DOM 2000

Congratulations!! That’s fantastic.
I completely agree with looking at the DOM. I know that there has been some discussion on whether that is helpful or not. In my personal opinion it is. Not only is it a great way to track what may be going on in a particular area, but it will give you a good idea on how to approach a seller. Under normal circumstances, a seller who has had their property listed for a large number of days will be more motivated to entertain offers that may not be exactly what they were hoping for. This can give you the needed leverage to sell your offer to them. So take a look. It’s worth the time.

It could also be an indication of a very stubborn seller that will not reduce his price, even though the place has not sold for 2000 days. This is more than likely the case.

When DOM hit a certain length it turns from a motivated seller to one that has no motivation and all the time in the world.

You never know until you make the offer however!!!

Michael

Michael makes a good point. You never really know buyer motivation until you make an offer. Either the property is so unique that there are very few buyers in that market category or the list price is in outer space. If the property is appealing, then submit a market offer. What is the worst that can happen? They refuse the offer the the DOM jumps to 2,001 and ticking.

Thanks for the additional insight and comments. I agree that time does motviate a seller and often seller that have had a property on the market a long time are either stubborn sellers or sellers that can soften up and become motivated. The longer they pay more and more expenses such as taxes, insurance, utilitie and upkeep the more motivated they can become. Believe and Achieve! :)- Joe

As I travel all over the country I often see a few properties with extended DOM in various cities. I remmeber one in particluar in Ohio that have been on the market for more than 500 days. It turned out the tenant was not very cooperative with the relator when showing the property. Thus, the owner did want to sell but it was hard to get in to see the property.

A few good tips for everyone out there is as follows:

1. Contact the listing agent to try to get the inside scoop on the property. They know "the story" behind the listing and hopefully they share it with you. even if you do not get the inside scoop.

2. Days on Market + Price Reductions can indicate a motivated seller. If you have an extended time on the market and several price reductions, this could lead toward you next deal.

As you stated, it is a good point to make an offer and see what happens. A seller's motviation can change over time or even day to day.
Believe and Achieve! - Joe

Thanks for the additiona lthoughts and comments. Liek Wayne Gretzsky always said..."You miss every shot you don't take!" Fure off the offer and see what happens. then submit an oiffer every 30 days until it sells. Believe and Achieve! - Joe

Hi. Can I ask, what form do I use to make an offer to a bank on wholesale buying? Ive got 11 investors, now I need the deals. Then do I use the assignment of contract form?

Banks usually do not allow an assignment of contract for a bank owned property. What you would want to do is get the property under contract with a signed offer to purchase and then Double Close the property to one of your Cash Buyers.

There are 2 contracts involved with a double close. Contract #1 you are the buyer and in Contract #2 you are the seller. You will also have to line up the same title comnpany or attorney to handle both closings for you.

Also, you will need a Transactional Lender to provide funds for the first closing for contract #1. I hope this helps. Good luck. Believe and Achieve! - Joe

Thank you. Yes it does help. Im getting funding for my rental flip and need to work on deals as I wait.

Glad it helps. Good luck. Believe and Achieve! - Joe