All Forum Posts by: Account Closed

I don't know about AZ but here in NJ, any MLS will not allow personal contact information in the public side of the MLS data. The data gets published all over the internet via Realtor.com and other agents' web sites, as well as affiliated sites like Trulia and Zillow. Supposedly the buyers will contact the listing agent or whoever owns the web site the listing appears on. Your owner contact info will appear in the "Agent Remarks" section so agents can contact you about showing the property.

Remember the MLS is designed by and for Realtors and it must protect the interest of Realtors. The truth is over 80% of houses are sold through agents and the MLS does afford you the most exposure.

I belong to a flat fee brokerage that makes it very easy for sellers to list. In our brokerage, any buyer who calls in from the MLS will be directed to contact the seller via our automated system so the seller get the leads. We also direct any agent calls to the seller directly, unless the seller signs up for traditional agent-assisted or full-service package. In addition we offer text-messaging service so buyers who see the signs are able to text to a number and get the seller's contact info.

You need to make sure your flat fee listing agent is set up so he gives you all the lead directly. In addition to the flat fee MLS signage, you should also add a sign rider with your own phone number or have an additional for sale sign if your town allows multiple signs on your property. Also do your own marketing on craigslist and other local sites. MLS is not the end-all be-all and even with the added exposure, you still need to market your property aggressively and be prepared to respond to the market in terms of realistic pricing to get your property sold.

In addition to craigslist, postlets, etc. you can also try Facebook ads, single-property web site for your property, and Google Adword advertising. I hear some investors also use eBay real estate listing. Good luck!

I think many of us are still shocked and having a hard time getting a grip on what is happening in Japan. It is a tremendous devastation.

May God be merciful to the people of Japan and be with them.

I searched high and low on how procuring cause applies here. Seems most dispute are agent-to-agent about who deserve the commission. I have not yet seen one against the fsbo owner or other investors whose properties are not on the market.

If the property is currently listed I would of course reach out to the former agent as a courtesy. However, my LLC is buying the property and flipping it. It's offered as FSBO and not a MLS listing. I am offering no commission to anyone even myself. Also the fact the agent had abandoned and estranged the client and not continued the relationship is hard to deny. If I was an average investor I might not even give a darn, but since I am also a licensed agent I had an ethical duty to give fair warning to the buyers of their potential liability. Since it's not listed the buyers would be responsible if any commission claim arises.

The former agent didn't even know the buyers were thinking of buying this house again until the buyers called to ask for copies of the rejected offer since the buyers didn't keep a copy.

The agent even told the buyers that he's entitled to his share of the commission at the old offer price and the split per the old listing agreement, even if the house is now sold for less than that.

Good night and good luck!

This is why the public thinks we real estate agents are worse than used car salesman. At least the car salesman hustles hard to make a deal happen. This guy hasn't lifted a finger in 6 months and he wants the jackpot. Come to think of it, I don't even think he is a member of our MLS anyway; I don't see how he can even qualify for a commission.

I don't HAVE TO sell to these folks since I can always ramp up my own marketing and get new buyers. I'm going to wait a bit and see how interested these folks really are and what their lawyer says. I'm not trying to cut out the agent if he has a legitimate claim, but without ANY contract or agreement it really would be hard for him to claim anything. And if there was a buyer agency contract in place, the buyers can always choose to wait it out or fire the agent since he did not do his job and close the deal while he had all this time.

How happy are the buyers going to be to see this agent is keeping them from buying their dream home?

I'm working on a Wholesaling deal. I had a property under contract through my own LLC that I found through mailing to expired listings. I did a bid sale this past weekend and one buyer really wanted the house turned out to have submitted an offer back in September while it was listed, but the offer and the slightly higher counteroffer were rejected by the seller and they did not pursue it and the agent disappeared. Fast forward to this past weekend. So she and her family found out about my bid sale through Craigslist and they came and saw the house and wanted to put in a bid. Turned out it was the only bid and it was lower than my hoped for amount. I put on my realtor hat and reminded her that she may be liable to pay her former agent (who only ever showed her one house and lives 2 hours away) a commission if she ended up buying this house. She remained very interested in the house so I advised her to check any contracts she might have signed and to seek legal advice.

I know I probably might lose this buyer because I warned her of the risks (shut up Lily!) but I really hate to have this deal fall apart at the last minute. Better deal with it now than later. She called me back wanting to talk more. At this point we're not talking price any more, we are just trying to make sure it will work should she decide to buy. She asked her agent for a copy of the former paperwork and it did not include an exclusive buyer agency agreement. She's going through the paperwork with her lawyer to make sure. I checked with my broker and she said if the house listing expired and is sold to an investor who then resold the property to this buyer, there is no contractual basis for the previous agent to claim a commission. I want to know, what do you all think about this situation and how would you proceed.

It's funny how the more I talked about how she probably could not buy the house, the more she wants it! :D I should try this reverse psychology thing on all my sales!

I called the seller because my investor wanted to see the property inside. She told me that her attorney claimed to have "never" heard from buyers attorney that the loan did not come through and that he only just got a note from the buyers attorney. Well somebody is lying here! He told her he never got any confirmation that the loan didn't come thru. For all he knew The buyer could have gotten the approval and decided to back out of the deal. Sure. After sinking $25k into it?!? What the heck is he talking about?! I begged her to at least let my investor see the house And let the lawyer deal with the first buyer, but at least get a back up in place. She will call me back. So stay tuned. This is turning into a mini-series.

Oh J, I don't think you or anyone was harsh at all... there are times tough love and brutal honesty is appropriate, and I much rather get it now than after ten failed deals... Cheers!

Thanks Paul. I appreciate your support. I do learn so much and that's why I enjoy coming here and see what everyone has to say. Everyone has got different styles and it's actually helping me to be more confident to see that there are so many possible solutions to the problem. And the stronger words help me build the right vocabulary when I have to be the one confronting the tough situation. It's all good!

Just kidding with ya Steve. Seriously, that's a different scenario where you're seeking to invest to improve the neighborhood and overall value. My buyer's bank is making up stuff to repair as they go along to the point where what was not an issue suddenly became an issue. The garage went from having a small leak to having structural integrity issues and the unfinished garage walls suddenly needed sheetrocking because of exposed wiring. It just goes on and on. My buyer was finally too exhausted to stay in the game.

Regarding broker's expertise, my broker did offer advice along the way which I passed on to the buyer, but again, what else can we do if they don't take your advice? Most brokers have many agents to supervise and it's not like we have a listing contract. My broker or I am not obligated to give any more advice than what we already offered.

Charles, what specifically would you suggest?

Hi Charles. Interesting question. What could my broker have done differently from what I already have?

Heh. The seller's lawyer even asked ME to write it up. Methinks real estate is not his primary practice area.

Looks like the contract says 10% deposit is held and another 10% at closing. So the buyer is out $20k plus the $5k of all the fees, inspections and treatments he had ordered up to this point.