From the 1970's: Creating Dual Agency Without a Listing

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Real Estate Agent with RE/MAX Gold DRE #00697006

Myrl's Jeffcoat's blog about when she started in real estate triggered this particular memory for me. She started about the same time as me, although a different decade. I tiptoed into the business when I began working as a title searcher at First American Title in 1974. After a few years of standing in 6-inch heels at the Boulder County Courthouse, I moved to California and began my next career in escrow, eventually earning Certified Escrow Officer status.

Then, in the late 1970s, all hell broke loose in the real estate industry. Interest rates jumped to the upper double digits. Buyers could no longer qualify to get a mortgage or did not want to obtain financing. Hence, creative financing popped up. I was at the forefront of that movement, naively believing we could do anything we could conceive. We did things that today would make us lose our license or get thrown in jail, but were perfectly acceptable back then.

Before you get too judgmental, please remember, I was only 26 when I got my license. You can read more in my personal blog today about one particular aspect at this link: How to Double End a Listing Without Listing the House.

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Weintraub and Wallace Realtors

 

 

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Groups:
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Tags:
sacramento realtor
creative financing
real estate in the 1970s
subject to mortgages
discounting trust deeds
promissory notes downpayments
buying real estate my name or assignee
creating dual agency without a listing
double end commission witihout listing

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Ambassador
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

What a go-getter you've always been, Elizabeth. Quite creative and as you say, something you wouldn't want to try in today's litigious environment. 

Jan 28, 2019 10:00 AM #1
Rainmaker
1,501,621
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

 Hi Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents, my head hurts just reading about it. Those were the days of creative financing. You are absolutely right, some things belong in the past.

Jan 28, 2019 10:44 AM #2
Rainmaker
2,553,343
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I have to agree with Beth Atalay.  My head hurts just reading about it.  I don't believe the trend to operate in the way you speak of really caught on here in Sacramento.  Most creativity here were  transactions involving the one house on the market in 20, with an assumable low interest rate mortgage and low equity.  That way, buyers with a money for down could take the home "subject to" the existing loan, or they could formally assume.  Sometimes, the seller would carry back a small second.  To my knowledge none of my sellers (or buyers) were burned in those transactions.  The worst thing I saw came in the form of FSBO sellers in those early days, who were preyed upon by sly investors, who would buy, and then turn around and sue sellers for fraud who didn't disclose defects.  There were several instances of that!

Jan 28, 2019 11:52 AM #3
Rainmaker
2,553,343
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

CONGRATULATIONS Elizabeth, on having this blog FEATURED in the Old Farts Club group!  

Jan 28, 2019 11:53 AM #4
Rainmaker
2,189,919
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Debb Janes EcoBroker and Bernie Stea JD Yes, I look back at those days and I am in awe, especially since I didn't think I was doing anything particularly out of the ordinary.

Jan 28, 2019 01:52 PM #5
Rainmaker
2,189,919
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Beth Atalay It is mind boggling to think I presented contracts to buyers and gave them no say in the negotiations whatsoever. Just here, I bought this for you and we're closing next week.

Jan 28, 2019 01:53 PM #6
Rainmaker
2,189,919
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Myrl Jeffcoat My husband at that time traveled all over California doing creative financing seminars, those dog and pony shows with Al Lowrey and eventually the guys from Impact Publishing, whose names I can't recall.

I was the behind the scenes person running the brokerage and raking in the escrows. I closed 10 to 20 sales a month with creative financing. And then we taught other agents how to do it. I imagine in 1978 the prices in Sacramento were so low you didn't need to be creative. I did this in Orange County, based in Newport Beach.

Jan 28, 2019 01:57 PM #7
Ambassador
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Reading about the deals you did back then makes straight ahead seller representation a relief.  It does go to show that, back then, when deals needed to get done, you found a way to get them done.  And in today's world, you get them done in the world in which we live now by squarely representing sellers.

Jan 29, 2019 09:32 AM #8
Rainmaker
4,101,315
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Elizabeth, always love your stories, and always is pretty funny.   BUT, it always shows you can do anything YOU put your mind to! 

Jan 30, 2019 06:38 AM #9
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