Buying Strategy

[bsrsharma]

Along with the previous two posters, I can add some more:

1. In this market condition, focus on REOs

2. Don’t hire a buyer’s agent. If you need a buyer’s agent, you haven’t done the home work – you are not ready to buy.

3. You get the best deals in REO by using the listing agent to represent you as buyer & cash or high down payment offer. The deal you get improves with cash (I know cases where REO sellers didn’t really care about purchase price offered as long as it was all cash)

[boomer]

I disagree, you should have an agent working just for YOU. Many REO sellers won’t let the listing agent take both sides of the comm. anyway. They will not be fighting for YOUR deal. (I’m not an agent)

I would expect to make many, many offers. Make at least 50 offers and then re-evaluate your strategy. Most people are too lazy to do the leg work.

B

[boomer]

I disagree, you should have an agent working just for YOU. Many REO sellers won’t let the listing agent take both sides of the comm. anyway. They will not be fighting for YOUR deal. (I’m not an agent)

I would expect to make many, many offers. Make at least 50 offers and then re-evaluate your strategy. Most people are too lazy to do the leg work.

B

[boomer]

I disagree, you should have an agent working just for YOU. Many REO sellers won’t let the listing agent take both sides of the comm. anyway. They will not be fighting for YOUR deal. (I’m not an agent)

I would expect to make many, many offers. Make at least 50 offers and then re-evaluate your strategy. Most people are too lazy to do the leg work.

B

[boomer]

I disagree, you should have an agent working just for YOU. Many REO sellers won’t let the listing agent take both sides of the comm. anyway. They will not be fighting for YOUR deal. (I’m not an agent)

I would expect to make many, many offers. Make at least 50 offers and then re-evaluate your strategy. Most people are too lazy to do the leg work.

B

[boomer]

I disagree, you should have an agent working just for YOU. Many REO sellers won’t let the listing agent take both sides of the comm. anyway. They will not be fighting for YOUR deal. (I’m not an agent)

I would expect to make many, many offers. Make at least 50 offers and then re-evaluate your strategy. Most people are too lazy to do the leg work.

B

[bsrsharma]

agent working just for YOU

It is good to remember an agent works for HIMSELF/HERSELF first before working for you. They can NEVER be a substitute for your own judgment. I found from experience that agents don’t like to make low offers that have a small (even tiny) chance of being accepted. But that’s where the best deals are: low offers + cash + no contingencies + fast closing.

[bsrsharma]

agent working just for YOU

It is good to remember an agent works for HIMSELF/HERSELF first before working for you. They can NEVER be a substitute for your own judgment. I found from experience that agents don’t like to make low offers that have a small (even tiny) chance of being accepted. But that’s where the best deals are: low offers + cash + no contingencies + fast closing.

[bsrsharma]

agent working just for YOU

It is good to remember an agent works for HIMSELF/HERSELF first before working for you. They can NEVER be a substitute for your own judgment. I found from experience that agents don’t like to make low offers that have a small (even tiny) chance of being accepted. But that’s where the best deals are: low offers + cash + no contingencies + fast closing.

[bsrsharma]

agent working just for YOU

It is good to remember an agent works for HIMSELF/HERSELF first before working for you. They can NEVER be a substitute for your own judgment. I found from experience that agents don’t like to make low offers that have a small (even tiny) chance of being accepted. But that’s where the best deals are: low offers + cash + no contingencies + fast closing.

[bsrsharma]

agent working just for YOU

It is good to remember an agent works for HIMSELF/HERSELF first before working for you. They can NEVER be a substitute for your own judgment. I found from experience that agents don’t like to make low offers that have a small (even tiny) chance of being accepted. But that’s where the best deals are: low offers + cash + no contingencies + fast closing.

[an]

[quote=bsrsharma]I found from experience that agents don’t like to make low offers that have a small (even tiny) chance of being accepted. But that’s where the best deals are: low offers + cash + no contingencies + fast closing.[/quote]
You probably worked with the wrong agent then. My agent, SD Realtor, submitted plenty of low ball offers for me. All of the low ball offers had very little if any chance of getting accepted. He also worked with me for over a year. So, there are honest agents out there, you just have to find them.

I totally agree with Ox’s assessment. The market is crazy right now. Don’t enter the game right now unless you’re ready to play ball. 10% down isn’t all that much. 20% down, no contingencies and extreme fast closing still isn’t good enough right now, unless your offer is also the highest. Many if not all REO are priced extremely well to get multiple offers, so you have to be ready to bid.

[an]

[quote=bsrsharma]I found from experience that agents don’t like to make low offers that have a small (even tiny) chance of being accepted. But that’s where the best deals are: low offers + cash + no contingencies + fast closing.[/quote]
You probably worked with the wrong agent then. My agent, SD Realtor, submitted plenty of low ball offers for me. All of the low ball offers had very little if any chance of getting accepted. He also worked with me for over a year. So, there are honest agents out there, you just have to find them.

I totally agree with Ox’s assessment. The market is crazy right now. Don’t enter the game right now unless you’re ready to play ball. 10% down isn’t all that much. 20% down, no contingencies and extreme fast closing still isn’t good enough right now, unless your offer is also the highest. Many if not all REO are priced extremely well to get multiple offers, so you have to be ready to bid.

[an]

[quote=bsrsharma]I found from experience that agents don’t like to make low offers that have a small (even tiny) chance of being accepted. But that’s where the best deals are: low offers + cash + no contingencies + fast closing.[/quote]
You probably worked with the wrong agent then. My agent, SD Realtor, submitted plenty of low ball offers for me. All of the low ball offers had very little if any chance of getting accepted. He also worked with me for over a year. So, there are honest agents out there, you just have to find them.

I totally agree with Ox’s assessment. The market is crazy right now. Don’t enter the game right now unless you’re ready to play ball. 10% down isn’t all that much. 20% down, no contingencies and extreme fast closing still isn’t good enough right now, unless your offer is also the highest. Many if not all REO are priced extremely well to get multiple offers, so you have to be ready to bid.

[an]

[quote=bsrsharma]I found from experience that agents don’t like to make low offers that have a small (even tiny) chance of being accepted. But that’s where the best deals are: low offers + cash + no contingencies + fast closing.[/quote]
You probably worked with the wrong agent then. My agent, SD Realtor, submitted plenty of low ball offers for me. All of the low ball offers had very little if any chance of getting accepted. He also worked with me for over a year. So, there are honest agents out there, you just have to find them.

I totally agree with Ox’s assessment. The market is crazy right now. Don’t enter the game right now unless you’re ready to play ball. 10% down isn’t all that much. 20% down, no contingencies and extreme fast closing still isn’t good enough right now, unless your offer is also the highest. Many if not all REO are priced extremely well to get multiple offers, so you have to be ready to bid.

[Author]

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