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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Engage with owner first... Posted by Ward-CA- on August 29, 2003 at 5:25 PM In Reply to: Who should I talk to first? posted by James-CA on August 29, 2003 at 2:27 PM : Hi Ward, : Thanks for all your help in and out of the seminars. I have a situation for you and I would like your opinion on whom I should contact first. : Owners are in foreclosure. As a matter of fact the auction has been set for 9/16. I am not sure if they are still living in the home (I plan to make a drive-by tonight), however, it has been on the market since 7/29 at $749,000 and appears to still be active. (Obviously the note states that the sellers are motivated to sell.) After using your net equity worksheet, I have found that the owners and I would stand to make $114K each on this deal assuming a 50/50 split and, of course, the owners' willingness to do a deal. : My question(s) are, should I contact the owners first (as you normally suggest) or the realtor? The reason I think the realtor is an option is because she would be an ally for if the home does go to auction, she will lose about $45,000 in commission and I am sure she does not want to lose that kind of money. But then again, I do not want to appear as a seller to the realtor. : There is no question that I am at least going to make an inquiry as the worst thing that could happen is that they say they are not interested, but I wanted to get your opinion on it. : Thanks in advance. -=-=-=-=-=-=-=-=-=-=- James, I agree with you. I'd contact the owners and let them know that you're interested in working directly with them. Ask about their involvement with any agent/listing and ask them what kind of listing they have and its term. It might be a exclusive agency listing rather than an exclusive listing. Anyhow, I don't think any agent with any smarts is going to stand in the way of an owner-in- foreclosure from solving their problem. They'd just be asking for trouble if the owner lost their property to foreclosure due to the stubborness of the agent. Good luck. Follow Ups: Re: Engage with owner first... Gary 10:01 PM, 08/29/03 (1) Explaining different commission arrangements.. Ward-CA- 10:57 PM, 08/29/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward, : : Thanks for all your help in and out of the seminars. I have a situation for you and I would like your opinion on whom I should contact first. : : Owners are in foreclosure. As a matter of fact the auction has been set for 9/16. I am not sure if they are still living in the home (I plan to make a drive-by tonight), however, it has been on the market since 7/29 at $749,000 and appears to still be active. (Obviously the note states that the sellers are motivated to sell.) After using your net equity worksheet, I have found that the owners and I would stand to make $114K each on this deal assuming a 50/50 split and, of course, the owners' willingness to do a deal. : : My question(s) are, should I contact the owners first (as you normally suggest) or the realtor? The reason I think the realtor is an option is because she would be an ally for if the home does go to auction, she will lose about $45,000 in commission and I am sure she does not want to lose that kind of money. But then again, I do not want to appear as a seller to the realtor. : : There is no question that I am at least going to make an inquiry as the worst thing that could happen is that they say they are not interested, but I wanted to get your opinion on it. : : Thanks in advance. : -=-=-=-=-=-=-=-=-=-=- : James, : I agree with you. I'd contact the owners and let them know that you're interested in working directly with them. Ask about their involvement with any agent/listing and ask them what kind of listing they have and its term. It might be a exclusive agency listing rather than an exclusive listing. : Anyhow, I don't think any agent with any smarts is going to stand in the way of an owner-in- foreclosure from solving their problem. They'd just be asking for trouble if the owner lost their property to foreclosure due to the stubborness of the agent. : Good luck. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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