'Subject to' and Real Estate Agents
I'm thinking about getting John's 'Subject to' book and have a question if anyone wants to tackle it. I am currently renewing my RE license, do you think being an agent and doing 'subject to's' will piss of my broker or cross any other ethical/legal lines? Is there anyone out there that does both? Any advice?
Thanks in advance... 
That's an interesting question since John's book has you avoiding RE agents like the plague (tough to avoid yourself ).
Really don't have an answer for you, but hopefully some of the other RE agents online will chime in with some responses.
Roger
I have agent friends that buy and sell for their own accounts as well as act as agents for others. You just must make it very clear to the people with whom you are dealing what side you are working, of course.
As for your broker, if he/she objects move to ReMax or one of the other 100% offices.
MightyM,
Glad to meet you.
This would be up to your broker as to whether you can do Subject To deals it would be a question for the broker.
As to avoiding real estate agents, it is in the sense when they call you off yur sell ad and tell you they have a buyer, their sister is looking for a house like the one you advertised, or a myriad of other not being quite truthful ideas just to get with you to try and list the property, this is what gets me hot.
Now believe me I have heard them all so I am a little skeptical about dealing with real estate agents. However I have sold to them when their credit is a little shakey, so as I say there are a few good one around.
How many deals have you seen as an agent where if the property was listed the seller would have to come out of their pocket to sell the property? Or how about the real estate agent who does list the property at such a high price that they know it won't sell they only want the listing. The reason it won't sell is because when there commission is tacked on the price is over market value.
So all those properties you see where the property would be overpriced because of commissions are a Subject To investors dream. So if I were an agent I would look at a way to buy these deals myself.
John $Cash$ Locke
Married???
Perhaps you could be an agent and have your wife sign on all the sub. to deals and leave your name off all the paper work.
Do you want to work as an RE agent? What's your motivation for being a realtor?
no, not married.
my motivation for being a realtor is that I can make money at it. Plus, i have access to great resources.
Hey i am a Realtor and not all of us are bad! I am trying to talk a couple into not listing with me if I can get a friend who is a investor to buy the house. They need to have an offer buy july 1st and they just fired their other agent. I want to help people and if I can do it by finding other people or doing discounted rates I will. I spend $2000 each listing to make sure the house gets sold for as much as it is worth, I do not jack the price but yes I do know some that do which is why that realtor was fired by the client but to put us all in the same bunch is pretty rotten. That is like saying all investors will offer you way under the fmv and just want to screw you out of money and the house. I try to tell my clients that some investors are not bad and if they offer the money that they need take it and I will step out of the picture for a bird dogging fee just so I can cover my advertising expences. So Please stop saying avoid agents like the Plague because the same could be said for you...
And if there were more of them like you, Kendra, then RE agents wouldn't have such a bad rap. Unfortunately, you're in the minority. Had an agent complaining to me last month that the new tax value increase was too high, right at market value. Then she showed me one of her listings priced $15K ABOVE tax val/FMV. Go figure.
You're right, investors get a lot of negative press, too. But we at TCI are trying to change that, too
Roger
kendra55,
Glad to meet you.
The majority of real estate agents already say all investors are bad so this is nothing new, I run into it all the time and have for years. I have been cussed at, threatened, told I was going to jail and the list goes on by real estate agents, why because I did more deals in one month than than most agents did in a year if they were real lucky.
At my last workshop was one of the top real estate agents in her state, she had more sales than most agents. So she was not upset at what she learned. She understood what I was saying.
I have said and I will repeat it there are some good agents around. There are 10 thousand agents in Las Vegas now figure how many really make any money without listing anything they can get their hands on. Do the Realtors have boiler rooms set up calling FSBO's you bet they do.
Check your National Board of Realtors statistics concerning MLS in almost any city about 1/3 of the houses listed sell so 2/3 don't. Who do these people turn to when they need help, the investor of course because we get the job done.
The National Board of Realtors is a very powerful lobbying group, they would love to have laws passed eliminating all private investors. We as investors do not have a lobbing group we can turn to so we just try to do what is right when some seller needs our help.
