All Forum Posts by: Becca Summers

I think this is a great question. If as a wholesaler the agent doesn't enter into a agent client relationship and therefore doesn't represent the seller then they'd have no fiduciary duties to that seller. However the agent would need to disclose that they are a licensed real estate agent. I could see a seller coming back on a wholesaler who's licensed as real estate agent claiming they didn't disclose that and then they could probably lose your license for taking advantage of the General Public. A way around it would be to charge a commison instead of an assignment fee. However if the wholesaler/ agent made a lot more than the standard market for commison I could see another complaint.

Honestly probably not, that is what the due diligence time is for. The inspector probably has a clause protecting himself from recourse. You would have to prove the seller knew and willing didn't disclose, which might be possible with the renter but it could turn into he said, she said unless your renter has written documentation like an email.

Zillows goal in life is to get your contact info and sell it to buyers agents. They keep properties on there as long as they can. Double check your MLS website to see if the properties are actually available. With those dates my vote is the properties are short sales. They remain active until the bank accepts the offer which can take awhile. I saw one make it to 600 + days.

You could give specific POA to a family member for that one transaction. I see this a lot when a spouse travels for work. The title company can do it.

Does the seller have an agent or is it the blind leading the blind? If the seller has an agent you could let them write the offer ECT but they won't be looking out for your best interest. What does a buyers agent do besides negotiate. The main things, write offers, keep everyone on a timeline, inspectors, sellers, sellers agent, lender, appraiser, title. Negotiate inspections and appraisals (lots are coming in short right now good for buyers if the seller will negotiate if not a lot if wasted money or cash out of pocket) Protect your EM keep you and sellers from breaching contracts. Review seller disclosures and HOA docs if in an HOA. Make sure the home is worth the offer price. Review loan docs and closing disclosures.

What does the contract say? My stats is push broom clean.

Each state is different but yes you must have a broker over you for a certain time and number of deals before you can go on your own. You can always look for a low fee brokerage that charges per transaction. The nice thing about being using a brokerage is your broker will have errors and omissions insurance. So you won't have to hold that insurance you will probably have to pay a fee to be part of it. Mine's like $25 a transaction. But one thing to think about wholesaling with a license you might have to use the state approved contracts when your whole selling and in my state the state approved contract is not assignable.

@John D. your right it can be an awkward conversation with a buyer. If said buyer had a represntation contract with the agent seeing a home not offering whatever the buyer and agent agreed on for commison means that house could cost the buyer more money which is why a discount broker listing might revive less traffic. My MLS won't allow pocket listings homes hvae to be listed within 10 days of the listing being taken unless the seller gives other instructions. A reason some agents don't like discount brokers is negotiating with the sellers is annoying as some don't understand what is common in the market, scheduling showings takes longer so when you have a buyer who wants to see a house in less than 24 hours and the seller isn't responding to calls and text because they work a 9-5 it gets frustrating.

Tenents treat you how you let them. I recently took over managing a property for my parents where the renters have been there almost 10 years. Always late and often months behind. They would use there tax return each year to catch up. I took over last year when then where a month behind and 3 days late for the current month. I had my attorney send a 3 day pay or quite. They paid in full stopped by my house and asked if I was going to try and evict them, I said no as long as you pay. They haven't been late once. Finish the eviction do the repairs and then work on being kind but firm.

Well that depends. How long has the property been on the market? Has it had any price reductions? Has it been under contract before? If it's first weekend on the market the seller is less likley to take a lower offer. If It's been in over your average days on market for that price point with no price change and hasn't been under contract then it's been exposed to the buyers of that marker and they have said nope we don't like it. That will give you a lot more room to negotiate. I feel the get it under contract and beat up the sellers is the wrong approach and leaves a bad taste in people's mouths.