The key to finding a great opportunity is to find someone who wants to sell more than you want to buy, and then get there first before another buyer. Done as a business and dealing with these “motivated sellers” will make you rich, but that is a story for another day.
If you recognize “great value”, tie it up immediately with a strong offer. Then do your due diligence, and let the facts be discovered.
We recently found this kind of property for one of our clients, and they placed an offer $100 above asking price. The offer was accepted, and the seller agreed to give a credit towards the closing costs for our buyer. When the home inspector found items in need of repair, a substantial credit was additionally negotiated.
It is certainly easier to accomplish this in a declining market.
Did I forget to mention that the asking price was $100,000 less than last year’s price tag, representing about a 33% discount?
Don’t be afraid to look for opportunity when prices are falling. It is when your best deals can be negotiated.