Had a quick question about the current competitive market and when I can ask for a discount on properties. I believe I read in one of the BP books about how you should keep a search open for listings that are listed for double the average days on market for your farm area because you can ask for a discount on these properties. What is the average amount I could try to get off of these listings? Is 20% an option or is it usually less or more? I am looking for multi-family properties in south St. Louis.
Hello @Todd Pieper ! You can always ask for a discount on properties so don't be afraid to. Now whether or not you'll get a discount depends on the exact situation the seller is in. If it's just been listed chances are they aren't coming down from list price. If there are multiple offers chances are it's going to sell for over list price. If its been on the market a few weeks/months or more chances they will be willing to come down but a lot of times it's within 10% of the list price otherwise they would have dropped the price by now.
@David Ounanian Thank you for you response. If the listing has been OTM for a while I'm sure they would counter a low offer to see if they could work with it instead of dismissing it all together.