All Forum Posts by: Billy Runyan

Ok, the deal with "dual agency" is a slippery slope and as said above, many don't know what they don't know.  The first priority in a "conflict of interest" situation is to "not be involved with the conflict" in other words and agent that know about this subject will steer clear of ANY discussion on the point.  After all its his license that's at risk.  Rather than go into more detail about that subject it would serve better if I made a suggestion on how to negotiate a little better.  

The experience of the sellers agent is showing in that you came at them with a super low-ball offer (most deals never get to 5% off asking).  The standard counter to a low offer is a high counter.  That said, you've only got 1 more chance to get it right.  Split the difference or go as high as you can with a full accounting of the details needed to fix the property.  Suggest they do some or all of the work or you'll find another house to buy.  Sometimes it works, but often it does not.  Buying wholesale is a hit and miss proposition but if you get 1 in 20, your still a winner, and as we say in Las Vegas "chicken dinner"!

I can help you find the right deals.  I've got about 300 flips here in Vegas/Henderson and I will meet with you and explain how it's done properly so you are best protected.   If nothing else, you'll gain a bunch of knowledge.  

If I may ever be of any help I'm available as well.  

My bio here: https://www.biggerpockets.com/users/bhere

Billy J. Runyan

Yes, all good info Christopher! Another note on .com down there... I called them a couple weeks ago for a client inquiry and asked them where I could find the Broker/Agent paperwork on bidding through them and was impolitely told agents are "NOT ALLOWED" to represent or purchase auction property sold on 4th street. I about exploded at that illegal garbage being tossed around. I believe it is in the Federal Farm Act that in 1935 that set the basic foreclosure auction basics. A public auction will be held precisely to determine the property FMV so that lenders and banks could not take always hundreds of acres of farmland because the farmer defaulted on his tractor loan.

Taking information from the seller, auction.com is like having the fox guard the henhouse.  Reading their legal disclosures will confirm that...   When I purchased at the sale I would always have 5 title reports from different companies and above that a title officer did a final search for me about an hour prior to bidding.  May be why I never lost a dime at it.  The recorders office will have a lot more inFo for you as well.  I might also suggest you join Phil Dwyers local Meetup group in Henderson that meets monthly.  BEST LUCK!

As you mention you already have representation, I need to post a disclaimer that any information from me is not an attempt to solicit your business.  The property has obviously never gone to the foreclosure sale in the recent past.   I don't believe it's owned by the bank yet.  The prior auction was likely postponed.   This can be verified using the county assessor's website.   I would also suggest the are sizable liens against the property that may not be vacated during the sale.   A lot of them "stick".  There are lots of reasons that this type of transaction can be perilous, especially if you don't have the real facts at hand.  A full title search will help but i must warn you to be very careful out there.  I've bought about 40 properties on 4th street and a quick piece of advice would be to spend some time and get a full education prior to putting any funds toward it.

They don't give you access but just about all the MLS info is there except agent to agent remarks, gate codes and commission amounts offered. They even have it hooked up to Clark County Tax and the Recorders office showing just about anything you'd want to see. It produces a 30 page report on each property and its amazing! Send me an email and an address you want info on..., I'll send you a copy.

If you're up to it and you sound like you are, why don't you just get an account with CoreLogic on their Realist system, it's got a lot more than the MLS.

Billy 

I had a nice high end home that was not moving almost 6 months, kept getting lowball offers.  Did the staging and promos... Under contract 22 days... GONE!

I'd have to say Joan has it 100% correct.   There's just not anything more to say!

BEST LUCK!