Let's say something nice about RE brokers! - Posted by CarolFL

Posted by CarolFL on April 24, 1999 at 20:17:24:

Millie, we had escrowed 7 months of taxes and 3 or 6 months worth of insurance. Since we would only have held title for a month, 6 months worth of taxes will be returned to us at the closing of the sale. There were also some small things like Association Fees for the year, etc … but all in all, we will net a third of what we would have, had Dennis rehabbed it for retail, so we’re happy with that and will move on to the next…
Hope all goes well!
Carol and Dennis

Let’s say something nice about RE brokers! - Posted by CarolFL

Posted by CarolFL on April 24, 1999 at 10:54:13:

We all gripe so about the bad ones, let me encourage with a good word about good ones.

this is a SIMPLE story, but hopefully illustrative for the new folks wondering just HOW BAD these awful brokers really are.

We had purchased an REO about 1 1/2 from home to rehab… minor stuff, nice property, really liked the broker who showed it to us 'cause she wasn’t afraid to make our ‘investor type’ offers.

We actually closed, and next week Dennis was to head down for a week of rehab - actually about 2 - nothing bads but lost of picky stuff to make it right for retailing (our intention).

However, we were running an ad in the meantime to wholesale it as is, ‘just in case’, and since we had 2-3 wks between closing and work beginning.

I’ll be brief. We got an offer which, on the surface, didn’t look good enough … but the broker ran the figures, calculated returns on escrows (which I in my haste had neglected to do), negotiated discounts on the title work, and pointed out that my bottom line would be almost $1500 more than what I had indicated I needed…

and all of this for a $500 commission!

If anyone is looking for a great broker in Sebring FL, just email me!

Carol

Sure, why not, they are not ALL bad! - Posted by Jim IL

Posted by Jim IL on April 24, 1999 at 23:05:28:

As some of you have heard, from my previous posts, my wife and I are now focusing on L/O’s.
We have a RE agent that is wonderful. She brings me leads on all kinds of deals: Flips, Possible owner financed, pre-foreclosures, and even some possible L/O’s.
Well, to make a long story short, she brought us a L/O deal, and when the “seller” asked if they could have thier lawyer look over the “L/O contract”, per Legrand course material, we said, “sure, here is a copy (blank)”.
We asked them, "if he says this is legal, do we have a deal?"
They of course said, “probably”.
My RE agent, who was also the listing agent on this property, stayed after our meeting with the seller to “talk” some more.
She has since done numerous followup calls and meetings with these people.
As a result of her efforts, we now have a signed L/O agreement with the “seller”.
Here is the BEST part!
She went to see them right after they went to the lawyer. After the meeting with the lawyer, they wanted some rediculous things added. The agent, not only changed thier minds, but got them to sign for us.
She filled in all the balnks in the contract for me, exactly in the terms I had discussed, and then called me to say, "can we meet so you can sign this too!"
WOW!
I looked it over, and she did it right. (even putting in the contract that I’d pay $x above the “mortgage balance”, so my price goes down over the life of the Lease option agreement!)
She even dropped her commission from 5% to 3% to help convince the seller. (and collects it at the excercise of the option)
So, we now have another L/O “inked”, and all because of our “favorite” agent.

I really got lucky when I found this woman.

To boot, I found a listing for her that I felt would match my sellers criteria to buy, and she showed them that house today. They are buying, and she gets commission on that sale as well.

So, when you find a good one, do them right, and they will return the favor BIG TIME!!
Have a nice day!
Jim IL

P.S. I HAD to share this one, since I am guilty of posting my rantings about BAD agents/brokers!

Re: Let’s say something nice about RE brokers! - Posted by MilNC

Posted by MilNC on April 24, 1999 at 19:39:57:

“Returns on escrow”. I’m sorry, I didn’t follow that part.