Newbie Question--How do I do This? - Posted by Kim

Posted by ST on November 14, 1998 at 19:47:27:

CCIM - Certified Commercial Investment Member

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Newbie Question–How do I do This? - Posted by Kim

Posted by Kim on November 08, 1998 at 15:30:36:

OK–I’m asking for help because I’m not sure how to get started. I’ve found a house, 3Br, needs a lot of help, but all cosmetic. It’s offered for 110K, will likely sell for 115-120K fixed up, and seller seems motivated, though I am stuck working through a broker and can’t really tell. However, property is vacant, seller is out of town, and according to broker, doesn’t want to go through the winter with the house. I figure it needs floors re-finished, new paint inside, kitchen re-done, outside trim painted, and landscaping–can do much of that myself. Borker says shows the house repeatedly, but no offers.

With the margins, I don’t think an offer of above 85K is warranted–but am concerned too low for seller’s expectations. Also, would like to do no $$ down.

Any ideas? Help!

Kim

Re: Newbie Question–How do I do This? - Posted by Darla

Posted by Darla on November 27, 1998 at 06:27:12:

Hi Kim, Did you use the CS form to present and offer of have you not presented yet? If you have not and have the CS offer form use the option: “buyer reserves the right to accompany broker to present offer” and don’t forget make and offer that you think is too low it sounds like the seller 1s (or certainly should be very motivated. Good Luck Darla

Re: Newbie Question–How do I do This? - Posted by Rob FL

Posted by Rob FL on November 08, 1998 at 19:34:59:

Try to make the offer with the seller present, and before you give him the price tell him about all the repairs you plan to do. Also bring some comparable sales of other properties that were all fixed up at sale and show him their sales price. Maybe he will see that he is asking too much.

Re: Newbie Question–How do I do This? - Posted by Kim

Posted by Kim on November 09, 1998 at 10:06:50:

Seller’s out of town–will have to work through the broker. I find this the most difficult part, i.e. working with brokers. Any good suggestions?

Re: Newbie Question–How do I do This? - Posted by Rob FL

Posted by Rob FL on November 09, 1998 at 16:42:58:

I am biased because I am a broker. If you don’t already have one, maybe you should find a buyer’s broker that will represent you. Most of the time the seller pays their commission because it gets split with the listing broker’s office.

Maybe you could fax over a list of repair estimates (for information only) along with your contract.

Lastly, you might be able to find out the seller’s address from the courthouse. And then call the seller on the phone.

Good luck.

Re: Newbie Question–How do I do This? - Posted by L Y R (AZ)

Posted by L Y R (AZ) on November 09, 1998 at 17:34:31:

Hi Kim,

My suggestion: contact a CCIM in your area.

They are VERY creative and the one that I found is very aggressive.
Look in your local newspaper under “investors.” My CCIM has a monthly
investor presentation for only $10, which covers the printed material handouts.
His motivation: to represent YOU in a purchasing transaction.

Re: Newbie Question–How do I do This? - Posted by Jeneine (NY)

Posted by Jeneine (NY) on November 09, 1998 at 18:24:00:

Have been away from this board for awhile. Was recently diagnosed withe breast cancer. What does CCIM stand for? I realize I have alot of reading to catch up on.