Not being shown the "Good Ones" - Posted by P

Posted by Dave T on December 05, 2004 at 23:15:34:

Hot seller’s market. I listed on Friday, accepted offer in hand on Tuesday.

Not being shown the “Good Ones” - Posted by P

Posted by P on December 02, 2004 at 23:16:24:

I feel like a real estate agent is not showing me any of the 1st or 2nd tier properties as far as bargains.

I think I am seeing full retail properties only.

I know the great deals are usually broker bought, but their have to be some decent deals after that.

How do I get a toehold on that particular gravy train?

Philip

that’s an urban myth… - Posted by David Krulac

Posted by David Krulac on December 04, 2004 at 10:12:21:

most agents in reality don’t buy any investment properties, my experience over 4 decades is that about 95% of agents own NO investment properties.

Re: Not being shown the “Good Ones” - Posted by Rehabpro

Posted by Rehabpro on December 03, 2004 at 07:44:16:

P,
No offense to the Realty community but if they get a good deal they are doing one of two things. They are buying it them selves or they are quickly turning it over to their close buyers. Now you can try to become their friend and get on their list of buyers or you need to learn how to find the deals before the Realty community does. I HAVE NEVER found a good deal through a Realtor. All my deals come from my own marketing efforts. In my opinion once the “Deal” get into the Realty Community you just lost all negotiating power because everyone knows about it.
Learn to find the deals on your own and you will be amazed at how many are out there and how good many of them will be. One last note…make sure that you have what ever financing mode you plan to use setup because if it is a deal it will not last long and you will not have time to go through traditional financing. Have your private or HML lined up.
Good Luck and Great Success to you.

Re: that’s an urban myth… - Posted by Philip

Posted by Philip on December 04, 2004 at 12:59:17:

I have heard both of these answers twice now.
I wonder which way it is… or maybe it just varies from area to area.
Thanks,
Philip

Re: Not being shown the “Good Ones” - Posted by Philip

Posted by Philip on December 03, 2004 at 12:32:10:

Thank you. My parents rehabbed for years and only rarely used an RE agent.
I suspected I might get answers like this.
I guess I look like “Full Price Phil” to the agent!

Thanks for the tip on financing.
I can get it fairly quickly through my small local bank, but maybe not quick enough.

Might have to hit up mom and pop(I’m 40, their in their 60’s)
They are constantly wanting me to find more property…quicker!
Thanks again,
Philip

Re: that’s an urban myth… - Posted by Izzy

Posted by Izzy on December 04, 2004 at 14:39:54:

here’s a little exercise that might amuse you. Take the total number of sales per year and divide by the number of real estate agents. The number that you get most people can count on their fingers.

and also the percentage - Posted by Philip

Posted by Philip on December 04, 2004 at 22:38:53:

of list price that realtors claim has to be bogus.
They accidentally let me see their multilist book and it claimed they averaged 95% of list price!

There is no way!

Philip

Depends on the market - Posted by Natalie Smith

Posted by Natalie Smith on December 08, 2004 at 10:06:57:

The percentage really depends on the market. In Virginia Beach we are in a really strong seller’s market so properties get bid up. I just printed the report below on my listings from this year. Most of these were our houses that we rehabbed. We priced them high and they got bid up even higher. See the market time of only 4 days? I really got offers on the first day, but it takes a couple of days to weed through them and talk with loan officers. This doesn’t even include the ones I didn’t put on the MLS.

Total Listings: 16
Avg Total List Price: $144,112
Avg Total Market Time: 4
Avg Total Sale Price: $145,923

I agree with you that some of these claims by agents are a lot of fluff. You’d have to wonder if they include their expired listings when they report those numbers. Also, if it’s not a seller’s market, maybe they list them too low. There’s a lot of factors.

Re: and also the percentage - Posted by Dave T

Posted by Dave T on December 04, 2004 at 23:17:21:

Depends upon the market. This past July, I settled on a property for a contract price higher than the list price, with no seller concessions.

Re: and also the percentage - Posted by Philip

Posted by Philip on December 05, 2004 at 06:27:43:

Really?!
I would not think that would happen.
But I live in the midwest where there is less appreciation.
Philip