pro/con using RE agent's contract vs. my 1 page contract

[Cindy Crane]

A realtor friend, gave me a lead on a property that is not listed on the mls. Another realtor, friend of the property owner, sent my realtor friend an email about this property. I am interested in purchasing it for 2K, however my realtor friend presented me her contract and I am used to using my 1 page, straightforward contract that contains a couple of escape clauses. I am leery of signing a 5 legal page contract, even if it has my terms. I understand that by using the realtor's contract that the agents will earn a commission. Is there anything else that I should be aware of/skeptical of in this deal. Thanks.

[Bill Gulley]

Cindy, welcome, I see you're new.

You probably won't like my suggestions.

Trash you one page contract.

Get away from guru strategies and get a good knowledge of the basics of RE.

Read here and study, start over.

Avoid this deal, you have Realtors with "pocket listings" that are unethical and probably illegal, you don't have the ability to buy, probably don't have a buyer in hand, you want to avoid commissions basically cutting out the Realtors and basically, you are competing with two Realtors to find a buyer, posing as a buyer will just lead to problems. The Realtor may have an authorization to show and a commission agreement.

Again, read the wholesaling threads. :)