All Forum Posts by: Carla Reid

Sam,

Who suggested this to you? An agent or someone else?

On the flip side of what Nick said (luv ya Nick!), if it was suggested that you talk to them (them meaning an agent) about an exclusive contract, it could also mean that you talk to the agent about an exclusive contract in which they will only bring you their short sale listings, not necessarily the agent requesting the exclusive contract.

The Buyer-Broker agreement is different. The Buyer-Broker agreement is an agreement between you as a buyer and your agent in which you agree to solely use their services to purchase property(ies) for a specific timeframe. If by chance you use another agent during the agreed upon timeframe, you are still obligated to pay a commission to the agent you had the agreement with.

I do not ask my clients to sign such an agreement, and I wouldn't suggest anyone do so. I'm sure other agents will be upset with me for saying so, but I prefer doing business with those who work with me by freewill, not by contractual obligation.

Ummm that's kind of what I said you weren't a agent so you don't know, and you still don't you are not a listing agent, you are a buyer agent aka take offer, fax bank offer, tell buyer yay or nay. in which there is nothing wrong with that but stop acting like you do so much for your clients, how many times have you got the decision maker at the bank on the phone and went to bat for your client? How many times have you went and met the BPO at the property and got in his ear to make sure it was priced right? How often do you sit down with your clients and go over every detail about the property, like you would if you were investing in it....answer- never

Never? Wrong answer Demetrius -- like most of what you've been saying. I have no idea how you have come to the conclusion that I'm NOT a listing agent? Did I say that I wasn't a listing agent? Nope.

In a previous post I gave an example of a clause in an approval letter for a short sale that I received from the bank in which I WAS THE LISTING AGENT. And I just met a BPO agent at a listing last week for yet another short sale listing to ensure the BPO comes in at the right price. You know what they say about ASSUMING.......

I go to bat for my clients every day, that's why they hire me, to represent their best interest.

You know nothing about what I do in my business. You are making all these assumptions by merely looking at my profile... foot in mouth comes to mind.

I won't be spending any more time on this thread as it's a HUGE waste of time, plus I don't have anything nice to say. More importantly, I'm going to respect Josh's wishes, I suggest you do the same.

You are correct Ryan, a lot of Realtors aren't well-versed when it comes to investing. Like I mentioned in my post above, it is a niche for Realtors. You seem pretty sure about your statistics. I'm not sure that I could agree or disagree with your statement, as I haven't seen any factual data to back that up. I'm sure based on your experience with Realtors, that may be true for you. As it may be true for other investors.

To flip the coin, in my personal experience, (my own statistics) 75% of investors that I've come across that say they're investors, do not have an understanding of investing. So, the same goes for Realtors who work in the investing f, a good portion of those who claim to be investors will be a waste of time. Now, do I talk a lot of trash about them? Absolutely not, I help them in any way I can.

My point is, with all the generalized statements that are made regarding Realtors a new or even season investors may miss that opportunity to work with a true investor-oriented Realtor because they've had all the negative reinforcement drilled into their brains -- and miss that prize as you say.

Nothing is wrong with baking cookies. In fact, I came up with a grand champion award winning chocolate chip cookie recipe in my younger 4-H days. :D Just didn't appreciate the context in which it was used.

and most times the first question a homeowner wants to know is how long do they have before they have to move out, and our answer is "you have time, if we buy the home you will be notify of your options after the closing" , (nothing is being work out or guaranteed by this)

Whatever makes you feel better. Nothing may be "being worked out or guaranteed by this" but you are implying it, and based on your previous posts it's pretty clear.

You're right, hold on let me tell you how great you are! You seem to be taking this very personal considering you weren't even a agent when all the crap was going down?

You don't have to tell me how great I am. Frankly, I could care less what you think of me. I wasn't an agent at the height of the market, I was in another area of the industry. I'm not taking it personally. You seem to be taking the height of the market personally. I'm convinced you bought at the height of the market and felt your agent lead you astray, and now YOU are taking it personally.

I also see that you are on a different post where the people there are REALLY taking it to real estate agents a lot harder then I am and you are there trying to defend your fellow agents again there.

I'm glad that you've taken the time to check out my other posts. I was voicing my opinion, just as you are. I was giving another point of view.

Get with it! You said you do rehabs, and Realtors are like Gods as you would have one to think

Realtors are like Gods?! Really? I said that? Huh, I missed that in my posts. I’m not going to get religious on you, but believe me, I would never compare anyone to God.

do you pay 100% or more of the asking price for the properties you are working on, because if that property is listed with a realtor that price must be fair and correct RIGHT?

