Competition on listed properties - Posted by Eric P. Martin

Posted by Redline on June 17, 2001 at 21:10:53:


Well believe me, I know the junker market isn’t easy and I know competition is fierce around here but I guess I didn’t realize that perhaps I need to be making personal contact with some of these people to ‘introduce’ myself. Silly me, I guess I thought a strong contract and proof of funds could get me deals. I guess I’m wrong!

I don’t have a long track record to show - but I do have cash, credit and I’m licensed (I always mark off ZERO commission on my offers and deal with the listing agents.)


Competition on listed properties - Posted by Eric P. Martin

Posted by Eric P. Martin on June 15, 2001 at 14:05:28:

I was looking at some of the properties listed on the web. There was one that I had inquired about. When I finally got a hold of the R.E. agent, there were already 8 bids on the property and I asked how long it had been up, he told me “10 days”. Is this normal for just regualar listings or is going to be the norm for foreclosure listings too?


Re: Competition on listed properties - Posted by Valerie

Posted by Valerie on June 22, 2001 at 08:30:58:

I’m right outside of Philadelphia and it’s the same way here.

Re: Competition on listed properties - Posted by Rob FL

Posted by Rob FL on June 16, 2001 at 08:45:29:

Where I am at, the hot properties have 8 bids within 3 days. By the time it reaches the web, it is already sale pending. It’s best to get in touch with a Realtor who works with you regularly than searching properties on the web. is about a week behind the local MLS in my area.

One more thing… - Posted by IB (NJ)

Posted by IB (NJ) on June 15, 2001 at 15:24:47:

The competition is the norm for any property priced way under fmv in a hot market. Where are you?

Forget about the Web… - Posted by IB (NJ)

Posted by IB (NJ) on June 15, 2001 at 15:22:33:

In a hot market (like the one I work in) you can only get good REO’s if you go through a Realtor who specializes in REO’s. There are ‘special’ realtors who only deal with the banks for properties. These properties almost NEVER hit the MLS. Instead, the agent calls his/her list of Investors who get first crack at the property. Much less competition. I have an agent that calls me up whenever a ‘hot’ one comes on the market. No MLS and no comp. from other investors. If I like it I buy (the importnat thing here is that she knows I will close on time - the biggest concern for an agent). If I don’t like it, she’ll call other investors up. If they don’t want it, it’ll go on the MLS where the real comp. starts.

Call one of the major Realtors and only deal with them if they have a SEPARATE dept. for REO’s. Or you may find a Realtor that deals exclusively with REO’s. Make sure you present yourself in a professional manner. Be ready to show proof of funds like a preapproval letter. Again. the agent’s main concern is that you have the funding and will CLOSE ON TIME.

Re: Competition on listed properties - Posted by dewCO

Posted by dewCO on June 15, 2001 at 15:08:10:

THe web is usually behind the local MLS in posting listings. So if you are in a hot market it could be the norm. The web is not the place to find RE when it first hits the market in my humble opinion. Don’t know what you mean about normal for foreclosure listings—once it’s listed in MLS in a hot market it’s probably a normal listing regardless of who owns it.

Re: One more thing… - Posted by Eric P. Martin

Posted by Eric P. Martin on June 15, 2001 at 16:56:49:

I’m in Chicago

Seriously? - Posted by Redline

Posted by Redline on June 17, 2001 at 01:40:38:

IB, are you serious with this? Sure I’ve heard of this and everyone likes to say all the deals go to the “insiders” but this is the first I’m hearing of this on this board. I too am in NJ so I’m curious if this is common in MOST areas or just here? I guess I’m either naive about the junker biz or I just have alot more to learn …

Another thing I need to figure out: How to get on the “insiders list”! :wink:


Seriously - Posted by IB (NJ)

Posted by IB (NJ) on June 17, 2001 at 11:35:49:

RL: When I first got into the Biz, I naively thought that I could just look at properties on the MLS and take my pick. Well after 6 mos. of checking props on the MLS as soon as my agent called me, I realized that the rehab/foreclosure biz in NJ (at least in Central and Northern NJ) was more competetive than I thought. I would get to a house first thing in the morning after a call from my agent. I would call her back hours later to make an offer and it would be under contract. ESPECIALLY the really good ones like the 2 fam., 3bd, and 2 car garage in the decent neighborhood. You were lucky to even see these on the MLS.

Getting on the ‘insiders’ list is not that difficult. Simply call and meet with realtors who have a special ‘foreclosures’ department. Bring proof of funds and try to ensure them that you can close on time. More than likely they will work one REO with you to make sure you’re a man/woman of your word. In my opinion, you must be ready to pay with cash and they do not allow assignment of contracts (you won’t be able to sell your position to another investor).