LOW BALL OFFERS

I would get another agent. For that one Agent there are 50 more. Get one who is hungry. Believe me they are out there. Do not and I repeat do not listen to what that person told you. Not all real estate agents are the same. Just keep calling and you will find one who is hungry and who wants to work with you.

Also I wouldn't mention low ball offers. I would just say that you want to turn a profit that helps too. Make sure you have them give you examples of what type of investors they work with. There are many different variations of investors and you want the agent that works with Flip investors. They will understand.

Hope that helps. Just FYI we went through 25 agents before finding two good ones. Keep at it!

Awesome!

Thank you Makeba

Linda

Beautiful!
I love the support!
I think this agency has a lot of prima donnas!

Thanks

Linda

is not all properties in the price range you are looking to be in are going to accept a low ball offer. You need to research the properties she gives you for the ones that say...needs TLC, handyman special, needs work/has potential etc, you get the drift. These properties that are in need of re-hab are the ones you will have a better chance of getting 40 to 60% off the asking price.
Quite frankly, if you don't do some due diligence on making the offers...you will be getting agents & homeowners p-owed!

i understand. you may be hitting the nail on the head.

thank you.

making an offer that is too low is a deal killer and IS a waste of everyones time
this is called GREED or just inexperienced people trying to make a deal and don't know any better due to the information that they have recieved

NO wonder alot of REAgents/sellers DON'T want to work with "investors"-- too many newbies go out here and make ridiculous offers and end up looking like idiots while wasting everyones time....giving all investors a bad name

Did you talk to Jeff that seems to be so busy getting investors what they want. Maybe the person you were talking to is not as informed as she would like to think she is. Its worth a try to feel him out. He may not tell everyone in the office everything and see if you can find out what kind of investors he is helping. There are different kinds of investors. Other than our kind there is the homeowner that has decided to pick up a home or two for rentals and cash flow but that does not look at the bigger picture to see that they can make millions. I for one am curious about Jeff.

mike, just to be clear, i took the "low ball" verbage from Dean's book as to what to say to an agent/realtor to see if they want to play with investors. apparently it a great way to weed out the non-players.

just feeling my way around the ball park.

thanks for your input.

Linda

has a great post of offer formula if you can find it- worth looking for

Esteeanna,
i have not yet talked to Jeff at that office. you are correct in saying i should just get his take on the whole investor thing in his mind.

great info.

thanks

linda

I will keep an eye on this thread to see what your outcome was. There are many sides to an issue and many ways to look at things. Especially if we are going to be out of the box thinkers. Everything isn't always black and white or even gray. I like to see the sprinkling of gold dust and or nuggets.

Fair market prices, yeah ring up high commissions for the realtor, Thats all this one cares about is there pocketbook. Kick that one to the curb and keep looking, and dont be afraid to use the LOW BALL Offer, if it scares them find another. Theres lots of realtoers out there, you'll find one who wants to play ball and summit your offers no matter how Low or High. Be perpare to always be looking for another realtor, you'll find they come and go a lot. Dont give up.................

Can someone put the link/thread to Mike's low-ball offer formula?

thanks for the support! i definitely won't give up.

take care.

Linda

We must remember the criteria we are setting up for these agents...motivated sellers, Days On Market, Handyman Special, TLC, etc. When we find the ones that fit the profile we DO make lowball offers. One phrase that comes to mind is "If I were to pay you all cash and close quickly, what is the LEAST you will accept?" That opens the door for a low ball offer. After I do my due diligence, my agent presents the seller's agent with a one page offer form. It tells them what I'm offering, when I intend to close, etc. That is not a lot of work! This is just another weeding out tool when looking for motivated sellers. If the seller is interested, my agent then fills out the sales contract. I can put 25-100 one page offers in per week and as busy as she is she gets it done. Another thing she taught me was "If you aren't embarrassed by your offer, it's too high!"

If an agent is unwilling to do the work you need done then perhaps that agent isn't right for you... NEXT!!!!!!!!!

Ogal Gaines
LAGO Acquisition, LLC

Ogal,

Awesome!

I love it!

The right agent makes all the difference. I would recommend that you listen to conference call replay here on DG from either 2/14/10 or it may be the next one on 2/25/10 where Matt Larson explains probably better than ever or better than anyone How to find the right Agent and proper use of bandit signs.

Brian

hey , ogaines, how would you approach foreclosure homes with your agent?

thank you brian for the great info. i will definately get that audio to listen to.

take care.

linda

finding the right agent is of so much importance.I had spoken to an agent who had decided to work with me, but when I asked about listings he wasnt prepared to send them, so he definitely had to go.There is a team-player out there is just to find him or her.

Find another agent also try making low ball offers on people that call your bandit signs instead of wasting time with a savvy agent. I find most real estate agents are only interested in themselves rather then helping their clients.

***The best real estate agents to work with are the ones that are new not the ones that have been doing it for years.** The reason why, is because they are more hungry and don't know too much to begin with.

When an agents tells you this doesn't work in todays market or you can't make low offers, its a huge red flag. Trust me don't waste your time this is coming from a guy who wasted 6 months with an agent like that.

thanks man...all the responses have basically said the same thing....must be real!

have a great day!

linda

It depends on the type of foreclosure you mean. I'm hoping you mean REOs. We approach them the same way. Check ARV and use the formula: ARV x 45 % to 60%-repairs-my fee= Maximum allowable offer(MAO). Sometimes they bite , sometimes they don't! Just keep swinging!

Ogal Gaines
LAGO Acquisition, LLC

Traditionally the formula has been 70% of ARV minus repairs = maximum allowable offer. You can make it 65% if you use hard money.

Ogal,

Thanks for your feedback and contribution. I'm just getting started- in this market it is so encouraging to hear your story and advise. I've said "next" over and over again. It's as if most go through 10,20,30 to find a good working agent.

good share

Rosemary C