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Within our zip code it almost as wide a variation too! When I lived in Houston I only " farmed" within a 2 1/2 mile X 3 mile area, and 75% of the houses were in only 2 Nike Roshe Run Black Anthracite Cool Grey developments. In that case I made offers, and in one case CLOSED without ever going inside the house!
As in from the time they call, how fast can you have them an offer, do you leave contingencies, and how long from then can you close?
How quickly can you pull a deal together
The work is the work. You can make offers with no homework if you put in enough contingencies so you can do the work after the offer is accepted.
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Try to " narrowcast" a bit, don get " paralysis by analysis" , don put in so many contingencies that you going back and forth with 7 counter offers (two round trips is all any Purchase Offer should ever make) and make 3 day closing" (cash) or " 2 week closing" (loan) a part of every offer.
Now my main exit strategy is wholesaling, and I always love doing the 2 or 3 day close and still getting it flipped. A couple weeks ago a lady called on Tuesday, and we were looking at her house about a half hour after she called. We walked through it, made an offer with a closing on that Friday (3 days later), she accepted, and we signed the contract on the spot. We made about a dozen or so phone calls offering the property under the terms that they couldn see the inside and they needed to close on Friday. I had an investor come in to sign a contract first thing Wednesday morning to double close on Friday. After lunch we had to turn another investor away who wanted to buy it also.
private money for at least acquisition, which is fast, but not as fast as ok I cut you a check after I run the title.
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that you can go much faster if you want to do the homework prior to making an offer. Some are set up to quickly pull the info or they have staff who pre screen deals.
I can do that because I don have to ask someone for comps or search for comps. I have done the hard work and I KNOW my market.
There no magic to this. You find an area, you learn the area and then you look for deals in that area EVERY DAY! If you do that, you will become an expert in your area and deals are easy to do.
The way I did this was I knew the market intimately, I know how to analyze cashflow, I knew how this property was going to be presented to the buyer, I knew the buyer, I knew the management company that could manage the company. Everything I knew took me about a year and a half of work.
house but what will the house sell for in the next two weeks. I felt really comfortable after about a year and a half of looking at deals, running numbers, etc. I get a kick out of trying to find a way to milk the max out of every deal that I look at. After 2 years in the business, I finally found a house for zero down, just like the infomercials say are everywhere. Within a week I found a seller who would carry 75% of the price at 6%. Hang in there, learn your numbers, analyze lots of deals and you get fast and comfortable with it. My inspection of a house is very fast.
People in " trouble" (motivated sellers) like to see a definite plan to end their pain. Too much " could have, would have, should have" and they don need to look hard for a reason to reject.
I would not worry about the speed to much. If most deals you are interested are still there when you ready to make an offer you are doing fine. If you find that almost all the deals are gone because someone else made an offer before you then consider what is going on. It might be they are making bad offers or you might be too slow. It is hard to tell from the post. Too many details.
I did one where I found the house, put it under contract and wholesaled the contract in 3 days. The closing occurred 11 days later. So I guess the answer is either 3 days or 11 if you wait for the title company to finish their crap.
I usually spend about 15 20 minutes looking at the house before making the offer and writing the contract (right there on the spot). I don usually include any contingencies. Obviously, the purchase contract specifies that they provide a deed that is free of liens, so I not considering that a contingency.
It sounds like you " broadcasting" to a pretty wide audience, if so you likely crossing " natural" price defining boundaries. If so it can take a bit to gather comps. Within my neighborhood prices vary from about $80/sq ft (20 year old, not updated) to $110/ft (older but updated) $120 (newer, lots of bells and whistes) to $220/ft (lakeside).
I can close in 2 or 3 days if it a cash deal, as soon as the title search is done. If I getting a loan for the property, then I can close in about two weeks (after the bank gets its appraisal). The last two houses that I purchased in May took exactly 2 weeks with a loan from a small local bank.
Within an hour of her calling we had a contract on the property, and within 12 hours I had a contract to sell it 3 days later. I wish they were all that easy.
You need to move quickly but not too quickly. You do not need all deals to succeed so it is not about being the fastest in every situation. It is about doing good deals that work for you.
I go in the house for a very fast inspection before I whip out a contract, ask for a signature and hit the road! Good luck to you.
I ask because although I have some experience, it still takes me a little bit of time. Probably about a day or two so to know exactly what I dealing with. That includes running the comps, seeing the property, getting a budget together. I probably go a little too conservative cause I dont wanna get burned. Furthermore I not a true cash buyer as I be using hard money or Women Nike Roshe Run
My last deal I offered on Thursay, closed the next Wednesday (title company average speed no existing loan, cash purchase). Closing took 5 minutes. When I sold we signed the contract on Saturday, I prepared the documents on Monday and we closed on Wednesday. It not just what would
It took me about two years of chasing my own tail before I figured out how to put a deal together quickly.
I personally make an offer before I walk out the door about 95% of the time. If I don feel comfortable with something then I will go back to the office and do some more research before I will commit to an offer. I have no contingencies in my offers and I typically set a closing for 7 14 days. This lets my title agent breathe a little. Now I have no problem closing in 2 or 3 days if need be and I done a couple next day closings, but my title agent really doesn appreciate those.
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