Homes are always on sale at a discount if you know a few things to look for. The first step is to get a REALTOR. These are really just examples of ways that a Realtor will use information about a listing to negotiate for you.
A Realtor is FREE when you buy a home.
DOM (Days on the Market)
Has that home been on the market for over 90 days? Where is the price reduction? Ever notice at a retail store what happens to inventory that sits on the shelf too long?
Price Reductions
If a home hasn’t sold for a long time it’s becoming a stale house on the market. It’s time to make that offer for substantially less than the list price.
What was the home previously sold for?
Check the assessor, and then find out what they have/have not done to the home since it was purchased last.
Is the property vacant?
The longer this property is on the market, the more it is costing the owner. Seriously, don’t people understand the time value of money?
Foreclosures or a short-sale
Banks like having cash, not homes. If you try to buy one, be prepared for the closing process to take a longer time.
Listing states “negotiable”
This just means they gave the home away at a lower price. Negotiable really means that they are looking at all offers and will accept less. So offer less.
Seller absolutely needs to sell
Time is of value to them so subtract a couple months of being on the market from your offer price. They don’t have a choice and may take your initial offer.
The most expensive home in the neighborhood
This is a key indication that it is overpriced. Bring the seller to reality by offering them a realistic offer comparable to the nearby properties.
Relisted or back on the market
The sellers are ready to try again. Did they lower the price this time? Find out the story why it didn’t sell the first time around, and you should be able to use this to your advantage.
Incentives from Seller
They want to make their listing more appealing, thus revealing that they have more motivation to sell. Take advantage of this knowledge and tempt them with a lower offer.
Sellers are going through divorce
Was there a title transfer recently? Look this information up and take advantage of the situation.
