Do any of you just throw out low ball offers to all listings in the area? What are the odds that maybe one out of 30 sellers would take 20% less than they are asking?
I actually look for properties that have been on the market well over the average time for our area and also properties that are unoccupied or rented. These owners seem to have more of a reason to take lower offers. Good luck.
last I heard, title searches were free, and take about 24hrs to complete, the info can be faxed, e-mailed, mailed.......
Also, if the property has 25k worth of liens, and you pay 5k,profit is-20k .A title search will also show what the property sold for in the past .giving you a better idea of actual value. That research should take less than an hour...just look in the phone book under title companies, anyone that sells title insurance, or any real-estate agent in your area.
good luck![ Edited by sabbey on Date 03/24/2005 ]
First thing I would do would be: do a search on putnam county, and see if there is a chamber of commerce. I would go to the business section and see if I saw a title company. If I didnt see that, I would call one of the larger Real-Estate companies(Coldwell Banker) and ask them what title company they use. They will probably say something like "Gullett Title, and their number is 386-328-5106, or ****Must participate a while before posting URL's***
you could probably try the same for your other county.
The county assesors office will also show what the p[roperty has sold for in the past regardless of the current condition of the title.[ Edited by sabbey on Date 03/25/2005 ]
Sorry, but that is illegal. I am not saying it is not done or impossible to do. A typical finders fee to another AGENT is 1%.
The best way to work it is a credit toward a future sale or purchase so you can get a discounted rate from them later.
Without qualifying ethics or legality, I have a buddy/RE broker that pays $500 cash at close of escrow for anyone referring a seller or buyer. He even advertises it in his emails. Hope this helps.
Not just in PA -- many other states, too. As for examples of prosecutions outside PA of people practicing real estatebrokerage without a license, see these:
Good research, Nuetrino. You inspired me to do some of my own. The Calif. law has language similar to the Penna. law, so I went on the PA State Real Estate Dept. website to see if our state law is interpreted similarly to yours. No such luck. Here it is in black and white, for all the would-be PA birddogs, from the state government website, general questions link:
May a real estate licensee pay a commission or other valuable consideration to the person who referred a buyer or a seller to the licensee as a “thank you?”
Section 301 of the Real Estate Licensing and Registration Act (RELRA), 63 P.S. §455.301, prohibits an unlicensed person from receiving a fee commission or other valuable consideration for introducing a buyer or seller for real property located in the Commonwealth. In addition, a licensee who pays a commission or other valuable consideration to anyone other than his licensed employees or another broker may be subject to disciplinary action under Section 604(a)(12.1) of the RELRA, 63 P.S. §455.604(a)(12.1)
Yeah the up turn in interest rate is what I was afraid off. The market here in the northwest is about 15-18%, new development homes in this area are selling for $325-$425k easy, but I dont know if I want to start that big yet. Thanks for the tips.
Why?
Try it, you never know unless you try. We got three duplexes that were listed on the MLS for 400k for 300k so anything is possible.
[addsig]
I actually look for properties that have been on the market well over the average time for our area and also properties that are unoccupied or rented. These owners seem to have more of a reason to take lower offers. Good luck.
last I heard, title searches were free, and take about 24hrs to complete, the info can be faxed, e-mailed, mailed.......
Also, if the property has 25k worth of liens, and you pay 5k,profit is-20k .A title search will also show what the property sold for in the past .giving you a better idea of actual value. That research should take less than an hour...just look in the phone book under title companies, anyone that sells title insurance, or any real-estate agent in your area.
good luck![ Edited by sabbey on Date 03/24/2005 ]
First thing I would do would be: do a search on putnam county, and see if there is a chamber of commerce. I would go to the business section and see if I saw a title company. If I didnt see that, I would call one of the larger Real-Estate companies(Coldwell Banker) and ask them what title company they use. They will probably say something like "Gullett Title, and their number is 386-328-5106, or ****Must participate a while before posting URL's***
you could probably try the same for your other county.
The county assesors office will also show what the p[roperty has sold for in the past regardless of the current condition of the title.[ Edited by sabbey on Date 03/25/2005 ]
what do you mean a feel for the ft myers area??
Agents can not pay finder fees.
I actually heard that they could
Sorry, but that is illegal. I am not saying it is not done or impossible to do. A typical finders fee to another AGENT is 1%.
The best way to work it is a credit toward a future sale or purchase so you can get a discounted rate from them later.
A dinner at a nice reastrant, worth about $100 - 150....
(Illegal to pay a non licensed person)
Without qualifying ethics or legality, I have a buddy/RE broker that pays $500 cash at close of escrow for anyone referring a seller or buyer. He even advertises it in his emails. Hope this helps.
Just to keep it simple: Forget this one as it is not legal in most states for agents to pay referral fees outside of their inner circle.
C-
No-no in residential sales in Texas. Is it done? Guess! No is not a good answer.
tmckay,
Not just in PA -- many other states, too. As for examples of prosecutions outside PA of people practicing real estate brokerage without a license, see these:
http://www.state.nj.us/dobi/recdiscp.htm
http://www.ag.state.il.us/pressroom/2003_06/062403_c.html
http://www.banking.state.ny.us/pr030509.htm
http://www.trec.state.tx.us/pdf/meetings/commission/minutes/mn20041206.pdf
http://64.233.161.104/search?q=cache:SWlBKQnkLVEJ:www.jud.state.ct.us/external/supapp/Cases/AROap/66ap7.pdf++%22unlicensed+real+estate%22&hl=en&lr=lang_en&ie=UTF-8
http://64.233.161.104/search?q=cache:tGw-bB8rLGcJ:www.corp.ca.gov/notices/014.pdf++%22unlicensed+real+estate%22&hl=en&lr=lang_en&ie=UTF-8
http://64.233.161.104/search?q=cache:3jyo3WD0ypAJ:drl.wi.gov/boards/reb/digest/20011100.pdf++%22unlicensed+real+estate%22&hl=en&lr=lang_en&ie=UTF-8
Nancy
In Arizona it is illegal for a non-licened person to collect a commission related to a RE transaction.
Good research, Nuetrino. You inspired me to do some of my own. The Calif. law has language similar to the Penna. law, so I went on the PA State Real Estate Dept. website to see if our state law is interpreted similarly to yours. No such luck. Here it is in black and white, for all the would-be PA birddogs, from the state government website, general questions link:
May a real estate licensee pay a commission or other valuable consideration to the person who referred a buyer or a seller to the licensee as a “thank you?”
Section 301 of the Real Estate Licensing and Registration Act (RELRA), 63 P.S. §455.301, prohibits an unlicensed person from receiving a fee commission or other valuable consideration for introducing a buyer or seller for real property located in the Commonwealth. In addition, a licensee who pays a commission or other valuable consideration to anyone other than his licensed employees or another broker may be subject to disciplinary action under Section 604(a)(12.1) of the RELRA, 63 P.S. §455.604(a)(12.1)
im sure there are loopholes that allow it in some states, but in FL that is definetly a big no-no
Hi John,
I agree a license for bird dogging is wholely unnecessary and not in the spirit or letter of the laws governing referals, at least in CA.
The realtors I have worked with have been trustworthy, however there are some who manage to get themselves in a good bit of trouble.
Nice to meet you.
-N
Anyone?[ Edited by rookie5 on Date 03/25/2005 ]
Yeah the up turn in interest rate is what I was afraid off. The market here in the northwest is about 15-18%, new development homes in this area are selling for $325-$425k easy, but I dont know if I want to start that big yet. Thanks for the tips.