RealTown's RealTalk

I would be in for pretty much a guarantee of 2%, yes something is def. better than nothing in my book!

Do a deal for 2%? Is that before the split with the sales office? And then before my office takes a percentage? So what does that leave me with 0.5%? Not worth it, especially when I still get stuck with 100% of any expenses and liability. Our Errors and Omissions Insurance has a $5000.00 deductable, so I'd be foolish not to net at least that amount for every deal.

And make it up with volume? I don't think so. I'd rather have 10 deals at 3% than 30 deals at 1%. That's just common sense.

Marlow Harris
www.SeattleDreamHomes.com
International President's Elite
Residential Real Estate and Investments
Coldwell Banker Bain Associates
1661 East Olive Way
Seattle, WA 98102
Direct: 206-329-3795
Office: 206-322-8711
Fax: 206-322-7910

Hi Al,

Yes, I would be interested, if they were in Florida.

If I understand correctly, the total payout is 4 points or a 2/2 split. That may be why your broker friend was not interested. It is difficult to get agents to show houses for a 2% payout. If your broker friends agents won't list them for 2% you can bet everything you have that they won't take a buyer to a 2% listing. So, we could have the listing, but it is not worth even 2% if the property can't be sold.

Now, there are a couple of reasons why I would be interested. I have an active leads list of over 300 names and building right now. I could market those homes to that list and I have a 4% potential. The second reason I would be interested is I am beginning to get some activity off my yards signs right now. Again, a 4% opportunity or perhaps a buyer that might not be interested in that property after all, but would like me to find them something else.

If these folks operate in the Tampa area, feel free to send them my contact information.

Rick Frissell

813 6531241

rick@diamonddwellings.com

I called up a broker with 25 offices to see if he wanted to get involved and he said his agents would go nuts thinking he brouht them 2% deals - They would only want FULL commissions deals. I explained that the table is set-- Here are homes no one else has access to, here is the decision maker, here are pre qual prospects wanting to buy homes, and here is the financing.

The banks are paying less than 4 points on the deal and offering 2 to the agent that takes the property off their hands. I am not a realtor.. but with the above info.. isn't something better than nothing. The banks and asset companies are trying something new. the numbers in the inventory are staggering.

Somebody tell me I'm crazy

Al, the key here is you saying, you are not a realtor, therefore, you have no idea of what goes into the behind the scenes sale of a home. Like most people, you probably think that all we do is list a home or show a home to a buyer and then sit back and collect our money. That is not the case. Selling a foreclosed home is much more difficult than selling a home not in foreclosure. We have to make sure the buyer can get financing and that it closes on time or else the buyer has to pay a per diem fee until it does. We have to make sure the house has no hidden defects by hiring and being with the inspectors as they do their jobs to make sure the buyer is getting a termite free, healthy house. We have to be with the appraiser as he/she does their jobs, and most of all we have to keep a lender happy that is taking a big hit on a house that they financed. That is just a very small part of what the behind the scenes work is all about. I spend hours and hours on the phone hoping to get cooperation from everyone involved, and making sure everything is done on time so the buyer doesn't have to pay a per diem fine.

In any house purchase, we have to deal with lenders, mortgage brokers, attorneys, title companies, buyers, other realtors, appraisers, inspectors, surveyors, etc. etc. In a foreclosure the pressure is even greater because we are under such tight restraints.

We are professionals, we have a license and we have to work hard to keep our license. We are in school and classes a number of times a year, and we have to always be aware of changes in the laws. We are one of the few, if not the only, professionals with a license who do not get paid until the entire deal is completed, and then we have to fight for our right to get a full commission. We have spent money on advertising, if we have the listing, gas if we have the buyers, web sites to advertise these listings which cost money every month to maintain, and that is just a few of our expenses. These come out of our pocket, and if the deal doesn't close we cannot go to anyone for reimbursement.

Good for that broker who said no to taking listings at 2%. That type of listing cheapens our professionalism, and makes us just a glorified salesperson instead of the professionals that we are.

Barbara Hill, Realtor
E-PRO, SRES (Senior Real Estate Specialist)
CERTIFIED SHORT SALE SPECIALIST,
CDPE (Certified Distressed Property Expert)
Coldwell Banker Ellison Realty, Inc.
Ocala, Florida
cell 352 572-0556
Visit my website : www.BAHRealtor4U.com

I would be interested in hearing about getting access to reo listings.

At this point, I'd entertain the 4% total commission. I am in MD/DC/Northern Va area.