Buying Strategy

[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.

[bsrsharma]

AN,

From what I have been reading, I think SD Realtor is a rarest of rare agents out there. The ones I know want a machine gun like approach to make a kill and move on. I think a part of the REO game being played out consists of blocking and tackling moves (by the listing agent) designed to reduce competition to bring best reward to selling agent (than the seller). I experienced two instances where listing agent tried to discourage me from considering making an offer (in one case by mentioning some supposed defects of the property without being asked and in another case by not giving information I needed).

[bsrsharma]

AN,

From what I have been reading, I think SD Realtor is a rarest of rare agents out there. The ones I know want a machine gun like approach to make a kill and move on. I think a part of the REO game being played out consists of blocking and tackling moves (by the listing agent) designed to reduce competition to bring best reward to selling agent (than the seller). I experienced two instances where listing agent tried to discourage me from considering making an offer (in one case by mentioning some supposed defects of the property without being asked and in another case by not giving information I needed).

[bsrsharma]

AN,

From what I have been reading, I think SD Realtor is a rarest of rare agents out there. The ones I know want a machine gun like approach to make a kill and move on. I think a part of the REO game being played out consists of blocking and tackling moves (by the listing agent) designed to reduce competition to bring best reward to selling agent (than the seller). I experienced two instances where listing agent tried to discourage me from considering making an offer (in one case by mentioning some supposed defects of the property without being asked and in another case by not giving information I needed).

[bsrsharma]

AN,

From what I have been reading, I think SD Realtor is a rarest of rare agents out there. The ones I know want a machine gun like approach to make a kill and move on. I think a part of the REO game being played out consists of blocking and tackling moves (by the listing agent) designed to reduce competition to bring best reward to selling agent (than the seller). I experienced two instances where listing agent tried to discourage me from considering making an offer (in one case by mentioning some supposed defects of the property without being asked and in another case by not giving information I needed).

[bsrsharma]

AN,

From what I have been reading, I think SD Realtor is a rarest of rare agents out there. The ones I know want a machine gun like approach to make a kill and move on. I think a part of the REO game being played out consists of blocking and tackling moves (by the listing agent) designed to reduce competition to bring best reward to selling agent (than the seller). I experienced two instances where listing agent tried to discourage me from considering making an offer (in one case by mentioning some supposed defects of the property without being asked and in another case by not giving information I needed).

[all]

Start buy saving another 10%. You will not get a good deal with 10% down even if you ask for no credit. 10% down with prepaid PMI will give you shot at the crappiest of the crappy $500K houses on the market (crappy condition, crappy price or both).

Learn when sdlookup updates their listings (happens 4-5 times/day). If you have any coding experience write a script that will email you the details as soon as new listing appears. If the price is right call the listing agent ASAP (listings include the listing agency – find the phone#, call in and someone will take it from there). Make sure you get the agent to understand that you are a buyer, not an agent. Be ready to submit your offer on the same day, without seeing the property. Be confident – you will not get a chance if the agent believes your offer will fail.

If your offer is accepted and you don’t like the house walk away. It does not cost anything.

[all]

Start buy saving another 10%. You will not get a good deal with 10% down even if you ask for no credit. 10% down with prepaid PMI will give you shot at the crappiest of the crappy $500K houses on the market (crappy condition, crappy price or both).

Learn when sdlookup updates their listings (happens 4-5 times/day). If you have any coding experience write a script that will email you the details as soon as new listing appears. If the price is right call the listing agent ASAP (listings include the listing agency – find the phone#, call in and someone will take it from there). Make sure you get the agent to understand that you are a buyer, not an agent. Be ready to submit your offer on the same day, without seeing the property. Be confident – you will not get a chance if the agent believes your offer will fail.

If your offer is accepted and you don’t like the house walk away. It does not cost anything.

[all]

Start buy saving another 10%. You will not get a good deal with 10% down even if you ask for no credit. 10% down with prepaid PMI will give you shot at the crappiest of the crappy $500K houses on the market (crappy condition, crappy price or both).

Learn when sdlookup updates their listings (happens 4-5 times/day). If you have any coding experience write a script that will email you the details as soon as new listing appears. If the price is right call the listing agent ASAP (listings include the listing agency – find the phone#, call in and someone will take it from there). Make sure you get the agent to understand that you are a buyer, not an agent. Be ready to submit your offer on the same day, without seeing the property. Be confident – you will not get a chance if the agent believes your offer will fail.

If your offer is accepted and you don’t like the house walk away. It does not cost anything.

[all]

Start buy saving another 10%. You will not get a good deal with 10% down even if you ask for no credit. 10% down with prepaid PMI will give you shot at the crappiest of the crappy $500K houses on the market (crappy condition, crappy price or both).

