Is This Fair To An Agent?
i would like to start lookin 4 fixer uppers & forclosures with the help of an agent. i will tell the agent to try to gat the seller to pay for his/her commission. if i like the sale enogh i will pay the 3%. now if i find a deal on my own could i ask the agent to still assist me with the paperwork for 2%. is this fair? all comments are appreciated
thanks guys!
2% is quite a lot to pay for "paperwork". Hire a hungry lawyer on a flat fee basis to do that.
most properties are on the internet in most places. you could find the property yourself, get the listing agent take his three percent and pay a lawyer a flat fee for your side. That is in a state without "transactional brokerage" like they have here, where you can get the listing agent to do everything for his 3%.
just an idea.
let me ask you guys & gals a question. if i sign a buyers agreement with an agent am i still allowed to find properties on my own and get a lawyer to look over the paperwork. do most agents work with you without the buyers agreement.?
Agents can be a great resource for helping you find deals and sell deals.
Agents pay between $0-$500 to get their license. I believe it takes a few days. 2% of 150K is $3,000.00.
Lawyers go to school for, what, at least 6 years? Probalbly pay 50K-200K depending on what school they go to, financial aid, etc. A lawyer will charge you less than $500 to do "paperwork".
Why would you pay an agent for anything more than finding properties? Lawyers and Bankers do the rest. If you would like to give me $2,500.00 to walk you through a transaction, great. We can even deduct the plane ticket and hotel stay).
JohnCl
o.k, o.k., i get your point just trying to weigh all my options. thanks for all the input.
yeah i think its around 60 hours to get licsensed here in CT.
this depends on the competitive market in phili which im sure is pretty high. from what i have found is that when looking for distressed or foreclosures its almost better off looking yourself or calling alot of realtors and tell them what your looking for. i know that most realtors have a list of investors already looking for these types of deals therefore they usually dont even
hit the m.l.s. these realtors just call there investors who can pay cash and close within a week and thats that. i know from experience that any property thats going for a good price is going to be in high demand. it may help to have a number of realtors looking for these properties for you, but as far as exclusive aggrements go id tell them fa-geta -bout it.
The internet is a good place to start, but you are going to find the most detailed information of the process of foreclosures in real estate books. Go to www.amazon.com and search keywords such as foreclosure, flipping, real estate investing. Then read the customers reviews of each book, should give you a good idea of which books are decent.