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I’m often asked by people who like to prey on others how to buy real estate in a 1 x/ J" c# V2 O' ^9 N+ w
falling market, like this one. The danger of doing so is that you buy before the
$ e& U7 k+ w9 ^- {, ?- d9 K# Jbottom arrives, and take a capital gains hit. The advantage is you hold absolutely all
g/ O) H; V# j2 } k4 Q9 V, X6 Fthe cards, and can strike a great deal while the victim-seller is writhing in pain and z! a( M" A/ }1 V
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
4 `& E0 c/ H& n5 ]you want some tips on being a vulture, for when the moment’s right, then clip this 7 N, D2 b8 ~6 S6 w- E C1 r0 m
and stick it on the fridge. (By the way, this is another preview of my coming book.)
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" C7 J+ q% E Y. j0 _$ @* Offer what you want to pay, not what the vendor is asking to be paid. With so many + N! {( }- K# Z
properties listed, and so little sales activity, every offer has to be taken
2 A; Y( N6 T1 h zseriously. Only by writing up an offer on your own terms, at your own price, will you 0 F0 j5 o( M/ w2 e
get a sign-back showing the true level of desperation you’re dealing with.; g9 C. h0 G2 P8 C- U; h
& j$ N6 E% G) N, |* Always submit the offer with a deposit cheque, which is like putting a shiny lure on $ E( r! N, o% Q0 K T+ G+ A7 |
the end of your fishing line. However, the offer must stipulate the cheque is not
6 n1 w1 s' S" W( G1 ?# ^cashable until a firm and binding agreement is reached. So, it means nothing, while
$ @+ a# \" r5 J" d ahaving a powerful psychological impact.9 K( O t+ m0 m7 g* {
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* Throw in as many conditions as you want. This will create an offer that is
2 r5 m7 z# R% ~# `: [, I d# hcompletely tailored to your needs and wants while providing elements you can remove in
0 f' d3 y4 k) Porder to gain things you truly want. So, for example, make the offer conditional on
9 Z% b5 e ]5 gthe vendors paying all your closing costs, including land transfer tax. While you
6 X8 _$ k! l4 ^ [# Nnever expect that to happen, you can remove it during negotiations in order to get
, }/ }, I. E3 m5 c- zwhat you do want and expect, which is a bargain price.+ f: E" Q t$ j2 E0 `; l; Y
I3 |+ S- ?( o. e& R+ h5 `. u* Ditto for conditions giving you time to arrange financing or even to sell another - Q# {1 o4 i# s& _
property – they are both traditional deal-breakers, and the vendor’s agent will know 7 F* h5 D, x$ l% v$ J0 }
that immediately. So, by reluctantly removing them you move far closer to getting that % L' P- ]$ \* b' A7 c
price.
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) i0 U/ j5 U9 k8 h8 ?3 D2 i* q3 Z4 V* Best, however, to insist on a home inspection. This condition should give you five ! y$ ?1 d* ~) Z9 D6 P+ P a
business days to complete the process, and is normally done at the purchaser’s ( k* w3 l! y7 g' H
expense. The reason you want this is because almost all properties need some kind of 9 v1 }- w7 ?3 v8 [/ |$ F
work done in order to make them perfect, and when you get the inspector’s report you
8 W& L% x' q5 Y1 T. @' q# Shave leverage to help you drive down the price. Simply get an estimate of the cost of 3 l' d$ b7 {$ C+ q$ m7 s
the repairs and ask for the deal to be rewritten with a price reduced by that amount.
N' V: d' F5 Q) _Since the vendor knows the condition is entirely for your benefit and the deal will
) k2 V9 d# j1 _die unless you sign a waiver, well, guess what? Vulture.
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9 y6 \3 W' u! |* |& N* And remember that the closing date is also an important poker chip to play. Have : B7 X1 o$ H+ H: d. V- _
your agent find out what the vendor wants, and then use that to help leverage the
5 {/ Z9 |& g+ _: P: [5 w4 F; xprice down. Additionally, you can throw any assets you see around the property into 3 H; q0 M/ d3 T }/ B0 J
your offer – power tools, appliances, lawn tractor, Harley-Davidson, whatever. The ( g5 }% ]% P/ C2 t5 L
more you put in, the more clutter there is for the vendor to wade through, and the
6 i9 }6 L; E( Y( Sbetter chance you have of securing the best deal.* {( j( ]- }! C- o5 S
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* Speaking of which, why not make two offers at the same time on two competing
% w4 G8 r" @- o! A1 {properties, and then let that fact be known (through your agent) to the vendor? That : s. \2 {0 [) |6 B2 O: k* D
will add even more pressure to the poor guy, as he tries to figure out what he must do
3 }& Y F! A8 S' H I9 q' Oto save the deal, and give you what you want. This may be cruel and unusual, but just 1 ^5 _8 N) j4 p% ]! j7 h! k' y9 V9 D
consider it payback for all those multiple-offer situations greedy vendors placed & G, [# J0 e% [* G' z1 ?% \( m' W
buyers in during the bubble years.+ T) p# E4 X; j' `) V4 I/ r
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* And, of course, you can make a low-ball offer, get a sign-back, and then just let it & Y0 A3 Z- z$ E) o
die. Wait a week and go back in with another one, for the same low price. Odds are you : P. D% v9 S: W D7 D
will not get the same response this time. The stressed-out vendor may hate you, but V9 O# }% N2 }9 x: N7 o" k
he’ll close. |
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发表于 2008-11-29 10:10
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