This is what you do as a buyer, based on my experience the last year selling 3 properties.
- Find a house you can't afford that has been on the market a long time that has a high cash to mortgage (in other words a home owner selling a house with a lot of equity in it)
- make an offer somewhere int he range of 10% below list, subject to inspections and finance
- once the home inspector sends you a list of garbage that needs to be fixed, add it all up using cost assumptions you pull out of thin air
- re-negotiate the price a further 10% or so
Some buyers will walk, but if it's been on the market long enough chances are at some point you'll find a motivated seller that will drop his pants to move the property.
I just saved you 10-20%.
Oh, and if a realtor said to me I have to make an offer before the house is off the market I would tell them I'm coming back in a week when their listing contract expires, and buying it without an agent.
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