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Jul

31
2009

Why single out mortgage brokers?

By Inman News, Friday, July 31, 2009.

Re: 'Fed may ban loan-originator incentives' (July 28)

Dear Editor:

Why is it that the mortgage brokers are always the group singled out under the guise of protecting the consumers? We are the only organization that is required to disclose the amount of profit we are earning on every transaction that we negotiate.

When I go to the grocery store I have no idea the profit Giant Eagle makes on a loaf of bread. Mortgage brokers give consumers a choice. I do many transactions where I cut the yield-spread premium to make the deal, and this helps the consumer.  more...

Jul

30
2009

Stabilization reported

By Curbed.com, Thursday, July 30, 2009.

Woot. Those 2005-era days of throwing down $45 for a Sunday brunch -- and not thinking twice -- are back. Not really.

Under the headline, "Fed Sees Signs That the Economy Is Stabilizing," the New York Times reports: "In most parts of the United States, the recession is losing force or economies are beginning to stabilize, the Federal Reserve said Wednesday in a snapshot of economic activity from across the country ... But the picture remains grim in many parts of the country, with retail sales falling in the Midwest, loan demand falling in New York, commercial real estate weakening and manufacturing activity stumbling along in many parts of the country ..."  more...

When dual agency works

By Inman News, Thursday, July 30, 2009.

Re: 'Romancing the "hogger" ' (July 20)

Dear Editor:

As a commercial real estate broker, I've sold one client's property to another of my clients on a number of occasions over the years. I've also sold or leased one of my listings to a buyer or lessee.

In all of these cases I've explained dual agency carefully, provided a state-required agency brochure, and required the principals to see their own attorney for document review, along with requiring them to provide me with the attorney's contact information.  more...

Jul

28
2009

'We cannot serve two masters'

By Inman News, Tuesday, July 28, 2009.

Re: 'Romancing the "hogger" ' (July 20)

Dear Editor:

In Maryland, "dual agency" alludes to both the buyer and the seller working on a property listed by a broker for which both the listing and selling agents work.

The dual agent is the broker, not the salesperson. In our company we urge our agents NOT to discuss their clients with each other or during sales meetings so that they can protect the fiduciary relationship they have with their respective clients.  more...

Jul

27
2009

Attack of the party monsters?

By Curbed.com, Monday, July 27, 2009.

Renters: They fill empty apartments, give struggling condominiums a little life and float developers some desperately needed cash. What's not to like?

Plenty, according to this New York Times weekend story on the growing trend of new developments renting out units until, in theory, the market rebounds and they can be sold. Condo projects with lots of rentals have always carried a certain stigma, because buyers fear renters will treat the building like their own personal playground and not a precious investment. And at Greenpoint's 285 Driggs Avenue (aka Loftology), those fears have become reality, according to one buyer:  more...

Dual agency and used-car salesmen

By Inman News, Monday, July 27, 2009.

Re: 'Disclosure, consent key in dual agency' (July 22)

Dear Editor:

While I'm not completely sold on eliminating dual agency, those in our industry must see the folly in representing both sides in the real estate transaction.  more...

Jul

24
2009

Dual agency 'not all black or white'

By Inman News, Friday, July 24, 2009.

Re: 'Broker: Ban dual agency' (July 22)

Dear Editor:

Let's say I have YOUR home listed and you are sitting on my shoulder listening (invisible) when I get a call from a buyer interested in seeing it. I set up an appointment to show it immediately because the buyer is sitting in a car next to the sign and wants to see it NOW.

I show the home (you're still invisible on my shoulder), and the buyer tells me on the spot to write an offer.  more...

Disclosure, consent key in dual agency

By Inman News, Friday, July 24, 2009.

Re: 'Dual agents can balance interests' (July 22)

Dear Editor:

Bravo to the agent who had the courage to speak in favor of dual agency! I'm sick of people referring to this practice as "dangerous dual agency." In my opinion, the only dual agency that's dangerous and wrong is undisclosed dual agency.

As long as the dual agency is disclosed to consenting adults, agents in a free-market system should not be forbidden from selling their own listings and representing all parties to the transaction.  more...

Jul

23
2009

Out-of-area appraisers are out of luck

By Inman News, Thursday, July 23, 2009.

Re: 'Comp sales out of whack' (July 13)

Dear Editor:

Buyers, sellers, agents and mortgage brokers do have recourse against an out-of-area appraiser, other than paying for additional appraisals. I am appalled that no one seems to know this: Appraisal standards PROHIBIT an appraiser from appraising in an area where he or she is unfamiliar with the nuances of the local market, (per the Competency Rule of the Uniform Standards of Professional Appraisal Practice).

Such an appraisal violates standards and therefore violates the Home Valuation Code of Conduct. Thousands of lenders are making loan decisions based on non-HVCC-compliant appraisals.  more...

Wall Street bust now history

By Joel Burslem, Thursday, July 23, 2009.

Well, at least in the eyes of these WSJ film producers it is, who are releasing a new web video series about the tumultuous period at the end of 2008.

Most of the info in the video probably won’t be news to many of this blog’s readers, but they did a nice job summing up all the events that led to the crash last year. (Also make sure you check out Michael Lewis’ fantastic piece in Portfolio that covered much of the same ground.)  more...

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