MillK J asked:


However, as things have changed the current market forces 1 to seek alternative ways of income. I happened to come across a group of investors who negotiate short sales N buy these properties in distress. They offer a 2% finder’s fee of the settlement price reached through negotiations with the bank on deals up to $500,000 N the percentage changes if the deals are larger. I would like any advice available on a scenario that follows as such:
I am cold calling my mortgage leads, N I come across a client in NY who’s 4 months behind on her mortgage N facing foreclosure. So I get all the client’s information gather his/her documents N take the client to these investors who have the liquid cash N whom would negotiate with the bank for the short sale. Upon reaching a settlement price of lets say $500,000 I receive a check for $10,000.
Now remember I am not a licensed real estate agent. Is this legal in any way?Is there anything I can do to make it an acceptable practice?

Thomas

no picture asked:


I bought a house six months ago. The price was 465,000. Anyways my real estate agent hooked me up with two mortgages. My first mortgage is fixed for 5 years and is interest only, i got it for 6.62% interest rate, my second mortgage is a balloon loan and i got that one at 9.15% interest rate. So i pay 2,031.39 for my first mortgage and 749.80 for my second mortgage. So do you think i got a good deal or my real estate agent screwed me over. I don’t know anything about real estate so any help or advise would be appreciated. Thank you.

Karen