All Forum Posts by: Anson Young

I will chime in here as I have quite a bit of experience in this area.

What Jeffrey stated is spot on. I can't even count the number of times agents have pushed a buyer who they are representing to purchase house A rather than house B because their commission would be higher. If that is not a violation of ethics, nothing is!

At any rate, I somewhat disagree with what Richard stated, although I respect his opinion. He is right in that you need to be careful who you trust, however, countless times I have formed great relationships with top REO brokers (which is a necessity in the REO biz) and although they represent the banks as the sellers, there is somehwat of a non-personal attachment as banks are just big corporate entities and I am a real person in their office whom they like, whom they drink beers with, whom they joke and laugh with on occasion.

These relationships produce great deals. I get deals at lower prices then what others have offered at times. I get deals and know about deals before anyone else. I only get this if the brokers and agents are capable and williing to quote, unquote bend the rules.
Just make sure they bend the rules (as far as their rules are concerned) in your favor and not the banks. They still have to bring in a reasonable BPO price as it will be checked via the banks outside appraiser and they still have to perform the duties for the bank.
But having the listing broker dual represent gets them the ability to double dip the commissions (rarely will you find that they will represent both sides for only the 3% (and why should they, they take on double the liability!).

Moral of my long story, I believe that it is essential to make your offers (at least for REO's) through the listing broker and not through another buyer's agent.

As an REO agent, this is 100% correct

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I agree needing a little more clarification. What are you looking for specifically?

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I'm all ears, I like the 1 week at a time thing. I just got a costco membership yesterday, so this should be a little easier lol.

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Originally posted by motiv8td:

how cool is this?

I called 3 fellow BP members today. 1 answered right away, the other 2 actually called back and I felt like it was a success!

I feel like I've made connections outside and beyond BP and all it took was a phone call and some chit chat!

I challenge you to do the same! see what kind of connections you can create today, tomorrow or this week.

It's actually a lot of fun!

Had a great conversation today, learned alot and have already committed to buy Nick a beer when I am in phoenix next...

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This thread has really got me thinking. I need to get stuff in order, be more prepared, etc. Its just my wife and I, and we go week to week for food. I cant even think of once when the power was out for more than 10 hours in my entire life here in CO.

I need to get some mountain camping skills as well, we live 45 minutes from the rockies and knowing nothing about survival could be very bad one day.

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Nick, Call me about Phx! :-)

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Like was said, know your market. Our market is being driven by first time home buyers and investors. I'm not selling to the 2nd, so I need to find properties that will appeal to the first, the first time home buyer. Here that is a great property that is sub $200k, that needs little to no work to move into.

I'm looking at picking up 3 houses in the same neighborhood right now, very similar stats, almost identical ARV comps. Due to an inventory shortage, if priced right I can get these wrapped up with an end buyer within 2 weeks of being on the market. Flipping is alive and well in Denver.

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Depending on the state of course:

Here in CO the buyer can legally choose any title company they want, the bank will not pay for your title insurance if you do not use their title company.

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Originally posted by Arlu Tejada:

Hey everyone.
Right now, I am currently throwing as much spaghetti offers on properties that I have pre-qualified as a good investment. Now, I'm starting to have a problem. Some of the listing agents that I talk to are pre-judging my offers.
They say "Oh this offers too low, the banks not going to accept this." or "we can't do assignments"
I had a couple of stubborn agents that have said that to me and my answer was simply, "Hey look, I am a real estate investor. I throw 30-40 offers like these all the time. What I need you to do is I need you to Send my offers to the bank and not pre-qualify them. The acceptance is not up to you. I hope you can work with that." Idk. If i was being rude or unprofessional, but the agent stopped emailing me. (or at least stalling). And I know that the "assignment clause" is definitely negotiable. Is it not?

My question is... Should I send all my offers on different houses directly through the listing agent or no?? Also, Am I making them work too much Because When I call, I tell them what I do (Investor) and what I do with the properties. I also ask them to email me more pictures, sold comparables, the story of the property and what needs to be done(rehab).
Now Am I asking too much??? Prior to offering/getting the property under contract??

Assignment clause is not negotiable.

If you called me and asked for sold comps, wanted more pictures and how much work the property needs, I would tell you to get your own buyers agent to do that stuff for you. Its not my job to do your work for you. You would knock 2 of those out by going to see the property, and get sold comps from your buyers agent. I might get a little short with you, but not be rude.

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You can certainly finance an REO, depending on condition of course. Nothing says it has to be cash only.

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All Forum Posts by: Anson Young

Anson Young has started 91 posts and replied 1784 times.

Post: Using the Listing Agent as Your Buyerâ€™s Agent?

Post: Tips in Buying Bank Owned Property

Post: Do you keep a supply of food on hand?

Post: Start expecting calls from me

Post: Do you keep a supply of food on hand?

Post: Start expecting calls from me

Post: Flipping good in this market?

Post: Banks Title /Escrow dilemma

Post: Agents not working diligently??

Post: Does REO also mean Cash only?

Anson Young has started 91 posts and replied 1784 times.

Rounded Star Post: Using the Listing Agent as Your Buyerâ€™s Agent?

Rounded Star Post: Tips in Buying Bank Owned Property

Rounded Star Post: Do you keep a supply of food on hand?

Rounded Star Post: Start expecting calls from me

Rounded Star Post: Do you keep a supply of food on hand?

Rounded Star Post: Start expecting calls from me

Rounded Star Post: Flipping good in this market?

Rounded Star Post: Banks Title /Escrow dilemma

Rounded Star Post: Agents not working diligently??

Rounded Star Post: Does REO also mean Cash only?

Post: Using the Listing Agent as Your Buyerâ€™s Agent?

Post: Tips in Buying Bank Owned Property

Post: Do you keep a supply of food on hand?

Post: Start expecting calls from me

Post: Do you keep a supply of food on hand?

Post: Start expecting calls from me

Post: Flipping good in this market?

Post: Banks Title /Escrow dilemma

Post: Agents not working diligently??

Post: Does REO also mean Cash only?