I've been debating whether to post this or not and finally decided to go for it to get your opinions.
I would like to set the tone for this story about a Real Estate Investor who I will call JAKE. Jake purchased one
of our listings before. He called without an agent, claimed he did not have one, we showed him the property, gave him comps, and did other due diligence.
Several weeks later, we received an offer for that property from Jake's real estate agent. Although felt somewhat disturbed by Jake's ways, we decided to try to negotiate the best deal possible for our seller. The offer had the typical seller's contributions, money back at closing and other manipulating schemes typical of this market. We cleaned up the offer according to Fannie Mae guidelines, countered and we were able to achieve a sale. Jake's agent did not do a thing; we had to do our job and his job. Jake insisted in talking directly with us, the agent did not return one single call during the whole transaction. Did not show up to appraisal, inspections or even the closing. But our seller got what he wanted at the time agreed, after many headaches and close calls. We had to jump hurdles and were so happy when it was all done.
So a couple of months go by and I receive a call form Jake. "Hey Ines, I see you have a listing I may be interested in, could you please send me the information via e-mail?"
I took a big breath, sent him an e-mail and asked sarcastically, "So I can assume you are not working with an agent this time either?" Here's Jake's response (unedited):
Ines, yes i am working with a realtor however if you know how to structure this adendom and sales contract i will be glad to work with you. I would like to offer 500k with 3% sellers contribution back to buyer. I also want an adendom saying buyer would like to get back 70K at closing for repairs. i will put down 1,000.00 deposit and 49,000.00 15 days after excepted. I will give you a pre aproved letter with contract and a commitment letter with deposit and will close before July 25th. The total offer after money back is going tobe 415,000.00 less your double dip....
What do you think? Please remember that in Florida we are transaction Brokers which is "a broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent".
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Investors are another whole beast all together. Any time I've encountered one of these guys it's been painful at best. They are fiercely un-loyal (as you discovered) always want to manipulate the money into gray areas (as you discovered) and will walk at a moments notice when another deal comes around. If you have no fiduciary responsibility to either the buyer or seller, that makes it a bit tough. I wouldn't know how to act. You know you're going to have to do all the work with Jake anyway, so you may as well make it worth your while. I'd write it up and present it to the seller. The worst they can say is no. Or counter back to something reasonable for them and either Jake takes it or walks. At the very least I'd get some agreement that the Earnest Money was non-refundable. That way your sellers aren't out anything but market time if Jake flakes on you.