Posted by keith hutson on August 27, 2003 at 07:38:09:
The key word is “principal.” You actually have control, when you control you are not acting as a broker because you have control of the property. Don’t think that Donald Trump and other billionaires buy all their property…they simply control properties. Perfectly legal. Most Realtors operate:
you got down payment, you got credit, I got house…we got a deal. Anything beyond that and you left them in your dust. Not all Realtors but most.
how do I respond when told flipping is illegal… - Posted by tranbient
Posted by tranbient on August 26, 2003 at 13:56:55:
A realtor responded to my ad today and when I talked to him and told him I was interested in flipping houses by assignment of contract or a double closing his response was that I would be brokering without a license and that this is illegal. Is this true, and if not what is my best reponse to this?
Posted by Brent_IL on August 27, 2003 at 02:05:58:
Many times we want to impress the RE agents with our knowledge so they will take us seriously. Turnover among RE agents is such that they only know what their broker has told them. RE brokers are concerned about the quantity of closes, not the quality of the purchase. Flips, assignments, double-closes, and the like all spell trouble for the agency.
I learned long ago that a CRE practitioner is like a CIA handler, and RE agents are like operatives. They are to be informed only on a need-to-know basis
The term should be eliminated from your vocabulary - Posted by B.L.Renfrow
Posted by B.L.Renfrow on August 27, 2003 at 24:52:29:
“Flipping”, that is. Don’t use it. Most don’t understand it, and with the recent news items, that is the typical response you can expect, even though it’s incorrect.
Instead, call it wholesaling, or buy-low-sell-high, or…anything but flipping.
" told flipping is illegal"… - Posted by John Merchant
Posted by John Merchant on August 26, 2003 at 21:10:49:
Amazing how many RE licensees really don’t have a clue about REI business, and 3 & 4 party deals, simultaneous closings, etc.
Read a national survey some few years back, about the percentage of Realtors who never owned their own homes, and it was shockingly high. Shows you that they really don’t get it.
You may want to think about your motivation for even telling a Realtor that?s your intention. Remember most Realtors are not creative in their concept of real estate sales or purchases.
Posted by Alexander (Fl) on August 26, 2003 at 14:27:09:
As long as you are transacting as a principal you are not acting as a broker.
A broker or a realtor license is not needed when no third parties’ interest is involved.