So You Want To Write a Lowball! (part 1)
Over the 3 years I’ve been blogging one constant has been interest in acquiring real estate at good prices. That leads directly to interest in lowballs.
When the market was rising lowballs had a very slim chance of being successful simply because there were more buyers than sellers. That’s changed. Lowball opportunities are now available, and their numbers will only increase in the coming months.
Lowballs are a funny subject. They’re easy to talk about, but tough to pull off. In the first place they take a certain amount of nerve. In the second place, they’re a tougher offer to close than a non-lowball. There’s no reason why a buyer shouldn’t consider lowballing, however. Its not a tactic for everyone, and it involves lots of hard work and learning, but it can pay off handsomely.
Where do you start? What exactly is part 1? My advice is to start with an agent. There are 5 reasons right off the bat:
-agents dedicate their working time to real estate, and so can do research and write offers while you’re doing other things.
-agents have faster and more access to the important information that you need to be a succesful lowballer.
-agents are emotionally detached from the property and the offer and can provide sober insight.
-most agents can negotiate better than most buyers.
-agents are the messenger, and can navigate the lowball offer through the negative feelings experienced by the seller better than most buyers can.
Where do you start with an agent? Different people will recommend different starting points, but I recommend starting with the Blue Brochure entitled “Working With a Real Estate Agent, and specifically learning about the agency duties owed by the agent to the principal (you).
Your agent owes you undivided loyalty. The agent has to provide you with any and all information that may effect your decision making process. Readers of this blog have a pretty good idea of how extensive that information can be. Make sure you get it. The agent also has to protect your negotiating position.
The agent has to obey all of your legal instructions. The only way out of that is for the agent to de-hire the principal. In other words, if you tell the agent to write a lowball and present it, he either has to do it or stop being your agent.
The agent has to keep your confidences. That means he can’t tell the seller that you’ll pay more than the amount in your offer unless you expressly allow him todo so (and why would you?). The agent realy can’t tell the seller very much that isn’t contained in the offer unless you allow him to. Think this over carefully, because your agent will need tools to succesfuly negotiate a lowball. Give him as many as you can.
An agent must exercise reasonable skill and attention in his duties. Failure to do this is a breach of agency duties. This is a wide responsibility. The offer has to be well written, reflect what you want to do, and be as enforceable as possible. The information the agent gives you must be accurate and recent. The agent has to protect you from potentially dangerous situations (making two offers to two sellers at the same time, or making subject free offers when you shouldn’t be).
Last, the agent has to account for all money and proeprty put into his possession. In other words, if you give him a deposit he has to account for it according to the strict rules of the Real Estate Services Act, and maintain it, generally as a stakeholder, in a realtor’s trust account (which is subject to audit by the Real Estate Council).
I could talk about agency for hours. The key issue here is that if you’re considering making a lowball offer you should know what your agent should know, as a starting point, what your agent has to do for you.
(Next? So You Want To Write a Lowball! part 2)
68 comments
The key here is having an agent who knows what he/she is doing. You have some good agents and a lot of weak agents – I have found this out first hand and know selecting an agent is not easy.
I don’t know the exact training a RE agent gets but I don’t think they require additional education or extensive schooling. It’s too bad because they are handling significant transactions – for most people buying a home/property etc will be the largest purchase they ever make.
I will be making several low ball offers soon but will be careful when selecting RE agents. I have had way too many poor agents in the past. They need more like Rob (I think)!
I was under assumption that agent has all the tools to negotiate!?
As a “pro” THE agent should know particular client basic position. I assume client did not hired the first agent from the street to write that kind of offer! I was thinking that agent will interview client and determined the client position and knowledge about the subject property. As the result you have a mutual plan that will be realized on paper as offer.
Rob, please consider me absolute stranger to this business and assume that this is one of the many buyers expectations. Tell me please if that is insufficient for successful transaction. In case it is what details I need a a client to be aware of?
Or that will be in the “part 2″ post?
Thank you
DJ
You know Rob, I once had a buyer agent tell me she worked for the seller. She told me this AFTER I signed an offer.
One day I’d like you to write an article about how to make sure you get an agent you can trust. (I had worked with this agent before, btw, as a seller agent.)
And yes, I can see the ugly side potential…
as everyone usually happy when they get more! but many can really be unhappy if they are not getting what they wont or need!
