Lend me your wisdom: My R.E. agent is asking questions I don't know

How would you answer them at this very moment???

Don't lie because that will kill all credibility and future dealings.

What would your answers be???

I WILL TRY TO ANSWER SOME OF THESE FOR YOU.OR AT LEAST WHAT I DO OR WOULD DO.

1)YOU AND POSSIBLE PARTNER
2)TES,YOU CAN PUT EARNEST MONEY DOWN, THIS CAN BE EVEN $10 DOLLARS IN ALOT OF CASES.
3)YES ALL CASH OFFERS
4)YOU CAN GET A POF LETTER FROM COASTAL FUNDING,OR IF YOU DONT ACTUALLY HAVE THE MONEY,USE SOMEONE ELSES STATEMENT.
5)NO.WILL NOT BE FINANCING.CASH ONLY
6)I PLAN ON GIVING GOOD FAITH DEPOSIT
7)I CAN OPEN ESCROW,IF NEED BE.

I PERSONALLY WOULD STAY AWAY FROM SHORT SALES, TOO MUCH HASSLE.THATS JUST MY OPINION.HOPE THIS HELPS ,I HOPE OTHERS WILL ADD TO YOUR POST,THERE ARE ALOT OF PEOPLE ON THIS SITE THAT HAVE ALL OF THESE ANSWERS AND CAN GIVE MUCH BETTER ADVICE.

GOOD LUCK JILL,

CURTIS FILLERS
(CHARLOTTE,NC)

1. Ok, well if I will need all the personal info of the buyers. If a company or companies are purchasing, I will need the corporate docs of all involved.

2. I will need a $500 certified check

3. I will need a bank statement along with a letter from the bank in regards to the persons or corporations that plan on purchasing this property

4. Same as 3

5. Same as 3 & 4

6. I will need 10% down on contract

7. Send escrow info when you can

Like Curtis said, you may not be ready for shorts, especially if they're not approved. This in itself will be very time consuming for you.

Good luck to you

I will say answer them honestly. But if you dont know the answers to the questions I would say your not ready to take that step. simple questions to answer if you have the knowledge and plan. Just taking 40% off listing price is a gamble if you dont know the market in that area. I can list a house for 600k but comps in the area are selling for 250k. If you win the bid just because you took 40% off do you think an investor is going to give you your asking price for it? Please do yourself a favor and do your due dilligence all around. I dont want to see you get in a jam or waste the agents time and get him ****ed at you.
good luck

.... [response was removed, since I am apparently a 'joke', a 'rookie', and 'high-n-mighty' according to others who are INFINITELY higher and mightier than I. Sorry to have wasted your time] ....

I try to give everyone their due because doing this is not easy, but when they get high and mighty is when I have to bring the hammer down on them.

Chris, or anyone on here, never, ever, tell you're not buying because legally you can't represent the buyer if you're not licensed.

Hey Jill,

Depends on what you are planning do with the properties once accepted? I will approach as if you are wholesaling. btw: hopefully you have been building your buyers list. Just a note: Be careful since you said 'brand new agent' and seems you are new as well. No one having a clear path (experience/knowledge) can lead to a cluster. Do your own homework, know your market. Matt's 25:1 is a based on a layered motivation approach.

1) Who will be the "Buyer" on the offers you have asked me to write?
A). 'your name or entities name' and/or assigns. if bank rejects the and/or assigns no biggie, you can double close.

2) Will you be writing good faith deposits for the offers?
A). submit with earnest deposit of: $500.00 in your offer. if needed write a check or get a MO and photocopy. Retain funds until accepted (NOTE: be prepared to back this up. Either yourself, private funding family/friends on a short term roll, or have buyer pay earnest)

3) Are these all cash offers?
A) Yes

4) Do you have proof of funds to close?
A). can provide a POF from pretty much any Transactional Lender or verifiable funding of a partner, etc. This is to get you in the game.

5) Do you have a pre qualification letter if you are getting financing?
A). N/A unless you are looking at a hold

6) How are you intending to keep your offer in place if you are not giving a good faith deposit?
A). Earnest deposit due upon acceptance.

7) Are we going to open escrow if we get an accepted offer?
If we open escrow, how will you get paid and how will I get a commission? (I don't foresee a Short sale being an option)
A). lol! did you tell him to re-read his manual. ha! He will collect as buyers agent at close. You get paid from your assignment fee from buyer or double close.

Anticipate the acceptance. Start planning and implimenting your moves. Know your exits before your entrance. Once accepted the clock starts. You have a definate timeframe to secure with earnest, allotted time for inspections and to bring it to close (whether you or your buyer). Not much more that will P-O an agent/s as you submitting tons of offers, get one and have to backout because of lack of preparedness. Agents will walk from you.

God Bless,
Jen

LOL! elixbrown You're awesome! Had to chuckle at the "why am I talking to you then" comment good stuff and so true!

God Bless,
Jen

Thank you so much everyone! I really appreciate your comments, guidance and wisdom!

I guess I really need to do some more research on each property. Thank you so much for taking the time to post these comments, and in such detail!

Jill

I just wanted to emphasize what Jen said above. Have your exit strategy all lined out before making the offers. Your buyer's list and their specific requirements and resources, once known, will give you the alternatives you need. You don't get paid unless your buyers close the deal, so you need to focus on the deals they will be willing to fund. Great work being willing to make that many offers. That is what will lead you to success.

Your response is right on as usual. Agents know the game and they do not want to waste their time with people that have had gurus tell them what they tell thousands of other new investors on how to do assignments or double closings. Maybe these strategies worked 5 years ago when the book was written, maybe it will work 1 out of 500 offers but that is no way to build an actual BUSINESS.
I can't imagine telling an agent the things that were in some of the posts. They SCREAM: ROOKIE I have no money and no idea what I am doing.
Here is how to answer the questions in my opinion.
1. In the name of my LLC or my name if there is an issue with the LLC offer.
2. I will provide a copy of the earnest money check for the requested amount.
3. Some will be cash, some will be pre approved financing from a non institutional 3rd party funding source.
4.Yes
5.Yes
6. I don't intend to do that, I will supply a copy of earnest money and POF with every offer.
7. You will be paid standard buyers agent commission from the seller as usual unless otherwise negotiated. Don't worry about how I get paid.

My advise is to stay away from making offers on listed short sales through a realtor. It is a big waste of time, most realtors do not do the work to get your offer accepted or know how to do it for that matter. Usually takes a while. If you do, you do not need to supply any more info than you do when you make an offer on a REO.

When agents get in my face about money I simply tell them, "Don't worry, you supply me with a true wholesale deal and you will have all the money needed at closing!

The key is, when these guys work with you, you MUST produce. Don't play silly childish and/or assign games with realtors. Do it but do it right. The contract is going to be assignable or not. It will say so in the contract. I only do assignments when I have a contract directly with a homeowner, no realtor involved. My contract clearly states this contract IS ASSIGNABLE. With realtors, I make the offer under my LLC and double close when I wholesale the property!

Michael Mangham
MD Home Acquisitions LLC

When are you going to move to Colorado? OR use all of your powers aka the godfather and find me some deals out here. I can't keep up with the demand!

I have realtors calling me that dissed me two years ago!

Michael Mangham
MD Home Acquisitions LLC

Right on .. But to be honest myself doing Offers Or putting in offers i've never heard of any Real Estate Agent asking these types of questions matter of fact i've only been asked upon funds but thats it , maybe it depends on the agent you pick .