I wanted to structure a deal that was suggested by an REI member that made sense. The idea was to offer X amount of dollars with a repair allowance to be paid out at closing on an addendum, signed by the seller.
I got into a big thing with the office manager at the real estate agency because he had never heard of this, yadda, yadda, yadda…and he wanted to call my finance broker and asked for permission. I said “no”. It’s not that we have anything to hide, we don’t. We just feel that it isn’t his place to be a middleman between our financie broker and us (who had already prequalified us) and my credit is 727. Everything on my credit history is 700 or better.
He got rude and obnoxious when I wouldn’t grant him permission and then told me that I couldn’t work with any of his agents. Meanwhile his agent had just shown me a house this afternoon that we wanted to make an offer on. Can he do this? Can he prohibit me from making an offer based on the fact that I won’t let him interfere in our personal finances so he can be SURE that we can get the loan? I found this insulting and offensive. PLEASE ADVISE. Thanks so much.
I’m guessing that the problem he has with this is since you want it on an addendum, it might not ever be sent to the lender. He wants to make sure that the lender knows about it and is ok with it because he doesn’t want to participate in a transaction where someone is trying to defraud the lender.
Realtors(R) don’t accept offers, sellers do! The Realtor’s (R) job is to present offers to the seller. And if the property is listed on the MLS, any Realtor (R) can show and submit offers. So if this guy doesn’t want to work with you, find one that will! They are a dime a dozen in some areas, where I live, you can’t throw a rock without hitting a couple Realors (R), a Lawyer and a crooked politician in the head!
I dont think he can say “Dont work with any of my agents”, he can say that for this transaction and the way you were trying to structure it, But he cannot refuse to take an offer from you[If you offer full price], like Dan said you can work with any realtor(r) and forget him, I would’nt do business with him.
There are ways around this $ on closing. I did one myself abou 45 days ago.
The local Board of Realtors do not enforce any laws or rules, it is your state commission that does that. It is inappropriate for the agent/broker/Realtor to ever make the decision for the seller not to present an offer. They may offer opinion as to the merits of the offer, but not refuse to present it. As pointed out by another poster, it is in your best interest anyway to have your own representation, thus although the offer would still go through the seller’s agent, your agent may force the issue of presentation. They may also be able to help direct you into this not becoming an emotional, but rather good business issue.
Would you mind advising on the way you worked your deal to get money back at closing?
I am working to structure a deal that way now. I am working with a hard money lender who says that they will allow seller credits and they don’t have a limit on the % of credits you receive --The problem is making sure I get the funds at closing and not have them escrowed.
im very new to all this so this may be a dumb question now if you make postive cash flow of let say $200 a month at the end of the year that would be $2400 how much of that do you have to pay uncle sam like i said im very new to all this