Working with New Western

[Gene Paniccia]

I’ve been working this weekend with an agent from the New Western Tampa office. 
He is very high pressure. They want a non refundable escrow of $7,500 and no inspection period. I obviously need some time to do due diligence and have an inspection. 

He also had a contractor get on the phone and bid the rehab right after the showing. That was kinda convenient but also kinda weird for me. 

I saw the house on Friday. All day Saturday this guy was trying to get me sign to a contract and wire over escrow. 

Any opinions or suggestions on how to handle this? I am pretty interested in the house. It would be my first flip. 

Thanks. 

[Justine Phillipson]

Hi Gene, 

As a real estate investor and an agent for New Western, I will share my perspective. 

1) Don't ever buy a property if you don't feel confident in the deal. Don't just buy it to give in to pressure, buy it because you're excited and certain that it's a good investment. If you are unsure about that deal, there will always be another one. If you feel like you can't trust your agent, then ask to work with another agent that makes you feel comfortable.

2) Remember, it's an investment. It's all about the numbers. New investors often feel attached or emotional in their decision when deciding on a property. But this isn't a house you will live in, and it's important to just look at the numbers. If the numbers make sense, and you see the vision- then it's time to pull the trigger and lock it in!

3) It's VERY common practice to have a non-refundable deposit and no inspection period when buying investment properties. That's why they are discounted. If it's something you don't feel comfortable with, then I suggest getting a residential realtor and going the traditional mortgage and MLS route. But you won't be getting as good of a deal. Bring a contractor with you if you're going to walk a property.

4) Our deals move FAST. Every property that I have sold with New Western, we had it in our inventory for less than 24 hours.

5) I personally bought all 3 of my investment properties sight unseen! No regrets, but I did all my due diligence on the front end and was lucky to not have any surprises.