don't want to drive alllllll the way out to my area so they send 'their' clients out to find a home and have me do all the showing.  Then when the clients find something they like they want their agent to write the contract.  So, if I do this deal I do all the work and split the commission with some lazy asshole for doing nothing more than typing the contract up.  Typically this means not only did I do the showing and answer all the questions and spend my gas and time when I could have been working with my clients but I also, because I'm on site, end up attending all the inspections, surveys, appraisals, etc ... for their folks.

It REALLY sucks when they find something they like and it isn't my listing so I'm cut out of the deal completely but don't know it until after the deal is closed.

Because of all this I just tell folks I won't show them the property unless I act as their agent.  If they don't want to do that they can get their Houston agent up to show them.

I don't know what a large dollar volume of sales is because I've only worked in this area but I typically do $4 million to $6 million in sales per year.

KC

[debk]

Both of you must have a larger market than we do here.

When I first got into real estate I was told how I could make a lot of money. I chose not to make a lot of money.

I'm doing ok with doing the foreclosures and BPO's, but I'm glad that I'm not supporting a family and that I'm not the primary bread winner in the family. I wish I was making more, but I have my self respect....which won't feed me....but that's ok.

[Zeus]

The biggest cut throat thing I get in my area is; Houston Realtors don't want to drive alllllll the way out to my area so they send 'their' clients out to find a home and have me do all the showing.  Then when the clients find something they like they want their agent to write the contract.  So, if I do this deal I do all the work and split the commission with some lazy ******* for doing nothing more than typing the contract up.  Typically this means not only did I do the showing and answer all the questions and spend my gas and time when I could have been working with my clients but I also, because I'm on site, end up attending all the inspections, surveys, appraisals, etc ... for their folks.

It REALLY sucks when they find something they like and it isn't my listing so I'm cut out of the deal completely but don't know it until after the deal is closed.

Because of all this I just tell folks I won't show them the property unless I act as their agent.  If they don't want to do that they can get their Houston agent up to show them.

I don't know what a large dollar volume of sales is because I've only worked in this area but I typically do $4 million to $6 million in sales per year.

KC

Buyers agency agreement takes care of that.  That was something I was Considered Cold about. I told people straight out I'd be damned if I was going to do all the leg work just to have them run to their cousin or friends friend to write the deal.

[Texacon]

Both of you must have a larger market than we do here.

When I first got into real estate I was told how I could make a lot of money. I chose not to make a lot of money.

I'm doing ok with doing the foreclosures and BPO's, but I'm glad that I'm not supporting a family and that I'm not the primary bread winner in the family. I wish I was making more, but I have my self respect....which won't feed me....but that's ok.

debk, I don't have a very large market where I'm at at all.  I'm in a very small subdivision 25 miles from anywhere.  There are only about 400 homes in the subdivision but I take care of this area like nobodies business.  This is not only my market but I live here and these are my neighbors.  Some won't use me but most make us their first call if they want to sell.  Because of all we do in here and because we take care of our market we sell 2 - 3 times as much property as all the other companies selling here combined.  We are in a very unique situation and I wouldn't have it any other way.

KC

[debk]

debk, I don't have a very large market where I'm at at all.  I'm in a very small subdivision 25 miles from anywhere.  There are only about 400 homes in the subdivision but I take care of this area like nobodies business.  This is not only my market but I live here and these are my neighbors.  Some won't use me but most make us their first call if they want to sell.  Because of all we do in here and because we take care of our market we sell 2 - 3 times as much property as all the other companies selling here combined.  We are in a very unique situation and I wouldn't have it any other way.

KC

That's great!!

I'm a firm believer in treating people the way I want to be treated. I think there are 30 houses in my subdivision. 3 houses are for sale in here right now, and in this current market, I wouldn't want any of them. 2 have been on the market well over a year, the other for 6 months. An agent in my company has 2 of them. The most expensive one, the owners moved before putting it on the market.....bet they are wishing they had listed it sooner. 2 years ago, they would have been snapped up, as it's a gated community and all are on acreage, unusual for our location in the community, plus we only pay county taxes, we are less than .5 mile outside of the city limits.

As I said, for the most part, I have been content doing what I am....though I have to admit, lately, with being immersed in REO's, the economy and market where it is, the bombardment from tv and internet, it is wearing on me...I don't feel like I can get away from the situation. But this too, shall pass.

Did you happen to see the Cook Cty Sheriff on Fox last night? He said that people aren't doing their jobs to properly identify who is in the dwelling - whether owner or tenant - and just letting the deputies do their job for them.

He said that they will continue to do evictions...."that are properly handled".

Bet there's going to be some agents that won't be doing REO's any more in the Chicago area....

[Texacon]

Did you happen to see the Cook Cty Sheriff on Fox last night? He said that people aren't doing their jobs to properly identify who is in the dwelling - whether owner or tenant - and just letting the deputies do their job for them.

He said that they will continue to do evictions...."that are properly handled".

Bet there's going to be some agents that won't be doing REO's any more in the Chicago area....

It's really unfortunate the number of agents who are not willing to do their job.  They either rely on other agents to accomplish the task or they lay back and blame it on everyone else for not getting done.

I have had agents from other companies tell their clients they couldn't show them my homes because we wouldn't schedule the appt. with the owner.  The fact was, the other agent didn't call to make the appt. and was a walk in with their client.  My owner needed time to get the toys picked up and things 'dusted' off and asked for at least an hour.  When told they needed the time I have had the agent tell me "Their house if for sale and it should be ready to show 24/7!"  Later when their client came back to our area and was tired of working with that agent they told me she had told them I wouldn't make the appt's to see the homes.  They didn't know they were nothing more than walk-ins.  Pissed me off.

Oh well, there are lazy folks in all lines of work.

KC