Motivated Seller

found a listing, where the seller is motivated. How did I get the skinny? I work at the same real estate office where the listor is located. In that office I am not a realtor, but part of the admin staff there. What makes it a little sticky is the listor is associated to the owner. They had the listing in escrow, which fell through. The owner had already made a purchase on a bigger property, on the fact the property was in escrow . Like I said it fell through.

I am new to this business, and still not to comfortable with filling out the DROA.

What should I do, go ahead and make the offer. Or, should I have this handled by another investor, and collect a finders fee?

Please advise confused

Comments(11)

  • djacquistions16th September, 2003

    I forgot to add, the owner was using the funds collected from the sale of the home to be applied to the downpayment of the new home.

  • dschoenwald16th September, 2003

    Obviously this guy need cash like yesterday, if you don't have the cash not much you can do. If you have the resources ie: investors, you may able to go under contract with the seller and flip it for a fee, if its a good deal. Do you know some real estate investors? Sounds like you can pull comps etc, did you check it out , is it a good deal or not?
    Darwin NM

  • djacquistions16th September, 2003

    Hi Darwin,

    I pulled a comparative market analysis (CMA) for the area of properties matching this one. The lows $227K, mids $257K, highs $274K. The property original listed at $249K, after it fell through and was placed back on market it was raised another $10K. I have spoken with the the listor, who spoke with the owner, they were looking to receive at least $200K.

  • DaveREI16th September, 2003

    Full Disclosure of your association to the office as an added addendum to the offer and sale>

    problem solved!

  • djacquistions16th September, 2003

    Thanks for the reply Dave!

    I will take your advice, and place the offer.

    Thanks for the help.

  • nyreinvestor16th September, 2003

    hey dja where you from? maybe e can work together on this

  • djacquistions17th September, 2003

    Just wanted to update everyone, that my offer was not accepted. I don't look at it as a rejection, but one step closer to my first deal.

    I have a question regarding what Dave had written. Would I need to disclose my association with all leads that I receive? Or those that I received within my work office?

    Any advice is appreciated.

  • OCSupertones20th September, 2003

    DJA:

    What did you end up offering?

  • djacquistions22nd September, 2003

    OCS:

    I offered the seller $226K.

  • OCSupertones22nd September, 2003

    That is strange...they wanted at least $200K you offered $226K...sounds like a match made in heaven...guess not...try again

  • djacquistions26th September, 2003

    I discovered they accepted an offer of $230K. They will keep my offer on hand if the current buyer falls through.

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