When to LOW BALL an Offer . . . For most first time homebuyers, making offers on foreclosures is a dreadful experience. When I first start working with a buyer that is looking for foreclosures, I try to give them real and practical information about foreclosures purchases. When to LOW BALL an OFFER?
The question I get most is about LOW BALL offers.
How low will the banks go?
First of all. . the important thing to remember is that you should be working with someone that has experience in how to negotiate with banks.
Most banks aren’t that motivated to sell their properties for 30 cents to the dollar. They know the real value of their property and they will accept a price within reason.
Has the desired property has been in the market for over 100 days? . That’s one requirement
How aggressive is the bank with the price. I observe the history of price changes and the amounts. .obviously if the price changes are frequent. . it is a desire that they to sell fast
How clean are the Bathrooms and the Kitchen?
If the kitchen and the bathrooms of the property are filthy and disgusting. .. then you will be able to get that property at a major discount.
Most buyers want to buy a property that they are comfortable with the condition to bring their families in to live.. .if you can overlook this fact .. you can literally “steal” a property.
Does the property need major repairs?
The more repairs needed the less completion among buyers.
Most people want the easy stuff. . clean it and just move in.
If you are looking for a bargain, you should be expecting to do some work on the property.
Working with one of our associates to help you buy a foreclosure in today’s market is a good move. . give us a call, we can help you find a bargain .. because we know where they all are!
Call us directly at 240-426-5754
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Foreclosures in Maryland
Thanks for sharing your home buyer tips. Have a great weekend.
Blooming in Montgomery County, MD
Good advice, Fernando. Most buyers do not realize that the banks are getting appraisals now or at least 2 BPOs when they list - they know what the property is worth. I look at the price reductions, too, for some motivation, and tell buyers, if it is already priced right, it might be a steal at list price. One nice guy told me what he wanted to offer on a REO and asked what I thought - I said that if I thought they would take that low offer, I would have bought for my daughter.
Plus if you offer too low or even low at all, you will lose out to others putting offers in on those homes. Buyers need to remember these homes are usually already deeply discounted when they go on the market and others are looking at them also. If you low ball the offer you more than likely won't get the home.
I like Todd's response. Some buyers think they can steal a home and would like to enlist OUR help in doing so. Doesn't happen.
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