When is enough, enough?
In the past several months I have had a number of investors looking at some of our properties and the first question I always get it "How motivated are your clients".
How motivated are my clients you ask? Well, obviously they are looking to sell their home that is why it is for sale. Did you not see the current listing on one of the 100+ websites we link too?
The next question is "Are they ready to make a deal?". My answer always is the same. "Yes and no. Why do you ask." "I am looking for a deal" they say. Of course you are, everyone is during these times, but what is a "Deal".
Here comes the one I love that comes from either the investor or the Selling Agent, "We want to make an offer but we are looking for a 20-40% reduction in price". My reaction again is always the same. "If I thought they would take 20-40% of current asking then I would have found the $ to buy it myself days, weeks or months ago. Now there are some properties that are listed 20+% above market value but others are priced properly or below market.
We do all we can to price homes accordingly and yes sometimes we have clients that need to sell because of financial concerns, pending short sale or foreclosure but come on folks "Enough is Enough". The market is not close to where it needs to be but please start to make some educated decisions. Buying an investment home at this time is a GREAT idea and one that will pay off in spades in the coming years, but if you are looking for that Investor Special, look at hud.gov and find a property there or on any number of sites that specialize in foreclosures. We need to remember that usually it is a waste of a buyers time to make offers considerably lower than current asking price, especially if the home is priced properly, but at the same time, there is always that one in a milion that may negotiate with you and work out a deal.
Personally I love it when a client gets a great deal on a home and I enjoy working with clients to find that right property and gain instant equity for either a "flip" or rental property until the market turns. However, I also let my clients know that there are certain homes that you are not going to get your "Deal" and "Enough is Enough"