Literary Las Vegas
As a former mortgage banker who now counsels underwater homeowners as owner of The Millennium Consulting Group, Ken Sarna decided to do something about all the mixed buy/sell/hold signals homeowners are getting in the real estate market.
His new book, “Crash and Burn: Rising From the Ashes After the Real Estate Collapse,” was written to help real estate professionals and homeowners understand the factors that led to the housing boom and bust.
“It’s important to understand what has happened in the past so we don’t repeat it,” he said.
The book also helps readers understand foreclosure, short sales and loan modifications.
For more information, visit kensarna.com.
Excerpt from ‘Crash and Burn: Rising from the Ashes After the Real Estate Collapse’
Home builders and developers contributed to the real estate boom in a variety of ways. Prior to the real estate boom, it was customary for real estate agents to get 6 percent commissions on each transaction. They would split the commissions evenly at 3 percent to both the buyer’s agent and the seller’s agent. During the boom, some of the developers and builders started offering significantly higher commissions to real estate agents who brought buyers to the table. This made it even more attractive for real estate agents to push their clients toward buying from specific developers/builders. It all goes back to the realtors trying to make the quick buck, and these developers knew exactly what they were doing. By dangling the carrot for these realtors, developers knew this would increase their chances of getting more buyers to their developments and ultimately help them get rid of their inventory.