Developers
In some instances, property developers might have over-extended themselves with an undertaking and must cut losses. There are cheap homes due to their mishaps. Always inquire as to why the house is being offered for sale so that you can tell if the seller is motivated to sell or not.
Other Sources
One of the best places to search is in the classified section of the newspaper. Eugene Sasha Alekseychenko Look for ads that say “Urgent” or “Heavily reduced”. The things I like about advertisements in this section are that agents from real estate aren’t typically involved. This is great because realtors frequently try to increase the cost of a house to make it appear more expensive than it is the market value. Individuals who do not have real estate agents typically do not know the actual market value of their home.
Even if there’s no “For Sale” sign on the house doesn’t necessarily mean that the homeowner isn’t willing to sell it to the right buyer. While the chances of finding someone who wants to sell their house using this method are not too large, you could get excellent deals through making offers that the owner of the house could accept. If you’ve attended auctions or visited properties that haven’t been sold for a while and aren’t being advertised, make sure you follow-up on the properties. After all the hassle of advertising the property and not having sales, the vendor might be enticed to offer the house at a reduced price.
Strategies For Buying
Instead of looking for homes to buy Let the properties be found for you. Create your own ad in the local Newspaper with a message such as,” Serious property buyer, wants to buy houses from motivated sellers quickly”. You will be shocked by how many calls you will get. Do not reveal all the cards, such as trying not to explain why you are interested in the property or the timeframe you would like to buy. Do not make your first offer and let the seller decide the offer. After the seller has stated their price, state you would like double the amount you would like to discount off their price. For instance, if the seller states they will sell it for $100,000. If you would like to discount it by 5%, (5 percent of 100,000 equals 5,000. 10,000*5,000 = 5,000) You can offer $90,000. The seller will you can counter by offering more from the point.
Staple an unpaid check to make the deposit in your subsequent offer. If the seller is able to countersign the contract and deposits the check, they have accepted the offer. The psychological effect of this tactic is astounding. This tactic indicates to the seller that you are committed to buying the property in a hurry. It can also be tempting to simply cash the money right now knowing that they’ll be selling the property at a discounted price.
