Income Property for Sale By Owner

[John K.]

I'm walking through a for sale by owner income property in the near future - is it appropriate to have a casual conversation with the owner about if they are firm on price or does it really need to be done with a written offer?

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Originally posted by @John K.:

I'm walking through a for sale by owner income property in the near future - is it appropriate to have a casual conversation with the owner about if they are firm on price or does it really need to be done with a written offer?

Um, how would that conversation go? "So, how much over market do you think some sucker is gonna pay for this?" or, "How desperate are you to sell this to me under market?".

A better conversation would be to ask how they arrived at the asking price.