anybody else getting "blasted" for making low offers

Hi Marc, Actually I've had no problem with the 2 agents. I have one each for a particular area. Altho I'm still waiting to close on a HUD home which I offered $24,500 less than asking price, that i'm going to flip, and today a contract (which I added "and/or assigns") got accepted on a REO by countrywide $2000 less than asking price, which i'm going to assign, both FMV $130,000-135,000. So far had good luck on making offers, 10 offers, 2 accepted. I think it's better to have agents that are very familiar with their one local area instead of spreading one out and overwhelming them.

Are you only taking 25,000 off the asking price, instead of 30-50% off like the book says?

Should I maybe offer 25000 to 50000 off asking price, and see how that works?

What bout investors looking for the "awesome deals" Is there going to be enough equity for them to wholesale it too? Obviously, a deals a deal, and don't have to make a ton of money, but still.

My agent wasn't necessarily getting blasted, but NO ONE was taking our offers seriously. That is why I researched the other method I talked about in New Strategy 4 Buying REOs.

Alright, going to change it up...If one thing isn't working, its time for a change...Going to attempt for the next month to check out 3-5 properties per week, get comps, doing the inspection part, add in the profit, and come up with an offer amount...Gotta be smart about it...That strategy may work in some areas, but right now, in my area, it isn't...Sent an email to the agent, and hopefully he will be willing to do that instead...

Hi Marc. My realtor has said that she's had quite a few angry listing agents call to "blast" her, too. She told them, "Hey, my clients are investors. This house needs a lot of work. For them to make a profit after the rehabbing, they need to get it at a large discount. So please submit the offer as written and let us know." Don't know if it's worked, though!!

I have read Kimmy's new strategy and it sounds like a good one. I'm not ready to give up on Matt's strategy, yet, though. We only have a total of about 35 offers out at 50% FMV so far, so to throw in the towel on Matt's proven strategy and start a new one seems a little premature for us. It's been slow getting started for us, with so many roadblocks, but we have a plan in place with a weekly meeting time to sign 20 offers per week with our realtor. We are hoping that we can achieve the kind of success Matt has had.

Good luck with your new plan & please keep us updated on your success!!

Are you choosing properties that would fit the distressed property profile? I think the seller is going to have to have some motivation to want to take less than FMV on the property. Will you or the end buyer need to put any money into it to rent it out or put it back on the market? Has the listing been 90 days or more?

I am by no means an expert (I just finished the books) but my plan is to be selective about the properties that I choose to make offers on based on some of the distressed property guidelines.

Having said all of this, we each have to find the strategy that works best for us and then find a way to make it work for us.

Good Luck! Keep working the system and the percentages are bound to work in your favor sometime.

Right now I am working on my buyers list, today i went to all the supermakets that i could think of to put flyers up. I want to try to firts get the buyer and then look for what they want because I dont have the money to buy the properties myself I have to either do a back to back closing or an assignment.

Did you guys first found your buyers or the deals? I want to know because I have two buyers now but they have horrible credit so I am working with another investor that deals with loans. What I am curious about is if the buyer tells me his/her criteria and I find a home that fits at a good discount and I get it under contract to pass it to them what do I do if they dont like it? Can you avoid this predicament? Should I start making offers?

My boyfriend is going to get a RE license so we can avoid working with somebody else. But right now we are still looking for a REA but so far havent found one that will either return the call or take us seriously...

as for finding properties that are distressed, yes I did...I found properties that were on the market well over 90 days...I am sure the odds will play eventually, but for now, switching it up and going to try a different strategy for now...If something isn't working, make the necessary changes, and continue doing what ya gotta do to get the deals done...I talked about it in my "unofficial journal" http://www.deangraziosi.com/real-estate-forums/everything-else/17325/hit...

Finding buyers first is def the best way to go about things...Of course you continue advertising properties if you have them, regardless whether one person is interested or 50 people are in the property you found and locked up...And you will find buyers that way too...If the end buyer doesn't like the property you found for them, then keep advertising as much as you can to find other buyers, but MAKE SURE you have out clauses in the offer so you can get out just in case you can't find an end buyer...I wouldn't worry bout if somebody says they don't like it...Just keep finding investors...If it is truly a "good/great" deal, a serious investor will buy the property...

