All Forum Posts by: Josh K

Aaron - Thanks for your reply. Sorry my question was ambiguous, yes in this case I would be the buyer/principal as well as my own broker. I want to establish a single agency with myself and make it clear that I am not representing the seller. I think the SNA form you mentioned is just what I am looking for.

I'm intrigued by your second comment however. Does that rule apply only when dealing with an unrepresented seller, or anytime a broker purchases property? Do you know the rule name or number so I could reference it when I contact the DRE? I'm not yet a licensee but I will be soon and just want to make sure that being one won't be a hindrance to my investing activity. Thanks all.

As a licensed real estate broker, I know you must verbally disclose to a seller that you are an agent. But if you work with an unrepresented seller (ie an FSBO seller) as the buyer in a transaction, are you creating any implied dual agency to be an agent of that seller? Or is there a written agreement that can be used in this situation to make it clear that you are not representing the seller?

Note my question has to do with the laws of agency, there is no commission in this case so that is not a concern.

Question for investors in CA - when you write your own offers, do you use the RPA-CA CAR form (Residential Purchase Agreement) or some other form? Any tips on logistics for writing many offers (ie, to type up the offer without Zipforms)?

Also do you use the other CAR forms for disclosures, counter offers, contingency removals, cancellations, etc?

The REO's hitting the market (at least in my area) are often ones that went back to the bank over six months ago. Also the paid services keep track of these REO's through the process and I've seen the "shadow" inventory there too. I have no way to quantify how many of these are out there, but I do know that sometimes the bank takes a long time to put them up on the market, so I was just wondering if there was a way to make an offer directly to the bank, bypassing the whole listing agent and MLS process. But it sounds like most of the major banks want to see the property listed on the MLS to generate as many offers as possible before accepting one. I'd do the same thing in their position...

Thanks everyone for your helpful replies, you guys really are pro's. I'll try out these techniques and let you know how it goes!

I've recently started experimenting with direct mail. So far I've had great response rates and the phone is ringing, but virtually every seller I talk to wants me to make them an offer before I've even had a chance to see their house or its condition. Some also ask for comps before they will show me the place. Since I'm looking to rehab these properties, I at least need an idea of the work to be done to come up with a number to give them. Normally I ask what their asking price is but every one has been reluctant to give up a number. I read in another post to never give out a number first when working with sellers.

Anyone have any advice for how to deal with these sellers to either get access to the property or get an asking price without having to give up an offer price first? And is giving them a ballpark figure first really such a faux pas?

How true is it that banks will not negotiate a short sale for a property that hasn't been listed on the MLS? I've been told this by several real estate agents but I can understand why they would tell me that - is it possible to hire a HAFA/short sale specialist to negotiate an off-market shortsale, and which banks will allow that?

Are banks entertaining offers on their so called "shadow inventory" of REO's that are sitting unlisted? If so what is the best way to find out who/where to send your offer to? Or are the banks requiring a property to be listed on the MLS before it can be sold?

Thanks guys I appreciate it. I think where I'm getting caught up is in the logistics and timing. Many of the properties I'm looking at are moving quickly, which leaves me less than a day to estimate how much work needs to be done to make an appropriate offer. When would I ask a GC to give me a bid? Prior to making an offer or while I'm under contract? And will GC's even estimate a job for a house I don't own yet? Or is it standard practice to charge for the bid and if so how much are those charges?

Thanks everyone. So when you are required to use a GC under HML or conventional rehab loans, do they literally do everything? Or am I able to hire painters and carpet people? And what if I want to do minor stuff like installing door hardware and wall plates myself?