I was reading one of the real estate forums in the last couple of weeks and I came across a piece of advice that made me shake my head. I think I may have asked out loud when someone was going to come up with a forum that had a delete button for really bad advice. That is the power – both good and bad – of great forums where the readership, uncensored, is giving the advice. The good is that the advice is real and unfiltered. The bad is that you really have no idea who is giving the advice and sometimes…it can be wrong!
Making Offers on MLS Listings
The forum that I happened to read was from an investor looking for advice on how to buy property in a market that I happened to have a little insight. Before I could comment, there were already a couple of responses and one was giving advice on not even looking at the local MLS for real estate deals. The commentator is a relatively new investor (I think he says he has been investing for under one year) and the advice was pretty emphatic about the MLS being a waste of time in this market.
I am sure that is the case in some markets around the country. Days on market may be low. Discount percentages from list to sale price may be low. Properties may receive multiple bids above list price. All of these factors make buying on the MLS more difficult but certainly not impossible. For new investors asking where or how to get started, getting advice to ignore the MLS is a sure-fire way to delay or possibly even stop your progress as an investor.
The advice given on the …read more