Welcome on board this board, just the way I see things.
John $Cash$ Locke[ Edited by JohnLocke on Date 06/22/2003 ]
I am new here but have been investing in RE for over 25 yrs in everyway possible.
RE Agents are to be avoided and if you deal with them always check your back pocket to see if your wallet is there.
If you think I am being unfair go to the RE Sate informance Div and get some active cases in your area and then sit in on them!!!!
You will then know what I am talking about.
Also go to the county courthouse and find some lawsuits dealing with RE Agents and go to the cases.
I have been "involved" with over 3500 RE agents in my 25 yrs and would only trust about 3-4 of them.
I think that says it all. If you think I am harsh well then after your 25 yrs of experience with them then come back and have a fun chat with me!!!! I can tell you some real life stories you will not believe but unfortunately I can give you the case numbers for you to go thru and look for yourself!!!
PS - I recomment to anyone on this board to do just that to see how messed up these people are> it will open your eyes to say the least.
SKI
Believe me I know how bad some Realtors can be since I am one of the few good ones, and as soon as I can make some money then I am steering clear of all except the other good ones which happen to be friends of mine. Sometimes you should deal with the new agents since they are not as money hungry and greedy and still beieve they would like people to live the dream of being a homeowner. I was screwed by a seasoned agent who promised to teach me the ropes then after I paid hundreds of dollars to advertise their properties with the offer of a % when sold, I did not receive a dime even on a house worth $410K that should have been enough commision to go around. I will never ever treat people that way,other agents investors or my clients. So even an agent gets there eyes opened. To all you investors who have been treated badly by agents i apologize.
kendra55,
I believe you are one of the few good ones and you do not have to apologize for any other real estate agent. It is only your way of doing business not theirs you have to be concerned with.
In your own words you were lead down the golden path by a fellow real estate person, there are people in all lines of work that need a reality check as to what it takes to become successful.
So good investing, real estate agent.
John $Cash$ Locke
Yep I'm a realtor too but I must say I was much mused by these posts
I just happen to some what agree .
I worked as a RN for several years before going into Real Estate. I saw the best in people in nursing and the worst in Real Estate. I think it has something to do with Money
I do know if I had known about Investors before Realtors I would never have become a Realtor, but there are some nice ones , you just have to pick through them My opinion is that there should be more required education. like a 2 yr degree to raise the standards Right now we're a dime [or less] a dozen. It partly the local board of realtors to blame they just want the revenue as they watch the massive turnover of new agents over and over. I better stop I'm saying too many bad things about us
Hey all of u real estate agents here......I complete agree with John L avoid RE AGENTS like the plague...I was a senior appraiser and did over 3000 appraisals of sales not refis....want to quess how many agents showed up to my physical inspection of the property ...YA know agents are to act for their clients ie eyes and ears in the entire real estate process....the appraisal and inspection is one of the KEY parts of this process and the agent is negligent if they do not show up to the appraisal and IF there is a dispute as to the value or the condition or latent defects LATER what the heck is the agent going to say DAAAAA I did not go to the appraisal inspection nor the pest inspection nor anything else concerning the house BUT MAN O MAN I did run down to the title comany the day of closing to collect my big fat paycheck!!!!
Ok out of 3000 appraisals less than 6 agents showed up to my pyhsical inspection of the house 6 FOLKS rememebr that next time you hire a RE AGENT!!!!!!.......the very very smart agents not only showed up but had comps and sweet talked me ........4 of them were pretty cute gals and I got 2 dates out of it THAT IS WHY I remember!!!!!
OK WHANNA deal with RE Agents GO AHEAD!!!!
Me I avoid their lazy butts like the plague!!!!
SKI
sScidoodle You are very harsh!!
Many appraisers don't even call when they are going to be there at the home for an appraisal probably because they don't want anyone 2nd guessing their decision
A lot of drive bys lately and mortgage brokers that won't call you back to even know if and when the apptmt is scheduled