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I’m often asked by people who like to prey on others how to buy real estate in a - x) L6 U7 e, X9 G
falling market, like this one. The danger of doing so is that you buy before the 7 [/ }' t2 f+ G7 J. G$ X4 P8 b
bottom arrives, and take a capital gains hit. The advantage is you hold absolutely all ) }6 d/ S) v$ m( `8 K
the cards, and can strike a great deal while the victim-seller is writhing in pain and # l$ t7 t* y9 K7 w& R8 p
begging for mercy. That’s the fun part.7 ~5 H9 s7 H8 |+ E" |2 s* k3 R' ^
3 _ B/ {/ [6 V+ a @So, don’t ask me if it’s time to buy yet, because you won’t like the answer. But if
5 s6 D6 W5 `# J- v! y3 iyou want some tips on being a vulture, for when the moment’s right, then clip this 9 `- z/ [8 x0 m. O B. V
and stick it on the fridge. (By the way, this is another preview of my coming book.)3 d: @2 u' z) C" e, L, Z
# N9 |0 s# I# U6 x* Offer what you want to pay, not what the vendor is asking to be paid. With so many
5 _! U3 z; y8 j; K# f2 Xproperties listed, and so little sales activity, every offer has to be taken
3 X$ R8 z7 q5 a) x4 A m" ]& |seriously. Only by writing up an offer on your own terms, at your own price, will you / M( d M9 ]" Q/ [
get a sign-back showing the true level of desperation you’re dealing with.2 D1 _# t- k) N8 H
/ T v) N$ B# e) E! i* Always submit the offer with a deposit cheque, which is like putting a shiny lure on
% g" m8 p9 r Y8 \the end of your fishing line. However, the offer must stipulate the cheque is not . T P6 f8 c& l$ \- i$ n
cashable until a firm and binding agreement is reached. So, it means nothing, while
) h) L1 k( u9 ohaving a powerful psychological impact.- l% f7 c: G, q$ _
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* Throw in as many conditions as you want. This will create an offer that is . F# Y) |( ^: u u: s9 w0 T4 M
completely tailored to your needs and wants while providing elements you can remove in
) g: x0 w* Y" N$ a0 }order to gain things you truly want. So, for example, make the offer conditional on
+ g6 m; A" O9 ^6 Zthe vendors paying all your closing costs, including land transfer tax. While you ) I0 r% T4 V; T; `6 n
never expect that to happen, you can remove it during negotiations in order to get 2 y% H8 A$ V8 C1 {' C* t O9 G& x
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 0 V1 H* r0 s$ ]
property – they are both traditional deal-breakers, and the vendor’s agent will know
% Z! F6 A r; d Cthat immediately. So, by reluctantly removing them you move far closer to getting that
, T5 R6 z6 y2 dprice.3 b: v& X( G8 g" |
) @9 a( W9 ?5 a3 o* Best, however, to insist on a home inspection. This condition should give you five
" x, ^+ H) \+ G6 |business days to complete the process, and is normally done at the purchaser’s + B2 y$ y0 G6 C( s( R# _0 _
expense. The reason you want this is because almost all properties need some kind of - T# V/ O7 L: b9 T/ R9 t
work done in order to make them perfect, and when you get the inspector’s report you
" h( [+ M" N) b- Ehave leverage to help you drive down the price. Simply get an estimate of the cost of
: \6 T" g+ T& Zthe repairs and ask for the deal to be rewritten with a price reduced by that amount. 2 J- T& L3 n$ O0 f. O1 t
Since the vendor knows the condition is entirely for your benefit and the deal will / [' N1 c& A, I) B6 B% T
die unless you sign a waiver, well, guess what? Vulture.& F1 e5 |* {1 ?) ]: R
/ W; E0 H0 K- o( ~1 ~: ^* And remember that the closing date is also an important poker chip to play. Have 3 C0 m- q; `( b
your agent find out what the vendor wants, and then use that to help leverage the 6 Y: t, R* H$ X$ U% c
price down. Additionally, you can throw any assets you see around the property into 0 ^; s+ e' b) k' R9 U
your offer – power tools, appliances, lawn tractor, Harley-Davidson, whatever. The 0 ]% P) A9 n, }* e* J0 o
more you put in, the more clutter there is for the vendor to wade through, and the
' w& }" R) j+ zbetter chance you have of securing the best deal.
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# R3 h5 d4 O2 a: B* Speaking of which, why not make two offers at the same time on two competing ) d2 Z/ R; A( d; A7 |- F
properties, and then let that fact be known (through your agent) to the vendor? That - W, @ P# T6 s, m ~/ J9 V2 x3 W
will add even more pressure to the poor guy, as he tries to figure out what he must do ' _% M* S( ?4 o& d# A3 c0 p
to save the deal, and give you what you want. This may be cruel and unusual, but just
/ ~' [; o3 j% _consider it payback for all those multiple-offer situations greedy vendors placed
6 |3 k; j9 x( M5 |" x a# [. Rbuyers in during the bubble years.% A2 i) H/ e4 f
2 S9 P3 W; {8 X8 ?% t5 V# b) U, d1 `* And, of course, you can make a low-ball offer, get a sign-back, and then just let it
- `# Z4 r5 {/ M" C5 t" N3 r; |9 \die. Wait a week and go back in with another one, for the same low price. Odds are you
" a; H4 e% F; a* Z' twill not get the same response this time. The stressed-out vendor may hate you, but - i/ }' ^' d9 |1 |8 j) i. m
he’ll close. |
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发表于 2008-11-29 10:10
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