MLS Offer Week: The Offer is Going Out Too…

Scott Costello All, Blog 16 Comments

After examining all the contestants, the property that stuck out most to me was 74-76 Mills St in Morristown.

Here is a link to the MLS listing for the house and the comps

MLS Listing for House and Comps

Here is some more information I found out about the house

Additional House Information from the Tax Records

Owner’s Information

Owner’s Name RAMSEY, POLLY/JOSEPH JR
Owner’s Street 74-76 MILLS ST
Owner’s City,State MORRISTOWN, NJ
Owner’s Zip Code 07960
Bank Code 00000
Deduction Amount $0.00 Number of Owners 0000
Senior Citizens 0000 Veterans 0000
Widows 0000 Surviving Spouse 000
Disabled Persons 000

Property Information

Property Location 74-76 MILLS ST
Land Description 60X130 Acreage 0.1791
Property Class Code 2 Zone R-3
Building Description 1S F 1FAM Tax Map Page
Deed Book Number 06591 Deed Book Page 00001
Deed Date 03/14/06 Sales Price $1.00
Year Constructed 1970 Building Square Feet 1834
Additional Lots 1
Additional Lots 2
Prior Block 00392. Prior Lot 00003.
Prior Qualification

Exempt Property Data

Exempt Property List Code 0000000
Exempt Statute Number
Exempt Facility Name
Initial Filing Date 10/04/70
Further Filing Date 06/28/76

Assessments

Land Value $194,300
Improvement Value $134,200
Net Taxable Value $328,500
Prior Year Taxes $8,304.48
Current Year Taxes $0.00

Sales Information

Serial Number Sales Price Deed Date Book Page
1683 $0.00 07/31/95 null null
1684 $172,000.00 09/24/96 null null
5268 $1.00 03/14/06 null null

Question

What would be the best way to go about making the offer?

  1. Call the Listing Agent myself and make the offer directly to them?ย  (note I’m still not hooked up with a broker so my license is invalid)
  2. Have an Agent friend put the offer in for me?
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Scott Costello

Scott is a part time wholesaler, but full time real estate investing addict! As his family grows and his free time shrinks,He has been slowing building his wholesaling business over the past 7 years in between life events.Drive, dedication and never giving up are his strengths.
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Comments 16

  1. Scott,

    I would contact the Listing agent directly and present your offer as a regular consumer. Since, you aren't working with an agent, most listing agents will be more inclined to work with you in hopes that they can keep the entire sales commission. By contacting them directly, you are kinda playing to their greedy side and I have found that more listing agents are eager to help customers that are not affiliated with an agent. Just my 2 cents.

  2. I agree with Khary on the listing agent. Very good job on pushing the offer forward. This is no different then mailing the first letters. Get over the fear and get that first one done. I see no reason why you can't get the offer out by the end of this week. Good Luck.

    On a side note:I have an abundance mentality, but I recommend not posting exact properties until you have them closed. Your blog is far to popular and I would hate to see someone bid against you.

  3. Definitely agree with Khary and Jason — put the offer in through the listing agent. The big reason to use your own agent is to have someone who represents you, but considering you know real estate contracts as well as the listing agent, that shouldn't be an issue.

  4. You bring up some valid reasons to go directly with the listing agent Khary. Thanks for throwing your pennies on the table ๐Ÿ™‚

  5. For now, I don't mind posting the exact property information. It helps me and probably my readers connect more with what I'm struggling to accomplish. Besides I don't think I have to many readers where it would affect any outcome. Appreciate you looking out for me though

  6. I double triple and quadruple agree with everyone else. Contact the listing agent. And I also was thinking a few things: 1) I love how you actually put ALL of your information out there and show and tell what you're trying to do. I think it's awesome and 2) I was also thinking exactly what Bilgefisher said….about not posting all of the details of your deals because sooner or later you may have someone “steal” it right from under your nose and if they get the deal because of normal circumstances well that's not an issue but if they get the deal because well you told them about it, well that just stinks.

    So did you decide what you were going to offer on the property?

  7. Ack! I tried to ignore this, but I simply can't….you just said you're “struggling” to accomplish! Change your words, change your life ๐Ÿ˜‰ You know Shae loves ya…have a great weekend!

  8. LOL, I actually put that in on purpose to see if someone would comment ๐Ÿ™‚ I appreciate the always encouraging words Shae!

  9. I talked to my REI friend Bruce and he took a look at my comps for the property and said I should re-comp it and he explained how he would do the comps. I'm going to rework them and then make the offer this weekend.

  10. Y'know, I always thought that about the title of the blog itself. You got the moves, quit struggling! ๐Ÿ™‚ OK Scott, I'm not bein' polite anymore…..I'm buttin' in. Just think about maybe your title is a self fulfilling prophecy ??? how about KICKA$$ INVESTOR or GO GET 'EM Investor or I HAVE REALLY KILLER IDEAS investor or GREAT SYSTEMS INPLACE investor? I agree with Shae…….

  11. Kelly, LOL! Just ask Scotty how long ago I told him exactly what you just said. Just ask him! It was well over a year ago. Ok, I'm done now.

    Scotty, we only say it because we care ๐Ÿ™‚

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