I'm certain someone has already beat me to this question, but I'll ask anyway.
Does anyone, or HAS anyone ever completed a wholesale transaction on a piece of property that is being sold by a realtor? How was your experience, how different was it as opposed to let's say an FSBO, and is there anything to watch out for?
I see a few abandoned properties that are at a decent discount from some of the comps I'm pulling, but are represented by realtors. And reading what I normally read about realtors, some are friendly and willing to work with you, some hate wholesalers/investors with a passion.
You're right! Some are investor friendly and will work with you to make a deal where everyone wins. Others will act like you're trying to grab the house and run away with it.
I recently had an unpleasant experience with a seller who was also the agent. She insisted that her property was worth much more than my estimated ARV because the tax assessment said so. That made it clear to me that there are many agents that don't have a clue what investors are looking for and how they operate. Many others, like the ones I've met on BP are very friendly, knowledgeable and investor friendly.
You'll just have to call these agents and ask if they're willing to work with investors and assignments.
@Dustin Verley the biggest issue your are going to have with an agent is structuring the deal.
for instance if you are looking to do an assignment, many agents have no idea what those are.
in that case you better prepare yourself for a double closing.
also, if you put a property under contract through an agent and they find out you are marketing it, that may also throw them off.
make sure you are not just putting properties under contract with agents and then simply walk away from the deals if you cant find buyers. that will very quickly ruin your reputation.
thus, I always have my own agent represent me in realtor based transactions. my agent knows how to correctly structure my deals and how to correctly approach the offers with other agents.
if you need more help just PM me...
@Pratik P. Thanks for the insight. And as for the seller/agent, you're right, I don't believe she knows the inner-workings of real estate investing to solely believe what a tax assessment says. Two different worlds.
@Peter Vekselman Great insight! Thanks for sharing and I will definitely reach out to you if necessary.