Would a realtor help write an offer to a wholesaler for a newbie?

Question

Apologies in advance for stupid question.  It's a little daunting for me to write an offer for the first time on a wholesale property.  Don't want to make expensive mistakes.  Would a realtor help guide me through the process of writing the offer the first time, so that I'll know how to do it in the future?  The "what's in it for him?" part is that he's going to get the commission when I sell it in six months.  Am I being naive?  If so, is there a foolproof guide I can get somewhere to learn the in's and out's of making an offer?  Thanks!!

Rod Desinord · Answer

Man one thing i learned is that you should always ask questions when your not sure! And as stupid as you may think a question may be ask it it will save you big time. I know being relatively new in this i have been asking questions like there's no tomorrow :) Good luck going forward

Andrew Robbins · Answer

Thanks, Mark. Totally get it. Just to add context. This is a realtor I did a standard MLS deal with 5 years ago, and he stays in touch with me -- so we kind of have a pre-existing relationship. He knows my intent to get into this a little more seriously, and I don't think he questions my loyalty -- he knows I'm going to go to him to sell the house once I fix it up.  So my initial post was really trying to find out if it's unreasonable to ask him to help me for free on the first one (thru wholesaler this time) if he knew that he could benefit on the back end from this first flip and then for (hopefully) many more to come.  So yes, asking for his guidance AND willing to pay (just on the back end).  :)

Mark Gallagher · Answer

Andrew, it can't hurt to ask, but remember a Realtor has a family to feed too! You're asking for his knowledge and guidance but unwilling to pay. Perhaps you could do a flat fee for his time to guide this one to the closing table. I know I don't work for free, but maybe that agent does!

Andrew Robbins · Answer

In my limited experience, it's always been title, but my only experience has been traditional sales via MLS with brokers.  I'm not sure if anything changes for off-market listings.  Not sure why it would, but then again I don't even know what I don't know!

Marty Lindstrand · Answer

Do you guys close with a title company in California or do you close with attorneys?

Andrew Robbins · Answer

Good advice, all. Thank you! To be more specific, I think I'm talking more about buying from a wholesaler.  My only experience buying thus far is through more conventional means MLS etc.  I just remember signing a million documents with contingencies, negotiating to have the seller pay for certain things, while I the buyer paid for others, etc.  So while I'm not afraid of jumping on a deal if the price is right and making the right offer monetarily, I'm just not confident about any of the fine print -- i.e. not putting in the right contingencies, and/or getting stuck with huge expenses that I didn't count on because I didn't put the right terms in the contract.  I didn't have to worry about that stuff till now!

Marty Lindstrand · Answer

Making offers on bank owned stuff is kind of a lost cause to say the least. One should keep an eye on them but ones own marketing will produce the best deals. I have yet to get an offer accepted on bank owned stuff and I have probably put in offers on well over 100. Short sales are still an affective way to go. I have good success with them although you don't get them all. I get over 75% though and that's really good

Aaron Quaye · Answer

@Marty Lindstrand  is on poin . I have been listening to Sean Terry for a while he has good stuff.

Marty Lindstrand · Answer

Sean Terry Flip2Freedom  Acadamy. Sean Terry podcasts on Itunes. Browse both and offers will not be daunting. You know it only takes 1 dollar to make a contract binding. I give people 20 bucks and tell them I'm buying burgers tonight. NOTHING VENTURED, NOTHING GAINED. Drop the fear and JUST DO IT.

Andrew Robbins · Answer

Thanks, Wayne. Glad that's not an unreasonable ask.

Would a realtor help write an offer to a wholesaler for a newbie?

Most Popular Reply