Okay so I am new and don't know where to post this, so i am sorry in advance. Okay, so yesterday I made an offer of 1m$. The listed price was 1 050 000$ and my strike price is 945 000$. Is it okay if I offered more than my strike price just to get accepted first and then after the inspection I would renegotiate below my 945 000$ strike price and then negotiate from there? Was it wrong from me to do this?
Congratulations on finding a deal that works for you. I don't like using this practice. It's disingenuous. If you do it a lot, you'll likely get a bad reputation and people won't want to do business with you (or they'll counter you with a large DD fee that you'll lose if you try and back out).
Good Luck on this one!
Thank you for your thoughts I really appreciate it and I am taking notes since I am new to the REI game. I wish you great success to you in your investing career!
@Bradlee T. very bad practice to do and you will get a bad reputation - also if there is nothing wrong at inspection what is your justification? Also if there are problems in many instances the seller could fix them versus dropping the price
Not sure about the offer but you need to be careful also not to lose your deposit.
Your the reason we get a bad name! That’s premeditated bull crap. Imagine if someone was plotting on you like that. I hope you learn your lesson quick! If you like the house and it makes sense who cares about the strike price. One thing I learned is don’t get too caught up in running your numbers because it NEVER works out that way in the end. Some for the good and some for the bad. But don’t pull that garbage, you know it’s wrong. Hoping something is wrong during inspection is one thing, but having that as your business plan is fraud!