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Author Topic: Neighbours home on Market for 229 day's.How much do I offer them?  (Read 23749 times)

Hooch

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Re: Neighbours home on Market for 229 day's.How much do I offer them?
« Reply #30 on: June 04, 2009, 06:41:33 pm »
Tax value is  $82 k....
I saw the site, this is correct.

asking price is $102,300....

I don't know why an REO would have an asking price higher than tax value in these market conditions. Usually it is significantly less, at lease in most parts of the country. Possibly different there. Here an REO will be listed at 1/3rd to 1/2 the tax value.

ARV is  $120 k.
Is this something that you have confirmed without a doubt. (Most important part!)

I visited a website for Realtor's and shopped for a buyer's agent ,detailing exactly what I wanted them to do for me...she is the only one who took the bait.

A buyers agent would be nothing more than a real estate agent. Real Estate Agent for a Buyer. She is not likely an REO.

I found out that the homes are not her lsitings but belong to a different Realtor...
All listings a Realtor can give you, you can look up for yourself on Realtor.com AND this other Realtor who is listing the property is the REO! You will be best off looking for REO's on Realtor.com, seeing who the listing agent is who is the REO for that property.

so she will be splitting the commission with the original listing agent,right?...
Yes, so for the reasons that I previously explained, you likely will not get the offer.

I was tempted to contact her directly...this isn't illegal thing to do is it ?
As long as you didn't sign any crazy contracts saying that this other gal you talked to is the only one who can sell you a house. You can do whatever you want to do.

This buyer's agent is the same one who advised me to cancel an appointment I had made to see another home and then turn around to book her instead...sneaky huh?...
Not necessarily sneaky in this case. She is just trying to fulfill what you asked her to do on that web site. To be your Realtor. If she is your Realtor and you have decided you like her you would want her to show you everything and get the commission for doing so since she is spending her time and gas money trying to find properties for you. The thing is, you are an investor, and you don't need her. You can solve this real quick. Call her up and ask her what properties she is an REO on because you would like to see hers. To be an REO she must be the person who single handedly is dealing with the bank. Not a middle man or middle woman in her case.


Offline MamaKaranja

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Re: Neighbours home on Market for 229 day's.How much do I offer them?
« Reply #31 on: June 04, 2009, 07:05:16 pm »
I'm not sure whythey have it jacked uo like that for an REO...your properties should be more expensive than in this little valley,but I'll go do the best I can with the offer..it's been on the market for 73 days.

ARV, is accurate according the recently sold properties  within 2 miles of the one on sale and of the same sq ft.

I need to look around the MLS myself...thing is I can't tell whih are REO'S unless they are in the worst area of town,burnt out  and priced at a really low price....I mean really bad places.


No I didn't sign anything to tie my me to her as my exclusive agent...I'll send her an email and request that she direct me to prop's that are her REO's... I'll go see what she has lined up for me ,then tell her to show me her REO'S...and I will go ahead and contact the original listing agent,for future REO's.


Hooch

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Re: Neighbours home on Market for 229 day's.How much do I offer them?
« Reply #32 on: June 04, 2009, 07:58:34 pm »
ARV, is accurate according the recently sold properties  within 2 miles of the one on sale and of the same sq ft.

I would rather see you get recently sold properties within 2 blocks of the one on sale unless those houses around there are all a couple of miles apart. The square feet doesn't matter as much as the distance from the house as houses can change significantly in value by the block.

Look here and see what you do for determining the ARV based on the square foot in a situation where you don't have closely comparable houses that sold near by that are around the same square feet.
http://www.reiclub.com/forums/index.php/topic,43212.0.html

If you aren't completely confident that you have this ARV step down like the back of your hand than do not put an offer in until you do. You can always ask the realtor that you are working with to do one for you. They do know how to do this but I like to put my fate in my own hands.

I need to look around the MLS myself...thing is I can't tell whih are REO'S unless they are in the worst area of town,burnt out  and priced at a really low price....I mean really bad places.


The way I tell is by a combo of the MLS and the GIS. I look for houses in the price range that I think I may be able to swing a good deal and then look it up on the GIS after my realtor has told me the exact address. The GIS lists the owner and if it is a bank you know it is a REO.

You should consider going to your local REIA meeting and ask the local investors who the wholesalers are. Also you can find them on Craigslist.

You should also consider not going this once it is on MLS REO route. The deals are before the bank owns it, not after the bank owns it. After the bank owns it deals are the ones that all the other investors passed up.

