All Forum Posts by: Cindy Crane

@Wayne Brooks sorry for the terminology, I plan to get the house under contract and then assign the contract to another investor who will rehab the property

@Marcus Maloney thanks Marcus, I don't have a problem with the realtors making a commission. On this deal the house has $1500 owed in back taxes and it seems that another $1500 in realtor commissions will leave the seller $1K in the red on the deal. I do have the inspection period and a couple of other items written in as an addendum. Thanks.

@Ruth Jones thanks for your info. I just asked the question because I've never got a property under contract using a realtor's contract. It will work out if the number are right. Thanks.

@James Wise @Joe Gore I have NO problem with paying a commission to a realtor or a finders fee to a bird dog. I resent the implication. You don't know me. These realtors obviously did not want to list this property and were looking for someone to help the owner by finding a buyer for it, so my realtor friend asked if I was interested. I'm in it to solve a problem and make a little cash for me….the realtors get a commission and possibly more deals in the future…everyone wins. My question was about the difference in contracts.

@Bill Gulley I've had an account for a while but have only been lurking and finally decided to post. I can understand some people only look and don't get involved. By virtue of my asking a question, I was accused of being unethical, a cheapskate, etc. It was not appreciated and I will likely not post again. I have been investing for several years, buying tax liens, own 5 rentals including a subject to and have done a dozen or so wholesale deals.

My mentor here in Central MS, is a local investor with 30+ years of experience and I use the one page contract that he uses. I don't know the legalities of pocket listing as this is a first for me but I do have the money to purchase the property. My plan was to get it under contract and assign my contract to someone who rehabs that can turn the house around and put a tenant in it.

Thank those of you who were positive and helpful.

Wayne, I looked at the contract the realtor gave me and there is a commission section on it with $750 written in the blank. Since the house is not listed on the mls, but the two realtors are corresponding and bringing offers, I'm assuming using this contract entitles them to a commission. Whereas, my contract would be between the seller and I, and no commissions would be due. I am planning to wholesale the property.

Also, in their contract there is an earnest money deposit.

A realtor friend, gave me a lead on a property that is not listed on the mls. Another realtor, friend of the property owner, sent my realtor friend an email about this property. I am interested in purchasing it for 2K, however my realtor friend presented me her contract and I am used to using my 1 page, straightforward contract that contains a couple of escape clauses. I am leery of signing a 5 legal page contract, even if it has my terms. I understand that by using the realtor's contract that the agents will earn a commission. Is there anything else that I should be aware of/skeptical of in this deal. Thanks.