FRUSTRATED WITH WORKING WITH BROKERS

Maybe the brokers are not even submitting your offers? Dean says you can ask for the seller's rejection in writing.
Have you tried slightly raising the percentage of your offer? Like instead of offering 60 percent off, offering 55 percent off?
Man! Two hundred offers and no one even wants to counter? Maybe you should go after FSBOs.

RENinja

It can be a combination of things;

They didn't present your offers

They presented your offers verbally(the norm) and didn't get replies

Just felt like they were wasting their(agents) time

Not every method works everywhere; you have to tailor it to your area

Speaking of which, where are you at and you should add some info to your bio

a good way to find deals with motavated sellers is to go to court house an ask for notice to defalt list in my state if you do this from home on line they charge you $7.00 a peace for each listing but if you make your list there its free all the people heading to forcloser now thats motavation.

now you know why wholesaleing is so sucsesful thats why people cant sell there home the conventional way!

make offers that will close

Do you speak with the agents/brokers before you make the offers or do you just go there and present it to them???

I'd go over each house, explain your reasoning, see their point on pricing, and try and meet in the middle before presenting offer

Your frustration is from not thinking, just doing and that does not often work.

Like I said, what works for some does not work for all

Your offers are too low for your market. Maybe your ARVs are too low. This would cause you to offer low. Maybe the margins are tighter where you are. 20% to 25% off a true ARV minus repairs might work. Maybe your repair estimate are high? Do you follow up on your offers 2 to 3 weeks later. Are these properties still on the market? SOMEONE is buying them and making money more than likely.
So something is wrong with your offer strategy in your market. Remember a VERY high percentage of homeowner sellers owe more on their mortgage than you are offering. It does not matter how motivated they are when an offer is less than their equity minus the commissions, closing costs etc. Sometimes brokers KNOW your offer won't work. I listen to mine and I discuss each of my offers with my agent. I don't blast a bunch of offers hoping one will stick.
I can tell you that I get my best deals from dealing directly with unlisted (NOT FSBOs) but unlisted motivated homeowners. I can and do buy these at up to 60% of ARV minus rehab/remodel costs. No agents involved!

Good luck!
Michael Mangham
MD Home Acquisitions LLC

YES all the brokers i work with understand what i do. I let them know i am a wholesale cash investor,and i buy properties at 30-50% below the market for cash, close in 2 weeks. Their all gung ho at first working with me,and sending me all the motivated sellers and submitting my offers, but after making alot of offers, getting rejected ,and brokers laughing at them cause my offers are low, they just give up, say sorry,your offers are too low,and brokers dont want us presenting low ball offers, ,and say i'm making offers to low, and insulting their clients. At that point we end our relationship.

It all comes down to its become a waste of their time; if one or two deals went through, they might have stuck it out.

Like Michael said, go for FSBO's at this point; try something new.

Most of my offers are with probate listings the brokers send me,and very motivated sellers. Also these properties have lil or no mortgage. I do my own due diligince on arv,and discuss with my broker, and we submit. Sellers are not interested in nothing but very close to asking price out here. Any thing 30% or more below market, they wont even counter with, unless its no less then 95% of asking price. 30% BELOW market gets laughed at.

In the cities you are investing in, the sellers are 'motivated' but can afford to disregard your offers and wait until a higher offer comes along. It may also be that home prices are rising in those cities?

RENinja

Have you tried 65 to 70%? I think it's in your presentation, too. Some places like California are going up to 75 even 80% ~ just depends where you're doing business and what the market is like there.

RHODE ISLAND has one of the highest foreclosures in the country,and you would think most offers would get accepted. Even bank owned properties are not working. banks want their number, no matter what. Getting very frustrated

You got a lot of response by putting up your own thread. That's results!

Hi Michael what do you mean by unlisted?Do you just check out neighbor hoods an do door knocks an ask questions on properties you know that might be good opportunities( networking) you say you do alot of that an Iam to now or do you look through MLS.listings? Please clarify, much appreciated,Jim Have an awesome day!!!!!!!!

Notlisted with any type of real estate agency

I think its best for people new to the game depending on their area to deal with FSBO's, For Sale By Owners, as it lessens the issues of having to prove they can afford the home, how they are going to come with financing, their strategies, etc

Not saying it won't come up with an actual owner, but it might be less red tape and there is more control in the matter.

Lou, since you're in RI, why not look around Brown, Prov College and the cooking school,.....Williams??? Sorry I forgot the name.

Or why not tap into Mass or Conn,which is also a mega college states and you are conveniently sandwiched between???

I think you should look at college towns; you might see more flexibility there.