To make an offer on a property that is listed with a real estate agent, what do I do? Does the offer need to be in writing? Verbal? How do I make an offer?
If it’s listed with an Agent, you can either make an offer through the listing agent or through your own agent.
Either way, they will insist that the offer be in writing and be made via a local Board of Realtors-approved contract form…personally, I recommend your own agent…the listing agent has a fiduciary responsibility to the seller and very little responsibility to you.
Keith
If you are writing your first offers which I would assume that you are, I agree with kdhastedt, you should get your own realtor. Be sure not to sign a buyers agency contract for anything except for the house that you are intending on purchasing. There are some agents out there who will try to get you to sign an area wide buyer agency contract, which can really hold you up if you dont like your agent.
Eric Medemar
Ditto Eric’s advise. But when you find the right realtor they won’t ask you to sign such silliness. Once you find that person, always make offers on listed properties through your realtor. That what you can make sure he/she can make money too. The seller is going to pay 6% anyway. Might as well have half go to your agent.
While we’re on the topic of realtors, here is another way to take care of your realtor. If you come across a seller that isn’t going to work for you because they insist on or need full retail, refer them to your realtor so he or she can get a listing. Believe me, if you scratch your realtor’s back, they’ll scratch yours.
Happy Investing!!
Good advice Brandon and Eric. If an agent doesn’t agree with these guidelines, then they probably are not investor’s agents.
While we're on the topic of realtors, here is another way to take care of your realtor. If you come across a seller that isn't going to work for you because they insist on or need full retail, refer them to your realtor so he or she can get a listing. Believe me, if you scratch your realtor's back, they'll scratch yours
I thought one of the main reasons for buying/selling properties at wholesale was that so you could circumvent the realtor? ???
One addendum to the buyer’s agent contract would be if you plan to make several offers in a short time frame. For example, if you were going to submit 4-5 offers/week, I doubt the agent would want to fill out a buyer’s agent contract for each individual property you submit in a short span of time (I know I wouldn’t). Of course, this may be AFTER you have a comfortable feel for your agent.
I just recently interviewed another agent and asked her several questions, two of which were if she had any issues working with a client that was an investor and if she had a problem with me submitting several offers each week. I also told her my offers would be lower than most and I may only get one deal out of 20-30 accepted. It’s good to be upfront with potential agents, so they (and you) aren’t surprised down the road.