Posted by AnaFL on January 18, 2000 at 08:23:13:
WHAT?? WHY??
JUST VENTING… - Posted by AnaFL
Posted by AnaFL on January 17, 2000 at 08:21:12:
I’m frustrated. I made two offers on a property this weekend. But, on one of them, the Realtor told me that there are 4 other offers that have to be presented first. The other properties that I called on were already sold! They’d only been listed for a week! Oh well, as the saying goes, the early bird gets the worm. I didn’t realize there was SO much competition here in Orlando,FL. Most of these investors are flippers. Maybe I need to switch to Rehabbing. Anyway, back to the struggle.
Thank You for listening,
AnaFL
Re: JUST VENTING… - Posted by Owner declined all other offers, wants mine!!..?
Posted by Owner declined all other offers, wants mine!!..? on January 17, 2000 at 14:01:25:
The owner likes my offer the best so I have to sign the contract. But the Realtor wants a $500 deposit up front! I don’t want to use any of my money !! How can I get out of the deposit?
And proves a point… - Posted by Billm
Posted by Billm on January 17, 2000 at 11:47:09:
When retailing property, the MLS is the way to go. That’s where the retail market is.
When you DO find that bargain, the way to sell it fast at retail is to put it into multiple.
As investors, our job is to locate those bargains BEFORE they get to the retail market. Use your time and efforts to search out the “unlisted” bargains using every creative idea and tool you can think of. That’s where you’ll get the greatest return on your time and investments.
FSBO’s, hoping to save a commission, get frustrated quickly and motivated ones list quickly after learning that the majority of buyers they talk with are bargain hunters. Those sellers that aren’t motivated are in for a long hold-and those that need to sell, give up and take advantage of the Multiple quickly, so YOU must move quickly when you find the motivated seller.
You’ll find an occasional deal in MLS, but generally, it’s retail.
Re: Time to change the rules… - Posted by Ed Garcia
Posted by Ed Garcia on January 17, 2000 at 10:16:37:
Ana,
A hot market is not a good environment for buying, only for selling.
When you’re in it, you must change the rules. One of the things I teach in rule changing,
is to look for other types of product, that could be more profitable.
For example: If SFR’s are hot, and selling like hot cakes, it’s time to look at 1 to 4’s.
If 1 to 4’s are hot, it’s time to either build, or look at multiple units.
I hope your getting my drift. I have another friend who likes to tie up properties, and then
trade them. He lives in Palm Springs, Last year he made 21/2 million.
All he does, is trade properties. As a matter of fact I want to thank you, for asking this question.
In answering your question, I just gave myself an idea on one of my properties. Maybe my
friend can find me a trade.
Ed Garcia
Re: JUST VENTING… - Posted by Rob FL
Posted by Rob FL on January 17, 2000 at 09:10:53:
When I first started investing in Orlando, I thought I was the only game in town. Hello Rob, wake up! Once I started making offers on MLS properties I quickly learned that once it goes in the MLS, that properties with the right price or the right terms will sell in a matter of days. If you don’t search the MLS everyday, about a third of the good deals will be gone by Noon of the following day.
Re: JUST VENTING… - Posted by Marty Greenberg
Posted by Marty Greenberg on January 17, 2000 at 08:59:18:
Frustration is part of this game. Dealing with realtors is frustrating. I try not to deal with realtors. Look for motivated sellers. They tend not to have people making offers on their property before you get there. Hang in there and keep making offers. It is a numbers game. The early bird may get the worm but the second mouse gets the cheese.
Good Luck,
MARTY
Re: JUST VENTING - Posted by JD
Posted by JD on January 17, 2000 at 23:09:57:
$500 earnest money deposit? I wouldn’t want to be your mortgage broker.
That’s great… - Posted by Rob FL
Posted by Rob FL on January 17, 2000 at 20:14:07:
…that your offer got accepted. Being a realtor myself, I think very few realtors are going to take you seriously if you don’t put up some kind of deposit. On FSBOs you can probably get away with no deposit, but with a realtor probably not.
On most of the lower end houses $0-$50,000 I offer a $500 deposit. Make sure that the deposit is escrowed with a title company and not the seller’s realtor. Realtors have to abide by specific laws regarding disputed escrow deposits, so avoid that if possible. Make sure that if for some reason you have to back out that all you lose is the deposit as liquidated damages. Hopefully, you also put in a escape clause like subject to financing or inspection to further protect you. Best wishes.
P.S. - Posted by Rob FL
Posted by Rob FL on January 17, 2000 at 10:08:42:
Although there are many great deals available through the MLS, I have found that most of the deals I end up with are non-MLS transactions. These deals are harder to find and thus the competition is less. I am talking about FSBOs, pre-foreclosures, probates, etc.
Re: JUST VENTING… - Posted by AnaFL
Posted by AnaFL on January 17, 2000 at 09:47:31:
Thanks! You’ve made me feel a lot better!