Posted by Stacy (AZ) on February 13, 2001 at 10:49:47:
Brian, that’s the first thing I thought of when reading the post. I wonder how many times agents have killed new investors’ motivation. There’s probably a Carleton Sheets Memorial Graveyard somewhere, with guys in gold blazers digging away.
Stacy
abbra caddabra …now its gone!!! - Posted by AWWMi.
Posted by AWWMi. on February 12, 2001 at 23:23:04:
I posted a deal a couple days ago under “different seller” that I was aggressively chasing after. Kind of like the carrot tied on a stick in front of me. Didn’t really keep track of my strategies, I was too busy trying to catch the darn thing! Then all of a sudden, it was GONE! Huh? “Gee Wally, Where’d it go?” Well I did some snooping around and this is what I found out. It turned out the property was never properly entered into the MLS Listings. The listing agent had played me like a fiddle or dummy whichever you prefer. He told me about this property only after I had contacted him about an entirely different deal. He even went so far as to tell me what he figured the “lowball” that the probate court would take for it. Coincidentally, that price was the same as the successful buyers bid was. Hmm? Had a buyer and wanted to see if he could get more. Initially, I told him I wanted to try a little lower than the “lowball” price. Thats when he stonewalled me. Wouldn’t return my calls , etc. Only figured out what the scoop was after I did my own investigation (I watch alot of those cop shows on TLC). This deal had easy potential for $45,000 in profits with 5 acres of splitable land. I got angry and sat down! Then I got focused and put in an offer on another property. Profit potential $27,000 if accepted. Lessons in my opinion. Get Real angry! Relieve pressure. Get another Real deal.Thanks for letting me vent.
Lesson #1 - Posted by JoeKaiser
Posted by JoeKaiser on February 13, 2001 at 12:30:58:
Next time, make an offer.
Joe
Re: abbra caddabra …now its gone!!! - Posted by Michele
Posted by Michele on February 13, 2001 at 10:15:17:
Thanks for posting that lesson. I have been reading so many success stories on this site, and keep feeling like it can’t be that easy. I appreciate hearing about things to expect with this business, because I know all these things will happen to me. I’m sorry that you missed that deal, but now I know that when something bad happens to me, I won’t be the only one. Good luck with your next property!
Lesson 2… - Posted by B.L.Renfrow
Posted by B.L.Renfrow on February 13, 2001 at 08:26:58:
Work directly with sellers. If there’s no agent, the seller has no commissions to pay, which is more profit in your pocket.
Realtors certainly have their place, and there are a few good ones, but I see a lot of newbies getting frustrated by dealings with agents. If you’re just starting out, you don’t need to only make offers on listed properties. As I said, there’s usually much greater profits in working directly with sellers.
Brian (NY)
joe, it was just poof! and its gone - Posted by AWWMi.
Posted by AWWMi. on February 13, 2001 at 13:27:54:
The entire event from when I initially was told about the offer til I found out from another realtor what the real scoop was took about 48 hours. I had left 3 voice messages on the realtor’s phone. The point is, that deal was never intended unless I was willing to pay more than the magical “lowball” price. Even then I’m pretty sure he would’ve went back to original buyer to say hey someone else is putting in an offer for X dollars, do you want to up your offer. Kind of a tennis match with both of our bids. I’ve only run into this situation one other time. The agent wanted to list and sell which is fine. Only, she held back the listing until her buyers had squared away the offer. I put some pressure on her to show the house. Figured something was up when six other couples just happened to show up the same time to look at the house. The only reason I found out what was going on was because my next door neighbor was a realtor working at the same office. I did’nt want to push it legally, but he did confront her about these type of tactics. He was very PO’d at her and let her know. I have and do work with some excellent realtors.