Real Estate Investor · Albuquerque, NM · Member since 2011 · 156 posts · 20 votes
I just finished watching good video on using the MLS to sell properties under contract much faster to buyers. Is there anybody out there that is doing that now ? I just wanted your input on this. Sure you have to pay the agent 3% or 6% for listing it and marketing, but it does it ALL of it for you, and you can sell to retail or, investors. Anybody have a clue what I am talking about? Share your thoughts, and if you agree/disagree with it whatever, just share your input on this. Thanks
Generally, if you're wholesaling, you're going to want cash buyers. Assuming this is the case, you should make this clear in the listing. I've found it very difficult to make MLS listings that appeal to both investors and retail buyers, so ultimately, you're going to need to choose how to position the listing, one way or the other.
Typically, I'll gear the listing towards investors and mention that I'm looking for a cash buyer and a quick close. Often, I'll owner occupants who respond to the listing, and I'll explain that I'm looking for a cash buyer...occasionally, I'll an owner occupant who is also a cash buyer.
Btw, I normally don't list the property on the MLS until after I purchase it, but assuming it's legal in your state to list on the MLS while you have it under contract, that will work also. Because I tend to purchase REOs, I don't assign contracts...I'll either double-close or I'll close my end and then resell at some point in the future. But, as long as it's not an REO or short sale, I see no reason why you wouldn't be able to assign a deal this way.
I use the MLS to sell nearly all of my properties, both retail and wholesale. While I do maintain a small buyer's list, even for my wholesales, I find the MLS is the best way to generate investor traffic...
Thanks on your quick response J. I have been reading a lot about Flat Fee MLS postings, and from the video I watched, this is the best way to get property sold quick.
However my question to you is, when posting wholesale deals on MLS through flat fee method, you attract both 1,) Retail buyers, and 2,) investors, my question to you is, if the wholesale deal being sold on the MLS is to a retail person, and they want to buy the property, is there a method you can only use to have them pay cash only? Because most retail buyers, unlike investors, don't have hard cash right away, so more than likely they would have to obtain financing, how do you go about that? Would I just contact a mortgage broker that is able to get the deal paid off?
And lastly, if a retailer buys your property off of the MLS, you basically do the same thing with the deal as you would with a investor right, which is basically assign them the contract ( and your fee) and the buyers contract right?
Generally, if you're wholesaling, you're going to want cash buyers. Assuming this is the case, you should make this clear in the listing. I've found it very difficult to make MLS listings that appeal to both investors and retail buyers, so ultimately, you're going to need to choose how to position the listing, one way or the other.
Typically, I'll gear the listing towards investors and mention that I'm looking for a cash buyer and a quick close. Often, I'll owner occupants who respond to the listing, and I'll explain that I'm looking for a cash buyer...occasionally, I'll an owner occupant who is also a cash buyer.
Btw, I normally don't list the property on the MLS until after I purchase it, but assuming it's legal in your state to list on the MLS while you have it under contract, that will work also. Because I tend to purchase REOs, I don't assign contracts...I'll either double-close or I'll close my end and then resell at some point in the future. But, as long as it's not an REO or short sale, I see no reason why you wouldn't be able to assign a deal this way.
The reason you aren't getting a response is you are asking most of us if the sun will rise tomorrow.
Check with your local MLS on rules about posting something you don't own, odds are you can list it, but you can't list the property if it is currently listed as either an active or pending transaction. So if you are buying an REO, odds are its already listed either active or pending so you can't relist. If we could..thats all i'd do.
I flipped over 30 properties last year, all were sold on the MLS. Many I've put on craigslist or whatever, but a complete waste of time. Either the sign in the yard or some realtor found my buyer.
My question is just asking if anybody has any knowledge on selling wholesale deals to retail buyers, that's all. Watch the video above my previous post, that seems to sum it up pretty well, however the guy doesn't really seem to explain the process on wholesaling deals to retail buyers over the MLS, so I was wondering if anybody here had any idea of what he was talking about.
As for the question, point 1 in the video is "Do not over complicate it".
When you put your properties in the MLS take Aaron's advise and either market it to investors or retail buyers. That's who you're going to attract. Let the Buyer's Agent worry about financing, how to get their client into the property, and everything else that agents do.
If you focus on finding them mortgage brokers, helping with loan options etc. it moves you into a grey area that may constitute practicing real estate without a license depending on your state. This is the reason he glossed over it in the video.
The long and the short of it is pay the 3% and let the agent representing the buyer worry about the buyer. You don't want those problems.
I use the MLS to sell nearly all of my properties, both retail and wholesale. While I do maintain a small buyer's list, even for my wholesales, I find the MLS is the best way to generate investor traffic...
Yeah I've heard using MLS is good. Question though, using MLS can you make it so it's only cash offers ? You'd be surprised how many retail buyers will pay cash if the price is right, not only investors.
Yeah I've heard using MLS is good. Question though, using MLS can you make it so it's only cash offers ? You'd be surprised how many retail buyers will pay cash if the price is right, not only investors.
The MLS is just a marketing tool. You will probably get both cash and financed offers; you are perfectly within your rights to only accept the cash offers if you wish.