Realtors object to bulk foreclosure sales which do not pay Realtors commissions


By Patrick   Follow   Mon, 12 Nov 2012, 8:02pm   680 views   7 comments
In Menlo Park CA 94025   Watch (0)   Share   Quote   Permalink   Like   Dislike  

http://www.mercurynews.com/saratoga/ci_21983978/realtors-object-bulk-foreclosure-sales-call-leadership

In a recent statement, the California Association of Realtors objected to the Nov. 5 REO bulk sale transaction between Fannie Mae, the FHFA and Colony Capital. The Santa Monica real estate investment company won an auction by the federal government to purchase 970 foreclosed homes in California, Arizona and Nevada from Fannie Mae for $176 million. "Fannie Mae and FHFA's decision to move forward with the REO bulk sale in California amounts to another gift to Wall Street at the expense of taxpayers," said the state group president, LeFrancis Arnold. "The deal, which calls for the sale of more than...

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  1. E-man


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    1   8:05pm Mon 12 Nov 2012   Share   Quote   Permalink   Like (3)   Dislike  

    Not sure why the realtors object to it. They will get their commission when the big boys unload these homes several years down the road.

  2. Mark D


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    2   8:15pm Mon 12 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike  

    they want their commissions now and later.

  3. pkennedy


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    3   10:01am Tue 13 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    Probably a bunch of realtors that had invested time in here. 900 homes isn't a lot, considering it's over 3 states, and average price offered is nearly 185K, add in commissions, 3-4 extra months holding cost to unload these, and possibly back taxes, hoa dues, or other fees, and these places are probably worth $225K-250K, right in the niche rental market area for many places.

  4. Goran_K


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    4   11:43am Tue 13 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    Melmakian says

    Riiight. And communism will make a come back, too.

    There are some that say we've already established the first steps.

  5. dunnross


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    5   11:46am Tue 13 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    Melmakian says

    Riiight. And communism will make a come back, too.

    Communism is already here - in form of NAR, Federal Govt & the Federal Reserve.

  6. zzyzzx


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    6   12:01pm Tue 13 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    Realtors object to bulk foreclosure sales which do not pay Realtors commissions

    I am absolutely shocked, I say!!!

  7. drew_eckhardt


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    7   12:19pm Tue 13 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike  

    dunnross says

    Melmakian says

    Riiight. And communism will make a come back, too.

    Communism is already here - in form of NAR, Federal Govt & the Federal Reserve.

    You've got your "isms" mixed up.

    This is corporatism not communism.

    To quote wikipedia:

    Corporatism, also known as corporativism has more than one meaning. It may refer to political, or social organization that involves association of the people of society into corporate groups, such as agricultural, business, ethnic, labour, military, patronage, or scientific affiliations, on the basis of common interests

    Communism (from Latin communis - common, universal) is a revolutionary socialist movement to create a classless, moneyless, and stateless social order structured upon common ownership of the means of production, as well as a social, political and economic ideology that aims at the establishment of this social order.

    In America we have powerful economic groups paying to elect our leaders and legislators (often through PACs) which then enact favorable laws, rules, and policies on their behalf.

    For instance, the National Association of Realtors' PAC contributed more to candidates in the 2012, 2008, 2004, and 2000 election cycles than any other (45% Democrat, 54% Republican for 2012 - this is a bipartisan problem). They also contributed more in all the off-year elections since 1998.

    Then comes the quid pro quo where extensions of the federal government act on their behalf. The fed (with governors appointed by the president and confirmed by the senate) buys $40B/month worth of mortgage backed securities. The government sponsored enterprises (with charters set by congress) buy or insure the vast majority of mortgages which allows lower rates, higher purchase prices, and bigger commissions.

    That's about as far as you can get from classless and moneyless with common ownership of wealth producing assets.

    In a communist country there would be no NAR. The people would collectively own all the homes and the government would decide who gets into each one. People aspiring to do better would be party members and get the best housing.

    In an America headed towards communism, Fannie Mae would have held onto those properties and let people live there for free or perhaps rented them out. With populists in power it would have sold them to citizens at good prices or given them to individuals. Instead it sold them to a corporation which will benefit economically at the expense of private citizens who eventually buy those houses at a profit-providing premium.

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