OfflineSo I got a call from a client that is going into foreclosure and is thinking about allowing me to do a short sale on his property. I want to start off with a low offer on the house, 50% off. However my real estate agent told me to start with a high end offer, 65% off.
I told her I would rather start off low because it creates a huge risk for me. The agent told me that once she signs the papers and everything its going to go into the MLS. Which will create competition and cause me to loose the deal.
My question is do you need a real estate agent for short sales? Or can you do them by yourself? If so what paper work is required to do them and how do I get in touch with the owners lender to submit the offer myself?
Besides those questions the main question is are real estate agents required for short sales. The agent I work with told me that agents are required to do short sales and you can't do one without one.
Another reason I'm asking this is because whenever I find a property and I tell her to submit and offer. One of her buyers she represents may have an offer on the same house that is higher. She will then tell me I can't submit the low offer because there is a higher end offer. When I ask her how much the higher offer is for. She tells me that she can't share that information with me.
I'm beginning not to trust real estate agents. Please tell me I'm wrong about this stuff.
Find you another agent. remember they work for you. And yes short sales are slow. And i would recommend having a agent.
Randy
www.adeptpropertiesllc.com
Yeah thats what I'm starting to think about doing. It seems you can't trust too many people in this type of business. I had to cut off an investor I was working with because he was going behind my back and telling the agent not to submit my offers on properties that he was submitting offers on because we were submitting offers together. Which was false because I only told the guy I would assign buyers or properties to him.
As I read your first post, my thoughts were, get another agent. She sounds like she is looking out for one person,......herself and making money.
You do not need an agent for short sale.
This is one reason why it is good to have your team put together.
But I wouldn't call her about any more offers or deals, move on. Don't get too discouraged though even with that other investor. But really try hard to get to an REI meeting in your area, and have business cards ready. The agents that also go to these meetings will like working with investors, that is why they are there. And you will have a chance to meet a lot of good investors!
Sandi