All Forum Posts by: Account Closed

Hi @Fiona Humphrey

I am a local real estate agent and work with all types of investors. 

This site is pretty amazing and touches upon almost every investing idea out there! Feel free to email me so we can connect in the coming future.

-Sophia 

Can you elaborate on your response? What types of obstacles may I run into that I couldn't resolve? My business partner and I do all of the rehabbing ourselves.

Thanks @Guy Raveh . Apologies, I wasn't clear in my initial post. So I am using a listing agent, and she is the one that has the buyer. So the agent will be completing a dual  representation (legal in NV). Do you think it is fair for me to ask the agent to do the deal for 4% - so 2% for each party? Because I am using an agent, are you saying this removes all liability from me if I properly disclose?

Also, I plan to complete the renovation for the buyer, so I will incur the renovation cost. 

I just closed on a property and have a potential buyer for the house. The buyer may be open to purchasing the house now (pre-renovation). If this is the case, how should I proceed with the transaction? I assume I would sell the house to the buyer (all cash buyer) at ARV. I would draft a work of scope outlining all of the work that would be done on the property. How involved should I let the buyer get when deciding what types of finishes are used, etc. and how often should I allow the buyer visit the premises? I know legally I don't have the ability to ban the buyer from coming to the premises since she will own the property. I am afraid of the buyer coming to the property everyday, requesting all kinds of changes, and frankly just being annoying. What's the best way to minimize this?

Are there any legal issues I can potentially run into with this scenario that I may be over looking? I would assume the best option is to have the work of scope drafted by an attorney? 

Any other thoughts on this type of transaction?

Thank you@Brandon Hopkins  You are absolutely right. I'll have to give her this listing and then go forward on my own. I've already budgeted agent commissions into my deal anyway. It's just frustrating because I feel she won't be much use. 

I am struggling with my real estate agent. I've been working with her now for approximately 2 months and initially mentioned that if she brought me a deal that she could have the listing agreement once I fix it up and am ready to flip it. 

However, over the course of our relationship I haven't been too happy with her efforts. I think she is really trying her best, but she is swamped and doesn't have the time to really search for properties for me. She doesn't know how to provide an ARV, and doesn't know how to locate a good deal. I have been guiding her the whole way essentially just telling her to bring me all of the dumps in the city and I will determine what's a good deal.

I am going to have my RE license within the next month or so, and I am not sure how to break off our relationship. I have a property under contract that she found for me, but to be honest I don't want to give her the listing once I am ready to put it back on the market. I feel like I will save thousands of dollars by listing it myself and will do just as good of a job as her by listing it myself. 

What is the proper way to break off our relationship? I don't want to burn any bridges and want to remain professional. Do I have an obligation to give her this listing because I did verbally tell her I would if she finds me a deal. But I also didn't have my license back then too when I said that.

Thank you  @Chris Martin @Jeff Bridges @David Sicherman All very helpful and informative.

The seller hasn't emailed any of the documents he said he would. So I am beginning to think he is hoping someone will willy nilly buy the property off of him without asking for any documentation or additional information surrounding the HOA lien. He wants a blind buyer! This is my assumption but he may have decided to keep it, or sell it to someone else. Or maybe I'll hear back from him and if I do I'll keep you posted on what I find out.

thanks @Wayne Brooks  I'm calling my title company first thing in the morning. 

Thanks @Jeff Bridges  One follow up question - if I negotiate a price with the attorney on the outstanding debt and pay that off once I purchase the property, is the attorney responsible for clearing the title? How long does that take normally? This may be why the investor wants to dump the property. It may take too long to clear the title.

Once the attorney removes this lien, will the property have a clean title and qualify for title insurance (assuming there isn't anything else clouding the property)?

Are you saying that if the property has been foreclosed on that I will be responsible for paying the debt owed? Is this the case with all foreclosures? You are responsible for paying the outstanding debt? I guess that would make sense because foreclosures listed on auction.com mention the amount owed.