Realtor gets snippy, thinks my offers are too low !

The other offer was 83% of a Condo owned by ABN AMRO
that is listed for 179,900 This property has 2 morgages and an equity loan involved which says to me the closing timeframe will be very long. The morgage loans and equity loans are from different Banks.

My question is ..........

Is offering 80% of a list price on a Bank owned property too low ???

I dont think it is !

And I am so tired of snooty Realtors.

The Realtor has spent less than 2 hours of her time with me. Both properties were within 5 miles of her office.
It's not like I am dragging this poor Realtor all over the place.

I basically told her to have both offers ready by Friday at the latest. She then tried to scare me by saying what happens if both offers are accepted , which doesnt scare me in the least . I think I did a petty good job of not telling her off, mainly because I am polite enough not to fight with an elderly woman Realtor.

So to reiterate, am I being unrealistic or wasting the Realtors time ???

TY for any response you might have ???
.
.
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Edited: 06/26/2010 at 07:03AM

Richard Warren

Real Estate Investor · Las Vegas, Nevada

1825 posts
16444 Influence
12 Awards

Icon_minipost Jan 26 '09, 06:05 AM

Get a new realtor. Go to your local real estate investment club and find a realtor there. You are more likely to find one who understands how to work with investors. Ask other club members for recommendations.

:cool:

Edited: 06/26/2010 at 07:03AM

Josh Green

Banker · Tampa Area, Florida

962 posts
4831 Influence
6 Awards

Icon_minipost Jan 26 '09, 06:06 AM

i'd be very honest and tell her to 'eff off'. realtors are a dime a dozen....make that a nickel a dozen. be sure to tell her that you are moving on to the next one in line and she threw away a guaranteed deal!

Edited: 06/26/2010 at 07:03AM

Jason Trepins

Real Estate Investor · Wyoming, Michigan

195 posts
342 Influence

Icon_minipost Jan 26 '09, 06:48 AM

there are two sides..
1 is that realtors do actually have to do work when submitting an offer and aren't fond of ultra Low ball offers that have no chance of getting accepted. Some investors just fire out offer after offer after offer until one of their low ball offers gets accepted..if ever.

The other side is if the investor has run the numbers and is Offering based on what the property is worth then it's the BANK that should be reviewing their asking price, unless they are going to hold out for an owner occupied.

of course some realtors are more excited to work with investors than others..
we have realtors in our office and they are sending out offers constantly

Edited: 06/26/2010 at 07:03AM by Jason Trepins

Will Barnard

Rehabber · Santa Clarita, California

7232 posts
54377 Influence
23 Awards

Icon_minipost Jan 26 '09, 07:03 AM

I agree with all. Get a new realtor. No 80% of list is not unreasonable. In fact, it should be your last and final not the first (as a general rule of course, every situation is different) That said, expect lots of no responses and not even close counters.

Edited: 06/26/2010 at 07:03AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Account Closed

805 posts
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Icon_minipost Jan 26 '09, 07:32 AM

It takes the agent all of five minutes to generate the offer and fax it to the selling agent. This mess about wasting an agents time is a bunch of BS.

As the buyer, you and only you, can determine what you should offer on a property. It does not matter if the seller or agent want more, all that matters is you buy the property in such a way you can make a profit.

If this agent does not want to represent you, fine. Move on to one who does.

Edited: 06/26/2010 at 07:03AM

Adam Black

· Ridgeland, Mississippi

106 posts
57 Influence
1 Award

Icon_minipost Jan 26 '09, 07:37 AM

I agree with the popular mindset, get a new realtor. In most markets you can find someone who is a REO specialist an understnad they are going to be throwing out lowballs.
I'm glad my realtor isn't like that as most of my bids are 50% or lower than asking!

Edited: 06/26/2010 at 07:03AM

Jason Trepins

Real Estate Investor · Wyoming, Michigan

195 posts
342 Influence

Icon_minipost Jan 26 '09, 07:40 AM

Originally posted by Taz

It takes the agent all of five minutes to generate the offer and fax it to the selling agent. This mess about wasting an agents time is a bunch of BS.

