Here's my 3 minute video of the Van Nuys California tax protest meeting as it began. By the time it ended the crowed had doubled. You can copy this link and paste it in your browser. It should load in about 15 seconds and start playing automatically. http://www.SoCalVtour.com/taxprotest.wmv Let me know what you think!
If your company closes...say goodbye to your commissions?
It's not unusual for a corporation to consider closing just before the end of the year in order to avoid entering a new taxable year. Also, since owners may be paid on the basis of an annual bonus, it may be their last opportunity to withdraw funds for their own income and/or retirement accounts.
So what happens to agent commissions if a company closes? What is the order of settlement?
Here's a response from California Association of Realtors. Nov. 12 2008:
In general it depends if it is a normal closure or a bankruptcy. In a bankruptcy there is an order of who gets paid first, but in general, in both cases the secured lender would get paid first; banks, the government, etc. After that, pretty much all others standing in line, if anything is left.
One who earns a commission is not a secured creditor.
By the time the settlement gets to the agent, the agent typically gets little or nothing.
Money received by the real eastate office is not held in a trust therefore you are not protected in the event of a closure of the office. You are an unsecured creditor. Your attorney would have to find out who all the creditors are and if it is worth while going after the broker or not, and that depends on whether the Broker is a corporation or individual owner. That will determine who you can sue, how much you can sue for and how long recovery may take.
3 comments • Randy DiSimone • November 16 2008 03:20PM1929 Spanish Hacienda For Sale - Northridge, CA
Here's my new video! - For a showing call 818-993-7983
Let me know what you think.
1 comment • Randy DiSimone • October 05 2008 03:48PMForeclosure Buyers may be denied insurance at close of escrow
Yesterday my buyers (who already had loan approval) were ready to close escrow only to be told that they could not get insurance because the property had a prior water damage claim plus the fact that many buyers who purchased foreclosure properties immediately put in claims for missing appliances, missing pool equipment, and damages to the property. This is a new trend among insurance companies that is likely to continue! I have taken a number of steps to overcome this new challange to my qualified buyers and if all goes well in the next few days we will close this escrow on time. I'll let you know how it goes. My hope is that my experience will be of help to others in overcoming this new hurdle.
Monday Oct 13, 2008 Update: We made it! We closed escrow last Friday! Here's what we did. We went to the property with the permission of the selling broker and took several time and date stamped high resolution digital photos showing the general condition of the interior and exterior of the property including roof condition, appliances, flooring and close-ups showing that all copper plumbing had been upgraded (under sinks, water heater, hose bibs, etc.) We submitted the photos with a "general statement of condition" to the insurance company and they OK'd the policy. You don't always have to think out of the box to save an escrow...sometimes you only have to lookaround the corner for a workable solution! Hope you find this helpful.
3 comments • Randy DiSimone • September 30 2008 01:34PMAgents and Video Home Tours?
Many MLS's will not allow agents to add video tours to their mls listing page. Some of the best ways to promote videos for our sellers is to use streaming video hosted by your own server, or posting on Realtor.com, Youtube, Craigslist and other sites while we all wait for our mls boards to embrace this new technology. See examples at RandyDiSimone.com. What do you think? Let me know.
10 comments • Randy DiSimone • April 03 2008 03:12PMContent © 2009 'Frequent Contributors'. Design © 2009 ActiveRain Corp.
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