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I can't speak for Stealth, but I imagine one use would be to drive around and look for unique houses/lots that exactly fit your needs and then use the county web site to locate the owners and contact them directly. That is probably a more effective technique if you are looking for things like rural acreages for a shop and land than ordinary carbon copy late model homes in ordinary subdivisions.
Not to mention, that this method really isn't realistic for someone looking to relocate into an area and buy with a minimum of time and effort spent.
Not to mention, that this method really isn't realistic for someone looking to relocate into an area and buy with a minimum of time and effort spent.
That is actually something I mentioned but at the same time I knew that was the trade-off:
More Time and effort = More Profit
I know this for a fact, whether it is an appliance or a vehicle or a house for sale, the more widely listed it is, two things are certain:
- If it is a true bargain, it will be gone before you can dial the number or send the email
- Even if it is not a true bargain, if it is in demand, you will be competing against more people, less chances of successfully getting it
Overpriced properties come down on price mainly because of this reason.
Then again, at the moment, every property is!
I am really glad I don't have to buy right now. I am hoping prices will normalize by the time I am ready.
I just can’t imagine cold calling the owners with below market offers works 60-70% of the time. Must be something else to this.
It actually worked for us. Sort of. We bought in Camas about 6 years ago when the market was more balanced and less crazy. Home were selling but it wasn't the white hot crazy market of today. There were lots of listings and many sat for months. After a lot of research and multiple trips to the area we had settled on some of our favorite neighborhoods and types of homes.
Zillow keeps all the previous listing information for each property, even those that aren't currently listed. I was scrolling through specific Camas neighborhoods that I liked and clicking on every home, even those that weren't active listings. If the house had ever been listed and sold in recent years then all the old online listing info is still there with pictures etc. I noticed one home that looked to be exactly what we were looking for that had been listed the previous year and and been pulled off the market a few months earlier in the fall without being sold.
I thought....hmmm maybe they were still interested in selling and just pulled it off the market over the winter to start fresh in the spring. So I used the county data to find the owners (which you can drill down into via the Zillow web page) and contacted them to ask and it turned out yes. They had a disabled daughter and it was an enormous hassle to clear out of the house and put away all her therapeutic equipment for every showing so they decided to put the listing on hold and wait until the spring season. They were also looking for a one story home with no stairs which was very difficult in Camas. I told them we liked their house and had a long time horizon and would be happy to buy it from them if they could find the house they were looking for. We made a fair deal and basically split the real estate fees that they didn't have to pay and it all worked out well for both families.
But that was one specific house that had been for sale on and off again, not a random cold call.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by TurcoLoco
I see. That is kind of what I thought but idea of contacting someone who didn't even have their property listed seemed a bit odd. ...
...
I use a very specific formula / criteria for setting my interest / price / offer / timing. Most info and offer is based on GIS research, but primarily I need to want, and have a use, and a plan for the RE. (I never buy something that I can't sell tomorrow for 110%, or that will not cashflow 1%/ month of capital cost, (or equivalent ASSURED equity gain).
I don't broadcast my formula or search criteria, as I have been beat to the deal by crafty realtors (There aren't too many of those)
Quote:
Originally Posted by SusVelo
I just can’t imagine cold calling the owners with below market offers works 60-70% of the time. Must be something else to this.
Gotta know the situation of the owners / desire to sell, and the valuation. Not magic, not tough. Since I grew up a farm kid, we had many, many people always offering to buy our ranches and farms. It is not uncommon, especially if you have a nice place. I have a list of 4-5 buyer inquiries on all my props that I own. When I sell, I first offer to tenants, then neighbors (each for a steal + very generous terms). I'm more interested in the improvement of a neighborhood / adjacent properties than in making 10 - 20% more for me (My excess all goes to charity anyway, as it has since I was age 17, bonuses, windfalls, profits... I don't need the extra revenue, I eat and feed my family fine (on $100 / month))
Quote:
Originally Posted by Ruth4Truth
Not to mention, that this method really isn't realistic for someone looking to relocate into an area and buy with a minimum of time and effort spent.
Maybe not realistic for 'conventional' / "Follow-the-leader' types. I, nor any of my extended or heritage family are satisfied with being 'average'
The process is very, very simple (far more simple than dealing with a sales agent and 100 other offers (? so they claim)) I searched and bought most my properties while out-of-area (Since I worked overseas for most of 30 yrs). One rural view prop (With 2 unfinished homes) in Texas I bought while living in Thailand. I had gone to China for the weekend and the seller emailed me and wanted to sell NOW... so I arranged the closing / sale / title company and wired the funds the next day, a challenge from China, so I hopped over to Hong Kong for an evening. (All remote... never viewed the property before purchase). When I went home on holiday to look at that property, the farm, next door was for sale (with an owner's sign), so I bought it too (from owner). Closed within 3 days, and flew back to Thailand to go to work.
Nothing is hard, expensive, or time consuming about this. (unless you are working BLIND, using an agent, who has far different priorities and interests than you. )
Typically I will have less than 2 hrs in the process of the transaction. Sometimes I have more time in researching / arranging inspections (Seldolm), or more probable dealing with county planning / rezone..
If seller wants an agent at closing, I refuse to attend and will sign via E-sig or a separate appointment. I have shown up at closings with an agent present. I leave (and take my check with me... BYE). I write that clause into my sales agreement, so I get my deposit back as well.
I'm not much into 'Hand-holding", it is not in keeping with correct social distancing
Last edited by StealthRabbit; 12-27-2021 at 03:18 PM..
