Suggestions?

3 Replies

Hello everyone,

First I would like to say thank you for taking the time to read my post. It's great to be part of such a great community. I am a newbie and I havent done a deal yet. I am located in the NYC area.

I am interested primarily in wholesaling properties and now I am also considering lease options, Thanks to @Brian Gibbons and how helpful he is on BP.  

Today have I received multiple calls from several people interested in selling their homes in Florida and New York. I know that this is not the Market place and that is why I am not including the exact details. But I would like to provide an example of one of the calls that I received, to paint a better picture of what is going on to get the help that I need.

One of the properties is located in Florida. The property is listed for $89,900. He left me a voicemail that they have actually lowered the price to $65,000 and they are interested in a cash buyer. This property has 2 units, a 1bed/1bath over a 2bed/1bath, which means that it might have potential for cash flow as well. He mentioned that the property has new electrical, new plumbing, new tile, new carpet and so on. He appears to be very motivated to sell.

Once I explained what I am trying to do, he mentioned that he is already working with a real estate agent, but he/she has not been able to sell the home and that he imagines that this would not work for me. I am actually not sure whether this works for me or not, so I advised to keep my contact information in case he changed his mind and that I might follow up with him in a few days as well. 

What are the options when the seller would like to work with you, but is already working with an agent? I also do not want to bump into someone elses "territory" but if they are not actively working to help the man sell his home, then I would like to help.  

I know that its frowned upon to use free sites such as Zillow, however, it is the tool that is currently available to me at the time, since I am just starting and I havent been able to work with anyone yet. I am aware that the site is not as accurate as the MLS. However, I do try to use the available features to their maximum potential by searching for recently sold properties in the area. This property it self may be over priced, which is why I believe the seller has not yet been able to sell the property, but in the event that I come accross a similar scenario and I am able to bring the price down to a reasonable number, will the real estate agent thing be a problem?

@Desiree Claudio  

If he already has a RE agent, there's nothing you can do until the listing agreement expires.  The seller will have to pay the full commission to the agent, regardless of where the buyer lead came from, and if you are not licenced, cannot receive any referral fees. 

Call the seller to find out when the listing agreement expires...