I would find an attorney that can help look over the contract/offers first before putting in offers to keep yourself from running into problems if you can't find a buyer or whatever...The "OUT CLAUSES" are important...The last thing you want is to lose earnest money, or get stuck having to buy the property and you have no finances at all...Causes to many problems...

I would do that, and then as soon as you are set with that, throw offers in, or do whatever you gotta do...As long as you are making offers, you have chance to make some money, and make things happen...3 words for ya that hold a lot of power***JUST DO IT***

you are a great help. I will work on finding good deals. How would you find an attorney that deals with real estate or us investors? google?

The attorney I found was actually on Craigslist...Angela (http://www.deangraziosi.com/users/angelak) helped me out actually...She is great...So emailed the attorney, and started talking with them, and it has turned out awesome...Before that, I just was calling and calling and calling...Set up meeting with one, and it turned out not good at all...I put this in my unofficial journal...But was going to charge 2500 to check over a contract...I was like uh huh...NOT TONIGHT...And left and haven't gone back since...That was a rip off and a half...The other guy I set up with was way "old school" And luckily now, have somebody that is good, and willing to help out...

http://www.deangraziosi.com/real-estate-forums/everything-else/19119/int...

Here is a posting Angela started also, but it didnt catch on yet with everyone...Hopefully it will...

I posted the actual ad I wrote on craigslist to find an attorney in that posting...This is before Angela sent over the ad from the attorney I am talking to right now...Hope that makes sense. And also in my journal, there are a bunch of other things I have done, or been through in the last month

There is a post I wrote about find a "good" Realtor - do a search for this and you should be able to find it. I believe this will help anyone who is getting blasted for writing low offers. I am not gun shy and needed a Realtor who was not as well.

I have given the Realtor a minimum number of offers I would like to make per week. They realize the value in putting out the offers. They also do not tell me about the negative responses to any of the offers. We just keep making more and more offers.

I well keep on reading! anyways I have came across tax deeds/tax liens what is the difference?

When people own property they have to pay taxes on the property. If the homeowner does not pay property tax the government will either:

- Place a lien against the home - Tax lien. Tax liens are then auctioned to people like you or I. The lien carries an interest rate giving the owner of the lien a return if in the case the lien is paid off. The tax lien often has what is referred to as a redemption period. This period allows the home owner to pay up their back taxes and the interest to remove the lien. If the home owner does not pay up the back taxes within the redemption period the holder of the lien can foreclose on the property and take ownership themselves.

- Sell the property with a tax deed. Tax deed sales mean that the government has waited a "redemption period" or period of time without selling a lien. After this period of time, being different for each deed sale area, the government will take ownership of the property. Being owner of the property the government will sell the house, not a lien, but the house using a tax deed.

have you invested in tax lien or tax deeds? are they worth it? I ran a ghost ad in Cl and within hours i received five responses. How do i tell them that i really dont have the property i advertised?

Your thoughts? similar responses?

Living in tough, aggressive economy, New England.

Contacted over 100 agents locally of the said available 765 in the state.

I interview one of four Realtors who have responded to my email; share with them my plan of attack (intent); and they say they will help me. I go thru their listing sent to me picking out what I want to see, checkout, get more info on/ put in an offer for. The response back to me is that they will help me, but their time is valuable too. They request I show them paperwork to verify I can pay cash for a property BEFORE they will even show it to me or get me the missing information I need to make an accurate, realistic assessment of the property.

Probably should just continue looking for an agent/ another agent right?

i also am having trouble finding a good real estate agent. A very good website is homegain.com, where you tell them what you want and they will write a proposal for you! also try facebook/myspce- i am having a lot of good response there, but i have to see who works best with me.

http://www.deangraziosi.com/findrealtor

I posted another post that has been created to answer just the question of finding a good realtor. You can also search: "Finding a Good Realtor to Work with You" and you will find another post with a little different idea on finding Realtors. Both good ideas.

Here is that link:
http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...