Realtor Not Submitting My Offer
6-29-09
I went back to get more probate leads Friday (6-26-09) and today. I refined my search requirements and am now only mailing to out of state heirs or when there is only one heir. I got 30 more leads which I will be transferring to personal mailers. I am going to need to combine another strategy to find some motivated sellers. I could either start mailing to probates in other counties, start mailing to pre-foreclosures, or go after REOs. I got some advice on BP to stay away from REOs until I have done some deals with private sellers. Also, areas where I've seen alot of REOs aren't close to where I live (not really a big issue).
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I got 2 more responses from my probate mailers. The 1st response was from a lawyer handling the case who said they won't be selling. My 2nd response I went and checked out today. It's a higher end house in very good condition, but filled with a ton of stuff. The sellers barely said a word and just showed the house. My realtor never sent me comps on this, so I still have to get comps and then make an offer. The seem to have next to no motivation, but we'll see.
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On Saturday (6-27-09), I went a checked out a listed short sale. I put together an offer and sent it to my agent through email. I haven't submitted an offer on a listed house yet, so I wanted to submit one on this even if it had little chance of being accepted. The asking price was 215k (ARV around 250k) and my offer was 127k. In a nice way, my realtor emailed me back saying that with an offer this low the bank would rather go to foreclosure. Also, she wants to meet with my buyer, which I can't see any of my potential buyers doing. Any opinions on this? Should I just move on to the next realtor?
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Any/all advice is appreciated.
Brian
Comments (3)
It sounds like your realtor is not familiar with investors. When I started out as a realtor I was not keen on putting investor offers in as they are always about numbers and not emotions. So they want the numbers to crunch. People selling and buying houses are about emotions, huge difference! Its all about not offending anybody! Tell your realtor that you are about numbers and not emotions, if he/she cannot get past that look for a new realtor. IMO, if you can explain that you are going to use the numbers as a start point and keep making offers as long as they work, they may fall in line and become a good realtor for you. Buying 2-5 houses a year would make the commision work a lot better for the realtor, than trying to get a new buyer/seller every month!
Barry O., about 15 years ago
Brian, 99% of the time it is the realtor that kills the deal. Norm is right on. Want to know how to keep realtors in check....? Pay them 9% to stay out of the way contractually and in the BIG print tell them you can fire them at any time. Guess what? The bank pays for it. Probate, REO's, Short Sales and foreclosures will come to you. Ron
Ron Beyer, about 15 years ago
IMO...HMMM, now your Realtor is a Loss Mitigation Specialist/Bank Officer too huh? I believe, and I could be wrong, but she has an ethical responsibility to submit ALL offers, low-balled or not. It sounds like this is her opinion? She is working for you, not the other way around. Sounds she has a bit of an attitude? SHE wants to meet with YOUR buyers? YOUR buyers are none of HER business. I don't think she takes you seriously, and wants to see if your for real. If that were me, I would "In a nice way" tell her where to go. I think this is my 100th post...woo hoo...another award. Just my 2 cents Brian
Norm Chrostowski, about 15 years ago