All Forum Posts by: Account Closed

@Mike Cumbie

BTW- As a Florida Mortgage Broker, I can have the Broker Synopsis sent to me on any listed property within Minutes of requesting it.

@Mike Cumbie

please stop with your comments about misinformation as I can absolutely back up all that I post!

just because you have not heard of the innovative strategies that I'm sharing which are available in FL,  does not mean they don't exist. 

Read my reply to his post.

@Alfred Harrison, you're right.  I just read his post again as I missed the rip tide comment and I actually laughed out loud sitting here in the Acura service lounge!

That was pretty funny

@Caleb Heimsoth if you actually understood what Lender To Borrower Rebate was and what a great tool it can be to make deals, not only would you want to use it to your advantage, you would not make such unhelpful comments.

Why is it that the least educated on Topics, are so quick to display their lack of knowledge?    

Ask your Buyer's Agent to email you a copy of the MLS BROKER SYNOPSIS before looking at any properties. 

This is different than the standard MLS sheet that buyer's agents send their buyers which hides information and populates the buyer's agent's info over this info instead.

The Broker Synopsis has very valuable information on it that the buyer/ borrower does not usually see unless it's shared with them.

It's helpful in many ways to view the Broker Synopsis, like being able to see the potential urgency to sell which can help the buyer gauge their offer as to when to make it and for how much  Buyers can gain an advantage knowing what the listing is paying in real estate commissions to both the Listing Agent AND what is offered to any Buyer's Agent as well as the amount of months left on the current listing, etc.  

If the seller is only paying the Listing Agent 2.5% or 2% or less, this could affect the offer.

If the seller is only offering buyer's agents 2.5% or 2%, even though the property may be the very best deal, many buyer agents will avoid showing them as they feel it does not pay them enough.

Do any BP Investors, who are not realtors, use this strategy?  

I have a situation today where the buyer/borrower is limited on funds to close, so he has the option of paying a higher interest rate to get a Lender Rebate to pay for some of his closing costs and prepaid costs.

or

He could also ask the buyer agent (who I don't know) to contribute with Realtor Rebate.

What should he do?

@Account Closed, I reject your comments and your tone is not helpful either.   

These are money saving strategies to help BP Investors, same as on this link sharing very valuable info to BP Investors about LENDER to buyer / borrower REBATE, do you also have an issue with this too?  

https://www.biggerpockets.com/forums/552/topics/577362-lender-rebate-to-pay-closing-costs

Look at a Mortgage Broker offering Lender Rebate and then read some of the realtor responses on this subject and tell us what you think

Everybody is money driven in this business.

When a buyer's agent sees 3.5% or 4% showing up in the MLS Broker Synopsis, you can bet your bottom dollar they will make every reason in the book to show that property.

It doesn't matter if it's a meth lab or a crack house, buyer's agents will come out of the woodwork trying to grab that 4% Commission! Ha

This is all done with working with listing agents who offer Real Estate Commission Rebates.

However if this is not an option for a seller, and the seller is stuck with using a listing agent that's not willing to share the commission, the listing can be restructured in the above manner. 

Instead of lowering the sales price, simply increase the buyer agent commission by that amount you were planning to drop the price in the MLS.

In a seller's market, it's always a good idea to only enter into 2 to 3 month listing agreements, this way if the seller is not satisfied with the listing agents efforts, they are not stuck with a half a year dealing with someone they don't wish to do business with. 

Has any BP Investors used the below strategies to sell real estate?  Real Estate Commission Rebates is a great way to sell property quickly.

Example: $500,000 listing

Typical way sellers think they must list their home:

3%  $15,000 Listing Agent  (6 mo. listing contract)

3%  $15,000 Buyer Agent

$30,000 Tax Free Equity = approx. $45,000 of Gross Income

Better ways to list, sell fast and save

1%  $5,000    Listing Agent (3 mo. listing contract)

3%  $15,000  Buyer Agent

2%  $10,000  Seller Saves  (Maximum Seller Savings)

1%     $5,000    Listing Agent  (3 mo. listing contract

3.5%  $17,500  Buyer Agent

1.5%  $7,500    Seller Saves

1%   $5,000     Listing Agent  (3 mo. listing contract)

4%   $20,000   Buyer Agent  (quickest sale)

1%   $5,000     Seller Saves

Fact: The vast majority of listings are sold by Buyer Agents.

Therefore, when Buyer Agents are searching a zip code and see your property is offering 3.5% - 4% vs. the standard 3%, you can imagine the increased activity this can create.