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    Home Unlabelled Trump admin gives Zillow realtor/lender kickbacks the OK Real Estate

    Trump admin gives Zillow realtor/lender kickbacks the OK Real Estate

    July 06, 2018

    Trump admin gives Zillow realtor/lender kickbacks the OK Real Estate

    Trump admin gives Zillow realtor/lender kickbacks the OK

    Posted: 05 Jul 2018 01:00 PM PDT

    If you are a lender and do your job well, you don't need to give agents kickbacks for referrals. If you turn over one rock then 5 real estate agents will pop out, but no more than 1 of that 5 will even ever ask a lender for any form of kickback. The other four - the super majority - just want their people well taken care of.

    But, anyways, for that 1 in 5...

    Link.

    In a move with potentially significant implications for consumers, realty agents and lenders, the Trump administration has decided not to take legal action against online realty giant Zillow under federal anti-kickback and deceptive-practices rules.

    The decision represents a departure from the direction the Consumer Financial Protection Bureau appeared to be headed under its previous director, Richard Cordray, an Obama appointee who resigned last November to run for governor of Ohio.

    ...

    Among the key issues in the CFPB's investigation, according to legal experts familiar with the case, was whether the Zillow plan violates federal prohibitions against paying compensation for referrals of business — kickbacks. RESPA bans "giving or receiving" anything of value in exchange for referrals of business related to real estate settlements. The rationale is that referral payments are anti-consumer: They add to overall costs, they frequently are unknown to the consumer, and they discourage shopping for the best available services or prices. Zillow insists its co-marketing plan does not entail referrals or endorsements, but on its website in an area designated for realty agents it touts the program as a way to "promote your favorite lenders to customers on Zillow."

    In multiple cases, the bureau under Cordray [edit: Obama appointee that has since resigned] targeted what it considered to be illegal and deceptive marketing arrangements. In one high-profile settlement last year, the bureau fined Prospect Mortgage, a national lender, $3.5 million for allegedly illegal referral-fee-marketing arrangements with more than 100 realty firms. The schemes were designed to "funnel payments to (realty) brokers and others in exchange" for referrals of loan business involving "thousands" of buyers, according to the CFPB. Among the allegations in the settlement were that Prospect paid portions of realty agents' marketing costs on an unidentified "third-party website" — a site widely understood to be Zillow. Prospect neither admitted nor denied wrongdoing as part of the settlement.

    Following the Prospect settlement, some lawyers active in the financial regulatory field expected that the CFPB would sue Zillow or seek a settlement. By dropping the case, the bureau under its new leadership appears to be signaling that Cordray's tough approach to policing co-marketing arrangements involving realty agents, lenders and title companies is dead, said Marx Sterbcow, a nationally known RESPA expert.

    "This is going to drive up consumers' costs" in real estate transactions, said Sterbcow, because the extra expense paid by participants in co-marketing schemes — whether they violate RESPA or not — inevitably gets passed on to consumers.

    submitted by /u/aardy
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    [CA] Renting Home for a service?

    Posted: 05 Jul 2018 11:27 PM PDT

    Okay so I have a super strange setup. I own a house in the middle of the farmlands over in Santa Margarita. Out there is mostly weed farmers, and a few veggie farmers, plus a huge solar company. I'm trying to sell the place with no luck, and I'm barely starting to get a hold on the mortgage payments. I'm a college student, don't ask me how I managed to buy a house.

    In any case, the place needs a lot of cleanup and work and I can't afford to go and clean it up and make it nice.

    So, would it be at all possible to rent out the place in exchange for the tenant cleaning, repairing, and maintaining the property? Where would I go about finding someone that would "rent" my property like this? I'd imagine Craigslist probably.

    And just an FYI, the place is livable. It just needs a good cleaning and some trash on property to be removed (but would require a few trips to the dump to do). It's not unlivable in any way. Running water, electricity, and plumbing. Could do with a paint job and some other cosmetic cleanups.

    P.S. By rent for services I mean the tenant perform upkeep and maintenance as payment, no money paid to me, at least for the first X months.

    submitted by /u/shay9999
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    Bitter crazy neighbor

    Posted: 05 Jul 2018 05:41 PM PDT

    So my wife and I are selling our first home. We are well into our contract and in the repair phase before closing. Well today was the final contractor repairs.

    Some of these repairs involved wood repairs (soffits, porch ceiling panel, etc). Now the roofer didn't paint. I didn't expect him to. Honestly, technically no where on repair agreement form does it say anyone was painting. But of course we planned to paint it.

