All Forum Posts by: Kim Knox

I would do it, evictions are awful.  My question would be, if the property management also handles the cost of pursuing the tenant in the event significant damage has been done to the home as a result of the eviction.  If so, I would say YES to $15.00 a month.  

I might say yes regardless, evictions are ugly, you are most commonly dealing with complete losers.  Most people might high tail it out of a rental because they couldn't afford to pay, and I find those people much more acceptable.  Evictions are generally dealing with people who are just working the system.    

We should all be so lucky, to die at home, with the people we love.  I hope all of the people I love will die with family, in a home they have created wonderful memories within.  No one wants someone they love to die in a hospital if medical care won't help.   It is the whole basis of hospice.    

People tend to be creeped out with murders, violent acts, or where abuses have occurred.  

If there are mutliple offers and the home has only been on the market for 2 days, how do you figure the list price of $125K is unrealistic?  In multiple offer situations, Buyer's are generally encouraged to put their best foot forward.    

Is it now a bank owned foreclosure,  it is unclear in your post.  You said the neighbor offered $80K for the short sale, but didn't indicate the current status.  I need more info, to be useful.   

Call a flooring company and ask for the cost per sqft of their most commonly used foreclosure flooring, then do the math.  Their cost per square foot needs to include the removal of the old flooring and new padding.

New construction are the least likely to hire new agents.  Think about it, they are the most experienced Seller (builders).  

If I were you I would focus on representing Buyers or Sellers, and take on business that is likely to result in a closing.  

Tell the managing broker what your plan is before you meet with them.  They might have restrictions about self representation that make you use another Broker in your office on your transactions. 

An office may not be interested because of the increased liability for self representation. 

They might also have restrictions on Dual Agency in your office, on self represented transactions.  You can understand why an office would restrict your being a dual agent in a sale you are vested in.  Not sure if Dual Agency is even applicable in IL, but if so, you will want to know the office policy in such situations. 

Yes, a conflict exists.  You will be asked to sign an "arm's length transaction" document by the short selling bank, which indicates that you are not collecting any money that is not disclosed in the contract.  You are much better locating a listing agent for the property BUT, a listing agent (and Seller) will be required to have the property active on the market for a certain period of time.  Meaning, you might not be the person who gets into contract with the Seller.

Further, in Oregon, a real estate agent can't pay anyone a negotiating fee except an Attorney or a fellow Realtor.  PLUS, if a Realtor hires you as the negotiator, it could be argued that they are not representing their client by recommending a non-experienced party be the party to negotiate with the bank.  Short sales are much more complicated than you are expecting.

Not only do you have to sign the arm's length affidavit, but so does the Seller and the Real Estate Agent(s).  All parties would be subject to fraud charges if you are the purchaser and collecting money on the transaction.  The Listing Agent and Seller would be subject to fraud if they didn't have the property on the open market.

Further, even if you were a licensed Realtor, representing yourself, you would (often) be ineligible for collecting a commission for representing yourself.  Banks don't consider that discrimination because we (Realtors) are not a protected class.  Many Realtor's who are purchasers do not represent themselves in short sales for this reason.    

Any company that is involved with a purchase is required to provide articles of org as proof of the signing parties and company structure. Meaning, starting another company will not stop your relationship to the transaction from being known.      

You absolutely should have told your agent when initiating a contract. REO purchases and short sale purchases do not allow assignments, so I hope you are not purchasing either of those sale types. Are you?

I could keep quiet until you said "that's just the breaks."  You indicate this is your "go to guy" and that you "will do many deals with him in the future" BUT your indicate your wife is getting her license and that they will just be collecting referral fees for her closings.  

They have shown you 90% of the homes you have toured, that makes it even worse!  Just take a moment and think about it.  Would you rather be the agent that shows 100% of the homes and gets paid, or the Agent that shows them 90% of the homes and doesn't get paid?         

When your wife is a licensed agent and working for commission, you will both have a different perspective.  Maybe your friends will accept your admission gracefully and help you feel better about abusing your relationship.  Who knows, they might offer to continue to help you because they are so invested already, with the time they have already spent on this purchase for you. Plus, they won't want to sacrifice all of those referral fees coming their way.

The mortgage holder generally requires you list your home on the market as a short sale before they will consider a deed in lieu.  If your Agent is unsuccessful at getting a short sale approval, then they will generally consider you for a deed in lieu.   If it is a HAFA, you will likely be offered relocation assistance if it is an owner occupied residence to complete a short sale.   

Bill, 

Joel is right.  A smart Agent will politely excuse themselves from this losing equation. Working with multiple agents for the same purchase is an amateurs mistake.  If you find your Agent is not capable, find another agent (to commit too). YES they are trying to lock you up so you don't use someone else, obviously!      

Investors often want Agents to turn over rocks to look for the right purchase for them, yet they want to keep their options open to close a deal with another agent or a FSBO, I don't think so! I equate it to a man who wants to marry a faithful woman, but he hopes to keep on dating. Most women would kick him to the curb. =)

I recall finding an off market multiplex for an investor when I first got into real estate about 15 years ago. We met the Seller at the property and he showed us the units.  The investor got clever and tried to eliminate me from the deal.  The investor tracked down the owner without me to see if he could swindle himself a better deal.  The Seller called me and told me.  I was furious!  Interestingly, the Seller continues to be a very good client of mine.                  

You might get someone to just add you to their auto-prospecting MLS email notification list, BUT if you want an Agent to really work towards locating off market purchases for you......announce your needs at MLS meetings to shake loose pocket listings, send out mailings, knock on doors, turn over rocks, you better be willing to put a ring on it! LOL!

Yes, some Brokerages require Buyer Service Agreements with all Agents that work with Buyers.  You could limit it to a particular service area, if you are wanting mutlple agents because you are purchasing in multiple areas.