All Forum Posts by: Stan Jackson

But, at least now with the SAFE Act, the borrower can request a copy (in writing) of the appraisal and the lender must provide one within a certain timeframe.

Hi Lily,

IMO, the issue is procuring cause. Which is strengthen by an exclusive buyers brokerage agreement. Procuring cause does not only mean showing the property, it could include just talking about the property, driving by the property or even sending the property information by email. I’m thinking the previous agent would have procuring cause satisfied when the offer was submitted in September.

Again, IMHO, the changing of the owner (seller) of the property does not have any bearing on procuring cause. [This I will check later for my own benefit.]

Contact the agent yourself and find out if he/she is expecting, better yet, entitled to a fee by confirming an exclusive buyers’ agreement was in place. As far as you know, the buyer could be trying to simply omit the agent and an agreement is still in place. If this is the case and you have the property in MLS, you may be responsible for the commission.

Thanks,
Stan

Bryan & Mitch,

Do you guys type that fast? I thought for sure I would be the 2nd poster.LOL

Josh,

This is exactly what I was thinking for when BPO hits 100k members! I would truly like to meet many of the members and hear them speak on their expertise.

1. Yes.
2. Yes.
3. Not really sure, but if organized properly, may need 3 or even 4 day weekend.
4. Hit the basics, how to buy for the purpose of buying and holding, flipping, etc An advance session dispensing tax strategies, ideas on how to grow the monies being made…
5. Typical hotel conference room/center with breakout stations of BP member and experts giving short courses on their expertise. Only a few sessions involving the entire group listening to one person, unless the person is speaking for an hour or less.
6. The breakout sessions, the ability to meet and learn from many experts from diverse background.
7. The “buy my productâ€, “Buy, buy, buy BS!

BP has members from 1 day experience to 20+ years experience, it would be eventful and exciting!

Stan

What Will speaks of happens daily, if not by all reo agents/broker, at by least 99% of them. Whether it's called a pocket listings or not!

Asset managers, banks, all of the "powers to be" are aware it. And, it must be working out for their individual best interests, because you rarely see change in the reo kings/queens.

In reference to highest & best, often times you will be bidding against yourself. It is a very powerful tool for the seller to use on those that are inexperienced, unsure about themselves/offer or just because. H&B is all about getting more, especially when there are multiple buyers.

Quick story, online bidding platform has property for 98 days, no offers. My buyer ask me to make an offer. On Sunday, during the Super Bowl, I submit an offer. On Monday, an automatic email says the seller has received multiple offers, please have buyer submit H&B. My buyer stays at current offer. Property available for sale on the 105th day. What happened to the multiple offers? Not one was acceptable? Could be, but not likely.(IMO).

If I'm the buyers' agent, I put in the offer because it's your money, not mine!

If I'm the listing agent, I put in the offer, advise my buyer (as I should) and let the seller make the decision because it's their money!

In both cases, if the transaction happens, I get paid. My success is not predicated on one freaking deal.

Joel, one interesting thing about property #1.
You said you would hold for the commercial appreciation, even the agent said the land is worth more than the $5k, could the seller be aware of this opportunity? Which means they could just hold until the highway comes through or maybe you could speculate and offer a little more? Just a thought.

Stan

Yes, that is the title is correct! A homeowner actually filed papers to foreclose on a Wells Fargo branch. Interesting reading, to say the least!

http://consumerist.com/2011/02/how-this-philly-homeowner-foreclosed-on-wells-fargo.html

Yes, Josh, it was the Polo punk!

JOSH,

I hope you received my abuse report on the above poster!?

I cannot stand that crap, just outright SPAM!!!

Thanks for your response!

I agree and have told the agent to produce or I will have to advise my buyer to continue looking. I suspect that the listing agent is trying to work both ends of the deal.

I did not know that about commercial lending, again thanks for the insight. One interesting thing with this particular agent/seller. I did receive the financials, hand written on tablet paper. From what I've read on the board, this is not uncommon. It seems to me a business would have a better presentation of information. To me the quality in which the information is presented has a lot to say about the current operation or management of the business. IMO.