    So tonight, we are painting the soffits and panel. My neighbor is a drunken failed real estate agent. He starts yelling at us over the fence and taking pictures. "You can't do that. You are under contract. Has to be licensed person" etc.

    Now here in Florida, we don't have a specific license for painters. No such thing. Called my agent (top 15 in city for last 20 years) to talk me down.

    Can't wait to close and move away from crazy. Here's hoping FHA appraiser is having a good day.

    submitted by /u/sevidrac
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    [TX - Irving] ROI on reflooring for sale

    Posted: 05 Jul 2018 09:22 PM PDT

    I'm in 75062 in an early 1970s house a bit under 2000 sqft, and per online estimates my place might sell for $210k-$250k.

    I need to paint the interior and replace flooring anyway, but now I think I want to sell within a couple of years, so now I'm wondering about what the ROI and saleability of various flooring options is rather than what I want.

    It's a one-story slab foundation, and the existing flooring is carpet and laminate with some old linoleum in the bathrooms.

    I think the cheapest option would be new cheap laminate in the kitchen, dining, and bathrooms with carpet everywhere else. (Or do like the previous owner and carpet the bathrooms...um, no.) Or maybe laminate throughout the entire house?

    Is there any saleability or pricing return on paying more for, say, LVT everywhere with maybe ceramic tile in bathrooms and entry? Or even ceramic tile for kitchen and dining, too?

    I guess I should add that I'll most likely be paying someone else to install it.

    Thanks!

    Edit: I presume hardwood flooring in a house at this price range won't pay for itself on sale, but please tell me if I'm wrong.

    submitted by /u/midnightFreddie
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    Real estate auctions: The idea of selling a house in a day appeals to me. I wanted to hear anyone’s thoughts on the auction process. The good, the bad, and the ugly. I’m in New York if that matters. You guys/gals had some great comments for me once before. I need to hear the negative. Thanks

    Posted: 05 Jul 2018 05:37 AM PDT

    Looking for advice on purchasing a home in Portugal (US citizen)

    Posted: 05 Jul 2018 10:24 PM PDT

    As an American, I'm looking into buying a home in Portugal as my primary residence but I have some questions around residency and taxes.

    1. My income is taxed in the U.S. and I'd like to keep it that way to avoid the significantly higher income taxes in Portugal. Can this be managed?
    2. How long can I legally stay in the country with a home in Portugal? It's my understanding that you can get temporary year long residence permits and after 5 years of these, you can obtain permanent residency? How does this work?
    3. Last question relates to previous 2: Is it true that if you do gain permanent residency in Portugal then you are required to pay taxes on your foreign income?
    submitted by /u/csygiel
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    Do Realtors do anything besides let you in houses and fill out a offer contract?

    Posted: 05 Jul 2018 11:29 AM PDT

    I'm just trying to understand what our realtor is suppose to do for us besides let us get inside homes for sale and then fill out a standard offer contract if we're interested. Do we still need to hire a real estate attorney on the side?

    submitted by /u/butwhystherumgone
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    Want to buy an overpriced home!!!

    Posted: 05 Jul 2018 07:27 PM PDT

    I'll try to keep it brief. Ifound a house I love. It just feels good to be there. However, I know it's overpriced. I talked to a friend who knows real estate and he said it's not a great investment. The seller is anxious to get things rolling after a few weeks of me hemming and hawing. It doesn't seem like she's gonna be to move much on the price. Gonna be looking at it with an agent soon and will get some advice there, but just want as much input as possible thanks.

    submitted by /u/WeatherAlive
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    Where is the cheapest place to buy a plot of land while also having electricity?

    Posted: 05 Jul 2018 11:40 PM PDT

    Where should I buy land? I'm looking for cheap land to build a house one, and I'm wondering how much it would be to electrify it or buy land with electricity. Some friends of mine are thinking about building this modular home on the land.

    submitted by /u/PresidentialSophist
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    Taking my license exam in 7 days.

