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10 users commented in "Can you be a house flipper without a real estate agent?"

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magnet4trouble said in June 17 2008 -

good luck doing it without one…. but you could.

agents get preferred listings, help negotiate contracts, reach other agents that are selling, show props, give advice.

if u do all the work, u will save the money

mammato4boys said in June 19 2008 -

You don’t need an agent to buy a home and you don’t need an agent to sell a home. :)

Good luck!

Dr.D said in June 20 2008 -

YES, BUT YOU NEED TO WORK-OUT AND GET REALLY, REALLY STRONG, FIRST! ;-)

curmudgeon said in June 23 2008 -

don’t need an agent.

kimischillinger said in June 24 2008 -

I would suggest working with an agent when you buy. I think it’s a lot less stressful for you that way. Agents will deal with the seller’s agent as well as fill out stacks of paperwork involved in making an offer on a house. Using a real estate agent ensures that you interets will be protected throughout the transaction. I’m sure many companies will cut a deal on commission as well if the seller “finds their own buyer”

Adel A said in June 24 2008 -

I’m not sure if there are regulations out there that prevent you from doing that, I hope not. But in general, yeah you can do that. Down here where I’m living at in New Orleans a lot of people are doing that right now. I think you’re in good shape and you’ve done your research and scouted the market, so best of luck to you.

J P said in June 25 2008 -

You definitely don’t need an agent, and having one will just eat into any profits you might actually make. There are several ways to do this, but the easiest is to check with the county in your market area on a daily or at most weekly basis to check on foreclosed homes, and purchase an MLS account. (I don’t think you need to be a realtor to have an MLS account, but I could be wrong about that.) With a paid MLS account, you’ll be able to search any houses listed.

Check with lenders too, they often have listings of their own foreclosed homes that they’re trying to sell.

Buying foreclosed places is a pain in the butt, but if you can hang through it a couple of times, you can make a tidy profit.

James P said in June 26 2008 -

If the house you intend to purchase is listed through an agent you will have to use that agency as a transaction broker, but since all of the commission is usually paid by the seller this wouldn’t effect you. However, if you are buying the property “For Sale by Owner” or through a tax deed or forclosure, consult a local real estate attorney to do the closing, and record your deed. Most real estate attorneys are also title agents so you will know if there are any clouds in the title, which can save tremendously in the long run. The same goes for when you decide to sell it, a real estate agency has its perks for the usual 6% fee, like exposure to more buyers and the expertise of dealing with mortgage companies and attorneys, but if you feel like you can handle it, you can list it yourself. Basically, find a good real estate attorney to handle contracts and closings and use agents for their marketing and exposure. Good Luck.

newmexicorealestateforms said in June 28 2008 -

I don’t advice working without a licensed professional or in the least have an attorney review everything before committment. But being that as it may here are some links that you might find interesting
HUD Final Rule 4615 Prohibition of Property Flipping Site #1:
HUD Final Rule 4615 Prohibition of Property Flipping Site #2:
HUD Amendment to Prohibition of Property Flipping rule:-$[no]&op1=AND&SECT1=TXTHLB&SECT5=MLET&u=./hudclips.cgi&p=1&r=13&f=G
HUD 100 questions and answers on buying a home
If you want to do a more detailed research you might want to visit
Best of luck on your venture

wolsen3129_1 said in July 1 2008 -

No. You don’t need to be an agent to buy or sell homes that you have bought for the purpose flipping, but it is best if you form a corporation ( LLC, S corp.) to use when you do your deals. Work it as a business not a hobby. Another thing is to know exactly what you are doing when it comes to contracts. Otherwise have an good lawyer go over them for you. I would recommend using an agent when you are ready to sell because they will give your property the most exposure. Just figure in the Realtor costs when you are looking at potential properties to buy.

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