NO RESPONCE FROM AGENT
Just getting back into the real estate investment business can anyone explain the following
We responded to a ad for a apartment sale and found the agent has put a ad in the paper every day for the last 90 days ( big ad ) and sent us a very detailed income and expense list but it was projected i & e . when we asked for actual expenses his reply was we are very swamped on this property for more information make an offer.
Could not get any information on actual income or expenses with out makeing an offer.
So we made an offer with subject toos seeing the true i & e
That was a week ago and have not herd anything from him. we have sent e mails and left phone message every day asking for the i & e on the property with no response
Are we asking too much?
Its like a black hole now
Is this the way real estate agents work now days
they also seam to just work less than bankers hours 10am to 3pm monday through friday
Any one got any ideas??
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[ Edited by jw on Date 06/27/2003 ][ Edited by jw on Date 06/27/2003 ]
Please JW, stop with the all caps.
As for your question, unfortunately, a lot of RE agents aren't that good at their job and you may have found one of those. If you've got an offer on the table with no response, go over the agent's head to the broker. I'm sure you'll get a response.
Roger
Going to the broker is a good idea.
You may want to find the actual owner and find out if they ever saw your offer. They have an obligation to present EVERY offer. If you find that he didn't submit your offer to the seller, file a complaint with the board of realtors (I think that's what it's called) in your area.
You may want to use a realtor of your own. The commisions will be the same, and your reltor will get on the other realtor for you.
I once looked at a multi-unit purchase and asked my agent to get the past two years income and expense numbers. The seller would not cooperate, though the seller did provide his rent roll.
You may have also run into an unmotivated seller. I would not purchase based upon projections, instead use today's actuals. I find projections are often too optimistic on income and too conservative on expenses, when in fact income is usually lower than the projections and expenses are higher.
Suggest you withdraw your offer and wait awhile. If the property does not sell in another 45 - 60 days, reduce your purchase price significantly and submit a new offer. Make the worst case assumptions about your expenses and be pessimistic about your vacancy rate. Use your own numbers to calculate a reasonable estimate of the property's value, then make your initial offer price even lower.
Keep in mind that, usually, the seller needs to sell more than you need to buy. Don't get emotionally attached to a deal, and be prepared to walk away if the numbers don't look good.