Overall, I like the advice since I am struggling a wee bit dealing with a few realtors.
I got this idea from Scott (and I think Alvin also posted it too), that you can get the RB to give you addresses of houses they want to buy. Now, I've gone and done it. I've got an RB who's given me numbers for FSBO's and realtors to make offers for her. How do you make the NEO if you don't have all the numbers? I realize having a ready "buyer" is leverage for a stagnant listing, but I know a realtor isn't going to tell me what the seller owes on the mortgage, or whether the loan is in default or what the payments are, etc. HELP!
Debbie
Just make the offer based upon the info you have from the Agent. Call the rest "tbd"
Who said the Realtor won't tell you what you want? They will never tell you unless you ask, that's for sure. You don't just call and start asking what people owe anyway.
Make your call just like you would any other call. If you are calling the Realtor just tell them the same thing as you would the Seller.
Call and say,...
You: I may be interested in your (or your client's) house, can I ask you a few questions?
Them: Sure, what
You: Let me tell you what I'm looking for. I've got a client who is interested in your house and is willing to make you a Full Price Offer if you (or your client) would be willing to stay on your loan and leave your equity in tact for a few years while they cover 100% of the Payments and all the Maintenance. They will refinance in a few years, pay off your loan and give you a check for all your (your client's) equity at that time, Fair Enough?
And let it go from there. Most won't, so what. Some will. Your RB may give you 12 phone numbers to call and all you have to do is call them. What if two of them say yes. Now you have two deals. One to close now and one to find an RB for.
_________________
Scott L. Moyes, "The Full Price Offer Guy"
Co-Author of "Working with Realtors and Lenders"
To order follow the link below:
http://www.financialfitnessrevolution.com/narsoffer/index.html
Ask the agent if the seller is willing to help the buyer finance the property by leaving their loan in place. Tell the agent that you have someone who's interested in the property but isn't able to get conventional financing today but can do so in a few years. For the meantime, this person will take over the seller's taxes, insurance, mortgage payments and assume the rest of the responsibilities of maintaining the home. In other words, ask the agent if this property is available for lease.
Tell the agent you'd like to make an offer but you need some numbers and information in order for you to formally write it up. If the agent doesn't give you the some of the information, just as homesaver said, put TBD. At least you made an offer! Who cares if the agent says NO even he/she hasn't consulted with the homeowner. Move on to the next FSBO or listing.
*Ah Scott beat me to it. Do what Scott says.
www.alvinreyes.com
I come from the school of not saying anything about staying on the loan. I'd rather let the NEO do the talking. For a couple of reasons: I think when you mention you'd like them to stay on the loan . . . . , you are forcing them to make a big decision with little information and you haven't left anything with them so they know how to contact you back in a couple of months when reality sets in (no good offers coming in) and they become more motivated. If you email an NEO they have 12 pages of how it works and it usually is stored in their computer.
Homesavers, I don't like to use TBD (no pazazz)! I put numbers in even if I don't know them. They can easily be changed and I've had calls back because the numbers were wrong. If someone will call back because the numbers are wrong you've got a pretty interesed party that is worth talking to because he listens. I get my numbers for the NEO by assuming that nobody has any equity anymore so I would assume a 10-15% down and the payment would be 8.5% of the balance after subtracting the 10% and then dividing by 12 for the monthly (example: $300k house less 10% = $270k loan @ 8.5% = $22,950 divided by 12 = $1,913 monthly payment) if the house is almost paid for don't you think you might get a call?
I agree with Scott. I don't have a problem getting that info from a RE agent (especially if I've already got an RB/buyer). I just ask! I also ask if he's got any turn downs or expired listing he's lost that he'd like to resurrect? By the way, I email the offer to the Realtor, he has to show it to the client by law and it gives me a good contact to build a relationship with for future business.
I will admit I don't have to ask for loan or payment info much, because I have access to RealQuest and can easily find it if I have the address. So all I need is the asking price and what realtor is not going to give you that?
DavidB
_________________
BELIEVE IN MAGIC!
Ask Yourself, "Where would I be today if I hadn't taken the time to listen to a "Great Idea"?
Anybody else have some input one dealing with realtors if you find yourself dealing with them?
----
Debbie
----
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Make your call just like you would any other call. If you are calling the Realtor just tell them the same thing as you would the Seller.
Call and say,...
You: I may be interested in your (or your client's) house, can I ask you a few questions?
Them: Sure, what
You: Let me tell you what I'm looking for. I've got a client who is interested in your house and is willing to make you a Full Price Offer if you (or your client) would be willing to stay on your loan and leave your equity in tact for a few years while they cover 100% of the Payments and all the Maintenance. They will refinance in a few years, pay off your loan and give you a check for all your (your client's) equity at that time, Fair Enough?
And let it go from there. Most won't, so what. Some will. Your RB may give you 12 phone numbers to call and all you have to do is call them. What if two of them say yes. Now you have two deals. One to close now and one to find an RB for.
_________________
Scott L. Moyes, "The Full Price Offer Guy"
Co-Author of "Working with Realtors and Lenders"
To order follow the link below:
http://www.financialfitnessrevolution.com/narsoffer/index.html
----
Tell the agent you'd like to make an offer but you need some numbers and information in order for you to formally write it up. If the agent doesn't give you the some of the information, just as homesaver said, put TBD. At least you made an offer! Who cares if the agent says NO even he/she hasn't consulted with the homeowner. Move on to the next FSBO or listing.
*Ah Scott beat me to it. Do what Scott says.
www.alvinreyes.com
----
Alvin, I like what you said also. You are pretty smooth.
I come from the school of not saying anything about staying on the loan. I'd rather let the NEO do the talking. For a couple of reasons: I think when you mention you'd like them to stay on the loan . . . . , you are forcing them to make a big decision with little information and you haven't left anything with them so they know how to contact you back in a couple of months when reality sets in (no good offers coming in) and they become more motivated. If you email an NEO they have 12 pages of how it works and it usually is stored in their computer.
Homesavers, I don't like to use TBD (no pazazz)! I put numbers in even if I don't know them. They can easily be changed and I've had calls back because the numbers were wrong. If someone will call back because the numbers are wrong you've got a pretty interesed party that is worth talking to because he listens. I get my numbers for the NEO by assuming that nobody has any equity anymore so I would assume a 10-15% down and the payment would be 8.5% of the balance after subtracting the 10% and then dividing by 12 for the monthly (example: $300k house less 10% = $270k loan @ 8.5% = $22,950 divided by 12 = $1,913 monthly payment) if the house is almost paid for don't you think you might get a call?
I agree with Scott. I don't have a problem getting that info from a RE agent (especially if I've already got an RB/buyer). I just ask! I also ask if he's got any turn downs or expired listing he's lost that he'd like to resurrect? By the way, I email the offer to the Realtor, he has to show it to the client by law and it gives me a good contact to build a relationship with for future business.
I will admit I don't have to ask for loan or payment info much, because I have access to RealQuest and can easily find it if I have the address. So all I need is the asking price and what realtor is not going to give you that?
DavidB
_________________
BELIEVE IN MAGIC!
Ask Yourself, "Where would I be today if I hadn't taken the time to listen to a "Great Idea"?
1 comment:
I have 2 MB of notes I have copy & pasted from Bill's board and 90% is from Scott L Moyes and D B Henderson. I am blending thier two systems and following thier advice.
I will post notes from the Realtor section.
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