How to get deals when they are pending contract in under 12 hours

Question

So with the market the way it is deals are flying off the shelves in under 12 hours. How are people able to pull the trigger so quickly? For example: house gets listed on a wholesaler, zillow, etc and is pending in under 12 hours. How can I even go about trying to put myself in the mix? How do people move so quickly?

Side note: Going about finding my own deals is obviously preferred and I do all of the suggested driving for dollars, cold calling, etc.

This post is about listed properties. I can't seem to even type fast enough before it is gone. I'm trying not to be discouraged but as a first time investor and using hard money, the deals have to be analyzed, so there is a delay in my ability to move quickly, forget about even a conventional loan, I've given up on that method because of the need for speed. I'm just lost on how to even be competitive and get any deals.

Russell Brazil · Answer

Its possible on those the buyer is already lined up. Im locking up properties for my buyers before they ever come to market. Writing offers while they are in coming soon status, and just networking and asking around for what Im looking for and writing offers before they are even inputted into the MLS altogether.

Forrest Faulconer · Answer

Hello! With a conventional loan, you can get a pre-approval letter that allows you to offer without having to wait on the bank, fyi. You could also look into bank loans, they are in-house loans that tend to close quicker than a conventional mortgage and usually have better rates than hard money.

As for timing, this is where experience helps a lot, knowing your price range, knowing exactly what you are looking for so when something pops up, you don't have to think twice. If you are doing a rehab house, get in touch with an experienced contractor and hire them to walk through a house or two with you for an hour. They should be able to give you a good estimate on construction costs.

Make sure you are receiving new listings as soon as they hit the market. That way you can set up a showing, run your numbers in the meantime, research the area, and make an offer the same day. Experience helps, but you can do a lot to get you to that quick and confident offer!

Forrest Faulconer