    Posted: 05 Jul 2018 11:33 PM PDT

    I'm nervous. I'm 27 and have been a waste of space for as long as I can remember. I've always been an honest seller of cars, auto parts and phones. But this test has me feeling lost because the material for studying is so hard to grasp. Nervous as can be right now. Had to vent somewhere.

    submitted by /u/AnimusSpero
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    Dealing with pet odor and mold (x-post from/r/homeowners)

    Posted: 05 Jul 2018 04:53 PM PDT

    Hello everyone,

    I recently joined this community having bought my first condo in the Seattle area. I am writing to you seeking some advice since I am fairly new to home ownership. The home I bought had been inhabited by an old lady who couldn't care for the home too much. I had to waive inspection because of the hot market here. As a result there are a few problems that need to be addressed that I am hoping you guys have advice with:

    • The owner had owned a few cats over the years and there is a strong and pungent smell in the home. We used a UV light to confirm that there was cat pee on the carpet and some doors, walls etc. We intend to rip out the carpet & baseboards but we want to be sure to disinfect and kill the odor from the walls and the floor before painting the walls and replacing it with wood flooring. If any of you guys had to deal with pet urine, I would love it if you guys could provide some advice. I read online that we may have to rip out the drywall to rid the home of the smell but others say that we can apply some sealer/primer and that is sufficient. Also, do you know if there are inspectors who specialize in assessing (and fixing) pet damage?
    • I see some mold on a couple of corners (pics at https://imgur.com/a/VddnVp7) of the home. Do any of you have some experience with assessing the extent of the damage? Do we have to rip up the drywall to be sure? Is this a very serious problem?
    • Lastly as a general question, how did you guys go about figuring out good contractors in your area? We will need a few of them (for inspection, flooring, drywall inspection etc etc). I would love your first hand recommendations since I would find them most trustworthy. Have you had a good experience with people you found on angies list, home advisor, checkbook, porch, nextdoor or thumbtack (so many options and we are unsure which is a good site)?

    Any help you provide is much appreciated. Thanks in advance!

    submitted by /u/dtandtan
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    Anyone have any experience with trash rotations?

    Posted: 05 Jul 2018 04:36 PM PDT

    This is in San Diego, California. This is somewhat odd, but I am on a HOA for a shared building where we have to take out our trash. Four units all share 4 trashcans which have a weekly curbside pick-up.

    The problem is no one takes the trash out because no one is really responsible. Over the years usually one unit just does it, but that really isn't fair. Lately the trash has just been skipped, which is disgusting.

    I'm thinking every month a unit is responsible, and it rotates unit to unit. That way each unit takes the trash out 3 months of the year, rotating. Also, If someone misses their day there is a $5 fine.

    Any other ideas?

    submitted by /u/sexlexia_survivor
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    Proschools & the licensing exam

    Posted: 05 Jul 2018 03:41 PM PDT

    Hi everyone! I'll keep this short and to the point. I finished my course, and while I know more than I did before, I still don't feel prepared for my national/state (Oregon) licensing exam. Proschools was chalk full of info, but I felt like it was unorganized and a little scattered, making it difficult for me to digest. Any advice thrown my way will be fully taken. Thank you in advance!

    submitted by /u/LikeAshButNot
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    Current lease expires soon and closing on purchase of apartment delayed. What are my options? [NYC]

    Posted: 05 Jul 2018 05:45 PM PDT

    This is in Manhattan. So my current 12-month lease is expiring soon and although I am working on closing the purchase of an apartment, the closing continues to drag on and will likely extend 3-4 months after my lease expiration.

    My LL does not allow any month-to-month situations and no leases shorter than 12-months. My options are as follows (let me know of any better options):

    I can sign a 12-month lease and then sublet out whatever the remainder is. I have no experience doing this and no perspective on how risky a prospect this is.

    Find a new apartment that is willing to do month-to-month and leave my current apartment while I continue to work on the closing.

    Am willing to listen to any and all advice on this. Bonus points if you have personal experience with a similar situation.

    submitted by /u/aptsituation
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    Viewed a great apartment in Jersey City today, but the realty group/broker seems suspicious. Am I being paranoid?

    Posted: 05 Jul 2018 03:17 PM PDT

    Hi guys!

    Apologies in advance for the novel, and if this doesn't fit in with the usual material on this sub. I've seen some would-be renters asking for advice on here so I figured I'd give it a shot.

    I'm currently looking to rent my first apartment in Jersey City after having moved back home for a year after finishing college to save some money up. I'll be moving in with my girlfriend who just finished school out of state, and much of the apartment hunting has fallen on me, as I have some time off this summer and she is very busy with a summer job.

    Today, I had two apartment viewings scheduled. I scheduled both over text message after leaving voicemails with the phone numbers listed on Trulia. The first apartment was listed by a real estate company, and the second showed as being listed by one person with what looked like a personal cell number below. Both apartments looked exactly as shown in the pictures.

    The broker who showed me the second apartment told me (before we had even walked in the door of the apartment we had scheduled to view) that he had another property he thought might be a better fit for me. Although I hadn't really told him much about what i was looking for, I guess he saw me/heard that I drove there and cased me as more of a suburbs type, and he offered to show it to me. He said it was in a nicer neighborhood, within walking distance to the PATH station, etc. I followed him there, and we went in and took a look around.

