Dallas-Fort Worth Real Estate Investor Club

Should I contact the listing agent?

  • 08 Sep 2014 6:44 PM
    Quote
    Message # 3095210
    Michael Mixon

    I got a house under contract today.  My first, or course it would blow up on me.  But anyways, an interested buyer did a quick google search (I can't believe I didn't do that already) and found that the house is listed with an agent.  


    What should I do?!?
  • 09 Sep 2014 7:23 AM
    Quote
    Reply # 3095549 on 3095210
    Tim Cook

    Congrats Michael!  You have that check in the box now don't you.  Yes you should have asked, yes they should have told you but they didn't.  My recommendation is cancel your contract.  If they didn't tell you about the listing what else are they not telling you?  It's not worth calling the agent.  They have the contract and they want to be paid.  Don't burn the bridge though and let the seller know you'd be happy to get back together again and renegotiate the deal if it doesn't sell and then ask them if it would be ok for you to follow up a week before the listing expires.


    By the way, googling a seller address is one of the very first things I do on every seller.  You can find alot of info and history on an address by doing so including MLS #.

    Congrats on your first deal.  Now go do it again and implement what you learned.

    Tim
  • 09 Sep 2014 10:28 AM
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    Reply # 3095687 on 3095210
    Michael Mixon

    Thanks Tim, I will absolutely google the address EVERYTIME from now on.  I may have to cancel the contract anyways.  I'm thinking I offered to much.  I put some feelers to the seller to see how she'd feel about lowering the price.  As of right now, she's not interested.  BTW, this is the house I posted a topic about, 220 Manor Way if anyone is at all interested in it.  


    If any of you are interested in the house would be willing to look at the house, and give me a better rehab estimate than I've already got, I'd be willing to lower my price a little more, just so I can get my first deal done, and get some marketing capital.  The house is over 1.5 hours away from me, and I won't have time anytime soon to make a drive like that.

    I've been talking to the seller about my "partner", if any of you wanna be that "partner" i'll hook you 2 up, and if my repair estimates are off, I'd be happy to lower the price in accordance.
  • 09 Sep 2014 10:55 AM
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    Reply # 3095727 on 3095210
    Dan Brunner

    Michael,

    If you feel like your offer is too high then you should terminate the contract. If it was a sweet deal with enough margin you could attempt to negotiate the listing agent's commission to make the deal work.

    You may want to create an account on Redfin.com, set up your preferences to notify you by email when one of your Favorite changes, save the property as a Favorite, and come back with a lower offer if they reduce the price.
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