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Home Forums General EHTrust/EHT Topics and Creative Real Estate Financing Are Ruby members unlicensed agents?

This topic contains 12 replies, has 0 voices, and was last updated by Avatar of spunky spunky 10 years, 2 months ago.

Viewing 14 posts - 1 through 14 (of 14 total)
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  • #5811
    Avatar of spunky
    spunky
    Participant

    Please criticise my short sale request to this realtor.

    I sent this email: I have just become team member to locate sfh short sales for a buyer- they negotiate and they fund and buy., I help to collect information, make sure documents are obtained, I am not a primary Can you send any short sales, name of seller, and an electronic link to some distressed mls properties in north east Atlanta. I will sign a non circumvent if you wish or you can wait until the buyer does due diligence and we all sign working agreement. I need seller names to do a mail campaign so they will call me so I can explain my buyer???s process… 100% commission.on completed bank discount deals.

    The realtor sent this refusal and reason back.
    There are 100???s of shortsales in Atlanta. We could literally make offers round the clock. You are basically acting as an un-licensed agent for another buyer. An exclusive buyer???s agency agreement with just you and not the actual buyer as well would deem useless in court. I applaud your out of the box efforts but, this is not something we???re interested in doing. Too much time is involved and our position is not a guaranteed position for payment. Especially if we are not in control of the seller (listing agent) and only a working agreement with the buyer/buyers.

    Even with our FDIC shortsales, we are still working on behalf of the buyer/buyers again, this would not work unless agreements were made with all purchasers and or companies involved with the purchase of properties.

    #30120

    You have simply said WAAAAAAAAY too much. And, based on “what” you said, the RE Agent is absolutely right. So, short of attending the Short Sale Training, here’s what I’d say. Keep it short and simple.

    “Hi Mr/Ms. Realtor, Me and my Partners would like to make Short Sale offers on SFR in your area. We have lots of CASH want to buy lots of properties. If you could help us locate what we are looking for we would guarantee you full commissions. When would be a good time for all of us to get on the phone and talk specifics?”

    Now just set up a time for you to get “your partners” on the phone to explain what we are looking for. DO NOT attempt to “explain” it yourself. If the Realtor starts asking for more details, just tell them, “THAT IS WHAT WE WANT TO DISCUSS WITH YOUR PARTNERS ON THE PHONE, FAIR ENOUGH”?

    Once we have talked to the Realtor, then you can do the necessary follow up and collect the data we need.

    FAIR ENOUGH?

    #30121
    Avatar of dbhenderson
    dbhenderson
    Member

    Spunky,

    Here is what I use as an Email script. I’ve found it to be pretty sucessful:

    Hi, my name is DBH. I am located in Salt Lake City. I am affiliated with a company of professionals that negotiate short sales for a living. We are in communication with private investors in California ready to make “all cash” offers with “proof of funds” at 85% of appraisal, on short sale properties.

    I am seeking Utah (or CA) Realtors who are interested in working with me on short sale properties. I get paid for bringing these investors properties, so you keep 100% of your commissions.

    Are you interested in working with me? If you are, please contact me at my private Email address (my Email address)

    When they Email me I call them and discuss the program. If they hit me with something I can’t answer (I haven’t experienced that yet. Mostly I get, “Great, I’ll go get you a short sale we can submit.”) I tell them I don’t know the answer to that, but I’ll have someone at the home office call you with the answer to that.

    I started doing Emails a week ago Saturday and I now have 10 RE agents in Utah and S. CA looking for short sales to submit to me.

    #30122

    @dbhenderson wrote:

    Hi, my name is DBH. I am located in Salt Lake City. I am affiliated with a company of professionals that negotiate short sales for a living. We are in communication with private investors in California ready to make “all cash” offers with “proof of funds” at 85% of appraisal, on short sale properties.

    I am seeking Utah (or CA) Realtors who are interested in working with me on short sale properties. I get paid for bringing these investors properties, so you keep 100% of your commissions.

    Are you interested in working with me? If you are, please contact me at my private Email address (my Email address)

    More words than I would use but very nice. Thanks Dave!

    #30123
    Avatar of homesavers_3
    homesavers_3
    Member

    That is a Good one Dave. Make sure you do not do anything other than an introduction. If you start talking money or other details to the Seller’s agent you are going to get a “CEASE AND DESIST” believe me I know one guy that got one and now he was shut down by the DRE in California.

    #30124
    Avatar of dbhenderson
    dbhenderson
    Member

    Homesavers,

    Why would I be talking money or other details to a seller’s agent? I would only be talking to a seller’s agent, in the first place, if he were on board and submitting one of his properties to the home office for an offer. How would I get a “CEASE AND DESIST” from making an offer to a seller as a buyer through the seller’s RE agent?

