Real Estate

Alright so my cuzo. is in realestate. and a broker. and they work together. and they both pay for a secretary.

so his total commission =$10000
and the secretary gets paid=$350
and he gets %70 and his broker %30

So his broker goes the math in splitting it up. But my cuzin feels that he is getting ripped off. becuase his broker uses one way to break the money up. but my cuzin found another to break the money up. and he gets more. and he asked why not this way? and his broker said, im the one with the degree here. so dont ask me that. so he is trying to find out, if from the 350 do you break it from $1000. and then %70 and %30. or first break the 10000, %70, %30. and then spilt 350, so each one at the end gives 175( 350 for secretary)

Heres the math

THE OPTION THE BROKER USES:
10000-350=9650
9650×0.7=6755 (cuzo)
9650×0.3=2895

THE OPTION MY CUZO FOUND:
10000×0.7=7000
10000×0.3=3000
and then subtract 175 from each person becuase they both split the money in half to pay their secretary.
ending in…
6825=cuzo
2825=broker

so in using the order of operations..i believe the option my cuzo found is correct. but his broker uses his option, and he get more money that way. so which one is the correct form?

do you break 350 from the pot? (10,000) or 350 after the split of 10,000?

There is no "right way" or "wrong way" to do this calculation unless they have a prior agreement of how it will be done… preferably in writing.

The difference between the two methods you describe could be explained as "Should the secretary be paid equally by each partner, or should it be treated as an expense of the sale"?

Without a prior agreement, I think that the secretary’s fixed payment should be treated as an expense and subtracted from the amount received, then the balance would be divided as agreed by the partners.

As an extreme example of why the secretary’s compensation should be treated as an expense, lets say that the proceeds from the sale were only $500. Then the division of funds would be:

Broker Method (secretary is paid as an expense):

Secretary $350
Broker 30% of $150 = $ 45
Cousin 70% of $150 = $ 105

Cousin’s Method (secretary is paid equally by each partner):

Secretary $350
Broker $500*30% – $175 = -$25
Cousin $500*70% – $175 = $175

Using your cousin’s method the broker would have to pay $25 to conclude this sale.

On more practical terms, the difference between the two calculations you describe is only $70, or slightly more than one percent of the total amount your cousin is receiving from the sale. Is it really worthwhile for your cousin to make a big fuss over that (relatively) small amount of money? I think it is likely that the method the broker is using for the calculation is customary, but if your cousin is unhappy with the arrangement there is no reason why he can’t negotiate (in advance, in writing) with the broker what the terms of the *next* sale should be.

How much money do I need to furnish a small apartment and whatever else I will need for my adventure into a new city? Also is it true that using a broker or realestate agent type person is better because you are likely to get a better apartment at a better price than if you just went on craigslist?

quite a bit remember the electricity the transport and the food

Does the front door or yard to the house face to the lake or ocean if its called lakefront or oceanfront, or is this just a stupid play on words that we found useful for some unknown reason in realestate?

Back when most of your visitors arrived by water then houses front door would face the water. Now most of our visitors arrive by street so our houses front door normally face the street.

I have seen houses that had front doors face both those ways and also one that faced an air strip.

But when we say Ocean front or water front we are talking about the property bounded in part by a body of water of some sort that is important. You would not normally say creek front or ditch front. But you might say river front.

fraud case in realestate purchase leaving us 100,000 in debt lawsuit strong but they are retired and wealthy and homesteaded property and probably have their assets in a trust. what can we do when we win our judgement?

u listed it backwards; Judgment is against……….
they have their assets in……

go to court and ask for an ASSET hearing.

IN many cases, a trust cannot be used to avoid a judgment.
try to penetrate the protection of it.

When I used to live in NC, there was this site http://services.wakegov.com/realestate/ where I could look up info about the property I want. I am planning on buying one in Orange County, CA. Any ideas please.

http://tax.ocgov.com/tcweb/search_page.asp

They are putting a lock box on the door for the realestate company to show the house and want us the leave when they show it. Can she do this to us?

Michelle, they cannot put a lock box on your door, as that is a dead give-away that the house is for sale and may be vacant. It also gives you no knowledge of who or when someone enters your home when you are not at home, with the key in that box. That puts you at a greater risk for break-ins and burglaries. Even long-term commercial leases specify that a landlord can only put a for sale/lease sign on the property in the last few months of the lease (number of months specified in lease) after either you or your landlord have indicated that the lease will not be renewed.

The landlord has no right to simply give you 24 hour notice to show the house to prospective buyers, unless such right is specified in the lease and I have never seen that. Most residential leases (about 95%) are prepared on standard forms written by lawyers for the state or national associations of Realtors or that of Professional Publishing Corp. (check in a top corner or at the bottom of the page, especially the last page of the lease for any copyright) and none that I know of or have seen had and any such ornery provision.

The landlord or his agent have the right to enter when you requested a repair to be made at the dwelling, or in case of a bona-fide emergency when you are not at home. The landlord or his agent have the right to periodic inspections, say once or at most twice a year. The courts in the past have held that routine quarterly or more frequent inspections are unreasonable and unenforceable. So, you can agree with your landlord to allow an agent to show the house, but then you can also ask for a rent concession for that agreement because of the burdens imposed on you.

Your landlord can sell the home you have leased, but he can sell only a LEASED FEE estate and not grant a buyer FEE SIMPLE title. This sale will not affect or modify your rights under your lease, but you simply will get a new and substituted landlord. No paperwork is necessary for that, but the new owner has to advise you on where to send the rent check.

hello all,, i just became the new owner of a new property which i purchased as a short sale..the realestate person that sold it to me did not get the last owner to remove,,weeds,,junk,,junk and a large bus which is in backyard area …i do not know what to do???

You will probably have to follow the abandoned property laws of your state and county. You cannot get rid of ANYTHING until you’ve followed those laws EXACTLY. You can certainly move the items and store them in a secure location, but that’s the extent of it.

Most abandoned property laws are that you must attempt to contact the owner of the property and give them 30 days to get the items. You may also have to post public notice (like in the penny save or classifieds section). Once that time frame is up, you can do with them what you wish. I would probably post an ad in the newspaper & on craigslist saying "junk. free. u-haul." and then a short description of a the items. Post a photo (on CL) and after that, call some junk haulers to come get the bus and rent a dumpster to get rid of the rest.

You want us to do your homework for you? No way!

Just google "real estate, short sale" and you will get an excellent explanation of a ’short sale’ and it will be a learning process for you.

What are some sites that are good… is mls.ca the only one? Does Canada have a site like realestate.com.au to search for homes.. with lots of pictures etc…

Call an agent! Why not have someone who knows what their doing, do the work for you.

http://realestate.aol.com/listings-Oakland-CA#/sort-price/order-asc/page-11

I have been searching for a home in oakland CA because I heard of the high foreclosure rates, but it doesn’t make since that you could buy a home for $3,000.

What are the real prices of these homes?

Those look like they might be redemption prices, how much was not paid. Foreclosures sell for about 90% of fair market value.

Without addresses it is hard to tell what the real prices are, but I will see if I can find an example and post it.

edit:

That took me awhile. They are pulling default notices and calling them foreclosures. Those homes are not for sale at all and have not been foreclosed on. The owners are late paying their mortgage, but that is the extent of it.

I found one real foreclosure, http://realestate.aol.com/foreclosures/Surrey_Ln-Oakland-CA-94605/4.32112323

However they are saying it is only 459,146 when the actual list price is $599,000

Listing the default notices seems to be a lure to get you to pay for information that is actualy free.