Great property, Sleezeball agent

[Jonathan Key]

Greetings fellow BPrs and welcome to my first discussion!

First let me give a disclaimer: I generally like Real Estate agents and as a matter of fact I am attending classes in the fall to get my license (not to be a full time agent but as a competitive advantage and possible transition career). But as many of you know there are plenty of bad agents out there. So I am not referring to all REA as sleezeballs, just this one.

This agent is local to my area and is not with a brokerage I have ever heard of, they don't even have a website. This guy signs residential and commercial properties to represent that are in desperate need of repair. Instead of offering FMV he convinces last resort owners to jack up the price 20% or more. He 'oozes' used car salesman in all forms. I've talked to him about properties and walked properties with him, and even I am creeped out. So I am not a fan of his in the least.

For the last few months he has been listing on craigslist a duplex for sale. One side is rented, one is not. The side that is not is in terrible shape and will need a full face-lift. I assume the other side will as well. Rent on each half is $575 for a 2/2 which is a little below value for that area of Texas. He won't post the address so I have not looked up the CAD value, but other duplexes in that area are have a tax value at about $75k. That area of duplexes was built in 1983.

He is asking $100k.

Not. Ever.

I'm going to walk the property so I can get the address and get a full look. But I want to do a deal with the owner directly, which that type of transaction is very prominent in my area. I could get an owner financed deal for $50k-which is the goal here.

I have never tried to side-step a REA, but I don't have the stomach for this one.

Deal aside, has anyone had any experience like this? Should I wait for the listing to expire and then go to the owner? Should I just send the owner an offer letter? What is prudent here?

Or do I walk away?

All suggestions are greatly appreciated and do not constitute legal advise, just great BPrs giving some great input!