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I’m often asked by people who like to prey on others how to buy real estate in a
) I1 w" i+ d6 r, _0 ]" ~falling market, like this one. The danger of doing so is that you buy before the - {4 d/ `! X9 C1 V
bottom arrives, and take a capital gains hit. The advantage is you hold absolutely all
; D, g* K. B2 f3 ]6 k, ythe cards, and can strike a great deal while the victim-seller is writhing in pain and
5 ~1 j1 D& k$ O; Y3 j! i" M) u5 i1 ebegging for mercy. That’s the fun part.+ \1 s2 ? d$ K$ V' ?0 @0 P
( G) ^7 v1 v0 ~0 H5 u; [So, don’t ask me if it’s time to buy yet, because you won’t like the answer. But if
! B( S/ h2 h1 {* p' [2 x9 vyou want some tips on being a vulture, for when the moment’s right, then clip this
! X% l# ]7 A( E7 Uand stick it on the fridge. (By the way, this is another preview of my coming book.)
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* Offer what you want to pay, not what the vendor is asking to be paid. With so many
& i9 B1 a( z# B1 {9 ?5 B2 yproperties listed, and so little sales activity, every offer has to be taken
9 T- R8 G; j8 K& P3 kseriously. Only by writing up an offer on your own terms, at your own price, will you ' q1 N! Z, a0 V2 l& U
get a sign-back showing the true level of desperation you’re dealing with.7 Y% w/ O, P7 U5 N7 W2 V m
0 g) T; z# G @" K* Always submit the offer with a deposit cheque, which is like putting a shiny lure on
8 k$ J, F& x; mthe end of your fishing line. However, the offer must stipulate the cheque is not
1 L' Y4 C, `3 z3 x, i& |4 Jcashable until a firm and binding agreement is reached. So, it means nothing, while
( A( W. @7 P4 K; u- Ihaving a powerful psychological impact.0 w) \& e' l2 |
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* Throw in as many conditions as you want. This will create an offer that is
8 O& _3 e9 B% L5 ccompletely tailored to your needs and wants while providing elements you can remove in
# d1 v: _8 H# w# N; _order to gain things you truly want. So, for example, make the offer conditional on . c6 q9 ]7 D j- \2 J. Z0 ^: i
the vendors paying all your closing costs, including land transfer tax. While you
: y9 @8 M2 J1 I3 p1 Z/ U$ Qnever expect that to happen, you can remove it during negotiations in order to get
$ g7 ^5 j; {4 F$ W a0 M" bwhat you do want and expect, which is a bargain price.* S0 ~8 e# q, K+ Q( R8 ^
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* Ditto for conditions giving you time to arrange financing or even to sell another 7 q6 _1 D& |) e2 D
property – they are both traditional deal-breakers, and the vendor’s agent will know 3 L/ X0 ]1 o1 L( `* E9 B
that immediately. So, by reluctantly removing them you move far closer to getting that
& L4 K. ]0 @2 Oprice.
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( z; o7 i2 Z% c* Best, however, to insist on a home inspection. This condition should give you five
6 Z5 Q2 Z* X8 f4 t9 ?* w4 {business days to complete the process, and is normally done at the purchaser’s 2 w( {6 Q( X4 k; Z# W: ~" W5 s3 D& ^
expense. The reason you want this is because almost all properties need some kind of
8 a8 S7 V3 D7 C4 b) a$ ^& Jwork done in order to make them perfect, and when you get the inspector’s report you % _2 e4 R$ | E
have leverage to help you drive down the price. Simply get an estimate of the cost of - N* v8 A0 n. y% n! S& V' O
the repairs and ask for the deal to be rewritten with a price reduced by that amount. $ k, O1 u6 r3 L1 m% q. Y: Z
Since the vendor knows the condition is entirely for your benefit and the deal will
7 L/ l+ x1 Y* v- X5 ^" U6 h! Y7 wdie unless you sign a waiver, well, guess what? Vulture.
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% _% s1 ?4 f& x! a1 F" Z A* And remember that the closing date is also an important poker chip to play. Have
) w, v7 h. N: _1 ^your agent find out what the vendor wants, and then use that to help leverage the
4 u! w2 V" C" A0 tprice down. Additionally, you can throw any assets you see around the property into
4 ^2 u7 e# b7 i1 s2 o3 vyour offer – power tools, appliances, lawn tractor, Harley-Davidson, whatever. The
& L b& ^! V( m! @) F. R4 `$ xmore you put in, the more clutter there is for the vendor to wade through, and the
* R9 ]/ ]; |" w4 w; \ j/ Ybetter chance you have of securing the best deal.) Y) J% f S) g8 h
6 N9 b& t9 j! [8 F' s8 x* V* Speaking of which, why not make two offers at the same time on two competing / G9 l* w+ d6 D* ?% E2 w# O
properties, and then let that fact be known (through your agent) to the vendor? That - d6 O1 f+ h# }" f" U2 p/ B
will add even more pressure to the poor guy, as he tries to figure out what he must do
$ R! ]' P0 a% A J; ^; ^. W1 {to save the deal, and give you what you want. This may be cruel and unusual, but just # i: ]& M% j5 y9 A/ k
consider it payback for all those multiple-offer situations greedy vendors placed
4 V! j, J' c( F# u K6 pbuyers in during the bubble years., u5 w! D' N! G
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* And, of course, you can make a low-ball offer, get a sign-back, and then just let it
9 M- g' _ q% J7 tdie. Wait a week and go back in with another one, for the same low price. Odds are you 0 C( |* C# J0 g) T
will not get the same response this time. The stressed-out vendor may hate you, but & Y) w6 R4 ^: f: j3 W9 U
he’ll close. |
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发表于 2008-11-29 10:10
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