How to make an offer on a property that's been sitting for 80 days

How to make an offer on a property that's been sitting for 80 days

Member since 2024 · 179 posts · 76 votes

Newbie here.  I may make an offer on a property that's been sitting for over 80 days. It's a duplex unit priced at around $325K.  Given the fact that's this property has been sitting for a while, what's a strategy for making a first offer?   20% discount from the current sale price?  or 25% discount?  and then if they say no, do I wait a few weeks and then increase my offer by 5% until they accept?

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  • New to Real Estate · Oakland, CA · Member since 2013 · 15 posts · 2 votes
    2y

    What is  your intention with the property? Is it a reo situation?

  • Member since 2024 · 179 posts · 76 votes
    2y

    @Mark Peeples it's buy and hold and rent out to tenants as a mid-term rental unit.

  • Banker · Henderson, NV · Member since 2023 · 317 posts · 74 votes
    2y

    Hi Mark, 

    How much are comparable sales going for? 

    Does the property need work?

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