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Question about low-ball RE


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2020 Jan 27, 5:41pm   1,476 views  4 comments

by PMack   ➕follow (0)   💰tip   ignore  

Hello Im moving into a strong buyer market, the sales are flat, lor of houses sit empty, rent are more expensive than mortgage, I have seen houses being cutdown from 399,999 to 379,999 to 349,999. So far I have found 5 that are foreclosed through the land registries.

I want to have a deal, I have no time constraint and worst case scenario I renr until I find something. I dont want to be a bag holder and I want to keep a margin of safety ia starting a bid at -20% a good strategy? ( e.g. 295,000 on a 350,00 listing price )

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1   mell   2020 Jan 27, 5:58pm  

One of the few very honest realtors once mentioned that 20% below asking is a good starting strategy if you have time. If you pay all cash you can even go lower.
2   joshuatrio   2020 Jan 28, 3:55am  

mell says
One of the few very honest realtors once mentioned that 20% below asking is a good starting strategy if you have time. If you pay all cash you can even go lower.


This seems like good advice.. It's also an election year. The worst they can say is no.

I offered about 15% off list back in 2015 (when things were crazy hot), and got it no problem. You could likely offer less since it's winter and things have slowed a bit. Things might pick back up in the spring or post election.
3   komputodo   2020 Jan 28, 6:01am  

mell says
One of the few very honest realtors once mentioned that 20% below asking is a good starting strategy if you have time. If you pay all cash you can even go lower.


Its done all the time:
4   PMack   2020 Jan 28, 12:40pm  

Thanks for the insight!

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