All Forum Posts by: Jim Gordon

Get involved with a local realtor not the listing agent, they owe loyalty to the seller, and see what they say. Let them know that you want to look at the property first. How do know what to offer if you have never seen the entire property? At this point I would offer a little on the low side. My attitude with clients is there is no insulting offer. The insult comes from the people that view the property and don't want to live in it at any price (no offer) .

Just a question? What is wrong with using a REALTOR® to get comps? We are trained on how to do it and its free. Please let me know the impression that you have that it is wrong to ask a professional for information in their field.

First time home buyer program in Oh is currently 6.1% with a rate drop due soon. State funded FHA type program.

The seller has already committed to paying a commision if you use the sellers agent you will not get full services as they are expecting to pay a buyers agent. When you are dealing with an agent owned property you are negotiating with someone who does this for living. Would you go into court against a lawyer without a lawyer? Get someone to give you a hand.

*************************************************************
pixelmation Posted: Wed Sep 20, 2006 8:29 am Post subject:

--------------------------------------------------------------------------------

I would think, if you would feel more comfy using your realtor in this deal, but still want a good deal and not pay that good deal upfront to your realtor...then ask him to take his commission over a 6 or 12 month span. If the property makes enough cashflow to do that, then he'll have a little money coming in "cashflow" every month. Either way, he is getting paid :)

The commision is disbursed at closing on the HUD-1 so that won't work.
*************************************************************

Get a good agent that is familar with the area. I have a buyer currrently that is closing a property next week. The accepted sales price is 5k less than where he wanted to start offering at.
A good agent knows the market conditions and where to go to get information that is needed on a daily basis. Best of all a buyers agent normally won't cost you a dime but can save you a lot of money.

What kind of bids are you talking about?

1 Set a realistist list price for the property

2 When you reject an offer please let the agent that it listed with know why it is rejected maybe we can bring the transaction together.

3 Don't make us pay out of pocket for work done on the property and expenses to maintain it.

4 Don't pay a reduced commission and require a referal fee

5 Understand when we say the price is to high we can back it up and will and most likely already have.

6 If it is in an area that we don't work let us reject the listing without fear that this is the last call we will get.( You don't want to know how much of a pain it is to drive 60 miles to drop off "all original paperwork")

7 Don't sit on offers for a week without some kind of communication.

You got it backwards caligirl as a REO agent you take the listing at below normal commission and pay a referal fee to the bank. You have to check on the property for the bank and cordinate property management. The biggest reason to do REO work is to try to work with the buyers yourself and get paid on both sides of transaction (seller and buyers side) or to get the exposure of your side in a yard. If you are planning on making big bucks as an agent listing REO properties and doing nothing else you better plan on carring an inventory of 50-60.

As far as the lenders not caring about what a property sell for try to get an asset manager to drop the price 5000.

There are costs that the lender has that are above the remedy price on the forclosure. Legal fees, court costs, eviction, clean out costs, interest, insurance, maintinace. The lender wants to get the property sold at the highest price in the fastest time. A lot of the time they will price a property higher that what the BPO's have come in at but they are trying to manage a portfolio of properties and lose as little money as possible. The bank never wins on REO property it is a money losing item for them forclosure is a last resort.

Forget the windows update the kitchen and bath as needed but do not use the cheapest grade product that you can get. Crown molding is inexpensive and adds a lot of perceived value if it is done correctly. If you can't do the moulding to finish grade leave it alone as it will look worse than not being there. A nice kitchen will add the most bang, if yours is outdated upgrading will help. Check what comparable units are going for and don't overimprove yours you will never get your investment back.

Where are these huge cuts and how am I missing them? :help:

Go to the main forum page and look for the heading that looks like this

Make Deals, Find Partners, Mentors & BirdDogs, etc.
Do you have a great deal? Are you looking for partners or a mentor? Are you a birddog or are you looking for one? This is where real estate deals are made! (FORUM MEMBERS ONLY)