interview

How do I interview a buys agent ?
will the agent try to qualified me?
I am a newbbie an want to wholesale my first propertys.
but if I find a reo property i think it would be best the the agent write my offer. would you agree? and how would they get paid

Edited: 06/26/2010 at 04:02AM

Susan Flowers

Residential Real Estate Agent · San Bernardino, California

7 posts
35 Influence
1 Award

Icon_minipost Mar 06 '08, 08:10 PM

First find the agent that you will interview get recomendations through your family,neighbors,or friends.Set the appointment ask as many questions about real estate,explain what it is that you are looking for in an agent and listen carefully to what they propose in doing for you to meet your needs.

The great thing about having a RE agent is that they will do all the leg work ,they will find the home,write the contract,negotiate the deal,and walk you through the entire process.Do you pay for this service? No,the seller pays.

Lastly, be loyal to the agent you choose ,remember their time is on commission don't waste anyones time make a firm decision with whom you choose and I'm sure they will meet your needs.Build relationships in this business and you can go far. :lol:

Edited: 06/26/2010 at 04:49AM

Jon Holdman

Real Estate Investor · Denver, Colorado

11859 posts
75527 Influence
15 Awards

Icon_minipost Mar 07 '08, 03:36 AM

You need to find an agent that works with investors. Better still is one that invests themselves.

You want someone who understands investment considerations, and isn't going to freak out when you make what might be considered low ball offers. Even with bank-owned, listed properties, you still have the same considerations about what's a good deal.

You want someone who can help with comps. With an agent that's used to doing retail sales, the comps question comes down to " is this price OK" . With investment properties, you need solid justification for your ARVs in order to support the deal. That's a more complex question.

If you get pushed to sign an buyers agreement, limit it to a short time. If the relationship works out, you will continue to work together indefinitely. If not, you don't want to be stuck. Give yourself an out for properties you come up with from other routes.

I disagree with the statement " they will find the home." I don't agree with that for a retail purchase, and certainly not for an investment. Expect to look at a lot of properties. A retail buyer has a bunch of specific criteria - bedrooms, school district, yard size, whatever, and these tend to limit the houses that will work. As an investor, you're looking for any deal that makes sense financially. That may include many different properties. Find an agent that's willing to spend the time looking at many properties and making lots of offers.

Be sure the agent is OK with making multiple offers at once. Banks are slow to respond. If you do one offer at a time, and wait for a final response, you will move very slowly. If you intention is to acquire multiple properties, you'll need to be working on multiple offers at once.

Wholesaling REO's is difficult. Everyone of the bank addendums I've signed has a " this contract cannot be assigned" clause. The banks also want to control the title company used. Be sure you have a plan for dealing with this.

Jon

Edited: 06/26/2010 at 04:49AM

Jon Holdman, Flying Phoenix LLC