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I’m often asked by people who like to prey on others how to buy real estate in a 9 K8 a0 `" @7 I4 m! L# }
falling market, like this one. The danger of doing so is that you buy before the 7 `- s6 j& u5 }! W! u+ }
bottom arrives, and take a capital gains hit. The advantage is you hold absolutely all
! e ~! X# [6 R. ^; N4 {2 {the cards, and can strike a great deal while the victim-seller is writhing in pain and ' f& r9 A2 F: x
begging for mercy. That’s the fun part.
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So, don’t ask me if it’s time to buy yet, because you won’t like the answer. But if , y9 t9 i2 |6 t
you want some tips on being a vulture, for when the moment’s right, then clip this : l: U, R7 ~& U, e2 W% ?
and stick it on the fridge. (By the way, this is another preview of my coming book.)' U* b) A! m5 Q1 c" w3 r# H
1 t! R; S8 Y. I& ]; ~" i# m* Offer what you want to pay, not what the vendor is asking to be paid. With so many * n* k! Z) ?, T' q
properties listed, and so little sales activity, every offer has to be taken ! b' }- O% a& h) Q6 p- m9 j- U/ v
seriously. Only by writing up an offer on your own terms, at your own price, will you
6 p$ i) S9 t8 z6 t( ?- B: Zget a sign-back showing the true level of desperation you’re dealing with.
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/ N c! z( f8 I2 x' z- `* Always submit the offer with a deposit cheque, which is like putting a shiny lure on 6 D9 Y4 w( J. ]" D% ^/ |' ]
the end of your fishing line. However, the offer must stipulate the cheque is not
/ K: t) [: ?( R0 H" Dcashable until a firm and binding agreement is reached. So, it means nothing, while : G) n0 W9 u, Y& a, d2 `+ y$ b# L
having a powerful psychological impact.1 [# Q Z6 q& {, Q5 f6 g1 a
) J' M$ H6 N+ |+ r# M! w0 \7 f* Throw in as many conditions as you want. This will create an offer that is
6 h/ q1 r) X/ ecompletely tailored to your needs and wants while providing elements you can remove in
, W9 o% C0 |. ?3 Sorder to gain things you truly want. So, for example, make the offer conditional on
( C, H& I- s" m1 ^0 pthe vendors paying all your closing costs, including land transfer tax. While you 3 f. k0 G/ T$ v2 {
never expect that to happen, you can remove it during negotiations in order to get 3 i. V1 X, \9 T3 S4 V" X/ q6 J1 u
what you do want and expect, which is a bargain price.
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* Ditto for conditions giving you time to arrange financing or even to sell another
( `. S7 i# }2 }$ hproperty – they are both traditional deal-breakers, and the vendor’s agent will know
# m: T& j0 f# U# l! Ythat immediately. So, by reluctantly removing them you move far closer to getting that ; U1 I: O, B. d: r8 M7 ^
price.
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* Best, however, to insist on a home inspection. This condition should give you five
9 N/ S4 K0 L# j+ y$ @business days to complete the process, and is normally done at the purchaser’s
( Z8 Y5 e$ B' `0 i0 K4 S! Cexpense. The reason you want this is because almost all properties need some kind of
* M& ?3 \3 u8 K1 ^9 \, P! ?' i! ]; kwork done in order to make them perfect, and when you get the inspector’s report you : P3 H- N6 ~, k: }$ d9 E
have leverage to help you drive down the price. Simply get an estimate of the cost of
9 l; {, ?7 i. W0 B) K' K" o. mthe repairs and ask for the deal to be rewritten with a price reduced by that amount. # T% f, j4 o" I# d9 [
Since the vendor knows the condition is entirely for your benefit and the deal will % n7 y/ A5 U' @9 Q5 v
die unless you sign a waiver, well, guess what? Vulture.
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* And remember that the closing date is also an important poker chip to play. Have 2 k: Q7 s( X; I4 Y
your agent find out what the vendor wants, and then use that to help leverage the ) }8 Z: N( r! O
price down. Additionally, you can throw any assets you see around the property into 7 a/ `6 i2 ]& _2 Y# F7 w! r! r3 Z
your offer – power tools, appliances, lawn tractor, Harley-Davidson, whatever. The
y& R$ I0 U1 v+ [& ^& pmore you put in, the more clutter there is for the vendor to wade through, and the 9 O( T3 V. q9 g! l$ k4 |
better chance you have of securing the best deal.9 y0 p7 p* Y v; K; L2 V# c' y( C
' d% u, J2 W& ]& m* Speaking of which, why not make two offers at the same time on two competing ) R! C$ y3 l( K l2 R; t: g
properties, and then let that fact be known (through your agent) to the vendor? That
% ~' i+ g& F5 I+ O& Swill add even more pressure to the poor guy, as he tries to figure out what he must do . P7 l, x* U9 M5 t0 n
to save the deal, and give you what you want. This may be cruel and unusual, but just
$ q5 H! b- Q. K* {consider it payback for all those multiple-offer situations greedy vendors placed U) ?4 m3 i1 }; }, X6 v" ?5 |
buyers in during the bubble years.; I: j: R) y& ]4 L9 l! Y2 k' R5 E
+ |$ U# ]" V! T7 M* And, of course, you can make a low-ball offer, get a sign-back, and then just let it + S1 `5 V: }4 T: R1 O
die. Wait a week and go back in with another one, for the same low price. Odds are you * x8 S( q" P6 {
will not get the same response this time. The stressed-out vendor may hate you, but
, J7 X2 Z2 Y- ?0 o+ w6 p& I1 vhe’ll close. |
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