While I'm At It: Question About RE Agent/Broker Arrangement for L/O - Posted by B.L. Renfrow

Posted by chris ( lower case c ) FL , by way of NY on June 06, 1999 at 16:53:56:

Mortgage brokers ( co.s ) should have heaps of leads of people that don’t quite qualify @ the moment. Grease some palms & get those leads. … I understand lawers are involved @ every closing in NY . In FL , title co.s do most of everything related to closings, so let me ask you , when coming up w/creative deals, do these guys pss on your parade often? I’d like to know on the count that I’m think’n’ of spending half the year where the pizza is good & the newspapers are worth reading. But if the pompus bloodsuckers ( no offense meant to the 5% of the honest esquires out there ) are going to put up too many roadblocks , I’ll squash the idea . …Repremanded by the #%^&@# computer again - for using a harmless slang word . Hey computer program - blow it out your hard drive! o!oo

While I’m At It: Question About RE Agent/Broker Arrangement for L/O - Posted by B.L. Renfrow

Posted by B.L. Renfrow on June 06, 1999 at 14:40:47:

Regarding properties I have available for L/O (but not listed through a broker): Is it legal/ethical for me to contact the local brokers and offer a fee to an agent who brings me a qualified tenant/buyer?

Thus far I have avoided brokers/agents like the plague. Around here they are lazy, stupid or both. The only thing they know how to do is present a “traditional” offer. When I first approached a couple of them about my specific property needs, all they were concerned with was, “How much cash do you have to put down?” When I attempted to explain about “investor offers” and low or no-down deals, their eyes rapidly glazed over and they said, “We’ll call you.” Guess how many have. Or even better: “It’s not possible to find no-down deals here.” But, it’s a small town, so I held my tongue and avoided burning any bridges, figuring there might well come a time when I could use them to my benefit.

So, back to my original question: Knowing that all agents/brokers must have clients who don’t qualify for a traditional mortgage loan, is it possible for me to make this offer? I know similar questions have been raised here before, but I don’t recall the answers. I think I recall reading somewhere that such an arrangement would somehow violate agency guidlines or bylaws or something, but can’t remember. If it can be done, this could be helpful in those circumstances where my usual marketing efforts have failed to produce a qualified T/B.

Brian (NY)

Question About RE Agent Arrangement for L/O - Posted by JPiper

Posted by JPiper on June 06, 1999 at 19:41:47:

It’s both legal and ethical to offer a licensed agent a fee for producing a buyer or tenant/buyer. If your offer of this fee is made to more than one agent and non-exclusively this is called an “open listing”.

The fee of course is called a real estate commission, and is negotiable. Real estate commission are paid to the real estate broker, NOT the agent.