OfflineI recently submitted several offers to a Real Estate Agent on properties she had emailed to me. They were an offer only (not an agreement to purchase). She stated that the offers could not be presented because: 1. My offer required earnest money, 2. My offer needed a pre-approval letter from the bank, 3. My offer needed proof of funds, and 4. My offer must be on their SPECIAL FORMS. How can I get her to understand that this preliminary procedure is done prior to a formal agreement to purchase.. And that the requested information will be part of the purchase agreement on the offers accepted.
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Walter E. Hogan
Realtors are very special people - a seasoned realtor understands how to get paid! And that looks like what you have found! What an amazing concept, someone wants compensated for their time!!! I have heard so many times, more times than not that "realtors are so lazy" and true some are extremely lazy and have earned that title rightfully! They have acquired this by finding ways to make quick bucks not having to do much always shifting their work to others - they call it being resourceful, using their power team!! Wow, many of these individuals weed themselves out of the business when they find that productive agents generally do 90% of the transactions in the area, and there is not much money to make as a realtor.
You have found a good agent, you just need to educate them how you operate, explain how they will be compensated and ensure that they are on board. This type of agent will work, they are driven by the carrot (money) and will work for this. They are telling you the truth on all of the 3 items they are requiring.
1. You are the investor, so you will need a proof of funds letter, or financing letter from a lender - pre approval. There are many games played here. If you are doing AoC you can obtain both of these items easily. It really depends on how you investors are wanting to purchase the property. Do they need the ability to finance the deal or is it going to be all cash.
2. This will have to be on their forms if they belong to a board of realtors. The board does have attorneys that protect the realtors from lawsuits if they use board approved froms. You MUST understand any contract that you use. If you are assigning deals, they you must ensure that the contract is assignable. You must also understand all of the contingencies that are in place for you to be able to exit out of the contract.
I hope that this information helps!!
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