All Forum Posts by: Heather Skowronsky

Hi BP!  I would like to know what a typical finders fee would be for connecting a developer/builder with a property owner.  The property owner is not going to list the property nor will they pay a commission.  They have specifically requested that I try to find them a buyer and that I ask for a finders fee from the buyer as part of the terms of the deal.  I will also not be representing the seller, they are also a licensed agent and will have their attorney handle the contract, etc.  This property will probably sell somewhere around $12,000,000.  If anyone has any experience with this, please give me suggestions and insight!  I'm a seasoned agent but have never done a transaction like this.  

@Jhosdyn Barragan  Hi there, thanks for sharing this information!  I am wondering - will you be renting out the bedrooms upstairs as well?  I know you said you will rent out the basement for 1600-1800 and should be able to live relatively rent free so I was just wondering if there is additional income aside from the basement rental.  Congrats on the deal!

Hi @Andrew L. You can certainly search for an agent on sites such as Zillow where there are reviews left for them.  This does help give some insight as to how others' experiences have been with said agent.  If you do need help, I am happy to help.  As others have mentioned in previous posts - a full time agent that has been doing it for quite a while is ideal.  I also saw your other posts regarding finding the best option for a mortgage.  I can help guide you with all of that information if you'd like.  Message me if you'd like to discuss further.

This meet up will be at 9am at the Berkshire Hathaway HomeServices PenFed Realty office in Gainesville. I'll give an update on the real estate market in our area and then we will have a "round table" discussion about different investing strategies and experiences and discuss Fannie and Freddie's new rate hike on investor loans. Please reply/RSVP as this is an indoor event and space is limited.  Be sure to wear a mask to comply with COVID guidelines.  Thanks and looking forward to a great meet up!

@Gilda VanderHeyden and Shelly, and anyone else reading this... I would watch things closely in the coming months if you guys are thinking of selling and have significant equity in your rental/investment properties.  In Joe Biden's tax plan he is doing away with the 1031 exchange.  Now I don't know if that will pass and become law, but it's very scary for us real estate investors that want to sell.  I already have people reaching out to me that are going to be selling their rentals that have high equity in them because of this.

@Shelley Moore with regard to selling in Reston and building in Gainesville - are you wanting to rent out the home in Gainesville?  You will have a tough time achieving any sort of cash flow as prices are just sky high right now.  Also, is the Reston home you are referring to your primary residence?  Or an investment?  

@Syed Shah I would not limit yourself to your 3 options you listed.  Every situation and negotiation is different.  If you find a property that works for you, your agent needs to be communicating with the listing agent to find out the sellers needs.  Some sellers prefer the higher offer price no matter what.  Some prefer a quicker closing, etc.  Find out what they need and go from there.  As Russel l mentioned - definitely get fully pre underwritten and have a close working relationship with your loan officer so that you can reduce your financing timelines as much as possible.  Good luck, it's brutal out there right now!

@Alice Ay I am not sure what fee an agent would settle on because it would be impossible for them to represent you in the transaction and only forward emails.  Our new representation  laws prevent that from being possible.  They would have to attend any inspections that you did on the property because the owner and/or listing agent isn't going to let a non licensed person in the property - especially a $1mm + property without a licensed agent there as well.  It's also their neck on the line if anything goes awry during the transaction as well.  So normally a fee doesn't work very well.  Additionally, the seller has already agreed to a certain commission amount when listing their home, so it should not affect you as the buyer whatsoever whether the listing agent gets that money or not.  I understand you are probably trying to strengthen your offer by receiving that money as a credit - that would probably be best negotiated with the listing agent.  The commission cannot be negotiated in the sales contract but you can certainly have those conversations with the listing agent ahead of time and let them know that you wish to be unrepresented as the purchaser and are looking to have what would have been the commission due to the buyers agent credited to you or taken off the sales price, etc.  My thought would be going through the listing agent might be your best bet as long as you are confident in knowing the contract and other addenda.  Another option would be to partner with an agent that is willing to give you a % of their commission but also represent you fully in the transactions.  And finally, I think it would be easier for you to ensure you'd be receiving the commission if you did have your license.  There are other 100% brokerages out there...I think Douglas Realty is one.  I think they charge a $99/month fee plus an admin fee or something like that.  

I'd just be most concerned that you are protected when writing your offers, etc.  It's not easy staying up to date on all of the rules and regulations in the housing industry.

Best of luck to you!!

Hi @Alice Ay!  So there are a few companies that could potentially help with that but submitting an offer does not require a real estate license.  You could always just submit as an unrepresented buyer.  Even the flat fee brokerages in our area charge $495 per transaction to the agent so the fee the agent would charge you would have to account for that as well.  One company I know of that is a flat fee brokerage is Samson Properties.  But by "flat fee" that means that they are just charging THEIR agent the flat fee.  That agent still is paid via commission. Be careful though - you'll want to make sure you are working with an agent that knows what they are doing.  And more than likely, if they are willing to do it for a small flat fee, they aren't very experienced or aren't going to give your contract much attention.  That's just been my experience in the past.

Hi @Barb F. and @Nick Ancil I noticed you are both looking for a meet up group in our area. I host one and post it on the BP marketplace. Of course it's been put on hold due to this pandemic but I expect to start it up again in June or July. I usually have it in Gainesville, VA. I am thinking I'll need to find a new location as that was my office conference room and I am thinking we'll need to move to an outside venue to be sure everyone feels comfortable. Just a heads up, keep an eye out in the marketplace forum for the meet up! We have lots of great investors that come, from brand new to 30+ years experience. Lots of great info available!

@Dev Paul there are definitely townhomes in Manassas (and surrounding areas) for that price range and the rental market here is strong too.   We have some really excellent schools in the area and that keeps the rental market thriving here.  Additionally, we don't have many rentals in the area so you should have a very easy time renting out a home.  Let me know if you need help looking.