I was looking at some multi’s in my area, and I realized all of them are owned by realtors (on realtor.com) which should have been obvious to me from the name of the website haha. Is it worthless to look on these websites for deals? I mean its not like a FSBO where they will take offers, correct? Or am I wrong?
www.realtor.com is a big nation-wide MLS you can use that has a pretty good listing of properties in most areas. I have found, however, that there are some areas that don’t list much of anything on realtor.com even though there are plenty of properties for sale in that area. Maybe the properties you found were all owned by Realtors, but that’s not how all of them are on that site. Everything is negotiable in REI. You shouldn’t think a Realtor won’t take an offer for a property. You never know unless you try. You can also look at your local newspaper and sometimes Craigslist too. Our property was listed in a local newspaper and also on a local RE website. It was agent owned, but we still got a good deal on it because it needed some work and we were willing to put the time/money/effort into it.
That’s like in my city. Two of the biggest real estate companies have never listed their stuff on the MLS. They just pretty much have the same website layouts but with their respective names all over it and they have the exact same properties. And I guess you are expected to find a property there instead of the MLS. It boggles my mind why you couldn’t want to put a house on the MLS.
What you might want to do is get real cozy with a realtor so that you can get mls access, or you can signup for a service like reallist or realquest where you can get access to the tax records for all of the properties in your area.
Once you have access to the tax record service you can download lists of all of the multi family properties in your area and create a mailing list. The next step is to create post cards that say “I buy duplexes, triplexes and quads” and mail them out, hitting the sellers over several months. Within a few days you will have owners calling you if the message on your post cards makes sense.
Also what you’ll see on the tax record site is the original mortgage amount for each property. The properties where you see that the owners mortgage is well below what the others in the area are now selling for are the ones you’ll target with your low ball price. Use the same information as the basis for making offers on the properties that are for sale on realtor dot com.
I found my last two multifamilys by searching the tax assesor’s website. I just type in bank names and keep a real close eye on the streets I am interested in. Then call the bank and find out what price they want and try to get the listing agents phone number, then I call my realtor and we make an offer before it comes on the market.
why do you find it necessary to use a realtor? For me they add extra costs and sometimes get in the way. What additional benefit do they bring after you have done all the work of finding the property and finding out who the owner is?
John, can you elaborate more? How do you know when the property is bank owned by looking at the tax assesor’s website?
Thanks in advance.
Rich
why do you find it necessary to use a realtor? For me they add extra costs and sometimes get in the way. What additional benefit do they bring after you have done all the work of finding the property and finding out who the owner is?
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Extra costs? Are you retarded or Japanese?? These are buyer’s agents, they are free. When you buy an REO (what I described above) you buy off of the MLS.
John, can you elaborate more? How do you know when the property is bank owned by looking at the tax assesor’s website?
Thanks in advance.
Rich
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Ahh…it says something like “Federal Home Mortgage” or “Wachovia” under the owners name. All I am doing here, is getting a heads up before it comes out on the market(MLS), then I get the listing agents number, and try to get out of him a price. If he hasn’t come up with a “market price” I try to influence him a bit, but that hasn’t really got me anywhere yet to tell you the truth.
Good to know, thanks! Oh, and the only thing that has EVER been on Clist in my area, is a major real estate company who uses Clist to post their over market “deals”. Sadly, I havent seen many good deals at all. Even in the newspaper. Although, I dont comb the newspaper like I do Clist. I need to get on that now.
You know that sounds like really great advice, and I even have a friend that is a realtor. The ONLY problem, is that I dont know what exit I would want to use, even if I could get a property at a great price. :banghead
I see…so your last two were pre-foreclosures. You must be somewhat lucky to be able to type in a bank name and see what comes up. On my tax website, I have to enter an exact address or parcel number, and that is all I can use.
So, you can simply call the bank that is foreclosing on the property, and ask what they want for it? How do you negotiate with them?
Preforeclosure?? AM I NOT BEING CLEAR HERE?? :shocked
DO YOU KNOW WHAT AN REO IS??
I give up, i’m not going to post anymore.
Yes, a REO is when the process of foreclosure is over and now it is owned by a mortgage company.
I said ‘pre foreclosure’ because you said you looked up on a tax assessors website. In my area, the tax assessors webiste shows delinquent taxes. That is why I assumed it was pre/foreclosure.
I should have been more clear, the tax assessor’s website should also show the current OWNER, which is what I was talking about. I just search some common bank names and find the REO’s before they come out on the market, cause the ones price at my price, go quick.
Extra costs? Are you retarded or Japanese?? These are buyer’s agents, they are free. When you buy an REO (what I described above) you buy off of the MLS.
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Come on now?! Who is paying the Buyer’s Agent?? Are you? It ain’t FREE for the Seller!!