gotta couple questions - Posted by Jay (WA)

Posted by Carmen on May 09, 1999 at 15:19:44:

  1. You can present offers directly to the listing agent. In fact, if you do, they will love you, and will work harder to get YOUR offer through (they get the full commission, instead of half, if there’s no other agent involved).

  2. Not to preach, but you should oly tie up a property that you are pretty certain you can flip, if this is the purpose, or close on if you can’t flip. Put in your “out clause”, and exercise it within a reasonable amount of time (a couple of weeks?). Theoretically, however, you do have until the closing date noted on the contract to actually close - and then, you can try to negotiate an extension if needed. What this means is, you have to find a buyer willing and able to close within that time, since if you assign the contract, all other terms remain the same. This may be tough to do within 30 days, unless you have a really great deal and the buyers have already been preapproved for their financing. Mortgage companies seem to take forever to get their paperwork through - even pre-approved loans take at least 2-3 weeks, I’m finding. I would try to get a longer time period to close, for a flip.

gotta couple questions - Posted by Jay (WA)

Posted by Jay (WA) on May 08, 1999 at 19:27:37:

Gotta coupl’a rookie questions on flipping…

a) Can I make offers directly to the listing agent, or do I need to be represented by an agent…If I can, does the listing agent get both sides of the commission?

b) If I want to tie up the property for say 30 days to find a buyer, how is that noted in the contract, the closing date ??