I got an email (shortened so as to not waste your time) from an flipper ...
Hi Ernest,
Do you have any fixer upper listings? We are looking for single-family properties that need work. Offers are cash, As-Is, no appraisal, 7-15 day close. You probably get a lot of emails like this one so I won't waste your time.
We work like this:
- We write the offer. (WE earn the sale-side commission and YOU earn the list-side)
- We fix the property to resell.
- You sell the fixed up property (if you want).
Let me know when you find a deal with the following criteria:
- Property: Single-family (No condos or townhouses)
- Occupancy Status: Vacant
- Transaction Type: Off-Market Property
- Maximum Price: $900K
My response:
- You write the offer? Why don't I find my own buyer?
- You fix the property. Fine.
- You sell the fixed property if you want? Why wouldn't I want? Because the commission is 1%?
Things that I didn't read:
- We're realistic.
- We compete $$$.
- We pay market value.
- It's OK if it's on the MLS.
- We don't ask for time consuming comparables, CMAs, BPOs.
- We will meet you and show you the money.
- We will take care of you.
Buddy, just take me off your e-m-a-i-l list.
Flipper: Someone who buys property to fix with the intent of selling right away.
Investor: Same as flipper but with the intent of holding property for 1-2 years.
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