How much above asking price would you go?

[Klaycon Santos]

Asking price is 520k for 4 family unit. Did the whole check up and only small cosmetics work need to be done. But it's a hot property 20 min from Boston. Average comps for this location is 450-500 but I want to close it and buy it. Should I offer 540k and get or just wait it out.

[Joe Villeneuve]

Originally posted by @Klaycon Santos:

Asking price is 520k for 4 family unit. Did the whole check up and only small cosmetics work need to be done. But it's a hot property 20 min from Boston. Average comps for this location is 450-500 but I want to close it and buy it. Should I offer 540k and get or just wait it out.

 None of the above.  If the property comps out at $500k max, and you are thinking about offering $540k, and you follow this up by saying, "...but I want to close it and buy it", you are making two big mistakes:

1 - You're getting emotional about a property
2 - You're focus is on getting the property, and not where it should be...on the deal.

You don't want properties...you want deals.
REI is a simple math problem. Emotions should never be part of the equation.

Sometimes the best deals you make, are the ones you don't.