    The apartment seems great - almost too good to be true, which is part of the reason I'm posting here. Perfect location for us (GF needs access to public transit), no pet fee (we have a cat), free laundry, heat and hot water included, within our price range, better parking options, etc. The apartment is definitely small and not recently renovated, but that makes sense given the affordability vs the area. There's a 1 month broker fee, but he said he thought he could talk the landlord down a little bit on monthly rent, especially if we could move in early.

    He gave me the blank application form and told me that I could get in touch with him and email him the completed form (including SSN, address, employer, etc) if I was interested in moving forward with an application. I told him I was very interested, and asked if he had an information sheet on the place he could give me- square footage, utilities, etc etc so I could show my girlfriend the listing. He said that the listing was up online and that I could just search the address. He gave me his card (for a company called "Synergy Realty Group") and we parted ways.

    Now here's where I get a little wary- I went home and searched for the apartment listing online, and only found old listings for the property saying that it's now off the market. The most recent listing was updated 6 days ago but has been listed as "no longer for rent"

    So then I look up the broker's name and company. The website for the company, Synergy Realty Group, came up, but there's very little substantial information I can find on either him or the company online. No Google, Yelp, or BBB reviews, Trulia accounts of individual realtors listed on their website have no pictures/reviews (just bare bones "this account exists"). Their Facebook page is very sparse.

    I did go so far as to look up the guy who I met today on the DOBI's website, and according to the NJ DOBI, someone with the name on the business card he gave me is licensed, affiliated with a business address that matches the one on his card, although the company name doesn't match.(NJ DOBI lists the business address as "Protouch Properties LLC, not Synergy). After looking at Google Street View of the address listed on both the card and DOBI website, the signage on the storefront says "Nextage" with "Synergy Realty" underneath and the office phone number listed on the guy I met's card. Upon googling Nextage, I found a little more information, including a different person who is listed as affiliated with Synergy/Nextstage who has two positive reviews on Zillow.

    SO: The business card, company's website, NJ DOBI licensee search, and Storefront all match with regards to the address and phone numbers given. But the are all different.

    Am I being crazy paranoid? Or is three different company names and very little/no online presence suspicious? Best case scenario, this is just a small/disorganized realty company and this broker just isn't up on his social media presence.

    Of course, I can always ask to see his license and ask for direct contact with the landlord before I send in any applications. This is just the basic legwork I did online after meeting with him today. Just wanted to get a feel for what more experienced folks and actual people in real estate think.

    We met in person, I saw the property, he didn't ask for money upfront or beforehand, didn't put any undue pressure on me to sign anything or give up more information, so the classic "rental scam" red flags that I keep reading about don't really apply. But the "almost too good to be true" nature of the rental opportunity and the lacking online presence of him/his organization makes me think twice. I just want to make sure that if it seems like this is scammy, I minimize contact with them and don't give them any more personal info than I already have.

    Sorry for the rambly post, I know I'm green to this but would rather come off as naive on Reddit than lose $3000+ to a scammer or pass up a perfectly amazing apartment! Thanks so much in advance!

    submitted by /u/CrabbySunshine
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    HOA Lien Found on Old Foreclosed Property uring New Home Pre-Closing Search

    Posted: 05 Jul 2018 03:51 PM PDT

    In Georgia:
    During the initial closing process of the new construction home I am closing on in 2 weeks the attorneys found an old HOA Lien of around $400 placed on a home I no longer own and actually included in a 2011 bankruptcy. This house was foreclosed on and has since been resold. I had no knowledge of this lien. The lien was placed in 2012 after the bankruptcy was discharged and we were no longer living in the home.

    I haven't spoken to the closing attorneys yet but, does anyone have any experience with this and have any idea how it may affect my ability to close.

    Thanks in advance for any advice.

    submitted by /u/bigsnug
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    Building on land [GA]

    Posted: 05 Jul 2018 07:35 PM PDT

    Apologies if this is the wrong sub for my question.

    Where can i find information/advice on the building process? I own a small piece of land in GA. [8 acres]

    From my research i know the process involves a soil test, getting the appropriate permits and finding a builder, construction to perm loan.

    There is probably more to it than that, but when I called the planning/zoning office they seemed unsure themselves. If at all possible I'd like to know what I'm getting into or at least have a general idea before i decide between building on private land or just buying in a sub division somewhere.

