OfflineHello everyone! I am doing the 25 to 1 method. But, do to limited funds, I'm doing more like 3 to 1 on the mls with an agent who don't mind trying it. I make 3 copies of the one escrow money order and email them with the 3 offers. Now, I followed the steps in the success academy lessons. They're 2 properties have been in the market for more than 120 days, one, only 98 days- dom. 2 have one reduction and I believe one had 2 reductions. Two of the propeties is still occupied, and one is vacant.
I found out 2 offers are rejected. Im still waiting on one more. What I did is that I offered 35% off the ARV. Am I missing something? Here is the response to my offers from my email. Bill is the agent I am working with.
Hi Bill,
Thank you for the offer. I pride myself in getting quick responses, and I have one for you.
I spoke with the seller and the response is as follows: He and his wife say “no.” He values his time, your time, and my time, so they will not meet with me further, unless your client becomes more serious by revising his offer near the asking price. End of story.
Just a comment: Any seller will reduce a sales price before taking a substantially price cut as this offer presents, even if it was an estate. This is not the mid 1980’s- and it is not a damaged property. I truly hate to see you- a valued “Professional Buyers Representative” waste your time in such a manner. There are lenders that will sell homes in batches and distressed properties individually.
I would love to sell this home, but at market value. You can forward this letter as proof to your client.
Thanks Again,
Here is the other response:
Bill,
I will present the offer to the executrix of the estate in which this property is held. This home is not a distressed sale and we have had two offers 40k higher than your offer. I will call as soon as I have an answer from the executrix.
Thank you
He called Bill and told him that it is a no.
According to one of the emails, sounds like they were offended. I don't take this personally at all and its just business. I texted my agent to lets keep going on this. But, if there is soemthing Im missing, please let me know. Thanks and lets keep pressing on!
Hi Julian,
Although I am probably not the one to be advising you about this, I feel the need to encourage you somewhat. The only thing I see you missing, here, is the other 22 offers to get to the 25 to 1. Go get the other 22 offers & you will find the 1 that gives you the deal...
Do not worry about the rejections, the 1 acceptance will completely over shadow the other 24 that refused you. I personally had 77 rejections before I saw the 3 accepted offers in my first time. Even though 2 of the 3 offers eventually also fell through, I cherish the one that got accepted and I am now looking to close in the next 60 days as it was a short-sale through bankruptcy.
Just do not give up! Keep hunting, searching, offering and you will succeed!
Theo T.
CogniWorld-LV
The problem with not having a goal is
that you spend all of your time running
up and down the field but you never score.
-Bill Copeland
The 25:1 property criteria are: 90DOM or more, at least one price reduction and as-is.
I don't see anything about "as-is" in your initial post. This is required as it implies that the property may need work that traditional lenders won't finance. It also means that the seller is likely to be motivated as they may not have the time or money to do these repairs.
Good Luck!
Mark K.
Life Disclaimer: Past Failures are NOT indicative of Future Results.
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My goodness! did your agent continue to work for you? or did you need to find various real estate agents. I had a hard time finding a real estate agent who was willing to work w/me. Please let me know if you had to get multible real estate agents. Or if you worked in other area's of the country. Also, if you viewed all these properties before making offers.Thank you
Your Destiny Is Determined By Who You Choose To Honor
Can anyone out there give me the balance to Deans Post today? on 25-1 I am currently viewing properties w/my real estate agent and can not wait 2wks to learn the balance of the steps.
Thanks
Your Destiny Is Determined By Who You Choose To Honor