Are you looking for a super deal?
There are a lot of great deals coming on the market everyday.
The key is good and timely information and the ability to move
quickly. I'm seeing some great opportunities come up but the
great deals are getting multiple offers on them a few days after
coming onto the market.I recently
received a call about a home in a golf community that was
listed at $808,900. I checked the tax records and saw that it
had sold in 2002 for $1,800,000. When I called the listing
agent he said that they had 10 offers on it within 5 days, all of
them above the listing price.
The investor who called me said he was looking
for other deals and wanted me to keep him informed when I saw other
opportunities. I thought about the kind of system that I
could set up to allow information to reach my investor clients as
quickly as possible in order for them to be able to snag the best deals that
come up.
After a lot of thinking about it, I came up with a system that will
give my clients the information to act in a very
timely fashion.
Three pieces of information that I
can provide:
1. Foreclosure listings
within hours of
them being posted in the MLS.
2.
Tax records for each individual
property. From this you can usually see what the bank bought
the property for at the foreclosure auction and sometimes you can
see what the foreclosed on homeowner bought it for previously.
Also, the tax assessment value is there to use as guidance.
3. A
market snapshot for the particular
neighborhood. You want to see what's currently on the market
and the sales for the past two years.
With this information, one can usually
identify which properties look most promising.
Then the key is to quickly go and take a
look
at the properties in person. If it's a good deal, others will
be looking too. You have to be ready to take action
immediately.
The sooner an offer is submitted, the better
chance you have at beating out the competition and avoiding a
bidding war.
If we plan ahead and have your
earnest money on hand and a
preapproval bank letter, we can usually submit an offer within
a few hours.
After submitting the offer, the process is in control of the
bank. Many times the bank has a frustratingly slow process.
It almost seems at times like they could care less if their homes
ever get sold. But that's just part of the game. The
banks have asset managers who sometimes meet as infrequently as weekly to decide on any
offers that have come in. Sometimes they reject an offer and
give no reason for their rejection. Sometimes resubmitting
almost the same offer again will then be accepted. It seems
that recently that some banks are just so overwhelmed by the volume
of properties that they just can't physically deal with them in a
timely manner.
But there are times that you can hit it just
right and get an offer accepted without any competition.
The good news is that there are
plenty of opportunities coming up every day. If you are patient and
work hard and smart, sooner or later you'll snag a great deal.
As an agent, foreclosures are a lot of work.
It's a very competitive investor market right now so even after
moving quickly, many deals never work out.
I'm looking to find a few smart buyers who have
the cash or financing to make the deal work. I'm willing to
provide the information as quickly as possible so we can submit
offers before others even get a chance to look at the property.
This combination can be worth millions.
I am looking for 25 savvy buyers who want
to take advantage of this foreclosure boom. I'm willing to
provide you with the information outlined above if you are willing
to allow me to represent you in the transaction and receive a
selling commission from the bank's listing agent.
Since there is a lot of work involved, I only
want to work with homes that have substantial commissions. So
I will only have information on homes that are over $100,000.
Anything less than this just doesn't make sense as an agent.
I personally cover the north Atlanta area. If
there are properties in other areas,
I do have a network of agents who I refer to. These are agents who I trust
completely to give great service to anyone I refer them to.
Here are the reports that I can send out to
you on a daily basis. What I'm putting out is much more than
an automated list. You are going to get the tax information
along with a Comparative Market Analysis for each neighborhood.
Daily Foreclosure Hotsheet
These are foreclosure homes that have been
placed in the FMLS over the past 24 hours. I send this out by
6pm so you have the evening to review them and decide if you'd like
to see any the next day.
For each home, I send all the
tax information that I have
available
For each home I send a
market report
for that neighborhood
and then the
detailed information for each one of those homes in that report.
This is way more detail than you are going to get with any tax report
program or anything like Zillow.
This is a crazy amount of effort to get this
report out everyday. I am limiting access to this information
to only 25 buyers at a time in order to keep my clients from competing with
each other too much. Atlanta is huge and there are around 40
new foreclosures coming on to the market every day. That's
enough to keep everyone busy and making lots of money.
In order for you to extract the most
information from these reports, I'm holding a Foreclosure Bootcamp
twice per month. Several foreclosure experts will give you the
inside information on how to get the best deals.
Reserve your spot at our
next Foreclosure Bootcamp.
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I've
been in the real estate
business since 1980 and
never thought interest
rates would be this low.
There are a lot of
