Ads from Realtors on Craigslist

[Skye Payne]

Hello All!

I'm working on the beginning stages of my Real Estate Empire.... Started to look for motivated sellers on Craigslist, and I notice that a lot of them are from Realtors (obviously). My question is, should I still bother with these leads if they post an MLS# with it? If I look in the description and see an MLS# should I just move on? (I would like to stay away from the MLS, but I understand that I'm probably going to have many run-ins with it eventually)

Thanks in advance, everyone!

[Melissa Kirchhoff]

@Skye Payne - I'm a real estate agent, so yes, I am biased. However speaking as an investor, I wouldn't exclude these just because of that. There are many excellent deals (here, anyway) on our MLS. I bought mine off that as an auction and got a ridiculous deal. Seriously. So they are out there and it's not something I would eliminate just because of that. If the numbers work, that's all that matters to me!

Speaking as an agent, there can be benefits of working off the MLS. Honestly, I speak to lots of people (especially lenders!) and hear about people who sell FSBO and the whole process is a nightmare because no one knows what they are doing or that they have to legally disclose certain things. Now, experienced sellers won't have this problem, but if you are dealing with that, then it makes me wonder if you, as the buyer, are getting taken. Since having a buyer's agent in most places is free (seller expense), it might be worth working with a buyer's agent to have someone experienced looking out for you. I've been on the buyer's agent side on many of these, and though a seller will threaten to not give you a great deal because they have to pay one side of commission, in the end, the buyers always end up sitting pretty in the situations I've been in. They get a very good deal still and don't get screwed over on other contingencies (it's not just about price, people!) and the whole process gets to close, because you have someone familiar with it. I have tons of stories about times like these, but I won't get into it. Just want to give you points to consider!

I know most places don't use attorneys for this like IL does, but have someone who is looking out for your interests in the transaction either way (like even an experienced investor mentor), inspector, or something.

Bottom line, is make sure the numbers work and that you do your due diligence!