OfflineHello, I'm new to the forum and have just started reading Dean's first book. I've been attempting to get my first deal for quite some time with limited success.
Currently, I have a property under contract that I plan to assign via an LLC. The issue is that the listing agent refuses to provide me the access code to the property which creates a dilemma. I have partnered up with an investor/agent who has a deep buyer's list and he finds this to be a problem as his buyer's want to go look at the property before purchasing it. The listing agent will meet me at the property to give me access, but I must schedule it with him. His schedule may conflict with the end buyer's schedule and vice versa.
Before I signed the contract, I added a clause that stated "Seller agrees to make the property available for inspection on 24 hours notice." The listing agent changed the wording to read "Seller agrees to make property available for inspection prior to closing" as the bank wouldn't accept my verbiage.
Has anyone encountered this problem with listing agents and banks? Those who have dealt with banks and successfully assigned their contract to an end buyer via an LLC, how did you circumvent this obstacle?
By the way, this property has been sitting on the market since fall of 2007 and has mold throughout the basement. The bank is being very difficult and uncooperative for something that I know they are eager to get rid of.
I wanted to bring this back to the top so someone could answer. Maybe Matt (cbrpower) will see this post.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
I don't know if it's legal for them to give you the access code. It puts them at risk for liability if nothing else, if they are not with you when you go through. One way to get around this is this:
Licensed contractrs, inspectors, etc. are allowed access and can get the lockbox combo to go to the house without the listing agent. Often I will schedule for one of these (someone I know) to go to the house, and then I meet them there with whomever I want to show it to. Of course you probably can't do this too many times at the same property, but line up whomever is interested in it to go together with you (might create competition as well). Also, i like to take a video/pictures of the property the first time I go through it, file it on the computer. Then if anyone is interested, I can show them the video and they can get a real good feel from that, and my description.
Otherwise, the listing agent being willing to meet you there is actually a pretty good deal, too. You might be able to work it into everyone's schedule.
Good luck with your REI endeavors.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Licensed contractrs, inspectors, etc. are allowed access and can get the lockbox combo to go to the house without the listing agent. Often I will schedule for one of these (someone I know) to go to the house, and then I meet them there with whomever I want to show it to.
Is that legal? How would I do this? I plan to have an inspector to go through the property as well as a contractor to provide my buyers with confidence in the deal. Due to the circumstances, I planned to have my buyers look through the property at the same time the inspector and contractor are performing their work. How would the inspector and contractor get the access code?
Maybe if I was more specific with my clause and entered in the addendum that "buyer is liable for any event caused at or to the property as a result of me having access during contract period" it would make them more comfortable. Of course I will have to word it in such a way that it protects me and the seller but I'm not going to give up on this.
Thanks for the tips and suggestions thus far.
The contractor just calls the listing agent and gets the lockbox combo. Maybe it's not done that way everywhere but it is here. And of course they are expecting that I will probably be there, too, to see what they find. It's all legit. And I think it takes the liability off the agent. Of course I wouldn't bring a busload with me but a couple people is fine. But I guess check into that for yourself.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Rina
Well I don't think this listing agent is willing to give it out to anybody. He is not very cooperative and based off this experience, it will be the last time I deal with him directly.
Sorry about the bad experience with the realtor. Things like that can be really irritating.
Just for future reference, I would call the agency and ask what their policy is on that, if licensed contractors can have access to the lockbox combination. It might be that I am in such a small town that all the brokers KNOW who the licensed contractors are an therefore are OK with it. But I would check it out for your area.
Good luck
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
I think the rules are different not only state by state, but broker to broker. Rina is right - you need to be clear with your agent before you get started with them. In the past mine has given me the access code because she knows and trusts me and it saved everyone time. However, NJ just went to all new electronic lock boxes to prevent this from happening. Now the only way to get in is by having an electronic device that activates the box to allow access to the key. So only realtors can let us in now, meaning scheduling appts. that work for everyone. I believe Rina's idea of making a good video during your own walk-through will be your best instrument in solving this problem. Best of luck!
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http://www.deangraziosi.com/node/10404