Need advice and encouragement - Posted by tarun_md
Posted by tarun_md on February 21, 1999 at 20:14:38:
About a week ago, I went to a realtor(she was not the listing agent) and asked her to pull some listings of fixer upper type properties. I decided to make offers on 4 of those properties with the intention of flipping them. I basically just offerered 60c on the listing price(without looking at the properties) and asked her to put the following conditions on the contract.
1)This offer is subject to inspections and written approval by buyer and/or buyer’s partner within 30 days of acceptance.
2)This contract may be assigned.
The realtor thought that I was wasting her time because the first condition mentioned above would take the properties off the market for 30 days. She told me that no seller or seller’s agent would take their property off the market for 30 days. She made me feel like a total idiot because she said that I was making very ridiculous offers. As a matter of fact, she called me the next morning to tell me that she is not interested in searching any deals for me and did not even write up the offers I had asked her to.
Because I haven’t done too many deals, I kind of believed her that what I was doing was ridiculous. I guess she made me loose confidence in myself, which is very important to succeed.
Can anyone please help me in structuring offers. I need help in figuring out exactly what clauses I need to put in the contract, especially if all I want to do is flip. I don’t have the ability to put $500-$1000 as earnest money. I do have some investors lined up to flip, but I am not sure of their abilities to close on the deal fast. They all tell me that they can, but its the results that talk. Therefore, I do need some time to market the properties once I have them under contract.
For how long should I tie up the property without sounding too ridiculous. What changes can I make in the clauses mentioned above to make them look more appealing to seller’s or seller’s agents?
Any help would greatly be appreciated. Some encouragement would help also.