Posted by JPiper on May 26, 1999 at 21:15:27:
I don’t have any advice that you don’t already know. With a house at this price level for a cash transaction I would want maximum exposure…therefore I would list the house. Whether you can find a realtor quick enough is doubtful…and whether 2 weeks is long enough at this price level is equally doubtful.
If you can target a group who is the most likely buyer for this house you might be able to market quickly toward them…but again, at this price level 2 weeks would be a problem…at least in my market.
JPiper
Selling high-end property FAST…can a Realtor help? - Posted by Tyler
Posted by Tyler on May 26, 1999 at 18:27:30:
It seems today is a day full of questions for me…
I’m wondering if it would be a bad move to contact a realtor I’ve never worked with before to help me find a buyer for a property I have on contract.
The prop was appraised in 96 for 460k, and I have on contract for 340k. I only have 2 weeks in the contract to get “written approval of partner”. The seller is fully aware of what I’m doing, and willing to cooperate, although they are still marketing the property as well (at 380).
I’ve got a "desperate seller"ish ad in the paper, but thought about contacting one realtor that I know of who deals exclusively in upper end properties. Was planning to propose a 50/50 deal on the overage if he provided the buyer.
*Would this be legal for the realtor? (it seems like I’ve heard of laws prohibiting them from engaging in RE dealings outside of their broker,etc.)
*Am I crossing any “unspoken” boundaries by doing this? I’ve already had a couple realtors question me on my dealing in RE without my “lisence”, and don’t want to raise any red flags or create any problems for myself.
Thanks in advance…
As Karp would say, this is an “ASK” day! lol
NT
Re: Selling high-end property FAST - Posted by JPiper
Posted by JPiper on May 26, 1999 at 19:36:39:
Just a quick comment. Offering a realtor 50% of everything over a certain price would be a “net listing”. Net listings are illegal in the states that I’m aware of, and undoubtedly in many more than what I’m aware of. You might check your state.
Of course you could bring the realtor in as partner if that’s what you really want to do…I wouldn’t.
JPiper
Re: Selling high-end property FAST…can a Realtor help? - Posted by Redline
Posted by Redline on May 26, 1999 at 18:46:43:
Tyler - be careful here and don’t sound like a realtor. You need to state that you have this property under contract (so you indeed have an interest) and you’re looking to flip it. This is perfectly legal since you’re acting on your own behalf.
As far as cutting a realtor in - anything you offer to any realtor MUST go through his/her broker. Tell them you’ll offer them 50% of whatever they get over $x amount. OR - just offer them a selling bonus of $X if sold by this date, etc. This would be fine if the broker agrees. (why wouldn’t they?)
Good luck as high end properties attract high end buyers who are sometimes a pain in the high end!
Keep us posted,
RL
Partnership, not listing - Posted by Tyler
Posted by Tyler on May 26, 1999 at 20:29:02:
J-
I was planning on approaching the 50/50 split on the overage as a partnersip deal. I’m not asking him to list the property…only using his resources, since he does deal primarily in upper-end homes.
You say “I wouldn’t”. Is this because you wouldn’t want to give up the profit, or is it the hassle?
I’m trying to give my marketing efforts the biggest bang in the short amount of time I have.
I must admit, I’m not really excited about the idea of working with an agent, either…especially one I don’t have a relationship with.
…Other suggestions?
NT