LoL, I'll let my wife, who's a realtor, chime in..
she can speak first hand about working with investors

although it's impossible to make a 'blanket statement'...
things are not always as they Seem

for example..
Typically an investor wants to SEE the property before putting in an offer..the investor cannot go through a listed property without a licensed realtor.

Edited: 06/26/2010 at 07:03AM by Jason Trepins

Jon Holdman

Real Estate Investor · Denver, Colorado

11851 posts
75475 Influence
15 Awards

Icon_minipost Jan 26 '09, 08:02 AM

Sounds like they've already seen the house, and the agent isn't wanting to make the offers. Showing houses is part of the job description.

Edited: 06/26/2010 at 07:03AM

Jon Holdman, Flying Phoenix LLC

Will Barnard

Rehabber · Santa Clarita, California

7232 posts
54377 Influence
23 Awards

Icon_minipost Jan 27 '09, 03:50 AM

Typically an investor wants to SEE the property before putting in an offer..the investor cannot go through a listed property without a licensed realtor

While I think much can be done without Realtors and avoid them when I can, this statement is absolutely true. Many times, I would like to see the interior of a home and con not without the lockbox codes, etc. which are only available by contacting the listing agent or have an agent show you the home.

The key: Find an agent willing to gain you access to homes in your area of choice and construct a way where you can include them in a pay day so that it is worth their while.

Edited: 06/26/2010 at 07:04AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Account Closed

805 posts
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Icon_minipost Jan 27 '09, 04:22 AM

Originally posted by Jason Trepins

Originally posted by Taz
It takes the agent all of five minutes to generate the offer and fax it to the selling agent. This mess about wasting an agents time is a bunch of BS.

LoL, I'll let my wife, who's a realtor, chime in..
she can speak first hand about working with investors

although it's impossible to make a 'blanket statement'...
things are not always as they Seem

for example..
Typically an investor wants to SEE the property before putting in an offer..the investor cannot go through a listed property without a licensed realtor.

They've already seen the house. I work with agents often. But, if the agent is not smart enough to understand WHY an investor has to make a profit they need to just be honest and tell the investor, "I don't work with investors." Trust me, I am not going to be offended. Nor am I going to try to convince them they should work with me. The great thing about real estate agents is there is always a ready supply.

Edited: 06/26/2010 at 07:04AM

Jon Klaus

Real Estate Investor · Dallas, Texas

2409 posts
48158 Influence
14 Awards

Icon_minipost Jan 27 '09, 04:36 AM

I've made a couple offers this past week through a Realtor I just met. Today we looked at a property 55 miles away, so I had a good amount of time to discuss my objectives and techniques. I told her that I may make as many as 10 offers for every 1 that gets accepted. She was fine with that. It helped that she is also an investor. She also knows that she may get several of my deals over the next few months. It's worth it to work to find someone who fits your needs and style.

Edited: 06/26/2010 at 07:04AM

Dave P.

Real Estate Consultant

826 posts
315 Influence
4 Awards

Icon_minipost Jan 27 '09, 05:47 AM

There are two sides to ever story. I can't stand most realtors (and I am one). I generally feel that realtors deserve the respect (or lack there of) that they get.

However, I've had my share of super non-qualified "investors" come in and tell me "how it was going to be". Those are short meetings. I would make sure not to be condescending or overly directive. Everyone knows that the customer is the boss, but you don't need to flaunt it (I'm sure you don't, but some do).

If the value of the agent is in the lock box key and their chauffeur abilities, then I would move on. If the value of the agent is in their market knowledge, negotiating skills, and deal finding abilities, then I would listen to what they have to say.

Edited: 06/26/2010 at 07:04AM

Jeff Chambers

Residential Real Estate Agent · Illinois

1 post

Icon_minipost Jan 27 '09, 06:51 AM

Wish you lived near me, I would be happy to represent you!! I have been a Realtor for 4 short years, and would NEVER complain about submitting an offer, let alone 2 of them. I would say to shop around and get a Realtor that is grateful for the opportunity to work with you.
If you can't find one, give me a call. I would be happy to help you!!!!