This question is pretty far out in left field, but I’ll humor you. I typically don’t buy homes I’m going to rehab on the MLS. Generally speaking, properties listed with a Realtor are listed at retail not wholesale, but you knew that right?

I was answering your out of touch remark about me seeking out and making a profit off distress homeowners.

Who’s out of touch? I was making a point, but I guess you missed it by a long shot.

Oh and just was wondering you talk about credibility when you are a Realtor in one of the nation's highest foreclosure states why would anyone in their right mind take real estate advice from you or any Realtor in one of those states????

That’s just an asinine statement/question. Since Ohio had one of the highest foreclosure rates in 2006, it's safe to say none of the homeowners you speak with are in their right minds if they take advice from you, right? Do I understand you correctly? Stupid, stupid statement. :roll:

You also have a horrible governor (but that topic is for another place)

Again, you're out there in that left field. You’re right it is a topic for another place. Try the “off topic†forum.

First thing Carla you are right I do buy short sales, and I have done about 15 deals this year, and on everyone of them I have gave the homeowner the option to stay in the home on a 5 year lease option at the EXACT price I paid for the short sale giving them plenty of time to work out their financials and credit while only paying a fraction of what they normally would plus 4% apr on the back end when they repurchase the home. so yeah you're right I don't feel bad WHEN I TELL THEM TO STOP PACKING AND CUT THEIR PAYMENT AND MAKE MY PROFIT OFF THE LOW BACK END INTEREST

Well, well.. Demetrius I sure hope you are disclosing this to the lender --. Most lenders I deal with require an arms length transaction. You could be perpetrating a fraud... just like all those worthless Realtors out there. :roll:

The following is the exact language I received in an approval letter just recently:

“Whereas, all parties relevant to this transaction are hereby indicating to ******** that no party to this contract is a family member or business associate or shares a business interest with the mortgagor(s) or mortgagee. It is further stipulated there are no “hidden terms†or “special understandings†between the seller(s), buyer(s) or their agent(s) in order to entice, induce or otherwise defraud the seller’s mortgagee in this transaction. This purchase contract is not assignable. If the purchaser intends on performing a simultaneous closing (aka flip) such a transaction can take place only if the re-conveyance is of equal or lesser value as to the current sales price indicated in this transaction. The Buyer(s) & Seller(s) nor their Agent(s) listed below have any agreements (written or implied) that will allow the Seller(s) to remain in their property as renters or to regain ownership of said property after the successful execution of this short sale transaction.â€

HUD/FHA/VA, Fannie Mae, Freddie Mac & FDIC are now carefully auditing short sale transactions going forward and are also looking at past closed short sale settlements that may have been considered non-arm's length transactions.

Just be aware that HUD/FHA/VA, Fannie Mae, Freddie Mac & FDIC do not want to see anyone obviously taking advantage of their financial disadvantage. Lenders and investors will not tolerate situations that allows the distressed homeowner to benefit from their loss.

AND, not that it's any of your business Demetrius, but I sell alot of houses per month representing both buyers & seller. I'm also an investor focusing on Rehabbing. In fact, just finishing another one up after having done most of the work myself.

and what I have to offer to other investors is if you do use a realtor make them work! they should be able to tell you every detail about a house and neighborhood they are trying to sale to you. Make them prove their numbers, make them give you full complete details about the property you are interested in with pictures of everything in every room and all around the outside of the home....no reason in the world a investor should be following a realtor around all day looking at 20 30 houses that's their job to do the leg work that's why they get paid, the only time you or your contractor should go to a property is right before you close on the deal to verify all the info you were given is correct and it's that moment you will find out a lot about your realtor.

I wear many hats and have many talents, none of which include having to "prove" my worth to my clients by being bullied around by them. I respect them and they respect me.

You act as if Realtors are uneducated, spineless individuals that will take abuse to make a buck. Not even close. Most Realtors I know have higher educations and have chosen to work for themselves rather than be stuck in the 9-5 rut. Most would tell you "next" if you tried to run that crap on them!

Your credibility is somewhat questionable to me considering the fact that all you've done is expose us to your negativity, spout off all your accomplishments and brag about your income. Most REALLY successful investors I know are discreet and don't feel the need to brag about their income. They walk the walk, not talk the talk.

