Realtor FAQ for SS

Like I said it's a numbers game and your not going to get every Realtor. It's a snowball affect, get 1 or 2 Realtors on board then they tell someone and so on an so forth.

I'm positng this because I enjoy coming to this site and seeing most peoples willingness to help others. With all the Pay for this pay for that going on it's still good seeing people willing to help others! :D

Didn't realize that I couldn't post an attachment to the message board. If someone that I've emailed it to wouldn't mind posting it as an image that would be great! let me know if you have any questions!

Edited: 06/26/2010 at 12:48PM

Nick J.

SFR Investor · Scottsdale, Arizona

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Icon_minipost May 11 '10, 01:49 AM

Thanks Chris for creating a new thread. I'm sure many people will find it very valuable.

Edited: 06/26/2010 at 12:48PM

Nick J.

SFR Investor · Scottsdale, Arizona

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Icon_minipost May 11 '10, 02:01 AM

Realtor FAQ

Edited: 06/26/2010 at 12:48PM

Dave Grosse

Real Estate Investor · Lebanon, Illinois

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Icon_minipost May 11 '10, 02:38 AM

Nick I don't know why, but that link still isn't working for me - I'm going to post it as well and see if it works for me.

Realtor FAQ

Edited: 06/26/2010 at 12:48PM

Nick J.

SFR Investor · Scottsdale, Arizona

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Icon_minipost May 11 '10, 02:43 AM

both links work for me. Weird, maybe you're just not as cool as me.

Edited: 06/26/2010 at 12:48PM

Dave Grosse

Real Estate Investor · Lebanon, Illinois

151 posts
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Icon_minipost May 11 '10, 02:45 AM

maybe I should have tried it without wearing a shirt

Edited: 06/26/2010 at 12:48PM

Dave Grosse

Real Estate Investor · Lebanon, Illinois

151 posts
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Icon_minipost May 11 '10, 02:46 AM

Chris - does Virginia not allow for dual-agency?

Edited: 06/26/2010 at 12:48PM

Chris Jefferson

Real Estate Investor · Glen Allen, Virginia

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Icon_minipost May 11 '10, 02:54 AM

To my understanding yes it is allowable. The reason we stopped doing it is for two different reasons.

1. to stay out of the gray area, the last thing we need is another reason for anyone to try and think we are commiting fraud. Last thing I need is our company brand or image being impactive in a negative manner because someone doesn't understand something.

2. It creates a funnel for our agents. We tell them that if they bring us a listing BEFORE signing a listing agreement witht he seller that they can rep both sides. If not then only on one side. Most agents comply with that because of course they make more money. In turn it gives us more control of the sale and the sellers communicate directly with our team as opposed to any agents being in the way. We tell them just sit back and collect a check!

Guys thanks for posting the FAQ for me as well. Hopefully this will be of help to some of you.

Edited: 06/26/2010 at 12:48PM by Chris Jefferson

Dave Grosse

Real Estate Investor · Lebanon, Illinois

151 posts
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Icon_minipost May 11 '10, 03:01 AM

hmm it seems that if its a gray area, then its a gray area. I don't see how allowing them to be a dual-agent if they bring you a non-listed deal is any different than if they already had the listing. But I'm fairly new and tend to over-analzye.

Edited: 06/26/2010 at 12:48PM

Chris Jefferson

Real Estate Investor · Glen Allen, Virginia

43 posts
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Icon_minipost May 11 '10, 03:27 AM

I understand what you mean, but it just seems these agents don't get it.

If they already have the listing it's always "i'm working for my client's best interest. yada yada yada" So in our eyes its out of that grey area when they work with us on a 2nd deal and bring it right to us. They know our process etc so it makes things easier.

Edited: 06/26/2010 at 12:48PM

Dave Grosse

Real Estate Investor · Lebanon, Illinois

151 posts
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Icon_minipost May 11 '10, 03:48 AM

gotcha, thanks chris

Edited: 06/26/2010 at 12:48PM

Adrian Johnson

Real Estate Investor · Columbus, Georgia

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Icon_minipost May 11 '10, 04:53 AM

I think the issue is with dual agency, the broker can lose his license with any law suits from the seller. If they are hit with a deliquency and the investor made money off of the deal they are getting mad. Even if they signed your paperwork they are acting like they didn't know. So lot of time judgements are going toward the distressed homeowner and not the evil investor.

Edited: 06/26/2010 at 12:48PM

Dave Grosse

Real Estate Investor · Lebanon, Illinois

151 posts
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Icon_minipost May 11 '10, 05:43 AM

huh good point adrian. why couldn't the seller sue everyone involved in the transaction then? i mean it just seems totally ridiculous that someone could sign a piece of paper(or several) that clearly state what is going to happen and then win a lawsuit when they get mad about it.

have any of the experienced short sale guys (absolutely no offense adrian, I haven't closed a flip yet either) - nick j, james ward, scott hubbard, etc - anyone actually seen this happen or even heard of it?

Edited: 06/26/2010 at 12:48PM

Audley Humes

Real Estate Investor · Jacksonville, Florida

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Icon_minipost May 11 '10, 08:08 AM

This may vary from state to state, but in Florida we make sure all our Realtors explain to the homeowner that the Realtor represents us in the transaction, and not them. Every seller has to sign a No Brokerage Relationship Disclosure. This will def keep ya out of trouble.

If a Realtor has already listed the Short Sale, unless we intend to whoesale it, we staty away because if the Agent is representing the Seller and then represent us on the B-C listing, this will def. create a conflict of interest.

Edited: 06/26/2010 at 12:48PM

Dave Grosse

Real Estate Investor · Lebanon, Illinois

151 posts
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Icon_minipost May 11 '10, 08:49 AM

Yeah we've done that too in IL Audley - we had the owners sell a list/show/sell agreement as well. It just seems as though there has to be a way to CYA on the deals that are already listed too

Edited: 06/26/2010 at 12:48PM

Sam M.

Real Estate Investor · Kalispell, Montana

572 posts
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Icon_minipost May 11 '10, 10:53 PM

Chris,
Thank you for the resource. Google docs is a little finicky but I eventually got in :)

One vote coming up!

Edited: 06/26/2010 at 12:48PM

H Ford

Real Estate Investor · New Orleans, Louisiana

1 post
19 Influence

Icon_minipost May 28 '10, 05:58 AM

Chris,

Thanks for posting the faq. It is really helpful.

Edited: 06/26/2010 at 12:59PM

Chris Jefferson

Real Estate Investor · Glen Allen, Virginia

43 posts
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Icon_minipost Jun 22 '10, 02:14 AM

Just bumping this post because I've had some emails in reference to it. For those that sent me a email about it i'll forward over this link.

Thanks for the votes folks :)

Edited: 06/26/2010 at 01:19PM by Chris Jefferson

Michelle Lenahan

Foreclosure Specialist · Discovery Bay, California

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Icon_minipost Jun 22 '10, 04:05 AM

Lately I think the real benefit of a short sale is that the homeowner can take some proactive control over when they will be able to restart their lives. We are seeing so many delays in the foreclosure process (postponements, cancellations etc) that homeowners who are looking to restart and rebuild are feeling frustrated. Although the idea of living payment free seems wonderful it takes an emotional toll to live in a home and know that the end is near. I am so glad Realtors are still out there helping homeowners when a short sale is the best option.

Edited: 06/26/2010 at 01:19PM