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I’m often asked by people who like to prey on others how to buy real estate in a
8 Y! k) ^3 e$ G! c$ l9 ^2 W$ Qfalling market, like this one. The danger of doing so is that you buy before the / e; h- \: o9 O; H* V. }0 d2 i$ ?; _
bottom arrives, and take a capital gains hit. The advantage is you hold absolutely all
5 M8 m, q" V( l+ _5 h+ Gthe cards, and can strike a great deal while the victim-seller is writhing in pain and $ N" h4 R6 e/ U! i8 w5 E0 \
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 % A; G9 L; B) n+ l
you want some tips on being a vulture, for when the moment’s right, then clip this
! v* d8 {( H0 ]4 B8 f2 R/ V+ Jand stick it on the fridge. (By the way, this is another preview of my coming book.)* D% N/ a5 j2 Y N
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* Offer what you want to pay, not what the vendor is asking to be paid. With so many + M* Q l8 J+ O k$ C
properties listed, and so little sales activity, every offer has to be taken
9 m* T! O9 {5 T, f* u5 W |5 Fseriously. Only by writing up an offer on your own terms, at your own price, will you
9 w k7 w9 ?& L! q3 Q( Lget a sign-back showing the true level of desperation you’re dealing with.. d: @8 \: Y$ Y7 n9 {; V
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* Always submit the offer with a deposit cheque, which is like putting a shiny lure on ( @# ^& t; B, x& L$ A# T/ E# I
the end of your fishing line. However, the offer must stipulate the cheque is not
# [9 @* A! j# R% J& d, Y ccashable until a firm and binding agreement is reached. So, it means nothing, while
' n k: F) i3 K4 T. t; Bhaving a powerful psychological impact.5 s: a) }+ ?7 F0 f, R
+ J0 r4 H$ S( S [* Throw in as many conditions as you want. This will create an offer that is
) W5 n" f W2 e* b4 Ncompletely tailored to your needs and wants while providing elements you can remove in
1 m* |- |& g- ^+ ]order to gain things you truly want. So, for example, make the offer conditional on
- r5 b0 Y1 P& `: a+ jthe vendors paying all your closing costs, including land transfer tax. While you
" R8 J4 l. e4 Y5 g% Anever expect that to happen, you can remove it during negotiations in order to get ( ?6 n% a% z2 s
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
5 Z& V# E7 {+ c' [# v& M( N/ {" @property – they are both traditional deal-breakers, and the vendor’s agent will know 9 b# p. b' c3 o% c7 o+ k3 W
that immediately. So, by reluctantly removing them you move far closer to getting that
' f# s1 o# e3 Y' T/ zprice.
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) Q% f9 M, H6 t! l* Best, however, to insist on a home inspection. This condition should give you five / g/ e) H# |6 F
business days to complete the process, and is normally done at the purchaser’s ! b8 [- V' X& K- u/ O
expense. The reason you want this is because almost all properties need some kind of
U4 a$ B5 K1 J! }work done in order to make them perfect, and when you get the inspector’s report you " }: _; S3 K" [1 I& W- F
have leverage to help you drive down the price. Simply get an estimate of the cost of + E8 W, o3 p5 S- |( }$ V- X
the repairs and ask for the deal to be rewritten with a price reduced by that amount. % a0 X3 E0 C' [9 {
Since the vendor knows the condition is entirely for your benefit and the deal will " f2 N. Z2 \4 H& E i$ M& R
die unless you sign a waiver, well, guess what? Vulture.1 y: ]3 Z6 K4 I( J
# K/ B& Y3 M& B$ m% `: p @7 {* And remember that the closing date is also an important poker chip to play. Have 9 X/ K* }6 L8 N% x0 T( i
your agent find out what the vendor wants, and then use that to help leverage the
) A7 u& v/ C; D& t6 z/ Lprice down. Additionally, you can throw any assets you see around the property into + s2 o4 o3 x, T2 O) V
your offer – power tools, appliances, lawn tractor, Harley-Davidson, whatever. The
1 w9 b5 i3 J* l& mmore you put in, the more clutter there is for the vendor to wade through, and the # _7 S0 F) M) n( b) ~9 { O# a
better chance you have of securing the best deal./ z/ J9 a2 ?. \6 A* O
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* Speaking of which, why not make two offers at the same time on two competing
4 Y4 U+ J! w( q4 K; g# i v4 qproperties, and then let that fact be known (through your agent) to the vendor? That
- @8 s' I' @! Z1 awill add even more pressure to the poor guy, as he tries to figure out what he must do 5 R: p; _/ [4 \& s. }; T
to save the deal, and give you what you want. This may be cruel and unusual, but just
& K1 S8 \, B( V; T! E! vconsider it payback for all those multiple-offer situations greedy vendors placed
, U0 O6 h) ?3 E/ ~/ ?) {. nbuyers in during the bubble years.6 U; V% E; _1 }) I( n
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* And, of course, you can make a low-ball offer, get a sign-back, and then just let it
. N- M5 q" M- R/ Vdie. Wait a week and go back in with another one, for the same low price. Odds are you ' ]+ ]0 ^7 F- G0 s! r' m
will not get the same response this time. The stressed-out vendor may hate you, but
" G4 f" ?# D9 j8 D- s3 The’ll close. |
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发表于 2008-11-29 10:10
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