Edited: 06/26/2010 at 07:04AM

Stephani Davis

Real Estate Investor · Tampa, Florida

190 posts
1193 Influence
2 Awards

Icon_minipost Jan 27 '09, 07:42 AM

Another idea is to make your offers directly through the listing agent.

Giving the listing agent both sides of the commission never hurts.

Steph

P.S.
I am not a licensed agent, and I go through REO properties almost every day by myself. Most agents will give you the lockbox codes if you ask nice enough.

Edited: 06/26/2010 at 07:04AM

Aly L

Real Estate Investor · Middletown, New Jersey

636 posts
2707 Influence
6 Awards

Icon_minipost Jan 27 '09, 07:56 AM

Originally posted by Stephani

Another idea is to make your offers directly through the listing agent.

Giving the listing agent both sides of the commission never hurts.

Steph

P.S.
I am not a licensed agent, and I go through REO properties almost every day by myself. Most agents will give you the lockbox codes if you ask nice enough.

Great advice Stephani. I'm a referral agent and most listing agents are ok with giving the lockbox combo. And if my realtor ever says any of my offers are too low, I will do exactly as you suggest.

Edited: 06/26/2010 at 07:04AM

Mark Devereaux

· Owosso, Michigan

10 posts
20 Influence

Icon_minipost Jan 27 '09, 08:15 AM

Get a new realtor.

They should be excited for you and work to get the deal you want, not the deal they want. Some realtors don't want to work with investors, find one that does. Find one that understands investing. Ask if they own investment property or have ever owned it.

My last 2 deals were bank REO's at less than 50% of asking price and I got a third one for 60% of asking price.

Edited: 06/26/2010 at 07:04AM by Mark Devereaux

Will Barnard

Rehabber · Santa Clarita, California

7232 posts
54377 Influence
23 Awards

Icon_minipost Jan 27 '09, 09:56 AM

I am not a licensed agent, and I go through REO properties almost every day by myself. Most agents will give you the lockbox codes if you ask nice enough.

OK, I am done venting now!
To all competant and hard working Realtors, this post obviously is not directed at you.

Edited: 06/26/2010 at 07:05AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

James Hiddle

Real Estate Investor · Altus, Oklahoma

2515 posts
9267 Influence
7 Awards

Icon_minipost Jan 27 '09, 10:59 AM

Originally posted by nationwidepi

I am not a licensed agent, and I go through REO properties almost every day by myself. Most agents will give you the lockbox codes if you ask nice enough.

That is great only whne the damn realtor find the time to answer or return a phone call. I made 12 calls to 12 different listing agents in my area today alone and you know how many I talked with? Three. Two answered the phone, and the thrid called me back in 3 minutes. The other 9, still no call return. What a joke these people are. There are good and mad with everything, but in my book, 80% of the agents are useless, 10% more don't have the abilities needed which leaves you with only 10%. Not a good ratio in my book.

OK, I am done venting now!
To all competant and hard working Realtors, this post obviously is not directed at you.

You would think that any Realtor would be on the ball especially in todays market. A lot of Realtors are hurting so I would think that any of them would jump at a chance to get some business.

Go figure people.

Edited: 06/26/2010 at 07:05AM

Mark Yuschak

Rehabber · Grand Blanc, Michigan

713 posts
4946 Influence
10 Awards

Icon_minipost Jan 27 '09, 05:09 PM

I am also a Realtor and don't mind working with investors. As a matter of fact, 80% of my business comes from investors. The issue I have is with investors who think they totally run the show by acting cocky, arrogant, and completely rude. I don't have the time or patience for that. Unfortunately, there are those types of investors out there too. If an investor comes to me and tells me what they want, I have no problem doing the showings and submitting ANY offers. Like already mentioned - an offer takes all of a couple minutes to draw up and fax in. Being a Realtor isn't exactly hard work when working with investors. The beauty of working with investors, most of the time, is that we know what we want right up front. There's MUCH less schooling of the perspective buyer when compared with a conventional buyer.

Edited: 06/26/2010 at 07:05AM

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