I made an offer and I need your help!
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?
Thank you!
ps: this is my frist ever offer!
Most Popular Reply
I'm personally not a fan of the mentioned tactic, and frankly it has given real estate investors in my area a bad name. Which is my most agents don't want to work with investors here. When ever I talk to someone (seller, agent, wholesaler etc.) I try to be transparent from the beginning with my own walk through estimate of the rehab if possible. Make my offer with a 15-20% contingency added to my rehab budget. Then during inspections if I find something big i.e. pipes, roofing, etc then I come back to renegociate. Mind you i probably don't get as many deals but the people I work with like that transparency.