Monday, March 12, 2007

Thinking of Low-Balling the Seller?

By Richard M. Johnston, RE/MAX

It seems every day I receive a call from a home-buyer who for some reason or another thinks they can low-ball a seller anywhere from 30%-50% off the asking price. It's possible these are the same people who sit and watch those late night infomercials where they tell you how to buy homes below market value with no credit and no money. GIVE-ME-A-BREAK!

I do respect the buyer who looks for a great deal. In fact, great deals happen all the time. But the real question is, how do you find a great deal. Low-balling sellers is what I consider counter-productive. Not only will you be wasting a lot of your time and money, the agent is most likely not to want to work with someone who is unrealistic.

The first thing I can recommend is to work with a professional real estate agent who will search the MLS system on a daily basis for fixers, short sales, and pre-foreclosures. If your an investor, you'll also want to partner with an agent who has close relationships with lenders and other real estate agents who are notified by the lender when a homeowner is in default.

This way, when a home is in default and the seller is willing to sell their home quickly and at below market value, you will be the first to know.

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