OfflineI read an article or post somewhere awhile back, and that author suggested you shud always make an offer even if the seller doesn't seem motivated and unwilling to budge on price.
I wud usually hang up on the unmotivated seller ASAP and the deal wud soon be a distant memory.
However I'm not one to discount good advice and now I have made it a priority to give every unmotivated seller an offer, even ridiculous rude and lowball offers if he asks for it or not. Of course I like to do this with a letter or postcard so as not to subject myself to an angry homeowners verbal bashing.
And Low and Behold, I have recently closed 2 deals doing just that, for one for $8,000 and one for $4,000. The latest one was a house built in the 50's and had never been upgraded. Comps came in at 140-150K Seller was firm on his price of 110 and I estimate this house needed 30K or more in upgrades, new kitchen, new bathrooms, carpets, paint plumbing and electrical upgrades.
This is the type of deal I wud usually walk away from, but, remembering the advice I read, I went ahead and wrote it up for 110K I mean why not, I offered no earnest deposit, so,there is absolutely no risk.
None of my buyers wanted it. Cept for one, he offered $114,000
It just closed and I was happy to get my 4 Grand.
With this closing and the 8K from another recent deal I realized this is 12K I Wundt have if I had turned my back on these marginal deals like I've been doing.
Now I spend the 10-15 minutes looking up the value and writing up a short note and making an offer on every thing that comes my way.
I suggest you consider doing the same
It just might pay off.
Rando
Rando
Rando, I'm so pleased that you posted this on forum. Congratulations. It makes sense to do it just the way you told it. It took very little time to write up the offers. And you proved the phrase about not leaving any money on the table. Question: What type of contact did you have with the sellers? Did you go view the properties and do any face to face with the sellers and then send the offers to them? Please give us some details on your successes. Congratulations again.
Patrick
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Be your very best always-Judy Williamson.
Hey Patrick, I'm trying to get my bird dogs to help with the offer making process to cut down my work load. When they send me addresses of vacant boarded up junkers, I email them to my Title company and usually that day I get the names and mailing addresses of the owners. Then I send a simple note saying my Wife and I would like to buy ther house at 123 Main street to please give us a call.
When I do get calls I look up the value on Zillow, if Zillow says its worth 60K and the Tax assessment is 40K and its boarded up I will offer less than half of Zillow's estimate. Probably 25K. And I mail off my offer.
My latest deal I would have offered 30K but the lady said she would take no less than 40K and she had other offers. I waited a week and then asked her if she would consider 35K. She then tells me she would take $37,500.
I had already sent the address out to my handfull of buyers for 45K, one wanted it and had sent me a few emails wanting to know if I had it wrapped up yet and to send it to him.
Most of the time I just email my simple 2 page contract that I got out of the book "Real Estate on Steroids" and have them sign it and send it back.
But on this deal I drove the 15 minutes to the sellers house and sat at her kitchen table and listened to her whole story of how this was the house she grew up in and her father was an immigrant farm worker and she even started to cry, I wasnt in any hurry and patiently listened, When I did get the contract signed and was leaving she even followed me to the front yard. It was the best hour Ive spent lately, especially when I'm making $7,500.
But, I have no desire to go look at the house, it's in a bad area, it's boarded up. However, My deals do seem to go smoother when I meet the seller.
But I luv it when I can say I never met the seller, I never met the buyer and I never seen the house which has happened a lot of times.
I have about a half dozed cash buyers that I've never met, we have a relationship by emails and txts and phone calls, however I did meet one when we showed up at the Title company at the same time by accident to pick up our profit checks. He's a Realtor/Broker and he fast flips my deals.
Hope this answers ur questions.
I gotta get back to work, making offers.
Let's make some MONEY..... Rando
Rando