All Forum Posts by: Stanley Bronstein

@Julie Gates  I've seen what you describe happen all the time. While it's ultimately up to the client to decide, we frequently tell the listing agent that our offer is our best offer and that if someone else wants to beat that offer, the Seller should feel free to take it.

If you notice, the agent usually doesn't say there definitely is another offer. They will just say they are expecting another offer to come in (or something like that).

Is the agent bluffing?  Maybe. Maybe not.

I just know the last 3 times I've encountered the scenario you describe, my client held firm and ultimately wound up being the one who bought the property.

Your mileage and experience may vary ...

@Richard Sherman is giving some very good advice.

I frequently do what @Jonathan Schrock recommends. I will frequently use the same percentages between land and improvements that the assessor uses (but not always).  However, DOCUMENT, DOCUMENT, DOCUMENT, what you are doing.  Stick that information in your tax records so that if you are ever audited (or asked) why you did what you did, you have information in your file to defend your numbers.

@Matt Barber Unless you're lucky enough to find someone on BP who's gone through this process in Oklahoma, I'm thinking the best way you're going to get answers to your questions is to interview 2 or 3 real estate attorneys in Oklahoma who have rezoning experience.

Ask about the rezoning experience. While there are many real estate attorneys, not all of them have rezoning experience (so don't assume they do).

@Purvee K. gives some good advice.

@Michael McConlogue My initial thought is that this property is such a mess that I wouldn't touch it with a 10 foot pole, UNLESS all the parties (owner, tenants, etc) all got together and signed an agreement working everything out.

There are quite probably title issues with this and I suspect the parties have complicated matters so much by trying to do everything themselves that they've essentially made this property unmarketable.

@Basit Siddiqi is giving you good advice.

@Amari Walton Another option would be to partner up with an experienced person on your first deal or two. It's going to cost you a share of your profits, but it might be worth it to you for peace of mind and for the experience you will gain in the process.

To me, the question is not whether or not you should sign an agreement with a realtor.  Yes, you should.

The major question is whether or not that agreement is exclusive or non-exclusive.

If you plan on talking to and working with multiple agents, then make sure the agreement you sign is non-exclusive.

If a party is unwilling to sign an agreement with me, that is a red flag.

With some clients I require an exclusive, usually for at least 6 months or even a year. If for some reason the client winds up being unhappy, I will typically release them from the agreement. You don't want to be working for an unhappy client.

The main thing you want is to have a contractual agreement for you to get paid your commission (typically from the Seller), in the event your client winds up doing a deal on a property you presented to them.

@Eric P.  Some jurisdictions require you, as a landlord, to register your property as a rental and to collect rental tax from the tenant and to send it in to the taxing authority. I have no idea how it's done in your neck of the woods, but you should ask around and check into this.