Negotiate on turn-key price

[Michael L.]

Has anyone considered or successfully negotiated the price down for a turnkey property? Many of the turnkey properties I see are priced significantly higher than the FMV (comps). I can understand a small (<5%) up sell, but in cases where the price is 10-15% over FMV, can you negotiate down?

This is also assuming there are no other buyers at the listed price.

[Ali Boone]

Doubtful. Turnkeys will almost always be right around market value or maybe a little higher, but it's hard to tell a lot of times with comps for a couple reasons- where are you getting the comps from (Zillow and such?) and how accurate are the comps? Turnkeys almost always pop up in neighborhoods that had a lot of foreclosures so a lot of the "comps" are properties still in short sale, foreclosure, or destroyed mode. Not an accurate comparison.

But in short, no. Turnkeys sell too fast and too easy for negotiation typically.