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I'm fairly certain the listing went up with the info about Backups--I'm really on top of checking the listings in the area I'm targeting.
It seems like the best deals aren't really ever available.
This seems so sketchy. In this case the owner is a small credit union. I'm tempted to notify them. Is this just an accepted practice, hand off special deals to certain clients???
It happens all the time. Many listing agents have pocket buyers. A good value comes up and a phone call gets made. The house lists and the offer is in minutes later. The other way is that you make your offer and purely by coincidence of course, your offer is bested by someone else by just enough to get accepted over yours.
The solution is to play that game and become a pocket buyer. These things aren't supposed to happen but they do. It seems that often, listing agents with lots of foreclosures and short sales run this way. it isn't all that hard to get in, just make a few calls and ask what price it takes. You'd be surprised at some of the answers, they will actually tell you the offer amount it takes to get the house.
I didn't believe it at first until one day I just made the call. I asked the listing agent directly, what it would take. He gave me the number. As simple as that.
Yes, there are rules and laws and all that. Doesn't seem to matter that much.
It happens all the time. Many listing agents have pocket buyers. A good value comes up and a phone call gets made. The house lists and the offer is in minutes later. The other way is that you make your offer and purely by coincidence of course, your offer is bested by someone else by just enough to get accepted over yours.
The solution is to play that game and become a pocket buyer. These things aren't supposed to happen but they do. It seems that often, listing agents with lots of foreclosures and short sales run this way. it isn't all that hard to get in, just make a few calls and ask what price it takes. You'd be surprised at some of the answers, they will actually tell you the offer amount it takes to get the house.
I didn't believe it at first until one day I just made the call. I asked the listing agent directly, what it would take. He gave me the number. As simple as that.
Yes, there are rules and laws and all that. Doesn't seem to matter that much.
Did you have your realtor representing you or did you use listing agent as your realtor as well. Or maybe you are a realtor yourself?
Who showed you that house or did you ask your question about what it takes to get that house before looking at it?
Did you have your realtor representing you or did you use listing agent as your realtor as well. Or maybe you are a realtor yourself?
Who showed you that house or did you ask your question about what it takes to get that house before looking at it?
I am not a Realtor or real estate agent. The whole thing went kind of simple, the house was interesting to me and I called the listing agent. He said there was already an offer on the house. I asked him what it would take to get the house. He threw out a number. It was that quick. It goes further though, I called the bank, it was a foreclosure. The asset manager verified the offer was in and accepted. I told him I had a number from the listing agent that would get me the house. He said "that would work".
There is more. From the same listing agent I was offered the opportunity to get in on other deals in a similar manner. No drama, no back and forth, you get the number that gets you ahead of everyone else.
This happens all the time and more often than most people know. There simply aren't that many coincidences where people put in offers and by some miracle the winning offer is slightly above theirs.
There are many fine REAs and Realtors who honor their profession but many does not mean most. Get into a hot market or one where lots of money flows and what I described above isn't hard to find. You need the ability to ask a very straightforward question and not sound like you are fishing. Ask like it is a fact of the business. The answer might be a hypothetical but more often than not, you'll get it.
This isn't relegated to small time shops but some of the largest big names and largest banks. No one is watching the store, money is lining pockets and when you tell someone they can make a cool 3,4,5 or 6% on hundreds of thousands for doing little more than talking on a telephone, getting in a car and opening a door and running herd on some paperwork, suddenly all kinds of things are possible.
I am not a Realtor or real estate agent. The whole thing went kind of simple, the house was interesting to me and I called the listing agent. He said there was already an offer on the house. I asked him what it would take to get the house. He threw out a number. It was that quick. It goes further though, I called the bank, it was a foreclosure. The asset manager verified the offer was in and accepted. I told him I had a number from the listing agent that would get me the house. He said "that would work".
There is more. From the same listing agent I was offered the opportunity to get in on other deals in a similar manner. No drama, no back and forth, you get the number that gets you ahead of everyone else.
This happens all the time and more often than most people know. There simply aren't that many coincidences where people put in offers and by some miracle the winning offer is slightly above theirs.
There are many fine REAs and Realtors who honor their profession but many does not mean most. Get into a hot market or one where lots of money flows and what I described above isn't hard to find. You need the ability to ask a very straightforward question and not sound like you are fishing. Ask like it is a fact of the business. The answer might be a hypothetical but more often than not, you'll get it.
