Why is LoopNet known as "where deals go to die"?

[Ryan Ino]

Aloha e BiggerPockets Community,

I've heard on the BiggerPockets podcast and also read on other BP forum threads that LoopNet is considered to be the place where deals go to die. Can anyone explain to me how and/or why it has this nickname? I've tried inputting the numbers from some LoopNet properties on the BP Rental Calculator and have come across quite a few that seem like a good deal, but after hearing it's reputation I'm wondering if there's anything I should be aware of before reaching out to the seller.

Other forum posts mentioned that LoopNet is where sellers post listings that have already been on the MLS and did not sell. Wouldn't that make it a good source for finding deals since you know that they had difficulties selling the property, so you can offer below asking price?

Mahalo nui for your time!

[Chris Seveney]

Quote from @Ryan Ino:

Aloha e BiggerPockets Community,

I've heard on the BiggerPockets podcast and also read on other BP forum threads that LoopNet is considered to be the place where deals go to die. Can anyone explain to me how and/or why it has this nickname? I've tried inputting the numbers from some LoopNet properties on the BP Rental Calculator and have come across quite a few that seem like a good deal, but after hearing it's reputation I'm wondering if there's anything I should be aware of before reaching out to the seller.

Other forum posts mentioned that LoopNet is where sellers post listings that have already been on the MLS and did not sell. Wouldn't that make it a good source for finding deals since you know that they had difficulties selling the property, so you can offer below asking price?

Mahalo nui for your time!

 Because if it was a good deal, it would have sold already and most assets on loopnet are extremely overpriced.