Real Estate Offer Love Letters BANNED!
Real Estate Realities With The RebelBroker
Release Date: 07/16/2021
NAR Settlement - For Buyers And Sellers
Real Estate Realities With The RebelBroker
The NAR settlement is in the final stages of approval and will likely go into effect in the middle of July 2024. It is not an understatement when I say that this change to how buyers agents are being compensated will introduce chaos into the real estate world until the systems in place adapt to this new reality. BUYERS HIT HARDEST These changes will leave Buyers having to directly pay their agents themselves. However, none of the current systems in place, including lending, are ready for this change. While it will lead to many more options for buyers in terms of representation, it also...
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California Deficits And Taxes 2024
Real Estate Realities With The RebelBroker
Things are looking rough for California residents in 2024. A nearly $100 billion dollar surplus has been turned into $73 billion (and growing) deficit. Sadly, the solution from Sacramento seems to be doubling down on the policies that are causing many of these issues. New changes to the law have been proposed that will be voted on later this year designed to make it easier for California politicians to raise taxes. In addition, this approach seems poised to try and challenge the one thing that has at least kept property taxes at bay - proposition 13. Instead of making the needed...
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Digital Curb Appeal
Real Estate Realities With The RebelBroker
Welcome to "Real Estate Realities with The RebelBroker" – your go-to podcast for expert insights into the dynamic world of real estate. In this episode, we delve into a crucial aspect of selling your home: digital curb appeal. In today's digital age, first impressions are made online. Potential buyers scroll through listings, making split-second decisions based on visual appeal. That's where mastering digital curb appeal comes in. Join us as we explore the art of crafting compelling digital presentations for your property. From stunning photos capturing every angle to immersive virtual tours...
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Local Pending Sales Vs. The National Trend
Real Estate Realities With The RebelBroker
In this episode, dive deep into the intriguing world of real estate data with Robert Whitelaw, the seasoned real estate broker from Morgan Hill, California. Join us as we unravel the disparities between pending home sales on a national scale and the dynamic market of Santa Clara County. 📊 Key Takeaways: Analyzing the latest trends in pending home sales nationwide. Unveiling the unique factors influencing Santa Clara County's real estate landscape. Expert insights into what these divergences mean for both buyers and sellers. Whether you're a seasoned investor or a first-time homebuyer,...
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De-Mystifying Home Status
Real Estate Realities With The RebelBroker
Welcome to "Real Estate Realities with The RebelBroker," your go-to podcast for demystifying all things relating to real estate, including the status of homes for sale! Join us as we navigate the dynamic world of real estate, providing valuable insights and expert analysis. 🏡 Unlock the Secrets: Delve into the nuances of home listings – from active and contingent to pending and sold. We break down the complexities, empowering you with the knowledge needed to make informed decisions. 🔍 Insider Perspectives: As a seasoned real estate broker with over 35 years of experience, The...
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What's Wrong With Real Estate Agents?
Real Estate Realities With The RebelBroker
Welcome to another eye-opening episode of "Real Estate Realities with The RebelBroker"! Today, we're diving deep into a topic that affects both seasoned and aspiring real estate agents—the real problems plaguing today's real estate professionals. Join me as we explore the notion that bad agents are made, not born. Many agents are trained to prioritize quantity over quality, a trend that leads to a decrease in overall service quality. As agents focus on increasing their transaction numbers, key metrics that matter to clients often fall below average. We'll uncover shocking examples, like a...
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New FHA 5% Down Multifamily Loan!
Real Estate Realities With The RebelBroker
Welcome to another edition of Real Estate Realities! Today we are covering the FHA loan for multifamily purchases that just got WAY better. In fact, it makes it possible for much easier house hacking! Don't know what house hacking is? Not sure why I am so excited about changes to a loan? Then make sure to check out todays show and realize that this could be the first step in reaching your real estate empire goals! —————————————————————————————————————————————————— ➡️ Instagram: ...
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Questioning the $1.8B Realtor Conspiracy Verdict
Real Estate Realities With The RebelBroker
In this episode of Real Estate Realities with The RebelBroker, we delve deep into the crucial topic of compensating real estate agents when selling your home while keeping in mind the recent court case where Sellers won a $1.8 billion judgement against the National Association of Realtors and a number of real estate brokerages. Finding the right compensation structure is pivotal for buyers, sellers and agents, impacting the quality of service and the overall success of the transaction. This latest court case covers ground that have been visited many times over the years. However, in todays...
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Interest Rates Hit 23 Year High!
Real Estate Realities With The RebelBroker
As interest rates snuggle up to 8%, we find ourselves in a place that we have not been in 23 years! An entire generation of business people, home buyers and home sellers have become comfortable with interest rates in the sub 5% range. So what will this interest rate mean for home buyers, sellers and investors? Could this be the element that finally tips the scales and causes a boost in inventory that brings down sales prices? We will explore all of that in todays podcast! ...
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2023 California Rent Control Laws Will Ruin The Rental Market
Real Estate Realities With The RebelBroker
Welcome to "Real Estate Realities with The RebelBroker," the ultimate destination for in-depth explorations of recent California rent control real estate law changes. With our finger on the pulse of recent California legal changes, todays podcast serves as your comprehensive guide to understanding the nuances of the ever-evolving legal landscape governing landlords, tenants, and homeowners in the Golden State and California rent control efforts that seem to grow each year. In today's show, we embark on a journey through the recent law changes in California, unraveling their impact on property...
info_outlineOregon Has Passed A Law Against Offer Love Letters
What Are Real Estate "Love Letters"?
You read that correctly. The state of Oregon has made what are commonly called "Love Letters" illegal - well, mostly anyway. These are letters that agents create with their buyers to reach out to sellers on a personal level. The goal is to connect with sellers, outside the sterile language used in contracts, disclosures and addendums. It is an opportunity for buyers and their agents to try and leverage off of points of commonality that a buyer shares with a seller. It often includes discussions of the buyers lifestyle, employment, interests and even a photo of the buyers. Until now, the composition of these "Love Letters" in Oregon has been completely up to the buyer and agent to decide.
What Are The Specifics Of The New Oregon Restriction On Love Letters?
While these letters are not banned outright, this new law in Oregon prohibits including any information that might reveal characteristics of the buyer that are covered by the Fair Housing Act. Despite what many believe, sellers are required to abide by the Fair Housing Act guidelines when selecting an offer on their home. So if you are the kind of person who really hates anyone of Scottish heritage, it is illegal for you to reject an offer on your home based on that fact.
So, is this a good thing?
Check out todays show for a more complete discussion of this topic. Generally, I would rather leave it up to buyers and their agents to decide what goes into the letter that accompanies an offer. I have used these kinds of letters in my offers for decades and I have found them to be very useful tools. While I understand the idea of fairness in these offer scenarios - it is important to understand that these letters are designed to emphasize areas that work to the buyers advantage. If an agent and buyer simply put everything they can think of into one of these letters, they are not doing it right. Like most things, you should do your homework to identify areas of commonality with the seller that you can use in these letters. Anything that might be prejudicial is avoided if you are crafting such a letter rather than blindly tossing it into the mix. In my case, when in doubt, I don't include information regarding my buyers that might end up working against them. Which is, of course, the point of the letter in the first place!
Where are these limitations currently in place?
Oregon is the first state to pass such a law, but not likely to be the last. We should expect that other states will follow along and implement similar limitations.
So how should we proceed in the real estate world relating to these letters? Does it make sense? Do we want the government limiting what a buyer and their agent might present in a letter of this kind? Or, are we all better served by leaving it up to those parties?
We will discuss all that and more in todays show!