Property Status Updates Delayed

[Elton Tate]

I don't mean to come here to constantly post negatively about the Detroit real estate market, but I'm learning a lot from these conversations. I was hoping to post a success story of acquiring my second investment property by now, but I am still looking for a way to secure it. I recently observed while trying to put in offers to seemingly available properties. Real Estate agents are not changing the status of the property when they accept an offer. A person mentioned this could be due to preventing others from lowballing if the original offer falls through. I get this, but doesn't this practice seem unfair?

Bonus question: Is it best practice to offer at the asking price, even if you discover issues with the property? I assume it will help improve the success rate of acceptance. If the inspection report highlights issues with the property, then you negotiate the price.

[Michael Smythe]

@Elton Tate Agents are required by their board to change the status within 1-3 days, but many push that as it's not really watched.

We don't recommend offering asking price. 

An investor should offer the price that makes the purchase meet their target ROI.

A buyer can always renegotiate if an inspection finds repair issues.

I remember that you stated on another post that you are working with an experienced "investor" agent. 

Why isn't your agent addressing all this with you?

Also, it shouldn't stop you much from acquiring a property as there are plenty on the market.

What specific Neighborhoods are you focusing on?