Shar NJ 1 Report post Posted December 6, 2011 Gotcha, thank you. I worded it wrong, we are entering into a whole new contract. I'll keep everyone posted on the outcome. Thanks! Share this post Link to post Share on other sites
pilot76180 51 Report post Posted December 6, 2011 I always tell the seller to discuss it with their agent, and then we can go from there. I'm sure there have been times the agent didn't know, but that's on the seller's shoulder's. Share this post Link to post Share on other sites
ErikOk 10 Report post Posted December 6, 2011 I always tell the seller to discuss it with their agent, and then we can go from there. I'm sure there have been times the agent didn't know, but that's on the seller's shoulder's. John, Just wondering what you have the seller discuss with the agent? Do you have them tell the agent that they would like to list the property for sale, but would also like to try to sell it by themselves or through you? I am surprised that something like this situation with Shar doesn't happen more often, especially with listed properties. Your experience sounds like it never occurs. I'm wondering if it is something that varies from state to state, or if the realtors there (Pennsylvania) are more hard nosed? Thanks,Erik Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted December 6, 2011 Erik, brokerage owners (not the individual agents) are usually more concerned with bad press than they are with losing the commission on a single listing, that's why you don't hear about this more often. Shar's seller should go to the media. I can see the headline now: "(Insert brokerage name) drags local woman to court for renting out home." Ouch, can you say "Loss of market share"? Share this post Link to post Share on other sites
Shar NJ 1 Report post Posted December 6, 2011 The agent knew they were "considering" a lease option, he called me a month ago as I was trying to lock it down and I explained it to him. Then the sellers called me and gave me the go ahead and everything happened in just a couple days. Should I cancel the agreement and begin again with another Assignment of Agreements? The seller thinks we should date it from today but I don't see how that will matter or if it's even legal. The lease and option are in place for 1/1/12. I am concerned because the buyer will have to sign it thus getting them involved. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted December 6, 2011 Not sure what is in the agent agreement, but the seller should be willing to pay the commission if the tenant/buyer purchases the house a year or so down the road. It's the seller's deal with the agent, and the seller should have notified the agent and gotten the Ok. At this point the seller should agree to pay the commission if the house sells. I think changing agreements etc. at this point seems fraudulent. Being Shar, I would back off and let the seller and agent deal with it. As the investor, I am not representing seller or buyer; I represent myself. I just sold the deal, NOT the house. I would also state the house was leased not sold. Share this post Link to post Share on other sites
Shar NJ 1 Report post Posted December 6, 2011 Not sure what is in the agent agreement, but the seller should be willing to pay the commission if the tenant/buyer purchases the house a year or so down the road. It's the seller's deal with the agent, and the seller should have notified the agent and gotten the Ok. At this point the seller should agree to pay the commission if the house sells. I think changing agreements etc. at this point seems fraudulent. Being Shar, I would back off and let the seller and agent deal with it. As the investor, I am not representing seller or buyer; I represent myself. I just sold the deal, NOT the house. I would also state the house was leased not sold. Thanks Steve, That's exactly what I did. I am very wary of changing dates and contracts after the fact. We are going to keep everything as is and if the agent continues to pursue it will be dealt with in the most professional manner possible. Today is a lot better than yesterday Shar Share this post Link to post Share on other sites
MichaelC 160 Report post Posted December 6, 2011 Sharyn, guilty people cover their tracks by lying, changing dates, etc. You're not guilty of anything so don't go down that path. You assigned a deal you had an interest in to a third party. Everything was done above board. Any issues now are between homeowner and Agency. Share this post Link to post Share on other sites
pilot76180 51 Report post Posted December 6, 2011 MC is right, don't change dates on anything....Here's how my typical response goes, when we get to the "how does this work if I have my house listed?""We NEVER recommend that you cancel your listing, as we are just another marketing avenue that can actually attract people that the MLS doesn't reach out to. You will certainly want to let your agent know that you are looking to do a lease purchase, as we are not here to step on toes, but simply give you another option." Share this post Link to post Share on other sites
Shar NJ 1 Report post Posted December 6, 2011 Good stuff, thanks guys. I am happy with the way things turned out, the seller called me today to apologize about the whole scenario and told me she has more properties for me in the future. Plus the buyer that I though disappeared Friday wants to meet this Friday to sign docs and pay option money. Today is a LOT better! Now I am out of houses but doing a mailout this week. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted December 6, 2011 Shar- I like your facebook page by-the-way. You mentioned marketing your facebook, I think. I put links on my web site to facebook. Do you do other things with facebook marketing you wouldn't mind sharing? Share this post Link to post Share on other sites
Shar NJ 1 Report post Posted December 6, 2011 I've spent a lot of time building up my FB page and building relationships as I find it builds a level of trust that you don't get on CL or mailouts. People feel like they "know" you, they can see how you interact with others and that others trust you. I'm up to 3100 friends and I add people whenever I have time, I base my friend requests on towns that I am doing or would like to be doing business in. I make sure that we have several mutual friends before I request them as FB will ban you for a couple days from requesting if too many people deny your request. I am in the process of building up my FB biz page now which I linked above. I post my houses on my main FB page and sometimes on my biz page, I'll do more biz page postings once I build it up more. Anyone from this forum is free to like my biz page and then send a request to my personal page via the biz page. Shar Share this post Link to post Share on other sites
<Steve> 82 Report post Posted December 6, 2011 Like it Shar. No pun intended. I don't hear many speak much about the successes of FB marketing. That is the first I have heard someone maxing out the number of FB request, before getting cut off. lol Nice. Share this post Link to post Share on other sites
ErikOk 10 Report post Posted December 6, 2011 Good stuff, thanks guys. I am happy with the way things turned out, the seller called me today to apologize about the whole scenario and told me she has more properties for me in the future. Plus the buyer that I though disappeared Friday wants to meet this Friday to sign docs and pay option money. Today is a LOT better! Now I am out of houses but doing a mailout this week. So how did the seller get the agent to stop foaming at the mouth? Share this post Link to post Share on other sites
trashad 0 Report post Posted February 5, 2012 Even though I am a real estate agent, I operate as an investor on most deals. The last thing you want is to be brought up against the real estate commission.It is not fun. Being part of the nice brotherhood of NAR....which I prefer my friendsover at NRA. NAR is anal about taking care of there own. Jonathan, As a licensed agent in Florida, do you actively market to listed property in your area for the purpose of LOs? If yes, are there any concerns regarding the real estate commission? Share this post Link to post Share on other sites
