Home Buying in Miami>Question Details

Natalie, Home Buyer in Chicago, IL

Homes sold before they hit the market?

Asked by Natalie, Chicago, IL Fri Jun 14, 2013

I am a quick acting property investor concentration on the Miami market at the moment.
I have a redfin property alert set up which emails me new listings as soon as they hit the market.
Yesterday 2 properties were listed that I would have purchased straight away at double the list price but they already had 'backup contract' status before they hit the market.
To tell you the truth I was really annoyed because I don't understand why they would be listed when a buyer already has them under contract.
Can someone please offer me some insight into this? Or let me know the secret to finding out about those awesome properties before anyone else does?

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Answers

14
Michelle Reyes’ answer
I agree that the mls is usually the place for most accurate status as some realtors mentioned here in their replies. Trulia, Zillow, Postlets and cl are ofter wrong info, not updated.

As for why people don't respond. Just imagine the you are the listing agent, you get over 100 calls, dozens of emails, and text, when you already have your top 3 picks, would you stop to call all those 100 people back? When they don't even know status themselves, bec they are waiting on bank.

Here's a great video on REO's and short sales. For me I enjoyed it, because so many people have so many why's to why people are unresponsive , and often it's NO fault of the buyers agent, you can't get mad, you just need to keep offering, and stick to your highest an best, cause all others wind up in the cemetery with no call backs.

How to buy a REO or Short Sale - Enjoy and have a good laugh. Monopoly is a #'s game. MOST BUYERS DON'T SUBMIT HIGHEST & BEST and that is one main reason short and simple for losing the deal.


http://www.youtube.com/watch?v=SM7oWKgCVo4&list=PL9AFA49…

Michelle R. Reyes
The Handy Realtor
Relocation Specialist
Miami / New York
BiG Thingz Management, LLC
0 votes Thank Flag Link Mon Jun 17, 2013
There are not secret, you are an investor and you are searching for properties, you should start searching for realtor that have their own clients portfolios and advice they client prior the listing is for sale, we are in a market that is short of inventory and if you have been a client in the pas of course they will notified you first
2 votes Thank Flag Link Sat Jun 15, 2013
Natalie, those 2 properties could have been "pocket listings", which are common among higher end homes. With pocket listings, properties are kept under wraps and brokers only show them to people they expect will put money down if the property and the price are right.
1 vote Thank Flag Link Fri Jun 14, 2013
I am figuring those 2 properties were short sales....I guess your Realtor can explain or maybe not....REO need to be listed for a certain number of days before they can be placed on pending sale status, a rule many were violated ages ago, not since asset management companies decided to "clean house". On a fair market transaction I see no reason why a Realtor would place a property in the market and not wait a reasonable amount of time on multiple offers as this is only in the best interest of the Seller which the Listing Agent represents.
1 vote Thank Flag Link Fri Jun 14, 2013
Natalie,
Many real estate professional, myself included, do market homes to my 'A List' first. Then to those agents who particiapte in the "First Look" plan will get notification. There are five levels of buyers this home will be prsented to before it ever appears on Redfin or Trulia.
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A Alma suggested. the REDFIN business model has consequences. Now you see them.
If you want the good stuff, before anyone else, you will need to pay to play.
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Finally, the entry is made into the MLS for statistical purposes or if the first five groups rejected this as a property they wanted. Without making this entry I have no tangible evidence regarding the amount of real estate I help owners sell or buyer acquire.
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DEMONSTRATE yourself as in SERIOUS buyer and those multi-dimensional agents who know more than one way to buy and sell real estate may place you on the 'A-List." The 'A-List' has rules. Redfin suggests you are a poor 'A-List' candidate.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Sat Jun 15, 2013
Hi Annette,
That is really helpful advise.
How do I get onto the A-list?
Like email every realtor in Miami with copy of my bank statement?
Flag Sat Jun 15, 2013
If you know the Miami market, this is the way sometimes. Why? Market is moving so fast. Buyers in every corner waiting for new listings. Sorrrry
0 votes Thank Flag Link Fri Jun 14, 2013
Perhaps you need to focus on finding a broker who's specialty is this particular niche in the investment market in Miami. Nothing against your current broker, but this type of listing just might not be their strength. Look at who is listing this type of property frequently and maybe you need to try to work with that broker. Many brokers work strictly the REO world, and that is likely who you need to know about it fast.

Some properties have coming soon signs out before they hit the MLS too ~ and folks might be submitting offers prior to their MLS launch.

People assumed that you are not working with a Realtor because it sounds like you're doing all the hunting instead of the other way around. Which is part of what we do to earn our commission ~ Find you places that fit your parameters.
0 votes Thank Flag Link Fri Jun 14, 2013
FYI these were the two properties-

134 NW 32nd St Miami, FL 33127

910 Jefferson Ave Miami Beach, FL 33139

I'm a 100% cash buyer.

My realtor doesn't rebate.
0 votes Thank Flag Link Fri Jun 14, 2013
Oh and some agents may discriminate against rebate realtors so that may also be harming your chances.
0 votes Thank Flag Link Fri Jun 14, 2013
If you're talking about a Short Sale then just remember the list price is pure "fiction" until/if it is approved to sell at that price. Don't be fooled into thinking you can actually buy a short sale for the list price if it's 50% below market value.

Yes, I agree it's absurd and not acting in the best interest of a "regular" seller or REO if the property is not kept in active status and shown daily for at least a week and then everyone submits their highest and best.

If you're not paying CASH then you will be at a severe disadvantage because I'm sure most properties are selling to all cash buyers "above" a price it can possibly appraise for.

If you want to take a risk, buy at the courthouse foreclosure auction or you can buy on Hubzu.com and have a fair chance to bid via auction.
0 votes Thank Flag Link Fri Jun 14, 2013
I am working with a realtor. I'm not sure why anyone assumed I was not.
Typically I email my realtor the minute I see a property I want to buy, with my offer price and she emails me back a docusign and we submit it straight away.
0 votes Thank Flag Link Fri Jun 14, 2013
Welcome to searching homes in South Florida. I will encourage you though, just the the other two realtors who have answered you, to work with a realtor. You will be able to eliminate most if not all of the frustration that you're facing.

Regards,
Alberto Baca
The Keyes Company
305-218-2504
AlbertSellsHomes@gmail.com
0 votes Thank Flag Link Fri Jun 14, 2013
You first need to start off by working with a realtor and not rely on a program with outdated listings.

For the Miami market you have to be an aggressive buyer.

Regards,

Pablo Torres
AF Realty,LLC
786-205-6988
Pabtorres@aol.com
http://www.miamibuyproperties.com
0 votes Thank Flag Link Fri Jun 14, 2013
You list them because the Realtor wants the credit when they sell in their mls system. Plus it sets up a comparable in the mls system so other similar properties will be able to get a good idea of their value based on the sold price on that property once it closes. It also attracts back up offers in case it falls apart.

If you are a serious investor and you are concentration on Miami then you need to find a Realtor to work with and not rely on Refin.

You actually made me laugh with this comment, "I would have purchased straight away at double the list price". Yea
0 votes Thank Flag Link Fri Jun 14, 2013
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