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Old 12-16-2009, 07:13 AM
 
Location: Hoosierville
17,971 posts, read 14,955,608 times
Reputation: 11937

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It's seriously getting out of control here.

Most HUD's and now regular foreclosures have signs in front advertising them for sale by unlicensed middlemen.

I ran into one yesterday that was actually doing an open house. Complete with flags outside and directionals around town.
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Old 12-16-2009, 07:42 AM
 
Location: Fayetteville, NC
1,490 posts, read 6,002,558 times
Reputation: 1629
That is nuts! Is it legal in your state?
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Old 12-16-2009, 08:52 AM
 
Location: Hoosierville
17,971 posts, read 14,955,608 times
Reputation: 11937
Quote:
Originally Posted by faabala View Post
That is nuts! Is it legal in your state?
Nope - not at all.

And they are completely in your face about it too ...
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Old 12-16-2009, 09:20 AM
 
Location: Anderson, SC
181 posts, read 410,745 times
Reputation: 180
I suggest that anyone looking to buy or sell a home make sure they are working with a licensed real estate professional by simply calling their state's real estate commission or checking the real estate commission's website.

Why would someone NOT become licensed in the business they are actively involved in, such as real estate? Hmmm...
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Old 12-16-2009, 09:26 AM
 
Location: Hoosierville
17,971 posts, read 14,955,608 times
Reputation: 11937
Quote:
Originally Posted by Mark Brian View Post
Why would someone NOT become licensed in the business they are actively involved in, such as real estate? Hmmm...
Probably because they'd lose their license so quickly it wouldn't be worth it.
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Old 12-16-2009, 10:39 AM
 
Location: Salem, OR
15,619 posts, read 40,619,304 times
Reputation: 17564
Take some photos of the open house and report them to the state licensing board. They only way to stop it, is to have them get civil fines.
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Old 12-16-2009, 11:00 AM
 
Location: Hoosierville
17,971 posts, read 14,955,608 times
Reputation: 11937
Quote:
Originally Posted by Silverfall View Post
Take some photos of the open house and report them to the state licensing board. They only way to stop it, is to have them get civil fines.

Just got off the phone with the state real estate commission. They can't do anything because he's not licensed - and nor will the attorney general for the same reason.

How ya like them apples?

Now I get why they've been getting away with it ... who the hell is going to stop them?
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Old 12-16-2009, 11:45 AM
 
Location: Barrington
63,917 posts, read 46,933,147 times
Reputation: 20675
I have not seen this but then again, there are not many foreclosed properties in my area.

Are these properties in the MLS...perhaps flat fee listings?

Is there a common bank or more likely asset manager?

In my neck of the woods, asset managers usually require a substantial referral fee from the listing broker/agent. From a net proceeds standpoint, use of bird dogs or licensed brokers with a substantial referral fee might be the same. I see a bus. op here.
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Old 12-16-2009, 12:27 PM
 
Location: Salem, OR
15,619 posts, read 40,619,304 times
Reputation: 17564
Quote:
Originally Posted by Chuckity View Post
Just got off the phone with the state real estate commission. They can't do anything because he's not licensed - and nor will the attorney general for the same reason.

How ya like them apples?

Now I get why they've been getting away with it ... who the hell is going to stop them?

That makes no sense. Unlicensed activity is fined heavily here. They would just issue a civil fine.
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Old 12-16-2009, 01:00 PM
 
Location: Columbia, SC
11,022 posts, read 22,090,738 times
Reputation: 10741
The only company I've seen do this some middle company that stuck a sign in the yard for I think Taylor Bean. I wasn't familiar with them and called the 1-800# just because I was curious.
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