50 Offers out, 35 rejected !

Awsome!!! Thats the way to take action Walter.
good luck on your offers being accepted.
Richie

Look forward to hearing how it all pans out.

Awesome!!!!!!

Dont get discourage I had to put in about 70 offers in a week and i got about 3 acepted in Las Vegas and I live In Los Angeles. So once you get your offers accepted move in to the one you want and its the best marketable and profitble deal!!! and close on it!!!
You have to becareful with Vegas i know of acouple of investor that lost thousand for not knowing the market!

Let me know how it goes
Rick

1. What percentage less of the asking have you offered?
2. If the $500 non refundable
3. Did u have any contingencies/addendums in your offer?

You are taking action, which is excellent. You will definately have a good deal out of those offers submitted. Keep up the good work.

Daynah,

1. We offered 50 percent off of the selling price. A lot of those listings were somewhat over than what actually sold in the area. Yes, we did some quick " sold comps analysis " and based our offers accordingly.

2. Earnest Money Deposit ( EMD ) is just that. However, in the earnest money deposit of the purchase contract there is a blank section where we put " EMD funds will be cashed out upon opening escrow. " Here in Nevada, it is illegal to issue a check without sufficient funds in it. I made sure I have that $ 500 available.

3. Yes. " Offer is contigent upon suitable home inspection. "

Updates on other 4 offers that came back to us today - rejected ! One specific seller sent us a love letter saying, " You guys were joking, right ? Please do not waste my time even going thru your offer. What planet were you from ? "

There is no law that we can't offer low on properties listed in the market. I guess my question to that specific seller would be, " Sir, what are you hoping to get from your property that was sitting there for 207 days ? "

Thank you for all the encouragements and advices from all of you guys. I will have the right property tied up soon. And of course, I will keep you all posted.

All the best,

Walter
Las Vegas, Nevada

Make sure you keep track & follow up on all those offers. You have to resubmit offers every month until it's Sold or not listed anymore. Most Investors don't do this. You will land deals on the 3rd & 4th month if you can keep the pace going & keep your Realtor motivated, "which I have yet to do since I have been through 6 Realtors this year" but I know other Investors who do this & it works.
Good Job & Good Luck!

WOW!

Good Luck with the offers that are still on the table and Congratulations on finding an agent to work with and put in that many offers in one shot!

Odds are in your favor!

Keep up the momentum!

Keep us posted!

Angela

So happy to hera you are getting so many offers out there and having them accepted at 50% of asking is just wonderful! Let us know what happens next and what you do with the houses.

Jeremy

You remind me so much of Matt, the go getter. What is the saying, "you have to be in the game for a chance of winning." This is surely a reality to you. All the best on your upcoming successful offers and God Bless.

Sandra

More offers, it's a numbers game. Great Job! LA

sounds like you have found a agent willing to work with you thats great. wish you the best on finding that killer deal

You are taking action! That's really great
Good luck and Congratulation!

I can feel your excitement, keep it going. As to the seller who sent you the "love letter" they'll be happy to sell to anyone offering to buy after another 207 days!

Hi Everyone again,

Walter here for the updates.

We were looking for the last eleven to come back to us. As of this writing ( Dec. 10, 2009 ), we got everything back except three. One of those offer came back with a counteroffer saying they will entertain a $15K more on the original offer ( the property was listed for $115K, we offered $70K , they want $85K ).

We will run the numbers again and the comps to make sure there is enough room to factor our profits as well as the end buyer's. The seller will not pay for anything, period, end of story. This is real stuff guys ! I am excited more than ever !

We have 9 more offers going out tomorrow in conjunction with the fifty we sent out last Monday.

" You can't steer a parked car. " - Greg Pinneo

Cheers,

Walter, Las Vegas, Nevada

Now that's how to get it done Walter. Great job!!. I can't wait to read more.

Barbara

Thank you for sharing, Walter. Taking action is the only way to success. I am going to do the same! I will submit many offers, too. Good luck to you!!!

Hiro

You know the old saying. If you throw enough ---- ON THE WALL, SOMETHING WILL STICK. Great job using Matt's method. something will come back to you and then you are on your way. Good luck....Jan

Way to go Walter!! I just found an agent that has worked with investors in the past. As a matter of fact, he works in the REO branch of the Real Estate company (how great is that)! He understands what investors are looking for and immediately sent me about 50 or 60 properties that are held by them. I'm going to put your method into action and submit at least 10-20 offers every week. Thanks for the inspiration and motivation to get this done. Who knows, maybe we'll meet on the beaches of the world someday and I can thank you in person.

