Real Estate Agent Success!!!!!!!!!!!!!!!
I just got back from a long day at our annual REI Convention in the Pgh Area. I found just the agent I was looking for. I got the house listed for $0 That is why I love going to the REI Meetings. I always find just what I need. When it closes I will pay her $990.00. It will be listed by Monday. I already have 4 people interested. And she is going to fax me the applications for people who are looking at her house on Sat and Sun. to see if they qualify for a loan to buy her house.
Lori
Lori
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Lori
can you elaborate?
Thanks
Dave
Dave,
Eleborate on what?
Lori
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How did you arrange such a cheap comission? It seems nuts that anyone would work for that.
I suspect itis like my friends in Utah that will list any property on the MLS and leave my number as the contact number for $500
There are several flat fee realtors out there. They will provide a bare minimum listing service for a modest fee. In the Dallas area, you can get your property listed on the MLS for around $500.
-Chris
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Here is how it works:
If another broker gets a buyer, commission 7%
If my agent gets a buyer 4%
If I get a buyer $990.00
I already have 6 qualified buyeres waiting to get in the house.
Lori
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The house has only been listed for four days and 2 people are scheduled to see it today.
Lori
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you can go to a flat fee MLS and pay $500 for the listing . you set the selling brokers commission. around these parts its around 2%...[ Edited by lp1 on Date 05/20/2004 ]
Why need an agent if you found your own buyers?
Because of a new requirement that will be coming out within the next few months to prevent Real Estate Investors from buying low and selling at FMV.
Lori
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Quote:
On 2004-05-20 16:04, lp1 wrote:
you can go to a flat fee MLS and pay $500 for the listing . you set the selling brokers commission. around these parts its around 2%...
<font size=-1>[ Edited by lp1 on Date 05/20/2004 ]</font>
In Pa, I had to pay them up fron $495.00 and then wait for a broker to take the listing. The house is in a rough part of town. Saturday night they shot and killed someone two doors down. I really don't think many agents would call me once they pulled up the location.
Lori
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Quote:
On 2004-05-20 18:19, tinman1755 wrote:
Because of a new requirement that will be coming out within the next few months to prevent Real Estate Investors from buying low and selling at FMV.
Lori
Lori,
Could you elaborate on this new requirement. Is it specific to your location?
I am in California, but also invest out of state.
My investments are primarily Wholesaling - Flipping.
It will be nationwide. It is a guideline that certain banking institutions may be requesting. Many guidelines have beeen put in place over the last year to protect banks and buyers from sellers that buy low and sell at FMV. This is just another one. Just in case it does become a guideline I am covering all of my bases.
Nothing to be concerned about yet.
Lori
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Is this related to 'Seasoning'?
Taiyo
There is no such thing as seasoning. Seasoning has nothing to do with a property, it only deals with a borrower.
To answer you question. No
lori
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Thank you,
I think I understand why.
Taiyo
What you are saying Lori, from my point of view does not make sense: Why would you "cover up "your bases" regarding a legislature that doesn't exist YET and may also never exist? What's your logic behind that?
In your opinion, should I stop buying distressed properties, which are priced bellow FMV, just because IT MAY become a smoked mirror guideline or regulation that will BTW contradict all principles of free market on which our capitalistic system exist on?
If the government is concern about protecting the certain group of people like mentally ill I would fully support it, but otherwise hello, I don't think it will happened or make any sense.
Lori,
This is the United States of America the last time I looked anyway, I know I read somewhere about Free Enterpise.
This is your quote: "Because of a new requirement that will be coming out within the next few months to prevent Real Estate Investors from buying low and selling at FMV".
Are you saying there will be some (mysterious not released yet) guidelines that will prevent a person from purchasing a property at a price they reach with a seller and then cannot sell this property for Fair Market Value.
Yes, you really should tell us about these guidlines, I am waiting along with others.
John $Cash$ Locke[ Edited by JohnLocke on Date 05/25/2004 ]
I was told by a few underwriters that the next change in underwriting guidlines, their lending institutions will be requiring a 2nd appraisal on non mls listed properties. They also could request a real estate agent to go out and give their opinion on a field review.
It has been my experience over the last 15+ years in this business that most major changes take place april 1st, june 1st ,and oct 1st.. That is why I wanted to list my property.
I really didn't have any intentions on selling the property until august, but sooner is fine.
Guidelines are not laws. This is not a requirement now and it may never be a requirement. I just didn't want to hold up a closing.'
I wasn't aware that banks had to go before legistatures before changing guidelines????
I would imagine federal programs and those types do?????
Am I going to stop buying distressed properties? ABSOLUTELY NOT. Should you stop buying distressed properties? I can't answer that, but I can't understand why you would.
This is just another STIP to me, just like income, insurance,ect.
Lori
It didn't stop me,I just purchased a duplex for $15,356.46 on 05/21/2004.
Good luck to all
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[quote]
On 2004-05-25 12:06, JohnLocke wrote:
Lori,
This is your quote: "Because of a new requirement that will be coming out within the next few months to prevent Real Estate Investors from buying low and selling at FMV".
Are you saying there will be some (mysterious not released yet) guidelines that will prevent a person from purchasing a property at a price they reach with a seller and then cannot sell this property for Fair Market Value.
Yes, you really should tell us about these guidlines, I am waiting along with others.
John $Cash$ Locke
John,
It is to protect innocent people. The bank just wants a 2nd opinion on the property.
It has been my experience that most investors who get a subject to appraisal want the same appraiser to re-appraise. The bank just wants someone else to take a look.
This deals mostly with rehabbed houses not "pretty" cosmetic work.. In the past year rehabbers have stated that work was done, when in fact it was not. This would not affect anyone who does legitimate work on a house
Lori
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Lori,
Thank you, what happened here is you did not finish your sentence regarding what you were trying to say.
The guidelines may affect your method of investing and this is understandable.
John $Cash$ Locke
Quote:
On 2004-05-25 17:04, JohnLocke wrote:
Lori,
Thank you, what happened here is you did not finish your sentence regarding what you were trying to say.
The guidelines may affect your method of investing and this is understandable.
John $Cash$ Locke
I have fingernails that are 1 1/2 inches long, so my typing skills are not up to my brain skills on most days.
Before anyone asks They are real!!!!
Lori
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I have doing browsing on the sight. I am new to the investor world. Just wanted to see if any of these laws or changes you were talking about below have happened.
Thanks for your help
Quote:
On 2004-05-21 13:04, Taiyo wrote:
Quote:
On 2004-05-20 18:19, tinman1755 wrote:
Because of a new requirement that will be coming out within the next few months to prevent Real Estate Investors from buying low and selling at FMV.
Lori
Lori,
Could you elaborate on this new requirement. Is it specific to your location?
I am in California, but also invest out of state.
My investments are primarily Wholesaling - Flipping.