OfflineWhen you say you'll provide a copy of $1,000 earnest money check? What if he says in order for your offer to be taken seriously it needs to be 3% of the purchase price which would be $10,000.Even $1,000 I think is too much. I'd rather it be $250. Any suggestions?
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"In order for ME to take YOU seriously, you need to present my offer as I made it."
If this is not the Listing Agent: Give your offer to the agent(even better, sit and watch while they write it up for you), wait a day or two, then call the Listing Agent and ask if they received your offer. If this IS the Listing Agent: Wait a day or two, then call their Broker, and ask if the offer was presented. The agent is REQUIRED to present ALL offers to the seller. If you make an offer that doesn't get to the seller, the seller will not be happy, the Broker will not be happy, you will not be happy, but if you make a big deal about the situation, you better be able to close the deal.
Find another agent.
"The harder you work, the luckier you get." -Gary Player
It's either a Fannie, Freddie or Hud property. If so, I stay away, unless you have that kind of liquified, certified funds to tie up during your dd period. I'm not talking about your agent holding your em deposit at the brokerage until after your inspection period. They're taking that $10k & depositing it into a trust account or escrow account, upon acceptance. Unless you're one of the big players and you have that kind of clout, or maybe there is some way around this? If there is, I'd like to hear about it. (:
Your agent has fudiciary responsibility to present those offers. If they're not doing that even after you submitted everything, they are going against their code of ethics.
If this is not the Listing Agent: Give your offer to the agent(even better, sit and watch while they write it up for you), wait a day or two, then call the Listing Agent and ask if they received your offer. If this IS the Listing Agent: Wait a day or two, then call their Broker, and ask if the offer was presented. The agent is REQUIRED to present ALL offers to the seller. If you make an offer that doesn't get to the seller, the seller will not be happy, the Broker will not be happy, you will not be happy, but if you make a big deal about the situation, you better be able to close the deal.
Find another agent.
Dallas- Good point. The gov REO's ask for $1000 deposit upfront plus other flaming hoops. Ugh! I treat them the same way they treat me...I ignore them.
Real Work- Ignore the .govForeclosure Frenzy. Stick with the FSBO's. Just be real and deal with real people. I made an offer to a FSBO with a $100 deposit and he told me: "Oh, you don't have to do that, $10 is enough." What bank.gov is gonna TELL you to lower your deposit amount?
"The harder you work, the luckier you get." -Gary Player
for $1000 for the EM; once you assign it, you have your buyer give you the $1000; if your agent wants you to put 3% down, explain to him/her that you will be making multiple offers, so there's no way that you can put 3% EM for every property...
If she/he is not willing to accept that, move on and find an investor friendly agent.
Wishing you success,
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
He must think you are putting in a downpayment what did you tell him, are you buying cash or need financing....all cash doesnt need that large of a down payment and if he insists, tell him to kick rocks....
This comment cracked me up!
Greg, I agree with the other responses. $1000 is MORE than enough EM in most cases, and if the Realtor is YOUR agent, they are required to submit your offer however u choose to present it. Tell them u only want to offer $250 EM! Everything is negotiable unless the sellers arent very motivated, and in that case, the worst they can do is say no, or counter. Good luck!
Monica
Skeptic, turned hopeful, turned determined!
You will NEVER succeed if you don't try.
Another tactic you can use is to provide a copy of a check for the EMD, but write in the contract that it will be paid AFTER a 30-day inspection period. Then assign or use transactional funding to close before the 30 days are up. I just did this for a client and he bought a bank-owned home at a fantastic price, with zero money prior to closing.
Good luck!
There is a lot of good food for thought here. I appreciate your feedback. This particular offer I will provide a copy of a $1,000 check for the EM. It's a short sale. The sellers have already accepted an offer. So now the status is called “Back Up.” I will submit an offer anyway. The ARV is 505K, List 306. There's been at least three price reductions. It's been listed for almost two years. It needs a ton of work including water damage repair. About 20 people live there. I wasn't allowed access in a bunch of rooms because they were locked. Many additions were made. I checked on the permits, it all seems OK. If you have any other insight,that would be great. I talked with the agent and he's OK with my providing a copy of a small earnest money deposit. Still working on getting that first deal done. Thanks again for your support!
When making an offer on a privately owned property, a photocopy of a check with account and routing numbers blacked out will probably work, but not on a Bank Owned property. The bank that you are submitting your offer to can call your bank and check the balance in your account using ONLY your name. They don't need the account number. If you don't have money in the account to cover the amount of the check and the bank finds out...well, it won't help get your offer accepted. I learned this lesson the hard way.
"The harder you work, the luckier you get." -Gary Player
I haven't said it in a while.
but REAL WORK "just kick'em in the shin and run"
author - just plan-e
That's a quote from Eric I think it is so funny.
WALT
Thanks for all the helpful comments. My agent is coming around and gets it now. He is OK with what ever earnest money I want to give him. In fact he's willing to submit 3-5 offers a day. This is good. I am ready to hit the ground running! I want to make sure I really got it. Here's what I know. We need to set up a template, we need proof of funds, copy of the earnest money check,we've got the electronic signature in place, and a rough estimate for the repairs. What other obstacles should I anticipate? How can I get this thing going like a Well Oiled Machine and spit those offers out like there is no tomorrow?
Greg
its great that your taking action. congratulations !!!!!!!!!!!! stories like yours keep me motivated.... way to go my friend...
you'll be making a success story video soon yourself.
HAPPY INVESTING,
WALT
I appreciate your encouraging words. We all need support and well wishers! I hope your are doing well too and succeed! Any suggestions on how to make a lot offers quickly on the MLS?
Thanks,
Greg
Sounds like the wrong agent..do a Trump impersonation. "You're Fired!"
You control the deal NOT the agent or seller, YOU!
If you follow Matt Larsons' Script to find an agent, that will help. I have had agents refuse to submit my offer....that is an easy one to deal with. I have had some say "instead of your way...do it my way" Also have had them not follow up, follow through and each time they get fired. Refusing to submit my offer, depends on the state...last one who did that, filed a complaint with the Realty board against him, the listing agent and contacted the seller myself....who fired her agent the next day!! Now after Thanksgiving we will do the transaction FSBO...and she is open to terms to get her price.
I tell the agent/broker how I do business. I NEVER submit money with an offer, period. Did it one time, older couple and gave him $2...deal busted out within 48 hours because I gave him control. REO's, HUD, after offer is accepted I pony up the G note...all others, earnest money due 48 hours after acceptable inspection and I NEVER give to the agent, I wire it to the Title company I want to use. I tell the agents, sellers and buyers how I do business and if they do not want to play by my rules....usually its not even a good deal let alone a great one so I do not care. Funny they always come back around.
Contracts are whatever you want them to say....word it however you want. ACT
AS IF...always. In 5 years NEVER had a seller tell me no....agents/brokers, like investors, plenty of them out there. "Next!"
K. Michael Fishbaugh
Some of you will rebuild the deserted ruins of your cities. Then you will be known as a rebuilder of walls and a restorer of homes. Isaiah 58:12
Hi WALT!
"The harder you work, the luckier you get." -Gary Player