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@Ranching

what do you think of this situation?
1. we listed a property in august with agent contract ending nov 30
2. the only one interested in buying could not qualify for mortgage
3. he wants to rent out property so we are giving him a dec 2018 to april 2020 lease though he could purchase at any time and get out of lease
4. even though we owe the agent nothing, we offered her 6% of the rent and to sell the property through her in 2020.
5. she is upset and wants us to pay her $1k upfront, her broker $1k upfront, 10% of the rent
6. part of the funds used to purchase and repair property is from a friend. so i have a responsibility to be fair and prudent in how i handle things...

i said no can do. we have a reasonable working relationship last few years, so i tried to be nice. however i am feeling pretty annoyed as she kept bellyaching about how we are taking advantage of her and how she has had no sales in last 3 years.

what do you think of the situation?

oh btw, the person who is interested in buying the property works for the federal government (prison). he has a code of conduct that means he cannot be late on debts and payments. do you think that is for real? i saw his code of conduct handbook, but it is almost hard to believe...
 
waldoputty said:
@Ranching

what do you think of this situation?
1. we listed a property in august with agent contract ending nov 30
2. the only one interested in buying could not qualify for mortgage
3. he wants to rent out property so we are giving him a dec 2018 to april 2020 lease though he could purchase at any time and get out of lease
4. even though we owe the agent nothing, we offered her 6% of the rent and to sell the property through her in 2020.
5. she is upset and wants us to pay her $1k upfront, her broker $1k upfront, 10% of the rent
6. part of the funds used to purchase and repair property is from a friend. so i have a responsibility to be fair and prudent in how i handle things...

i said no can do. we have a reasonable working relationship last few years, so i tried to be nice. however i am feeling pretty annoyed as she kept bellyaching about how we are taking advantage of her and how she has had no sales in last 3 years.

what do you think of the situation?

oh btw, the person who is interested in buying the property works for the federal government (prison). he has a code of conduct that means he cannot be late on debts and payments. do you think that is for real? i saw his code of conduct handbook, but it is almost hard to believe...
Click to expand...
If it was a customer she brought, then yes, she is owed something. She'd be smart to take your offer. Federal employees are under scrutiny to keep a clean record. Foreclosures do not look good when they ask for transfer or promotions.
10% of rent s standard, but the 2k up front? Not in Texas, don't know California laws. If she hasn't sold anything in three years, it's time to find another agent! Is her name Garrett?
 
Ranching said:
If it was a customer she brought, then yes, she is owed something. She'd be smart to take your offer. Federal employees are under scrutiny to keep a clean record. Foreclosures do not look good when they ask for transfer or promotions.
10% of rent s standard, but the 2k up front? Not in Texas, don't know California laws. If she hasn't sold anything in three years, it's time to find another agent! Is her name Garrett?
Click to expand...

thanks for the feedback.
the client contacted her.
however the client's finances do not qualify for a mortgage.

the client talked to me and wanted to make a deal.
against the advice of the agent and the mortgage guy, i worked out an arrangement with the client.

i offer the agent either:
(1) 6% of collected rent for doing nothing else
or (2) 10% of collected rent for managing the rental

she wanted:
(1) $1k for her broker now - which i totally do not understand
and (2) $1k for her now
and (3) 10% of collected rent for managing the property

i told her:
(1) anything for broker is not possible as the property is not sold
(2) 6% for doing nothing else or 10% for managing the property

she kind of say no, but i expect to be paying her 6% for doing nothing going forward.
that is what i told my friend who invested.
 
waldoputty said:
thanks for the feedback.
the client contacted her.
however the client's finances do not qualify for a mortgage.

the client talked to me and wanted to make a deal.
against the advice of the agent and the mortgage guy, i worked out an arrangement with the client.

i offer the agent either:
(1) 6% of collected rent for doing nothing else
or (2) 10% of collected rent for managing the rental

she wanted:
(1) $1k for her broker now - which i totally do not understand
and (2) $1k for her now
and (3) 10% of collected rent for managing the property

i told her:
(1) anything for broker is not possible as the property is not sold
(2) 6% for doing nothing else or 10% for managing the property

she kind of say no, but i expect to be paying her 6% for doing nothing going forward.
that is what i told my friend who invested.
Click to expand...
Sounds good.
 
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