All Forum Posts by: Brian Wall

What are you looking to get out of the site?

Generate buyers list?

Attract sellers?

Brian

Great job @Jimmy Hong

Can you share with us how you acquired the property?

MLS

Direct from Seller

???

Brian

Hi Pam,

I would put the property under contract, the same as you would any wholesale deal. I would get it under contract for whatever the current owner is looking for, unless you think that is just totally unreasonable.

Make sure you let the owner know you need time to do due diligence, and then you can pull in a partner/advisor.

Just a thought,

Brian

Hi Lindsey,

What would it rent for?

Would it need any repairs before renting it out?

@Arcinio Arauz Can you give us an update on what happened?

Shelby,
Based on what you posted, you did not do anything wrong. it is the agents responsibility to report that income to her broker. For all you know, she may have.

Just my opinion,

Brian

Deborah,where is property, I see you are in Artesia, I am in Santa Fe Springs we are practically neighbors.

My recommendation is to tie up the property with what you think is a good price, and with a 5-7 day inspection period.

You can 'tie it up' by making a formal offer to purchase, in writing, and then having seller accept it.

At that point you are pretty safe to share info, like address etc.

If you want to share the main cross streets, and area, as well as home specifics, I can give you a pretty narrow range, assuming it does need zero repairs.

I am a cash buyer in this area, so I would be interested in paying you a finders fee for the deal.

Feel free to respond here or give me a call, if its urgent.

Brian

Hi Shelby, that is an important piece of info.

It is really important now that you sit down and have a frank discussion with the agent, right away.

Once you list it, technically, when anyone buys it, you owe the commission. Unless, like Steve said, you specifically exclude someone on the listing agreement. However, realistically, she has probably not spent much money or time actually marketing your property, so she may be negotiable.

Please let us know how it turns out.

Brian

Here in California, you can negotiate any payment of commission. It could be a fixed $ amount, or a percentage of the purchase price. Like Jesse Rivera said, it does have to be paid to the broker, not the agent directly. Then it is up to me, as the agent, to negotiate with the broker.

As an aside, you could also pay an agent (again, via a broker) a consultation fee, that is not dependent on any transaction. That is completely legal as well, and have done so, several times. In some cases, I would actually prefer this, so that I am providing advice, similar to an attorney, or other licensed professional, and my payment is not dependent on whether or not a transaction is successfully completed.

Brian

hi Shelby, I think you have got the right idea.

As an agent myself, If that agent were me, and you came to me explaining the situation, I would probably describe all the potential issues that could come up, and why it is better for you to have an agent involved. (liability, disclosure, keeping on top of the loan agent, escrow company, etc). Keep in mind, I don't know your level of knowledge in real estate transactions.

I would offer a discounted commission, since basically you brought the buyer.

I did a very similar thing for a friend of mine, about 2 years ago, and charged her 1% (it was a $400k house).

I would just ask the agent what she would recommend.

since you may get some business with this agent in the future, it may be a good "investment" to pay her. Then you can see how she works. If she is good, and on top of things, then great, she can probably help you get more deals in the future. If she is sloppy, and doesn't do a good job, you have minimal investment, and now you know not to work with her anymore.

My two cents,

Brian