Definition of a "good deal"?

Definition of a "good deal"?

Member since 2008 · 22 posts · 1 vote

So the more and more i look into buying a home, the more and more i realize that people just dont give their properties away for nothing, all people seem to be aware of what their preperty is worth and are trying their hardest to get every penny.

However, i come on sites like this one and read all about good deals and i look at what my current location has to offer me and i dont see any of these "good deals". I just see a long extensive list of properties at market value. And i have an agent right here in my house and have access to mls.

So what is a so called good deal? The only things i can think of are

distressed seller
bank owned property
preforclosures

(please add to this list if you can)

it seems as though everything else is priced at market value. So i guess what i really want to know is how to find a true "good deal"? How does one find a pre-foreclosure? How would i go about finding a distressed seller among the thousands of other listings? And are bank owned properties priced slightly below market value truely considered a "good deal"?

thanks for the help.
ryan

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  • Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
    18y

    Ryan,

    How you find the property has absolutely nothing to do with whether a property is a good deal. The numbers are what makes a property a great deal (buying at a BIG discount to market). It is usually very difficult to find a good deal by simply looking on the MLS. You've got to get out of the house and meet people. Do you belong to your local REIA? Do you tell everyone you meet that you buy properties? What have YOU done to find great deals?

    Mike

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