Not Everyone is Credible

Real Estate News TV

Well, not everybody is credible. Some people are and some people aren’t. But like not every person’s equal, right? And not every industry or every industry partner is equal. Right. So we have a couple of different issues that Sean is going to bring up. Yeah. So first thing is, when you’re doing a transaction, you want to make sure the other person, your cooperating broker on the other side is actually licensed. We have actually ran into a few instances this year that the other party, either the agent or the broker, was not licensed. So just because so I just want to touch on that for a minute. So say Mike’s license is expired under a custo real estate. It’s broker to broker. So you’re still covered, right? In the event that the agent that you’re working directly with, if their license is expired, it’s still brokered a broker. So you’re covered if you’re doing a transaction and the broker and the agent’s license are expired, you don’t have a deal. So you want to be very, very careful with that. So the cooperating broker named on the transaction must be licensed. That’s the first thing. Yes, that happens. You guys, we are professionals. We must have a license to conduct real estate. So make sure that know. I think in the busy times that we’re having, maybe we fail to just check. So let’s do that. The other thing, if you see that it isn’t an individual broker or an entity broker, so you know Shana Acquisto or Acquisto real estate, then you need to double check the contract, right? You need to double check who the cooperating broker is just because you have a team name, right? A team name. A DBA Smith team, yes. Real estate team. Shepherd team. Right. For example, a DBA of a broker is not the broker. So if you have a DBA, it must be filed with track. So all of these things, Tarek controls all of the licensing, so you can go straight to track, see what’s going on. If you don’t find them, then you need to let us know before you proceed forward with a transaction. So the other thing would be title companies. There’s a lot of title companies out there and some of these corporate brokers or corporate buyers are requiring as part of the requirements to do the deal is that we must use their title company. So it’s all good, but you need to just protect yourself and double check. So something that I’ve heard is there’s a couple of title companies out there. I’m not going to say them right now, but I will let our agents know. But they are not employing or taking protective measures to ensure commission payouts are being disbursed to licensed professionals. Licensed brokers. You’re not double checking this. So what’s happening is maybe that broker supposedly is getting all the commission and then you never get paid. I’ve heard of funding issues that funding’s taking. You know, you close and funding’s taking 48 hours to fund. That’s not cool either, right? Oh, well, because they’re using the money from the other transaction. Wow, that sounds really bad. And as we all know, the only person that can distribute funds is the broker to broker. So we have a disbursement authorization. We authorize our funds to be disbursed directly to our agents. So you don’t have to wait. Correct. So that’s what we do. But, you know, you have to be cautious and just do your due diligence, know who you’re working with, ask how these things happen. You might want to double check with the title company and find out how you disburse, what’s the process right? There was another example of a lender. So in this particular case, the buyer, you there was a corporate owner. They wanted them to use their title company and their lender to get the deal. Similar to how a builder would require us to. Do that bundle and save. So the loan officer left in the middle of the transaction. Could see gone. The money was wired to an incorrect title company that was no longer in business, and then it was almost 30 days before anyone got paid on the transaction, including the --- Send in a voice message: https://podcasters.spotify.com/pod/show/realestatenewstv/message