INSIDE DEALS KILLING ME

[Jason K.]

I am hoping someone can shed some light on this for me. Here is a common occurrence for me here in the NY METRO area.. I wake at 6am to an MLS alert via a realtor I work with that a bank owned 2 family hit the market today. I am in the property by 11am, and make a decent, all cash, waive inspections, offer by 5pm. Note: ** there is not even a for sale sign on the property as of 5pm. By 7 am the next morning, the listing is changed to UNDER CONTRACT. Questions: 1) is this clearly an inside deal? This foreclosure agent had already had this "pre sold" to a friend, business partner, etc? 2) wouldn't the bank want it to go to "best and highest" round? I am tempted to call the bank and inquire ? 3) is the realtor violating any realtor rules, ethics with such a quick sale, with no sign. 4) all this aside, how do I get these deals!?!?! Jk

[Jay Hinrichs]

well,   you are waiting to long to make your offer.

I suspect your competition

1. is making offer sight unseen

2. they know value

3. they do the inspections and such during their due diligence period

4. if they don't like it during due diligence they fold

Now there could be pet buyers that the listing agents have for sure this happens..

the folks I know that do this look at the hot sheet at 4am when it hits and have offers on listing brokers e mail before 7am.

get first in line .