Go here to learn more about that.
http://www.reiclub.com/forums/index.php/topic,43035.0.html


Offline MamaKaranja

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Re: Neighbours home on Market for 229 day's.How much do I offer them?
« Reply #33 on: June 04, 2009, 08:16:20 pm »
Gosh...am learning so much...so if the MLS listings are the ones investors have passed up,does this mean the MLS is not the way to go at all ?.....I looked in Craigslist and  It is somewhat confusing,I must learn to develope a discerning eye....you also mentioned that I should be able to build my buyers list from Craigslist...most of them do not allow people to contact seller's with offers for other sevices....is this a hard and fast rule?....
Are you advising that I try to snag pre-forclosures for deals prior to MLS lsitings ?.am having second thoughts about keeping my meets tomorrow....I'll go anyway ,if only for the practise.

Offline MamaKaranja

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Re: Neighbours home on Market for 229 day's.How much do I offer them?
« Reply #34 on: June 05, 2009, 09:54:42 am »
What is yout take on RealtyTrac listings...at least am assured the agents that reach out to me are REO agents...am I correct?

Hooch

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Re: Neighbours home on Market for 229 day's.How much do I offer them?
« Reply #35 on: June 05, 2009, 06:39:16 pm »
I would not count on them being REO agents. Remember, ANY Realtor can sell ANY property on MLS.

You could try this Google search and type in your city and state to find REO agents in the directories.
http://www.google.com/search?hl=en&client=firefox-a&rls=org.mozilla%3Aen-US%3Aofficial&hs=A8i&q=reo+agents&btnG=Search&aq=f&oq=&aqi=g10

The only problem here is that Realtors will pay to put themselves on these sites because they want to become a REO for banks and they are hoping that the banks will look there and call them. From REO's I know, the reality is becoming and REO requires doing BPO's for a bank for a while and networking with them continually asking if you could do some REO's. Eventually they get to know them and start feeding them to them.

BPO stands for Broker Price Option which is the crap work of the industry. Getting paid $50 to $75 dollars per house to go out to it and determine its value, take pictures, etc. Lots of work for no money. That's why Realtors don't like doing BPO's but they don't realize you have to pay your dues.

I would suggest you contact the largest property management companies in your area and ask them. They will know if they have been in the business for a while. The problem with asking another Realtor (who also know) will be that they will be pounding on you to just go through them to buy it.

You can also go to craigslist and search "housing" using the search term "bank owned" and there is a high liklihood that the person listing it is the REO. Ask them if they are the REO Agent working directly with the bank. Don't worry about if it is not in your price range. Tell them you would like to be on their contact list. Most have lists of investors to send an email out to when they get the property prior to MLS and along with Craigslist.









Offline MamaKaranja

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Re: Neighbours home on Market for 229 day's.How much do I offer them?
« Reply #36 on: June 05, 2009, 07:26:46 pm »
Wow....you are right..I went  & looked at the houses and told her I have to consult with my partner before I could get back to her...I asked her if she had her own listings ...she ran down her explaination of why most Realtors don't like REO's ...in other words she is not the REO agent...I want to look at the paper work she gave me and revisit the numbers based on what I saw,prior to your feed back. :huh Should she be telling me this ?
I will work on your suggestion and try to find REO agents.There has got to be enough REO's to go around.....too many REO's out there to be such a lack....Could I call on banks  & see if they may be able to devulge a name or two of REO agents they work with ?

Offline MamaKaranja

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Re: Neighbours home on Market for 229 day's.How much do I offer them?
« Reply #37 on: June 05, 2009, 07:53:43 pm »
I found 5 REO's agents in my area....3 of them are big in this area  & have set up shop/website with a bunch of REO's they grab from the HUD....two feature prominently feature as repeat buyers from the HUD site I view....how likely are they to send me the fresh bach of REO's....as a matter of fact , I contacted on of his Realtor's and she was not willing to work with me becoz ..."..newbies  don't know how to close on these deals and so I don't make money...". :eviltongue

I took their cellphones down anyway  & will call them and ask to be put on their list of buyer's.

Hooch

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Re: Neighbours home on Market for 229 day's.How much do I offer them?
« Reply #38 on: June 05, 2009, 08:30:45 pm »
"""I contacted on of his Realtor's and she was not willing to work with me becoz ..."..newbies  don't know how to close on these deals and so I don't make money...""""

Weird, you don't have to know how to close on an REO that is on MLS. That is the job of the person you were talking to.
Realtors are supposed to help you close, find financing, etc. That is what their commission is for. Not for sitting around on their A**es.


