Real estate deal is listed with an agent.

[Luis Bravo]

what would i tell a motivated seller that has their property listed with an agent?

[Account Closed]

Question: What would I tell a motivated seller that has their property listed with an agent?

Let the seller know you are a buyer and that you do not circumvent contracts (to do so is known as Tortious Interference and it is illegal) that the agent can facilitate the transaction and as a professional he has listed the property to help you get to the settlement table, use state and local forms and disclosures and will screen you from rip-off artist and dishonest wholesales from taking advantage of you. You have an agreement with the agent and should honor it.

Talk to the agent - ask questions - read the listing - do your comps - understand what you want to accomplish:

• how long listed (the longest on the market the more motivated the seller)
• how many times has the listed price been reduced (gives an idea of motivation)
• balance of mortgage, interest rate and terms and the amount of the mortgage payments (helps to determine the equity)
• vacant/occupied - by whom - rental - lease - how long
• who is on the deed - can you buy part interest in the building
• code violations - back on taxes or other liens
• what repairs necessary immediately - estimated cost
• how much will the seller contribute to buyer at settlement
• has the seller been cooperative - reasonable - easy to show
• current or back in payments (how long and how much)
• why hasn't the property sold (over-priced - seller not cooperative - area - condition - ALL PROPERTIES SELL AT THE RIGHT PRICE!)
• why is the property on the market (need for cash, moved - down-sizing - family)
• has it been previously listed - how much and for how long - why didn't it sell
• will the seller consider - lease with option with possession - seller take back - a delayed settlement - 1031 exchange - joint venture with hybrid auction marketing
• days on the market
• always read the remark section of the listing
• ask the agent for some inside information (off the record) about the property

Why are you interested in this property?

• You want some fast cash flow (you have the skills and expertise in assignments)
• You want to Buy and Hold
• You only want to assign your contract (assuming you have the skills to control the property)
• You know exactly how much you might make on the transaction because you understand that local market - the comps help and your gut says GO FOR IT!
• You want to do an Auction Flip (the absolute fastest way to to get a bundle of cash - provided you have the skill to pull it off - cash in hand within 7 weeks - as is- all cash and no contingencies)

Some suggestions:

• Use a Skinny easy to understand contract offer with full profit disclosures
• Have you Assignment Agreement in order
• Do a "Bring to Date" title and lien report - 
• Start your marketing immediately 
• Always ask the sell if they have any other properties for sale
• Always ask ...."Is that the best you can do?" (never stop negotiating - ask for buyer incentives - the furniture, car in garage, money back at settlement, possession - delayed settlement - subject to existing financing - offer a hybrid arrangement, financing secured by other property, no interest mortgage - split note financing - re-fi for take over/assumption)
• Always consider second stage negotiations for price reduction (give good reasons - exposed repairs after inspection - other issues found)
• Use safety contingent clauses in the event 3rd party assignee is not located
• Since you are doing your due diligence this target building - you should look for expired listing in the area and make offers on them also. You are going to buy one - why not two?

Good information is the key to making good deals and making some serious profits in the real estate business - always know your forms - the reason why you are negotiating - how much you intend to make. Do not become emotionally involved - Be a DON'T WANT-ER - LOOKING FOR A DON'T WANT-ER! 

Always be ready to W A L K from the deal if your nemesis is pushing too hard! There are just too many deals out there to be pushed too hard!

When getting all this intel - you will be in a better position to control real estate at a great profit and will be able to make large sums of money all the time.

Charles Parrish