DITTO! I always ask the sellers reason for selling, how long on the market, existing mortgage amount, the amount of time current owner has owned, what will they do if the property does not sell, and would they please call me if they do not get any offers. The seller has to be MOTIVATED to sell their place way below market value. Find these sellers and you have found GOLD!!
frustrated! Making offers, but nothing - Posted by jd orlando
Posted by jd orlando on February 27, 2002 at 12:10:55:
I have made about 50 offers on Reo, handyman, tlc and preforeclosures. I had maybe 2 counter offers. The houses are getting sold for much more than I am willing to pay. I am using the formula of, price I can sell the house for after I fix it up minus, $10000 right up front for profit, holding, sales, closing and fix up costs. Total amount that I offer is usually 1/3 of asking price, maybe a little higher.
I am finding the houses through my realtor.
I am wondering if the market is too competitive, or people that are buying the houses are occupants.
Anybody have any suggestions, or creative ideas? I’m ready to just start doing rental properties and say f#~* the fix up idea.
Re: frustrated! Making offers, but nothing - Posted by Steve-Atl
Posted by Steve-Atl on February 27, 2002 at 12:49:23:
I started the same way…making lots of offers on listed REO properties. Although I did end up buying one (approx $20k profit), I got lots of offers turned down and I got really frustrated with the various lender admendments and sometimes verbal attacks from the listing agents. In the process I burned out the realtor.
The best advice I can give you now is to advertise for motivated seller to call you. It’s lots easier when they call you. IMHO making offers on REO’s is educational, but having sellers call you is much more productive.