Good afternoon BP family,
I am a motivated new investor from Baltimore, MD and I need some help. I would like to know where I can I locate owner sellers in Baltimore, MD? I have tried using the MLS but they are connected to real estate agents and I wish to speak directly with the owners of the properties. How can I go about accomplishing this task? I drive around in my area hoping to locate for sale by owner properties and I also walk around the neighborhood to locate properties but I haven't located anything yet. I thought I had my first deal but the sellers was asking to much for their property that had been on the market 230 days. When I spoke with them and informed them that I was still willing to work with them but they had to come down from 85,000 to 60,000 if they still were willing to sell it. Mind you they still owed 79,000 on the property. Needless to say, I was a bit disappointed but I moved on. I hope to obtain some great advice from the vetrans and new investors who have done deals.
Any seller with an agent has an exclusive agreement. So even if you get to talk to the owner (and they ought to refer you to that agent), the agent is going to get paid.
Make your offer to the agent and let him/her present - - at 230 DOM, it will be presented.
LaRaye, there are loads of places to find sellers. I've bought a house that I found the owner selling on Craigslist. Forsalebyowner.com and even newspapers. Stay away from the pay to play sites! You can even take out your own adds in periodicals with an offer to buy distressed homes from people that know their home may be foreclosed. But, of course you will need to need to find how much equity is there against their loan. Thus the short sale, but its necessary to check for back taxes or you could be taking on more than what you think!
However most FSBOs aren't good deals because they are too cheap to use an agent. It usually means they want to much for their property.
The best deals tend to come from your own marketing. Proactively sending out the message to potential sellers that you are interested in buying. That may mean approaching the owner of an vacant house and asking them if they want to sell. They may have simply walked away and you are now there to encourage them to sell.
It could be an estate and the heirs live out of state and have no interest in the property and none of them want to go through the hassle of selling the house. You are there to make it easy for them.
There are many types of potential leads and many strategies to reach them. Search here for some tips.
One easy tip I can give. If you find a property and want to know who the owner is, go to the State Dept. of Assessments and Taxation (Google SDAT). You can search any property to find info about it including the owner.
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