Almost every one who calls me these days tells me they want a bargain, and I spend a large proportion of my time seeking out those great deals that you all want.
So sometimes it comes of a bit of a surprise when someone says to me, “I really liked that listing you sent me a couple of days ago, maybe we could look at some time next week“. This is what I call stealing in slow motion and it doesn’t work.
In today’s world of 24 hour news cycles, the internets and Google, everything happens faster, and information is universal. I wish I could tell you I’m the only one who knows about these bargains, and I do find out faster than most, but unfortunately these are not secrets.
Bank Owned properties are always posted on the Multiple Listing Service (MLS). There are no secret lists, or hidden agendas. They want everyone to know.
Here’s the way it works. The banks are continually reducing the prices on their properties so they can reduce their inventories. After about 2/3 weeks the first reductions are posted. The MLS computer system will, if I ask it, send you, along with many others who may be interested, an instant notification of price changes. If you think you might want to make an offer the time for action is NOW.
It takes less than 24 hours for the first offers to be submitted and generally the listing agents wait another 24/26 hours before sending them all to the seller. After that it’s too late.
Of course it may be that the price didn’t get “in the zone” so maybe there won’t be an offer so you can wait to the next cycle. Here’s another thing you can do especially if you are an investor and are simply looking for bargains.
When a property first comes on the market, do your due diligence and figure out what you are willing to pay, and then stick to that number. If you give me authority I can submit the offer and then resubmit it every time the price is reduced. The traditional method of submitting a very low offer to stun the seller and then inching it up until they finally crack doesn’t work.
Check out the message I already posted about "Highest and Best".
So there it is. Decide how much you are willing to pay for a property, stick with it, and keep resubmitting till it sells. And do this on lots of properties.
In today’s world of 24 hour news cycles, the internets and Google, everything happens faster, and information is universal. I wish I could tell you I’m the only one who knows about these bargains, and I do find out faster than most, but unfortunately these are not secrets.
Bank Owned properties are always posted on the Multiple Listing Service (MLS). There are no secret lists, or hidden agendas. They want everyone to know.
Here’s the way it works. The banks are continually reducing the prices on their properties so they can reduce their inventories. After about 2/3 weeks the first reductions are posted. The MLS computer system will, if I ask it, send you, along with many others who may be interested, an instant notification of price changes. If you think you might want to make an offer the time for action is NOW.
It takes less than 24 hours for the first offers to be submitted and generally the listing agents wait another 24/26 hours before sending them all to the seller. After that it’s too late.
Of course it may be that the price didn’t get “in the zone” so maybe there won’t be an offer so you can wait to the next cycle. Here’s another thing you can do especially if you are an investor and are simply looking for bargains.
When a property first comes on the market, do your due diligence and figure out what you are willing to pay, and then stick to that number. If you give me authority I can submit the offer and then resubmit it every time the price is reduced. The traditional method of submitting a very low offer to stun the seller and then inching it up until they finally crack doesn’t work.
Check out the message I already posted about "Highest and Best".
So there it is. Decide how much you are willing to pay for a property, stick with it, and keep resubmitting till it sells. And do this on lots of properties.
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