All Forum Posts by: Andy J.

Yes, the place filled about 1.5-2 weeks ago. I believe that because it was a townhouse it was harder to move. I think right now houses are so affordable that people would rather go that direction. I got slightly above market rent and 2% down.

The majority of REO's in my market are selling at listing price or above, I've seen as much as 20% over listing price. Keep in mind we are in the summer months. A lot of would-be investors are buying to fix and flip before the fall as their "summer project", they are unexperienced and will pay more. Also, with the first time homebuyer tax credits people can get really good deals on foreclosures and can pay a higher price since they will be living in them instead of flipping them for profit.

Things will cool down come fall-winter, and if the tax credit goes away we will likely see a decline in this frenzy as well. Banks are holding onto properties and releasing a limited amount on the market for sale to control the supply and demand ratio. While they continue to do so, you should expect to pay more if you really want a particular home.

When the would-be investors realize what they have gotten into later in the year i.e. paid to much, figured too little for repair, didn't have the time, fixed up too much, and can't sell, you will find these very same houses will be back on the market and available for re-purchase. Keep an eye on these properties over the coming months, you may be able to get a better deal after someone else tried and failed.

Norm,

As far as letting them off easy if you're not interested in the house, here's what I suggest. Get to know a real estate agent in your farm area, every lead that you talk to or meet with and can't or won't make an offer, recommend them to your Realtor.

I say something along the lines of "You know Mrs. Seller, based on the information you've given me, to be honest with you at this point I don't think I'm going to be your best option (or I'm not going to be able to make you a competitive offer) If you'd like I can refer you to my personal real estate agent, she's one of the best in this area and can probably get you a better price"

I have gotten my agent at least 3 listings in the past 3 months and many more appointments. Needless to say you could always ask your agent for a referral fee if they get a listing. I don't ask for anything as mine is very helpful if I want a second opinion on comps, or want to look at REO's on my schedule, or want to submit 20 lowball offers, they can also be a good source of leads as well

Going through my list of questions, some will draw out motivation more than others if you listen well.

What is your remaining mortgage balance? I've found that typically unmotivated people will ask you why you need this, the motivated ones would give you their account number for the asking.

What is your mortgage payment? Same as above.

Are the payments current on the house? Good sign here of motivation, although a lot of people never get motivated enough to do something about it

Why are you looking to sell this house? I have found unmotivated folks to say: I'm looking to buy a new house in a different part of town, I just wanted to see what you would offer, I'm tired of this house, I've had the house listed for a couple weeks and no offers at asking price.

What is your asking price? Having them tell you "what I owe" isn't always a good sign of motivation but is more so than not.

What is the estimated value of the house? Ask this right after "what is your asking price?" and it will be a huge help in determining motivation. I think you'd be surprised at the amount of people who knowingly ask for more than its worth... BY THEIR OWN ADMISSION!!!!

When do you want to move? The asap answers are usually good motivation. This summer, or when I get a good price, or whenever it sells typically aren't good answers for me.

Is your house listed with a real estate agent? The yes or no usually doesn't help, but the explanation that comes along with the answer is good.

If you were to list the house with an agent, what repairs do you think would be necessary to put the house in retail condition? and pair this with How much do you estimate those repairs would cost? Many people think that new carpet, paint, and updating bathrooms is only $2,000 for a 2,000 sq. ft. house. Take their estimates with a grain of salt, again, the explanation is more indicative than the number itself.

Would you be willing to allow us to take over the payments on your house? This question is obviously eluding to a subject-to deal but will help determine motivation nonetheless. Not quite 100% but darn close of the motivated folks will say yes.

When can we arrange a time for me to see the house in person? If you get a "my grandkids are in town for 2 more weeks, after that would be ok" it's not a good answer. The "I'll be home from work in 20 minutes" really could go either way on motivation.

Hope this helps, good luck to you.

Norm,

I just asked them to be a customer and I had never used them before. I told them I do a lot of business and need a company that can work on short notice to close quick to handle volume. It worked, but I think they would have done it without any coercing anyhow. A good closing agent can make your life a lot easier, a bad closing agent.......well, you might need to get a part time job to cover for lost business.

Last name, property address, last sale date, last sale price, year built, style (i.e. ranch, townhouse, two story, etc..), sq. ft., # beds, # bath, type of garage, basement, finished basement area, assessed value, loan date, interest rate, absentee, mailing address, subdivision. I can also specify type of loan (i.e. conventional, FHA, VA) and also specify a map area. All of these categories are sortable, so for example I can say I only want 3-4 bedroom ranches with 3 car garages being absentee owners living in Alaska. Pretty cool considering the price of $0.00

I use Kessler Creative for my postcards, a quick google search will give you their webpage. As far as my lists go, I get them for free from my title company.

I agree with both of the posts. I use a postal box and always will. I am extremely pleased that I have as well, I do variable print data on my postcards which means every postcard says "Dear Harry Homeowner" (with their real name of course) at the top in bold letters and references their specific address in the copy. I've had multiple people call and tell me they're going to sue, report me to the District Attorney, etc.. Of course their claims are completely absurd, but then again these aren't the kind of people who I want to know where I reside.

Randal,

You would have to be more specific on what, where, and who you're mailing. 4x6 or 6x11, two sided or one, black and white or full color, carrier route saturation or provided list, bulk or first class?

I do 4x6, full color both sides, variable print data, provide my own list (in and out of state recipients), bulk mail. Everything included (print, address, sort, postage, and mailing) for $0.37 each. This is for an order of 10,000 so smaller quantities would surely be a little more costly.

Kessler Creative, the website is that plus a dot com.

I got that price with a contract for 10,000 ea. 4x6 full color both sides, so if you're doing less it may be slightly more expensive. I am doing variable print postcards so each card is personalized for the recipient.

You can also check out click2mail, they have about the same price, and can do variable printing as well, however their product line is more limited but they price the same whether it's 100 or 10,000. If you're working with a smaller list they may be a better option.