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Christopher…, Real Estate Pro in Bloomington, MN

Any REO agent want to add me to their list of "cash buyers?"

Asked by Christopher Block, Bloomington, MN Sun Aug 7, 2011

I am an investor in Minnesota as well as a Realtor as some on here will know. I mostly buy short sales and foreclosures to flip. If there are any REO agents out there that use a buyer's list for their cash only properties I would love to be added. Also, is there a way to get a 1st look on these REO's?

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4
I know it is weird but realtors are weird!

I am sending you an email soon...
0 votes Thank Flag Link Thu Aug 11, 2011
Christopher, we list both REOs and non-MLS properties.

I think is odd that no one wanted to work with you as a Buyer's Representative! I have represented other agents in the past, especially on difficult transactions. I would be glad to help you find homes to fix and flip.

I also do BPOs and so I have an advantage. I know about the "shadow inventory" of homes that are not currently listed on the MLS but that are being processed and readied for market. Even if the properties end up being listed with someone else, I know when they getting ready for sale. So we can be ready to pounce on them as soon as they hit the MLS.

AND I specialize in non-MLS properties. Some clients, for one reason or another just cannot meet the requirements for being listed on the MLS (the 24 hour showing notice is one of the reasons). They still list and sell with us, but are not on the MLS. These can be little gems that might fit your needs.

I would love to work with you! Give me a call at 763-548-1418 (office) or email me at pakasper@ExitRealtyNexus.com. Thanks!
0 votes Thank Flag Link Thu Aug 11, 2011
Thank you for that insight Scott!

As a Realtor BELIEVE ME I understand our world and the commission issue. I WANT the listing agent to keep everything because like you said I make money buying and flipping. I have even tried to ask agents to help represent me on the buy side since there is no way I am getting the commission. Seems like free money to me but no agents I have talked to in this area are interested. They must think it more phone to prospect for clients than work with an investor:)

So I figured it must be more effective to work with the listing agent instead and that way they can keep the whole commission hopefully. I will be upfront with any of the REO agents that contact me so as like you said not waste anyone's time on an offer we both know the bank will not accept. I understand sometimes the home needs to be on the market a certain length of time before the lender might be willing to discount it.
0 votes Thank Flag Link Sun Aug 7, 2011
Christopher i list alot of bank owned homes and have a cash buyer list. The order i call is the quaility if their offers. Cash buyers who include a proof of funds letter, include teh deposit, do not have any contingincies and make reasonable offers get called before the ones who make half price offers all the time that never will get acceoted but take a lot of work to get tyoped, signed and submitted, If you are being a buyer than you should not be asing for buyert agents commission. Some banks wont pay the buyer a commission but will then discount what the pay the listing agent resulting in a half or more cut in teh listing agents commission. When i but i dont ask for commission splits. i make my money fixing and selling. Working with teh listing agent driect will get you inside to se ehouses before they hit the market
0 votes Thank Flag Link Sun Aug 7, 2011
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