House under contract--want to have realtors market house for me

[RobL]

I've got a house that I put under contract and I have the right to sell it as a principle in the transaction.  I'd like to have realtors help me sell it by bringing their buyers. 

I am selling the house for $8700 so the commission won't be too high for them.  My goal is to use an assignment of contract to flip the property to my end buyer.

My question is how I can get the realtors to help me sell the property.  I am willing to pay them a $1000 commission that comes out of my profits--can I do that? 

Thanks

[Rob in Atlanta]

You are not really giving the realtor much incentive to help you with $1,000 commission.  For the same time and effort, they can be a buyer's agent and get 2.5% to 3.5% on normal commission rates. 

As most business people place the greatest efforts in transactions with the most incentives, you might reconsider your numbers if you expect help from a real estate agent.  If not, you might offer a 'bird dog' or the like to bring you a buyer.

If you intend to keep the majority of the profits for yourself, then earn your pay by finding your own new buyer and spend the $1k on advertising and marketing the property.

Rob

[MichaelQuarles]

Good to meet you..

What is the resell price?

Michael

[RobL]

What is the resell price?

The property pretty much needs a full rehab.  However, after it is fixed up, it should retail for about $60k to 70K. 
Thanks

[MichaelQuarles]

Hello...

Let me apologize.. I didn't ask the correct question... Whats it worth today... Not ARV

Michael

[RobL]

Michael,
Considering the properties needs a full rehab, I would say the property is worth about in the teens...like $15k.  I got the house under contract for $3500 and I would like to wholesale it to another investor/rehabber to make a profit. 

I have been marketing it on my own, but thought I'd also contact realtors who have closed on deals nearby and see if they also have buyers who might be interested in this property.  I then wanted to make it worth their while by paying them a commission, but a 6% commission on something so cheap is not much so I thought I'd make it a figure such as $1000....

[MichaelQuarles]

Cool...

Pull a list of quit claims and see if any names jump out that own multiple properties and make a deal...

Have you spoken to a lender regarding a 203k.. Just maybe you can eat your cake and have it too. 

And youre correct 6% on 15k is too cheap. but only 100 dollars less then 1000...

Happy selling

Michael

[kolekona]

You may have already done this, but you should try networking with local wholesalers.  Usually there are a handful of companies in a given market that have HUGE buyers lists.  If your deal is good enough, they may be able to bring in a buyer.  Typically, they'll just mark up your deal to their buyers.

You should also take that deal to your local REIA group.  Of course, you can always market it on CraigsList and other free sites

Hope that helps.

Good luck

[nimmysnv]

According to me you need a Realtor with great experience so that he can help you out in all the aspects of real estate.