Called the bank directly after declined offer

[Nick Versetto]

I'm not sure if they think I'm crazy or determined.  

I submitted an offer for a property that I knew would be declined because it was low but worth a shot.  The banks agent came back and said 130k FIRM!  I wasn't happy with that and looked up the property under the recorder of deeds and found out who the lender was and called them directly.  I knew the bank well because it's a small local bank.  Long story short I told them what I was trying to do and what my final number would be.  The reo portfolio manager said he'd run it up the chain and let me know by Monday.  

The moral of this for me is that even if this deal doesn't get accepted I didn't give up and met a possible new lender.  

[Account Closed]

Love the perseverance, worst they can say is no; and like you said you already got something out of it (intro to a new lender)!

[Kevin D.]

Never hurts to ask.  Keep us posted!

[Nat C.]

Good on you for trying. You did more than most would.

[Nick Versetto]

thanks everyone.  I'm eager to find out if they're going to accept my offer or go with the existing customer.  I guess that the existing client of the bank is having issues being approved for the property and they're discussing my offer.  I also located the ceo of the bank and emailed him directly.  I'll do anything I can to get this house because the long term potential could be really big. 

[Parish Benoit]

I have a property that I would love to get 100% Hard Money on. Can you share with us who your lender is. Thanks.

[April Rich]

Parish, have you used hard money lenders as a source of cash before? I'm connected in with quite a few HM lenders, what area are you in?

[Justin Tahilramani]

@Nick Versetto - I dont think you are crazy at all. Thats a great way to get additional information about the proeprty. You're right - you may not get the deal, but maybe you can build a relationship with the bank.

[Nicole A.]

@Nick Versetto What ended up happening?

[Peter Mckernan]

Hey @Nick Versetto

I am wondering along with Nicole what did happen to the deal. Did you end up getting it after all the persistence. I have tried calling the back on some deals and it seems to be a lengthily process, of course because all the red tape we have to get through for the final action. I hope you got an answer that was good! 

Good luck! 

[Nick Versetto]

Originally posted by @Nicole A.:

@Nick Versetto What ended up happening?

 We didn't end up getting it.  They went with the offer that was on the table.  I did however land a hud home that I thought I lost out on.  So I guess it's not a bad day but not a great one. Lol

[Ron S.]

SMH...

[Phil Z.]

Personally I think it's very rude to go around an Agent and contact their Client. (Unless of course the Agent was completely unresponsive .. which you did not mention.)

You're better off building a relationship with the REO Broker .. however in this case you just ruined that possibility.

[Christian Bors]

@Nick Versetto great attempt.  Doesn't hurt to call the seller directly especially when its a bank.  Even though you didn't get it, thinking outside the box will land you some great deals.

[Ron S.]

@Christian - It didn't land him any deal in this case and as he pointed out himself, may have just labeled himself crazy by the bank.

[Nick Versetto]

@Ron S. @Phil Z.  i guess if I was labelled by the bank as crazy they wouldn't have reached out to discuss other reo's that they have available.  Nothing was in the area I wanted but was nice that they reached out to discuss.  We also had a lengthy conversation about portfolioing my new deal after its closed, rehabbed, and rented.  I feel his opened up a huge door for me moving forward.  This business is all about thinking out of the box and not settling when you hear no.  

@Christian Bors

[Ron S.]

@Nick- I didn't say it, you did! Glad it worked out for you on your future deal with them.

[Christian Bors]

@Ron S. how can you fault the effort? everyone knows the first couple of "no's" are meaningless. The bank doesn't want to be in real estate, and like @Nick Versetto said maybe the bank will entertain growing his business. I respectively disagree.

[Ron S.]

@Christian - That's the beauty of these boards and those like it, we can disagree, and still have fun.

[Matthew Paul]

Going straight to the top , way to go .  Now you have another contact and source