Posted by DJ-nyc on September 18, 2007 at 17:08:19:
Run, Don’t walk to your nearest Attorney’s office.
Sold property by realtor with no license ! - Posted by S.M.
Posted by S.M. on September 18, 2007 at 13:26:12:
I made the mistake, along with a couple other friends, of investing in some Florida property through Marco Santorelli of Norada real estate.It was a 50/50 partnership and at the beginning of the year he has told me he cant afford to honor the contract. I cannot make the payments on the construction loan myself which was to be turned into a normal home loan. I also found out he does not have a real estate license in CA. or Florida. He is also trying to sell the same deals he screwed me on at Donald Trumps real estate expo. What can I do to protect myself without filing backruptcy. The mortgage company wants to file a deficiency judgement against me, I have had excellant credit all my life and want to keep it that way.
RE lic. required only to represent others. - Posted by John Merchant
Posted by John Merchant on September 23, 2007 at 07:25:24:
A RE license is required only if a person wants to represent someone else in buying or selling RE and make a commission or fee for doing so.
i.e. to be a legal Agent for another, in a RE transaction, one must be either lic. REA or Broker or licensed attorney.
An employee can also negotiate and represent his/her employer with no RE license.
But no RE license is required if representing self only.
And please, the term Realtor is copyrighted and means members of National Association of Realtors only.
Only a percentage of all RE licensees are members of NAR and entitled to use the term.
On your deal I’d suggest you and your fellow victims get together with someone knowledgable about the area in FL where the property is, and then determine a plan to sell the property and have somebody else make those payments…or else QC deed it to the lender and make some kind of deal with the lender where you pay the difference in real value, etc.
If you’re on the note you’re either going to have to pay or settle that note or get foreclosed on, and perhaps also be subject to a deficiency J besides.
I don’t know if a Def. J action is permissible in FL but a careful reading of the note and deed of trust in your deal should tell you that…or a quick look on Google at FL statutes under “deficiency judgments”.
Next time you’re offered a partnership please have your lawyer look at it before you sign and think long and hard about whether you want to go on the hook for that kind of obligation…and whether you know enough about and really trust anybody to be your partner in that deal or not.
Re: Sold property by realtor with no license ! - Posted by Richard
Posted by Richard on September 18, 2007 at 20:53:50:
Your post does not make a lot of sense. If you “invested” as a 50/50 partner, the fact your partner does not have a RE license is irrelevant. It becomes relevant only if he was paid for typical services related to the transaction, or if he claimed to be licensed and committed fraud. If the investment didn’t work out, perhaps you didn’t do adequate homework?
I have no idea who Marco is, and have never even been to Florida, but as a licensed Realtor I get tired of the uninformed blaming “Realtors”, which by the way is a Trademark indicating membership in the National Association of Realtors. There are THOUSANDS of licensed real estate agents that are NOT “Realtors”.
You can best protect yourself by learning much more before falling for another “great opportunity”.