Rental Property Investor · Nashville, TN · Member since 2013 · 21 posts · 4 votes
I'm a new investor and have always heard that winter is the best time to get deals in real estate. I've got some cash saved and am ready to buy, but of course want a great deal.
Do any of you have stories of great deals you've gotten during this season? Where did you find them? What were the factors in getting a great price? I've thought about lowballing some properties on the MLS, but wondered if I should wait until after Christmas. Any tips or stories?
Investor · Louisville, KY · Member since 2011 · 1k+ posts · 1k+ votes
12y
Hey Matthew, I just got a heck of a deal under contract. The property is bank owned and listed on the MLS for a long time. I put a low offer in a couple months back and got a terrible counter offer. I decided to resubmit my offer a few days ago exactly the same as a couple months ago. A day later, I got word from my agent the offer was accepted.
I'd suggest submitting one or more lowball offers on stuff that has been active on the MLS for 180+ days. If you don't get any bites now...wait a month and resubmit the exact same thing. I can say I definitely wouldn't have gotten this deal a few months ago, and definitely would not have been contacted by the bank or selling agent to resubmit my offer if I hadn't done so on my own.
Investor · Louisville, KY · Member since 2011 · 1k+ posts · 1k+ votes
12y
Hey Matthew, I just got a heck of a deal under contract. The property is bank owned and listed on the MLS for a long time. I put a low offer in a couple months back and got a terrible counter offer. I decided to resubmit my offer a few days ago exactly the same as a couple months ago. A day later, I got word from my agent the offer was accepted.
I'd suggest submitting one or more lowball offers on stuff that has been active on the MLS for 180+ days. If you don't get any bites now...wait a month and resubmit the exact same thing. I can say I definitely wouldn't have gotten this deal a few months ago, and definitely would not have been contacted by the bank or selling agent to resubmit my offer if I hadn't done so on my own.
Residential Real Estate Broker · Bremerton, WA · Member since 2013 · 494 posts · 142 votes
12y
I agree with @Michael Seeker . Submit on properties that have been on the market for a long time. I'll submit if props have been on the market for 100 days or more. 180+ days makes me very happy. 180 days is when the banks get very motivated to sell.
I'll submit a bit below what I need to get a nice cashflow on a property. If it's not accepted, I watch the property. Sometimes it goes pending and then comes back on the market. As soon as it comes back on the market, I resubmit my offer without seeing the property. Quick action.
Lately, in my market I haven't had the luxury of this scenario happening. So I've been excited for winter to come along. Prices and selling are still a bit hot in my area, but this has been my m.o. in the past and it works. Hopefully it will work for you. If prices are selling are hot on your area, other methods may be needed to pick up local properties.
Investor · Southeast, MI · Member since 2012 · 2k+ posts · 1k+ votes
12y
I've gotten some of my best deals in December. Not only are there less buyers to compete with, but sellers are usually more motivated. If you're buying a bank owned house, they want it off their books before the end of the year. The asset manager also wants it gone to get a better bonus.