Can’t find the home your are looking for in your price range? You should start looking at over priced listings, and write lowball offers on that house coming up next. (Me pointing to the camera)
If you have been house hunting for awhile, you may not be finding much available in your price range. I know it sucks……Why not look for properties at a higher price range and write low priced offers? In this video I will show you 5 things to be on the look out for so you can write that low ball offer.
#1 Look for Over priced properties - these are properties you know should be worth much much less but the seller has dreams of selling it for over market price. If you are searching for condos look at increments of over fifty to hundred thousand. If you are looking for a detached home look for homes that are over your price range by $100,000 to $200,000.
#2 Look for Stale Properties that have been listed for over 90 days - When properties are listed this long the sellers start to doubt themselves. At this time they maybe more vulnerable and look at low ball offers. Its best to keep tabs on these type of homes, because you want to write an offer on them before they do a price adjustment. In most cases you may get the home for much less than the sellers price reduction.
#3 Look at the realtor comments in the description - a realtor usually has a sense of what the market is doing, but if the realtor is unconfident on the pricing of the home, they may reveal this in the realtor or public comments. Be on the the look out for comments such as will look at all offers, and motivated seller.
#4 Look for Vacant homes - these are homes that you can tell nobody lives in. There is no furniture, no food in the cubboards, and maybe nobody maintaining that lawn outside. The sellers most likely already purchased another property, or this is just an investment property. They may look at your low offers. As these sellers may need the cash from the sale to fund other investments.
#5 Look for Tenant Occupied homes - Sometime selling tenant occupied properties can be a nightmare. The tenants usually restrict the amount of viewings and this also hurts the realtors marketing. Look for these types of properties for writing offers as the sellers may begin to get desperate with the low viewing activity.
Question of the day, What other strategies have you ? If not why? Please leave it in the comments below. I will try my best to personally answer all comments myself.
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