I use a very specific formula / criteria for setting my interest / price / offer / timing. Most info and offer is based on GIS research, but primarily I need to want, and have a use, and a plan for the RE. (I never buy something that I can't sell tomorrow for 110%, or that will not cashflow 1%/ month of capital cost, (or equivalent ASSURED equity gain).
I don't broadcast my formula or search criteria, as I have been beat to the deal by crafty realtors (There aren't too many of those)
I guess I am gonna have to drug you at the next C-D get together to get the info!
All kidding aside, I don't blame you one bit!
That said, I am waiting for the formula via PM!
Quote:
Gotta know the situation of the owners / desire to sell, and the valuation. Not magic, not tough. Since I grew up a farm kid, we had many, many people always offering to buy our ranches and farms. It is not uncommon, especially if you have a nice place. I have a list of 4-5 buyer inquiries on all my props that I own. When I sell, I first offer to tenants, then neighbors (each for a steal + very generous terms). I'm more interested in the improvement of a neighborhood / adjacent properties than in making 10 - 20% more for me (My excess all goes to charity anyway, as it has since I was age 17, bonuses, windfalls, profits... I don't need the extra revenue, I eat and feed my family fine (on $100 / month))
Sounded almost like a RE Santa Clause! Good for you, sir!
I, especially, liked the "for the good of the neighborhood" perspective. That is something I always cared for, better myself, my family, community, city, state, country, world.....I am stuck on step 2 at the moment but looking forward to going further!
Beats spending 4 - 8 hours / week in the courthouse making notes. (As we did 30+ yrs ago)
Great Idea. I never thought of doing anything like this. A quick search of two lots we've been interested in in Oregon shows the tax lot owner of one of them actually lives in Hawaii. I think we'll do a bit more research and contact them if it looks like everything lines up. Do you contact a local lawyer or title company to help finalize the sale? Thanks.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,705 posts, read 58,031,425 times
Reputation: 46172
Quote:
Originally Posted by ejisme
.... shows the tax lot owner of one of them actually lives in Hawaii. I think we'll do a bit more research and contact them if it looks like everything lines up. .... Tax due time is a good time to contact them
Do you contact a local lawyer or title company to help finalize the sale? Thanks.
Title company is adequate for most residential purchases.
Commercial or rezone deals might benefit from additional professional services (which will cost about 1/10 what a realtor costs you (for NO legal services))
I am really glad I don't have to buy right now. I am hoping prices will normalize by the time I am ready.
You mean normalize at a slower growth rate?
I wouldn’t expect SW WA to decline in value anytime soon, if ever. 2007-2008 isn’t what is happening this time.
Also, if you’re thinking about Camas, there are currently zero homes in the 2500-3500 sq foot range for sale right now (excludes new construction). This is according to Zillow.
When a house in that size range does come on the market, it gets a rush to view the weekend it goes on the market. Then a bidding war kicks off and the property goes pending usually the Monday or Tuesday after it is listed.
I wouldn’t expect SW WA to decline in value anytime soon, if ever. 2007-2008 isn’t what is happening this time.
Whatever the normal annual increase was like prior to the sudden increase.
In CA, the prices go up a lot in a matter of years so every 7 to 10 years, the prices significantly drops. At least this had been the case up until the recession.
Recession likely to have delayed the duration a bit. Not sure if plandemic had any effect but the current prices being even higher than pre-recession values, a drop is more than overdue. Then the much recent and shocking inflation increase. Not sure what will happen and when but as a prospect home buyer, it was my wishful thinking.
If I was a home owner, I'd probably feel the same way as you, thinking it is not likely to come down. Again, it would be a more subconscious claim than a factual one. Who knows, perhaps your statement was based on some solid sources/data?
Quote:
Also, if you’re thinking about Camas, there are currently zero homes in the 2500-3500 sq foot range for sale right now (excludes new construction). This is according to Zillow.
When a house in that size range does come on the market, it gets a rush to view the weekend it goes on the market. Then a bidding war kicks off and the property goes pending usually the Monday or Tuesday after it is listed.
Good luck!
No preference in any specific area at the moment since I don't really now the area at all. I will likely to rent for at least 6 months and explore the area. As a single -at the moment- guy, I prefer a smaller house, 3 bedroom (max) with 2 or 1.5 bathrooms. As long as it has a large garage (2+ car), I am happy! Definitely no HOA or anything like it.
I prefer a bit of a fixer-upper where I can upgrade things based on my own taste/preference instead of someone else's which would also cost me much more as the seller likely to inflate the price.
Stealth's approach is really appealing since with current prices, I would not really be competitive with my offers at all. I much rather buy the house straight up but worst case, put down 60+% of it to have a much better rate and low payments.
Thank you and Happy New Year to everyone!
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) I searched and bought most my properties while out-of-area (Since I worked overseas for most of 30 yrs). One rural view prop (With 2 unfinished homes) in Texas I bought while living in Thailand. I had gone to China for the weekend and the seller emailed me and wanted to sell NOW... so I arranged the closing / sale / title company and wired the funds the next day, a challenge from China, so I hopped over to Hong Kong for an evening. (All remote... never viewed the property before purchase). When I went home on holiday to look at that property, the farm, next door was for sale (with an owner's sign), so I bought it too (from owner). Closed within 3 days, and flew back to Thailand to go to work. 
)
). I write that clause into my sales agreement, so I get my deposit back as well.
