Wholesaling is Brokerage – BEWARE!

TREC
Texas Real Estate Commission

Sale of Equitable Interests in Real Estate Clarified

Governor Abbott Has Signed SB 2212

SB 2212 amends Chapter 1101 to codify the clarifying changes to TREC rules regarding sale of certain equitable interests in real property.

Just like the rule, this statutory change clarifies that a person selling or offering to sell an option or assigning an interest in a contract to purchase real property must accurately disclose to potential buyers the nature of the interest offered. If a person offers a property for sale when the person does not own the property, that person is engaged in brokerage and must be licensed to do so. This is the current law.

If a person offers to sell an option or assign an interest in a contract on a property, the person must accurately describe the interest being offered.  The same requirement for accuracy is added in the Property Code. The practice of “wholesaling” remains legal if these “truth in advertising” rules are adhered to.

If your are a UN-Licensed wholesaler you are breaking the law and have been with every assignment or contract you have sold, look out you could easily be liable for any past transactions! If you have not found an expert REAL ESTATE BROKER who understands this and can help you stay in business you can call E-Team Austin Realty Today! 512-554-8554. If you are about to or thinking of buying from a wholesaler STOP! It is imperative you call us before you find yourself on the hook for a home without the proper disclosures and notices. Call and ask for Michael @ 512-554-8554

Capitol

Goldfish Poop – Maximizing Your Investment in Austin

Goldfish Poop – Maximizing Yooffice4ur Investment in Austin

Why do some of the new construction homes in East Austin sell for so much more than the “goldfish poop”? ( a lesson from my time living in Japan – The Far East – now used in East Austin)

きんぎょのふん = goldfish poop (literal meaning) (figurative meaning) a person (the poop) who follows someone everywhere they go.
take away – better to lead than follow – learn from a good success story
Our on the street scouts keep a healthy deal flow coming in.
We keep on making them available to our inner circle.
What you do with them matters. It matters a lot financially.
Rather than just hear me testify, let me show you – seeing will be believing.
I’ve compiled for you research related to maximizing profits on available opportunities.

A MAP of where these kick azz abodes are being built. I’m gonna say something here that may make some gasp, “Location has little to do with these homes”.

The STATS – the numbers speak for themselves. $650k and up is the new $500k

SAMPLES of what they look like, along with all the juicy details.

So, I have a few opportunities on the horizon, and one that will be ready to pick very soon. It is a good one, nice size lot, paved alley, prime location, likely downtown views, in the 78702.

So, next time I present a property for your consideration, let me also provide insights as to how to interpret the information above and capitalize on lessons that have already been learned. I toured many of these homes, sometimes with my architect and interior designer with a mind towards profit optimization. The benefit of our studies are available to our clients.

The projects can take a good deal of time to bring to availability and we will expect you to sign a listing agreement with us to market and sell the developed project once completed.

We’ve been doing what we do, where we do it, EAST AUSTIN, with all we have for a good long while now.

There is net worth, in the network.

Come benefit.

Here is a link to the site.
https://plus.google.com/u/0/collection/cIzbaB

Scott Smith
REALTOR / MBA
East Austin Realty Expert
E-Team Austin Realty
EastAustinRealtyExpert@Gmail.com
512.740.0324

Tax Liens and Judgements to Come Off Credit Reports

Tax Liens and Judgements to Come Off Credit ReportsTax Liens and Judgements to come off many consumer’s credit report

Effective July 1st, 2017, Transunion, Equifax and Experian will be excluding tax liens and some civil debts/judgements from consumer’s credit reports. The Consumer Data Industry Organization has stated that this initiative is to ensure consumer identifications are accurate and current.

In a move that will boost many consumers credit scores, the three main credit reporting agencies will remove tax liens and civil debts if reports on those particular obligations do not include: names, addresses, and social security numbers and/or date of birth according to the CDIA.

Federal law requires that accurate information is provided to ensure accurate credit reporting. Consumers have complained that paid debts are still appearing on their credit report. The National Consumer Assistance Plan will help consumers with prior challenges to obtain loans they otherwise may have been declined.

This is really good news for the housing market obviously, as this news will have an immediate impact on about 10% of Americans. Couple this information with my prior blog on low down/no down payment mortgages and you end up with great news for many people. With the Dow over 20,000, looser credit guidelines and this recent news on credit reporting; times are looking pretty good.