Over the past couple months I have been able to secure a handful of wholesale deals off the MLS here in Orlando, FL. While many people will swear it has dried up and there is nothing on there, I have been able to knock a few out.
I don't spend the majority of my time on the MLS anymore but the one upside is that there is ready and able sellers that have listed their property. THEY WANT TO SELL!
Sure, their expectations are unrealastic, listing a home in need of major repair at the same price point as a renovated home.
For those of you still doing MLS deals, what is one of your strategies to lock down deals when a house is overpriced?
Thanks for asking this question, @Matthew Rollo ! Interested for what people have to say. I've had a really hard time finding value on the MLS in my area of Lake County and would love to hear what other people are doing to land the deals that to me feel out of reach!
same here, I'm investor-friendly agent and have no problem identifying deals available on MLS. I do often see investors these days willing to pay at the higher end to lock something down when the return potential supports it. Feels risky but that's part of the game.
For the initial question, Keep approaching sellers with offers until you find one willing to work with you.
Yeah I mean there are tons of properties available. With enough digging you can find the run down, vacant houses and sometimes get lucky to engotiate the right price.
1 of the strategies I have been using is offering close to asking, locking the property up for a 10 day inspection and then using what we find on inspections or contractor walkthroughs to go back and ask for price reductions. It works occasionally.
I have been using what I call "MLS Strategy" for over 20 years and it works. Yes, it is a numbers' game, but some important points I keep in mind when looking for properties on the MLS:
- Usually I go after properties that have been listed on the MLS for 90+ days;
- I talk to the listing agent and get him/her on board before I send the contract over (why I am offering the price that I want to offer, low earnest deposit and I also let them keep both sides of the commission;)
- If the offer is rejected, I ask why - I have nothing to lose at that point. May be they are willing to wait a year or more (then I create a Lease Option) to get their full price or above. I know investors that approach the MLS and real estate agents and use the strategy of "Wholesaling Lease Options" on properties with sellers who want full market price.
Going after MLS properties and For Sale By Owner is the "low hanging fruit" of real estate investing. As you say, these people already want to sell!
I know an agent that routinely buys off the MLS. It comes down to making offers, spotting potential profits, and negotiation skills.
Let's keep this thread going by asking this...
What are some of the best questions you can ask:
1. Listing Agent
2. For Sale By Owner
To help get the price point down?
There is still deals in MLS. 80% off market deals still can be found. it is the consistency of making offer. sometime you do get lucky enough come into some motivated seller when u offer the hard money and quick closing. or some inexperienced listing agent that underdetermined the value off property
Anyone using some form of "MLS hack" or keywords to help narrow down the search criteria?
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