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Q & A: Why Can't I Get That Great Deal?
 
Why Can't I Get That Great Deal?

Getting "the Deal" in real estate seems to be the holy grail for some.  Typically they want to buy a property with instant equity.  Something they can turn around and sell for a profit.  
First of all, sales like these are very, very, rare.  Realistically how many sellers, whether it's a bank, an estate, owner are willing to sell a property for far enough below value that it is an obvious deal?  How many people are willing to sell you a $100 bill for $50?  Basically, you're asking for the same thing.
However, there are some fairly good buys that come on the market with some regularity.  Some short sales where many buyers don't want to hassle with the wait for bank approval which is not guaranteed.  Some foreclosures where the bank wants to sell quickly can come on the market for 10% or more below market value.  There is also an occasional conventional sale where the seller wans out quickly and the property is priced very aggressively.  And on occasion some great deals can be had at a real estate auction (especially absolute auctions).
For any of the above scenarios ... more

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