Dealings with a Local RE Agent

In early January, I used a free online comp service to run comparable sales on two subject properties - the FSBO was one of them. Both times, I received the comps from a local realtor who asked if I needed any further assistance to call her. Now I know from reading the thousands of posts the last few months, RE agents can be both a blessing and proverbial thorn. I still dont' know the outcome of how my business relationship with this RE agent will pan out, but judging by our email dialog, it is already looking good.

I sent her a reply to one of the comps she ran, thanking her for her time and giving her my investor sales pitch at the same time. She responded within a matter of 5 minutes (no joking) with the following:

I work with a lender who has great rates for 100% investor loans, interest-only loans, and other methods. I'd be happy to refer him to you. Or are you looking for something that needs only cosmetics? Are you interested in foreclosure properties (longer closing times, etc.)? Specific floorplans (like only 3/2s or duplexes, for example)? Will you be leasing the properties or re-selling? Do you want properties in neighborhoods that have a rental history already? Or properties in neighborhoods that do not traditionally have rental properties? I really need to know your requirements to be of service. Please let me know.

To be honest, I was caught off-guard. For one, I didn't expect a response so quickly - if at all! Second, she sounded like she was genuinly interested in forming a partnership (not a formal one, of course). I immediately sent her a response of what I was looking for (distressed, abandoned, foreclosures, etc.), characteristics (SFR, 3-4Bd/1-3Ba, 500-2500sf, etc.), and location. Again, within a span of no more than three hours, I received the folling reply:

I will build this initial search with [locations], 3 bedrooms minimum, and $70,000 maximum. Let me know if it's not pulling enough and we can adjust the price upwards a bit. Foreclosures are usually marketed at the market price according to the listing agent, who performs a CMA, or comparative market analysis, to arrive at a price. But banks who own property, HUD, and the VA will accept lower offers...how much lower depends on how much inventory they have in a market, time on the market, and what they need to net. All different percentages, but a maximum of 93% of list pretty much across the board. HUD homes come out on Friday afternoons, so the listings appear Fridays and Saturday mornings, but they only take bids from owner/occupants the first 10 days, then open them up to investors. Doesn't hurt to identify possible properties during that time and be ready to submit a bid on the 11th day. Let me know what you think after you receive the first search results. Oh, yes, and the mortgage broker I mentioned is [mortgage broker info].

And, as she promised, I was given a listing of homes that matched my criteria last night in my email. I realize I need to walk on egg shells, because I've heard horror stories from people dealing with RE agents, but then I've heard of people who deal almost exclusively with RE agents for their deals, since they have ready access to the MLS. I'll just have to do what I think is best on a property-by-property basis.

Ever so slowly, I am building a support team.