Originally posted by @Mindy Jensen:
@Jay Brown , Brandon may have not said it in the most politically correct manner, but his advice is still good. Successful agents with lots of business already aren't going to be interested in writing up hundreds of lowball offers on the off chance that one is accepted.
Finding a newer agent who doesn't have that many clients, and frankly doesn't have that much to do, may be a better option for you. They might not know the market as well as a more experienced agent, but they can write contracts all day long - and they'll need the practice.
Another option is for you to take the coursework and get licensed yourself. That way you have access to the MLS, you can write your own offers all day long - or get an assistant to do it for you - and keep the commission when you buy and save it when you sell.
Hello Mindy, I absolutely agree with you regarding this matter. But again, I never once said submitting hundreds of low ball offers. I literally mean here and there (1 or 2 times every other month max). I already comb through the MLS portal that a previous agent hooked up for me.
In the Detroit market, we get a reputation for being a war zone. It is true in many areas of the city, that's a fact. Yet most of the Single Family housing here sells on average well below 40K in many zip codes. It's very hard to get financing here through traditional banks (bank of America, Chase, Wells Fargo, etc). We rely solely on credit unions and small banks for mortgages. For the non war zone areas, recently sellers of homes in the zip codes have decided to dramatically increase prices, yet have no Comps to justify it. So the homes sit there on market for 6-8 months before being withdrawn. Agents I have been afraid (or so it seems to offer the Average Comp value within a half mile radius of the home.
So for example, the Comps of House A will be $38,000, yet the seller has the home listed for $50,000 and the home needs $6,000 in Rehab work to be done (hot water tank, windows, etc). Is me wanting the agent to submit $35,000 that farfetched Mindy? I come across these type of properties often.
Or House B may be listed for $42,000, Comps value the home for $35,000. Also House B has $6,400 in back taxes and needs light rehab (maybe $3,000). Is it that hard to ask someone to submit an offer of $30,000 even?
House B I actually own. Tried 3 agents and they didn't feel comfortable submitting the offer. So I waited till Wayne County foreclosed the home and bought it at Auction for $11,000. I'm not looking to take advantage of an agent, truth be told I really need an agent to specifically submit offers, show properties, and list up properties we are currently selling in our portfolio to sell and then other homes to list on the MLS for rentals. Not a hard job in my opinion,and already money on the table for them.
