All Forum Posts by: Chris Jefferson

Quite honestly, I'd take this advice.

Their are a few ways mentioned in this post as to how you can deal with it. One thing I've realized doing short sales is that if someone is combative or uncooperative once they will always be throughout the process. This just makes it end up being not worth it. I'd walk. To many deals to get stuck on that one. Good luck!

H Mann any updates to the responses in this thread?

Best response in this thread.

Honestly, your only going to put your self in a tuff spot if you don't do everything correctly. It's always much better (even though you don't prefer) to team with an investor that you can use to see all his paperwork and how the process plays out.

Now I realize that your going to shoot this idea down, but this would be the most logical way of going about it.

Here's what you want to hear though...

Just remove yourself from the deal and be upfront with your seller in the beginning. Like Ted said let it go A to C. When we have to do deals this way we still end up making a small profit. The seller benefits and the buyer also recieves a deal on a property.

Congrats on a successful direct mail campaign. You just want to avoid issues down the line based off the simple fact that something was done incorrectly or not disclosed.

Good luck.

Just bumping this post because I've had some emails in reference to it. For those that sent me a email about it i'll forward over this link.

Thanks for the votes folks :)

He came in and pretty much said everything I was going to say. I think some of you are over thinking it.

I do not agree about doing dual agency as I've said before. Either get the agents to bring you the deal BEFORE it's listed or to use two separate agents for your B-C.

If you explain to agents that if they bring you the deals before they list them that they will get both ends. Explain to them that it's to their benefit because they will earn more commission. IF they aren't comfortable doing that then they can get paid on one side. Trust me you want to avoid any potential issues. IE: a seller legally saying they weren't aware etc. ( I know a investor in my area now being sued for 500k and has already paid 30k in legal fees) for this exact situation.

You don't have an incentive as an investor to promote dual agency. Just set the deals up properly in the beginning.

As far as pulling yourself out of the deal and making it a A-C transaction we just did that with a deal this past week. We charged the buyer a lien release fee of 8k which a large enough spread was left to do. You never just let a deal go. OR if you can't charge a release you can work with the agents for a split of the commission. Always want to stay in the black and white areas. Not saying flirting with the grey area is illegal but I prefer to avoid issues before they arise. I've seen deals unwounded because they were audited and someone thought something done was illegal.

I'm interested to hear more about this. This doesn't really even make any sense. You could easliy just use two different title companies. In reality this isn't even a logical statement by the bank. Any title company can say they were unaware of another looming sale. How could a lender even prove that one knew ?

It really bothers me that this is the only industry that different businesses act this way.

i can buy an sell a stock in 15 min and make $$

ironically I just got a lead from an agent and the lender is ASC lol.
I can buy a honda at the auction fix a few parts and make a few grand.

That must be fraud too? Geez.

Interesting, just had a city deal come through that didn't include any wording. What exactly did it say?

I understand what you mean, but it just seems these agents don't get it.

If they already have the listing it's always "i'm working for my client's best interest. yada yada yada" So in our eyes its out of that grey area when they work with us on a 2nd deal and bring it right to us. They know our process etc so it makes things easier.

To my understanding yes it is allowable. The reason we stopped doing it is for two different reasons.

1. to stay out of the gray area, the last thing we need is another reason for anyone to try and think we are commiting fraud. Last thing I need is our company brand or image being impactive in a negative manner because someone doesn't understand something.

2. It creates a funnel for our agents. We tell them that if they bring us a listing BEFORE signing a listing agreement witht he seller that they can rep both sides. If not then only on one side. Most agents comply with that because of course they make more money. In turn it gives us more control of the sale and the sellers communicate directly with our team as opposed to any agents being in the way. We tell them just sit back and collect a check!

Guys thanks for posting the FAQ for me as well. Hopefully this will be of help to some of you.

I've had quite a few request for the FAQ that we use when approaching agents.

Like I said it's a numbers game and your not going to get every Realtor. It's a snowball affect, get 1 or 2 Realtors on board then they tell someone and so on an so forth.

I'm positng this because I enjoy coming to this site and seeing most peoples willingness to help others. With all the Pay for this pay for that going on it's still good seeing people willing to help others! :D

Didn't realize that I couldn't post an attachment to the message board. If someone that I've emailed it to wouldn't mind posting it as an image that would be great! let me know if you have any questions!