All Forum Posts by: Account Closed

Wow Aaron! That is one amazing story! It is great to hear that you kept fighting for your dream - despite all of the road blocks you hit along the way. Traveling for work is hard enough - much less with a child/wife at home, and also trying to maintain your properties. Keep it up - good for you!!

I apologize - was not my intention to scam her broker, or anyone for that matter. To be honest - we did not have the conversation that she would not submit to her broker - I guess I just made the assumption (possibly an incorrect assumption) that when I told her I would pay her cash she would not report to her broker. I apologize to all - really did not mean to handle any situation unethically.

ops - your right Wayne. Thanks for the heads up.

Hi everyone - I wanted to let you know the outcome of this situation. I finally had the conversation with the realtor, as well as worked out all negotiations with the potential buyer (currently under contract).

I talked to the realtor and was super open and honest with her about all details and activity. I explained that we are open to her suggestions on how to handle this situation - and we by no means are wanting to do her wrong. She was awesome - completely understood the situation, and explained that if we would like we could completely cancel the contract at anytime with no fee to us. She also stated that she had not really dealt with too many of these situations before, and she would be open to ideas. She also offered to cut her commission in half and help us out from the seller side - handle all paperwork, obtain proper documentation from buyer, title company, etc.

As I explained earlier in my posts - the margin on this house is a little tighter than we would have liked, so we chose to not use her for the closing (we felt comfortable enough to handle the closing on our own). However, we did agree to give her $1500 (the purchase price of the home was $186,500). She seemed happy and very appreciative - and even helped me one last time with her opinion on the sale price:).

All in all, I am very happy with the result and feel that $1500 is a small price to pay to maintain the relationship.

Thank you again for everyone's comments and suggestions - they were all helpful!

-Shelby

Welcome Blair! I am also a CPA and previously worked in public for 2.5 years before moving over to the private side;). Welcome, you def came to the right place, this website is amazing! Ps. @Paul Timmins - I used to live in Columbia, MO for 7 years, and I am impressed at how quickly you seemed to hit the nail on the head on a quite a few of your points above - nice job!

Welcome CJ! I am from STL as well, great place to invest:). You came to the right place!

Again, thank you all for your comments. I post an update on this thread after I speak with her.

Oren Karp, I did not think about a non-monetary gift, however, have referred her twice now - and have mentioned it to her:)

Thanks again everyone, have a great evening.

Thank you all for your replies. An important piece of information I forgot to include above is that I did sign a listing agreement with her, however, the property has not officially been listed since we have not completed the renovations. @Steve Babiak I wish I would have included them as "excluded parties"; I didn't even know such a thing existed. Good lesson learned.

I think I will just call her up and talk to her about the situation. It is important to keep the relationship, however, I'm just hoping she doesn't get too greedy with it:).

Thanks again everyone for your help - it's good to know I am thinking along the same lines, and am not missing anything.

Hi Brian,
Thanks for your reply. It is nice to hear it from the other side. I agree with you completely on having an agent is better - and I am all for this typically, however, this house has a small margin on it already, so if we are able to bypass the 6%, it would really help our bottom line.

I do agree with your final statements about harboring the relationship - and agree completely - she could be a great asset in the future, and def. do not want to burn that bridge. I will talk with her and see what she says.

I'll try and keep you posted on the outcome. Thanks again for the reply.
Shelby

Hi guys - I need your help. I have an investment property my husband and I own that we have been renting out for the past 2 years. When the tenants moved out a few months ago, we gave them the proposition of buying the house; if they were interested. We explained that we would be able to give them a very good deal given that we wouldn't need to use real estate agents, etc. At the time, they were not interested.

Fast forward a month or two, and I have since hired a real estate agent who has been to house the house a few times to meet me, as well as give me advice here and there on the renovations, market, etc. However, the house is NOT officially listed yet - as we have not finished our renovations.

Yesterday, one of the previous tenants stops by the house (while we were there working), and started talking to us about the possibility of buying the house. She has since talked me to today and is very interested in the house - and would like to talk numbers.

My husband and I are ECSTATIC about this - she is newly engaged, her and her husband are great people, this would be the perfect starter house for them - we would be getting a great deal, as well as they would be getting a great deal.

Here is where my question to you all is - how to do I handle this with the real estate agent? She is a referral from a fellow REI in the area who is a close friend. She has been amazing, and I do not in any way want to tamper this relationship. Have any of you been in this type of situation before? I am thinking I will just call her up and be open and honest with her about the situation. Possibly offer her a $1k for her time??

Any thought/suggestions would be helpful. Thank you all!
Shelby