REALTORS BEING FED BAD INFO ON TITLE

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EDITOR’S COMMENT: Realtors are in a bind. If they don’t make sales they don’t have income. If they do make sales, there is good chance someone is going to get screwed — possibly on both sides of the transaction. These increasing worries have sent realtors scurrying to check their insurance policies and checking with their lawyers to see what they should do and what they can do.

The corruption of the title system by Wall Street has resulted in multiple clouds on title on each property that is subject to a claim of securitization. When the litigation over title starts to explode, realtors are going to be defending damage claims from buyers and perhaps even sellers who find that they are still subject to liability even though they thought their mortgage was “paid off.” Buyers will be lodging claims based upon the warranty deed, title insurance and perhaps even fraud, when they discover they can’t refinance or sell their property.

So the solution by Wall Street is to disseminate information through “official” channels that the realtor can rely upon or say they relied upon when they pushed through each transaction on which they earned a commission. Special incentives are being paid to realtors by the banks much like the “incentives” that were paid to appraisers during the fictitious run-up on prices.

Clear title is a long-term proposition to solve. The answer is not some abstract confirmation of title from an article where nobody is accountable for it being wrong. And realtors should be nervous about this. The notion that the Banks cleared title before giving the listing to the realtor is a living lie.

Q: Do I Get A Clear Title When I Buy A Foreclosure?

A: Yes, once they put the property on the market, the bank has already cleared title. The bank has made sure that they paid all the liens, judgments and all that on the property and the previous loans. So you don’t need to worry about any of those problems.

 

21 Responses

  1. It’s may be called aiding and abetting.

    There’s enough information available for them to know better but they generally just don’t care but to put a commission in their pockets.

    Between agents and appraisers, they’re still sticking it to the customer; albeit I have seen those that you couldn’t talk out of what they want to do in which case, as long as they did their job and explained things thorughly…disclosed all material facts (as if…) then I can see it.

    Have been there, done that…I’m still licensed but refuse to help anyone buy or sell a house without full disclosure, hence I haven’t helped anyone buy a house since I don’t remember…I’ve done some short sales but only under very specific circumstances because it is rare that foreclosure is not a better option.

    Further, I can tell you, in all the years I was a real estate broker and dealing with other brokers and agents as I was an exclusive buyers’ agent when practicing; I was not involved in even ONE transaction where the other agent didn’t violate the law; breach the contract or violate the standards of practice and codes of ethics…pitiful.

    The reason that 50% of REALTORS® fail within the first two years of getting their licenses is because they are taught to do the same things they’ve always been taught to do. They’re very proud when they can double-dip a commission too (act as-if they are representing both buyer and seller in a transaction to collect twice the commission). Advocacy, there are a few attempting to be single agents or exclusive buyers’ agents but there’s always the “but”….

    Sheer and utter greed. You just can’t justify screwing anyone for a buck, which is what evidently makes the world go around and keeps the banksters and politicians well in business too…oh, yes, and then there’s the judiciary and pension funds tied up in mortgage bonds…seeking office, etc.

  2. This topic is interesting. Yes, there are legit realtors who want to do the right thing and are trying to be as honest as they can considering the circumstances. But here is what we know. Lots of loans were given to people with fraud involved–pick the fraud. The banks, trustees, foreclosure mills make big buck by foreclosing. When the homeowner asks for info they are told it is none of your business or that is a trade secret. Translation–we don’t have that info and if we did then we couldn’t foreclose. So then fraudulent doc are produced and the homeowner no longer has a chance. But that is OK because the homeowner didn’t make their payment.

    So now you have a homeowner for whatever reason cannot make their mortgage payment and in some cases can but the banks screwed up and could care less so they will foreclose anyway. Homeowner has no way to hire an attorney and if they represent themselves they are hardly ever listened to because after all they didn’t make their mortgage payment or did they?

    Trustees, foreclosure mills, people hired to fabricate documents all know that there is fraud involved, but so what they are making the big bucks and after all the homeowner is a deadbeat. So the house may be sold at auction or REO with clouded titles. The realtor knows there may be a problem and may or not tell their client, the new buyer may or may not be aware of the problem but if they do so what they are getting this great deal of a lifetime, the banks and mortgage brokers know that there may be an issue with the title but will process the loans anyway because that is how they make money, and lots of title companies know there is a problem and the honest ones say no way but there are the ones who could care less because after all that deadbeat homeowner did not make their mortgage payment.

