All Forum Posts by: Deb Gleason

All right everyone! Thanks for all the input. I already talked to the agent a bit ago after emailing him an email from my lawyer. He was much calmer and we worked out an appointment with all of 3 us. Bottom line, it is legal, but its walking a fine line between legal and illegal, but if the agent is uncomfortable, I can understand, and emphasize with him. He talked to his broker this am and he was chastised for his delivery last night (but I get it) and I was kind of surprised he shared this info.My lawyer is also one of my buyer. I do have 2 other existing LLCs that are for RE investing and I didn't to sell one of these. Long story short, new offer has been submitted and the agent is comfortable with the submission.

I'm a licensed agent and a real estate investor. I only got my license because I couldn't find an agent willing to submit my offers. Claimed I was offering to little (translation -- "I won't make much commission on that deal"). I get it that it takes time to fill out the contract for purchase, get it signed, scanning and emailing to the listing agents --seems to take no more than 20 minutes (a faster scanner might help). I had more than 1 agent submitting offers as well which also made them mad so they quit responding to me. Who would have thought that going to closings 3 or 4 times a month making only $500-$1000/closing (their cut after broker takes his cut) was just not good enough. I decided to get my license at this point and I'll keep the commission as the selling agent, occasionally reducing my commission so the listing agent would be happier to submit my offer to the asset manager.

Since dealing with Fannie and Freddie properties, I have been submitting offers in a company name that is something like the address and the company doesn't exist until the offer is accepted. This allows me to save the $100+ LLC creation fee Florida charges until needed. It also allows me to basically assign the contract to someone else by simply selling the business for my EM deposit plus my profit for a wholesale deal; the business buyer shows up to the closing table and the asset manager doesn't care who's there because the toxic asset is off the books. I have always been able to submit POF letters for these non-existent companies until last night. This agent claimed that its illegal and unethical because I didn't disclose that I was an agent. I had my husband sign the contact (not an agent) and he is the only person that owns these made up businesses ( cheaper for taxes) so I don't have to disclose anything. Anyway the agent wouldn't stop screaming at me on the phone so I could explain what he doesn't know. I really want this house so now I have to find an agent to submit the deal for me. The LA claims that I had to submit articles of incorporation with the offer--the listing never asked for that and I've never had to this this with ANY other offers.

So now what!?? It's a nice house