Yep, I agree. However, I feel having a good agent on your side is helpful. The problem is finding one.
Agents are a dime a dozen, but as you say they are a requirement for HUD properties. If you are going to continue looking for these properties you may want to shop for your own realtor who markets these properties. Find a Realtor that you like. If that Realtor does not currently work with those HUD properties perhaps they would consider registering to sell them. If you go over to the HUD website you can find all of this information. I noticed that HUD pays the listing broker only 1% commission and the selling broker 5%.
If this agent keeps giving you problems and you want to still buy this property maybe you should make this apparent to the agent. Make it clear that you are tired of all of these calls and that you will bring in your own broker if that is what is needed to end the harassment. The agent should know this might mean a commission drop down to 1% if they don’t play ball. The brokerage might even provide an other broker for you if you tell them this one is not working out.
This broker definately sounds like one to screen through voicemail.
Am I the only one who feels Realtor Agents get in the way? - Posted by Tony James
Posted by Tony James on February 05, 2000 at 15:37:59:
I have this Agent who keeps getting on me about things (when are we gonna close, we need inspection, we need this, we need that). I know what we need, and what I don’t. I don’t need her keep reminding me. I am not openly honest with her about everything because she doesn’t understand exactly what I am trying to do as an investor (simotaineous closing). I feel I can do better without one, but HUD requires that you have one to buy one of their homes. AM I the only one who feels like this?
Posted by Paul_NY on February 06, 2000 at 01:48:30:
I followed this foreclosure for 3 years until HUD owned the home. I used the hud web page, located the property, went to the only office in town with a HUD approved broker AND the internet, showed the broker the web page, submit a bid, and was turned down.
In April of '99 HUD did some changes. There was a waiting period while HUD restructured its clearinghouse department.
When the smoke cleared, the property was no longer available on the web page. I called the broker twice and she told me the property was sold.
As I was driving by one afternoon, I noticed vehicles in the driveway. I stopped. There was the broker, in the backyard, admiring her new home!
THANKS SO MUCH … “CRE CREW” You guys are like Family. - Posted by Tony James
Posted by Tony James on February 05, 2000 at 22:31:27:
If any of you need information real bad, and you get a fast responce online…you know exactly how I feel. See ya’ll at the convention. Be there or be there!
Re: Am I the only one who feels Realtor Agents get in the way? - Posted by D.R.Kurth
Posted by D.R.Kurth on February 05, 2000 at 20:05:16:
Just like everything else in life there’s good and bad. It sounds like to me you need to look for the right agent. Through my investors club I receive recommendations about various professionals who can be extremely advantagous to the REI. Through these recommendations I have found the perfect agent who is also a REI and is well aware of what I am trying to do and is able to make some suggestions from time to time about something I may not of thought about. Find the right agent,let them be eyes,ears,and legs and you’ll soon be making twice as many deals. Also find an Investors group. The support will pay hugh dividends in finding agents,brokers,mtg brokers who are,or who understand what we are trying to do as REI.
Re: Am I the only one who feels Realtor Agents get in the way? - Posted by George
Posted by George on February 05, 2000 at 19:16:42:
From your post, you really aren’t describing how the agent is getting in the way. It’s her job to know when you are going to close and to keep you informed of when your contract window for inspections ends. She can’t make you have an inspection if you don’t think you need one, but then you should make it clear to her that you don’t intend to do an inspection. Or you should have waived the inspection clause in the original contract. Are you trying to delay closing until you have a buyer? Then the agent should be aware of this. As a real estate investor, I spent many years trying to find a good agent. I finally did. But I also decided I could do a better job, so I went and got my license. I frequently work with investors and it’s not always easy. Part of the problem is other agents who take the listings don’t know the key questions to ask the sellers for the listing. They don’t even know the basics. If I could have $1 for every property described as “a great investment” that doesn’t even include gross rent, I could retire. Three days ago I phoned 10 agents for basic numbers (gross income & gross expenses) and I have not even got one of them to call me back with anything. In the meantime my buyer thinks it’s me. I don’t blame him, if I were in his shoes I wouldn’t believe it either and I can’t believe it. These are all city properties and they will be on the market a long time. It’s not like the listing agent has buyers lined up and wants to stall me. My advice is to find an agent that will work with you but be honest with what you are trying to do and if they don’t understand, go on to the next one. Stay away from the top producers, they don’t have time to deal with you.
Ok, lets say the Realtor DIDN’T tell you about needing this and that and you forgot, or there are new regulations that have been passed. Then you would be like the lady who sued McDonalds because she was burned by the hot coffee. If the agent didn’t disclose or tell you something, BINGO he is gonna be sued! The Realtor is only doing their job. As Jim stated the Realtor may not be familar with what you are doing so educate him/her as to what you do, remember there are thousands of ways to “creatively” finace property and you cannot expect the Realtor to know them all. They do not teach this kind of stuff in real estate school. As you could guess I am a Realtor and also an investor.
The hardest thing about buying real estate in mass quantities is finding and training a RE agent. I have been told that by more than one professional investor.
Most of them feel they have to trick you and manipulate you into buying. Also they love to conceal information and tell you all the reasons you can’t do something.
Your best bet is to find a new young agent who is dumb as hell but full of enthusiasm. You won’t be able to depend on her to help you but she will get in the road less. If you find one who merely hinders you but doesn’t actually prevent you from making deals use her all the time. Make sure she gets commission check after commission check. Eventually she may get so hooked on the money you can train her a little using the threat of firing her.
If you could find a smart hard working agent who actually wants you to achieve your goals, and who helps you do so, that would be ideal. But you have to be practical. If such an agent exists she would be in a museum with the unicorn and the dodo bird.
Re: Am I the only one who feels Realtor Agents get in the way? - Posted by Jim IL
Posted by Jim IL on February 05, 2000 at 17:00:20:
Tony,
Sounds to me like you have the deal locked up already, right?
So, since this is the case, the deal will go thru, barring any last minute complications.
To get this agent, “on board” , perhaps educating them would help.
Try sitting down with the agent and explaining a few things to them.
The worst that can happen is that they will not follow you and you’ll be right where you are now.
But, the best thing to happen will be that the agent either learns and understands what you are doing, or just decides to go along anyway.
This agent may turn out to be a good resource if you talk to them, and then make the deal happen. (performance speaks volumes, trust me here.)
You will be a good source for them to do future deals, and they will cater to you.
There are good and bad agents out there. Bad being a relative term, since most agents do not understand what we do anyway. And that is fine, they are not trained in our methods of investing, and are simply doing what they were trained to do, and that is to make a full price, conventional sale for the sellers.