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Updated over 3 years ago on . Most recent reply

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Mike Adams
  • Port Chester, NY
156
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209
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Making an offer to purchase a property as a licensed broker

Mike Adams
  • Port Chester, NY
Posted

Possibly a particular request, however, my partner and are licensed brokers in New York and Connecticut. As some may know, we already run a property management company for our own properties and have started to add outside property owners now that we're licensed.  We are looking at a few properties and since we are licensed, we do not need to use an outside licensed real estate salesperson or broker.  We've been submitting a few offers and disclosing that we are the interested party in making the acquisition.  The real estate sales persons on the other side do not seem to like to negotiate on the price since we're basically the broker and investor.  Any suggestions on how we can make this go smoother? I'm sure we're not the only one's who've experienced this before.

Most Popular Reply

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1,865
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Scott Wolf
  • Lender
  • Boca Raton, FL
916
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1,865
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Scott Wolf
  • Lender
  • Boca Raton, FL
Replied

@Mike Adams, are you looking to collect a commission in some form when you buy?  

When I bought my property, on my LOI, I put in that commission was due to me in the form of a credit at closing. As long as you disclose, and put your offer in writing, they have a fiduciary duty to present the offer. If you're waiving your commission it's even better usually. I found putting the offer in writing forces their hand.

  • Scott Wolf
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