WHAT TO OFFER?
Boy, now this is an area where a crystal ball could make a guy a fortune. Not having access to a dependable, accurate crystal ball, one needs to rely on the advice and experience of their Realtor. When buying, if possible, you should use the service of an expert negotiator to determine the best strategy before making an offer.
Many factors come into play in the initial offer. Some say always offer 5%-10% less. Unfortunately, this route could end you up in second place on that competitively priced "perfect" home for your needs. And, second place is no fun.
Things to consider are:
- How long has the property been on the market?
- If a new listing, how competitively priced is the property? I've had situations where the home was so well priced, multiple offers are received within days. In this situation, offering a few hundred dollars over list made the difference in owning versus second place. In other situations, it's obvious the property is $20,000 overpriced and a lower offer can be justified and submitted with documentation to back the offer up.
- Review recent sales in the immediate neighborhood less than 1 miles from the subject property.
- If the property is a fixer upper, it is recommended to do a home inspection before making an offer. Bank owned sellers or REO Real Estate Owned properties will not re-negotiate after home inspection.
- Current market conditions can play a big factor. A Realtor active in the local market knows what's going on in the market and can advise you accordingly.
The best advice I would give in what to offer the Seller is "get good advice and listen to it!" Too low of an initial offer could insult the Seller. Too high, and you may be leaving money on the table. This is when you could benefit from the experience of a Realtor with good negotiation skills.
Please contact Lupe Soto, Real Estate Negotiator and Short Sale Specialist if you are thinking of buying, selling or short selling in Burbank, San Fernando Valley, all nearby cities in Los Angeles County including Palmdale, Lancaster in the Greater Antelope Valley.
It's Lupe
Burbank Realtor (HABLO ESPANOL)
Call (818)968-3718 for faster service
Email Lupe: Lupe@HomesWithLupe.com
Lupe is a short sale Realtor and pre-foreclosure specialist Call Lupe Soto, Realtor to list and sell your home or condo in Burbank Real Estate , CA, San Fernando Valley Real Estate , Palmdale, Rancho Vista, Anaverde & Greater Antelope Valley Real Estate
Lupe Soto, Bilingual Realtor serving: Arleta, Burbank, Canoga Park, Calabasas, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lake View Terrace, Mission Hills, North Hollywood, North Hills, Northridge, Panorama City, Pacoima, Porter Ranch, San Fernando, Reseda, Sherman Oaks, Studio City, Sylmar, Sun Valley, Sunland, Shadow Hills, Toluca Lake, Topanga Canyon, Tujunga, Valley Village, Valley Glen, Van Nuys, Universal City, West Hills, Winnetka, Woodland Hills.
Los Angeles areas: Hancock Park, City of Los Angeles, Downtown Los Angeles, Eagle Rock, Ecko Park, Hollywood, Korea Town, JeffersonPark, Griffith Park, Montecito Heights, El Sereno, Boyle Heights, Atwater Village
Antelope Valley: Anaverde, Rancho Vista, Palmdale West, Palmdale East, Lancaster West, Lancaster East, Littlerock, Lake Los Angeles
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