I'm looking for the deal of the century, and I want YOU to help me find it...

By
Real Estate Broker/Owner with Christiansen Group Realty (260)704-0843

 

I got a call the other day from a prospective buyer.  The conversation started with him saying that he was looking at foreclosure homes for sale in Fort Wayne, and that he wanted to find the deal of the century.  

I was honored that he called me and wanted my help.  I asked him to explain to me what the "deal of the century" looked like.

60 cents on the dollar was his reply.  He wanted a home in Southwest Fort Wayne that he could buy, do a little cosmetic work to, and have a TON of equity.  He said that he wanted to offer 50 cents on the dollar (half of list price) in hopes that the bank will counter at 60 cents on the dollar.  "You can help me with this, right?" he asked.

"Yes!  I can help you with this!!  Meet me at my Century 21 office on Dupont Rd. tonight at exactly 6:38 pm.  At that time, we will get into my time machine, fire that baby up, jump on to Interstate 69, hit 88 mph, and we'll head back to 2005!"

Thankfully he laughed.  

I went on to explain that even foreclosures in Fort Wayne are selling for 95% of list price on average in today's real estate market.  Banks are wising up on their list prices and actually doing their homework before listing the homes.  

Are there still deals to be had in the Fort Wayne real estate market?  Yes!  But the days of low balling foreclosures and getting it for 50 - 60% of list price are long gone.  

If you are looking for a good deal on a home in Fort Wayne and are realistic about your expectations, please call me at 260.704.0842.  If you are looking for the deal of the century and have completely unrealistic expectations, I would be happy to give you a competitor's information.  :)

 

 

Posted by

 

 

   

Fort Wayne Realtors Jared and Amanda Christiansen with Century 21 Bradley

Amanda Christiansen is an award winning Realtor with Christiansen Group Realty.

 

Jared Christiansen is a business partner and in charge of marketing and taking care of things behind the scene.

 

Enough about us...

 

Tell us what you want your real estate experience to be, and we will do it YOUR way.

 

Buying a home in Fort Wayne? Tell us your wants and needs. Let us know how you envision your family living.  Tell us what's important to YOU, and we'll find the community and home that fits.  

 

Selling your home in Fort Wayne?  Our job is to make you the most money possible in the shortest amount of time. We offer our sellers professional staging, professional photography, and more internet marketing than most. 

 

We are committed to giving you everything we have to offer.  We are both full time agents and will work around your schedule.  Do nights and weekends work better for you?  NO PROBLEM. We are here to help YOU at YOUR convenience.

 

Amanda can be reached at 260-704-0843, and Jared can be reached at 260-704-0842, or you can email us at JaredChristiansen@gmail.com, or Amanda427@gmail.com.

 

 

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Topic:
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Indiana Allen County Fort Wayne
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Tags:
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foreclosures in fort wayne
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Rainmaker
905,447
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F
For people that want great deals, they are never in the MLS. You have to do your own targetted marketing to find those 60% of retail deals. The deals of the century are out there though. You just have to pound the pavement to find them.
Feb 21, 2013 03:55 AM #47
Rainmaker
1,427,186
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

If I find a deal that good I will buy it myself.  Everyone spots a good deal and everyone jumps on it.

Feb 21, 2013 04:55 AM #48
Rainer
61,364
Sharon Sanchez
Ace Home Realty - Carson, CA
Your Number "1" Source For Real Estate.

A lot of people have taken those get rich quick real estate investment courses and don't realize like Rob said, it takes targeted marketing to find a good deal and what Gene said, "If I find a deal that good I will buy it myself."  

 

Feb 21, 2013 05:38 AM #49
Rainer
17,789
Mary Padilla
YES! Realty - Albuquerque, NM

Great article! Just spent two hours with an investor who actually told me he wanted to buy 5 homes for 60-70 cents on the dollar!  He said, "I know they are out there!"  Well see....

Feb 21, 2013 05:50 AM #50
Rainer
31,062
Bob Marshall
Champions Real Estate Services - Lynnwood, WA

Great article.  I had one buyer who wanted to pay about 80 cents on the dollar, and then wanted me to rebate part of my commission back to him.  He said I owed him that for giving me his business.

Feb 21, 2013 06:08 AM #51
Rainer
152,207
EMILIA B COOPER, REALTOR® SFR.NCHSE.AHWD
LAROSA REALTY - Orlando, FL
Short Sales, Foreclosure & Bank Owned Real Estate

Great story!! Excellent response...Lol !! Excellent blog post!

