Buying strategy

[akbarpunjabi]

Can I select an agent/broker/realtor to go out and find me a deal? The agent goes and cherry picks one of the many underwater owners in the location of my choosing. By mail or by knocking on the door of the ones that look most vulnerable to walking or foreclosure(and have banks that are easy to work with). My agent double ends the deal so gets more $$ plus I throw more money on top as a thank you bonus. I even throw in more $$ to the former owner as a thank you (keys for cash). They benefit by getting out and getting paid. I benefit by getting a great discount even after all the extra $$ is accounted for. Homeowner gets just 1 open house, 1 home inspection, 1 appraisal, and “our” agent does all the work with the bank for them. Agent gets paid for all the extra work and the banks have so many bailouts and programs to give them money they are more than fine. Crazy idea or is this possible?

[Diego Mamani]

I just found out that a friend of a friend’s house was foreclosed last year, but she still lives there, rent free! FBs (haven’t use that acronym for a long time) typically have little incentive to agree to your deal.

Another complication: banks may not agree to sell the house to you at a fair market value, let alone at a discounted price.

[akbarpunjabi]

100 well placed letters to the most eligible owners might just snag a few potential owners and all it takes is one of them to go through for me to get a place. 100 stamps and envelopes and a sheet of paper to start the process seems like a small amount to pay to save 25% on a 200K condo.

[akbarpunjabi]

Or is it easier to just go after a listing agent and his client after it is already listed and cut the first step of my idea out?

[akbarpunjabi]

Ok so perhaps I cut out short sales completely since that whole part is too much of a pain. Now I search for fresh 0 or 1 day old REO listings and attempt to contact them before they have any offers. Less people involved the better chance it goes through.

[sdrealtor]

The kind of short sale agents that put under market offers in for their clients almost always have those buyer lined up before they go on the market so that probably has minimal chance of success. Its an insiders game for what you propose and if you arent an insider with sleazy agents you probably wont succeed.

The REO listing agents handling most (90% plus) are a select few. They make alot of money doing REO’s. You are asking them to commit fraud and submit a below market offer on a 200K condo which will net them a few thousand dollars more. Do you really think they will jeopardize a high 6 figure and possibly 7 figure income for that?

The time for snagging deeply discounted properties from current pricing came and went already.

[akbarpunjabi]

I agree but i was just curious what others thought

[akbarpunjabi]

What is the best strategy for a first time buyer in the condo market in mission valley around the 163/805 area? Anything that is priced low goes contingent right away and for a very long time. Then when it finally closes it shows an even lower sales price.

http://www.redfin.com/CA/San-Diego/6855-Friars-Rd-92108/unit-6/home/5244591

[briansd1]

I think just work with an agent and submit offers immediately when you see a “good deal”.

Pre-qualify and have proof of funds ready to submit with the offer. You might get lucky.

I think that I might just get a property under what others paid cash for similar. But I don’t want to count my chicks before they hatch.

BTW, I believe that paying cash outside of escrow is considered fraud, especially if the bank is not made aware of it.

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