Posted by JoeKaiser on June 18, 2000 at 24:28:48:
You’re right, odds aren’t the greatest on getting a lease option offer accepted on a listed property. Sorta thought that was a given.
Still, in general terms, accompanying agents isn’t such a hot idea, no matter what the offer might be.
Joe
Dealing with the Listing Agent and Lease Option offer - Posted by Billy
Posted by Billy on June 17, 2000 at 11:12:27:
Should I have a clause in the Lease Option offer that states: “Tenant/Buyer reserves the right to accompany Broker to present offer”?
Thanks!
Billy
Go with the flow . . . - Posted by JoeKaiser
Posted by JoeKaiser on June 17, 2000 at 20:48:20:
Clauses like reserving the right to accompany the broker sound good on paper but in practice, do nothinging but muck up the system. Buyers aren’t supposed to be present when agents are submitting offers, and just the fact that you think you should be tells everyone involved that you don’t understand how the game is played.
Forget about accompanying agents who are submitting your offers. Trying to do so is like swimming up stream, and there’s really no need.
So how’s it done?
If you want to lease option a listed property, you don’t make an offer through the listing agent. It’ll never work. What you do is have YOUR agent present the offer. YOUR agent is someone who knows your wants and needs and understands your gameplan. He’s also someone who understands lease options and can do your bidding for you. He’s someone who you can hand that offer to and you know that if a deal is possible, he can get it signed off.
Of course, it takes a little time to find that agent, and of course, time to get them trained, but they’re out there and they’re ready to go to work.
Joe
Re: Know what your Rights are - Posted by Lori Samson
Posted by Lori Samson on June 17, 2000 at 14:12:03:
You have the right to be present when an offer is being presented and from my experience you will never get that offer accepted unless you have a one-in-a-zillion real estate agent/broker or you are there to present it. They can kill a deal faster then you can blink. They aren’t going to have any motivation to present an offer that they won’t even get paid on for possibly several years down the raod. You should first present it well to the broker/agent and then you may have a snowball’s chance…!
Try to find a real estate investor/agent and they will see the benefits and are more likely to work with you. Out of all the many many deals we have done we have never really ever had ANY LUCK trying to do lease options through agents. There are so many deals out there to do that aren’t listed.
Ask for their expired listing sheet and then offer to pay them a finders fee (some states you can’t do that)for their providing the list. If it is illegal to pay the agent a finders fee you can certianly find some way to thank them.
Lori
Re: Go with the flow . . . - Posted by Billy
Posted by Billy on June 18, 2000 at 10:59:04:
Hey, thanks for the advice! That bit of information just saved me alot of wasted time.
Here’s another question for you: I just found a web site, www.ccim.com, that provides a list of CCIM Brokers in the area. There are none in my hometown, but there are 76 in the surrounding area. I’m going to send an email to a few of them asking for their assistance. What do you think would be the best way to approach them?
Thanks again!
Billy
Re: Go with the flow . . . - Posted by JPiper
Posted by JPiper on June 17, 2000 at 23:20:14:
I agree…trying to accompany agents to present an offer is swimming upstream, and for the most part is a waste of time.
About the only thing I think is a bigger waste of time is hiring an agent to present lease/option offers to another agent. Now there’s two people to compensate, not to mention their brokers and a seller who no one clearly communicates with. And now you’re going to train this agent? Fat chance.
But hey, let me know when you write the course on this one…I’ll be first in line.
JPiper