    The fact is the illegally foreclosed home makes that home a stolen home. The banks stole the home, the realtor is selling a stolen home, the banks or whoever is financing a stolen home, title companies are OKing the title for the stolen home and the new so called owner is buying a stolen home. But who cares after all that deadbeat homeowner didn’t make their mortgage payment or so the banks claim. If REO agents, realtors, banks and buyers would say no way we won’t contribute to this fraud, then just maybe all these illegally foreclosed homes would come to a halt because if there is no one willing to buy the stolen homes and no one will fund the stolen homes so what would be the point? Will that happen, no…. I cannot see for the life of me why anyone would take part in the resale of an illegally foreclosed home and feel good about it. I don’t mean to offend any honest hardworking persons in the mortgage business, but I needed to express my opinion here.

  3. I believe that 99 per cent of real estate agents believe they are operating honestly and ethically. They have unknowningly been placed in the same boat with the buyers and sellers. Unfortunately, due that they have a license by the state they are considered to be at a higher level of knowledge and competance than buyers and sellers. As a real estate agent, we have an inherent and legal obligation to know what we are negotiating for buyers and sellers, to know the seller legally has ownership in the property whether it be via a deed, mortgage, promisary note or deed or trust. Without an real estate agent none of these wrongful would occur except for auction cases. Since it is impossible to ascertain at this time we should not be in the business of these types of transactions. The auction companies doing the auctions are in the same tank as the lenders, servicers and trustees. In most cases they are the latter.

  4. dodododo-

    The whole process is still running off the “deadbeat” cliche, but I think that is finally start to run out of steam.

    We have a running joke about our corporate attorneys when we ask them “What if….”; they almost always respond with “It depends…”.

    I think the “depends” in this case won’t come forward until we have a fraudulently foreclosed homeowner file a lawsuit and win.

    We are finally starting to work on the real structure of RCW’s that have been eroded over the years and we are hopeful that we can restore transparancy and integrity back into our property ownership system. I’m not an attorney and I don’t know how this will impact those that have already lost their home. Stay tuned…..

  5. @ Kreg I am from WA and I have a friend who has a relative who is a realtor. Now this realtor tells people that REO property is Ok to buy and not to worry about the former deadbeat homeowners coming back to reclaim their property. Anything to get a sale and I think that is outrageous.

    My NOD and Notice of Trustee Sale did not follow the Deed of Trust Act. They were missing important info required by law. Plus I have fraudulent docs submitted to the BK court. MERS on DOT. From my reseach MERS was only registered as a corp in WA from 06/03/09 til 09/25/09, and expiration date 06/30/10. There is conflict of interest with the trustee and the law firm that owns the trustee. I know that my foreclosure as well as others in this state are illegal, because the trustee did not follow the law. The title to my house is clouded and the buyers of my house have a Bargin and Sale Deed. Right there should be a big clue that there may be problems. And to be honest, I hope that when the buyers of “my home” try to sell that they have great difficulty in doing so. In fact, I hope that every homeowner who tries to sell the foreclosed home have difficulty. Maybe then everyone will wake up. And I have nothing against the people who bought “my home” because they are somewhat victims. I am angry with the way foreclosures are done in this state.

    My question is how can anyone think that buying a foreclosure in this state is a wonderful thing? You hear and see all these ads about the great deals in buying foreclosed homes and I think people buying these homes are living in a fantasy world. When you have realtors leaving out certain facts, the buyer believes what they are told. From what you described about the first time buyers, they had no idea what you were talking about, didn’t care, and are high on the hype of a foreclosure that they thought they got this tremendous deal on.

    The day may come when former homeowners who were illegally foreclosed on file suit against everyone who was involved from the origination of the loan with the original homeowner all the way to the new “homeowner”. We have a big mess here and to me your post shows your concern.

  6. Wow. I would not want to be that agent’s E&O carrier.

    As a real estate broker in the state of Washington, I’ve been told by my personal attorney and our corporate attorney that it is almost impossible to unwind a trustee sale once the trustee deed has been recorded. I’ve been told that any claim from a wrongfully foreclosed homeowner could result in monetary compensation only. And, if the new buyer purchased a HOMEOWNER policy vs. a standard policy, they will be covered. I’m still concerned with this position and I don’t think this really lets the agent off the hook completely; especially since we often are the referring source for the title and escrow company.

    I closed a FANNIE MAE REO transaction a couple weeks ago and I spent about a half hour on the phone with the title officer getting exceptions pertaining to the trustee sale removed from the policy. My clients were first time buyers and their eyes glazed over about a minute into my speech on potential problems with many REO properties.

    Gary H, you’re right….except that all real estate agents are not idiots and most actually care about their clients. Since you are already reading this blog, I’m sure you will know what questions to ask when you interview your next real estate broker.

