I am working with a buyer who is looking in the super luxury market. He has specific criteria and wants to see if I can locate a home with this criteria and is possibly in a distressed situation so to obtain the house for less than market value.

His criteria:

---6000-10000 square feet
---waterfront
---pool if possible
---at least .75 acres
---only certain zip codes he will accept
---would consider a tear down or property that a builder started but could not finish

This is a cash buyer looking in the 4-11 million dollar range. Nothing that is listed is of interest other than two extremely overpriced properties that will not budge, but have still been on the market for over 300 days. He wants to buy anonymously through an LLC and many of the people in these wealth categories want to keep themselves unknown as well.

So far I have been able to get a list from my title agent as to all properties that meet the criteria and my next step is to weed out any that are listed or don't fit for whatever reason. Then I will do a mailing of some sort to them, although I do not have the verbiage down yet as to how I will write the letter.

thoughts?

The "Bait" should never chase the "Fish"

Vermont, if you don't have something constructive to say, please do not post. It is rude and unprofessional.

I think he's trying to tell you that you're running around a lot for a looky-loo.

It is a legit buyer. I know him personally. He is serious and I am looking for unconventional ways to find him what he wants.

Many agents don't want to do anything unconventional, and that is going to be the reason for the demise of many traditional agents.

It is going to be tough. Have you tried the FDIC?? They have properties they took over from failed banks and they will usually write down the loan amount to move the properties.

You can also look for properties in pre-foreclosure that match that description with local legal section at the courthouse or in the newspaper.

Also you can look up properties and see if they are owned by an estate or also properties that are on the divorce docket or are in bankruptcy.

If it is a failed development you can contact the bank directly to inquire about purchasing it. You can also contact attorneys and appraisers who might know of people in distress.

There are many ways to hunt for a property.You just have to know going in that the property will be hard to find but the buyer is realistic and has cash. If the property is hard to find but the buyer is unrealistic in their acquisition price then they are a waste of time cash or not.

I have buyers that will buy 200 apartment units cash at a time and they just stick a management company in their.I work hard to find them the deal knowing they don't want and unrealistic deal but a great deal.

Hello cbbain,

I think you are doing what you can do. If he doesn't like the properties currently on the MLS, then you will have to either go door knocking or send out mailers. This is going to get you people that want to sell but for unreasonable prices and your buyer doesn't seem to want to mess with that business. So, the only hope you have, is to wait it out for properties to come on the MLS.

You can also call other agents in your area and give them the criteria to be looking out for a property that fits the description. Agents know people want to move before they do.

He says he's serious but his price range is 4 to 11 million dollars? That's a pretty wide spread.

Try with networking. E-mail to all of the agents that specialize in this kind of properties. Take a look on the expired as well. Artiste is right, the price is very wide spread.

I think Viktor got it right. The key is networking with agents that work that market.