I have several deals I am interested in purchasing. A few are going to require creative financing, i.e. wrap around mortgage, seller held second. Anyways, these properties are currently listed by a realtor. Is it generally better to contact the realtor and try to explain it; or talk directly with the owner first? The properties have been listed for a while (over 250 days) so the seller may be more interested in what I have to say. Or at least thats what I think, let me know if I am way off base here. Thanks guys
ethically you should contact the Realtor first if you found out about the property through the realtor / the realtor’s listing.
If you get the cold shoulder from the realtor I would write a letter to the seller explaining your intention and interaction with the realtor.
If the realtor truly presented your proposal to the seller - the seller will throw out the letter and nothing will happen.
If the realtor did not present your proposal to the seller and he is interested - the seller could a) make the deal with you and the realtor or b) fire the realtor and make the deal with you (leaving that extra commission on the table!)
Good Luck
I have sent e-mails to the realtor and have yet to receive a response (admittedly it has not been a full day) I plan on giving the realtor 2-3 days to respond then following through with the letter, I appreciate that idea. What is the best way to get the contact info of the owner themselves if I do not hear from the realtor in a timely fashion?
Hmmm…that’s neither ethical nor legal. The owner has a valid contract with the Realtor. If you buy the property, the Realtor is owed a commission, in that you found the property while it was listed and began the negotiation process…
You can’t find an interested party, fire your Realtor, and then keep the commission.
Do you think that is good business?
Keith
Keith, I was referring to what the seller could choose to do.
If the realtor did not notify the seller about the interest/proposal the realtor has already failed his/her duty towards the client.
I would not recommend violating any contracts or doing anything unethical.
Firing a realtor and eliminating the contract and Doing the deal despite the contract are two completely different paths
Have you actually created agency with the Listing agent? If they wont email you back so what… Its business. Maybe bad business but still.
BTW wait for the listing to expire… Dont go directly to the Seller until then… Thats a whole lot of bad business.
Too many good deals out the to play chicken shit games…
Just my opinion
[i]You are being kind to the realtor. Some of them are greedy and do not get it. You are trying to do right by the home owner who is the one who counts. What is going to happen if no one comes along? The house will not be sold. The home owner will lose the house. Everyone will lose.
Good luck in making it a winner
John
NJ
[/i]