During my SFR designation course the instructor explained the difference between opportunity properties and deal properties. There is a difference in the approach, and it is important the buyer understands the difference.
Opportunity properties are those less than 30 days on the market and are in move-in condition. They are usually priced to sell just below market value. The opportunity is a good property at close to market value. Deal properties are those that have been on the market for a while in less than perfect condition. They will sell for well under market value, but the buyer will usually have to put money in to get it to move-in condition. Buyers should know the difference when they first start looking. The choice is simple. Do you want a house that doesn’t need work, but at a closer to market price or a fixer upper at a great deal.
What do you think? Have you seen example of these types of properties?
Michael Collins – Broker
Rock Solid Real Estate Strategies
PO Box 2444
Janesville, WI 53547-2444