Got the buyer's list ! Got the REO'S!! Now what ?

[MamaKaranja]

Bashir....I see your point....I though the same thing too,after I made an explicit discription of what I wanted to do in an email I sent ..and only got 1 agent say yes. I'm thinking ..honesty is the best policy,because they will find out that am using Private Money and then I'm going to need to doule close.....won't they be p@#$^d !!!....why not tell the truth and work with what you get ?

When making offers on REO houses in almost every scenario I have ever run across it's not hard to find a buyers agent in the beginning but when you begin to make a lot of low ball offers you will soon see the agent pull a dissapearing act!

"If you want to make 40 lowball offers a week you have submit each offer through the individual listing agent over each property. 1 offer per property and you won't have many problem"

What do you mean by this....find a buyers agent to present offer /per house ?....What do you mean by "..submit offer through the individual listing agent..."

[ljcramerproperties]

Mama,
Just keeping trying to find an agent that works with investors. When you send your emails or call on the phone, just ask if they work with investors or if they know of an agent that does. Don't go into great detail about anything until you are sure they are the one. I wouldn't listen to that agent that told you to not get your license. She must be afraid of the competition.

[bashir]

The agents don't need to know what you are doing.  You are not doing anything illegal in the first place.  If you want to know the truth, I now have private money to go along with my flash funding as well.  So I have the ability to close on the property if I so choose as well and in all honesty if I bought the property correctly I should close since contracted too.

Now I'm fully capable of closing myself.  My strategy is now, wholesale first, if I cant wholesale then close, rehab, and flip FHA in 3 months or close, sell sweat equity lease purchase and let the buyer fix it up, then cash out FHA.

If you have a buyers agent, you shouldn't have problems getting the lockbox code and letting your investors in the property. The agents don't have to know anything. You are not doing anything illegal.

[investorman]

I would also usually like to deal directly with the listing agent, but it seems a lot of them want you to deal with a buyer's agent...kind of annoying. Maybe it has something to do w/ REOs or the banks don't want dual representation generally?..

Sometimes they have "their buyers agent" it seems that works in their office, but sometimes these people are pretty bad .

It is frustrating not being able to just make an offer directly to someone and hear back quickly.

[bashir]

They will say that to you sometimes, but Real Estate is a confidence game and Realtors will bully you around if you act like you don't have confidence in what you are doing.  I call them up and ask is the house available, they say yes, I ask for the fax and later on in the day I fax my own offer sheet over there with my terms and I tell them to put it ona GAR(I'm in Georgia) Form write it up and I'll sign it.  They send it back to me and that's exactly what I do.  If they insist that I have to have an agent represent me, which doesn't happen to me that much then they appoint me one of theirs and I submit the offer through that person and I'm down the road.


RE investing will teach you how to be a commander if you want to survive.  IF you act sheepish then they will bully you at times, but some of the agents have good attitudes and are easy to work with, while others you have to semi- jump in their behinds to let them know you want exactly what you want.

[MamaKaranja]

Bashir....thanks man.....listen, I see exactly what you mean.....now , you bring up  a good point about submitting your own offer...I thought of finding out if I could do that....how can I go about doing /submiting my own offers....realising I must be carefull about the stipulations here....am in PA......HOW IS THIS POSSIBLE....If I can do this ,then I don't need to chase an agent down..

[ljcramerproperties]

"....am in PA......"

So am I. Live in Levittown. Where are you? PM me.
Anyway, from the REO websites that I frequent, you can submit your offer online and in PA I know of no rule that says you need a buyers agent. Someone correct me if I'm wrong.

[MamaKaranja]

ljcramerproperties ,

I in the Lehigh Valley area...Allentown....your not far from me are you?...so what website is this you frequent...please let me know so I can work on an offer I plan on presenting tomorrow..

[investorman]

Yeah I didn't have problem doing it before in another state (submitting offers directly through the listing agent) , but in California it seems they are less likely wanting to do dual representation. Oh well. You would think they would want to since they'd get double commission.

[MamaKaranja]

ljcramerproperties ,

God is toooooooo much.....I am blessed and blown away with  your forwarded link...thank you ..I see we have alot in common ....I'll see you on the other side...and here as well.