    All I am doing is finding RE agents that want to submit a Seller/Buyer Info Sheet, a copy of the CMA, a copy of the listing agreement and a current copy of an appraisal, if they have one, to receive a possible buyer’s short sale offer from NARS/TSSH. How can I possibly get in trouble doing that?

    I don’t want to do anymore than that. I like being a “bird dog” ONLY! That’s the big appeal to me about the program. You are trying to make it too complicated. If anthing, to me it’s too easy!

    #30125
    Avatar of homesavers_3
    homesavers_3
    Member

    @dbhenderson wrote:

    Homesavers,

    Why would I be talking money or other details to a seller’s agent? I would only be talking to a seller’s agent, in the first place, if he were on board and submitting one of his properties to the home office for an offer. How would I get a “CEASE AND DESIST” from making an offer to a seller as a buyer through the seller’s RE agent?

    All I am doing is finding RE agents that want to submit a Seller/Buyer Info Sheet, a copy of the CMA, a copy of the listing agreement and a current copy of an appraisal, if they have one, to receive a possible buyer’s short sale offer from NARS/TSSH. How can I possibly get in trouble doing that?

    I don’t want to do anymore than that. I like being a “bird dog” ONLY! That’s the big appeal to me about the program. You are trying to make it too complicated. If anthing, to me it’s too easy!

    You cannot just be a bird dog only. They need you on the ground to present the offer to the Seller with the agent present if there is one. The Agent is going to ask alot of questions. Then you and only you are going to have to show up at the property to meet the BPO agent and influence that BPO to come in low. That is the kicker and where you make the big bucks. Who does all this the Team Leader? Somebody has to do all the leg work. I know what goes into these. There is a lot of paperwork and you cannot miss a thing.

    If all you do is fill out a FAX and send it in to NARS/Short Sale House then sign me up too!

    #30126

    @homesavers wrote:

    You cannot just be a bird dog only.

    Sure you can.

    @homesavers wrote:

    They need you on the ground to present the offer to the Seller with the agent present if there is one.

    No, “they” don’t. A Team Leader or other Member can do that for them if they wish. If all you want to do is be a Bird Dog, so be it. You won’t make the lions share of the profit but you’ll could make a few thousand on each deal. Now go Bird Dog 20 to 30 deals every month of so and you’re going to get stinking rich while someone else does most of the work.

    @homesavers wrote:

    Then you and only you are going to have to show up at the property to meet the BPO agent and influence that BPO to come in low.

    Don’t know where you’re from (I actually do) but it is now against the law in Utah for anyone to show up and attempt in ANY WAY to influence the BPO. YOU or anyone else are not even allowed to talk to the BPO Agent at all. Ever!

    In our last quarterly report from the State Division of RE, they list all the names of those that have been found to commit offenses, what they were fined or how much jail time they have gotten. Its amazing how many Realtors, Investors and Mortgage Brokers get caught violating this new law. Mortgage Brokers are also no longer to call in their favorite appraiser. The Borrower must do that themselves. Its getting really nasty.

    We need to be really careful about how we deal with the foreclosing lender and their Agent. We can’t even show up and show them the cracks in the foundation. If they miss it, they miss it. Sucks huh? We cannot provide comps or point out repairs etc.

    @homesavers wrote:

    That is the kicker and where you make the big bucks. Who does all this the Team Leader? Somebody has to do all the leg work. I know what goes into these. There is a lot of paperwork and you cannot miss a thing.

    If all you do is fill out a FAX and send it in to NARS/Short Sale House then sign me up too!

    As a Team Leader, if all you do is what to fill out a fax sheet after making contact with an Agent on a SS Property, I’ll do all the work from there and send you a Bird Dog fee. Of course it won’t be much, but you can do it if you want.

    As we’ve always said, “the more work you do, the more you make”. What you work out with your Team Leader or who you get to do all the work is up to you.

    FAIR ENOUGH?

    #30127
    Avatar of tmr28
    tmr28
    Member

    I have some realtors who I am working with who will be sending me their short sale listings and other foreclosure properties. I am also in the process of contacting more realtors to send me their short sale listings and I also subscribed to realtytrac.com to get access to listings of recently defaulted properties in my area or any area nationwide.

    Since I am not yet a NARS member and so do not have the fax call sheet and for the moment will have to act as a Bird Dog, when I get the listings and come across the properties, what is my next step in how to give them to you guys?

    #30128

    @TMR28 wrote:

    Since I am not yet a NARS member and so do not have the fax call sheet and for the moment will have to act as a Bird Dog, when I get the listings and come across the properties, what is my next step in how to give them to you guys?

