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Frequently
Asked Questions by Agents of United First, Inc.
Caveat:
In providing this Q&A United First, Inc. is not providing or offering
legal advice, and the reader is warned that he or she cannot rely upon
anything in this document as legal advice. United First, Inc. does not
practice law or offer legal advice. Nor is United First, Inc. offering any
services as a Foreclosure Consultant as that term is used in California law.
1.
How do I sign up to be an Agent of United First?
Fill out the Confidentiality and Non-Disclosure Agreement, (here) as well as the W-9 form. (here) Once you have done that, fax or e-mail them to
us.
2.
Do I need to be licensed to work with United First?
No. The only documentation you need to fill out is the Confidentiality and
Non-Disclosure Agreement, as well as the W-9 form.
3.
What is the compensation for referring clients to United First?
United First offers a great opportunity for those interested in referring
us clients. Please contact us for further information regarding the
compensation structure.
4.
Is the client ever charged any fees other than the Joint Venture monthly
payment?
There is a one-time processing fee attached to the 1st month’s payment.
It ranges from $500 up to $2000.
5.
How does it work if I have agents under myself?
If you do recruit someone who then starts referring business to United
First, please let us know who that individual is, and have them fill out
and send in the Confidentiality and Non-Disclosure Agreement, as well as
the W-9 form.
6.
If my sub-agent refers a client, do I have to pay the sub-agent from the
money United First pays me?
No. United First directly pays all agents and sub-agents. In order for us
to know how much to pay each of your sub-agents, please let us know who is
involved in each transaction. Remember, you and all of your sub-agents will
receive a 1099-MISC from United First at the end of the year for all wages
earned.
7.
A client is going to have a Trustee Sale
soon. Can I still sign him up?
Yes. We accept applications up to 14 days (subject to change) within the
Trustee Sale date. However there still is a chance that the temporary
injunction will not go through. The reason is that if we try to enjoin (prevent)
the sale at the last minute, we arrange what’s called an ex-parte
hearing. Basically it’s an emergency hearing that forces the judge to
rearrange his schedule and make hasty decisions on complex factual and
legal issues. As you can imagine, they usually don’t like that.
That’s why the sooner the client signs up, the better. If a client is
already within that 14 day window, the only course of action would be for
you to call the trustee, and ask them to postpone the Trustee Sale 3 weeks.
Usually they will comply, as they often tack on a fee to the loan amount.
8.
During the process can I still pursue a short-sale or negotiate with the
bank for the client?
Yes, although it is highly unlikely you will be successful. We must work
with the short sale to protect everyone’s interest.
9.
I am a licensed as a real-estate agent. Can I do the transaction at the
end?
The Joint Venture Agreement does not involve a real estate transaction and
has no application regarding your license. There is no change of ownership
in the property – it stays in the homeowner’s name and we do
not refinance at this or any time. Once and if the encumbrances on property
are cleared the homeowner will need to refinance or sell the property.
10.
Some clients have said to me that they can’t afford the Joint Venture
monthly payment. Is there any way to lower the payment?
Yes. Since your monthly payment is based on your property taxes, the best
way to lower your monthly payment would be to go to the County Assessors
office, and get your property re-assessed. Since almost every home’s
appraised value has dropped recently, it is almost certain they will also
decrease the tax amount owed. You have to remember that whatever the
monthly payment is, it will likely be far less than your mortgage payments
or the rent you would have to pay if you moved somewhere else. As a
reminder, to calculate how much the payment will be, multiply the annual
property taxes by 4, and divide by 12. The minimum payment is $1,250 per
month (depending on county).
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