Some people just … Some people just base their offer on the list price, and not on market research. If it is priced $40K too high then putting an offer in 20K below, you are overpaying by $20K, if it is priced $40K too low, then putting an offer in $20K above list, you are getting a deal. Also if a property is not move in ready, then it’ll likely sell for cash, or rehab loan only, because it won’t qualify for financing.
funny, but not … funny, but not totally true..sometimes properties will be underpriced, sometimes overpriced, key is to work with a buyer’s agent that is on your side and can do the proper market research to give you a good idea of what it will actually take to win the offer. You are competing with others who do that, so if you don’t do that you will likely lose, possibly overpay.
In the last 6 … In the last 6 months I have put in about 18 offers on bank owned homes, I have offered the banks there asking price, and everyone of them came back saying a offer came in before me, some of the homes have been on the market for over a year, some 15 days, and others 180 days, I think the banks are just playing,
This is a … This is a self-serving video which does have a basis in fact for most agents, The truth is that a few people have learned the system and know how to play it. These peole then are perceived as ones who makes the lenders’ jobs easier, so they get calls on more deals. Buyers need to find CDPE certified agents who are trained to go through the process. Too many properties are being listed by agents claiming to be “specialists” and they do not even know who the lender is!
You arrogant, snide … You arrogant, snide, b—ch. You are obviously one of the preffered agents who has (somehow worked? gag!) her way into the good graces of an asset manager or six. I know so many diligent good agents who work thier a-s off and get nowhere while things like you have an inside track and get everything through. Don’t get on here acting like you’re superior, you’re an as-. Sorry for the cursing everyone but this is the blue robot in the flesh. All of us who are in lending know what she is. Sickening
This is the truth, … This is the truth, I know this agent. He has made millions in the last year and a half. He is a machine processing cash only offers from a list of investors as long as the Rio Grande. I know another who has 1.2 billion in investor money (2 investors) with orders to buy hundreds of homes in bulk if possible. The listing prices are just plain ink. In fact in So.Cal they have dropped that rouge since there are no homes available to real people who really want a home. I am in a related business.
Buyers who think … Buyers who think they can simply get their offer accepted by offering the full price listed on MLS is stuck in 2008. Sadly, many buyers think it’s a buyer’s market when the market is not in their favor at all! Work with a buyer’s agent who is willing to work hard for you is definitely the key!
It is an absolute … It is an absolute mess how these homes can be sold with no regard to ethics or the laws. Why on earth the banks dump 100s of listings on overworked agents who just stumbled upon them because they did some BPOs for them is beyond me. The irony is that us taxpayers bailed these banks out that are not diversifying and driving down prices and the tax base.
I’d start naming … I’d start naming names and pointing fingers. But that would be a violation of my REALTOR Code of Ethics. Most short sales prices are being thrown out there just to see if they’d stick. I saw a property listed on the MLS for $1 and called the agent on it. He said that the price was only to spark interest.
Sounds like the … Sounds like the majority of REO properties in the greater Phoenix area. Yesterday I visited a listing on the first day and the line of prospective buyers with agent was in place when I arrived and there were others waiting as we exited. Then my buyer suggested he would be willing to make an offer at 20% under list!!!
ha<ha any one … ha<ha any one trying to buy a home in these times knows how tru this video is FHA,VA good luck and what the every REO u need to cross qual….highest and best!!!! get the out of here with that sh!t
This is so true! … This is so true! Great video! Now I can laugh about it, because I just closed on a bank-owned property. That’s exactly how the procedure is. Scary!!!
Buying a bank-owned home is easy!
May 2nd, 2010 at 12:01 pm
oh this isn’t my …
oh this isn’t my normal youtube ID…I forgot I even set this up..hah..yes I do work in the business obviously.
May 2nd, 2010 at 12:01 pm
Some people just …
Some people just base their offer on the list price, and not on market research. If it is priced $40K too high then putting an offer in 20K below, you are overpaying by $20K, if it is priced $40K too low, then putting an offer in $20K above list, you are getting a deal. Also if a property is not move in ready, then it’ll likely sell for cash, or rehab loan only, because it won’t qualify for financing.
May 2nd, 2010 at 12:01 pm
funny, but not …
funny, but not totally true..sometimes properties will be underpriced, sometimes overpriced, key is to work with a buyer’s agent that is on your side and can do the proper market research to give you a good idea of what it will actually take to win the offer. You are competing with others who do that, so if you don’t do that you will likely lose, possibly overpay.
May 2nd, 2010 at 12:01 pm
I Agree
I Agree
May 2nd, 2010 at 12:01 pm
Same here
Same here
May 2nd, 2010 at 12:01 pm
I love this video, …
I love this video, this a very good characture of the all cash investing world.
