I need help with realtor! - Posted by Marlon(OH)

Real Estate Investing
#1

Posted by JohnBoy on July 19, 2001 at 12:10:20:

I don’t see where any of this would be the realtor’s business! You’re not the one that is listing the property with the realtor, are you?

Did the realtor bring this buyer to you or did the buyer come to you on there own? If the buyer came to you on there own then I would tell the realtor to buz off before you slap a tortious interference suit against him/her!

You have an option to buy the property. That gives you an interest in the property which you can sell the house to anyone you choose by exercising your option and setting up a simultaneous closing between the seller, yourself and the buyer.

Unless YOU are agreeing to pay the realtor a commission on this, or unless your buyer is willing to pay the realtor the commission for representing him/her, or unless the realtor is just offering his/her services in this for FREE, I’d tell the realtor to buzz off!

#2

I need help with realtor! - Posted by Marlon(OH)

Posted by Marlon(OH) on July 19, 2001 at 10:44:33:

I signed a l/o with a guy who listing expired few weeks before he contacted me. I been trying to find a t/b for a few days now. I talked to a lady who likes the house and wants to get a mortgage for it.

Here’s the problem. She is using a realtor. Its the same company that the house was listed with and they told her they have no record of the house being sold. The realtor also have been trying to contact the owner (he’s out of town) when she noticed that it wasn’t his number on the sign.

How do I handle this? I have a feeling the realtor will blow this deal. Should I show them my agreement with the original owner to put them at ease? I have to meet with them at 7pm tonight.

Thanks in advance,
Marlon

#3

Re: No you don’t… - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on July 19, 2001 at 20:16:08:

need any help, you are doing fine.

Here are my suggestions;
First prepare a memorandum of option, now. Record it as soon as you can in the court house, in the county where the house is located.

Next be assured that you have no obligation to the Realtor. (PERIOD). An expired listing is just that, expired (read DEAD).

The fact that your prospective tenant is using a Realtor is no concern of yours. You do not have to deal with that Realtor at all if you do not care to. Any fee that the Realtor hopes to collect will come from the prospective tenant, not you; after all you did not hire the Realtor. If you had hired the Realtor they, and you; would have a signed contract (a listing).

If it looks like the Realtor is going to blow the deal, then let it blow. Get another deal (tenant/buyer).

As for showing the Realtor your paperwork, you can if you like BUT I would not. It is like showing your hand at a poker game. You have no obligation to show your paperwork. If I did anything along that line I would make a photocopy and then black out all information about pricing and expiration of the agreement. Leaving only the date signed, and the signature of the property owner. You have no obligation to do even that, and as I said I would not.

Just tell the Realtor to go out and get thier own listings to sell (they love that).

#4

Re: I need help with realtor! - Posted by JohnBoy

Posted by JohnBoy on July 19, 2001 at 10:56:32:

What’s the problem? YOU have a contract on the house and now you have a buyer that wants to buy it. The buyer has a realtor. That’s the buyer’s problem, not yours! You don’t have a listing agreement with anyone. Are you willing to pay the buyer’s realtor a commission? If not, then tell the buyer they will have to pay their realtor if they choose to use one.

Is the house still listed with the original seller? If not, how long ago did the listing expire? Did you read the listing agreement?

Some listing agreements state the commission is due even if the buyer sells the property within x number of days after the listing expire. Some even include a L/O considered as a sale and state a commission is still due if the seller lease options the property.

So if you entered into your contract before the listing expired the seller may still owe the realtor a commission if the listing includes a L/O as a sale. In any case, it’s the seller that is liable to the realtor for paying the commission if one is due. READ the listing agreement and see what it says.

#5

Re: No you don’t… - Posted by Marlon(OH)

Posted by Marlon(OH) on July 19, 2001 at 23:06:22:

Thanks for the advice. They couple wants to buy the house outright. I met with them to show them the house tonight and they loved it. The realtor wasn’t with them. They also asked me if I was the owner about 4 times in 20 minutes. When I got home, my wife said that the realtor called and was rude to my wife. She wouldn’t leave a number but she is supposed to call back tomorrow.
Should I tell the realtor that I have a lease w/ an option or should I tell her its none of her business?

Thanks again,
Marlon

#6

Re: I need help with realtor! - Posted by Marlon(OH)

Posted by Marlon(OH) on July 19, 2001 at 11:49:46:

The listing has been expired for 2-3 weeks before I signed up the house.
I worried that the realtor may want to see some type of proof that I can sell the house. I was told that she tried calling the owner because she realized that it wasn’t his phone number on the FSBO sign.

#7

Re: When asked - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on July 20, 2001 at 08:10:13:

if you are the owner?

The appropriate answer, in your case would be; “I am the seller”. Nothing more needs to be stated.

What is happening here is that thier (not your) Realtor let the old listing expire, too bad for them. Now they can not find out who the “new owner” is. They are probably using some sort of “on line” search, and you are not there (not going to be either).

Most likely they (the Realtor) are looking for some violation ot the real estate licensing laws, that would have you acting as a “real estate broker”. As long as you have an option you are not acting as a broker.

Now there is another point in the real estate licensing laws that they are getting very close to being in violation of. That is in Ohio it is illegal for a Broker (this would include the agent) to demand a commission that they are not entitled to. That is what this is all about, the commission and the fact that they fooled around and let ther listing expire.

Stay put, stay focused; you are doing fine. You have not agreed to pay a commission to anyone, and you do not owe oone.

#8

Re: No you don’t… - Posted by JohnBoy

Posted by JohnBoy on July 20, 2001 at 24:13:39:

If some realtor called me and starting questioning me about my interest in a property I would tell them it’s none of there business!

What difference does anything having to do with the property have to do with the realtor??? I’m not under any contract with them. If they say they had the house listed before, I’d say so! And??? What’s that have to do with me? You weren’t listed through me!

If they say they’re trying to locate the owner they had a listing with, I’d say, and??? What’s that have to do with me? Why don’t you call them instead of bothering me then? What is the number you have to reach them? Excuse me??? Do I look like 411 to you? I don’t know you and I wouldn’t give out someone’s number even if I had to someone I don’t know!

What exactly is it that you want anyway? Are you interested in buying the property or what? Are you the owner? Are you interested in buying? If you are, then you need to come by and present an offer and put up a $10k earnest deposit along with proof of funds or bring a preapproval letter from your bank stating you are approved for the financing to buy the property. Otherwise don’t bother wasting my time! LOL

What did you say to the buyers that kept asking if you were the owner?