Just Venting

[Derek T.]

Lately I have been taking the early bird gets the worm approach and have been trying to jump on MLS REOs and short sales as soon as they hit the market. Unfortunately most of the responses have been we are going with "more seasoned investors". Literally some houses, including REOs, are locked up minutes after being put on the market.My thoughts are deals are already locked up through pocket listings, etc.

Don't get me wrong I just got started this year and things are progressing quite well however I am trying to increase inventory and this has been really frustrating. These "insider deals" have been quite irritating and disappointing. For instance, I got a REO listing at 9 this morning, drove over at 9:20, offered over 20k over the list price at 9:30 and still got a message that they were going with more seasoned investor that they had worked with before. I can't see that investor offering more than me because I can afford to make less money on the deals but it just gets frustrating.

I'm thinking about driving to the main brokers and just introducing myself and see if I can start building a relationship with them. Any other suggestions?

[Joel Owens]

Yes listing brokers get them in what is called PRE-LIST stage. This is where asset managers have assigned the property to a REO broker or are fixing to. The broker does the BPO of value and the property is being trashed out and cleaned up for market.

Sometimes can take months or longer to list depending on title issues needed clearing or a former owner tenant who has to be evicted.

The listing brokers already have their go to buyers before it hits the market so putting on MLS is just a checkmark requirement for the asset company. Then it goes under contract as soon as it hits the MLS.

You have to work to get into the listing brokers inner circle of trust to land the best deals.