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

Summer 2017 Housing Market Prediction

Summer 2017 Housing Market Prediction:  Hot… Very Hot

Family in Home frame-2

2017 home sales came out of the blocks strong in January; growing at its fastest rate since 2007.   According to the National Association of Realtors®, houses were on the market for an average of just 50 days.  In January of 2012, the average turn-around time was 99 days.

Optimism inserts money, primarily investor money, into the marketplace.  When investors are optimistic and the stock market rises and shows stability, banks typically loosen their guidelines.  Low interest rates, more forgiving mortgage guidelines, low and no down payment mortgage options and rent increases have put the housing market in gear, and it’s just starting to get heated.

Inventory remains the only issue as there is currently just a 3.6-month supply of inventory nationwide; which happens to be the lowest in history.  That means if no new houses are listed, by May there would be no existing homes for sale in the market.  I expect builders to be licking their chops and that’s a good thing for the housing market.  When our country is building, it means people are confident in their futures.  Business owners have positive expectations and employees are feeling comfortable with job security which is leading people to look at both new and existing homes.  With rental prices increasing, millennials and other first time home buyers are taking advantage of low down and no down payment mortgages.

What about Sellers?  Is it a good time to sell?

The simple law of supply and demand tells us that when there is more demand than supply, the value of sellers homes should rise right?  Wrong with today’s sellers.  Sellers today seem to think the market has reached its peak and prices will be declining.  They are acting like we are in an economy on the decline, often taking the first reasonable offer and listing their homes for less than they should.    This psychology perhaps is coming from the aftermath of the real estate meltdown as many people are satisfied with “getting out clean” or making very little on their real estate.

If you’re a buyer, you are in POLE POSITION right now; the market favors you.  If you’re a seller, consider choosing a Real Estate Agent that properly educates you on real market trends and factual data; you may find that the sale of your home is more lucrative that you think!