Question Details

Cooper, Home Buyer in Portland, OR

What is the average number of homes buyers put offers on before they find the one?

Asked by Cooper, Portland, OR Fri Mar 7, 2008

We have now made 2 offers and both times not able to come to an agreement with the sellers. This last home we discovered after inspections that it needed close to 40k in we went back to the owners and asked that they fix what we thought was crucial. That was about 20k in repairs .They would not budge. We just can't afford a home needing that kind of cash in out of pocket repairs, but UGH! I am already so exhausted! So how many times on average does it take?I just want to prepare myself for the ride ahead!

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Hi Cooper,
It is different for an investor than a typical owner occupant purchase for a primary home. For an investor, there is minimal, if any, emotional attachment........It is simply a business transaction. The numbers make sense, or not. An investor does not get emotionally invovled in the process, and moves in and out of a deal quickly. For an investor to make 10 offers, the process is simpler and far less draining than an owner occupant trying to decide if this is "their future home."

I work w/ investors who will make these high volume of offers, and the process is much different.

For the typical owner occupant, I see most successfully going to a closing with less than 3 offers, but I have seen more. From the list of repair items detailed in your prior inspection reports, make a list of things to visually inspect on a property yourself before entertaining a purchase offer. While your visual inspection is not meant to take the place of a professional inspection, a thorough walk through will point out some more obvious problems that you can address before writing a contract.

Sorry to hear you have been on a roller coaster. Good luck.... Also, you might consider focusing on newer homes.
2 votes Thank Flag Link Fri Mar 7, 2008
Deborah Madey, Real Estate Pro in ,
As an investor I have found that it takes ten offers to one accepted. But we are looking for a steal. You have to remember you are in the drivers seat. Find an area you like not a house. Always be prepared to walk and you will find a deal. I would have you realtor look for house that have been on the market at least 60 days in the area you are looking for. You are more likely to find someone who is motivated and will deal a little easier.

Good Luck and try to have fun. The seller needs you more than you need them.
2 votes Thank Flag Link Fri Mar 7, 2008
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