Posted by Tyler on April 01, 1999 at 15:47:19:
Alright, I’m getting really frustrated at this point.
I have now had two agents tell me I can’t do what I’m trying to do.
First off, I tied up a fixer property listed through a broker at 86,000. It’s FMV after 7,000 in fixup is about 145,000. Now comes the tricky part: trying to show it to potential buyers with the agent around. How do you do it without running into problems? Not only does it seem very awkward, my last buyer got the number of the agent and is now trying to go behind my back.
Another agent tells me, that I really don’t have any “interest” in the property (to sell) until the property title is in my name. So consequently, all the buyer would have to do is put in a higher offer and the seller could weasel out of the contract somehow (and sell to the other buyer). The broker tells me that this happens all the time, and my only recourse would be to sue for specific performance, which would have a hard time holding up in court.
I hate dealing with these people who tell me this can’t be done, and then rattle off all this legal jive that they’ve “learned from years of experience” being a broker.
What am I missing? Tie up a property on contract. Find a buyer. Assign your contract to the buyer for the difference between your sales price and purchase price. Fill out an Assignment form, get the check, shake hands. Go home happy.
I guess this display of frustration boils down to three issues:
the procedure of flipping when you have agents in the picture
showing the property to buyers when you have agents in the picture
wether or not you truly have “interest” in the property if the title is not in your name.
Help me…I’m going INSANE!