Second Offer

This is your deal and i hope the best for you,I sense alot of emotion on your side of this!If you pay full price,The owner will carry note.What are your comps and i would spank'em with the appraised value!The whole reason why i am here on this site is because...I control the deal and ba3000,Control your deal!

Don't give them more than its worth! Find out when the appraisal (how old is it) was done. Check the recent comps (no more than 3 months back) of homes (sold) similar in age and that respect to the one that you are looking at making an offer on. Above all else don't make it an emotional purchase. If you can convince the Owner/Seller, you can do a lease with option to purchase (basically a lease option), owner financing (offer them an interest rate above 4.50%) and/or a Subject To deal.

Thanks for some of the ideas about things to check into almost forgot about those things. Will post more info as I get it as from what I know about the area people there have tried to sell houses but landed up renting them out instead of waiting for them to sell and this place will be rental so it would go quick as the other places got rented out quick.

Went and looked at the house today from the inside. For a rental property it is a good place to use. Would not need any work on it at all for some one to move in. The sellers are very motivated, they will not do owner financing. Similar houses in that area are going for the same prices, a good thing more and more ppl are looking to rent in that area as rentals go quick. The comps for that area, prices range from 30 to 85 grand from frame to brick houses. After talking with the listing agent the owners did not pay appraised price, my opinion. She will be contacting me about the actual appraised value of the house. The owners tried to sell it as a fsbo and did not succeed so they are not with an agent trying to sell. After my estimates I have come up with a good offer I think compared to the market now and the things that affect the value of the place. Thanks for the info and reminding me about the comps and the like.

shawn

Good luck on this potential deal. Just make sure when you run the numbers you have positive cash flow each month. You want to ensure the monthly rent will cover any and all of your expenses including the mortgage, taxes, insurance, etc. If the deal produces a nice positive cash flow and the home is in an area that does well with rentals you should have a winner. Good luck with real estate investing. Believe and Achieve! - Joe

Made my offer with the agent and she did not even ask the seller if they would accept it or see if they would come back with another amount. I am glad she is not my agent selling properties for me. Then she says sellers very motivated and all that other stuff but what do you expect she just got her license a couple months ago so she has no experience in trying to sell. Well time to move on and find another one.

You have to be wary of some agents I think... You can't really believe what they say IMHO. Cause the first thing a lot in my area will say is that the seller can't finance. Usually that's because they know if the owner will go for that deal they might have to wait to get their money. They don't really see the big picture that if they net 10 deals in two months how much they would increase their overall profits PLUS the few on the side that they sell right away to get commissions... they are just greedy for the quick buck and lazy enough to get out and earn it. I would suggest you get in touch with the owner and see if they are willing to go for the deal, then maybe they can convince the Agent to do it. Then again I don't know what kind of contract an Agent would have when it comes to selling the home...

I'm getting ready to present an offer to a seller who I KNOW is highly motivated to sell but when i was asking about the property she blatantly stated the owner will not hold the note... I mean the amount was small enough to pay it off in 2 years! If I don't refinance first lol!! I'm still going to submit my offer and see what she says or if she will atleast present it to the seller.

Does anybody here know what you can and can't do when selling your home with an agent?

Knowledge is Power
- Pimpedoutgeese

Well I would have to find out who the owner is and how to contact them too. I think seeing how the agent is new in the business she has very little experience and did not want to make an offer lower than the asking price hoping to look good and make a quick buck at the same time. I asked about owner financing and the like too and she also said the owner would not go for this either. Thanks for the input too it is greatly appreciated.

I would honestly move around the listing agent and talk to the homeowners themselves. Do not give up on the deal that easily. What you need to do to get into contact with the owner is go on to your county assessors website and type in the address for the property that you are looking at purchasing. This will show you the person's name who is holding the note. It should also show you their current address in which they reside. Then you take their name and go to dexknows.com and find their phone number. I would call them and let them know that you would like to make an offer on their property and that the REA does not even want to call them to present the offer because it is lower than the asking price. If they are as highly motivated as the agent says they are, they will want to talk with you about any offer you would like to present. I hope this helps you to score what sounds like a really good investment.

-Pimpedoutgeese
I have never sold a home before so this information is just hearsay. From what I hear is you are the customers agent. They work for you and they need to take care of you as you see fit. If you feel like they are not pulling their weight and talking the very best care of you, especially since this is one of the worst times to be an agent, fire them. If you have signed a contract with this person you will need to make sure that there are no other outstanding terms that you have agreed to, but for the most part it should be a clean cut. The only thing that would happen when you fire your agent is that your property will come off of the market and you will then need to list it again with another agent.

Sounds about right jennahouse21. Also I got the seller disclosure to the house, that also has the owners name and other information. I'll try through the agent first then if they say they won't submit, I'll go to owner. Gotta give the agent a chance first. That was a lotta help thanks alot!

Knowledge is Power
- Pimpedoutgeese

Thanks for all this info it is really helping me out on this one. Did some research all is listed for the owner is a p.o box for mailing address and did some searching by dexknows it is showing the owner lives in another town further away than the p.o box is and the agent made a comment when I viewed the place asking me if I knew the owner as he lives in the town where the property is located so I will write a short letter to the p.o box and see what comes out of it. Thanks for the encouragement every one and I also have my agent working on this one too as this is a good deal not to give up on so easy.

Someone can correct me if I am wrong but it is my understanding that the listing agent is obligated to present all offers to the sellers. Don't give up. Keep pushing the listing agent to present your offer.

Bruce

agent is under obligation (fiduciary duty) to present all offers to Owner/Seller of a property. Some don't because of their ego! If she doesn't want to present the offer as you presented to her to submit to the Owner than have her Broker present your offer for you.

Incredible. How many of them are obligated but never do. And why? How are you gonna let your ego outweigh a meal ticket? It just doesn't make sense. Anyways thank you Atlcamel, that was really great info that you shared.

I have my agent working on this for me now trying to get the seller disclosure and the like and some other info too and I have asked her to put in a verbal offer for the time being and see what comes out and once I get the seller disclosure then I have the owner contact info too so then I can contact them and see what they say and see if they are interested in doing an owner financing or something in that line before I go to the bank. Thanks for all the input.

Shawn

Well after waiting for my agent to put in offer in for me now for two weeks I went around her and put the offer in myself. The property was listed at the beginning FSBO for 59,000, seller went to a Real Estate Office and went down with the price to 48,300. Appraised value is 48,300 to where as the FMV is for that area high 42,000. Other offers have been made one of 44,300 the owner turned downed as well. So all in all now I am looking for a new agent to help me now in putting in offers and also have two new places I am looking at in Vegas that are 80% below the appraised value and 25% below fmv. It was last sold in 93 for 138,400 so from what I think at the asking price for 70,000 I am going to try lower since it is a bank owned property and see what they will go for and check what kind of financing and the like they will go with also. All comments and help is appreciated and thanks for all the input so far.

Shawn