Investor · Bettendorf, IA · Member since 2015 · 22 posts · 13 votes
I found a deal on CBRE website, looking at the disclosure I noticed the seller only pays seller realator costs. So my question is what is my next step and can I contact their realtor not wanting to spend the money on my half?
It is a large purchase so I don’t want to screw this up by asking the wrong person the wrong questions.
The current mortgage in place is assumable, and no list price, do I assume current mortgage is equal to sale price?
Thank you
Mark
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
8y
Why on earth would you assume the mtg balance is the sales price?
You can use the listing agent but if he agrees he won’t “represent you for free” and he is also obligated to the seller.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
8y
Why on earth would you assume the mtg balance is the sales price?
You can use the listing agent but if he agrees he won’t “represent you for free” and he is also obligated to the seller.
Investor · Bettendorf, IA · Member since 2015 · 22 posts · 13 votes
8y
@Wayne the flyer didn’t have a price. Just information on the current assumable mortgage. I read the contract and there is a 1%!transfer fee. That would be 650k. Other than those two figures I couldn’t see an asking price.
Real Estate Broker · Chicago, IL · Member since 2017 · 96 posts · 69 votes
8y
Are you currently working with a broker? Have them reach out to the listing agent and pick their brain.
I know as a broker myself, if a buyer came to me and was forced to pay commission to me, I would be totally understand if he wanted to go off and buy something without me. This business is all about relationships, so your broker should know he/she sometimes has to work for free if he/she wants to stay on your good side the rest of your investment life.
See what your broker can do. They have resources that common folk won’t be privy to
Investor · Bettendorf, IA · Member since 2015 · 22 posts · 13 votes
8y
@Ted all my real estate is in Iowa, my Target property is in Chicago. I have no connections. It’s a large commercial property, my first step is to see if I would qualify for loan assumption, before talking to the broker and making an offer. Then if needed, crowdfund for any remaining funds needed.