tag:blogger.com,1999:blog-7451044254506572493.post566698998292212234..comments2008-06-03T00:07:26.332-04:00FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-7451044254506572493.post-11602113659638773482008-06-03T00:07:00.000-04:002008-06-03T00:07:00.000-04:00Hey Paul,<BR/><BR/>I really don't do the sit down thing. I usually first talk on the phone and our first meeting is at a house. If you only knew how many people I sat down and talk with, only to talk them out of buying... so I became more efficient and use the phone and save meeting for those that are ready to buy, and then we meet at a house for sale.<BR/><BR/>I did some sleuthing...<BR/><BR/>1) I did a background check on the agent to see if she gets anything close to list. <BR/><BR/>Her last listing in Sept 07 was $655k , dropped to $630k and sold for $615k (53 days on market)<BR/><BR/>She hasn't done many other listings in 2008 or 2007, so I can't tell if she is an overpricer (different agents have different styles)<BR/><BR/>2) I emailed the agent to see what kind of rent they are getting now. I doubt it is $2,000.<BR/><BR/>3) I did a background check on the sellers on the MLS to see if they have sold anything else in 5 years. (damn it worked! It usually only works 1 out of 5 attempts)<BR/><BR/>- I found that they are near bankrupt! Since they were part of the 5% that closed a short sale. Started at $850k, sold for $700**. They bought it for $870k in Aug 2005<BR/> http://LINK<BR/><BR/>(I am going to a meeting tomorrow at 2pm and I know the agent that bought the above short sale unit, small world. I can ask her about the sellers)<BR/><BR/>- The property you like was bought for $265k in 2000, but I am fairly certain that they have refinanced all the money out of it.<BR/>- And it was previously listed at $680k for 80 days and never sold.<BR/><BR/><BR/>Also did you see this house already? Did you call the listing agent and have them show it to you? If so, that is also a major problem. <BR/><BR/>Did you see my video blog on http://youtube.FranklyRealty.com on lowballing? I don't consider it a lowball if the property is way overpriced. And this market is void of investors, so I doubt they will get what they want.<BR/><BR/>So you still might be able to offer a decent clip below. I haven't looked more closely at the comps.<BR/><BR/>See wouldn't you rather me spend 45 minutes finding the above then chit chatting?<BR/><BR/>FrankFRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-7451044254506572493.post-22007106594467439102008-06-02T23:34:00.000-04:002008-06-02T23:34:00.000-04:00Hi Frank,<BR/>Thanks for your response. I hear what you're saying and I realize it's no easy task. I currently own a condo in Courthouse and would like to rent it for a near break even while purchasing a second property that I would be able to live in while subsidizing part of the mortgage with a renter. I don't expect to become rich overnight but I'd like to upgrade in this area and I believe the only way is to have rental income. The property that jumped out at me was XXXX but I believe it's significantly overpriced. The numbers won't work at it's current price unless one of the units rents for over $2000.Paulnoreply@blogger.com