There seems to be a Black Friday sale on everything you can imagine. Wouldn't it be nice if there was a Black Friday sale on condos? Like 50% off? It's a nice thought but of course, it's not going to happen. That doesn't mean there are no deals out there. Here are a few tips to help locate some.
Properties on the market > 90 days
It is probably not a big revelation that the longer a property sits on the market, the lower it's perceived value becomes. What you might not be aware of is that it is especially true at this time of year. If a property has been on the market for a while, the chances of selling this time of year and into the winter are even less. Many sellers just want to get the property sold before the holidays really kick in and before winter arrives. Some might want to get it sold before the end of the year for tax reasons too.
Price reduced properties
Some sellers price their properties too high. Their thinking is "I don't want to leave anything on the table. I can always lower the price later." The problem with this flawed thinking is that you get most of the traffic in the first few weeks of hitting the market. When a property hits the market, it is actually being exposed to several months worth of buyers. After a few weeks on the market, only new buyers entering the market will see it as new. When a seller does lower the price, the property is often 'off the radar' of many buyers. They already decided they didn't like it the first time around. If a property doesn't sell right away after a price reduction, they probably didn't go far enough. If a seller is motivated enough, they might be ready for another price reduction - in the form of a low offer.
Withdrawn or Expired listings
Just because a listing was withdrawn or it expired, it doesn't mean the seller doesn't want to sell. Many times, the seller has given up for now or is tired of having strangers come through their home at all hours - especially around the holidays. Many sellers would be delighted to receive an offer when they weren't expecting it.
Fed up landlords
Want to know how to find landlords that are fed up dealing with tenants? Go down to the courthouse and search for eviction notices. Sometimes all it takes is one bad tenant for a landlord to realize that being a landlord is not for them. This is especially true of landlords that have just one property. Maybe they didn't plan on being an investor, but when they bought a new home, maybe they thought it sounded like a good idea at the time.
Off market properties
Finding off-market properties where the property was never on the market can be time-consuming, but every now and then you come across a seller that has been thinking about selling for a while and just didn't have the energy to get it done. Boom. Along comes an unsolicited offer and their problem is solved. Other good potential off-market sellers are divorce sales, estate sales, and cash-strapped sellers.
In this market, there are not as many foreclosure sales as there were 7-8 years ago. They are not for amateurs either. You need to know the market and the values of properties. You also need to be willing to take a risk as most foreclosure sales don't allow an inspection beforehand.
If you need help with any of the above methods I use to find deals for my clients, don't hesitate to reach out.