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I’m often asked by people who like to prey on others how to buy real estate in a
0 Q& Q( u, m+ c3 V ?9 |# Ifalling market, like this one. The danger of doing so is that you buy before the - }4 B8 C- p% Y5 O
bottom arrives, and take a capital gains hit. The advantage is you hold absolutely all
5 ]3 z8 y* B3 T0 \* X4 Pthe cards, and can strike a great deal while the victim-seller is writhing in pain and
* l0 b* O5 q; Lbegging for mercy. That’s the fun part.
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) k/ ~; k+ X H! b, NSo, don’t ask me if it’s time to buy yet, because you won’t like the answer. But if
. J0 ?$ B7 C4 u+ I$ nyou want some tips on being a vulture, for when the moment’s right, then clip this . ~% v2 W+ f+ h) @6 i
and 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 4 L' T% `; r9 z4 [1 ]
properties listed, and so little sales activity, every offer has to be taken : B& T/ f. R% n
seriously. Only by writing up an offer on your own terms, at your own price, will you
5 n% a% b6 c. s$ w, V6 J9 v: kget a sign-back showing the true level of desperation you’re dealing with.' f& \0 |" A2 j4 f8 V) A
! ^ W9 a8 |7 [$ {, m3 n* Always submit the offer with a deposit cheque, which is like putting a shiny lure on 5 f; v$ z/ n" q8 \5 J. [9 ]+ b+ }
the end of your fishing line. However, the offer must stipulate the cheque is not 3 f& j6 G7 s: H2 R; D
cashable until a firm and binding agreement is reached. So, it means nothing, while
0 r w8 I, [) ~8 u% W% o7 ?6 Chaving a powerful psychological impact." f- G3 }( Z! R% d4 I
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* Throw in as many conditions as you want. This will create an offer that is
& P6 Q$ z' u" S" D2 z* Vcompletely tailored to your needs and wants while providing elements you can remove in 4 _: }3 _; @9 D( u
order to gain things you truly want. So, for example, make the offer conditional on
e5 b: V) Z P8 M3 m( Ithe vendors paying all your closing costs, including land transfer tax. While you
, r3 b8 C7 @( Z/ H3 `$ V# I& Tnever expect that to happen, you can remove it during negotiations in order to get
& \) M) T9 @5 A r! j" b" O( H3 w% Kwhat you do want and expect, which is a bargain price.) d4 D( g* x$ t: k) M t- L( N" u
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* Ditto for conditions giving you time to arrange financing or even to sell another
2 D2 }( G+ d: H0 Iproperty – they are both traditional deal-breakers, and the vendor’s agent will know
1 g& z& `3 W- z" p7 I9 u) Y0 Ythat immediately. So, by reluctantly removing them you move far closer to getting that - w( j, V& W N& Q2 N" R/ h
price.
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* Best, however, to insist on a home inspection. This condition should give you five ' W& i4 E: o7 T# f' {% v
business days to complete the process, and is normally done at the purchaser’s + V* D2 J/ I4 f: s0 p( ^ e8 U
expense. The reason you want this is because almost all properties need some kind of : x+ A5 z1 {* U4 h/ F* q
work done in order to make them perfect, and when you get the inspector’s report you / W# l. O, q' x& z0 \
have leverage to help you drive down the price. Simply get an estimate of the cost of
& S) a5 d6 z! P1 s( a. @: Wthe repairs and ask for the deal to be rewritten with a price reduced by that amount.
+ z8 p# J8 e+ ^8 E* C: cSince the vendor knows the condition is entirely for your benefit and the deal will
, z# e* r0 |; [1 {# Rdie unless you sign a waiver, well, guess what? Vulture.
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5 l9 L! E! G: L! ^$ v8 t0 y* And remember that the closing date is also an important poker chip to play. Have 7 |4 G% U& @6 n
your agent find out what the vendor wants, and then use that to help leverage the - t/ u9 `* H! R7 b& U9 k+ f( L- J
price down. Additionally, you can throw any assets you see around the property into * U6 }6 @6 ^% W5 D4 _
your offer – power tools, appliances, lawn tractor, Harley-Davidson, whatever. The
5 z f% {* `: R5 C4 D2 C4 Nmore you put in, the more clutter there is for the vendor to wade through, and the ! w4 f! d5 V, w
better chance you have of securing the best deal. w a% X) p. e2 Q2 n
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* Speaking of which, why not make two offers at the same time on two competing
% E) x6 e$ P$ S! W; jproperties, and then let that fact be known (through your agent) to the vendor? That , d1 f; N& P0 {# {: i3 R6 \ A
will add even more pressure to the poor guy, as he tries to figure out what he must do s2 j0 ?: j$ l _8 l/ p7 B/ @7 ~2 {
to save the deal, and give you what you want. This may be cruel and unusual, but just
9 X: A* c2 K, ]" S- a9 ~- Gconsider it payback for all those multiple-offer situations greedy vendors placed 6 C0 F, r. Y4 U1 ~; G9 Y2 f
buyers in during the bubble years.* m# k; v8 u- C! _: W8 ~; p
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* And, of course, you can make a low-ball offer, get a sign-back, and then just let it 7 o) T( z: O2 A; Q. z
die. Wait a week and go back in with another one, for the same low price. Odds are you * J$ o& h6 b; B* f W1 ?3 X/ d
will not get the same response this time. The stressed-out vendor may hate you, but
V1 A" J- ]- O& @' q! _2 @: Zhe’ll close. |
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发表于 2008-11-29 10:10
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