Posted by Del’Win on March 19, 2001 at 11:07:14:
Thanks for the positive feedback. I will continue to use the expired listings.
Del’Win
MLS expired listings - Posted by Del’Win
Posted by Del’Win on March 17, 2001 at 23:23:12:
For the investors that go after MLS expired listings what steps do you take? Once you know the address how do you try and get in touch with the owners. Is their any course or website out their for investors that want to use MLS to do flips to other investors? Most flipping courses do not mention much about wholesale flips using MLS listings. I really would appreciate any and all advice.
Del’Win
MLS expired listings gold mine - Posted by George
Posted by George on March 18, 2001 at 13:24:11:
I think there are some good uses for it:
You will find some sellers who are getting anxious ready to take a discount 10% or more…Even 10% could be good in some cases(If they are below appraissal)
Some of these properties may be good for flipping if the discount is large,
If there is small equity, you can buy it and sell it in a contract or a wrap…Payments at front, cash flow
OR
If they are good homes in good areas, you may be able to get them on a lease option, then sublease them out with an option to buy… you can make some money at front ($5,000-$10,000 or more), monthly cash flow ($150 plus), and when your tenant exercise the option…you make a few more dollars ($5,000 or much more)
If the deal seems good, but you don’t want to take title or you can find the money…a plain option could be a solution…if you know you can market the property within a short amount of time…Or find an investor to flip it…
I think there are a few possibilities. Of course, many of the properties did not sell because obviously were dogs…stay away…
As always, seek advise …(I am not talking about uncle Jack the baker or aunt Ann the body builder) when going into any deal
Re: Why - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on March 18, 2001 at 10:02:13:
would you want to use MLS expired listings anyway?
Perhaps I do not understand. You indicate that you want to flip, this means you want to sell at a higher price than you can buy for…O.K.
You also indicated “wholesale” flip. That to me indicates that you want to buy low, and sell a little higher (but still low…wholesale). The term wholesale indicates to me that there should a margin for a reasonable profit between your selling price and proposed retail (6-10% in my opinion).
Now you are thinking about expired listings, and I can’t figure out why you are wasting your time doing that.
Why do listings expire? The answer is simple. They expire because the best professionals in the business could not get them sold, or relisted. Most real estate professionals co-operate with other real estate professionals, so the property should have been exposed to every possible buyer, potential buyer, or wanna be buyer in that particular marketplace.
Now you show up and automatically think that you can buy for less than any of the real estate professionals could have bought for. You also think that somehow you can wave that magical buyer, out of the ozone; that was missed by all the real estate professionals that have worked on this unsold listing. I think that you are at best wasting a fair amount of your time here.
One thing that , in my opinion; would work better is to develop a relationship with a real estate professional who would call you with the very best deals, before they are even put on the MLS. Another thing that would work very well is to develop the same kind of relationship with a dozen or more associates.
There is another way to do what you want to do , and this is to become a real estate associate. This would take an investment of your time and some money. Then you could be a step ahead of where you are now, for a resonable cost (education). The cost is for education to be licensed in your state. You will get an education one way or another in this business, and trust me; it is not free.
When following up on a MLS expired listing you can be sure that the listing associate has already made some effort to buy the property, or to keep the listing. Now if you find that this has not happened then you can be sure that the property is drastically overpriced, or that there is some other underlying problem that makes the sale of this property un sellable (and you think you can do better, faster, etc.).
I find it difficult to understand why you would want to work under such a handicap. To work with MLS expired listings is to me, like giving all the other runners in the race a headstart. Very unproductive and completely unnecessary, not to mentoin quite frustrating.
Re: MLS expired listings gold mine - Posted by Rico
Posted by Rico on March 18, 2001 at 19:29:13:
I am open to any suggestions in getting real estate agents to get me the MLS listings. I don’t seem to be able toe get anywere. ANy suggestions?
Thank you
Ah, the realtors… - Posted by Carmen_FL
Posted by Carmen_FL on March 18, 2001 at 18:34:56:
As a broker, I can tell you that MANY, MANY real estate agents are worse than useless when it comes to selling homes. I have picked up a few homes which were expired, simply because the agents DID NO WORK to try to get the home sold, and the owners were getting more and more desperate by the minute. Granted, not for flips - but for other types of deals (L/O, retail flips, etc). The sellers always had a lot to say about their agents by the time we presented the offer (after the listing expired) and none of it was good. I really felt sorry for some of them - some agents just show up, take the listing by promising the world, put a sign in the yard, list the property at ridiculously high prices, and are never heard from again. No wonder the houses don’t sell! I now look for homes listed by certain agents in my area, because I know that they follow this tactic, and the seller will more than likely be happy to listen to me a few weeks/months into the listing period - because I’ll be the only offer they ever received on the house.
Re: Why - Posted by Del’Win
Posted by Del’Win on March 18, 2001 at 11:49:23:
I know using MLS listings can work I just need somebody with the expertise in this field to give me some information. I know Steve Cook uses MLS listings most of the time so I know it can be done. Thanks for your input…I know it is a long shot, but I will stay positive.
Del’Win
Because… - Posted by Lazaro
Posted by Lazaro on March 18, 2001 at 11:37:19:
In my opinion it is still possible to get good buys on expired listings. The sellers become more motivated than when they first started and probably rejected offers. Another reason may be the poor skills that their realtor has. I can speak from experience. I have seen it happen.
Cordially,
Lazaro
Re: MLS expired listings gold mine - Posted by George
Posted by George on March 19, 2001 at 24:22:00:
Develop a relationship with an open minded agent
Expired listing Gold Mine, for sure - Posted by Jim
Posted by Jim on March 19, 2001 at 09:16:51:
Expired listing, as I have found out are one of the better places to get leads for a targeted market campaign. And the Realtor that supplies them to me is all to happy to give them to me.
He worked the expired listings ‘once’ with a very negitive responce. These listings are usually very unhappy owners who were sold on the idea that the Realtors were the only way to sell. And after having their homes tied up for 6 month to well over a year or two, many now are discouraged and bitter about selling. PRIME candidates for a savy Real Estate Investor to come in and make offer(s) that actually solve their problems. Several I’ve come across had already moved and were making two mortgage payments and needed a real solution.
As for my Realtor, I give him $50 each month for all the listing that will expire within 60 days. He gets a referal fee of $500 for every L/O and $1,000 for every owner financing deal I do from the lists. Two months last year he made more from my referal fees then he did off commissions. Do we have a good ongoing relationship? YOU BET! It’s funny, though, his eyes just glaze over when I hand him a check and tell him how I took control of the property with none of my own money.
My letter for contacting sellers is very strong and I’ve received an well above average response ratio, with many calling my answering service asking less then listing prices for their properties right off the gate (I haven’t even talked to them, yet). The profit margins that are created from expired listing deals are, on average, greater then those who call on my advertisings. Any serious REI who doesn’t work expireds is missing a very big chunk of profit potential.