Everybody is going crazy building their buyers list right now but what about the next step??? Here are some great tips for using Realtors to find sellers.
In order for you to be successful, it is vital that you build a good relationship with a knowledgeable Real Estate Agent in your area. This person will be a tremendous asset to you. In addition, the agent will be able to make some easy money along the way through the commissions they will earn on the deals that are purchased. The agent will also be able to help you evaluate the market through comparable sales.
Price Range $70,000 to $200,000.
You need to have you agent run a daily or weekly list for you on M.L.S. as follows:
• Detached property (vacant).
• Bedrooms and Baths required.
• Square footage and other desired amenities.
• All areas within a comfortable driving distance of requested schools, churches, etc.
• Home Realtor plug in these requests as well to help acquire a home with potential equity.
Foreclosure TLC My Loss-Your Gain
Must Sell Handyman Special Under Market
Make Offer Needs Work Under Appraisal
Reduced Bring All Offers Under Assessed
Motivated Vacant Desperate
Estate Owner Says Sell Transferred
Bank Relocating Owner Financing
Investor Quick Sale Lease Option
The agent can actually program these characteristics into his or her computer and pull the same list each time with relative ease. This will give you a current list of homes in the M.L.S. you may then drive by the homes and see if any are of interest and then bring your agent out to show you the good properties. The agent will then write the contracts and submit and negotiate for you as the buyer.
The "remarks" above are not the only terms that can be used. Feel free to suggest others which may signify motivation or distress. Remember, agents will automatically earn a commission which will be paid by the seller at closing. It is agreed upon before the listing goes into the Multi-Listing Service. This is called "co-brokering".
The vacant properties can prove to be the best because it is obvious that the owner is making a payment on the vacant property. They may also have a second payment on another home that they may live in currently. That is motivation. Also, they have to keep the vacant property insured and they have to watch for vandalism as well. A good agent will point out these items during negotiations with the seller's agent.
Don't ever assume that an agent will bring you a good deal on their own. The agent may not even know the property is a good deal. Keep in mind that the agent will not run a daily list like this unless you ask them to do so. You will have to make sure you are specific in telling them what you are looking for in an investment property.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125