Property on the marker for more than 90 days

4 Replies

@Loubert Jean Philippe

Look at the price history. Many times the properties that sit around on the market in my area were way overpriced to begin with and the sellers miss the prime window of opportunity the first week of a new listing. The properties then stagnate on the market and start to develop a stigma that something might be wrong with it. I most certainly would not rule out a property that has been sitting on the market. Just do your homework, get all the disclosures you can, and have a property inspection.

@Loubert Jean Philippe I look at a property sitting on the market for an extended period of time as a potential opportunity. There is likely something that is keeping buyers away. If you are interested, then I'd ask the seller/seller's agent what is causing it to sit. They may be upfront with you and tell you or they may ask you to put it under contract then conduct your own due diligence. It doesn't hurt to ask.

Before inquiring, you'll want to know whether or not acquiring this property is something that will move you toward accomplishing your goals in investing in real estate. For example, are you looking for cash flow or appreciation? Do you need the cash flow now? What is your appetite for rehab?  Will acquiring this property accomplish those goals and objectives?

Be conservative with your numbers in your analysis. If the numbers still work and it fits with your investment objectives, then this may be a good deal for you.

Good luck!