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Re: Re-selling

Posted by TJ on July 26, 2011 at 12:21 AM

In Reply to: Re-selling posted by Bukzin on July 24, 2011 at 8:20 AM

: I am interested in thoughts others may have
: regarding efficiently re-selling purchased houses.

: We have sold dozens but continue to look at methods/ideas
: on how to improve on slow escrows, low appraisals, and the rest of the
: challenges.

: Any of you care to share thoughts on the above?

: How about ideas of other web sites which attract active investors;
: which do you like?

: Thanks!

I list and sell REO's & Short sales in So Cal and have learned a few tricks that have helped my sellers.

:I request Proof of funds and a pre-approval letter from a direct lender to accompany the Purchase Agreement. If you have a good LO you know can close the deal, I sometimes request a cross-qual.

:In my counter, I include a provision for a "per diem" charge for an extension of time to close. This makes my sellers feel like they aren't losing out by the buyer/lender/escrow dragging their feet. Most of my properties have multiple offers due to aggressive pricing, so I am able to sort through the bad packages (lots of lazy, not so bright agents)and help guide my seller to the strongest offers. I also try to use my preffered escrow officer when possible, as she's on the ball and will address any issues upfront. I use all these tools when talking to the selling agent and reitterate the per diem charge if their Escrow officer turns out to not be so good.

:I can't really help much on the appraisal piece, except get good comps when you price the property and be ready to provide those comps if the value comes in low. Sometimes it works, sometimes they prefer their AVM over the human! (go figure)

:I only use the MLS, which floods over to several other websites (like iTrulia, Redfin etc...) That's where I have found all of my buyers.

Hope this helps!

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