Since I am not exactly the owner of the property, can I list it with a realtor? I shouldn’t, but I need the exposure.
Is there enough room in the deal to pay TWO realtor commissions and your fee? If not don’t list it with a realtor. However I highly recommend finding and using a flat-fee MLS listing service. Just be sure to figure out a way for the buyer’s agent to get paid (much cheaper to figure out how to pay just one realtor than two).
MLS exposure is fantastic.
Yes, there is enough room to pay two realtors. I just needed to know if I could do it since I technically don’t own the property.
Hi,
If there is a real estate agent already involved as the listing agent to the original sellers, there will already be a listing for that property address in the MLS system which has not closed or gone to showing "Sold" in the system so you will find it hard to list this property with another agent as the system and the state board of realtors ethics provisions prohibit an agent listing the property until the listing expires, is terminated or closes!
Now if you bought a property “FSBO” and the property was not listed you could then probable list it as long as you control it!
What you really need to do is build your buyers list and then you go out and purchase what your buyers are looking for!
GR
GR, you know I’m new to this; it’s my first deal - and I kinda stumbled across it on Craigslist. I agree, the best thing is to build a buyer’s list and find deals for them. So seriously, can I list the property eventhough I do not own it?
as long as you control it you can list it however you may need the seller’s permission/signature.
This is actually a really good question and one that many people don’t really think through. Thank you for asking it.
There are some real estate offices that will not allow you to do this. There are some real estate offices that will. Either way, you need to fully disclose to everyone what the true situation is.
If you are concerned about how to structure it legally in your State to make sure you are following all the laws, call your attorney. A real estate agent that is willing to do it does not necessarily mean you don’t have to do something to meet legal disclosure requirements. If you don’t have an attorney that you can call to make sure you are doing everything legally you should get something like Pre-Paid Legal because this will not be the last time you will have a question about the law and it is cheap to get access (like $30 per month or something like that).
I am not sure that this applies directly to you realestateconnector as it does not seem like you have a license, but those that are reading this that do… if you happen to have a real estate license, you could also structure it as a modified listing agreement as an alternative way to structure the transaction. This would allow you to list in the MLS. Again, disclose, disclose, disclose. I had a talk with a managing broker here in Colorado last week and he was telling me about some investigations for lack of disclosure recently.
I hope that helps, but if you need any help or have any other questions, just let me know.