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Posts Tagged ‘real estate agents’
Bank of America Restructuring Short Sale Process
If you think that you can put your house up for sale in a short sale and then have the opportunity to stay in it for another six months, Bank of America has news for you. If your mortgage is with them, those days are gone. The bank has announced that it is restructuring its approval process and the new procedures will be in full force and effect by next week. That’s good news for buyers, real estate agents and for sellers who want to unload their home. But for those who have been gaming the system to say in their homes for months… or in some cases, years… the party is over.
Bank of America is going to be overhauling its system this coming weekend. According to a Read the rest of this entry »
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More Strange Short Sale Stories
Nobody ever said that short sales were going to be easy. But there is now a story making the rounds about a bank that has denied a short sale due to “lack of marketing.” Apparently the bank was unhappy because they couldn’t find the listing on Zillow.com. If the banks are going to go down this path, it spells real trouble for both agents and sellers.
Short sales are an odd type of sale. When an agent lists a short sale, the listing agreement is signed between the agent and the seller. The bank is not involved at this stage. That means that the agent’s fiduciary duty is to Read the rest of this entry »
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Two More Bad Real Estate Agents Meet Long Arm of the Law
Four people in Northern California have pleaded guilty to a mortgage fraud scheme that lined their pockets with more than $20 million. Among them, two real estate agents by the names of Cristeta Lagarejos and Nelda Asuncion. They cooperated in the fraud.
Hopefully, the California DRE will pursue both of these people. Asuncion’s license has been expired since 2008. Lagarejos license expires on the 12th of next month, but it should not be renewed by the state. Interestingly enough, Lagarejos has no notes against her for disciplinary action according the license lookup service provided by the DRE.
The case involved a couple, Ronald Nelson and his wife Edith, both from Discovery Bay. They used straw buyers to purchase more than a dozen properties in Northern California and they obtained loans on additional properties that they owned.
All four people have entered guilty pleas to federal charges of bank fraud and tax evasion. Good riddance!
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And Another Agent Horror Story – Time to Increase Licensing Requirements
As anyone who reads this blog knows, I think it is far too easy to get a real estate license. You don’t have to look too hard to find one example after another of agents who shouldn’t be involved in California real estate.
This past week, the FBI arrested a San Diego County agent, his wife and several other people who were allegedly involved in a loan fraud scheme from Read the rest of this entry »
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Is the Boston Business Journal Advocating for Dumb Real Estate Agents?
An article in the Boston Business Journal caught my eye today. It was titled, “Study says real estate licensing limits competiton“. Just the title of it made me grind my teeth a little… that and the fact that they misspelled “competition”.
A quick read of the article and I realized that they weren’t suggesting that agents shouldn’t have a licensing requirement. If first impressions really do matter then one can only conclude that they can’t spell and that they don’t know how to properly title an article… at least that was my first impression. But what they were suggesting Read the rest of this entry »
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