All Forum Posts by: Pratik P.

I think you and your agent need to be more aggressive when you're going after a good property on the MLS. I recently listed a fixer upper in a good area with my agent and he was FLOODED with phone calls, texts, emails. I know because he was sitting right next to me for most of that week. We immediately disregarded people who wanted to see the property because we were getting written no contingency cash offers.

Like a few suggested, maybe do a quick drive by and put in a written offer with a solid EMD (10k or something) and a short due diligence period.

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@William C. I'm not sure what you're saying. I didn't say all agents are incompetent. :]

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@Tom Gimer Case, not defense. You know what I meant Tom.....

I didn't say ignore the agent all together. I said make final attempts to contact the agent and also contact the supervising broker. If nothing comes out of it, keep records and move forward with the sale. They don't have time to sit on their hands.

@John Thedford Yes, OP's primary goal is to make money, just like the agent, seller, etc. This website is about making money in RE. This isn't a volunteering forum lol

I'm not playing the "is wholesaling legal" game here. Just wanted to suggest some action in this very odd ball situation.

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Originally posted by @Jay Hinrichs:

Originally posted by @Pratik P.:

Originally posted by @Jay Hinrichs:

Originally posted by @Pratik P.:

@Kendall Morgan In that case, I would gather copies of any attempts to contact this agent over the past few months. Maybe try to reach out from your end a few times. If still no response, just put it under contract with the seller, assign to buyer and close.

Make sure your buyer knows what is happening and they are okay with it since they are a principal in the transaction. From what information you provided, the agent has abandoned their fiduciary duty to the client.

what she should do is call the broker who is managing this agent and get the real story.. LOL.

as an agent i have done what you described.. a few times and we just left the listing agents commish in escrow for them. but i went direct to seller and closed the deal.. i remember one were my seller was in Los Altos Hills very type A software company owner.. and his agent was on a month long trip LOL.. me being the brash young agent i just went direct.. but like i said we left the listing commish. in escrow.

that broker was not happy but i did not care. And the Software company owner became a long time major client of mine.

If this deal closes out side of the listing agreement the brokerage will have the right to sue for their commission.. so I would think this poor seller who is on the verge probably does not want that.. I would if it was me walk the seller to an attorney and have the attorney advise her on next steps.. let the attorney write the broker and cancel the listing if thats what they want to do.

Keep in mind the OP sole purpose in this is to simply make money on a what is probably a big spread so of course she is painting it like the broker is inept.. without really verifying the facts.

I agree, the broker should be contacted as well. But I don't think commission should be left in escrow since the agent has been completely MIA since day 1.

I'm not saying it's okay to cut an agent out of a deal, but I think this is an exception. In terms of a lawsuit, I think it's unlikely. I can't imagine someone spending $300/hr in attorney fees to go after a 5k commission. Even if they did, I don't believe they would have a case.

valid listing agreement is a contract its a slam dunker .. but your right broker may do nothing.. but something does not add up in this story of OH I am just trying to help this little old lady out and the agent is a bozo.. I don't believe the description of events.. and what I have learned in 44 scratch that 45 years of selling real estate.. Buyers sellers don't always tell you the exact truth.. LOL

Who knows! It's definitely an odd situation :D

I've lowered my expectations for agents lately, most of them don't seem to know what they're doing and just have the license in case a listing falls in their lap for a quick 10k commission. In fact I just passed the CA licensing exam on monday and I didn't study at all. And the course I took was online for 100 bucks....That being said, I do know a few agents that are worth their weight in gold. Gotta keep the good ones close!

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Originally posted by @Jay Hinrichs:

Originally posted by @Pratik P.:

what she should do is call the broker who is managing this agent and get the real story.. LOL.

that broker was not happy but i did not care. And the Software company owner became a long time major client of mine.

Keep in mind the OP sole purpose in this is to simply make money on a what is probably a big spread so of course she is painting it like the broker is inept.. without really verifying the facts.

I agree, the broker should be contacted as well. But I don't think commission should be left in escrow since the agent has been completely MIA since day 1.

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@John Thedford LOL sued? What is the agent's defense? "Hey the seller cut me out of the transaction because I'm a failure of an agent and neglected my client's needs, so I deserve my commission for doing nothing"?

Go with Will's advice. Put in an offer with your buyer's name on it and have a separate agreement with your buyer for a marketing fee. This fee can be paid through escrow at closing.

Is the agent responsive at all?

