OfflineBeing new to this I am trying to find an agent that is knowlegable from an investor perspective and is willing to work with me. We thought we had found one but when I mentioned that I will want to be making multiple offers her response was, "Well, what are you going to do if 2 or 3 get accepted. You're going to have to buy all of them." I told her I would rely on the inspection contingency and approval of my partner contingency. She said the partner clause won't fly and if the seller agrees to all the repairs then I am stuck and in for a lawsuit if I back out.
Some day I hope to have enough capital in play that this won't be a problem but until then is her concern legitimate or is she just throwing up roadblocks? Should I keep searching for the right agent?
Just let them bring you the listings or comps or whatever you are asking them for...if you decide to start putting in offers provide a clause that simply states: Contingent upon my exclusive review and approval of all relevant documentation - This sounds very innocent but is very powerful. This way you are not trying to get a partners approval...it's on you if you don't like something for whatever reason you have an out.
Barbara
Exclusive review and approval of all relevant documentation! I like that
Smooth....
The Browley Team
Working Towards Success!!
Starting out but don't give up or stop short of pushing forward.another clause you can use successfully is contingent upon financing.subject to partners approval ....if signed by both parties means you both are agreeing to what is written.I am not an attorney but if ANYONE has had an issue with this as a contingency used then please share.keep up your desire to make a deal happen and I will stress to study as much as possible to make it happen.good luck to you and we are behind you all the way! !!
Jay
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Reality is I seriously doubt a competent, well earning agent, whether or not they have an investing background is just going to send you homes, do your comps, and more importantly take time away if you're not seriously bringing soemthing to the table.
When I hear "inspection contingency, partner contingency and clauses" among the first two sentences, my first reaction is "newcomer who read Deans or someone else's book". Not that it is a bad thing but it sets off red flags and makes agents go into defense mode. he truth is there is an agent out there for everyone, but you've got to find one who wants to take the time with you. Get off that "you work for us" and "we'll make you more money than you've ever made before" BS; you're ultmite goal is to flip the poperty.
Saying you want to this and that and want to get technical makes us grill you more to see how long it will take to trip you up and stop wasting time. It might take you longer to find, but once you do, they'll be no misconceptions.
If there were an easier way to find a team member who won't drill you like crazy, knows what it's like to invest, and understands what you are doing, that would be awesome. These are some things you don't find out when you read Dean's great books. You don't get the bad stuff, until you're out in the real world. Then you come back to others to find out how to deal with these obstacles, because they will come up. Nothing is set in stone, UNTIL you sign on the dotted line. You have to know your deal will be a good one, and it will work for your buyers.
When I hear "inspection contingency, partner contingency and clauses" among the first two sentences, my first reaction is "newcomer who read Deans or someone else's book". Not that it is a bad thing but it sets off red flags and makes agents go into defense mode. he truth is there is an agent out there for everyone, but you've got to find one who wants to take the time with you. Get off that "you work for us" and "we'll make you more money than you've ever made before" BS; you're ultmite goal is to flip the poperty.
Saying you want to this and that and want to get technical makes us grill you more to see how long it will take to trip you up and stop wasting time. It might take you longer to find, but once you do, they'll be no misconceptions.
is when its set in stone.
The point of the drilling is that most times the ones doing, or trying to, don't know what they are doing; there are times and circumstances where you can go step by step, point by point, and get a house or two or more; several on here have shown that.
But then you have the times, which are more frequent, where points in the books don't go according to script and you have to amend your strategy or you have to go the conventional route or transactional funding is not accepted.
Lots of agents would rather deal with a cash buyer, myself included, who has cash. Average house in NYC boroughs is about $375k; thats a nice commission coming my way. I prefer ot deal with someone who has the money to close in 5-10 business days, not hold up the contract searching for a buyer. Thats the norm
And alot of the people doing it don't know what they're doing and it gets frustrating on both ends. Theres normally a reason for everyting
I'm not sure where you are coming from. I think you are making assumptions that are irrelevant and inaccurate. I never said I expected her to just send homes to me and do my comps or that I was taking the attitude of "you work for us" and that we are going to be her path to riches. I also did not bring up contingencies "among the first two sentences".
We were in our second meeting to discuss how we were going to work together. I am well aware that she has a well-established and successful real estate firm and that until I have proven myself it would be unrealistic of me to expect her to dedicate a significant amount of time to me. She is a smart, knowledgable and successful agent I would like to work with. She is also completely aware that I am just starting out and have a lot to learn.
During this meeting I told her I would like to make multiple offers. She raised the concern of what would happen if enough offers were accepted to exceed my available capital. I told her I would reply on the inspection and partner contingencies. She didn't feel that would be sufficient. I am just trying to learn from others more experienced than me if her position is legitimate. My question is just limited to that. I don't want to reach the limit of my funds and then find out her concern was real.
Sounds good. I'll give it a try. Thanks.
During this meeting I told her I would like to make multiple offers. She raised the concern of what would happen if enough offers were accepted to exceed my available capital. I told her I would reply on the inspection and partner contingencies. She didn't feel that would be sufficient. I am just trying to learn from others more experienced than me if her position is legitimate.
actually went hand in hand.
If she takes the time to present 25 offers that you would purchase and 22 get accepted, and you realistically can only afford to buy 3 at that time, then 19 of those offers were not worth her time. I would strongly assume if you told her as such, you probably would not be dealing with her very little if at all after that.
Her position is extremely legit. It comes from a position of time. Either productive or wasted time.