Presenting offer prior to listing... - Posted by Willy in Canada

Posted by Willy on March 23, 2000 at 21:32:31:

Thanks for your reply Phil. Your probably right that I am too stuck on this property. My sense of urgency probably relates more to my investor than the property. He tends to be nervous and seems to value the opinion of everyone within earshot. I spend alot of time reconvincing him … I think a little profit will go a long way so would like to get a deal done.
My statement about Canada was more about an overall
tendency for conformity. In my opinion people here are generally much more trusting in government, real estate agents, and banks etc. In no way does this mean that I don’t think I can succeed with some of the principals on this site, I just think it may take some time for me to find the right formula.
Rest assured I will not get into a bidding war on this property. I know the maximum I will pay and I have knowledge of the price the bank will accept. My question was more speculating on wether the bank can deal with 2 offers at the same time or if they had to finish with mine first.
Thanks again for your time

Presenting offer prior to listing… - Posted by Willy in Canada

Posted by Willy in Canada on March 23, 2000 at 17:04:54:

I have an oppurtunity to buy a foreclosure property up here in Canada in a very hot market. Through my work I have done all my legwork prior to it being listed. (All bank properties must be listed here and sold for a minimum amount based on 3 appraisals) I have priced the reno’s, inspected roof, inside walls, and basement. I have arranged a 25% dp based on 100,000 purchase price (Willing to pay 85000). My question is: What is the earliest I can submit an offer through my agent? and if several offers are ready on the first day of listing, in what order are they considered? whose is considered first,
I have a feeling anyone in RE who sees this house will know it just needs to be brushed off and they’ll make money. I also know that every agent has preffered clients just waiting for this kind of property. My concern is the listing agent may be pre-showing to his clients and I’ll lose the advantage I gain by being ready. Advantages are hard to come by in Canada ;}.
PS I know this deal isn’t creative but a friend is putting up the cash and I should make enough even with outrageous real estate fees to get started on my own. He’s pretty conservative but I think I may have convinced him to sell it without RE. We’ll have too much money tied up to L/O.

Re: Presenting offer prior to listing… - Posted by phil fernandez

Posted by phil fernandez on March 23, 2000 at 20:17:13:


What I see from your post is that you are way too anxious and in love with this one particular deal. You say that great deals are hard to find in Canada. Why is Canada any different than down here. There are great deals here every day. The secret is that you have to know how to find em.

We are looking for the motivated seller that is on his knees at night hoping we will show up tomorrow. Not a seller that is expecting ten offers from their friendly neighborhood realtor. In this scenerio there is too much competition for you to ever get a good deal. You need to go to places in the real estate world where you are the only competition.

I don’t see a deal for you in the situation you describe. There will just be a bidding war and you will get frustrated.

If you remember one thing, it would be don’t let your mind get zeroed in to one property. You do not need this particuler property. There will be others.