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Watch for those Great Deals on Boomerang Homes!

Posted on: Sat, 05/09/2009 - 23:06
Watch for those Great Deals on Boomerang Homes!

.....Hello DG Members,

I want to share the concept of Boomerang Homes with you. What is a "Boomerang" home you ask? I call a "Boomerang home" a home that goes from Realtor to Realtor or goes on and off the market. It is usually an REO home that gets shifted from realtor to realtor or it is a home that goes contingent and then gets relisted because the deal may fall through.

I watch the MLS (www.realtor.com) on a daily basis and I know all the homes for sale in my target area and what they are selling for. I get excited when I see the down arrow (price drop). I currently have on offer on my latest boomerang. This home was originally listed for more than $50k. It shifted realtors and went to $30k. I called the realtor this afternoon, because I knew the home was contingent. He stated he relisted the home because the buyer did not qualify for financing. Then the bank's asset manager pulled the listing from him. After consoling him, I inquired who stole this listing form him! He told me the brokers name and I called today- Saturday.

Belive it or not, they were in the office. They told me a lock-box is going on the home on Monday. I inquired if the price was lowered and they stated it was now less than $20k. Yes, under twenty thousand dollars! (It felt like Christmas in May!) I drove to their office and submitted an offer to be presented on Monday. I hope they accept before other offers come in.

The important lesson I learned here was the Deals are better when the homes boomerang back on the market or boomerang from Realtor to Realtor. We're chasing the Dream! Believe and Achieve! Smiling - Joe

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Posted on: Sun, 05/10/2009 - 00:57 #1
you are...

Joe you are definitely right!

The last 2 homes I went after were boomerang homes as you say and the deals I got were amazing. The bank was glad to get ANY offer. Good to see you posting such good info.

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Anita
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"FAILURE IS NOT AN OPTION"


Posted on: Sun, 05/10/2009 - 01:59 #2
Thanks - For the feedback

Hello Anita,

Thanks for the email. I really enjoy sharing what is working in today's real estate market and people offering other great ideas to build on. This is the best website for investors. Good luck with your future deals. Believe and Achieve! Smiling

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Posted on: Sun, 05/10/2009 - 11:33 #3
Joe,

these are my favorite too. I never heard them called Boomerang Homes. I love that!! From here on out I will picture the image whenever I see the letters "REO". haha

Great post and reminder to be watching!!!! Thanks!!

Rina

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Posted on: Sun, 05/10/2009 - 15:09 #4
Joe

Thank you for the heads up on these type of properties!

Mike


Posted on: Sun, 05/10/2009 - 22:42 #5
Rina,

Thanks for the reply. These are some of the best properties to make offers on. I would suggest to watch for the "boomerangs" before they pass you by. Smiling Have a great day. Believe and Achieve! Smiling

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Posted on: Sun, 05/10/2009 - 22:44 #6
Mike,

Thanks for the reply. Good luck catching the "boomerang" deals. Believe and Achieve! Smiling

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Posted on: Thu, 05/14/2009 - 22:37 #7
Any boomerangs homes in the air?

Have any other members have any luck with boomerang homes or other tips and techniques that you can offer? I enjoy hearing about the deals that have been done. Believe and Achieve! Smiling

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Posted on: Thu, 05/14/2009 - 23:15 #8
way to go!

i joined deans web more than a month ago and have been discuraged by the flow of properties in my town , but to read youre new ways of looking foe deals puts me back on the road to fullfilling my dream,thanks a million!


Posted on: Thu, 05/14/2009 - 23:41 #9
seriously speaking these is

seriously speaking these is
very informative.Thanks Guys


Posted on: Fri, 05/15/2009 - 00:09 #10
Mandm,

Thanks for the reply and positive remarks. Sometimes it is a number and cycles game. Keep a look out for properties in your town listed by a realtor, for sale by owner (FSBO), and sometimes the best way is word of mouth. Be sure everyone in town knows your an investor and I am sure some great deals will come your way. Good luck with all you future deals. Believe and Achieve! Smiling

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Posted on: Fri, 05/15/2009 - 00:13 #11
Trinitycrown LLC,

Thanks for the reply. I am happy you found the information informative. Good luck on all your future deals. Believe and Achieve! Smiling

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Posted on: Fri, 05/15/2009 - 00:33 #12
Joe

This is great advice, and another way to search for those great deals. The more a property 'boomerangs' around (great analogy!)the more motivated the seller - whether its a homeowner or a bank. Thanks for pointing out yet another strategy for success!

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Posted on: Fri, 05/15/2009 - 01:04 #13
Laura,

Thanks for the reply and postive feedback. I get so much from the DG website, that I am happy to share whatever I can with others. Good luck on all your future deals. Believe and Achieve! Smiling

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Posted on: Mon, 09/20/2010 - 20:19 #14
boomerangs homes

Great advice Joe


Posted on: Tue, 09/21/2010 - 01:08 #15
Valerie,

...Welcome to the DG community. The site is packed with inspiration and information. Good luck with real estate investing. Believe and Achieve! Smiling - Joe

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Posted on: Tue, 09/21/2010 - 01:22 #16
Thanks Joe

Love the tip and the terminology.

__________________

Kurt A. Conway, MSHA, President
The Conway Financial Group, LLC
Real Estate Investor
kurt@tcfghomes.com


Posted on: Tue, 09/21/2010 - 01:42 #17
Kurt,

...Thanks by dropping by the forum. The great thign abotu boomer-rang proeprties is I believe more often than not they can be a "Motivated" Seller! Sometimes people might have accepted a contract and the proeprty went "cotningent". I ntheir minds they have already spent the money so if the deal falls through they may be a little more motivated to accept a low offer. It does not happen aqll the time but we are looking for the most motivated sellers! Good luck with real estate investing. Believe and Achieve! Smiling - Joe

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Posted on: Wed, 06/19/2013 - 04:47 #18
Swoosh!!!!

Did the boomerang homes fly in your neighborhood this week? Keep those eyes open for the relisted back on market properties! These sellers might be potentially frustrated because there deal fell apart and swooshed away!

If you listen carefully they could be whispering......pssst - Motivated Seller! Make an offer. Believe and Achieve! Smiling - Joe

P.S. Did I really write this in May of 2009? Where are all the comments? This is golden nugget stuff at its finest! Smiling

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