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Overheard a flipper say 'never pay asking price' but I think that's costing them deals
I was at a real estate meetup in Tampa last night and this guy bragged about lowballing every offer by 15%. He said he's 'teaching sellers a lesson.' But two people I know who do fast cash sales said they lost three good properties last month because they wouldn't budge from that rule. So is it smarter to stick to a hard number or be flexible and actually get the house? I'm leaning toward flexibility after hearing those stories. What's your take on this?
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simon7174mo ago
Wow, that's really interesting timing with your post. I actually just read an article about this exact thing - someone from a bigger REIA group up in Chicago was saying their data shows the "never pay asking" rule only works in buyer's markets, and right now we're in a weird in-between zone where sellers can still be picky. @the_jana hit the nail on the head with that question about imaginary arguments. I've definitely seen it firsthand - there's this one flipper I know who brags about his offers being 20% under, but he's been sitting on his cash for almost a year now while other guys are actually buying and closing. Being flexible seems smarter to me, especially if you're planning to make money on the flip itself instead of just sweating the purchase price. The whole point is to get the deal done, not to be the guy who won the negotiating game and lost the house.
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