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Posted by Lee/AR on 5/30/23 8:33am
Ol' R. E. Broker's opinion: Just a very clever way to assure future listings. "Listings" is the name of the game in real estate sales. If a r.e. co. has a listing, everyone works for them in trying to sell it. The future seller is getting $$ for simply agreeing to list the property for a specific time limit with MV if/when they decide to sell at any time in the next 40 years. If it's not sold, they can list elsewhere after the listing with MV expires. The commission is the same as tho' they just walked in the door. And MV has secured a stream of new lsitings in the future. The seller really does benefit as the amount paid to them effectively reduces the commission agreed to. Seems to me to be a win/win for MV & future Seller.
Why it's viewed as a scam, I do not understand. There is a contract that gets signed. A contract is a contract and therefore, lienable. I'm guessing the 'scam' part may come into play if homeowner tries to refi; Lender will want to pay it off so they are in 1st position. Whether or not MV makes that clear, I do not know, but, to me, yowling foul after accepting what is probably viewed by seller as 'something for nothing' speaks to either the seller's lack of understanding or greed. I will also grant that 40 years is a long time and the 'contract' most likely WILL come into play long before that. It is a long game MV is playing and they could just as likely be OOB before then. |
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