Posted by Mr Donald (NORVA) on October 26, 1998 at 19:19:38:
Ethical?
You’re the buyer not a Realtor, correct? Then contact the Seller. They’ll let you know upfront if your overtures are welcome or not.
Whether they pay the commission to the Realtor is their business and responsibility, not yours.
Get a buyer’s broker working for you - but drawing commission from the Seller - if you’re concerned about the slightest hint of impropriety on your behalf.
Trouble making win/win deal using RE agent - Posted by KathyE
Posted by KathyE on October 26, 1998 at 11:35:16:
I’m working on a potential buy on a tri-plex. Rather than use equity in another property I own for the 30% appraised value the bank requires, I would like to make an offer to the seller in creative terms. I found the property from, and looked at it with my own broker, but he either doesn’t have, or won’t release information on the seller’s situation. To be fair to the broker, the seller probably does’t reveal their finances to the lising agency anyway.
It is advertised Cash, FHA, VA, etc., but if the seller actually has some equity in the property, I would like to ask them to hold the second mortgage, instead of the bank.
Also, the income/expenses revealed are vague. I know I can make a contingency on viewing Sch.E, etc., but would be helpful knowing more specifics before I waste more time on this.
I have the out-of-state owner’s name and address from the property tax statement I obtained from the Court House. I don’t suppose it would be ethical for me to contact them to answer all my question the real estate agent does’nt have?? I imagine since they listed the property this would not be acceptable.
I would appreciate any suggestions. This is truly one I would hate to let go, but need a better cash flow than I project. I cannot see a solution unless I have more info.
Re: Thanks! - Posted by Kathy
Posted by Kathy on October 26, 1998 at 23:17:09:
Thank you all (future posts still welcome) for your good ideas and thoughts on the issue. I guess I finally know what to do.
Re: Trouble making win/win deal using RE agent - Posted by SCook85
Posted by SCook85 on October 26, 1998 at 22:58:02:
One of the reasons that people list there property’s with realtors is to take the negotiations out of there hands. The financial condition of the seller is really no ones business. If the seller wants to make it known they can do so. My only suggestion would be to make your offer the way it works for you. You will find out rather quickly if the seller can hold a second mortgage or not.
SCook85
Re: Trouble making win/win deal using RE agent - Posted by Gary
Posted by Gary on October 26, 1998 at 22:12:10:
Kathy,
Have you and your agent sign a buyer agency aggreement.
This way the agent works for you and his/her job is to find answers to any of your questions. Tri-plexes are hard to sell without getting creative with the financing. As an agent, my job is to bring a qualified buyer to the seller. How you would like to buy the property and how the seller wants to sell you the property is non of my business. As long as I get my share of the commission and you and the seller are both pleased with the outcome of the deal, I did my job.
You may have to find another agent who is hungry to put
together deals, willing to sign buyer agency, and aggresive.