Feb 21, 2013 07:55 AM #52
Ambassador
674,870
Mimi Foster
FALCON PROPERTY SOLUTIONS - Colorado Springs, CO
Voted Colorado Springs Best Realtor

This is one of the best articles I have read in a long time. I got an email the other day from someone who found me online. Moving to town in two months. Really likes my site, wants to work with me. Wants two acres in the mountains, minimum of 2000 square feet, would prefer newer. Can spend as much as $100,000. (I referred her to one of my new agents :) :) )

Feb 21, 2013 08:04 AM #53
Rainmaker
1,260,964
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
your real estate writer

Everyone would like to have the deal of the century. Good for you that this one had a sense of humor!

Feb 21, 2013 08:45 AM #54
Rainer
346,529
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton

Dear Jared & Amanda,

It is about the same around here. Low inventory has brought multiple offers back & everyone with cash is biting themselves for not buying two years ago.

Feb 21, 2013 10:04 AM #55
Rainer
37,023
Shaun Reilly
Reilly Real Estate - Newton, MA

This particular person seems like someone that has taken a course, gone to a seminar, or read some book about Real Estate investing and is trying to "get in the game" without really knowing what they are doing.

Can you find killer deals?  Yes!  Can you find them on the MLS?  Yes!  Should you talk to a great agent to help you?  Yes!

However you have find discounts on VALUE (not list) and know what to have your agent to look for.

I have bought many properties off the MLS at 50-60% of current list, but they aren't cosmetic fixes and I didn't have an agent plop it in my lap without giving any criteria other than "Find me the best deal ever!".

 

First you seek out an agent that has experience working with investors and wants to be in the niche.  Most agents really don't want to and don't know how to deal with this different kind of buyer (If they AREN'T different than retail buyers other than putting in crappy offers then they don't know what they are doing).

Once you find some good potential agents you given them criteria to work with.

Like a) distressed properties (REO, Short Sale, Probate etc.), b) priced in the bottom 10% of active houses, c) if fixed and fully updated to local standards would be worth in the 40-60% range, d) have been on the market >100 days, e) better if current condition means they could not qualify for FHA and at least difficult to get conventional financing.

These are the kind of places you can get nice discounts on but even then the rate is not going to be great.

Since amping up my business I have made over 1,400 offers and have bought 14 places.

0.1% success rate but they have all been pretty good deals!

Feb 21, 2013 01:46 PM #56
Rainmaker
1,221,147
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

Wa wa wa wa ..... missed it!  Time for the new reality.

Feb 22, 2013 02:29 AM #57
Rainmaker
756,647
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

It took sellers almost 5 years to get with the reality of the market.  We are wondering if it will that buyers that long!  lol

Feb 22, 2013 05:17 AM #58
Rainmaker
777,466
Evelyn Kennedy
Alain Pinel Realtors - Alameda, CA
Alameda, Real Estate, Alameda, CA

It is amazing to me that with all the publicity about prices rising, multiple offers and low inventory, people are still looking to buy a home for less than 50% of the listing price.

Feb 22, 2013 07:40 AM #59
Rainmaker
371,091
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Specializing in Brookside, Waldo, Prairie Village

What an excellent response to this inquiry--I'm going to use the time machine line!!  Thanks!

Feb 22, 2013 09:58 PM #60
Rainer
298,498
Steven Pahl
Keller Williams Tampa Properties - Tampa, FL
Real Estate Consultant Tampa, FL 813-319-6423

Your response sounds straight out of "Back to the Future", unfortunately a movie fantasy doesn't play in today's market!

Feb 23, 2013 11:08 AM #61
Rainmaker
756,647
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi Jaren, we usually classify these buyers as "weeds" - and we don't "water the weeds".

Feb 25, 2013 04:12 AM #62
Rainer
323,598
Scott Larson
BHHS/Utah Properties - Park City, UT
Park City, Utah Real Estate News

Great story Jared, I like the way you handled that one.

Feb 25, 2013 07:33 AM #63
Rainer
62,859
Valerie Tourangeau
Keller Williams Realty East Valley - Chandler, AZ
Your Healthy Home Realtor

Thanks for this.  I have a meeting with a potential buyer tomorrow morning and I'm expecting a similar conversation (only she doesn't have a sense of humor).  She's been looking for 2 years now, the house she is living in will be going to auction in a few weeks so she's concerned.  Should be an interesting conversation as I heard from her former agent that she wants to low ball all offers and won't commit to one agent.  If she persists then I will be saying 'next'.

Feb 27, 2013 12:50 PM #64
Rainmaker
273,073
Wayne B. Pruner
Oregon First - Tigard, OR
Tigard Oregon Homes for Sale, Realtor, GRI

It sounds like that Buyer had seen too many real estate "infomercials".

Sep 11, 2013 12:38 AM #65
Rainer
46,304
Jordan Gouger
Keller Williams Realty Inc. - Austin, TX
Helping you to achieve your housing goals!

There are deals like that, but they are very rare and take a considerable amount of time to find. The thing to look for are problem properties in great neighborhoods that are severly under valued because of the situation of the homeowner. 

Oct 21, 2013 10:41 AM #66
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