Selling rehabs / flip issues - Posted by jasonrei
Posted by jasonrei on October 07, 2003 at 23:56:26:
To you rehabbers out there. I’d like to know what you do to sell your houses. Here’s what I do:
I usually get a little interest in my houses while they’re being worked on. I send these prospectss to one of two mortgage brokers I like. Very few qualify for what they’d need to buy my house.
For the first couple of weeks after a house is ready, I put up a for sale sign. I follow up with people that call, steer them to my mtg bkr.
More often than not, someone’s agent calls me and wants to show the house. I let them. They submit an offer. I call their mtg bkr and, after checking with their underwriter, they tell me they can’t do flips. If the people really want the house, I tell the agent about my mtg bkr. Usually the agent will pass, but sometimes they go thru mine.
I list the house on MLS after a couple of weeks.
I run newspaper ads.
I have a website and, depending on the area the house is in, I call a couple of agents I know sell there and tell them I have a house ready. I give em the lockbox combo and tell them to show whenever they want.
Probably 85% of the houses I sell are sold using real estate agents. In the near future (as my volume increases) I expect to find at least 1/3 of my buyers on my own.
Any ideas or observations from y’all?