That is for Agent “PRO” to absorb and orchestrate!
Rob:
How about $200k for that lot listed with your company. Would that be considered a low-ball? My only subjects: Viewing and being satisfied that the lot is approved for building a SFH. Deposit $50k and this is a cash deal. I’d need to book a flight back to Vancouver to view the lot.
Blaze:
Depending on how long ago the transaction was, she may have been telling the complete truth and not doing anything legally wrong. In the days of sub-agency that was how it worked.
In recent years there are all kinds of agency disclosures made, so there should be no confusion. You start with the Blue Brochure, and then (if you’re buying) again on the Contract of Purchase and Sale. All of that should happen before you sign the offer.
Agent you can trust? Tougher question. Learnig more about how the business works is a good start.
DJ:
Don’t assume that every agent is a good negotiator. Bad assumption. Some are good, some are bad.
Jeff:
Yes, that would be a lowball. And you’re anticipating part 2. And no, nobody really cares what your subjects are because you’ve pretty much rendered them irrelevant.
What do you mean by “cash deal”? How does that look on completion day?
Last Price Reduction Before it Comes Off the Market!
What a terrible threat! Especially as the owner states that they are leaving the country.
Craigslist is getting quite entertaining, even though Romeo still hasn’t put his heart out there for RRR. She won’t wait forever for you, you know.
Rob:
Cash deal: no financing required. A bank draft for the balance payable to the seller’s lawyer I would assume.
Irrelevant?
Jeff:
I understand that. I was pulling your leg. You said you’d only have two subject and those were verification of zoning and viewing the lot. That means financing isn’t a subject. “Cash deal” is meaningless unless you actually intend to not use a lawyer and give the seller a brown paper bag full of cash and prepare the transfer documents yourself. In other words, it won’t happen. The seller will get a lawyer or notary’s trust cheque. You’ll pay the lawyer or notary with a bank draft and (if you’re using them) mortgge funds from the lender which are often transferred electronically to the conveyancer.
“Cash deal” is a term I recommend not using because its inaccurate and it no longer carries the weight it once did. It makes you look like you don’t know what you’re doing because your trumpeting the value of something that has no real value. Like the say “Its all cash at completion”
The reason why your subjects are irrelevant is because the price is not realistic (at least not as far as I can see, but feel free to state your case in terms that will make sense to a seller rather than a railbird).
So it might be a lowball or just a chance for the seller to sell the property… but the bigger question would be… do I have the balls to write the offer?
Would the lowball even accomplish anything at all?
Great topic and appropriate to the current market.
Rob said:
“The agent realy can’t tell the seller very much that isn’t contained in the offer unless you allow him to. Think this over carefully, because your agent will need tools to succesfuly negotiate a lowball. Give him as many as you can.”
I’m not really understanding. What do you mean by the tools required by the agent to negotiate a lowball?
i cant wait for part 2…lol
Why would someone take a lowball offer if they bought the house or condo within the last two years, because they overpaid for it and would lose tons of money, just wondering
A quick naive extrapoltation for december suggests 1000 property sales this month giving roughly 1.5 YOI. According to mohican’s regression, this means another 5% down this month.
Laisser les bon temps roulez!
Rob,
I have contacted a couple of Reators over the last while about them helping me buy a place and none of them have ever mentioned the Blue Brochure. Their response has been to ask what kind of place, what area, price range etc. and set up an automatic e-mail of matching listings. I even wrote an offer that didn’t get accepted but still no mention of any Blue Brochure. According to what I have read on your site, they should have given me the brochure as the first step. Why don’t all realtors follow this procedure when first contacted by potential clients?
Anonymous:
It is most likely that you received it… but that it looked nothing like a brochure nor was it blue. These days Realtors print them off on standard sized white paper… it is called Working With A Realtor and you are required to see it at the “earliest practical opportunity” which often is upon signing an offer… perhaps you didn’t realize what you were signing. I always spend about 10 minutes discussing it each time I write an initial offer or each time I sign up a new listing.
Speaking of automated e-mails from agents, and I’m not sure that we were, I’ve seen something I never thought I’d see before 2009/10:
V743226 & V743257. These puppies sold for way less than the developer originally wanted. First one sold for $950K and then 4 days later, BAM!, the developer takes a measly $850K for the next one! Identical square footage ‘n’ everything. Maybe the view is different, dunno. This guy must want out, now.
