Posted by Joe Kaiser on March 15, 2006 at 22:20:51:
While it may be complete BS, it’s their reality. And their reality, right or
wrong, often matters. I’d factor it in.
Joe
subject to’s and realtors - Posted by Rich’n CA.
Posted by Rich’n CA. on March 15, 2006 at 21:16:20:
My wife is a succesful realtor in town and I was discussing getting a deed from a seller using the “subject to’” method with she and her boss. they informed me that I take the risk that she might get her license revoked if she had any involvement, even if they could prove she was only giving me advice. Has anyone ever heard of this happening?
Re: subject to’s and realtors - Posted by The Frisco Kid
Posted by The Frisco Kid on March 16, 2006 at 21:50:38:
Nothing illegal here, you can buy subject to but you will need to inform the seller in writing that your spouse is a licensed agent because she is indirectly involved due to california being a community property state, and thus will have an interest in the property.
Re: subject to’s and realtors - Posted by Bigfoot
Posted by Bigfoot on March 16, 2006 at 10:52:17:
Depends on the state. In Michigan you can recieve a civil fine of up to $5000 and license suspended.
Act 351 of 1984 445.1628 Sec 8 (2)
Oil & Water… don’t mix… - Posted by JT-IN
Posted by JT-IN on March 15, 2006 at 21:43:01:
Neither does Creative RE techniques and the conventional forum… (aka, most RE agents, Attys, etc.). So why would you mix both creative techniques, and you wife…?
One of the reasons that I do not have a RE licence, nor ever recommend that anyone who plans on participating in creative RE deals, pursue a RE license. One of the conditions of being licensed at the state level, whether it be RE, securities, insurance, a liquor retailer, or you name it… you have confessed yourself to be a wrech in front of God and Man, if the state ever perceives you to have done something against their code of ethics… Check outthe fine print in any of those licensing tests or paperwork… It is atrocious; and that is putting it mildly.
So my advice, without knowing anything about your deal or your wife’s brokerage situation, is to steer clean of mixing the two… and you will be better for it… Also, I would recommend that you perform all your duties within a properly structured entity… aka Corp or LLC… This will insulate your wife from having involvment, assuming that she is not an officer of that entity… Other than that, do as most couples do… meet at the front door, and the first one there asks, how as your day today Dear…?
Good luck on the journey…
JT-IN
Re: subject to’s and realtors - Posted by whyK-CA
Posted by whyK-CA on March 15, 2006 at 21:31:31:
Rich, hate to say this but that’s a complete BS.
Re: subject to’s and realtors - Posted by Rich’n CA.
Posted by Rich’n CA. on March 16, 2006 at 22:12:32:
The broker sited that the willful deceipt of the lender on not disclosing the sale of the property was unethical and subjected my wife to a fine and license suspension even if she was not directly involved. I was thinking of just leaving her out of the deal but the fact that she is my wife the Real Estate Board would consider her giving me advice which involves her in the deal