All Forum Posts by: Judy Haynes

I'm confused. Was this a rehab flip or a wholesale flip? The ARV (after repair value) is $85,000 according to realtor. How much repair was needed? What did you offer? Was the offer contingent on an appraisal? What was the $900 lost for?

Sounds like seller is doing a split settlement where one settlement company represents the buyers and another represents the sellers. Do you have your own real estate agent or just going through the listing agent? You'll have to read the contract to see if it specifies that both parties have to agree to split settlement.

Ask to see a copy of the agreement they want you to sign and ask if it can be just for the one property you want to put an offer on. Be sure to interview the agent before you sign so that they know what information you want provided and you are comfortable that you can get it from them. Sometimes REOs will mot pay the full commission charged by the agent so be sure to read carefully and ask questions.

Tara, if you are buying a property and want a real estate agent to represent your interests then you need to sign a buyer representation agreement. That agreement spells out what services the agent will provide and what commissions and fees are owed when you purchase a property. Since realtors only get paid when a property is sold this agreement gives them assurance that the work they are doing will eventually be compensated. This also gives the buyer assurance that the realtor is dedicating time and working for them.

Sounds like you are just looking for information from the MLS at this point without the intent of using this realtor for purchasing a property, correct? But there is the possibility of future real estate transactions for their help now. You need to have a discussion with the agent and clarify what you want from them and how partnering with you could benefit them. Some agents will be agreeable to this arrangement and others will not.

My name is Judy Haynes and I am a real estate agent in Northern Virginia, west of DC. I currently have one investment property that has been a huge learning experience but not so great on the financial side. I stumbled across BP a little while ago and just love how much information is available here.

In addition to learning more about buy and hold properties and rehab, I would love to know more about how to work with investors as a real estate agent. Many investors ask me to find them a "great deal" without know what they mean by that. I would love to find meet up groups in my area that are not trying to sell me anything. I recently sat through an hour-long presentation and walked out because after that much time I was still not sure what type of program (wholesaling, rehabbing, etc) was being promoted.

I'm looking forward to learning and sharing with the group.