I would challenge this agent to make another one this good, maybe with a “green” rehabber…
May 2nd, 2010 at 12:01 pm
can robots make …
can robots make love?
the answer is here:
watch?v=sKrai1dQmgw
May 2nd, 2010 at 12:01 pm
In the last 6 …
In the last 6 months I have put in about 18 offers on bank owned homes, I have offered the banks there asking price, and everyone of them came back saying a offer came in before me, some of the homes have been on the market for over a year, some 15 days, and others 180 days, I think the banks are just playing,
May 2nd, 2010 at 12:01 pm
Poor guy.
Poor guy.
May 2nd, 2010 at 12:01 pm
This is a …
This is a self-serving video which does have a basis in fact for most agents, The truth is that a few people have learned the system and know how to play it. These peole then are perceived as ones who makes the lenders’ jobs easier, so they get calls on more deals. Buyers need to find CDPE certified agents who are trained to go through the process. Too many properties are being listed by agents claiming to be “specialists” and they do not even know who the lender is!
May 2nd, 2010 at 12:01 pm
You arrogant, snide …
You arrogant, snide, b—ch. You are obviously one of the preffered agents who has (somehow worked? gag!) her way into the good graces of an asset manager or six. I know so many diligent good agents who work thier a-s off and get nowhere while things like you have an inside track and get everything through. Don’t get on here acting like you’re superior, you’re an as-. Sorry for the cursing everyone but this is the blue robot in the flesh. All of us who are in lending know what she is. Sickening
May 2nd, 2010 at 12:01 pm
This is the truth, …
This is the truth, I know this agent. He has made millions in the last year and a half. He is a machine processing cash only offers from a list of investors as long as the Rio Grande. I know another who has 1.2 billion in investor money (2 investors) with orders to buy hundreds of homes in bulk if possible. The listing prices are just plain ink. In fact in So.Cal they have dropped that rouge since there are no homes available to real people who really want a home. I am in a related business.
May 2nd, 2010 at 12:01 pm
LOL bid 20000 over …
LOL bid 20000 over on 4 homes and they all sold cash to investors!
May 2nd, 2010 at 12:01 pm
Buyers who think …
Buyers who think they can simply get their offer accepted by offering the full price listed on MLS is stuck in 2008. Sadly, many buyers think it’s a buyer’s market when the market is not in their favor at all! Work with a buyer’s agent who is willing to work hard for you is definitely the key!
May 2nd, 2010 at 12:01 pm
It is an absolute …
It is an absolute mess how these homes can be sold with no regard to ethics or the laws. Why on earth the banks dump 100s of listings on overworked agents who just stumbled upon them because they did some BPOs for them is beyond me. The irony is that us taxpayers bailed these banks out that are not diversifying and driving down prices and the tax base.
May 2nd, 2010 at 12:01 pm
I’d start naming …
I’d start naming names and pointing fingers. But that would be a violation of my REALTOR Code of Ethics. Most short sales prices are being thrown out there just to see if they’d stick. I saw a property listed on the MLS for $1 and called the agent on it. He said that the price was only to spark interest.
May 2nd, 2010 at 12:01 pm
Way too ttrue life. …
Way too ttrue life. Scary and sad.
May 2nd, 2010 at 12:01 pm
Sounds like the …
Sounds like the majority of REO properties in the greater Phoenix area. Yesterday I visited a listing on the first day and the line of prospective buyers with agent was in place when I arrived and there were others waiting as we exited. Then my buyer suggested he would be willing to make an offer at 20% under list!!!
May 2nd, 2010 at 12:01 pm
ha<ha any one …
ha<ha any one trying to buy a home in these times knows how tru this video is FHA,VA good luck and what the every REO u need to cross qual….highest and best!!!! get the out of here with that sh!t
May 2nd, 2010 at 12:01 pm
This is so true! …
This is so true! Great video! Now I can laugh about it, because I just closed on a bank-owned property. That’s exactly how the procedure is. Scary!!!
May 2nd, 2010 at 12:01 pm
This is so true …
This is so true from stories my sister tells me from the REO office she works in.
May 2nd, 2010 at 12:01 pm
Well its not just …
Well its not just REO’s. Im seeing multiple offers on all my short sales here in CA.
May 2nd, 2010 at 12:01 pm
Ha ha! This is …
Ha ha! This is soooo true in the Atlanta area especially the “arrogant” part. Has anybody sent this to freddie and Fannie?
May 2nd, 2010 at 12:01 pm
I am a Realtor in …
I am a Realtor in the State of Arizona. Sadly, this rings true for me and most of the other agents I have talked to lately.
May 2nd, 2010 at 12:01 pm
I hope this is not …
I hope this is not true, I just found a REO..lol