Post by Dean on Mar 9, 2011 21:38:30 GMT -8
Tony,
Thanks for the interesting webinar tonight. (Where do you get your energy?)
I'm wondering what you think about online auction sites like GoHoming.com which asset managers seem to be able to use to unload properties and start a literal bidding war. How does that affect your approach? Do you deal with these sites, or only with people directly?
Among others, I'm looking at a rehab house in my market listed for $169K. Even though GoHoming.com says "No contingencies, viewings or inspections.", I found and called the local listing agent who is trying to get me (and perhaps other potential buyers) a viewing time with the tenant's approval. I'm hoping to get a look so I can estimate repair costs. Without a walk through, it's wild speculation to guess what a profitable offer might be. I'll keep in touch with the listing agent, but do you think this "no look approach" is the wave of the future with so much inventory coming down the pike? The site says the current highest bid is at $183K. Would you guess worst case scenario repairs and make a low-ball offer even under these circumstances? I believe I would get 7 days to inspect after my offer is accepted, so I could bail at that point.
I'm still learning my market, and just starting to build relationships, but I'd like to be as accurate as possible on my "pretend a deals."
So, have you dealt with any online auctions in the A.V.?
Thanks for your thoughts.
Thanks for the interesting webinar tonight. (Where do you get your energy?)
I'm wondering what you think about online auction sites like GoHoming.com which asset managers seem to be able to use to unload properties and start a literal bidding war. How does that affect your approach? Do you deal with these sites, or only with people directly?
Among others, I'm looking at a rehab house in my market listed for $169K. Even though GoHoming.com says "No contingencies, viewings or inspections.", I found and called the local listing agent who is trying to get me (and perhaps other potential buyers) a viewing time with the tenant's approval. I'm hoping to get a look so I can estimate repair costs. Without a walk through, it's wild speculation to guess what a profitable offer might be. I'll keep in touch with the listing agent, but do you think this "no look approach" is the wave of the future with so much inventory coming down the pike? The site says the current highest bid is at $183K. Would you guess worst case scenario repairs and make a low-ball offer even under these circumstances? I believe I would get 7 days to inspect after my offer is accepted, so I could bail at that point.
I'm still learning my market, and just starting to build relationships, but I'd like to be as accurate as possible on my "pretend a deals."
So, have you dealt with any online auctions in the A.V.?
Thanks for your thoughts.
