Posted by ed on October 16, 2003 at 20:49:40:
I agree with all the above especially using a different realtor, they are getting paid to help you make your deal work. I think I would want to spend 5 minutes sending a quick email or something traceable to the first realtor letting her know your plans…partly to make her accountable for her poor performance, and partly to prevent comission problems if the deal ultimately goes through
good luck,
ed
can’t get Realtor to take my offer - Posted by Lydia
Posted by Lydia on October 10, 2003 at 14:00:06:
I have found a house (REO) I’d like to make an offer on to wholesale to rehabbers. My problem is that I have not cash or credit (buying my residence this summer tapped me out). The Agent wants a letter of credit or a pre-approval letter. But I am not closing with my cash or credit.
I can make the $1,000 earnest money deposit and I had planned on asking for a 10 day inspection period before closing.
I have read so much about other people doing deals like this. I don’t know of any REO property that isn’t listed with an agent.
So, how do I make this work?
Lydia
Agent MUST present offer - Posted by John Merchantj
Posted by John Merchantj on October 14, 2003 at 22:33:05:
Be sure that if that agent is presented with a written P&S Agreement by you, or anybody else, his/her state law & RE Commission Regs require him/her to present that offer to his/her client.
It’s pretty much universal law that an agent does not have the legal right to decide which offers to present, which ones NOT to present…Agent must present ALL offers!
And if you do get that agent your written offer, and then are told it won’t be presented, go first to his/her broker and loudly complain, then go to the state RE Commission with a complaint against the agent & broker…and you’ll see some action.
Deal Killers - Posted by Tony S. in FL
Posted by Tony S. in FL on October 12, 2003 at 08:57:35:
I wish I had a dollar for every time I heard a little blue-haired lady Realtor say: “Oh no, we coudn’t do THAT!”
As has been mentioned on this board many times, most real estate agents either don’t have the money or the smarts to invest for themselves. They’ve got their little niche and their step-by-step instructions for their little corner of the RE world.
I’d do as others suggest and present the agent with a written offer and if she refuses then file a complaint with the governing body in the state.
Also, go to the agent’s broker and let him know what’s going on.
Or, go to the bank itself and let them know that the agent they hired ain’t doing the job.
My $.02
Tony
Re: can’t get Realtor to take my offer - Posted by Clint Wooley
Posted by Clint Wooley on October 10, 2003 at 19:25:39:
If the agent is a member of the board of Realtors, they are bound by the by-laws of the NAR and are required to present ALL offers to the seller. (They can actually be reprimanded and/or removed from membership in the NAR if they refuse to present an offer)
Re: can’t get Realtor to take my offer - Posted by Dimpil
Posted by Dimpil on October 10, 2003 at 16:26:00:
I just made an offer without a pre approval letter. I told the agent I would not give one until I won the bid as it was pointless. Frankly pre approval approval letters are worthless until the package comes out of underwriting. I’ve seen a lot of deals fail or go thru hell during the underwrting process because the customer didn’t meet stipulations, DTR issues etc.
The realtor doesn’t want to waste time and in most cases the bank who owns the property is not the one asking it’s the realor.
Me I got mean and tough. I told her, I would not provide one unitl i won the bid and if so it would be given within 24 hours. Then I told her if that was a big issue I could take my business elsewhere and I didn’t have to buy that house. She submitted my bid. I won, I produced the letter, now the bank wants more money down (I already put 1,000 down). I don’t want to jump through those hoops and play those games and there are always more homes. So I told my agent No if they don’t like it go to the next bid. So we will see.
I’m new to this and having fun and I’m not afraid of losing a deal because there will be another. I also don’t want to get pushed around by a realtor who’s working for me. But I’m new!
Re: can’t get Realtor to take my offer - Posted by John P.
Posted by John P. on October 10, 2003 at 15:24:10:
Hello Lydia,
In most states, it is required by law that ALL written offers be taken to the seller. If this is the case in your state, make the agent aware of this fact and make him/her take it to the seller.
Write in the offer that upon acceptance of the offer, you will then provide proof of financing/cash/whatever…
Good luck.
Regards,
–John P.
Maui, HI
Re: can’t get Realtor to take my offer - Posted by jeff
Posted by jeff on October 12, 2003 at 21:14:04:
I always use the same realtor, and same mortgage company. So I take a easier approach with agents. There are plenty of agents who do not want to affend sellers with low ball offers. I wouldnt make a big deal, just take your business to some one else to make the offer. Any agent can present an offer, find one thats hungry and wants your business. You should try to build a good relationship and a good agent can bring deals too you. If you buy 2 or 3 houses a year thats good business for a realtor that might only sell 15 or so homes a year. I keep my mortgage broker informed of anything I might buy so a preapproval letter is a fax away.
jeff