Offline MamaKaranja

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Re: Neighbours home on Market for 229 day's.How much do I offer them?
« Reply #39 on: June 05, 2009, 08:43:07 pm »
This Realtor is relatively new in her new found career and may not be familiar withhow hings are done...didn't even bother to ask if am using Private Lenders ....just assumed that I don't know anything ans just wanted to waste her time.....she knows me from church/ not as the investor that I am....so no confidence in my abilitites in this nw venture...maybe I came across as not very knowledgable about what my game plan is....in anycase I don't plan on giving her my business...at least not for a while.

I would be contacting her boss for help...or just pick whats on his website...that should be the way to go right ?...Question....why should I try to get deals from this guy ,if rehabbers are going to him ....prices are already low...wouldn't this be ...me acting as the middle man to deals that are already visible to rehabbers when they visit his website ?

Hooch

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Re: Neighbours home on Market for 229 day's.How much do I offer them?
« Reply #40 on: June 05, 2009, 09:08:53 pm »
I would be contacting her boss for help...or just pick whats on his website...that should be the way to go right ?...Question....why should I try to get deals from this guy ,if rehabbers are going to him ....prices are already low...wouldn't this be ...me acting as the middle man to deals that are already visible to rehabbers when they visit his website ?

You will need to explain this because I have no idea what you are talking about. Why would you be contacting her boss, who is he and what benefit to you is he? Getting deals from this guy? Who is this guy that rehabbers are going to? You need to be more specific because you lost me. And what is his website? Just a web site of a broker that is listing the properties that his realtors have that are on MLS anyways?

The only benefit a wholesaler is to a rehabber is if the wholesaler finds their OWN deals in some of the ways I previously listed. There is no reason they would need a middle man on anything that is on MLS including REO's. It is just as easy for them to just get them themselves.

Tell me exactly what your objectives are in real estate. What are you interested in doing and what kind of cash flow do you have to work with. Will you be buying the house outright? Getting a loan on it? Trying to do double closings or assignments? Also how is the credit? There are places for anyone in real estate but there are also limiting factors which can determine where you need to get started.






Offline MamaKaranja

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Re: Neighbours home on Market for 229 day's.How much do I offer them?
« Reply #41 on: June 05, 2009, 09:37:28 pm »
Okay...maybe all that I posted ( regarding this new discouraging realtor  & her bosses website ) is irrelevant....What I tried to do is find a REO agent in her..only to realise that she works for a guy who is infact a  bulk  wholesaler.

His website :
http://www.cassidonrealty.idxco.com/idx/3416/details.php?idxID=204&listingID=330953

This property was an REO :GIS reflects this info....

http://www.lehighcounty.org/Departments/Assessment/SearchRecords/tabid/315/language/en-US/Default.aspx

Offline MamaKaranja

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Re: Neighbours home on Market for 229 day's.How much do I offer them?
« Reply #42 on: June 05, 2009, 09:44:16 pm »
"Tell me exactly what your objectives are in real estate. What are you interested in doing and what kind of cash flow do you have to work with. Will you be buying the house outright? Getting a loan on it? Trying to do double closings or assignments? Also how is the credit? There are places for anyone in real estate but there are also limiting factors which can determine where you need to get started."


I am persuing all deals as a wholesaler,with an eye for assignment/double closings.....cash flow? minimal of my own....will tap into private funding eg Coastal-Funding ,Ivisionary etc....credit ?....non to speak of...laid off the past 16 months & operating in grey... :help



Hooch

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Re: Neighbours home on Market for 229 day's.How much do I offer them?
« Reply #43 on: June 05, 2009, 09:45:26 pm »
There is nothing wrong with buying from a wholesaler. Wholesaler to wholesaler to end user happens all the time.

Wholesaler to wholesaler to flipper, possible but don't expect to make much.


Hooch

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Re: Neighbours home on Market for 229 day's.How much do I offer them?
« Reply #44 on: June 05, 2009, 09:53:41 pm »
I am persuing all deals as a wholesaler,with an eye for assignment/double closings.....cash flow? minimal of my own....will tap into private funding eg Coastal-Funding ,Ivisionary etc....credit ?....non to speak of...laid off the past 16 months & operating in grey...

Based on this, assignments and double closings will work for you, birddogging is another thing to throw into the mix, Subject To's will work, and sandwiching buyer lease options and that is all I can thing of off of the top of my head that requires very little money. If you want private funding from a hard money lender you will likely need to put some skin in the game, at least 35%.

 




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