how to get a realitor to sell a sub 2 house

Question

I have a house that I did a subject 2 on and I have a deed but I have not filed it and she will not list the house until I file the deed, why is this? One thing I have learned in RE investing is sometimes it is better to control the property than to actually own it.  How do I explain it to her bc I want to use her on other deals that I want to wholetail and some of my subject 2 deals.

Dan Walters · Answer

You need to record the deed, otherwise it looks like you are trying to hide something.  I suggest having a POA for your seller(s) along with a recorded deed to clear up any discrepancy.  You will need it anyway when it comes time to get authorizations from the current lien holder to order a payoff.

Granted this is a complicated concept for 99% of realtors to understand, so yes I would just go find another that does understand or is willing to learn.  However, having a recorded deed showing legal title and a POA will strengthen your position with the realtor or broker doing business with you.  Worst case, get the POA.

Wayne Brooks · Answer

As an agent, I would Not be in the middle of a sub2 assignment.  If you were selling for cash, and closing out the underlying mortgage, fine.  As for assigning the sib2, the reason is just as you stated, "you want to make a few bucks and move on down the road".  You're assigning a land mine waiting to happen, which the original seller has no control over.  I'm just guessing that all the proper disclosures with the seller weren't executed either.  You don't need an agent that "gets it" for this transaction, you need an agent that "doesn't get it".

Ned Carey · Answer

Frankly it is tough to explain and a tough sell to an agent to represent you. Ther is real risk in it for the agent in a deal like this. Now the assignment of contract I think is less risky for an agent but still many agents or brokers won't do that kind of deal.

My best suggestion is to look for an agent that is a creative investor themselves or regularly deals with investors.

Wayne Brooks · Answer

Usually, if you don't Own it as per public records, an agent can't list it, as per MLS and individual Broker rules.  Why would you Not record the deed.  Trying to avoid transfer fees, limit liability if something blows up?  The title co. nor the lender for the new buyer aren't going to close the transaction from you, unless and until you've recorded legal ownership anyway.  The "chain" of title in the public records needs to be unbroken.

Chip Chronister · Answer

@wayne brooks as an agent I wouldn't get in a sub2 assignment either, I am looking for a end buyer, So I am really wanting to do an assignment of contract on this house,

I guess if I want I could get the owners to sign me a deed and I could file and turn around and let them hold a quit  claim deed.

I just really want a realtor to find me a buyer and put this a deal together.

Chip Chronister · Answer

Ned the reason I want to use her is that she is big in the Hispanic community, I am going to file it on Friday, And I have another in the same area that I am closing on soon in my IRA.

But I have one that I am going to get one Friday that I am going to put under contract and sell it and she would be good to do it but I am not going to be able to get the deed I want to  do a quick assignment of contract and get the house sold fast for the seller and in the mean time I can make a few dollars and move on down the road. This house is to much for a wholesaler and I don't mind giving a RE agent some money for a fast sell.

How do I explain it to another RE agent or should I just find one that knows what they are doing?

Ned Carey · Answer

@Chip  Chronister  If she doesn't want to list it, just find another real estate agent for this deal. You have an equitable interest in the property and have the right to sell it. That doesn't mean an agent has to list it. Reselling a sub-2 deal has risk for the agent.  I wouldn't want to do it either If I was an agent.

Does the previous owner know you are reselling this deal?

You may want to check out this thread

http://www.biggerpockets.com/forums/50/topics/1410...

Ned Carey

how to get a realitor to sell a sub 2 house

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