OfflineI have an REO agent who sends me listing every day. There are many I want to see. I let him know...his response was..'that will take days to see all those...i don't have that kind of time'. My response was...."Wow...no options? give me the lockbox #'s, I can go myself". His response, 'I'll see what's still available'. That was back at the end of Feb 2012. He obviously didn't take me seriously. So, your suggestion to work directly with the listing agent doesn't seem to be an option for me. As well as this REO agent knows I wouldn't be purchasing myself, but would be assigning to an end-buyer. I really want to go after these properties, but not sure where to start at this time. Will I really be able to assign, or double close. I think I know the answer to that because I see other people here doing just that, with confidence. Should I use my RE agent to get to the properties?
Thanks for the help.
Sincerely,
Linda
___
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
First, it is expecting quite a bit to ask your agent to take you to see a great deal of properties. It with not only take a lot of their time, but it will take a lot of yours as well. If you use the formula of 25/1, it would take hours and even days to see them all. Plus by time you see them all, some that you like may be gone.
What I suggest is that you try to narrow down the number of houses your agent sends you. Then the ones you like, you can go to Google Maps and see the neighborhood and a street view of the property. You can get a pretty good feel from this.
Then go ahead and make your offers. Make sure there is plenty of time to inspect the properties. If you have one accepted and it turns out that there are more repairs than you anticipated, either go back to the seller and ask for a lower price, or drop the deal.
Yes, people are doing double closings. Just remember that most of the transactional funding companies charge a minumum of $3K, so make sure your offer price deals with this cost.
Good luck.
Thank you very much for the insight. I was a bit hesitant to go the REO route. So you say I can just make the offer first through the agent without seeing the prop? Then once inside do the inspection with a contractor to get more accurate costs. That's easy enough. However, I may not have a buyer on board until I can give them the scoop on prop. With the transactional lender. They require you to have a buyer on board, don't they? Before you request the POF.
Linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
I spelled your name wrong...i'm very haste at times....very sorry.
Linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
I hear that!
Thanks,
Linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
once you narrow down the listings that you would like to view, ask your agent if he can give you the codes of the lockboxes so that you can 'preview' the properties, without having him spend hours accompanying you, and let him know that once you find some that you like, you will ask him to put in your offers.
Wishing you success,
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Thanks Valerie. I think that is what I will do.
Linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2