  7. speaking of realtors, this morning on Fox Business they said that the NAR has been overstating home sales to the tune of around 20%. How’s that for misinformation?

  8. In addition to my last post…..Title issues are a function of the Escrow company Not a Realitor.

  9. Think about it for a minute…..What is the ultimate goal of a Realtor?…..to get paid a commission for the sale of property! Do you really think they have a clue or would provide an honest answer regarding any Question of Title.

    Trust a Realtor on title issues…..NOT!!!

  10. Watch the Howard Davidowitz video that TMT posted (thanks TMT) below on the criminal Bernanke and his cohorts at the Fed, then read this interview with Walker Todd over at Institutional Risk Analytics and Chris Whalen. If you don’t get out your pitchfork for a good sharpening there’s something wrong with you.

    The financial elite have shifted nearly all of the game pieces into place, and are nearing checkmate. Although this isn’t a game, and everyone’s future, the futures of our children and beyond are at stake. The siphoning of our funds and assets is whirring at high speed. It’s time to get pissed people. The time to get rough is now.

    http://us1.irabankratings.com/pub/IRAMain.asp

  11. As E.Tolle says———-

    no mercy at the big banks……………all those CEO’s can suck my you know what……………….fuk them all , and let them all work at McDonalds,,,,,,,,,,,no prison,,,,,,,,,,,,no jail time,,,,,,,,,,,,no, they can work at a job, like the rest of us……..that is Justice……….Justice is not putting them in Jail——–

  12. BIG BANKS – —–Chase , BOFA, CITI, Bank of Japan,,,,,,and your European big banks——-

    here is what I say to you———–

    ——————/´ ¯/)
    —————–/—-/
    —————-/—-/
    ———–/´¯/’–‘/´¯`•_
    ———-/’/–/—-/—–/¨¯\
    ——–(‘(———- ¯~/’–‘)
    ———\————-‘—–/
    ———-‘\’————_-•´
    ————\———–(

  13. screw the god dam realtors and screw the god damn loan brokers.

    Why on earth if I buy a house thinking in the old ways………….why on earth should I pay some broker and some realtor money on the transaction, you lent me the godm money, why do i pay a fee?. Now, when you think about it,,,,,,,,,,,,,all the interest payments paid over a 30 year period,,,,,,,,,,,,why god damn it, the house I bought for 100,000 thousand dollars will cost in the end,,,,,,,,300,000 thousand dollars,,,,,,,,,,,,,so with all that interest paid over 30 years,,,,,,,,,,,why some of that SHOULD be PAID to the broker and realtor,,,,,,,,,,,,,,

    WHy on Earth do I as a buyer have to pay more…………….

    think about it…………….

    All Raping of the buyer……………buyer bend over………..banks get all the money……….

  14. National Association of Realtors (NAR) and their local chapters, like CAR (California) were parts of the organized crime which scammed the public into accepting ballooning real-estate prices until they fell off the cliff, but they continue pushing their living lies….

  15. Clear title??? That’s crap. Why did the people who bought my home get a Bargin and Sale Deed???? This means that there is no guarantee that the property is free of incumbrances.

  16. A good vidoe on the situation that has caused ALL our problems with the forecosure frauds is a documentary called THRIVE. Only seen online….at http://www.thrivemovement.com/#.

    Well worth the $5 to rent the movie.

    There is some very shocking true information in this video. It keeps getting taken down from youtube

    (Pluto Press, 1999), “The cancer stage of capitalism is not a metaphor.
    It is a rigorous description of where we are.” The current financial
    stripping of economies and environments across the world exhibits, in
    fact, all the hallmark characteristics of a carcinogenic invasion. As
    on the cellular level, an uncontrolled rogue sequence of reproduction
    invades and self-multiplies across social borders with no committed
    function to life-hosts. As on the cellular level, the cancer advances
    by not being recognized by surrounding life communities. —John
    McMurtry, Professor of philosophy at the University of Guelph, in Economic Reform, Vol. 11, Number 3, March 1999

  17. HOWARD DAVIDOWITZ: Ben Bernanke Will Go Down In History As The Fed Chairman Who Destroyed The Country

    http://finance.yahoo.com/blogs/daily-ticker/howard-davidowitz-ben-bernanke-down-history-fed-chairman-160307667.html

  18. Exactly as Charles Cox says. Give me a break – Realtors have the SAME availability as the consumer don’t they? Come on, enough with these Nonsense Articles.

  19. Poor realtors. They can sell cars, people live in those too.

  20. Remember, they’re in the “tell ’em what they want to hear” business. Not a justification by any means…exactly the opposite. Tell them anything to make a sale and put a commission in their pockets…same with appraisers, banksters, et al…

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