BiggerPockets

Listings from a D-list Agent

Monday, March 23

So I felt some background here might be appropriate as this is my first post...

 I currently own 8 rental units in two buildings, I began to realize that while I am experiencing positive cash flow it wasn't enough to continue to fund purchases I wanted to make.  As such I decided to venture into the rehab world to help raise capital for my buy and hold long term strategy.  With that in mind I talked to a Real Estate Agent who I found on Bigger Pockets and began!

So after a while of searching through potentials, having two properties under contract when I went to put in an offer, and a lot of other unwanted delays I had finally found a place that fit my price range, profit range, work range, and area restrictions.  I walked through the property twice (the first time I went after another property that ended up being under contract by the time I put in an offer).  Both times the potential of this place was enormous.  With that in mind I made an offer on the property.  Since this place was a bank owned property I was ready to wait, a week if necessary before getting antsy and bugging the listing agent again.  So I waited and to my surprise it only took 1 day for the listing agent to get back to me.  What luck I must have to get back this quickly, either they are ready to accept anything (since the property had been listed for nearly 4 months) or they have just outright stricken my deal down.  However optimism prevails in my general thoughts so I was excited.

That's when I read what they sent back.  We had submitted a standard NJ Contract as our offer (as per their request to do so) and they had marked the whole thing up with red ink.  In addition they had attached a list of demands that no standard buyer could hope to achieve.  Let us examine this for a minute.

1. They ask for the standard NJ contract, and yet they mark the whole thing up with red ink.  Why ask for a "Standard" contract if you don't like the way it reads?  Why not send over to any agent asking what you are really looking for?
2. The list of demands and I do mean demands, it's as if they are holding this property hostage and won't give it up until we comply with their every wish and desire.  While the list was quite long (nearly half a page typed) I want to highlight just a few.  The first being that we obtain the mortgage for the property before closing.  I would love to be able to work with a bank who says sure thing Bob, here's $180,000 without knowing you or what you are buying.  Their other major demand was that we pay all their fee's, such as lawyers, processing, etc..  AS WELL as ours!

All said and done this guy was looking for cash offers.  Now if he had just put in his original listing that he was looking for cash offers only then it would have saved me, and I'm guessing a lot of others, a whole lot of wasted time.  If that's the way this agent wants to play the game then I hope that his property continues to languish for another 4 months.

As a side note, I later found out that this particular agent apparently has a reputation for being an a-hole and has been doing this with all of his listings.  Time to move on to the next place!  Maybe the 4th one is the charm?

-Bob

Comments

1. 

   Joshua Dorkin Reply
   almost 3 years ago

   Bey Bob - Its too bad you found out that the agent was an a-hole after the fact. Have you thought about letting the sellers know about his behavior?

2. 

   Bob McIntosh Reply
   almost 3 years ago

   The thought crossed my mind but I have not been able to actually identify the bank that owns the place. Its listed as being held by bank A which sold the mortgage to Bank B which bundled it into a package to wall street which then got broken apart somewhere and ended up at what i think is the final bank but haven't been able to verify. :-P

   He is being very secretive about it as well... but it is certainly something worth pursuing... maybe they will give me a discount for letting them know ;)

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