Anyone ever try this strategy?
I was listening to The Norris Group's radio podcast show today and the guest on the show was a real estate investor who talked about an interesting strategy he uses for buying properties. He mentioned that a high percentage of properties that go under contract end up having the deal fall apart for one reason or another. So he writes to the listing agent of the properties that are already under contract, and basically tells them that he's an investor and to keep him in mind if the deal falls through and they need someone else to step in and buy it. Says he buys most of his properties this way.
Sounds like a good strategy to me. I know I come across a lot of properties that I'd like to buy, but they're already pending (sometimes before they even hit the MLS). I wonder if it would be worth it to write to the listing agent and just tell him or her that I like the house and I'd be interested in buying it if the current deal falls through, plus I'll buy it "as is" and can close quick.
Anyone ever tried it and had any success? I know every listing in my area gets multiple offers, so I'm not sure if my letter would get a second look if there's already backup offers on file. Of course, by the time the deal falls through, those backup buyers may not even be interested anymore. So who knows.
If nothing else, this strategy might be good for establishing relationships with a few more realtors.
Thoughts?