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scott daniels, "floridalistforless"

Real Estate Agent

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Sometimes this business can bring a smile to your face! I received a call from a "Novice Investor" she had read several of my blogs and wanted to inform me that she has a Condo for sale in "Punta Gorda Florida".

We spoke for several minutes and I started realizing that she was in fact "Pitching Me" to either purchase her condo directly, or pass the word to others, without any compensation!

I always enjoy these "Alerts" from people who for whatever reason, don`t know what they`re saying and haven`t a clue what their doing!

Either way it`s classic to listen to these REALITY TV CLONES reason with a "Realtor" whom makes a living assisting people with the"Buying and Selling of Real Estate".

The conversation is as follows:

Novice Investor: I`m calling all Realtors like yourself to inform them that I have an investment property to sell in Punta Gorda!

Me: Great! It`s always my pleasure to help someone like you sell their home.

Novice Investor: No, you don`t understand,I`m asking you to pass the word to anyone who maybe interested in purchasing my condo, or you can buy it for yourself, I read that you`re an investor like me!

Me: I`m definitely and investor, but I make a living "Selling or Buying" Real Estate for others.I don`t "Pass the word" for free!

Novice Investor: Well, I`m not looking to pay anyone a commission, I just need someone to buy my condo!

It was obvious by the tone of her voice that she was a Novice Investor, over her head!

In her surreal world of watching "Flip This House, or This Old House" she actually believed that she can call a Realtor to spread the word, for FREE!

As I hung up from her I started smiling, I`m thinking how many other Realtors she called today and made their day,as she did mine!
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July 11 2007 - US
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Bma

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Interesting. Thanks for sharing. Though that's not really investing at all... just a FSBOer trying to get the word out without understanding how the industry operates. Funny though. =)
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July 11 2007
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CashRightAway

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On both sides no doubt, did you find out how much she wanted for it? Or how much she owed? If it was a true investment property you could just use a double escrow (simultaneous close). With the proper disclosures wou would be able to "list" her home and reap far more than what a realtor commision would bring you. for example:

110k purchase price -> to you the realtor/buyer sell for 120 -> to end buyer or the person/ investor you sold it to net profit 10k

or 3% of 110 k = 3.3 k

You sold her home, she was happy, and you recieved 7k more for your trouble. These deals are rare unless you specifically target them, but definitely I would say 10k is worth the 30 minutes to 2 hours it takes to build rapport and help her if you can, and if you can't just tell her.
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July 11 2007
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Yvette Sloan, "yvettesloan"

Hidden Valley Lake

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Great note and YES that has happened to me before also.
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July 12 2007
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John Corey, "Bank REO Solutions"

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CashRightAway,

Are you talking about a net listing?

Any agents want to comment on net listings and why they are not very common?

John Corey
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July 13 2007
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CashRightAway

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John,

Actually I am talking about real estate investing as I have been doing it for the last two years. If proper disclosure is given by the agent the agent can actually write an offer on the property between them and the seller without listing it, for less than the market value, the agent then has the possibility to resell the property or their position in the property. You will want to check your states regulations in regard to realtors and disclosures but also if double escrow or simultaneous closings are allowed. In some states they are not.

Net listings are a listing agreement between the realtor and the seller that guarantees the seller a certain net profit everything else is commision. The problem with them is it can be a two edged sword. For example: If the realtor knows a property is valued at 150k and knows jane seller is free and clear on the property and jane wants to list with him here are two ways it can hurt
1) Jane seller thinks she can get 50 k out of it so the listing agent says he'll net list it and he gets an offer of 123k he takes it. Jane seller gets 50 k he gets 73 k. The problem here is two fold the realtor had no risk and all the equity, there is a definite breach of feduciary.
2) Jane seller knows what the home is worth, and test to see if the realtor is a scumbag. Realtor suggest a 50k net, and list the property. Jane calls a friend and asks them to put in an offer for 25k. The realtor has to fork out 25 k jane gets her friend to deed it back to her and the game starts again.
Since REALTOR boards are notorious for ethicality, these listings are often frowned upon, since there is soo much room for deception
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July 13 2007
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scott daniels, "floridalistforless"

Real Estate Agent

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This is a bit harsh..What are you doing if I may ask?
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July 20 2007
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teardowns dotcom, "Teardowns.com"

Greenwich, CT

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Net listings are illegal in many states, but that does not necessarily mean that situations like that still don't occur. However, I believe that the choices we make ultimately define our professional lives and reputations.

Many agents find themselves in some very opportunistic scenarios where they may be enticed to illegally or unethically enhance their earnings.

I've been in situations where I may have lost business by sticking to my principals, but that's ok. I believe it's better to stick to ethics rather than risk my reputation, license or entire career!
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July 22 2007
 

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