Posted by Leatha on April 28, 2000 at 08:09:17:
I will assume that your Realtors are aware of your inexperience. My question is, how experienced are they? Dealing with an inexperienced Realtor is like one blind person leading the other.
What you want is a Realtor who is experienced and knows how to transact real estate business creatively. If you are positioned to move quickly in investment deals, i.e., your credit is workable, have a little bit of upfront money, etc., you should have no problem with an experienced Realtor. Otherwise, if you do have issues, it will be more difficult for a Realtor to assist you. You may want to complete your initial deals on your own because you will need to elicit “owner financing” and there are a myriad of ways in which you can accomplish that. Realtors are in the business to make money and if they see that their efforts will end up in futility, they will opt not to waste their time.
To get started, look for distressed properties, i.e., a preforeclosure. Approach the owner and offer to get them out of foreclosure by paying off their past due payments and any imposed reinstatement fee. In return, they need to deed the property over to you by means of a proper closing. Immediately, put the house on the market for sale or look for a company who will do a no seasoning refinance. Of course each transaction will vary, depending upon what the owner is looking for in terms of monetary compensation; however, most owners in distressed circumstances can only negotiate so much if they want to save their credit.
The above scenario is pretty much a “nutshell” one. An experienced Realtor can assist you, or you can do it yourself.
This website can be very beneficial in terms of offering you the benefit of others’ experiences. Read and learn and also keep your eyes on your goals and you will succeed.