OfflineWhat's the best way to handle a potential seller whose realtor has had their property listed for sale for the past 318 days and has dropped the price "3Xs" already? What would you do. I know what my natural self would say and do but I want to come off as being a professional real estate investor and don't want to mess up MY POSSIBLE 1ST DEAL!!! I believe it could be the very 1st one.
My realtor says the potential seller is obligated by law to stick with this realtor and must go thru them to complete the sell. What do you guys say. Please advise. Thank you.
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When u fall down just dust yourself off and get back up
You really can't do anything. I would move on to another seller.
Donald Myers
It depends on the numbers and the deal and the motivation of the seller. There are ways to make a deal happen with a Realtor involved.
...there are ways.....Many people have thought of "creative" ways of getting the deal done.
I hope it works out for ya!
Thanks,
Bernard
SKY Real Estate Services, Inc.
"Money Doesn't Grow On Trees, But It Does Fall From The SKY!"
As a former associate in Florida I am sure this true.However 318 days is a very long time. Is it an active listing? Most standard listing contracts expire after 30 - 90 days. Find out from the broker or agency if the listing is still active. If it is then ask them for the Current price (remember the 1st one to give a number looses). Then crunch some numbers independently and find out an FMV and , if needed an ARV. If there price comes up 30% - 50% less then maybe you still have a "Really Great Deal" and you can work from there. Then you just make a really good offer to the broker or agency. If they refuse to give you a number then do the math and make that agent an offer. If you include 3%-4% for the agents fee and still come out with a good price you mite be able to work a good deal with the agent in the loop. Not all Real estate agents are evil and greedy nor do they need to be avoided.
Frederick R Bauder
My realtor says the potential seller is obligated by law to stick with this realtor and must go thru them to complete the sell. What do you guys say. Please advise. Thank you.
I don't think it would matter. I believe the seller pays the realtor so the only hitch may come when making too low an offer is if the seller isn't motivated enough and/or brings in the commission amount they would have to pay their agent. If the negotiated price (including the seller's costs) is still a good deal, why wouldn't you go for it? Just because the odds go down of it working doesn't mean the odds are nil. It's all about the numbers.
Check it out.
Andy Sager
DG's AndyS
Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
Your seller could also look at his contract to see if the realtor has "exclusive" rights to sell the house.
When I had my RE license in CA the contracts were "non-exclusive", meaning if the owner found a buyer himself, he did not have to go through the realtor.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
sometimes friends or family members will list properties for their friends or relatives as a favor, not to make any money... you'll never know unless you ask...
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
All the advice above covered your situation. So read through them and you will have all the avenues to explore you need. And if it doesnt work out - just move on to the next. Best of luck to you!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Why is the seller selling?
this is respectfully.
if you are not making progress, send letter directly to seller announcing your interest & plan.
I don't necessarily agree with this.
If there is a "non-exclusive" in the contract, once you have contacted the realtor, then the seller cannot work directly with you w/o legally having to pay the realtor's commission.
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
I want to thank each one of you for your input. I read each one and have considered each as valuable information. I will read a few more chapters from Dean's book "Profit from Real Estate Right Now" and map out a plan to make my approach to the seller first. I'll keep you guys posted of my progress in my members journal. Again, thanks to each and ev1 and much success.
"When u fall down just dust yourself off and get back up"
When u fall down just dust yourself off and get back up