LandInvestors.com Forums **Ask A Question** Realtor Asking Questions about Land for Sale

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    Greg Miller
    Participant
    Post count: 4

    I got an email from land selling site from someone with a email like bill@dogpilerealty.com asking if I was the listing agent for one of my properties, and that’s about it. What kind of question is that? Would a realtor be interested in purchasing a property for themselves or a client or is this some trick stuff to get me in trouble for doing something I don’t know that I’m not supposed to be doing (some BS realtor protection rules.) What you think?

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  • Kevin Farrell
    Moderator
    Post count: 1532
    ProAdvanced

    Greg – You never know what people are fishing for. I suggest just answering honestly. “I am the owner and I have the property advertised for sale.” Most times questions like this are from people who just don’t know that there is any other way to buy or sell real estate. Yes, a realtor may be assisting a buyer with a purchase. Don’t worry about getting in trouble. If you are the owner you can sell your own property. If you sell property for someone else you can get in hot water. Some realtors may suspect you are doing just that and you only need to tell them “I am the owner”.

    Good luck

    Kevin Farrell - Moderator
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    Schedule a 30 minute call - https://calendly.com/kevin-629

    Luke Smith
    Moderator
    Post count: 1270
    ProAdvanced

    Sounds like he is asking if you pay commission or if he can double dip or else he takes his buyer to the more expensive one that pays commissions.

    Palani Wright
    Participant
    Post count: 19

    Like Kevin said, just answer the question honestly, I have sold two properties were the buyer wanted a real estate agent involved. I simply told them that any & all fees are to be paid by the buyer & they agreed…they just wanted piece of mind that the deal was gonna go through. Super easy. BUT it sounds like your not sure what this realtor intentions are yet…call them and see…who knows!

    Greg Miller
    Participant
    Post count: 4
    Pro

    Thanks for the thoughts here, I appreciate it. I told this person what was going on and they expressed interest in purchasing the land. I explained how I intended to transfer title (self close with quit claim deed) and they said:
    “I am a realtor after all and what you are proposing sounds like a scam…but if you are not willing to go through the legal and legitimate process of working with Title to verify the deed and have title insurance and a real contract, save me some time and I will move on.”

    Now I can certainly understand how a self close might sound like a scam to someone who’s career is based on being a middleman on land transactions (sorry any realtors out there!)

    I told em I’d be ok with this ‘legitimate’ method but I am worried that the title Co. won’t recognize or cause some stink about the self-close at arm’s length quit claim deed that I used to get the property into my name. I think I realize now why the advice is sell price over $5k close through title but being limited on funds and that taking up such a chunk of my precious capital, I self closed on this deal to get it in my name. BTW current sale price is $6500.

    Now this same person/realtor has said some seemingly really stupid things like:
    “An ILC defines precise borders on a vacant land and they can be expensive. Did you not receive one when you bought the land?”
    And “We can’t write a contract or ask Title for ILC without an address ;)”
    And “but I also need addresses for the lots”

    I’ve told them a couple times there is no address that I’ve found – have they never seen a property without an address?

    and now they’re saying they’re not worried about the quit claim deed thing “but is no longer really an issue with quit claim deeds in my experience.”

    So I hope this is very entertaining to you all. What do you people think about the title and the quit claim thing, do some title companies really close on deals that have been transferred at arm’s length with a quit claim deed and offer some type of title insurance?

    I told them to check with their title company on this but this person seems so high maintenance I’m defiantly wishing someone else would bite on this property.

    Kevin Farrell
    Moderator
    Post count: 1532
    ProAdvanced

    Like most residential realtors, this guy doesn’t really know much about land sales. The moment he said anything about ” if you are not willing to go through the legal and legitimate process of working with Title to verify the deed and have title insurance and a real contract” – I would have gotten him off the phone, politely, asap. High maintenance is correct. And it will be like that through the whole transaction because he thinks he knows more than you.

    The $5,000 rule for selling land is approximate. You should be OK selling at that price. Some people will want title insurance, especially if they want to put a MH or a house on it. They will need title insurance because the lender will insist on it.

    Kevin Farrell - Moderator
    Need more help?
    Schedule a 30 minute call - https://calendly.com/kevin-629

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