This is a chess piece that is best played cold. Whatever that means… But, I will tell you that your real estate professional can call that shot so you can get what you want at a discount. There are several things that you should have your real estate agent look at.
First – Time on the Market: This is a critical component when looking at real estate for sale. The longer the time on the market usually means the more offer with discount the seller will accept. However, ‘short sales’ may break this rule of thumb.
Second – Type of Sale: There are standard equity sellers, Short Sale sellers that have had issues making their payments, banks and reo’s are also prevalent in today’s market. Standard sellers may be able to hold out for a higher offer. Bank Owned and real estate owned properties may not. Timeframes with the various banks with regard to their price reduction schedule can be a buyers Dream come true. Ask your agent if they are a Foreclosure Expert,
Third – Type of Seller: human, corporate, investor, multiple lien holders, banks etc. Knowing the players will make all of the difference in the world when it comes to you getting a property for sale at the largest discount possible.
Fourth – Motivation: Why does the seller have to sell? Is the seller a bank on a compressed schedule? Is the owner of the property a seller with equity, that is just “testing” the market? What about The short sale seller, are they using the property as a reason to squat and fend off foreclosure?
After reading the above, bounce these four tenants off of your real estate agent. If you don’t have an agent – or if they look at you as if they are a deer caught in the headlights – give us a call after you check us out on Google, our Yelp Reviews and other places that are on the Net.