Texting the LA with a low-ball offer on the MLS?

[Timothy VanWingerden]

I'm trying a new tactic where I am going to text the listing agent a low, all-cash offer on distressed properties that I find on the MLS. I am going to generate my offer price based on ARV and work backwards from there (repair costs, etc).

Has anyone tried a strategy like this, and what was their rate of success? I'm assuming it will take quite a while to get a good lead this way, and I'm interested to hear of anyone who has had any turnout using this strategy. 

[Jeff Copeland]

I think you'd be wasting your time. In many cases the listing agent doesn't really know what the seller will accept. They collect the offers and break them down for the seller based on a number of factors (purchase price, financing and/or proof of funds, deposit, contract contingencies, closing date, etc). Do you really expect them to make an appointment with the seller or asset manager to sit down and discuss your text message? 

A text is not an offer. 

As a broker/agent, until I have a signed offer in hand with proof of funds, there's nothing to discuss. If you get a response at all, it will likely be "email me a signed written offer with proof of funds and I'll present it to the seller".