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Apology to Coldwell Banker! Rent Back & Max Financed Property Reminders

Apology to Coldwell Banker! Rent Back & Max Financed Property Reminders

I want to extend my sincerest apology to Coldwell Banker, and particularly to all of the excellent Coldwell Banker agents we get to work with regularly!

On Monday, I blogged about the shutdown of an excellent brokerage and brand (Climb) and my only point was to remind agents of the importance of fully establishing their personal brand.

I was also amazed that Realogy let the Climb brand die after only recently purchasing it, but this of course was on Realogy (the parent company) and not on Coldwell Banker.

Most importantly, I was not in any way trying to denigrate Coldwell Banker. We have the utmost respect for Coldwell Banker and ALL of the agents within the organization.

I was only pointing out that the Coldwell Banker and Climb brands are completely different – with different appeals to different agents.

Agents in fact come to my wife Heejin (who understands the brokerage side of the business much better than I do) all the time asking for her advice with respect to what brokerage she thinks might be best for them.

She never simply spouts names or points all agents to one brokerage but instead tries hard to suggest the best “fit” based on experience, size of team, desired splits, need for support, type of brand the agent is looking for, market area of interest, etc.

My point is that she and I both well-understand that every brokerage has its own unique offerings with respect to branding, culture and support.

So trying to simply move a large number of agents from one brand to another will not always work b/c different brokerages appeal to agents in very different ways.

But again, I did not mean to denigrate any brands and I sincerely apologize if I offended anyone. I clearly should have been more careful with my language.

REMINDERS

Rent Backs: Sellers can rent back a property for 59 days after purchase. Rent-backs are limited to 59 days b/c owner-occupant-buyers are required to take possession within 60 days of close or the property will not be considered “owner occupied” (and thus subject to inferior investment property financing rules).

Max Number of Financed Properties: Some jumbo lenders allow borrowers to have no more than FOUR financed properties. Fannie Mae limits the number to TEN if a buyer is purchasing a second home or an investment property. Fannie and some jumbo lenders allow for an unlimited number of financed properties if a buyer is purchasing an owner-occupied primary residence.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 310167