Purchase Property Below Market Value
I was able to purchase a property below market value by exploiting the information passed on to me by the real estate agent. I was given all the information in regards to the reason for the property sale and the issues faced by the owner. Using this information I was able to prepare a purchase strategy and price we wanted to pay for the home.
This property is less than 10 years old and was last purchased just over 3 years ago for over $500,000. Every valuation I conducted on the property through a number of different systems valued the property at over $500,000.
Our offer for the property was $485,000 which was accepted. There were no counter offers, our first offer and terms were accepted and the deal was done.
How Did I Do It
By Identifying the current owner’s issues and preparing an offer that was focused on solving their problems rather than submitting an offer based on price. In this case, the asking price was for offers over $500K and yet we have secured the property at $485,000.