August 31st, 2014 12:00am
How much energy, time and research should a buyer put into a home that they have not even written on? If you focus on the value of property based on comps and what you can see plus a peek at the seller disclosure form that should be enough. Start offering. All the other questions, concerns , bids and inspections come after you win the bid. I have seen buyers invest much time and money and emotional attachment on a home they never get. Three or more visits just to find that another buyer swooped in and offered. At best, you now have competition, worst you lost the opportunity to investigate further. The bragging rights regarding the "deal" a buyer made outshines the rational monetary values. The comps all say 375k for a vacant home in original 1980 condition.The home has been on the market for months, reduced 2 times from 450k to 379k. A great buy is 350k but the buyer wants it at 300k due to the proposed 125 k remodel he has planned. Will this deal ever come together? Rarely. The seller does not care what the buyer plans and will not pay for a portion of the future remodel. The buyer has done so much leg work, talked to many vendors who are all "experts" and agree with him, he is intransigent. With the new price drop there are multiple offers....yea for the seller! The buyer still insists he was correct but he has no home, project or Realtor! Wait to crow until you have made the deal.