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I know an agent in Florida that has many international investors for clients and they write offers sight unseen. I don't know if the two offers were for clients that looked at those homes, but if they were investors that have used the local contracts before they just tend to sign. Mine do here. I educate them once on all of the details of the contract and then they sign subsequent offers without reading them (just read the added in parts).
I am assuming dee2e is working with investors. They don't linger in houses...at least that isn't my experience with them. Regular buyers require more time per house than an investor does.
Silverfall, we have a few hot areas where homes are selling for 25-35% of what they sold for a few years ago. Investors are grabbing them up so fast it's amazing. They usually don't linger at all and very often put in the offer since the as is contract lenders require gives them an out during the inspection period. Investors are very decisive and have no time to waste. They hunt in an area, pick out many homes that are close together, I pack the cooler with water and snacks and we go. If you are a smart agent and plan showings well, it's easy to show many homes in a short time period. They pay cash and close quickly after the inspections are over. They get pricing and understand that lenders don't counter offer usually. They put in their highest and best offer and they move to the next property. I have a lot of International buyers that buy without looking first for vacation homes, come in during inspections or just review the report. These types of buyers have a total differ take on things than the buyer looking for a permanent home for their family.
You are right on about educating buyers on the contracts the first time and then they know what changes contract to contract to review. It is not difficult to get back a contract in a day. I have a few reo listing agents that send me REO stuff before it hits the MLS and very often, he gets them undercontract without putting them in the MLS.
Both contract executed Monday were short sales contract for buyers who would live in the property. Sellers don't care about price since their net at the end of the day is zero. Both are contingent on lender approval. Banks just take the highest and best offer. There is no negotiating back and forth on those types of sales.
Closings await...end of month is a challenge. Have a great day!
Silverfall, we have a few hot areas where homes are selling for 25-35% of what they sold for a few years ago. Investors are grabbing them up so fast it's amazing. They usually don't linger at all and very often put in the offer since the as is contract lenders require gives them an out during the inspection period. Investors are very decisive and have no time to waste. They hunt in an area, pick out many homes that are close together, I pack the cooler with water and snacks and we go. If you are a smart agent and plan showings well, it's easy to show many homes in a short time period. They pay cash and close quickly after the inspections are over. They get pricing and understand that lenders don't counter offer usually. They put in their highest and best offer and they move to the next property. I have a lot of International buyers that buy without looking first for vacation homes, come in during inspections or just review the report. These types of buyers have a total differ take on things than the buyer looking for a permanent home for their family.
You are right on about educating buyers on the contracts the first time and then they know what changes contract to contract to review. It is not difficult to get back a contract in a day. I have a few reo listing agents that send me REO stuff before it hits the MLS and very often, he gets them undercontract without putting them in the MLS.
Both contract executed Monday were short sales contract for buyers who would live in the property. Sellers don't care about price since their net at the end of the day is zero. Both are contingent on lender approval. Banks just take the highest and best offer. There is no negotiating back and forth on those types of sales.
Closings await...end of month is a challenge. Have a great day!
One of the short sale experts I know in Fl has 10-15 closings a month. It's nuts down there.
Silverfall, we have a few hot areas where homes are selling for 25-35% of what they sold for a few years ago. Investors are grabbing them up so fast it's amazing. They usually don't linger at all and very often put in the offer since the as is contract lenders require gives them an out during the inspection period. Investors are very decisive and have no time to waste. They hunt in an area, pick out many homes that are close together, I pack the cooler with water and snacks and we go. If you are a smart agent and plan showings well, it's easy to show many homes in a short time period. They pay cash and close quickly after the inspections are over. They get pricing and understand that lenders don't counter offer usually. They put in their highest and best offer and they move to the next property. I have a lot of International buyers that buy without looking first for vacation homes, come in during inspections or just review the report. These types of buyers have a total differ take on things than the buyer looking for a permanent home for their family.
You are right on about educating buyers on the contracts the first time and then they know what changes contract to contract to review. It is not difficult to get back a contract in a day. I have a few reo listing agents that send me REO stuff before it hits the MLS and very often, he gets them undercontract without putting them in the MLS.
Both contract executed Monday were short sales contract for buyers who would live in the property. Sellers don't care about price since their net at the end of the day is zero. Both are contingent on lender approval. Banks just take the highest and best offer. There is no negotiating back and forth on those types of sales.
Closings await...end of month is a challenge. Have a great day!
Well, while I did work with investment groups in the states on SS's and this was before the market tanked neither I or any other agent in my area which was a very 'hot, hot market' showed 200-300 homes in a week between other clients, etc. etc. etc. I, as well, always carried my laptop, portable printer etc. so I could draft a professional offer anywhere and worked 7 days a week. We too had a great office staff to handle some of the grunt work, so to speak. But especially now that I'm a managing broker like your site seems to indicate you are - though have never heard of "qualifying broker' - but different states have different designations for the BIC. I only wish I could spend more time in the field than overseeing the office, dealing with developer clients, etc. etc. etc.
