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

By
Real Estate Agent with Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales 3090099

 

Why Can't I Get That Great Deal?

Deal Or No 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 except the auction, when one of these properties hit the market. it gets a lot of attention.  There's a good possibility that there will be numerous offers within the first few days (sometimes the first few hours) that the listing goes public.  The party making the best offer will typically end up with the prize.

So, if you're looking for the deal, you have to be ready.  It's best if you have cash.  But, if you don't at least a strong pre-approval letter from your lender.  AND, you can't hesitate, you have to be ready to act.  The seller will not wait for you to book your flight and come to look at the property.

So, the aswer to the question is: Yes, you can get that great deal in real estate, but you have to be ready to act.

 

 

 

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Ambassador
2,079,869
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

You are so right on this one! Those who delay right now are left out in the COLD!

Mar 29, 2013 10:41 PM #7
Rainer
405,627
Brad MacKenzie
Brad MacKenzie - Duxbury, MA
Turning Houses into Homes on the South Shore

So true. People gotta ask themselves, "Why would either side want to do business at anything other than fair market value?"

Mar 29, 2013 10:59 PM #8
Rainmaker
1,333,748
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Gabe - It's rare that a home will sell under market value in my neck of the woods because if it's under priced it will receive mutliple offers and the price will be driven up. Now I have seen some bank owned homes sell for less than market value, but were they really under market value after the condition is taken into consideration?  

A few years ago I had a client who decided to purchase a bank owned home, which was almost 10% less than the other homes in the area and even though we discussed the possible deferred maintenance cost he decided it was a "good deal." The last time I saw him he said he spent well over the 10% he "saved" in repairs.

I think "deals" can be found, but it's all relative to what buyers consider a "deal" to be.

Mar 29, 2013 11:04 PM #9
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yes, Michelle.  Some of those 'deals' are not deals at all.

Mar 29, 2013 11:43 PM #10
Rainmaker
288,809
Jay Beckingham
Bank of England Mortgage - Delray Beach, FL
Seniors ROCK!

Occasionally I have preapproved buyers who are ready to act, but still want to offer much less than listing price.

I agree that no one is going to sell below market without a very good reason.

Mar 30, 2013 02:34 AM #11
Ambassador
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

HI Gabe, I think it is timing and having a good agent working for you behind the scenes. Some of it is being just in the right place at the exactly right time.

Mar 30, 2013 06:21 AM #12
Rainmaker
622,611
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON
I enjoyed your analogy of selling a 100 dollar bill for 50 bucks, isn't that the truth.
Mar 31, 2013 04:59 AM #13
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks for your comments, always appreciated.

Nov 18, 2015 04:23 AM #14
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Wayne, thanks for taking the time to comment it is always appreciated.

Oct 16, 2018 06:25 AM #15
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Norm, thanks for taking the time to comment it is always appreciated.

 

Oct 17, 2018 07:39 AM #16
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Bobbie, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:39 AM #17
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Gary, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:40 AM #18
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Edward, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:40 AM #19
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Richard, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:40 AM #20
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Barbara-Jo, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:40 AM #21
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Brad, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:41 AM #22
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Michelle, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:41 AM #23
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Jay, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:41 AM #24
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Debbie, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:41 AM #25
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Morgan, thanks for taking the time to comment it is always appreciated.

Oct 17, 2018 07:41 AM #26
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Gabe Sanders

Stuart Florida Real Estate
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