How Do You Buy A Luxury Home For Below It’s Value?

Some times when buyers are shopping for a home, they don’t have the ability to look up a properties’ history since coming for sale.  Real Estate Agents do have this access to information, but it gets overlooked.

1. When did it hit the market?

2. How long has it been on market?

3. Has it been in escrow at any point and if so, why did it fall out?

You Have To Ask Questions:

My clients Jeff and Deborah were moving here from out of State but were already living here for work for a bit.  They knew the area and knew what they wanted.  What to expect. 

When we found ‘the one’ we were going to discuss an offer and it’s price.  Before we did this, I took a look at the property history and saw that it had previously been in escrow but fell out.

Why?

I just went ahead and asked the list agent why that had happened hoping to get a straight answer… Well, the agent doesn’t HAVE to tell me details but he was offering info.

The neighbor was going to buy the home and had a private appraisal done.  He shared the number which gave me an idea of its real VALUE prior to making an offer.

Motivation!

The sellers were not living in the house.  The wife was in Hawaii and the husband built a home in a different part of the County.  Again, I found this out by ASKING QUESTIONS.

So this gave me an idea of motivation…  They had already been in escrow once and probably were frustrated it fell out.

Well, let’s use that frustration against them….  Right?

Look, it’s a crazy seller’s market right now so we weren’t going to get a steal..  That’s just unrealistic… 

 

Jeff and Deborah were great during the whole process which made it easy to get the job done.   

 

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.