    Thanks again and sorry if this is the wrong sub.

    submitted by /u/snapreader
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    How much money to turn this into a 1 car garage

    Posted: 05 Jul 2018 07:28 PM PDT

    https://imgur.com/a/mP2crr3

    Rough estimate is all I need. I assume you would just install a remote garage door, maybe need to replace the side door. Assume the roof is ok. Probably put the cheapest walkway in too that will allow for easy snow removal.

    submitted by /u/Freds_Premium
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    Rent pays 100% of mortgage, no down payment. Should I aim for it?

    Posted: 05 Jul 2018 11:36 AM PDT

    EU guy here. We have really low interest rates right now, about 1.3%. Is it reasonable at all to try and cover 100% of the mortgage with generated rent money, while putting down 0 downpayment? I think its doable with parking spaces, harder to achieve with apartments at the moment.

    submitted by /u/throwaway9732121
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    What are your thoughts on incurable defects? [Texas]

    Posted: 05 Jul 2018 06:56 PM PDT

    I'm really struggling to make a decision on a house that I love. I've been looking for 1.5 years, and this is the first house in the floor plan that I want (and one of only two in the neighborhood). The problem is that it's on the corner at the entrance and backs up to undeveloped land zoned for general commercial. It has a stone fence and nice trees all around. I have no issues, but I'm terrified that I'll be stuck with it and never be able to sell it at all when it's time to retire and finally leave Texas.

    What are everyone's thoughts on and experiences with incurable defects?

    submitted by /u/Faded_Glitter
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    [TX - El Paso] Looking to rent old home - concerns about electric/water

    Posted: 05 Jul 2018 03:08 PM PDT

    Hi all,

    I'm looking at renting an early 1900s home in El Paso. While the home has been nicely restored on the whole, 50-75% of the electric is Knob & Tube (very old system, should have been fully replaced). There are also general concerns about the pipes, lead paint, asbestos, etc. that go with any home of that age.

    • Are there regulations for renting old homes in this city? My current place in Fort Worth is of a similar age, but the landlord addressed a number of issues (as he said was legally required). I'm having trouble figuring out what regulations are required in EP.

    • Is it unreasonable to request that an electrician and plumber certify that the home is safe?

    • Is there any other way to obtain records about the property? (rental history, utilities, inspections) I tried to get utility records from the electric company but they denied me on the basis that they were private information.

    submitted by /u/kellogs8763
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    Property Management

    Posted: 05 Jul 2018 08:03 AM PDT

    Hello, first time posting here. I've just had my start in the business world and i'm looking for information on property management. What goes into running a property, and how would someone get their start as a property management company. How does the company get paid?

    Feel free to answer the questions or just some links or references that i can check over. Thank you for your time!

    Edit: I'm in South Jersey, non-commercial area.

    submitted by /u/milkman2147
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    100% FTHB (Triad/NC) Inspection reveals roof..

    Posted: 05 Jul 2018 06:28 PM PDT

    I found a great property in the triad, NC area however the inspection report revealed that the asphalt roof was covered with ordura back in 2006. The attic shows some signs of water intrusion though unknown if it is current leaks. Some of the ordura roofing is chipped due to the owners recent tree removal (probably diy) but in tact. It's definitely at the end of it's expected life.

    The AC unit was also noted to be manufactured back in 1984, but it's still working fine.

    Overall the inspection report did not reveal much else other than a few leaking fixtures at the shower handles/sinks. Nothing I couldn't take care of the first month once my toolbox is moved in.

    What are the chances the house will fail appraisal on a FTHB 100% loan? Appraisal is happening sometime late next week.

    The home sale history is consistent at 200k and tax value 188k. Surrounded by colonials at a similar or higher price point in a desired location.

    Should I recover what I can and cancel the appraisal?

    submitted by /u/malarivi
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    Is Queens/NYC too expensive now?

    Posted: 05 Jul 2018 06:10 PM PDT

    If anyone is familiar with the queens market, do you think it is too expensive now? Are there parts of queens worth investing in?

    submitted by /u/taota0
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    right now a good time to buy a house to "house hack" in NJ?

    Posted: 05 Jul 2018 05:47 PM PDT

    25 looking to buy a 3 unit family house to house hack live in one room in one unit and rent out the rest. make 56k a year with 12k side business, the bank uses market rent for example 1500 for 2 bedrooms x12 = 18k x .70%=12.6k for one unit so if you have 2 units with 2 bedrooms that's 25.2k. Anyway the property tax normally is 9k to 13k my thing is if i cash flow even a little and live rent free would it be worth it in a high property tax state? or is it better to buy/invest in PA ?

    submitted by /u/blueeyesdragon92
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