Creative Realtors - Posted by Kris Nickerson

Posted by Greg Schultz on September 24, 2001 at 09:44:13:

Hi Doug

Your formula… assessed value + simular property listed price divided by 2 = FMV?

Is this right?

Thank You

Creative Realtors - Posted by Kris Nickerson

Posted by Kris Nickerson on September 17, 2001 at 19:46:26:

Does anyone know a good realtor in the Portland, Oregon area that is familiar with creatively fincanced deals?

Re: Creative Realtors - Posted by Raymond_OR

Posted by Raymond_OR on September 19, 2001 at 22:37:21:

Dear Kris:
Despite the other negative responses, I have to admit that I am a licensed broker in the Portland Oregon area. However, I am not just yet a Realtor (more fees involved). I recently got my broker’s license, although I have been working in commercial real estate for more than three years. Only difference is that now I can make a commission on the deals I put together.
So I am still in the process of obtaining RMLS access, so I can’t help you with listings at this time.
However, I might be of assistance if you need a buyer’s broker, consulting, or property mgt assistance. Sometimes its easier for another broker to get by the realtor on the other side and make sure your offer gets presented and taken seriously. In most cases, I am flexible on fees.

I am also a real estate attorney, so I can also help you on the legal end as well, if you ever have a need.

Feel free to contact me if you need anything.

Raymond Greycloud
Greycloud Law Office
Esquire Realty Co.
tel 503/241-9350

Re: Creative Realtors - Posted by WAA

Posted by WAA on September 18, 2001 at 12:58:21:

“Creative Realtors” is an oxymoron.

Re: Creative Realtors - Posted by Doug (ON)

Posted by Doug (ON) on September 18, 2001 at 08:19:47:

Unless you get a reply, don’t waste your time looking for one, they’re next to impossible to find. Use that time to do deals instead.


Re: Creative Realtors - Posted by JThompson

Posted by JThompson on September 18, 2001 at 12:03:44:

I absolutely agree with you, Doug (although I know that some might disagree).

I am scheduled to close Friday on a house in which I am reselling at the table in a double close. I am buying the property from a seller represented by a realtor, because I made a low offer on the property and already had a buyer lined up.

The realtor has absolutely just about ruined this deal, even though he said he understood what I was doing, had no problem with it, and would ‘stay out of the way’. He has scheduled closing on his own (without any info on when the deal is going to fund at the table), causing his clients to travel nearly 800 miles to close without any knowledge of his ‘schedule’ by myself, my buyer, or the lender. The seller got so aggravated with him that they signed over authority to close to their son, and told the realtor to ‘stay out of it’!

I am still a newbie, but from what I have seen of realtors, even they might say they know about creative real estate, THEY DON’T! I know this is an alarming generalization here, but the one’s I have attempted to work with don’t really know what they are doing, promise the moon to make a deal, and get all bent out of shape and tell you they are ‘putting out fires all of the time’ (fires created by them).

It is doubtful that I will ever use the services of a realtor again. In fact, I got a call yesterday from a seller with a listed property. They were dissatisfied with the services of their realtor (which will be up in about three weeks). I told them that I really don’t do ‘listed’ properties anymore unless they were willing to make a sweetheart deal, and told them that I would contact them in three weeks to see how things fared. Maybe I was wrong, but no more realtors!

They just get in the way.

Have a great day.


Re: Creative Realtors - Posted by Doug (ON)

Posted by Doug (ON) on September 18, 2001 at 13:06:26:

Sounds about right to me. I’m happy to share the leads I can’t work with in exchange for comps and expired listings, but as I’ve discovered, I can estimate value right in line with appraisers, without any comps. Here’s the simple formula I’ve used which has worked time and again, although I can’t guarantee if it will work for you or in a down market:

Assessed value + similar listed price / 2 = FMV

So far I’ve been right on the money everytime, later confirmed by comps or appraisels.

As for working with realtors. The only time it might work is if you’re offering cash, and even then, it’s probably not going to work in a sellers’ market because the realtor isn’t desperate enough for their cut. Best just to let them know: “If you come across a home fitting these criteria I’ll make a cash offer.” And waste no more time than that.

I was talking to a realtor just a week or so ago who was referred as being ‘open-minded and flexible’. The conversation ended with him saying: “I’m so well established I don’t need to do any weird things to make a living.”

Weird things!? I told him that I buy cash for 15% below market, or lease/option for 5% below market and could either give him an income stream or a cash bonus for his flexibility on the time of payment for his commission.

There was something interesting that I learned from that conversation though… I realized that I was having a very hard time thinking of a way a realtor could fit into my business plan. Really, other than expired listings, I’m having trouble imagining anything else they could do for me that I couldn’t do with a lot less grief myself.