answering fsbo ads for flips - Posted by mic (memphis)

Real Estate Investing
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Posted by Troy W. (NC) on March 23, 2001 at 09:45:43:

Make sure the seller is motivated, if so you can get it cheap. Then put it under contract, then go find either someone who would want to live in the house if it’s a nice house or sell it to a rehabber. But the key is to find A MOTIVATED SELLER!!

Troy

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answering fsbo ads for flips - Posted by mic (memphis)

Posted by mic (memphis) on March 22, 2001 at 23:01:47:

hi all,
what are your opinions on calling on fsbo ads for possible flips?
mic

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Re: answering fsbo ads for flips - Posted by Kaye

Posted by Kaye on March 24, 2001 at 20:30:37:

Hi Mic,

Well I’ve been on that same boat like these gentlemen have. And believe me I agree with everyone one of them because of my own recent experience. One sunday I was coming from church and as I drove down the street I spotted a FSBO sign, I turned the car around,went back and copied the ph# and went home, called them the next day. The woman that answered the phone listened to me as I inquired about the house and then she hung up on me. I immediately called her back thinking maybe there was a disconnection set off by accident. But I was wrong, she hung up on me again before I could get the rest of my questions out of my mouth. I was turned off and I left it alone. All it takes for me is one time and I am through with you. And I learned my lesson, you just don’t call these FSBO signs because it’s serious waste of time and most of them are uncertain whether they want to sell or not. FSBO signs are very tempting but leave them alone. Let the seller come to you.

Kaye

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Re: answering fsbo ads for flips - Posted by Nate

Posted by Nate on March 23, 2001 at 18:04:41:

I agree. While there are always the rare cases who are smart enough to sell FSBO because they have no equity to pay a realtor’s commission, most people that sell FSBO do so for some, or all, of the following reasons:

  1. they are simply frugal –> therefore, unlikely to sell their house below its value
  2. their asking price is way too high –> maybe they asked a realtor and were told there were crazy, so decided to try themselves
  3. they are not serious about selling –> to the average person who has never sold a house before, the best way to sell your house is with a realtor. fsbo might mean they are just kicking around the idea or haven’t really decided but would take the right offer if it came along.

as you can see, all three of these items add up to one thing: NOT a motivated seller!

Like I said, there are exceptions. But time is valuable and I can’t waste it chasing down rare exceptions.

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Re: answering fsbo ads for flips - Posted by Ben (FL)

Posted by Ben (FL) on March 23, 2001 at 15:27:22:

I agree with Matt B. I spent days and days calling FSBO adds. If the seller’s not motivated, they often resent the kinds of questions we have to ask to determine whether or not they ARE motivated.

I’m thinking back, now…in 2000, I bought 6 duplexes, 1 fourplex, and 7 houses. One of them, I got from calling adds in the paper. It said “Owner financing” and it was a rehabber that was selling for $88,000 and it appraised for $117,000.

I have finally concluded that getting them to cal you IS the best way to go.

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Re: answering fsbo ads for flips - Posted by Matt B

Posted by Matt B on March 23, 2001 at 13:39:03:

It’s been my experience that calling on ads usually is a huge waste of time and generate little or no real leads. Concentrate your effort on running your own “we buy houses” ads and get the motivated sellers calling you instead!