"10 Secrets You should know before buying
a foreclosure in Montgomery County Maryland"
By: Fernando Herboso
Secret #9
“Let’s Low-Ball an Offer”
It’s all in the timing. .
A good Realtor knows when to low ball. . Here are some of
my own rules for my agents when we send a low ball offer. .
1. Bank has reduced the price for the 2nd time (They Blinked!)
2. Bank has reduced price within 4 weeks (Desperation?)
3. Property has been on the market 4 months or longer
4. Bank has changed REO Listing Agents
5. Property needs cosmetics but it’s not a total rehab(No Mold)
6. Property is vacant and could be vandalized
Caution: It is not to your best interest to submit a ridiculously
low offer, often it just enrages the seller (bank) who then
refuses to negotiate. If the property is priced close to market
value then an offer of 8-10 % below asking IS a low-ball.
Properties that are priced right in Montgomery County aren’t
staying around too long.
The WORST time to submit a low-ball offer:
1. Seller has not reduced asking price
2. Property is less than 4 weeks on the market
3. You are bumping on other possible buyers when viewing it
4. Property is priced slightly below market value already, a
good Realtor will give you a full CMA
5. The dreaded M.O. (Multiple Offers)
WE DO SHORT SALES and we do them RIGHT!
;)
;)