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Originally posted by @Jay Hinrichs:

Originally posted by @Pratik P.:

Originally posted by @Jay Hinrichs:

Originally posted by @Pratik P.:

Originally posted by @Jay Hinrichs:

Originally posted by @Noah Farley:

Hey guys , newbie here . I have a 100k house and it’s for sale for 25k . I would like to wholesale if possible . What’s the steps I need to take to complete this deal ? Assignment agreements ? And if I get into it and realize I can’t sell it what happens then can I set myself up with a exit strategy?

are you in a Cirrus ?? if so good choice I have a SR 22 :)

OK now we can get on a great subject Aviation and what every aspiring real estate investor is looking for, their own plane or make enough money to rent jets etc.

but to answer your question yes I bought mine brand new in 04.. with a partner.. I have little under 1000 hours in it.. instrument rated and flown it all over the US and Western Canada..

I am now retired from aviation my partner still has the bird and our hanger.. when I do want to fly I rent it from him and take a safety Pilot with me.. just someone to ride with really. My wife used to co pilot for us .. but I like to act like the airlines.. even though we have a All plane chute I want two people that can land.. LOL.. as I get older you never know.

But renting is usually the way to go unless you want to partner ours was a 700k investment so it is not without its cost. but that included our man cave IE hanger.. its was a Hanger condo .. and I would go Cirrus way before a 182 I have 20 to 30 hours in 182. they are nose heavy and slower.. safe though.. and better for grass strips etc. cirrus is fast efficient and way cool.

I've seen videos of those chutes in action, it's pretty crazy!

Like many students, I started learning on a 172 so I have that connection with Cessna. But love the modern look of Cirrus.

I don't know why but I can't find any local flying club that has them available for rent. I'll have to partner with some other buyers I guess...which isn't happening anytime soon lol

there is a Cirrus service center over in Woodland.. I would go ask around there.. many times if you get checked out you might find someone who will rent you block time.. just like I get with my old partner.. its really the best of both worlds I only pay when I use it.

Like last year I was shooting approaches into Coos Bay Oregon and just got in the soup and my MFD failed ( 15k to replace that box) .. So I had to cancel get on top and return to base.. Primary of course and back ups were fine. but its a little wild when your IFR and your main situational awareness screen goes TU.. The main thing is you have modern avionics and a plane with no rivets so they are so much faster than the other vintage aircraft that are still 40s and 50s technology. Also if your really Serious join Cirrus Owners and Pilots Org.. its cheap maybe 70 bucks a year. there is great forums there. super experienced airline captions Military flyers etc etc.. I find its aviation's version of BP. And of course with the Money in CA there are tons of Cirri and Cirri owners. But you can buy a used one like mine for 250 to 280k go in with 4 partners that's only about 75k each.. and for the owners maybe 6k a month is all .. so 1500 a month and you will open up your world, Especially flying in N Cal lots of great flying days lots of great destinations.. Catalina is one of my Fav's

That's kind of scary losing your MFD during IFR conditions!

Thanks for the service center idea. I'm definitely going to do that, hopefully find someone I can just rent from :]

1 Vote

Originally posted by @Jay Hinrichs:

Originally posted by @Pratik P.:

Originally posted by @Jay Hinrichs:

Originally posted by @Noah Farley:

are you in a Cirrus ?? if so good choice I have a SR 22 :)

OK now we can get on a great subject Aviation and what every aspiring real estate investor is looking for, their own plane or make enough money to rent jets etc.

but to answer your question yes I bought mine brand new in 04.. with a partner.. I have little under 1000 hours in it.. instrument rated and flown it all over the US and Western Canada..

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Originally posted by @Jay Hinrichs:

Originally posted by @Noah Farley:

are you in a Cirrus ?? if so good choice I have a SR 22 :)

You have an SR 22! I'm so jealous. Would you say it's smarter to buy or lease? I'd love to have a Cessna 182 or Cirrus SR 22 at some point in my life.

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All Forum Posts by: Pratik P.

Pratik P. has started 25 posts and replied 789 times.

Post: Lost deal due possibly to Inadequate Realtor?

Post: Wholesaling a property that is listed with a realtor.

Post: Wholesaling a property that is listed with a realtor.

Post: Wholesaling a property that is listed with a realtor.

Post: Wholesaling a property that is listed with a realtor.

Post: Wholesaling a property that is listed with a realtor.

Post: Wholesaling a property that is listed with a realtor.

Post: What’s a exit strategy on wholesaling a house ?

Post: What’s a exit strategy on wholesaling a house ?

Post: What’s a exit strategy on wholesaling a house ?