When we saw these units in the summer, the agents said the developer was holding firm at 1.3M because the most recent previous sale in the complex was for 1.2M on March 29, 2008…8 short months ago. Here’s the MLS# that proves it:V695984.
That’s gotta be my favourite successful lowball of the year.
1.3M to 850K. Nice.
Now now folks, it’s not time to start getting serious about buying anything yet, Just because they cut it $450K doesn’t mean you’re getting a good deal! At the rate their slicing those $100Ks off, you’ll save yourself another million in lifetime pretax income just by waiting another couple months!
Remember!
Why buy when you can rent until market bottom?
We’re still far from a market bottom. The earliest we will bottom out is 2010, after the Olympics. Chances are, we may not see bottom until 2011.
Regardless, 2009 will definitely be an interesting year. We may well hit 25K for REBGV inventory and maybe even exceed that.
Rob Chipman High!
RomeoJordan: The only popular guy with good grades and hot gfs.
RRR: the girl that you were nice to but only realized was SUPER hot after you graduated.
WoW: clownish, poor grades, always ate junk food and lunch and recess.
AlexCanuck: The senior with a bad attitude – average grades, no girlfriends, found solice bullying juniors.
Ceejay: the short, semi-good looking kid with latent envy of the romeo types but never had the guts to stand up to them
Patriotz: dabled in drugs, always in the library reading hard to find books, funny, chicks dig his laid back attitude, messy hair.
Craigy: nerd that smoked because he thought it elvated him on the social totem pole that is Rob Chipman High
Jlin: nerd – into band and arts club. harmless.
WBWUCR- independant thinker found friendship with romeo types – periodicaly fought over girls with romeo. Good at sports but never really became a jock.
Jeff: long term gf throughout high school – part time job in grade 8. Stood his ground – earned the respect of the romeo types. Sat with romeo and WBWUCR in the back of english class.
Rob Chipman: the cool teacher with a rough past.
Entertaining, yes, but a couple of characterizations are off.
Romeo: The class clown.
RRR: The girl that you were nice to but only realized was SUPER hot after you blew your chance.
Romeo Jordan – Julian from Trailer Park Boys,
The source: http://en.wikipedia.org/wiki/Sunnyvale_Trailer_Park
or Ricky, not sure who is more accurate fit
Global TV story on people walking away from pre-sales.
Prince: the dork that had greasy hair, wore glasses and drew pictures of female genitals on his text book in french class.
RJ:
Now you’re getting mean, not entertaining. There is a fine line. Actually, a pretty broad line, and you’re all the way over it.
really?
Fine. noone cry – just teasing the teasers.
rj:
never met a mirror he didn’tlike
RJ, when we meet, you may change your mind on:
- my grades
- my eating habits
- my success with the opposite gender
Clownish – ya, maybe, and I can laugh at myself as well, no problemo….
Rob:
Pretty quick to pull vancouvercondo from your blog list, weren’t you?
I sure hope it wasn’t jealousy! ;-o
and I can laugh at myself as well, no problemo
A very admirable trait indeed!
Re: Global/Presales
While we are making a list of people we have no sympathy for, let’s add the developers.
crabman: thanks for bringing relevance back to this thread.
rj: I don’t come to this site for your opinion on other posters
romeojordan……..that is what it takes to reveal your trough face! Cool, that is what I expected fro the financial guy!
Please do not be offended, I assume you are not really Romeo, like the one with Juliet
ok ok ok fine… I thought we’d all have fun with it.
Sorry….
I have to write Xmas Cards now.
xoxo
romeo
Thanks AC.
Hey! I’ve got a tape of Romeo calling RRR. Unbelievably good at picking up women:
http://tinyurl.com/55tae3
rj:
please don’t send me any xmas cards…
the last one i got from you included an
invitation to your “dog and pony show”
not really festive at all
New home prices fall, first drop in 10 years
http://tinyurl.com/5j6gt4
lowball on a new house?! yowza!
-agents are the messenger, and can navigate the low ball offer through the negative feelings experienced by the seller better than most buyers can.
Rob, do you have a list of agent that I can get and start my selecting process, it takes time you know, and if opportunity comes by in 09 or later I have to have “Agent Pro” to do the unthinkable!
I will state my case on the criteria that Jeff mentioned! no credit purchase, draft as a deposit and draft as a final transaction! no subject to financing, only subject that the banks names I will provide, will still be in business!
As I am aware of some posters here shorting them right now like crazy! You know everything is possible right?!
Nice laugh to start my day! thanks Romeo.. no need to go into how little you really know each of us – heck, we are anonymous bloggers – but you continue to give clear hints on how young you must be, especially with that posting – in that you used school-day characterizations… Not that long ago that you graduated, eh? lol ahhh.. little boy. you are amusing.
And again, son, most know me as JL not JLIN… thanks babe.
Not that long ago that you graduated, eh? lol ahhh.. little boy. you are amusing.
…his formative years were in kindergarten….
seems like it was just yesterday…
On a more serious note,
Who buys U.S. Treasury debt at 0%?
The Wall Street Journal reports that
such buying is being led by large funds, corporations, banks and central
banks seeking absolute safety and liquidity. The newspaper notes that many
investors are obligated “by law or contract to hold Treasuries of a certain
duration, no matter the cost.” Three-month T-Bills traded at negative yields
yesterday for the first time since the debt was issued in 1929, according to
Bloomberg. On Tuesday, the U.S. Department of Treasury auctioned
US$30 billion of four-week Treasury Bills (T-Bills) at a 0% yield.
Re: Selecting an agent…This might come across as some sort of advertisement but it isn’t.. just my experience: I have always appreciated Rob’s candor and advice, and would not hesitate to recommend him. He is one heck of a honest/moral guy in real life – not just on this blog. (just don’t be on an opposing hockey team – sounds like he is a freakin’ pitbull on skates).
Jeff/G:
You’re anticipating part 2. Lowballs are good for buyers because the price is low, but they have to also be good for the seller or they simply never become relevant. It stands to reason that just picking an insanely low price is likely a waste of time.
Surrey Joe:
Offers are black and writing on 5-8 legal size pages with tons of fine print and boilerplate. If you believe in selling the sizzle, and not the steak, the offer itself is not exciting (aside from the blank where you write in the price). Its pretty important, therefore, to make the offer “human”, in whatever way possible, especially since the price itself isn’t going to be that impressive. We’ll expand on it later.
Pricedoutfamilyof4:
Why a seller sells can vary. The guy who bought yesterday may well be competing with the guy who bought 25 years ago. If the guy who bought 25 years ago wants to buy a retirement property in a gated community in Beverly Hills and the recent buyer has a terminal illness and wants to leave cash to his grandkids then its safe to say that the recent buyer turned seller may look at a lowball.
Anonymous 17:
All Realtors should make the agency disclosure first (that is, provide you with the Blue Brochure). Its a documents whose importance I can’t over-estimate.
Prince:
Cory? Trevor?
Alex:
I actually pulled a couple others off the blogroll as well. It was indeed jealousy that motivated me. I’m a paying member and the REBGV never pays me that much attention, and I was feeling slighted.
RJ:
You are out of your depth on your market analysis. You are out of your league with RRR. Leave this stuff to the big boys, go play.
Rob:
I don’t think $200k for that lot is too low to offer or too low for the seller to accept. I am on the fence right now as to how bad the global economy may get and perhaps for $200k I would be able to buy a lot in a better location. I also don’t know how much confidence I have in the Vancouver real estate market that potentially could have been as much as 70-80% over valued at peak… putting that lot at more like $150k. I’d hate to buy that lot and by the time the house is built another lot sells for $150k… or even worse $100k.
2 pieces of cheery news for ya’all
Bank of Canada warns of possible mass home foreclosures if conditions worsen
The central bank’s December financial systems review says the “most likely outcome” is for markets and credit conditions in Canada to gradually improve…
Okay, but what happens in the “less likely” outcomes?
Canadian banks are among the best-capitalized in the world but would not emerge unscathed, the central bank’s analysis concludes. Much as has happened in the United States, the document says household debt woes could be a channel of contagion spreading through the banking system and cause even greater tightening in the availability of credit.
Okay, that’s what I thought… And why exactly is the “more likely outcome” more likely? Um. Because you want to keep your job? I thought so…
And, more cheery news from Point Grey, another sale, 20% below ‘07 assessment. Compare with everything going for 15% above 2007 assessment at this time last year. That’s about 35% off peak already…
Why buy when you can rent until 2013???????
Jeff:
Deals are two-sided. Your fear isn’t motivation for a seller. Your opinion on what you think is a good price for a seller is pretty meaningless unless you demonstrate the benefit of it to the seller. Your offer isn’t special because its yours. That’s a very important point to remember. I’m not saying the price is wrong. I’m saying the rationale (for the seller) is lacking.
When you say that you don’t think $200k is too little for the seller to accept you’re basing an opinion on a complete lack of knowledge about the seller. Regardless of what the ecomony is doing the seller can’t sell for $200k if he owes $201k. He may be able to accept $200k or he may not, but I don’t think you’re even addressing that critical issue.
WyBy – you called it quite well my friend.
I’m still shocked that Rob did not see this coming, he’s quite a bright fellow.
Ah, here’s the details on the Bank of Canada forecast. So, under what “less likely circumstances” would household debt woes … be a channel of contagion spreading through the banking system
From the Globe and Mail — Consumer debt defaults could rise, bank warns
In a hypothetical scenario that includes a prolonged recession in the United States, slower income growth in Canada and a slowdown in housing activity, the proportion of vulnerable households could rise to 6 per cent by the fourth quarter of 2009, while the proportion of the total debt they carry would also double from 6 per cent to almost 13 per cent. “Should this scenario materialize, the banking sector would suffer significant losses from the rising vulnerability in the household sector…”
and
“If the risk of a prolonged global downturn materializes, then there will be a stronger moderation in house prices, which could lead to a more significant increase in default rates on mortgages.”
Hang on to your hats, boys and girls, it’s going to be a wild ride…
WBWUCssab?
Rob,
“Deals are two-sided. Your fear isn’t motivation for a seller. Your opinion on what you think is a good price for a seller is pretty meaningless unless you demonstrate the benefit of it to the seller.”
This is where it is starting to be a bit faze to me! Can you elaborate?
Strait benefit is: Seller sells the illiquid asset, getting cash to do what ever in this deflationary environment! Not sure if reducing debt or elimination of it is merely motivating! Even if he has no debt what this asset is going to get this vendor at current state? Agent should convey message that simple if you have serious decision to sell than take it and start do what you planned to do with the proceeds or what what is the plan than?
WoW:
How much rent are you paying. How much are you collecting? What exactly did I not see coming? What profits are you spending as a result of your clear-sighted real estate vision? Include numbers in your answers. (Play with the bull and you get the horn!
)
DJ:
You’re not seeing the forest for the trees. If selling at a lowball price is an obvious benefit for the seller because cash is so important and we’re in terrible deflationary economy, why would you, as a buyer, save his hide? Why wouldn’t you keep the cash? Its not a zero sum game with a winner and loser. You can’t make consistent sales by saying “Your product is really bad and I don’t want it, but I’ll do you a favour and take it off your hands”. That’s an elementary approach that results in a few successes and many, many “no”s. With lowballs we want to take a low percentage offer and increase its chances of success.
OK, that even moral approach (“Your product is really bad and I don’t want it, but I’ll do you a favour and take it off your hands”.) is not working what will than?
Wealthy person provides other one access to the cash!
Is there always -&+ game where you get = profit?
I figure I am not getting what you implying to, something for me to discover!
Can you help me to do it?
Well, take a few month back and what was the reasoning to write an offer of asking price when you where needed to add that you willing to go higher in case any competition!
Basically what you saying is that buyer always need to come up with somewhat reasonable beneficiary incentives to the buyer. Which is “grate unknown” for anybody including “Agent Pro” So begs the question where do I get the info to find out the motivating area of Seller, Credit file, Police reports? or neighbourhood coffee shops or Agent word of mouth?
should state: somewhat reasonable beneficiary incentives to the Seller.
DJ:
Let me see if this makes sense to you. When I say that you’re not seeing the forest for the trees I mean that you sort of understand but aren’t connecting all the parts in the right order. As a buyer you bring the sellers benefits – you’re serious, you’ll complete, you have hard earned cash, etc. But, with a lowball your price is not attractive (at least at first glance).
Think about when you go married. Did you propose to your wife with a fax saying “I offer to marry you, the benefits are obvious, if you’re serious you’ll accept this offer and move on, consider the ring as a deposit” or did you think “Maybe a nice box with a ribbon would help”?
What I’m suggesting is that you make your offer a win for the seller and sell that to him on the basis of the positives, not the negatives. I think you can see the merit there. Jeff says, for example “Take $200 because I’m afraid of what might happen”. I say, instead, “Take $200 because I really want your place, I can only afford $200, but with the $200 you can start enjoying your golden years on the beach in Mexico. The ecomonic downturn in the US has kicked the crap out of the Mexican beachside real estate market and there are lots of Americans being forced to liquidate. My $200 in your hands turns into much more where you’re going, so its really a benefit to you, plus you know that your house is left in good hands”.
That approach assumes that I’ve learned something about the guy’s motivation, and that in this case its retirment in Mexico. What the particular motivation is isn’t important. What’s important is that I sell him on his motivation, not on mine. Let’s face it – he doesn’t care too much about me but he cares a lot about himself. Approaching it that way, doing the extra work and understanding what the other guy wants doesn’t ensure we get the deal, but it increase the chances of it. In a market with record low volumes it seems obvious to me that someone has to do something extra to make the deal work. If we don’t want to use extra money to get us over the hump we need to use something else.
” Well, take a few month back and what was the reasoning to write an offer of asking price when you where needed to add that you willing to go higher in case any competition!”
That’s somthing I would never do nor recommend. Its a terrible move in my opinion. I can’t explain why anyone would do it, and if I was presented with it I’d probably consider making the buyer pay more (sit the buyer down, with the buyer’s agent, across the table from me and the seller and start having some fun).
“So begs the question where do I get the info…”
See, you do understand. That is the question. Uncovering motivation isn’t easy, but its very valuable. Its personal info that belongs to the seller (or the buyer); both parties have to allow their agents to disclose it, and should be careful about what they disclose and what they keep hidden. That’s why I’ve started with the agency brochure and the agency relationship. It starts (but certainly doesn’t end) there.
DJ:
You just don’t know… you make the offer and find out the motivation level of the seller via acceptance or a counter offer… and even then you could be paying a lot more than the seller wants or needs.
Example:
I sold a place (I was the listing agent) where the seller told me how much she “needed” as she could afford a particular amount of loss. After we got an accepted offer that was quite fantastic she told me that she was prepared to go $85k lower if she had to. She would have incurred $100k loss at that level but that is how low she thought she’d have to go. If she still had that property today it’d be down at least the $85k… I’m happy for her that we got it sold! But the point is… the buyer could have got a much better deal.
Well, OK “If we don’t want to use extra money to get us over the hump we need to use something else.” and I’m of 100% in support of that approach! On top of that, I anticipate my “Agent Pro” be SUPPER well rounded/ mannered to write an attractive offer with a necessary motivation but no “tangible value” drainage from Buyer ($$$) in this market conditions! As a buyer I am guessing and taking risk the same if not grater than seller.
In this case Jeff we are discussing mechanism of information fishing! and not cutting through…..
I assume that Agents talk to each other and are getting hints of what the merit of the deals are
Why would someone take a lowball offer if they bought the house or condo within the last two years, because they overpaid for it and would lose tons of money, just wondering
Because buyers determine the sale price of a property. If you want to sell, you have to take the best offer from among the prospective buyers. They only care about how much they’re willing to pay, not how much you paid for it.
If I have a loyal agent as a buyer, I anticipate from this agent to guard my interest and info with the incentive of building relationship and future effective business transaction opportunity! With that in mind I talk to my agent with my own words not fluffing them, He/She gets the essence and get the deal done! Win win for all, min wile Agent ought to filter all irritating sale points for both sides isn’t it professionalism of this trade!
Or due to the long lasting flourishing RE market this trade abilities faded away even from “Agent Pros” ?
DJ:
I’m not sure I follow you entirely, but again, you clearly understand the basics. Buyers often think they bring everything they need to the table simply by being willing to buy something for themselves. A smarter buyer will understand that giving more (to the seller and to the agent) can result in receiving more.
Pricedoutfamilyof4 said: “Why would someone take a lowball offer if they bought the house or condo within the last two years, because they overpaid for it and would lose tons of money, just wondering”
I know of a house in Richmond that’s listed for 50K less than the owner paid 2 years ago. In his case, he was transferred to the US and NEEDS to sell. He’s got 2 mortgages now.
Like a lot of people here have already said – there’s lots of reasons. You just have to find the place that you like with the best opportunity.