All Forum Posts by: Michael J Scanlon

@Josh C.

The “unethical” is because I am a realtor and I don’t know if my fiduciary responsibility is to make them the most money or to respect their wishes of getting rid of it ASAP

Make more sense?

@Josh C.

I said they were willing to take as much as 50% if fair market value because that’s what the owner told me. She said she would go extremely low just to get rid of it as fast as possible

I was considering wholesaling it because there is money to be made for someone willing to wait for the right buyer

They are not willing to wait

A flipper offered them $15k so I told them at worst I could do a lot better than that.

Another realtor mentioned charging them more commission because if I list it, they want it sold ASAP.

My ideal is to offer them above fair market value in seller financing so they can immediately sell it and get more money than they ever would have on the open market but that hinges on the hoa allowing rentals.

@Josh C.

I think you misread everything above

@Jacob Kline

They want it gone as fast as possible. They don’t want to deal with the headache.

@Mike Cumbie

That sounds very reasonable.

Is that a $5k split? Or $5k for me and what does the buyer’s agent get?

@Elliott Elkhoury

It’s so hard to gauge because within the same condo complex, this past year a few (all 2/1.5) went for about $79k. Then a few (also 2/1.5) went for as low as 36k and 39k

So an end buyer is somewhere between $36-79k all with similar features/Reno work

A fair cash offer is $25k in my opinion as a wholesaler (70% of the lowest fair market value)

@Elliott Elkhoury

Yes I’m in Illinois and I would have to disclose that I am an agent with interest in the property

But they had a flipper offer $15k when fair market is at minimum $36k so I would still be helping them no matter what I do

@Mike Cumbie

I guess I wasn’t really aware that I could charge such a high commission because it’s a very small deal (comps are wildly different in the same condo complex for the same exact 2 bed 1.5 bath ranging from $36k to $79k over the last 6 months to a year) so there’s not a lot of money to be made.

If the condo association will allow renting, I can offer them a better price if they would do seller financing but I guess it’s either that or list it as wholesaling would be tricky.

@Bob Daniels

I'm trying to verify that the HOA would allow renters. My ideal is buy and hold but the seller believes the HOA does not allow renting. The association hasn't answered their phone yet today.

@John Warren

My main objective getting my license was to buy property for myself and I haven’t signed anything with them. But I want to do the right thing.