SHORT SALE BASICS

[Figureditout]

Satarnag,

    Where did I say these offers were going to be accepted? I never said they weren't going to order a BPO... I am surprised that they did one deal without the BPO to be honest that is really rare and it must have been a good offer that was close to the payoff on the property.

You can go by the book and write offers on everything and if you write lowball offers 99% will get rejected and you will be flagged as “THAT WANNA BE INVESTOR THAT NEVER CLOSES” I have done my share of Short Sales as well. And thats why I said you can write lowball offers. Then read the next post that said you will just have to find a new Realtor because you are going to upset them. Its a free country you can do whatever you want and offer whatever you want. Just don’t plan on closing a ton of deals.

[Real_Estate_Seller]

Figureditout,

Good point and I will drink to that and there is not much I want drink to.

[Figureditout]

I just wanted to add we have an Investor out here that writes offers on almost every Short Sale and last year he closed on 2 deals… When he called me and about his 2 count them 2 deals all I could say is “Well even a Blind squirrel finds a nut once in awhile” He probably writes 100 offers a month. Yet he has that right!

[Real_Estate_Seller]

If he write 100 and only get 2 he is 100% writing low ball offers.

[jmd_forest]

“If he write 100 and only get 2 he is 100% writing low ball offers.”

Probably true … but that investor probably got 2 absolutely GREAT deals. Persistence trumps almost every other attribute when it comes to making your own success.

[Figureditout]

Yeah yet if you say he got 2 Great Deals lets say he made $30k per deal he only made $60k for the year… Personally I would rather make $10k per deal and do 3 a month? or $360k for the year. I don’t even make $10k per deal I only get $1,500 per deal yet I did 37 last month and will do 42 this month… SO $63k for the month! And I didn’t buy anything.

[satarnag]

@Figureditout post:21

Satarnag,

    Where did I say these offers were going to be accepted? I never said they weren't going to order a BPO... "

I merely stating that there has to be some type of justification on a short sale to submit a low ball offer. For example, you need to find a comp that you can give the BPO to justify your offer or give them a high contractor’s bid to justify the lower price. You can’t just offer 100k for 300k properties.

“I am surprised that they did one deal without the BPO to be honest that is really rare and it must have been a good offer that was close to the payoff on the property.”

I was shocked as well. It was the first and last time it happened. The payoff was no where near the net. My client bought it for 600k with 100% financing and we netted them high 200’s.

" You can go by the book and write offers on everything and if you write lowball offers 99% will get rejected and you will be flagged as “THAT WANNA BE INVESTOR THAT NEVER CLOSES” I have done my share of Short Sales as well. And thats why I said you can write lowball offers. Then read the next post that said you will just have to find a new Realtor because you are going to upset them. Its a free country you can do whatever you want and offer whatever you want. Just don’t plan on closing a ton of deals.

"

Totally agree as there are a lot of stupid agents out there that will waste their time for you. However, why not look into the subject property and determine what is the cheapest possible price rather than just throw a number and see if it sticks.

[satarnag]

@Figureditout post:26

Yeah yet if you say he got 2 Great Deals lets say he made $30k per deal he only made $60k for the year… Personally I would rather make $10k per deal and do 3 a month? or $360k for the year. I don’t even make $10k per deal I only get $1,500 per deal yet I did 37 last month and will do 42 this month… SO $63k for the month! And I didn’t buy anything.

Sounds like you have great marketing and sell your leads or collect a referral fee.

[Figureditout]

[quote author=satarnag link=topic=51937.msg257841#msg257841 date=1339374457]

@Figureditout post:26

Sounds like you have great marketing and sell your leads or collect a referral fee.

Can I just say NOPE and move on?? What we do is very cutting edge and we stay really busy.

[kaspersky]

Thought I might want to mention that after you have that Realtor write 50 offers you might need to find a new Realtor… That Realtor might be a little upset with you

[Leonard_Vice]

@Real Estate Seller post:13

When new investors is submitting low ball offers there are investors offing fair prices and closing deals. Once word get out that all you submit is low ball offers no realtors will work with you because you will be a waste of time.

Then what should an individual do in this case then?

[satarnag]

@Leonard Vice post:31

@Real Estate Seller post:13

When new investors is submitting low ball offers there are investors offing fair prices and closing deals. Once word get out that all you submit is low ball offers no realtors will work with you because you will be a waste of time.

Then what should an individual do in this case then?

Make lowball offers that make sense. Not just grab a number out of their rear.

[reiclub]

Try to talk to the owner… Give him your proposal and vice-versa… until you come up with a good deal…

[DGH11]

[quote author=Figureditout link=topic=51937.msg257896#msg257896 date=1339535904]

@satarnag post:28

@Figureditout post:26

Sounds like you have great marketing and sell your leads or collect a referral fee.

Can I just say NOPE and move on?? What we do is very cutting edge and we stay really busy.

I think we are all interested in how you do so many deals. I’m new and would like to know the best way to get started. I’m in the DC/NOVA area. Thanks.