Why We Follow-Up on Deals

In July, we added over 900 deals to the website. That’s quite a number! Many of these deals got sold within the first week after they were posted. Several more were sold within the month. The deals that didn’t sell and are still available will probably see their asking price reduced so that they still offer value to investors.

Tip: Follow-Up on deals and leads that you weren’t able to negotiate down when they first became available. If they are still available on the website, it’s likely that the seller is more motivated to further discount it.

So how do we keep track of over 900 deals each month? One of our goals is to make investing easier for our members. One of the most effective ways to do that is to keep information on the website relevant and fresh. We accomplish this by following-up on every deal posted on the website. That’s right. We have staff manually following up with sellers every day to keep the information you access as a free or Premium member of the website current.

After the initial follow-up process to initially approve each deal, we also follow-up with sellers 15 days and 30 days after a property is posted. If during that time the property was sold, we make them unavailable on the website. But the real value for you is on the cases when the property is still available. Two main things happen…

1. We go over all the information available on the deal to make sure it is still accurate – This includes ARV and Estimated Cost of Repairs review and an updated list of repairs.

2. We discuss the asking price with the seller and encourage them to reduce it – If the deal is still available after 15 or 30 days, it is likely that it does not offer enough equity for investors, so we talk to the sellers and encourage them to lower their asking price with the incentive that their deal will likely sell faster.

In July, we followed up on 591 deals! This is just one of the ways we work to make things happen for our investors.

Here are other important numbers for the month of July:

Motivated Seller Leads Posted – 397
Wholesale Deals Posted – 505
Deals Followed-Up on – 591
Deals Marked as Sold – 402
Total Equity posted to MyHouseDeals.com – $26,963,028

We hope you are taking advantage of the wealth of information we have available for you at MyHouseDeals.com!

Posted on Aug 12, 2010

Author: Doug Smith

MyHouseDeals was founded in April of 2005 and has since provided information on thousands of bargain-priced properties with over $7 Billion in equity (and growing!) In addition to property lists, we help investors succeed by providing valuable tools, resources and education. Most of the properties on MyHouseDeals are single-family houses. Many of these properties are wholesale deals, which are for sale by other investors. Others are motivated seller leads, which are for sale by homeowners who are often in a bad situation. These properties are typically discounted by far greater amounts than bank foreclosures.

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