All Forum Posts by: Tom P.

@David M. -btw, if I ever sell a home, I hope to find a realtor like you who will look out for their clients interest as strongly as you do :-)

Thats a fair call. I mostly do this out of habit, back when properties were being sold way above asking. Right or wrong, I did feel like I got a little more information or attention from the seller's agent (nothing illegal mind you)... but it was back when everyone was trying to find any angle they could get in hopes of grabbing the home. 

Since times have changed, I'll do my best to break the habit and just go find a true "buyer's" agent as you all suggested ;-)

@David M. - I wouldn't take this personally, but it seems like there's a lot of projecting going on here. Please relax. No one is saying any agent is "crooked" in this transaction. I'm offering a seller an offer (in this case using the seller agent to represent myself too since it's allowed in the state). If this violates some code of ethics, I'm sure it wouldn't be allowed. Rules are state by state. 

If I was selling a home and hired an agent, I would hate to hear that my agent never presented an offer to me, no matter how off putting it could be. Remember, this home is not selling. It will get delisted soon. The agent will likely get replaced the next time it lists. I'm offering a solution in which the seller gets their price (in lieu of terms), agent gets paid more than what they would normally get, and I get a home. Everyone can win. Of course, the seller doesn't have to, but let the seller decide whether they want to take that burden on once they are presented the offer. I'm okay if the seller says no. I'm not okay if a realtor doesn't present it to the seller. 


 

Thanks everyone for the feedback. I'll add a few contexts as it seems like that's missing which is driving a lot of false assumptions about this deal... 

1. This property is not selling. Avg DOM is around 15 days. It's approaching 90 with zero other offers than mine. They already dropped the price 3 times. A lot of tire kickers but no official offers except for 2 out-of-state offers from REIs that are asking 60-70% of it's listed amount. I'm offering 100% but via Seller Finance.

2. The property is free and clear. My offer is significantly better than LT rents, plus they won't have to worry managing it. Which is the primary reason they want to sell it. 

3. Home is appraised around the list price (+/- ~2%). 

I found a home that I'm interested in. I reached out to the seller's agent to represent me as the buyer's agent too since KY is a dual agent allowable state. I was hoping this would sweeten the deal for him since he could then take double commission by representing me and the seller in the transaction. I submitted an offer and we went back and forth with the seller in the negotiation. Unfortunately no deal as we couldn't agree on the price. A few weeks later, I decided to offer "Seller Finance" at the list price the seller wanted. However, I think our agent is either confused as to what seller finance is all about or refuses to submit the offer to the seller (likely due to the belief that he won't get a commission check in this type of transaction). The agent has ghosted me and won't return my calls or emails. 

Questions for the group:

1. Can an agent refuse to submit an offer on my behalf to the seller? 

2. If no, any advice on what I should say to the agent? I don't want to come off like an a&*-hole but also want to remind him of his agent obligation to both myself as the buyer and to the seller. 

3. Should I just go around this agent and pick a new agent to represent me as a buyer? This way, the seller's agent cannot "refuse" to send my offer to the seller? 

Any help would be great. 

Hi. If I offer seller financing, does that exclude having to do an appraisal? If not, can I back out of a seller financing deal if the home doesn't appraise at the price I'm offering? Also, who normally pays the legal/closing costs when doing seller financing--the buyer or seller? 

 Hi @Annchen Knodt - Did you learn anything more about this program? I'm about to join Frank and Sherri's program and was wondering if you heard more about them?