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Don't overlook these when searching for new property
You are in the market for some real estate. You are looking for a bargain, right? Isn't everyone? When you are hot on the trail of the next awesome deal, don't overlook these three classic tactics:
Expired Listings Real estate agents know about them. You don't. These are readily available if you have access to a multiple listing service. A good real estate agent will help you research them. Expired listings may have sellers who are far more motivated than an existing listing, as they have been trying to sell for a long time - in some cases, years. Don't overlook old newspaper ads, or even web postings that were made long ago. Sometimes these never hit the multiple listing services, and are an excellent lead to a serious seller.
Stale Listings Like expired listings, these are propeties that have yet to "fall off" the multiple. A stale listing in a ultra-hot market (30 days average time to sale) might be 3-4 weeks, whereas a stale listing in a down market might be 6-9 months. The longer the listing period, the more chance the buyer could be hungry for an offer. ANY offer. A great place to start looking for low-ball opportunities. Remember to factor in terms of your offer as well. Sometimes getting a property for no money down and dirt-cheap interest is much more valuable than chopping down the price. Reduced-price listings These may not be mutually exclusive of the first two, as the longer a listing is on the market, the more likely it is to have lowered the price at least once. Look for price reductions in a very short time frame from the original listing. This indicates a very hungry seller. The bigger the price cut, the more serious (and hungry) the seller is. Just like the stale listings, evaluate your terms and strategy. If the price is right, offer full price but build yourself a sweet deal with the terms. Sellers are rarely as focused on the terms as they are on getting their price. It's a backdoor into a great deal, especially if the price has already been reduced one or more times. |
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