Motivated Buyers,but No Houses?
I have come across two motivated buyers with large downpayments with specific areas they want there house to be in. The problem is that there are no preforeclosures or fsbo's that meet their needs. There are however plenty of homes on the MLS that fit their needs. Can anyone give examples or suggestions on how to these type of deals? (dealing with the REA's) And be able to make a profit for myself? ALL comments are welcomed!!![ Edited by lafinancial on Date 12/26/2003 ]
You can always find a couple of houses that fits the buyers criteras, make offers in writing to the REA's with "Time is of the essence" clause. You need to make the offers lower than the asking price and leave you a out clause (i.e. "And/or assigned", " if suitable financing is obtained","with partners approval (partner being your buyer)".
It's much harder with the REA involved, but not impossible.
Once your offer is accepted, then just sell your agreement or assign it for a fee (your profit).
Keep it simple.
Place a small ad in the classifieds:
"Nice family looking for a good deal on a 3/2/2 in the ABC section. Call ...."
That should get your phone ringing...
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lafinancial, i'm in ur exact predicament right now - i have buyers lined up out the wazoo with deposit money and a nice monthly, but can't find places. i have no real answer for you, but i can suggest that you bust hump to find places, start calling everyone (even those with an agent) and ask them if they'd be willing to deal with you for a nice deposit and monthly overage.
then network with everyone on this site and in your local rei club (if you go) and ask them if they have places in anytown, that you all could partner on or you could buy from them. just find them something b4 they jump ship!
i'm doin this and more, and i have buyers right now all over philly, the burbs and southern jersey. good luck to you!
Once you find a house, and offer was accepted, how you intend to present it to your buyer, also will they see how much you acquire it for? Also what kind of closing would be most appropriate in this scenario?
Its definatly tough with agents. Best thing to do, like stated above, is assign the contract to the buyer. Another good idea, you could set up the agent and the buyer, and have the buyer pay you a finders fee.
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