    You will have to work out something with a local Network Member or Team Leader. I would email Dave Salcido and ask him who the Team Leader is in your area. dave@landtrust.net

    #30129
    Avatar of homesavers
    NULL
    Member

    @Scott_L._Moyes wrote:

    @homesavers wrote:
    You cannot just be a bird dog only.

    Sure you can.

    @homesavers wrote:

    They need you on the ground to present the offer to the Seller with the agent present if there is one.

    No, “they” don’t. A Team Leader or other Member can do that for them if they wish. If all you want to do is be a Bird Dog, so be it. You won’t make the lions share of the profit but you’ll could make a few thousand on each deal. Now go Bird Dog 20 to 30 deals every month of so and you’re going to get stinking rich while someone else does most of the work.

    @homesavers wrote:

    Then you and only you are going to have to show up at the property to meet the BPO agent and influence that BPO to come in low.

    Don’t know where you’re from (I actually do) but it is now against the law in Utah for anyone to show up and attempt in ANY WAY to influence the BPO. YOU or anyone else are not even allowed to talk to the BPO Agent at all. Ever!

    In our last quarterly report from the State Division of RE, they list all the names of those that have been found to commit offenses, what they were fined or how much jail time they have gotten. Its amazing how many Realtors, Investors and Mortgage Brokers get caught violating this new law. Mortgage Brokers are also no longer to call in their favorite appraiser. The Borrower must do that themselves. Its getting really nasty.

    We need to be really careful about how we deal with the foreclosing lender and their Agent. We can’t even show up and show them the cracks in the foundation. If they miss it, they miss it. Sucks huh? We cannot provide comps or point out repairs etc.

    @homesavers wrote:

    That is the kicker and where you make the big bucks. Who does all this the Team Leader? Somebody has to do all the leg work. I know what goes into these. There is a lot of paperwork and you cannot miss a thing.

    If all you do is fill out a FAX and send it in to NARS/Short Sale House then sign me up too!

    As a Team Leader, if all you do is what to fill out a fax sheet after making contact with an Agent on a SS Property, I’ll do all the work from there and send you a Bird Dog fee. Of course it won’t be much, but you can do it if you want.

    As we’ve always said, “the more work you do, the more you make”. What you work out with your Team Leader or who you get to do all the work is up to you.

    FAIR ENOUGH?

    Oh so that is something new. You cannot even meet the BPO agent at the property anymore? Never heard that in my circle? If that is correct for California then that changes the whole picture. Then all I need is the marketing help that I posted in another thread. I will tell you want I can do. There are many properties in my area that are listed as Short sale. I have what I think is a secret weapon to compete with all Realtors in my area. They cannot compete with me unless they lie. Which many of them do. So Scott maybe you can help me get my message out to the 5000 sellers per month that are going to sell short over here. I figure about 100-200 of those per month will work with me. Then I will surely need the NARS machine to close them. I will do 4 per month myself and make about 50K a month then I will give the other 96-196 committed leads to NARS to work for the dog piece. That makes me about 150K plus per month. I think that will work. Fair enough?

    #30130

    @homesavers wrote:

    Oh so that is something new. You cannot even meet the BPO agent at the property anymore?

    Yes, that is my understanding. I will find the copy of the information I received from NAR (National Association of Realtors) to all their brokers a few months ago. It warned them that any attempt to “Influence” a BPO would now be considered fraud. I’ll find the exact article and post it.

    #30131
    Avatar of rick
    rick
    Participant

    I was listening to Bruce Norris last weeh and listened to Joseph Magdziarz. He is the current Vice President of the Appraisal Institute and he will become the President Elect in 2010 and President in 2011. He has been associated with the Appraisal Institute for 38 years. He has some interesting comments concerning BPO’s and giving appraisers information about the property. Good call…

    Here is the link:

    http://www.thenorrisgroup.com/radio_show/radio_archives/

    30 min call 8/29/09 and listen to the MP3

    #30132
    Avatar of homesavers
    NULL
    Member

    With that being said and I am grateful for the input. What creates your spread between the first buy/sell and second buy/sell? Without that low BPO coming in on your A-B deal you have nothing. Bill says the offer is at 85 percent of value but that is not the true value at the final sale to the end buyer. That is “distressed value”. So you have to “psych” that BPO agent somehow. Anyone who wants to hang their butt out there and do this for real has to consider all these things. Sure I know NARS will take care of everything for me but I do not want them to. I want to do a lot of this myself so I can learn. Then, yes, I can be in a better profit position someday like someone we know.

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