All Forum Posts by: Kendall Morgan

 Indeed she did. I made several attempts to contact the realtor in the few weeks leading up to the deadline, none were successful, no voicemails were returned. I even attempted to contact the broker, only got an answering service that took a message that was also never returned..

Very unfortunate situation. 

Well this discussion went about as well as I had anticipated.. 

Thank you for those of you who gave advice. I appreciate all input, good and bad. 

Indeed, you all are only hearing "Kendall's side of the story", as the broker, realtor & seller are not on this forum and thats the sole purpose of starting a discussion on BP, to explain my side of the story. Everything I have said is either based off of my opinions, or what I know to be true. 

@Pratik P. Im with you on the getting sued thing buddy. I mean, I’m just going based off of common knowledge, not educated facts so I wasn’t really sure if he had a valid point or not. I’ve read over the realtor agreement and I do know it is an Exclusive Right to Sale agreement, but with her not performing her duties as stated in the agreement, it seems to me the realtor has breached contract herself, but again, I do not know the law well enough because I only typically deal with off market properties.  However, this agent is not responsive.. this woman (the seller) is desperate for answers as she is going to be practically on the verge of being homeless in just a few weeks and to my knowledge she has reached out to her realtor several times to touch base and has yet to receive a response. It sounds to me like the realtor knows there is no hope at $120k and she’s just brushed it aside.

@Brian Pulaski I’m assuming you meant to say the seller, not the buyer correct? They seller told me that this is the price the listing agent told her that they’d be listing it for and did not ask what she wanted out of it. It seems to me the agent is trying to make the most commission possible with no regards for what the seller actually wants and needs.. but in return this agent is 4 weeks away from losing the deal

@Will Barnard I do have a buyer lined up and ready.. I’d prefer not to have to use my own money if it’s avoidable.. but I like your idea of a separate agreement with consulting fee. That’s actually how I did my first deal now that you mention it. I didn’t even think about that. That’s why I really love and appreciate bigger pockets and the awesome (and even the not so awesome) advice. 

As far as  firing the realtor goes..that’s what the seller keeps asking me about because she is very unhappy with the realtor and the realtor has not performed any of the duties she is supposed to be doing and is leaving all the work to the seller. Legally I just don’t know how to advise the seller to go about it since the agreement is an exclusive right to sell... any input on how she’d go about that?  

Solid point. I’m considering it. But I just don’t know if the realtor will go as low as I’m wanting her to, but she can’t legally refuse to submit an offer to a seller correct? 

So working with the agent wouldn’t be an option? In 4 weeks the reverse mortgage company takes the house and its foreclosed on. She owes 43k.. the seller only wants to make 5k profit to help get her a head start on an apartment and moving expenses. the realtor listed it at 120 which is about what the arv is. But the house needs quite a bit of work To be worth 120. They will never get 120 for it and In 4 weeks the seller loses the home and the realtor loses any chance to make money anyways.. it just seems to me there would be some way we could work together on this but again, I am not experienced in dealing with realtors in this fashion. 

I want to start by saying I’ve done many wholesale deals and am very aware that listed properties are not ideal for wholesaling. 

However, this situation is a bit different and since I’ve never dealt with a listed property I am seeking advice. 

The property is owned by a woman who inherited the property when her grandfather passed. Before his passing he took out a reverse mortgage, causing her to take on the remaining debt of the loan when she took ownership. She had very little time to pay it off and In order to get an extension, the reverse mortgage company required her to hire a realtor. I was connected to her through a friend of mine who knows I’m always looking for distressed properties/motivated sellers. Before I knew about the realtor, i’d Already been negotiating with the seller and got her to agree on a price that is less than half of what the realtor has listed the property at. Before signing the contract the seller informed me that she did have a realtor but has not heard from her in 3 months since the signed the contract. And that the realtor has done nothing to her knowledge to market the property or show it (seller still lives in the house). By the time the contract with the realtor expires, she will have already lost the house so waiting for it to expire isn’t an option. The agreement they have is an “Exclusive Right of Sale” agreement.

So, my question is.. with the seller having a realtor, what (if any) options do I have here? I have a handful of cash buyers that I am confident would jump on this immediately following me getting it under contract, sight unseen. 

10 buildable lots (approx. 2 acres) that would be great for either 10 single properties or town homes.

Per Lot:
ARV: 350k
150k to build

asking 300k for all 10 lots

This property is in a HOT Atlantic Beach/Mayport area!

Literally FOOT STEPS AWAY from the water!

Rezoning will be required.

Currently septic/well - not city
water.

@Tracy D. and @Jeff Riber - pm me your direct contact info and I can send you what I have on contract. It's 8-10 buildable lots, a little over 2 acres off of Mayport Road. Close to Dutton Island Preserve..