I’m a realtor in central PA specializing in foreclosures and short sells. I’ve got two properties that I think would be great fix and flips and are prime candidates for short sales. I’m having trouble getting interest in the properties. What am I missing?
If you have read enough posts here at this site you will realize that most investors have a natural mistrust of realtors. I would seek out an REI club and attend their meetings and mingle. Once you come across as an honest and straight forward guy then you start trading cards, meeting for lunch, etc. Your business will grow.
My answer is not so much as mistrust of realtors, but most “deals” that realtors give to me are not deals at all. Most don’t understand how an investor thinks, or what numbers work for an investor. Investors want deep discounts, and they can find them. Sure, realtors may get some bites from newbie investors, but not the regulars. For instance, a realtor approached me with this “hot” deal. It was a nicer home for our metro area, in the neighborhood of $490k (median home price is probably $190k). He says the owner can let it go for $450k, and I get $40k equity at closing. WOW… “don’t do me any favors” is the first thought that came to my mind.
Most first time home owners will not think like you do. They are afraid and new to this whole house buying thing…even at reatail prices. So to think that most people would understand the fact that they really can buy the house at a great discount is a very hard thing for them to imagine.
I would do as Richard said and hang out with people looking for those deals…Investors.
Good Luck to you