The other side of the coin - Posted by Rob FL
Posted by Rob FL on June 14, 2001 at 17:43:05:
Being a real estate agent as well as an active investor I get to see the other side of the coin.
I have dealt with several so-called “investors” that just walked out of a Carleton Sheets or Ron Legrand seminar and think they know-it-all about this business. They think all real estate agents are sleazy and know nothing about how investors operate.
These investors want to submit offers on contract forms they got out of some course from a “guru” who lives in Michigan or some other far away place. They don’t even realize that their contract doesn’t even cover half of the disclosures and legal issues that affect this state or locale. On top of that most agents and sellers would probably have to hire an attorney to decipher the garbage in it anyway.
Then they want to put a bunch of ridiculous contingencies like 90-day closings, approval of my partner (who doesn’t even exist), $100 earnest money deposits, etc. And of course they don’t have any proof of funds that they can actually even close the deal. And people wonder why real estate agents don’t take them seriously.
On the other hand, there are some investors that I know will make a clean offer and will actually close every time. I like dealing with them. As a matter of fact I’ve developed my realty business to serve people like this. It’s great repeat business.
Now I will say there are many agents running around that haven’t been licensed very long and are quite dangerous from a liability standpoint. There are also agents that have been in the business 20 years and have a “this is the way we’ve always done it” attitude. However, most of the agents out there are quite competent at what they do. The successful agents didn’t become that way by being stupid or having a bad attitude. I do think the real trick for an investor though is to find a veteran agent who invests for him/herself. There are some out there.
As far as this particular deal you mentioned, simply move on to the next deal. After a few weeks check and see if anything has changed on this property.