Hot markets

Hot markets

Hi Everyone,

I'm writing to get some clarification or understanding of hot markets.
I used Matts 25/1 rule only to get attitude from Realtors. The irony is I'm also a realtor. I have presented 25 offers with proof of funds at 50 cents on a dollar in Fairfield, CT. Each realtor acts as if its there home thats being sold.
Should I be fishing in different waters until the Fairfield market cools down or put my head down and go after this market?
1 of these offers was and estate sale. The property has been on the market for 700 days. I thought this would be a easy deal this realtor was rude and disrespectful that I would put in such a low offer on his 2 year listing. Its so stupid its funny.
What should I do?

Adam

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Adam

are you a realtor presenting your own offers to the listing agent? i just wanted to be clear. i am a new realtor and my sales manager helps me with my offers, including low offers. the one we just made a couple weeks ago was very low due to high rehab costs and low resale value. i am just about convinced the listing agent never presented it to the bank because she sent the entire offer back to us and it was in a couple days, rather than over a week, which banks are very slow getting back to you these days. i have no real proof, but that is what i suspect. we wrote a justification letter to go with the offer stating why we made the offer we made. if i can get a short sale offer on a certain property, i will go to the realtor (who is the seller's daughter) and tell her in person why the offer is what it is. if she is offended, there is nothing i can do. i'm the only realtor/investor out there trying to help her mom and dad, and if it works, fine. if not, fine. but it's not done to insult her or her parents; it's just the way the numbers work. i don't know if that would help you at all, but that is how i handle it right now. you might try working with FSBO's too because then you are working directly with the seller(s) and you can talk to them face-to-face and explain that you are not insulting them. you've worked on your numbers and this is what works. just a thought....Smiling

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Linda, Army EOD Mom
you can follow my journal at http://www.deangraziosi.com/real-estate-forums/investing-journals/45351/...
IT'S ALL GOOD AND EVERYTHING IS WORKING OUT PERFECTLY FOR ME!
Fear equals:
False
Evidence
Appearing
Real


Linda

Thanks for getting back to me. I'm just like you realtor/investor. In this situation I'm getting a percentage of the deal with partners putting up the money.
I agree and explain that I'm not trying to insult the owners. This is the business model were using. I also explain that the offer can work one of 2 ways. 1. When the owner recieves the low offer they can reconsider there asking price and lower it in order for that agent to sell the property.2. They make a sale. Either way there making money.I also explained that I'm closing deals with this model. Finished 2 deals in 2 other towns.
What I don't understand is how they get so rude and angry.
I'm looking for the end result without the BS. Is it because the markets hot or ignorant realtors? Either way I want to find a way throught this maze.
Or is it me/is my skin to thin and I haven't put enough offers out there?

Adam


Adam, "I'm looking for the

Adam,

"I'm looking for the end result without the BS." That's the reason we're in this business and a lot of other people aren't. Smiling We'll deal with a lot of BS -- we've just gotta' scrape it off our shoes and keep moving on. The key is that it's only under our shoes, nothing worse, nothing we can't deal with. Keep the goal in mind!

Vincent

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"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53


Location,location,location

It seems that the hot markets make Realtors more cocky, but some are just lazy ... they still think it's 2005/2006 & any & every house will sell for asking price in 1 or 2 days. We've "sold" ourselves to some sellers that elected to take lower offers than their agent even advised, because we explained what the rehab costs would be & what the house could be realistically be sold for, so at least we could make a modest profit.
Unfortunately some people still have those "telephone numbers" in their heads & nobody will change their minds.
Even with a long track record as RE investors, we still have brokers that don't re-turn calls, don't submit offers & don't send more prospective purchases, even after you tell them your criteria. Then it's just time to move on to different agents and/or neighborhoods.


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