In March 2009, I had my eye on an all Brick Duplex with a 2 car garage in my local area that was on the market for several months. Each month they lowered the price. Six months prior it was listed at $89,900 and then in March 2009 it dropped to $49,900.
I contacted the local assessor and determined the property had an assessed value of just under $120,000! I contacted the listing broker's office and spoke to an agent that worked for the listing broker. I informed him that I wanted to see the home and then I decided to make an offer of $17,500. The agent did not get back to me for 3 days and then finally called and stated that the bank declined the offer and the duplex was "off the market". I was a little depressed and thought I should have offered $25k, but I kept looking for other properties as a few weeks went by.
By chance, a week later I drove by and saw an auction sign in front of the house. I contacted the auction company and inquired if they would accept offers prior to the auction. I did not want to get in a bidding war at the auction. The auction company stated no just attend the auction.
I then thought what would Dean do? He always talks about "thinking a little different". Then it came to me, why don't I find out the bank and contact them directly! I went to the government center and found out the Bank that owned the property. It was a large national bank in the USA. I made several calls and finally found the right person in the right department. I explained I wanted to make an offer but was told I could not. This person made a few calls and stated someone would get back to me. Believe it or not the listing broker called me and stated that he was contacted by the bank and they instructed him to get my best offer and they would review it prior to auction. The listing broker asked if I knew someone at the top and I stated no, just "lucky I guess". I pondered my offer for over an hour. Should I offer $25k or $30k. Once again I thought about what Dean and Matt have discussed in the book about low offers so I offered $22,500. Three days went by and I received a call telling me they accepted the offer! Once again great news. I could not believe how quickly these deals were coming together! My wife stated "lets not put in any offers for awhile", but I did and that how we ended up with the Deal #3 in May 2009. I have to admit, I could not believe how quickly these deals were coming together.
All this success was based on what Dean teaches in his books. We owe it all to Dean and want to say thank you, once again. At the live Gain the E.D.G.E. event in April, I shook Dean's hand and sincerely thanked him for making a difference in our lives. As you can see, he did that and more. This once again proves that anyone can do this, anyone! Just apply Dean's techniques and you will be well on your way to investing on the fast track! We appreciate all the positive comments from our recent deal postings and just wanted to recap Deal # 2 for all of you. We are in the process of doing some work on Deal # 2 and will update you as further progress develops. Good luck on all your deals. Believe and Achieve! Indiana-Joe
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