Success Stories
Bob's Success Story
By
May 3, 2005, 11:45

The Pocket Listing Deals

I consistently call over 30 REO Realtors every 10-15 days asking them if they have anything in the works in the areas where I like to invest. The Realtors call them pre-listings.



In December 2004, a realtor said he had a house that was way overpriced at $25,000 and was going on the market in 8-9 days. I said I’d go look at it anyways. Well, it was perfectly priced at $25,000 and I asked the realtor if he would ask the bank if they would accept a cash offer right now at full price. A couple days later he said the bank would. So, I started calling my buyers and, at the end of the day, had a signed assignment form and earnest money for $32,000. Closing went smoothly and I walked away with $7,000!
Having tasted success using this approach, I made a new contact with a different REO realtor and he said that he had to de-trash a house in my favorite area before it goes on the market. I asked him what that entailed and he explained that he had to put up his own money of $1,500 to have the work done and after the house was listed and sold, the bank would reimburse him up to 90 days later. I asked him, “So you could potentially not get your $1,500 back for up to six months or longer?? He said, “Yes!? After thinking about his dilemma, I then asked, “What if you made an offer to the bank and I would be willing to de-trash it myself.? “You’d do that?? he asked. I answered, “Sure, for the right price.?lt;br>
I offered $19,000 and the bank accepted my offer. I then wholesaled the house for $28,000 to a landlord and repeat customer the day after our contract was signed.

Bob Norton

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