Its trick to rock a deal, to rock a deal thats right on time- Its tricky!

By
Real Estate Agent with Century21 AAIM

So as a Realtor who does 75% of my business with investors, I can tell you it is a tricky market.

The problem is, where I live in Knoxville, we have been for the most part insulated from the foreclosure gluts that you see on the east coast, FL, and Cali. So the national news talks about buying foreclosures for 30-40cents on the $ and my buyers think this is a nationwide given. Here in Knoxville the banks realize this is a stable market and do not budge a whole lot on the listings. Especially if you are dealing with a local smaller bank. If you get a foreclosure for 75-80cents than you are doing pretty good. Also take into account the already reduced cost for a home in the market place and you are still getting great deals!

The most important thing I share with new investment buyers is this information. You have to set their expectations at an achievable level or you will lose them as a client. Sometimes this entails being the "messenger". But regardless of how hard it may be to educate a buyer about your marketplace, it is a VERY important step that needs to be done as early as possible in the relationship.

The last thing and probably the hardest when working with investors is getting the bamks to learn the most important thing in dealing with contracts and that is "TIME IS OF THE ESSENCE"! Make sure to give the banks enough time to respond, but not enough to get another contract!

ITS TRICKY!

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Rainer
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Steve Hammond
Adams Twp, PA

they even bother my poor father 'cause he's down with me

Apr 19, 2011 03:52 AM #1
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