When you are making investments in real estate, one of the phrases that you’re going to hear over and over (and over) again is that your need to find motivated sellers. You’ve probably heard that enough times that I didn’t need to comment on it, but bear with me for a minute.
When you’re looking for motivated sellers, you’ve probably thought about looking for FSBOs that have been on the market for a while. You’ve probably thought about talking with banks to help you identify those homeowners who could lose their property. But your probably haven’t thought about this: finding those sellers whose listings have been turned down.
There are a number of sellers out there who are taking advantage of flat fee brokerages because they know that with the current market conditions, paying a real estate agent’s commission is going to cost too much. But here’s something that I found interesting:
(source)Many homeowners, he said, are asking him how to save on the seller side, but he has been turning down more homeowners because their homes are unlikely to move at the price they need to recoup their investment.
‘‘We’re not miracle workers,” Gill said. ‘‘The interest is there — we’re getting a steady stream of calls — but I can’t list their house if they can’t sell it. Unfortunately, a lot of folks don’t have the ability to sell their home and there’s nothing I, or any other broker, can do.”
If these sellers who are being turned down by the flat fee brokers are trying to make a short sale or simply to protect their credit even if they sell at a loss, doesn’t it seem as though they would be motivated?
In other words, if there is a flat fee realty service in your area, you just might find that you should be getting in touch with them. They may turn down sellers, but if they know that you’re interested in buying properties they may be able to pass along your card.
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