This isn't relegated to small time shops but some of the largest big names and largest banks. No one is watching the store, money is lining pockets and when you tell someone they can make a cool 3,4,5 or 6% on hundreds of thousands for doing little more than talking on a telephone, getting in a car and opening a door and running herd on some paperwork, suddenly all kinds of things are possible.
Since I had vert bad experiense with the realtors who supposed t represent me and didn't, I am planning to contact listing agents as you suggested from now on.
But you didn't answer my question. How you were able to see the house? Did listing agent unlocked the door for you? I mean I really need to take a look at the house before I can ask listing agent "what it takes to get this place"
Since I had vert bad experiense with the realtors who supposed t represent me and didn't, I am planning to contact listing agents as you suggested from now on.
But you didn't answer my question. How you were able to see the house? Did listing agent unlocked the door for you? I mean I really need to take a look at the house before I can ask listing agent "what it takes to get this place"
you have admitted to bad experiences in the past, yet now you want to enlist the help of an agent who legally cannot look out 100% for your best interests as they are already bound to do that for the sellers..
REO listings take a long time to go through the cycle so there is lots of time to have "pre-marketing". I commend the company's that require a listing to be exposed in the MLS to the public for "x" days, prior to responding to offers so that they may try to get the true highest and best price for their home.
I wish banks would require their Realtors to date stand and sequentially number offers as they are received. That would put a stop to all the anxiety over if your offer was ever even seen by the bank!
Some won't even accept additional offers after one is received. That only make sense for the work load of the clerk processing the paperwork, but makes absolutely no sense in maximizing the sales price for the seller and minimizing the loss if it is a short sale or a foreclosure.
Logic is not always a factor in today's real estate world unfortunately!
The area I'm shopping is rural and small, and I've contacted at least one agent at every local brokerage, and I have a close relative that's willing to refer back the full commission, so in theory, the process shouldn't be that complicated. BUT, most of the active inventory seems to come from out of area REAs that have zero interest in doing anything other than selling to pocket buyers, but they're one time deals. Many post only one pic of the outside, and in this case, there were no pics, the agent required an appointment with him to see it and he was a few hours away, with no lockbox, discouraging buyers from even looking. I've had agents tell me straight out don't submit an offer I won't accept it. Very frustrating.
I have a short sale offer in that I'm waiting for a response from the bank, which if they accept or counter anywhere close I'll be thrilled with, so it's probably best just to be patient. These "deals" lower the comps (which will work in my favor but doesn't sit well with me) and are keeping inventory deflated from what I can tell, and it's severely effecting the local realtors as well. In this instance, the bank is a small, local credit union--still a good hour away, but while I get the big banks are overwhelmed, this one actually surprised me.
I was frankly shocked the bubble didn't burst much sooner than it did, but unless you're an active buyer (or in the business obviously) in an area that's is still heavily feeling the repercussions of that mess, a person wouldn't realize how underhanded much of this still seems. It isn't good for the economy accept for a small percentage of the population.
Since I had vert bad experiense with the realtors who supposed t represent me and didn't, I am planning to contact listing agents as you suggested from now on.
But you didn't answer my question. How you were able to see the house? Did listing agent unlocked the door for you? I mean I really need to take a look at the house before I can ask listing agent "what it takes to get this place"
Listing agent was more than happy to show the house. Getting to see a house is as simple as asking, that is their job. When they ask you if you are represented you don't have to say anything other than "At this point I am representing myself, I am not a real estate agent". They will show you the house.
If they refuse to show the house, easy enough to report their refusal and also contact the owner. The only time this becomes a problem is with the discount listing agents who just list FSBO (for sale by owner). Doesn't matter, at that point your are dealing with the owner anyway who will show the house.
Even going back a number of times won't matter, the listing agent will show the home. That is how they are going to make money and probably more than someone with a buyer agent hanging on their arm.
The benefit is that you get the information directly instead of what the buyer agent tells you. Anyone that believes when the listing and buyer agent talk that they get everything told to them is living in lala land.
There are some other things you can do to augment this strategy for things like going over paperwork, preparing the offer and so on that cost very little or in the end nothing. That might help if you think you need some extra eyes before you submit and as you go along the process. I'll post it if you want.
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