I can't seem to get a deal. How many offers does it take???

Question

Ok so help me out here. How many offers does it typically take to get a deal? I hear its a numbers game. I've visited 3 fsbos, given 3 offers and all I get is people not answering my phone calls afterwards, saying no I can't do that or saying...you know what, I think we will fix it up and resell it ourselves. What's happening? Are these people just not that motivated or am I do doing something wrong?

My offers are right where they need to be according to the MLS.

Vanessa Brown · Answer

Try a couple that aren't fsbo.

Not to be biased, but in my area these are usually people who are notoriously cheap and/or hard to deal with. Occasionally you get an investor selling their rehab and you have no problems, but when it's a long time owner occupant, it can get unreasonable. In my experience they can also be people who aren't listing with a Realtor because Realtors looked at the MLS like you did and the owners got mad at the price they were given. Telling someone that their house isn't worth what they think can be an extremely difficult situation and that's pretty much what you're doing when you send in an offer under asking.

Try some foreclosures, REOs, run down some court leads etc. For one the banks won't take it so personally and 2, there's a Realtor to soften the blow.

I don't know if PA has buyer agency but I have access to their MLS and it seems like most people are paying a coopting commission. This means that if you found an agent to work with you as a buyer they'd get paid by the seller and it wouldn't come out of your pocket anyway so take the free help. You greatly expand your property choices.

Good luck!

Manny Cirino · Answer

To those who say they will do it themselfs just follow up with them. in a month or 2 an see were they are. most people say they will do it on there own but most won't or they would have from the very beginning. and yes motivation is a huge factor you have to find out what there motivation is to sell. when you call your call should be simple.

Mr. seller hi I just see your sign out side your house what can you tell me about it(well what do you want to know?)

how many beds, bath, garage sq. ft. etc...

is the house currently empty(something you should know if you seen the house)

what shape is the house in oh it needs a little work(usually means alot of work)

how long has it been empty for?

did you live in it or was it a rental?

how much are looking to sell for?

why that much? do you owe a mortgage?

do you know what houses in your area are currently selling for(no but I know what I paid for it)

Do you know what the repair cost will be to restore the house(yeah a few 100 dollars)

what would you do if the house does not sell?

What if I could take this houses of your hands ASAP? what would that mean to you?

these are questions that should always be asked before making an offer. you should go out and look at the property talk to them with out making a deal on the spot may shoot around a few numbers.

Then make a few offers usually cash offer and seller finance offer and call them tell them that you are interested in the property and you have an offer you would like to send them, either email it or fax it to them. in the cover sheet of email encourage them not only to reject but to counter because you are willing to negotiate. This will help you provide something real in writting.

Ben Wakefield · Answer

They might be stalling to see if they get better offers.  If you're firm on your price, you can say "well my offer stands, so give me a call if you change your mind".  They might call you back after they don't get the price they want.

Also, a (much debated) trend people cite is "visit 100, offer on 10, close on 1", so I would estimate you may just need to go out and do more.

Matthew Paul · Answer

Its like buying lottery tickets , you can buy 1 and hit big , or you can buy 100 and never win . You just keep on going .   I put out around 15 offers in 3 years , none went thru , then I put out 2 more offers and they both hit in 6 months , you never know .

Ray Newby · Answer

What are you trying to do, list house or buy it.