Learn when sdlookup updates their listings (happens 4-5 times/day). If you have any coding experience write a script that will email you the details as soon as new listing appears. If the price is right call the listing agent ASAP (listings include the listing agency – find the phone#, call in and someone will take it from there). Make sure you get the agent to understand that you are a buyer, not an agent. Be ready to submit your offer on the same day, without seeing the property. Be confident – you will not get a chance if the agent believes your offer will fail.

If your offer is accepted and you don’t like the house walk away. It does not cost anything.

[all]

Start buy saving another 10%. You will not get a good deal with 10% down even if you ask for no credit. 10% down with prepaid PMI will give you shot at the crappiest of the crappy $500K houses on the market (crappy condition, crappy price or both).

Learn when sdlookup updates their listings (happens 4-5 times/day). If you have any coding experience write a script that will email you the details as soon as new listing appears. If the price is right call the listing agent ASAP (listings include the listing agency – find the phone#, call in and someone will take it from there). Make sure you get the agent to understand that you are a buyer, not an agent. Be ready to submit your offer on the same day, without seeing the property. Be confident – you will not get a chance if the agent believes your offer will fail.

If your offer is accepted and you don’t like the house walk away. It does not cost anything.

[propertysearchaddiction]

A little more info for you Piggs. We will be looking San Elijo Hills. All the homes are new and pretty much the same. 1800 sq ft-3500 sq ft homes are selling between $450,000-$600,000.
Last years avg was 3000 sq ft for $550,000.
We will be looking at around 2500 sq ft-3000 sq ft.

I have met several people who have moved here that bought bank owned with FHA and got 3% in closing costs in the last 6 months. They spent many months looking and making offers but they got one.

We aren’t debating whether to wait to save 20% or whether we should sell stock for the down payment. We would rather have the money in our accounts rather than the house. We have no debt and pay cash for cars. We are a one income family with kids so it is very important to us to have cash and stocks available and no car or credit debt.

My question is more about strategy. Focus on those that are missing appliances, no landscaping, etc. Focus on deals during the holidays?

[propertysearchaddiction]

A little more info for you Piggs. We will be looking San Elijo Hills. All the homes are new and pretty much the same. 1800 sq ft-3500 sq ft homes are selling between $450,000-$600,000.
Last years avg was 3000 sq ft for $550,000.
We will be looking at around 2500 sq ft-3000 sq ft.

I have met several people who have moved here that bought bank owned with FHA and got 3% in closing costs in the last 6 months. They spent many months looking and making offers but they got one.

We aren’t debating whether to wait to save 20% or whether we should sell stock for the down payment. We would rather have the money in our accounts rather than the house. We have no debt and pay cash for cars. We are a one income family with kids so it is very important to us to have cash and stocks available and no car or credit debt.

My question is more about strategy. Focus on those that are missing appliances, no landscaping, etc. Focus on deals during the holidays?

[propertysearchaddiction]

A little more info for you Piggs. We will be looking San Elijo Hills. All the homes are new and pretty much the same. 1800 sq ft-3500 sq ft homes are selling between $450,000-$600,000.
Last years avg was 3000 sq ft for $550,000.
We will be looking at around 2500 sq ft-3000 sq ft.

I have met several people who have moved here that bought bank owned with FHA and got 3% in closing costs in the last 6 months. They spent many months looking and making offers but they got one.

We aren’t debating whether to wait to save 20% or whether we should sell stock for the down payment. We would rather have the money in our accounts rather than the house. We have no debt and pay cash for cars. We are a one income family with kids so it is very important to us to have cash and stocks available and no car or credit debt.

My question is more about strategy. Focus on those that are missing appliances, no landscaping, etc. Focus on deals during the holidays?

[propertysearchaddiction]

A little more info for you Piggs. We will be looking San Elijo Hills. All the homes are new and pretty much the same. 1800 sq ft-3500 sq ft homes are selling between $450,000-$600,000.
Last years avg was 3000 sq ft for $550,000.
We will be looking at around 2500 sq ft-3000 sq ft.

I have met several people who have moved here that bought bank owned with FHA and got 3% in closing costs in the last 6 months. They spent many months looking and making offers but they got one.

We aren’t debating whether to wait to save 20% or whether we should sell stock for the down payment. We would rather have the money in our accounts rather than the house. We have no debt and pay cash for cars. We are a one income family with kids so it is very important to us to have cash and stocks available and no car or credit debt.

My question is more about strategy. Focus on those that are missing appliances, no landscaping, etc. Focus on deals during the holidays?

[Author]

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