OfflineHello to Everyone reading this. On my "FIRST DEAL" I am working on I got a potential buyer who is a "Broker & Activist" (findchicagohomesforsale.com). He seems to be legit & I'm not questioning his sincerity to help me in this deal BUT, I am concern about how much I'm going to get out of it if he wants me to have my seller sign a Listing Agreement. He knows I'm new at this and I can tell he is trying to run it his way.
Now, I talked with him about getting a commission out of this deal but I'm worried that I'm not going to make what I could have originally made if I just sold it to another investor. I have other potential buyers but they are not interested in houses in Illinois just in Indiana.
Since I have an elder/senior in my church who wants me to help her sell her condo I don't want to wind up loosing out on a good or great profit twice.
Your suggestion or advice is greatly appreciated asap.
Thank you.
House Negotiator
When u fall down just dust yourself off and get back up
He wants to put this house or condo on the MLS? That doesn't sound right. Sometimes, ppl can take advantage of a new investor. If it sounds like this is what's about to happen, I could smell it from a mile away.
I'm also fairly new here, too. I am concerned that this broker is going to rip your profit from you with his commission and putting it under a listing contract. I wonder if you could find another agent/broker in the area who you could offer $500 to just to help you fill out the offer to purchase contract? Indiana-Joe in a recent posting suggested an attorney to write up the offer and mentioned a fee of about $500 also. I would be very wary of this person. He seems to be ready to take advantage of your newbie status. I think you are right to question this.
With appreciation,
Patrick
Thank you for your response. Before I got your answer my "BS" metor kept chirping in my head after speaking with him over the phone. I started to feel like I was being hoodwink into this deal. I'm not easily fooled. That's why I needed confirmation from someone who understood like you that I am new and just wanted to see if what I was feeling was right. Thank you for confirming.
When u fall down just dust yourself off and get back up
oh yea he is trying to steal your deal, and the only people that get paid commissions are agents we get paid profits they told me to be careful to not use that term we can get in trouble and why dont you just put it under contract and then advertise on craigslist & postlets to find buyers. I have a contract you can use that my partner sent me if you like I can send it to you, it's pretty straight forward, you dont have to use the State contract.
Tony
Go faster do more! GFDM!
Yet to do anything because i dont want to mess anything up along the way and have met too many phonies in my life.
SITUATION:
I have found some great leads to wholesale, or possibly fix n flip myself, but not sure how to pounce on them properly. These options have tons of potential profit to be made, none are listed, and all are distressed.
Is it really as easy as:
1) get them to deal with me and sign paperwork for my price,
2) find someone to move it to (already have potential buyers as well)
3) get paid by assignment contract
All i've ever heard is "if its too good to be true, it probably is."
Any help would be appreciated, new to the site still, so redirects to other posts or videos would be awesome as well.