Friday, January 28, 2005

RealQuest and the FSBO Deal

RealQuest
I went into RealQuest today and my account has expired. Their web site never says how long the free tiral is for (at least, I've never seen it mentioned), so I'm assuming 2-3 weeks or x-many searches. It was a pretty handy tool, once I figured it out. Unfortunately, though, it had some quirks about it - mainly the "fictitious" sales price. Another quirk I had is that it would pull 10+ comps for each property I searched, but only 1-2 would be even in the same general area. And, of those 1-2, none of them would have the information I needed. Usually, I would have to take some sales information from the comps and do more investigating - like clerk records and/or tax records. I figure with an RE agent on my team, I could have her run comps several times a month, as long as I am bringing in deals (hmmmmm).

FSBO Deal
After submitting the information of the FSBO deal to a buyer several weeks ago, I haven't thought any more about it. I never heard back from the investor, so I assumed he looked at the material and thought it was a 'no-deal'. Well, I got an email from him in my box this morning, thanking me for the information and, as he put it, "[exceeding his] expectations on [the] information". He said he would contact the owner and get the ball rolling. I figured the couple of weeks in-between could be lost time. I've heard others say that there is a lot of investors who drag their feet. I can't understand how these people stay afloat in this business!?!? I mean, if I see a worthy candidate, I'd be on that property in a matter of hours - not days or even weeks. But then again, I am not doing this fulltime, and I imagine they have a long list of properties they have to do due diligence on. I sent the investor a reply stating I'd like to meet with him one day soon to touch base (since we've only conversed via email).

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