Seeking advice for making offers on mls listings
I was talking to my brother on the phone and would like to get others educated opinions on the matter. I live in Sacramento, and have noticed that people are offering either equal or above asking price even for homes that sometimes need 80-100k in repairs and I can't see how they would even make a profit doing that. Am I doing something wrong when it comes to determining the current value or even the arv of a home? This has been a reoccurring situation over and over again and it’s getting me frustrated and I’m starting to question what exactly am I doing wrong.
Thanks in advance.
Most Popular Reply
Hey Khyree, is your intention to "wholesale" or are you trying to buy a fixer? What's the end goal?
Every property is different. Typically by the time it reaches the MLS, it is listed at retail value, and you're not going to get a screaming deal, although there are those diamonds in the rough and my team frequently does "fixer" deals off the MLS. It's simply a numbers game.
Working with a great broker can also help as they will know how best to represent your interests and play the game. You will never know the right number until you have a chance to inspect and get contractor bids, which will typically happen after an offer is accepted.