Best of luck!
Leo

How amazing!! I'm just now catching up with this incredible thread and thank you so much for sharing it with us all!

You've done your homework, found your end buyer and it's just a matter of time before the right property comes along....as you have said yourself!!

Good for you! I can't wait to follow this and get another great update from you! Congrats on all the pre-work you've done on lining up your buyer, and then getting your action and offer numbers UP and HIGH, sharing and motivating everyone here!

Just goes to show you if you get your buyers lined up, money talks, agents (the right ones) listen, and get aggressive with you to be successful!

This will be the first of many deals! Sky is truly the limit for you!

THRILLING!!

Cheers!
Louisa

Hey Walter,

Congrats on the first counter you received. Definitely take care of your Realtor which our "type" of Realtors are hard to come by.

Ron

50 offers out 35 rejected, I enjoyed reading the insperationel postings ,and
I can not wait until I can Also get some COACHING. Good job rich 2015

I guess the seller is ready to deal. Maybe counter offer and see what the next number will come in at. Good Luck.

Sandra

Just remember you only need 1 accepted offer to get your business off the ground.

Offering half the asking price is very wise -- there is plenty of room to move those quickly to investors.

Merry Christmas !

Randy

Apparently, you made sure that you have $500 on hand, but put the clause in the contract that the $500 check would be cashed out upon opening escrow. Does that mean they can't cash the check until closing? (I'm still trying to get my first deal done) So, the object is that they will get the $500 check paid out to them when the title company disburses all the payments at settlement table, right?

Would there be a disadvantage if you get more than 1 offer accepted?

Thanks,

Hi Verna,

As always, I will try my best to answer your concerns :

1. The earnest money deposit ( EMD ) can be lost upon opening of escrow if you do not perform according to the contract, ex : Buyer should have at least 10 days to inspect the subject property to their satisfaction. If you failed on this, the seller can call the deal off and retain your $500 as a damage or for the incovenience you brought them.

2. You can have 10 offers accepted but they are all in your power to reject them within a specified time. In other words, you are not legally obligated to work on all the ten accepted ones. Pick one you like the most and work on it or not pick any at all !

The seller can keep your EMD if you do not comply with the contract's stipulation once escrow is opened whether the deal closes or not. The check can't be cashed out without an open escrow ( and this totally up to you if you want to open one or not ), so be at peace.

Cheers,

Walter , Las Vegas, Nevada

hello Rich 2015, I as well live in LA and am thinking of the Vegas Market, how are things going up there, I've had several realtors tell me jump in the lake, they won't write that many offers etc. also I've been told that when it comes to REO's the listing price is jumped up because there are so many offers on the property, I'm getting ready to start writing offers and I dont want to lose EMD or down payment money, so I intend to write zero for EMD and TBD for down payment, ps, are you finding buyers for these properties, thanks Jim

HEY Walter, what's your latest update, I want to start writing offers in Vegas myself, but I afraid that once too much investor capital starts to come into this market it may wreck the Graziosi strategy, What do you think about that and what time frame would you give it, thanks JIm

Walter!!!!!

If that tiny little statement(of yours) doesn't get a point across and make us all check ourselves.....

Thank you for sharing your burning desire and kindling new flames.

Scott

Hello Everybody,

Happy New Year !

Updates on the activities since last I posted. We will have one deal closing on the 12th of this month if everything pushes through. Estimated profit after all the expenses will be $4000.00.

Jim, I already lined up my buyers before my offers went out. No, I would not even worry about the down payment just the earnest money deposit ( I use the same $500 EMD in all of my offers ). Yes, someone committed to buying it at an agreed price. There is lien on the title and the seller would not pay any additional dollars. Worst comes to worst, I will walk away. But the point is the investing espoused here works....you just have to work it out.

We also have two more counteroffers. We are carefully looking at the numbers to make sure we make money ( obvious reason we do this ) off of it.

What I do now ? Putting out offers every week. Minimum of 20 a week and sometimes it goes as high as 100 offers out.

Deliberately,

Walter, Las Vegas, Nevada