i was told by a realtor that i would be able to pick out a house and the investor would buy it for me and do

Asked by Willie, Brooklyn Park, MN Tue Jun 2, 2009

a rent to own for 2 year lease.done chapter7 last year.but now he say the investor will find the house not me.this realtor is also selling my girlfriend home on short sale. could i have used 2people for 2 job or 1 person for the job. help need answers asap

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Elizabeth Fu…, Agent, Wayzata, MN
Tue Jun 2, 2009
Willie, many things are possible in the world of real estate but there a rules that have to be met. Your friend's realtor can be your realtor as well, but make sure you have a representation agreement and spell out your goals. Good luck. Liz
1 vote
Patti Ann Ka…, Agent, Coon Rapids, MN
Fri Apr 23, 2010
Willie, Could you use 2 REALTORS? Did you sign anything? As long as you are not under contract with your girlfriend's agent (or any other agent for that matter), you can choose whoever you want!

But you should also choose wisely.

Rent to own, lease to own, and variations of these are generally more risky and not as well defined in Minnesota law as a Contract for Deed. It sounds like a Contract for Deed would fit your needs as well, but there are certain responsibilities you need to make sure you are aware of before you choose one.

There may be some investors who will let you have input into the choice of property, but they will always want to have the final say and that is why there is risk involved.

When you choose an agent, make sure you ask lots of questions. You need an agent who is not only proficient in these types of transactions, you also need to have someone you can trust.

However, personally, I have never work both sides of the same transaction. In other words, I would not represent both the seller (investor) and the buyer (you) in the same transaction. If it came to that, I would ask my broker to represent one side. That way there is not even a hint of impropriety and each party can then be represented to the fullest.

And that is really what it boils down to. Can your agent really represent you and negotiate for you to the fullest if he is also representing and negotiating for the other side? Make sure any REALTOR you consider explains agent to you completely. It is of utmost importance in your situation.

I hope that helps!
0 votes
Christine Ro…, Agent, Coon Rapids, MN
Mon Apr 12, 2010
Willie, wow.... It is true that a single realtor can represent multiple people. So in your example 1 realtor can represent your girl friend in her short sale and you in the rent to own. Now in regards to the Rent to Own (R2O) Investor scenario. Typically Realtors are not involved in R2O's however they should be to make sure your rights are represented.

Now speaking from the investor side - here is how it works typically the Realtor finds the buyer and the house then they show the investor the value in the purchase and the profit potential over the R2O lease term. The investor will either buy or pass. In Brooklyn Park the city is watching out for these types of transactions as they view them as risky.

My two cents for you is to be sure you have a realtor that you trust and that is knowledge about Brooklyn Park rental rules and works with investors that are reputable. Finally be sure to ask for references from both the investor and the realtor. If you are looking in Brook Park (kanabec county) would love to sit down and talk through this with you.
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