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Author Topic: wholesale with realtor question  (Read 2637 times)

loslos01

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wholesale with realtor question
« on: February 12, 2007, 07:45:24 pm »
how do i do a double closing with a realtor using my own agent,and without them knowing i am doing a double closing?. one last thing i almost came close to doing a deal with a realtor but before we did the deal he wanted to know why i wanted to use my own agent ?...he ended up backing out the last minute because i couldnt explain to him good enough.. :help

Offline JDS

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Re: wholesale with realtor question
« Reply #1 on: February 12, 2007, 08:12:29 pm »
The buzz word in this game is integrity. Tell him what you're doing, and tell him if he doesn't like it, he loses his commission. Straight talk always works best, at least for me.
My life would be a whole lot easier if I was stupid OR he who laughs first saw it coming OR if you make anything idiot proof, they'll just improve the idiots

Offline Teksch

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Re: wholesale with realtor question
« Reply #2 on: February 12, 2007, 08:14:27 pm »
You use your own agent because you want someone to represent you. You do not have to explain to anyone why you want representation. Get an agent early on in the transaction so that it doesn't become an issue.

It sounds to me that you were somehow ashamed of what you were doing. If it's legal an proper - go ahead. Your agent has to know what you are doing because his/her license is always on the line.

loslos01

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Re: wholesale with realtor question
« Reply #3 on: February 13, 2007, 11:07:55 am »
well thanks to the both of you. now i know i will be using there contract when wholesaling it ,but does there contract allow me to flip it to a buyer? while using my agent? sorry if these questions sound stupid...thanks

Offline Teksch

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Re: wholesale with realtor question
« Reply #4 on: February 13, 2007, 11:47:10 am »
To answer your questions, I feel the first thing is that you have to really understand what a contract is. A contract is defined as a "meeting of the minds" - where both parties agree to all elements.

To be a contract there are four standards that have to be met:

1. Capacity - a person entering into a contract has to be of legal age, cannot be judged insane, cannot be under the influence of chemicals, etc.
2. Mutual consent - both parties must agree to all parts of the contract.
3. Consideration - something of value must be traded. This may be money, a promise to do a thing or a promise not to do a thing.
4. Lawful purpose - the contract must have a legal end. For example, one cannot contract for another to steal a car.

So, it is not their contract - it is a contract between the parties.

If "flipping" a property is a concern, your agent should be able to address this issue (if need be) in the contract. If you don't like what their contract says, have your agent issue a counter offer that more fully meets your needs.

Offline DeeinAustin

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Re: wholesale with realtor question
« Reply #5 on: February 14, 2007, 08:15:37 am »
how do i do a double closing with a realtor using my own agent,and without them knowing i am doing a double closing?. one last thing i almost came close to doing a deal with a realtor but before we did the deal he wanted to know why i wanted to use my own agent ?...he ended up backing out the last minute because i couldnt explain to him good enough.. :help

You shouldn't have to explain. You have a right to use your own representative and they're trying to pull something if they don't let you have someone represent your interests. They may have not liked it if you asked the seller or his agent to pay for your agent if there's not enough money in the deal. You could have offered to pay your own agent's fee and just tell them you never do a deal without your own real estate agent to back up your numbers.
Principal Broker, Copeland Group Realty
Green Construction and Investments
http://www.MyClientsBuyLand.com
My Clients Buy Land...and Houses Too!

loslos01

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Re: wholesale with realtor question
« Reply #6 on: February 21, 2007, 07:34:03 am »
thanks for the advise everybody, now one more question , i am in the process of making an offer with an agent who seems pretty cool with whats going on he is also allowing me to use my own agent, the one thing that concerns me is not messing up on the contract and losing my deposit....does there contract allow me to do a double closing with my own agent??...

Offline Teksch

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Re: wholesale with realtor question
« Reply #7 on: February 21, 2007, 09:23:27 am »
You have to go back to the basics here. No one can dictate who your agent can be. If they produce a contract that states you must use their agent, the contract would be void at the offset.

The way to insure that you will not lose your deposit is to work with your agent and be sure that you have enough contingencies in your offer to protect you.

I think the real concern is what will happen if you close and the second buyer doesn't or can't close. At that point you will have fulfilled your contract and bought a property. It is not the concern of the seller that your potential buyer failed to close.

 




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