Working with realtors - Posted by Greg

Posted by Tom on November 23, 2000 at 20:19:36:

That would certainly be one way to make sure that you don’t get that house bought and would never get past that agent again.

Working with realtors - Posted by Greg

Posted by Greg on November 22, 2000 at 10:12:14:

It seems I have hit a wall working with realtors in my area. When I try to write a “subject to” contract/offer they ask for a lot higher earnest money cause they are sick of investors “tying” up property until they can find a buyer. i.e. doing their job.

I have tried to write offers with $1000 or more, in earnest money but not payable until close but that didn’t fly either.

What questions do I ask agents/brokers to weed out the ones that are to busy to waste time filling out offers.

This city of about 30,000 people has about 1000 realtors, it would seem like to me that some of them would work with investors.

I have tried to get newbie agents and then their broker is setting at the table and will not let them just write offers and waste everyone time.

Does anyone have a ‘realtor/broker script’, or letter that works well? My, introduction fax and letter is not working.
Thxs in advance.

Re: Working with realtors - Posted by Brent_IL

Posted by Brent_IL on November 23, 2000 at 02:14:56:

In my experience, Ron’s advice is very accurate. Even if the agent does present your offer, imagine that as he hands the buyer your contract he says, “The state makes us present all offers. Read this if you like, but don’t worry, part of my responsibility is to protect you from inexperienced people with no money who learned to make low offers by skimming a paperback titled ‘Get Rich Tomorrow by Stealing Real Estate’. Ha, ha, ha”

The law was satisfied.

Why not look for a less experienced agent who has lots of time to waste. They may have recently passed the state real estate exam. Explain what you need. They will assume you know what you?re talking about and have confidence in you because they don?t really have a clue. Then, go with them, and present the offer yourself. No one can explain your thoughts better than you. Write it up during the conversation instead of giving them a take-it?or-leave-it offer that the listing agent will feel compelled to pick apart. As Merle has said elsewhere, it?s not an offer to purchase. It is a sales presentation designed to get a signature on the contract (everyone on title needs to be there).

Regardless of the hype, not every sale is Win / Win. That said, the offer has to be Win / Seller-perceives-his-situation-is-better-with-your-involvement. It doesn?t have to be the best for him, just better than he was before.

It?s hard for any agent to present the benefits when second or third removed. If they don?t understand, or think you?re a flake, they won?t even try.

Re: Working with realtors - Posted by BillW.

Posted by BillW. on November 22, 2000 at 16:02:14:

As dumb as this may sound, some of my investor friends actually went and got their real estate license to avoid these type problems. In addition to avoiding these problems they report to me that they also got some of the following benefits as well: the inside scoop on investor type properties from other agents (you would NOT BELIEVE what some agents will disclose about a situation or an owner to get a commission); access to the MLS system so they could do their own research; connections with lenders and lawyers and others in the business. I know there are requirements that say they have to disclose they are an agent in any deals they do for themselves, but I have NEVER heard them say that this was a big detriment to doing deals. They tell me that a motivated seller doesen’t care if they are an agent or not as long as their problem dissappeares.
Maybe you might consider getting a license for yourself.

Re: Working with realtors - Posted by MasonNV

Posted by MasonNV on November 22, 2000 at 13:11:38:

It’s my understanding that a realtor has to present EVERY OVER regardless of his/her opinion. If they wont present your offer to the seller because of little earnest money tell them you’ll report this to the board.

It is illegal on there part to refuse to carry an offer to the seller.

Especially where I am (Las Vegas) There are alot of good realtors, but there are also alot of yahoos who dont know the first thing about what they are doing.

Just my thoughts…


Re: Working with realtors - Posted by phil fernandez

Posted by phil fernandez on November 22, 2000 at 10:40:07:


I do not work with realtors. This will eliminate your problem. Realtors are looking for buyers with conventional financing so their seller will get cash at closing and the realtor gets his commission in cash.

Don’t knock yourself out. Find motivated sellers who have not listed with realtors.

Re: Working with realtors - Posted by AndrewC

Posted by AndrewC on November 22, 2000 at 16:14:59:

Mason ,
You are correct that we Realtors must present all offers (not overs) to the seller and give advise to them if they ask for an opinion. You are incorrect in assuming that just because you want a realtor to present an offer that they first , want to work with you.A Realtor is not obligated to do anything for you if you have not hired him/her i.e buyer agreement.
And it is the listing agent that is obligated to present offers to their clients regardless, not just any ol’ agent.
Hope this clears up your confusion.


Re: Working with realtors - Posted by MasonNV

Posted by MasonNV on November 23, 2000 at 02:19:54:

Sorry about the typo (OVERS) glad you still understood that I meant OFFERS…must have just woken up or just started to fade to sleep



Re: Working with realtors - Posted by Houserookie

Posted by Houserookie on November 22, 2000 at 17:27:34:


My understanding is that agents are required to
do things in the best interest of their clients.

It’s in the clients interest to get their home sold.
Therefore, it have to accept any and all offer to
the seller.

Does anyone know if a seller agent can be forced
to lose his commission is he doesn’t act in the
seller’s best interest, and sumbit all offers?


Re: Working with realtors - Posted by Tom

Posted by Tom on November 23, 2000 at 09:36:24:

Your right! Agents are required to
do things in the best interest of their clients. Not all offers are in the best interest of the client. So, while agents present offers, they also explain the pros and cons of each offer, those pros and cons are ALWAYS based on the bias of the agent.

Even if you’re there to explain the offer (as suggested) it doesn’t mean you have the last word. After your presentation, you would be asked to leave and the agent and the seller would then discuss the offer. No matter what the agent will have the last word…Most agents are not going to risk their license by allowing clients to accept offers from buyers with, no earnest money, no credit, no down payment, doing an owner carry or wrap.

Re: Working with realtors - Posted by dewCO

Posted by dewCO on November 22, 2000 at 22:12:34:

Not sure if they can lose a commission but they can lose their license if they don’t present every offer–even if the propertyis already undercontract! However, that doesn’t mean they will present it without bias.

Re: Working with realtors - Posted by Houserookie

Posted by Houserookie on November 23, 2000 at 13:47:48:

The beauty of public information is that we can
contact the sellers after the presentation.

What I have done in the past is explain to the
agent that one of the reasons why their home
isn’t sold is due to the agent pricing the home
too high.

Depending on the agent, I also give the seller
my opinion about the agents overall knowledge in
real estate financing.

I then tell show them how most agents will let
good buyers slip by.


Re: Working with realtors - Posted by AndrewC

Posted by AndrewC on November 23, 2000 at 22:23:12:

Well Rookie,
The beauty of a agency agreement is that even if you do go around my back, and should you end up buying the house, behind my back, I still get paid. Even if the seller fires me upon your suggestion to him, our listing agreements include a clause that states that for 300 days following expiration of the agreement , should someone I procure in the process of my listing happen to buy after the fact, I am still due a commission, upon sale. And the neat thing about it, it’s a law thing too.
So please, go behind my back and buy it, wont harm me in the least. And, I may end up having you pay me a little extra for interferance of contract. I am sure a judge will look upon you very nicely. A "investor going against a lawful agreement so you can gain heavily and cut me out.

Just something to think about in the future.


If you want me to take you seriously, why the fake email ???