But that's not really the point of my post - I work with an international clientele base looking for either investment properties or a vacation/2nd home. You and I will have to agree to disagree about letting an international buyer purchase sight unseen, because that's one thing I won't do. As an example, I had very experienced developers/investors out of Florida call me on two of our listings - wanted to know the entire process down here so I told them. They said "well can't we just cut to the chase and wire down the entire 10% EM deposit on the 2 properties?" I said no - they hadn't even seen the property and 'buyer remorse' was not grounds to back out and get their money back. I told them I would negotiate an option so they were only risking 1% of sale price, instead of 10%. So guess what? They came down, pulled the trigger on one and passed on the other so by going the 'option' route I saved them over $50,000. Still get referrals from them.
Well, while I did work with investment groups in the states on SS's and this was before the market tanked neither I or any other agent in my area which was a very 'hot, hot market' showed 200-300 homes in a week between other clients, etc. etc. etc. I, as well, always carried my laptop, portable printer etc. so I could draft a professional offer anywhere and worked 7 days a week. We too had a great office staff to handle some of the grunt work, so to speak. But especially now that I'm a managing broker like your site seems to indicate you are - though have never heard of "qualifying broker' - but different states have different designations for the BIC. I only wish I could spend more time in the field than overseeing the office, dealing with developer clients, etc. etc. etc.
But that's not really the point of my post - I work with an international clientele base looking for either investment properties or a vacation/2nd home. You and I will have to agree to disagree about letting an international buyer purchase sight unseen, because that's one thing I won't do. As an example, I had very experienced developers/investors out of Florida call me on two of our listings - wanted to know the entire process down here so I told them. They said "well can't we just cut to the chase and wire down the entire 10% EM deposit on the 2 properties?" I said no - they hadn't even seen the property and 'buyer remorse' was not grounds to back out and get their money back. I told them I would negotiate an option so they were only risking 1% of sale price, instead of 10%. So guess what? They came down, pulled the trigger on one and passed on the other so by going the 'option' route I saved them over $50,000. Still get referrals from them.
But guess everyone does things different.
You would go broke if you tried to preview every home for the international investors. The agent I know how does it, does look at the house after the offer is accepted, but not before. Homes in his area are selling for $50,000-$100,000 with cash close in two weeks.
An international investor isn't going to fly in to look at a $50,000 home. That just makes no financial sense.
You would go broke if you tried to preview every home for the international investors. The agent I know how does it, does look at the house after the offer is accepted, but not before. Homes in his area are selling for $50,000-$100,000 with cash close in two weeks.
An international investor isn't going to fly in to look at a $50,000 home. That just makes no financial sense.
SF the properties I was referring to were $500k+ each and the buyers would have lost $50,000 because they wanted to buy sight unseen. But like I said, everyone practices differently - not saying I'm right and others wrong - just that I personally will not sell a property where the buyer is purchasing sight unseen and most especially when they are risking $50,000 in EM if they do not go through with the sale.
It's one thing in the States where we're talking about a $50k-$100k home, possible SS situation etc. where international buyers are wanting to capitalize on the very low prices. Most possibly in that scenario I would do as others. However, and again this is JMO, if it's a higher end home and someone wanted to buy sight unseen I would feel uncomfortable with doing that.
SF the properties I was referring to were $500k+ each and the buyers would have lost $50,000 because they wanted to buy sight unseen. But like I said, everyone practices differently - not saying I'm right and others wrong - just that I personally will not sell a property where the buyer is purchasing sight unseen and most especially when they are risking $50,000 in EM if they do not go through with the sale.
It's one thing in the States where we're talking about a $50k-$100k home, possible SS situation etc. where international buyers are wanting to capitalize on the very low prices. Most possibly in that scenario I would do as others. However, and again this is JMO, if it's a higher end home and someone wanted to buy sight unseen I would feel uncomfortable with doing that.
No disagreement there. I just want to make sure that people understand that some parts of Florida are insanely crazy right now.
That's great news, SF! I always love hearing of areas in the states that are seeing a lot of activity
You know a lot of $50-75,000 listings is a hard way to earn money. Especially when so many are short sales. The agent I know in FL that is really busy, 90% of his market are short sales and REO's. I mean getting $1500 (assuming the lender agrees to a full 6%) to negotiate a short sale? I'd rather join Chuckity and stick a #2 pencil in my eye...
My electroinc keyboxes in CT record the ID of every realtor that comes into the property with time date etc. Then the listing agent goes online and can see who showed the home and what their contact info is for followup. All registered agents and members have access to these are they are great.
You know a lot of $50-75,000 listings is a hard way to earn money. Especially when so many are short sales. The agent I know in FL that is really busy, 90% of his market are short sales and REO's. I mean getting $1500 (assuming the lender agrees to a full 6%) to negotiate a short sale? I'd rather join Chuckity and stick a #2 pencil in my eye...
LMAO same here SF. A big ole #2 and one with attitude to boot!
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