Private Investor pay's seller for personal property, Good idea/Bad idea?
Hi all
I have listed for sale over 150 short sales, and closed about 80% of them. After years of selling my hard fought listing to private investors all over the world I saw the light and became a investor myself. My license expired 18 months ago and I haven't looked back. Twelve flips later not loosing money on any of them, I'm feeling very good about the switch from real estate agent to INVESTOR.
Our company has a very innovative short sale marketing process that has been proven over time and works perfectly for homes in non conforming areas that are in bad condition, exactly what I'm looking for as an investor. In an attempt to always be evolving I have been thinking of how I can use my short sale expertise to swallow up short sale listing contracts and assign them to the agents of my choice. In turn getting consideration on their next short sale listing so I can be their in-house investor. Kinda using the same process the banks are using to assign short sale listings to "affiliated or Vetted" agents, a practice banks have used for years.
This is how it will go, I market to my normal NOD or NOS clients that I track on Property Radar. When I find a willing client I write a contract to buy the property on the spot, the agreement says the seller must cooperate with my short sale agent. Then using my own research to find the perfect short sale agent partner, I assign the listing to the agent and let them do their magic. This is not a new idea..... no ground breaking thoughts here just the way we manage this process.
My big question is..... If I'm a private buyer of homes "investor". It seems to me that I have the right to offer to buy any personal property I want from the seller. I'm interested in how any of you feel about such practices, and how it may or may not effect the transaction. I would never pay a client outside of escrow or hold monies off the HUD. I just may want to buy their patio furniture or pool equipment and would have a bill of sale as proof of the separate deal. Please any thoughts would be helpful, and please no finger waggling post, I'm really not interested in what your compliance officer thinks they know. I would like some real stories of what really is going on out there. The edge of the envelope is appreciated.