D%$m Real Estate Agents!!!!!
Man I going through it. Just lost a second realtor in a little over a month!! She didn't feel "comfortable" with my type of buying. ( I do simultaneous closes and sell wholesale). I'm really frustrated because I don't really know where to look for realtors that'll work with me anymore. The first one, I didn't tell everything because I wanted to avoid this, but we parted ways b/c of a deal that didn't go through. (She offered full asking price on a REO and it was 85%LTV, my loan only qualifies me for 80% LTV, and she didn't check with me first!!). I'm learing, I'm just frustrated.
I really want to say to hell with realtors and just start making my offers straight to the owners realtor.
Anybody got any suggestions? HOw did you find your realtor, what did you and didin't you say. I want to upfront, but I'm sick of the "uncomfortable" mess. I wish I could meet a new one just starting out! This is so **Please See My Profile** frustrating. I cannot seem to get the boat moving!!!
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[ Edited by DeeLewis on Date 10/31/2003 ]
There are a TON of realtors everywhere. You'll find it easier to work with a realtor when dealing with buying houses on the market. In my small town of 60,000 people (25,000 which of are students that leave) there are over 140 realtors!
Hi Dee,
Sounds like your frustrated! There are many obstacles that you can come across in real estate, but this is a minor one, so dont let this get you down.
My first thought would be that if you are targeting houses listed on the MLS, you will have a hard time locating prospects that are motivaed enough to sell creatively. I'm not going to tell you that it is impossible, but it is your least likely place to target motivated sellers to work with.
Realtors can be a fickle friend, or they can be a great asset. The majority of realtors are convetional thinkers and want in and out of transactions with their pay check. There are a select few who understand our creative methods enough that they will be on their team.
If you want an creative agent on your team, I would call all of the local real estate offices in your are and ask to speak with the broker. Tell the broker how you buy real estate, and ask them if they have any agents in their office that can get creative transaction completed. If not, go on to the next office.
Most all of the transaction that we close, do not include a realtor. Sometimes they can get in the way. Hope that helps!
Best of Success,
BAMZ
[addsig]
Go to your local REI group and I'm sure your going to find many there and people will be able to recommend someone. Also, lets say your wholesaling a junker, why not talk to the agent who listed the junker and see if that person can work with you.
walk into a r.e. office and tell them you are looking for a realtor that is "Investor Friendly" now talk to them and ask them plain and simple... "will you submit any and all offers I present - no matter how crazy the offer is" .... you will find your realtor....
If not... as you said...you can go straight to the owners realtor
Quote:
On 2003-10-31 10:55, DeeLewis wrote:
Man I going through it. Just lost a second realtor in a little over a month!! She didn't feel "comfortable" with my type of buying. ( I do simultaneous closes and sell wholesale). I'm really frustrated because I don't really know where to look for realtors that'll work with me anymore. The first one, I didn't tell everything because I wanted to avoid this, but we parted ways b/c of a deal that didn't go through. (She offered full asking price on a REO and it was 85%LTV, my loan only qualifies me for 80% LTV, and she didn't check with me first!!). I'm learing, I'm just frustrated.
I really want to say to hell with realtors and just start making my offers straight to the owners realtor.
Anybody got any suggestions? HOw did you find your realtor, what did you and didin't you say. I want to upfront, but I'm sick of the "uncomfortable" mess. I wish I could meet a new one just starting out! This is so **Please See My Profile** frustrating. I cannot seem to get the boat moving!!!
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<font size=-1>[ Edited by DeeLewis on Date 10/31/2003 ]</font>
Thanks for all the encouragement guys!! I just talked to my father who knows a realtor who does creative transactions. When I talked to him, he asked me what my goals were and set up a meeting with me. So maybe everything happens for a reason. I hope he works out, if not, I won't give up, I know that! There are more than one way to do this, I guess that's why its called "creative."
Dont walk into real estate offices and ask for a realtor your looking for trouble. That will come usually because of inexperience. Otherwise you may wind up with a shark. Do this network with other investors. Find out who the investor realtors are. You want someone that A. knows what they are doing. B. someone that has a reputation in the investment community. You need to try someone like Ron Legrand for a great course in investing. Ron is very very simple to understand and he cuts through all the BS.
you dont need a realtor. submit the bid yourself
In response to Craig, If the house is listed through a realtor then the seller has agreed to pay a fee if the home is sold within the time period agreed upon by the realtor and seller. If you "go behind the realtors back" as a realtor said, then the seller still has to pay the points. Maybe this is only true in Texas, I dunno... Hope this helps.
-->Joe
pretty much like that everywhere. have them unlist the property or wait until it expires. if they unlist it, they may have to pay a penalty
Here is an idea. Walk to the owner of the house, tell them you want to cut out brokers, buy directly from them. You'd be surpise how many times this works
Eric
[addsig]
A key point to remember is that it is not always up to the agent on whether they can release a listing agreement or not.
It all comes down to the Managing Broker. If the Managing Broker does not want to release someone from a listing, the homeowner who signed is obligated to the listing agreement. Depending on how much control a manging broker has, a realtor may or may not be able to release.
BAMZ
How succesful have you guys been when negotiating a price with the seller.
Eg. a house is listed for 200K
minus the agents 5%=190
Youd figure the rehab costs to be around 20K.
Would that be a good way to make an offer on a property listed with an agent?
[addsig]
Hi dare2003,
A good method that has worked for me is to have your own agent pull the lowest comps in the area. This gives your offer a strong back bone. This though works best with properties that have been on the market for a while!
BAMZ
[addsig]
Thank you BAMZ,
ill give it a try
[addsig]