Why don't you find another thread on one of the areas you specialize in and actually contribute something worthwhile.

My final words of wisdom would be to learn the proper use of the words "sell" and "sale." This may cause me to take you a bit more seriously. (probably not)

Now, "Thanks for playing Demetrius we have some lovely parting gifts for you" as well.

This has been an entertaining thread. J Scott you've done a good job of making the points I would have myself.

Demetrius, you sure seem to think you know so much about Realtors having never been one yourself. The idea that "Realtors base their listing price off of average listing prices for similar homes in that area rather than actual sales prices for similar homes" is ridiculous. What would be the purpose of listing a home and just "wishing on a star" with some random list price that the home would sell?

Every Realtor colleague I know soley bases their list price off of recent sold listings in the immediate area, not some pie in the sky number.

You blaming Realtors for all this trouble is laughable, yet entertaining. There are bad seeds in every industry --dare I say, even investors-- :wowo:

Based on your postings, you've stated that you wholesale and your profile states you are looking for short sales. Do you not make a spread on these?

Wouldn't you say that you speak with unsuspecting/desperate sellers that maybe don't understand the true value of their home, yet you convince them to sell to you at a discount and then you turn around and sell it at a higher price for a *drumroll* PROFIT?!

Do you feel sorry for your buyers that you've just sold to? Because maybe you've just made 20k when they could have gotten it for 20K less had they just gone around you or found the seller themselves.

Also, do you do Short Sales for the warm fuzzies, or do you make, I'm going to say it again, a PROFIT? Do you not find sellers in distress and get the bank to agree to sell to you for less than you sell to your end buyer? Wouldn't you say you are then "jacking up the price" of the home? After all, the bank is willing to sell for less, you could then just pass this wonderful deal on to the end buyer without you making a profit. Could you not? Your profit on the deal is what is "jacking up" the end sales price.

Your only contribution to this community has been to come on here and bad mouth Realtors. Did you start posting to spread negativity, or do you have anything positive to contribute to fellow investors? Hopefully, it is the latter.

The one in Chandler is down the street from my house. When it was first opening, and I didn't know what it was, I couldn't figure out why an ambulance was always in the parking lot.

Oh, and my favorite Mexican restaurant is The Original Garcia's on 35th Ave & McDowell. Yum!

I usually don't mind or get offended by all the agent bashing that I see throughout the forum, but it can get old. :roll:

I don't sit open houses from 2-4pm on Sundays and have yet to bake a single batch of cookies.

Working with investors is a niche for agents, and yes, finding an agent that is educated in investing and keeping up to date with the newest investment strategies can be difficult.

Just like lawyers or doctors who typically choose a niche for their services, so do most real estate agents.

The stereotyping gets boring. :boring:

An Agent being in the business 20 years and an escrow agent that has never heard of a double close is a huge red flag, especially an escrow agent. Yikes! :wowie:

I would suggest finding an agent that is well-versed in working with investors. You need an agent that is on your side and won't be throwing a monkey wrench in your deal!

Additionally, seeking out a title company that specializes in working with investors and understands your investment strategy would be a good idea. Many of these title companies will give investors and their buyers up to a 50% discount on closing costs which can really add up. :D

Most Asset Management companies have an agent rating system in place. With these companies it is true that listing agents are graded and one of the items they are graded on is list price compared to sales price.

For instance, with each of the companies I've worked with, they want to see the sales price 85-90% of list price at a minimum. If agents consistently sell the assets below the 85%, they are in danger of losing those accounts.

As a general rule of thumb, you won't see too many offers being accepted more than 5% below list price for the first 45 days.

I'm NOT saying it doesn't happen, but from my personal experience with AM's, this was the procedure they were required to follow from the "powers that be" within their organization.

Personally, I submit offers for clients all the time that are at 50% of list price. I don't let this deter my clients (or myself) because it is a numbers game, and you just never know when you'll be able to get an offer pushed through and accepted.

Like Peter mentioned, only offer what makes sense to you and your investment strategy. Don't let the 85% influence your numbers. If you're offer is not accepted, just wait a few weeks and try it again. The longer the DOM, the more motivated the AM becomes to get the asset off the books because they are graded on their performance as well.

Just FYI, the AM's receive monthly bonuses based on their previous months numbers. So, if you want to lowball, a good time to do this is the 2nd week of the month. Offer a 2 week close (if possible), and you may just see your offer accepted. :mrgreen: