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Sourcing agent for distress properties


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Dear all,

 

I'm quite new to investing in distress properties but looking at making it my primary strategy to either flip or rent

Now hesitating between using sourcing agent (time saving) and making low offers on old deals still advertised (aka 12months+)

  • Have you guys made an offer below sourcing agent deals?
  • or are we forced to stick to the proposed price negotiated by the sourcing agent?

I'm looking at areas between Manchester and Liverpool (should that make any difference?)

Thanks a lot in advance for your valuable feedback!

Damien 

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  • 3 weeks later...

Hi Damien, great name by the way. 

 

Sourcing agents have pre-negotiated the deal for you so generally speaking there isn't much in the way of wiggle room from there. However it is possible. 

 

Generally speaking these deals aren't really "BMV" as they advertise, and are just cheap for a reason. So once you've found out the reason, if the discount offered isn't sufficient to make up for the costs involved, feel free to offer a lower figure. 

 

The issue generally comes with the sourcers not wanting to give you any time to spend on the due diligence as they are selling themselves as the speedy sale option. So keep your wits about you. 

 

It can be done though. 

 

As for offering on 12month+ properties, not a bad strategy but it will be very low conversion rates. A lot of times the property has been on the market for ages because it's over priced and the seller refuses to move on the price. 

Don't ask don't get though. 

 

Best of luck!

Damien Fogg
MRICS CeMAP CeFA

Email: damien@theepinvestor.com

Web: www.theEPinvestor.com

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