My broker told me that I need to go a lot higher on my prices....

My broker told me that I need to go a lot higher on my prices....

what the heck do I tell him? Forget it?



Give us an example of a

Give us an example of a house you put an offer in on what it was listed for and how much you offered for it as well as the current value for simular homes in that area. maybe we can help you once we have an idea on what your doing.

Higher Offers

Higher offers are great if your a Broker, bad if your an "Investor". Looks like they are looking out for there best interest not yours. You may need to find a realtors who works with investors and understands you are not a One time home buyer. As an investor you will be bringing them lots of business even at those lower prices it all adds up. There is always someone needing all the extra's they can get. Some years established, one of few in a town,ect.. may be more picky and not want to work that hard for smaller commission.. But lots will. How low of bids are you going,lower than 60%? Since you said "Bids" instead of offers. Are you reffering to open house sealed bid auctions? If that is the case and you are not even getting into the 2nd round of callbacks for 2nd bid. They may be correct. Keep making offers, if lots say no- so what. You are looking to make a profit as a business. Not for your dream home. If the numbers aren't there don't do the deal. Wait for the next one that is a killer deal- as Dean says. Good luck. Layman T. Scott President of Scott Housing & Rentals,LLC

I'm going after Luxury homes that are more than 160 days old

I'm going off of FMV

- 646,800(my end-buyers want 35% off FMV)
- 129,360 (my portion + transactional funding fee)
-55,400 (my broker portion)
-$12,000 (closing costs which I confirmed with the title company)
= 1,007,400

I already have end buyers that buy Luxury homes.

Thanks for your help

Depending on the situation

Depending on the situation he may be right.

I am an investor and RE agent and one thing I don't have much of is time to waste; I know its commonplace on here to talk about putting in 25-50 offers and hoping one gets an approval but it goes way beyond that.

If you are paying cash, and can close in 7-14 days, then I can see him having patience with you and giving it a go, but if you have to go through getting financing and trying to find an investor, you're looking at 30-60 to close.

Thats a big 'IF' nowadays

The promise of "i'm going to bring you lots of business" is a crapshoot at best; no one knows, but while your realtor of course has to look out for his best interests, if he tells you your offer is too low it generally is and normally means that with that offer(s), you may get a delay in your reply or counter offer or may not ever receive a phone call back(I know this personally as I have experienced it quite often in the past)

Keep up the hard work, but every situation is different