All Forum Posts by: Ken Mitchell

also be sure to shop new construction in the area to see what your conpetition is.

part of your consideration should be the terms and financing available on ongoing construction in the area. Builders can offer terms you can't on a resale......

learn how to use your local register of deeds and county clerks office as well as courthouse foreclosure auctions. you won't find a book or course to teach you that for your specific market.

i can buy into the "don't submitt under a certain number" theory...makes alot of sense.

but you forgot one big scenario....SOME REALTORS PLAY FAVORITES!!!!

I've offered on properties that eventually sold for less to buyers that i KNOW are submitting with the same contingencies and conditions as i am....i know this because they've told me so. in some of these cases these realtors get to market these same properties on the back end of the deal....double dipping????

they also hold deals for people they're more comfortable dealing with... these are busy people and streamling operations is in their best interest. I know this because i've gotten "into the loop" with a certain few in my area and i feel certain i'm getting some of these deals because they know me, know i answer the phone and know that i do what i say when i say i'll do it....why else would i be getting an reo deal thats priced right yet i didn't even know about it until after it's been listed for several days and they even called ME about it. i'm sure they've had 20 offers before seeing mine and i'm pretty sure mine isn't the highest. why would they be real excited about submitting an offer thats 2k higher than mine from someone they don't know when all it means to them is 2 maybe 3% of the difference which can mean what...50 bucks. why bother

also, if you're breaking into a new market and trying to establish a name for yourself, you can count on at least a few of your offers getting canned. the investor market here is hot with newbies trying to buy reo properties with no proof of funds, little to no earnest and a 45-60 day close with the hopes of assigning the deals because thats what the guru's are telling them to do....thinking not!

on top of that, consider how the agent is forced to submitt the offers to the bank. i know some companies have a very streamlined, internet based system for submitting, simply entering a few of the vital statistics of your offer such as..price, date to close, payment method, contingencies. i'll get answers from them in a matter of hours.

others are in the stone-age and are doing it by scanning the whole contract and addenda or by using a fax! that's a paperwork nightmare which i can assure you leads to the pitching of rookie offers..you may never get a response....

if you don't think you are being taken seriously or aren't getting return calls....ASK FOR A WRITTEN OFFER RESPONSE!

in NC....

If you haven't entered into a buyer agency agreement, the agent isn't legally entitled to the buyer side commission. I've never seen nor been asked to use a commission agreement in NC....i'm assuming to streamline the paperwork at least a little so we work straight off the listing sheet.

beyond not being legally liable to do so, I will not pay a listing agent a buyer agency commission if they didn't show me the house, write up the contract, help handle my financing etc etc.....they don't deserve it.

try your local property tax departments website. Charlotte's will give you comps....

AFAIK, whenever a property is listed on the MLS, it will advertise commision splits so everyone understands what to expect on the HUD1 form at closing. the listing agent isn't entitled to the buyers agency commission unless you entered into a buyer agency agreement with them prior to closing. it has been advertised what their commission split is so there should be no confusion or double talk regarding exactly what they are entitled to.

if the listing agent is being paid both sides of the deal at closing, insist that the buyers end be taken out as they weren't representing you.

Eric hit the nail on the head when he said realtors don't submitt offers...

In NC you are intitled to an offer response in writing from the seller. Ask for one and see what kind of response you get....

you tube him...lots of good stuff there....

In NC, the seller can't walk with your earnest because you went beyond the closing date unless someone specifically wrote into the contract that "time is of the essence", which basically means that either party can hold the other to the closing date specified in the original contract.

not much you can do with the broker except throw him under the bus every chance you get....

attornies/closing agents just may not need your business. i work a growing market and closing attornies already have a full plate without having to deal with anything that is even remotely considered to be "coloring outside the lines". this cna be especially true if they don't know you....

what kind of alternative financing are you talking about here....