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Replies (7)
- Nathan Wolf, "natewolf"
- Contributions:1825
I do not offer counselling. I sell houses.
Tax implications, legal issues, and credit impacts -- and how those may affect one's career should all be considered by anyone considering a short sale or foreclosure. And I'm sure there will be some legislation to address this in the near future-- it seems they have some law to help anyone these days.
- SoCal_Engr
- Contributions:5666
What about all the Realtors® with the NAR short sale certification described here? And all the Realtors® who have their websites advising people to call for questions and help with forclosures and short sales? Or is it "caveat exigo"?
Besides, how hard is it to ask "Are you in a job where a short sale or other financial difficulties may adversely impact your career?" No counseling required.
Besides, how hard is it to ask "Are you in a job where a short sale or other financial difficulties may adversely impact your career?" No counseling required.
- Jeff Konstant, "jkonstant"
- Contributions:1970
First of all, I take very little stock in any real estate class that is by design intended to dole out acronyms that suggest rather than prove ability. But this is for another time.
This is becoming a real issue here as the Space Shuttle approaches retirement and as many as 8,000 people with security clearances of varying degrees will lose their jobs. This does not account for the many thousands of homeowners who will lose unrelated jobs that exist because of NASA. Home values will drastically decline and short sales/foreclsures will climb affecting the futures of many, many people who will be thoroughly checked before being offered a job.
This is becoming a real issue here as the Space Shuttle approaches retirement and as many as 8,000 people with security clearances of varying degrees will lose their jobs. This does not account for the many thousands of homeowners who will lose unrelated jobs that exist because of NASA. Home values will drastically decline and short sales/foreclsures will climb affecting the futures of many, many people who will be thoroughly checked before being offered a job.
- SoCal_Engr
- Contributions:5666
@ jkonstant - I have very little faith in all the Realtors® with their NAR acronyms, for the specific reason that all it really represents is 2-5 days of class and some form of a test. My point in bringing it up is that I can almost guarantee (based on a quick review of the class agenda) that they don't address this issue - which is huge to many people (and not just those with clearances). From what I saw, the training is all geared around "how to make the deal go through". There is even a "how to protect your commission" section - interesting that this is such an important topic that it deserves its own section.
- Jeff Konstant, "jkonstant"
- Contributions:1970
I know of several short sales that failed because the lender came back with a reduced commission and the realtors said no. This was before the lenders in general caved to the NAR pressures that make this almost non-existent today. In one particular case I am familiar with, an agreed contract for around $300K fell apart because the lender wanted to lower the commission from 6% to 5%. Rather than split the difference, both brokers/agents allowed it to fall apart. The buyer went elsewhere and the seller eventually lost out to foreclosure. Apparantly $15,000 was not enough money to share. Funny thing though... agents are thrilled to split 6% or $6000 on a $100K sale as long as nobody f#*ks with the almighty 6%.
- SoCal_Engr
- Contributions:5666
@ jkonstant - That's sad and depressing information, but not unexpected. My only hope is that, as with all other segments of our society, the agents you wrote about are not representative of the RE industry as a whole.
Were the sellers aware that their deal fell through over agent commissions? If it were I and that information was known, I would have raised a ruckus - possibly even called the local news to let them in on an aspect of the foreclosure drama that many probably don't know about.
- SoCal_Engr
- Contributions:5666
bump...
Realtors, what about the potential effect of shortsale/foreclosure on security clearances?
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