FREE,
Since it’s currently listed with a broker, you’ll have to deal through the broker, since these are usually exclusive right to sell agreements that the broker has with the owner. Even if you contacted the owner directly, I don’t think you could cut out the broker, nor would you really want to. That’s a deal between the current owners and the broker.
What you really need to do is to decide what the property is worth and what you’re willing to pay for it. You didn’t mention what your plans for the property were. Are you thinking of keeping it for a rental or reselling for a profit? What is the listing price compared to the actual value of the property?
Also, find out from the listing agent what the sellers level of motivation is at this time. If there’s no motivation, you probably won’t find a good deal. However, if they’re paying a big neg. cash flow on it, and can’t afford it, maybe there’s enough motivation for them to do a fast sale. The key here is seller MOTIVATION.
Good luck…BillW.
NEED ADVISE ON A GREAT OFFER - Posted by FREE SPIRIT
Posted by FREE SPIRIT on December 29, 2000 at 12:26:20:
Dear seasoned investors:
I just recently started in the r/e business as an investor. I think I stumbled upon a great opportunity. I just bought a home myself and met my next door neighbor (great guy) older gentlement who was 87 yrs. old. Two months ago he passed away. He lived alone with children living out of town. Don’t know much about them. But recently a for sale sign went up on the property. It’s a great property. Right next door to me. I know the family would like to sell it right away. It’s listed with a broker. I may be able to find out who the family member is thru a neighbor who knew them quit well. How should I approach this? This would be my first deal!
Out of all the coursework that I’ve done, it really doesnt prepare you for actual contact if you have no experience.
Obviously, the best approach would have been to find this property BEFORE the realtor got involved. BUT, since that’s no longer an option, the best approach is to be fully knowledgeable. Homegain.com might help with determining current market value as well as most recent sale price. It’s by no means 100% accurate, but it’s a starting point.