All Forum Posts by: Karen Rivera

@Stephen Mackivitch try to find out who is processing the paperwork.  If it's a real estate agent then you can still submit your offer to the agent.

@Ryan Stumbo

Sounds like a great plan!

@Ryan Stumbo

I agree with @Minna Reid

I can’t say this enough, find a real estate agent that specializes in short sales and foreclosures in your state and market and just have a conversation with them. Let them tell you how they can be benefit. Talk with them about their commission and who pays for it in these situations.

You might see it’s worth them doing this work for you so you can focus on finding your next deal.

@Leilah Davis

I agree with @Matt M. Ask your broker first.

@Ben Tuan

You may want to network with some real estate agents in your market.

@Albert Lee

Banks won’t reveal information about their customers unless you are representing their client and the homeowner has signed a letter of authorization.

Because you are wanting to buy the property you won’t be able to represent the homeowner.

See if you can find someone in your brokerage that specializes in foreclosure and short sales to help you out.

@Andrew Yen

Yes it’s normal. But you do have the option of firing the agent if they breach the contract.

The representation agreement outlines the basic expectations for buyer and agent and it legally authorizes the agent to represent you.

You do have options as to the location for the representation and for the duration of the representation agreement.

Talk the agent about your concern and I’m sure you can come to an agreement.

Hope this helps!

@Albert Lee

Hey Albert, I would suggest for you to find a real estate agent in your market to work with on this deal.

The best way to know what is owed is to ask the bank and banks usually work with agents after the real estate has a signed letter of authority from the seller.

The agent would also reach out to title to see how many Liens are on the property. But most importantly a savy REALTOR® that specializes in foreclosures and short sale will be able to tell you if there’s a chance to get this deal done before auction or if you’ll have to wait until after auction.

Hope this helps!

@Daniella Cole 1st thing is get a good list of people in the Spring area to start calling. There are a couple of different websites you can use to buy lists. Network with fellow BiggerPockets wholesalers to see what websites they prefer to buy their lists from.

Be sure to also network with BiggerPockets investors so as soon as you have a property you at least know one or two investors that will be interested in buying it!

This assumes that you’ve already watched and read any videos and articles that BiggerPockets provides about wholesaling.

Hope this helps!

@bruce C 
once again it depends on who the lender. Once the full package is submitted we are at the mercy of the lender. Sometimes it can take a couple of days other times it can take a week or more.