In my previous post, “So Where are the Bargains At?” I shared where to find deals. You want to look in places where owners want to sell. Deals go quickly so develop the skill to pinpoint them.
The key is finding owners that need to sell (as opposed to want to sell). Whether you are looking directly or using a Realtor and MLS, look for motivation in a property listing. Here are some examples:
Highlight listings where the asking price is noticeably less than others in the same area.
Look for keywords in the Comments Section such as: bank owned | vacant | fixer-upper | MUST SELL | relocating | Estate Sale | needs work | tenant occupied | consider all offers.
Notice the Days on Market (DOM). If they span several months, that could be an indication there can be some motivation to leverage. Ask why it isn’t selling. The answer should help you determine if they need to sell or they’re just holding out for the highest/best offer.
Remember finding good deals requires persistence in your searching and requires a lot of offers, however…find them, market so they find you, make offers… get deals… make money!