About 3 months ago a Bank Owned Realtor in my office referred me a client that wanted to buy a home in Oak Park (Sacramento, CA Area) as his first investment property. After speaking with the client we made an appointment to meet and discuss his purchase. After 30 minutes I was able to narrow down his needs. I pulled up 5 listings that fit his specific criteria. After viewing all 5, he made his decision on one property. The property was listed at $64,900. Now in most cases, I would advise to a client to put in an offer close to list price or slightly above because most banks are pricing their homes aggressively. In this particular case the property did not have a lock box and was very difficult to view. To view this property I had to pick up a key from the listing agents office. Knowing this particular fact and the behavior of most Realtors I knew we could make an aggressive offer. The client offered $45,000, $3,000 paid by the bank for the buyers closing costs and to pay for repairs up to $5,000. After 1 week the bank rejected our offer with no counter offer. Not to worry, I expected it. Our next offer was 2 weeks later. Before we made another offer, I confirmed with the listing agent that no one had viewed the home since we made an offer. That is great news for us. We came back and offered the bank $48,000, $1000 paid by bank for the closing costs and $4500 in repairs and all work to be completed befoe close of escrow. I also took many pictures and sent them with our offer. One week went by, nothing. Three weeks went by, and nothing. Now my client was getting anxious because homes started to be listing and go pending in less than a week in this area. I told my client, stay steady to the goal. After four weeks, bingo, the clients offer got approved. The great news is we closed today. The client was so impressed with my negotiating skills that he gave me a very nice watch. Now remember, the work doesn't stop there. I emailed my client the name and phone numbers of the utility companies. I put him in touch with a handyman to complete the work at a discount rate. I have also put him in touch with the best property management company in town; Real Property Management, Sean, 916-331-0800.
If you are interested in hire a Realtor that will find you a great investment opportunity, please call me at 916-230-9087. Chris Plumb, Realtor, Davis & Davis Associates. www.ThePlumbTeam.com
Let me help you find your next investment property. I will even give you my clients phone number to confirm the story.
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