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TheSollerTeam
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Post subject: Ok... I have the start of list of investors that purchase "ugly" houses in my area.  Posted: Sat Aug 11, 2007 7:21 pm |
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| Junior Member |
Joined: Sat Jul 21, 2007 5:22 pm
Posts: 29
Location: Washington State, Seattle/Tacoma
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Ok... I have the start of list of investors that purchase "ugly" houses in my area.
I am ready to pick up the phone and call them... What should I say? (after studying there website so I have some insight right?)
I know what I want...
1) Their referrals for homes they don't want
2) To be able to offer them homes I run across. (How do I let them know without them going "around" me and straight to the seller.)
_________________
Joey Soller
Associate Broker
TheSollerTeam.com
253-606-6332
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Admin
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Post subject: Posted: Sun Aug 12, 2007 6:37 am |
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Joined: Fri Aug 25, 2006 5:24 am
Posts: 68
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If you have a listing agreement you will not have to worry about them trying to go around you.
When you talk to the investors you are going to have to offer them something of value, I dont mean money. Offer them you expertise your skills in working with lenders, whatever.
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Ratzmine
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Post subject: "What's in it for me?" Posted: Tue Aug 14, 2007 6:54 am |
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Joined: Sat Aug 04, 2007 12:24 pm
Posts: 13
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That's the question in the investor's mind. I called up an investor who also does short sales - he negotiates with lenders on upside down morgages. So what's in it for the investor to let him/her refer the a prospective short sale to us? What can we offer them that's of value to them? I don't think we can offer them a referral fee unless they are a realtor representing a buyer. Any ideas anyone?
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dgrieb
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Post subject: Posted: Thu Sep 06, 2007 4:04 am |
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Offer to do the short sales for them. If they want to buy it they get first crack at all of the leads they bring you. They can make 20 offers a week on properties. If the deal is not accepted then you get to work the lead for a retail buyer. Most of these guys are looking for a quick buck and if they do not see results over night will walk away, they you become a lot more attractive to work wiith.
Dan
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FrankWible
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Post subject: Investor/Realtor Senario... Posted: Mon Sep 10, 2007 3:26 am |
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Joined: Thu Aug 09, 2007 12:49 pm
Posts: 36
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PLAY OUT THIS SENARIO:
You get a short sale listing. The home owner owes $246,000. You are able to incluence the BPO and have the lender agree the home is worth $180,000. You as an "Investor" make an offer to the lender for $160,000 and is accepted...you close on the home.
You then list the home for $200,000 (way under other actives in the area) and sell it almost right away. Now instead of making $6,000 in commission, you made $40,000 in profit for your investment company. What do you see wrong with this if anything?
Well, on the surface, you helped the home owner get out of a bad situation. Your a good business person so you are able to turn a $6000 commission into a $40,000 income, and the lender is out of the home for what they wanted.
How many times have we all thought about doing this and making this senario play out? I'm sure we all have!
What issues does anyone see? What ethic issues arise? Should you or should you not do this? What is your feedback?
_________________
Frank Wible
REMAX ALL PROS
Turnersville, NJ 08012
(856) 228-2990
[url="http://www.ShortSaleNJ.com/"]http://www.ShortSaleNJ.com/[/url]
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FrankWible
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Post subject: Realtor / Investor Scenario... Posted: Mon Sep 10, 2007 3:31 am |
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Joined: Thu Aug 09, 2007 12:49 pm
Posts: 36
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PLAY OUT THIS SCENARIO:
You get a short sale listing. The home owner owes $246,000. You are able to incluence the BPO and have the lender agree the home is worth $180,000. You as an "Investor" make an offer to the lender for $160,000 and is accepted...you close on the home.
You then list the home for $200,000 (way under other actives in the area) and sell it almost right away. Now instead of making $6,000 in commission, you made $40,000 in profit for your investment company. What do you see wrong with this if anything?
Well, on the surface, you've helped the home owner get out of a bad situation. You're a good business person so you are able to turn a $6000 commission into a $40,000 income, and the lender is out of the home for what they wanted.
How many times have we all thought about doing this and making this scenario play out? I'm sure we all have!
What issues does anyone see? What ethic issues arise? Should you or should you not do this? What is your feedback?
_________________
Frank Wible
REMAX ALL PROS
Turnersville, NJ 08012
(856) 228-2990
[url="http://www.ShortSaleNJ.com/"]http://www.ShortSaleNJ.com/[/url]
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Ratzmine
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Post subject: Play Out This Scenario Posted: Tue Sep 11, 2007 10:51 am |
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Joined: Sat Aug 04, 2007 12:24 pm
Posts: 13
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What's wrong with this is that you are making representations to the lender by influencing the BPO that the house is worth $180K and, once the the property is yours ( assuming within a short enough time frame), marketing it at $200K. Therefore you appear to be misrepresenting the market price to the lender. I think it's too close to fraud. But see what others say.
Gaby Martinez
Long & Foster
Short Pump
gaby@longandfoster.com
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