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Things to Ponder Before You Submit a Low Ball Offer
Great info courtesy of Karen Crowson!
What was your first reaction when seeing this property?
Assuming that you’ve been there in person before writing an offer, the initial price must have been within your reasonable range, or you would have skipped it altogether. Was there something objectionable about the property supporting a lower price?
Is the home price overpriced or in step with the current market?
How does the price per square foot compare with others of equal size, location and condition? Is there a surplus of properties, or are inventory levels below average?
What kind of seller is in the equation?
If this is a foreclosed property it is likely priced below market value. The bank’s strategy is to get it off their books, and fast. Most times the house has been vacant for a substantial period of time and its condition can be less than ideal. If it’s seller owned, but a short sale, the listing agent may have priced it far below market to attract a quick sale to stave off foreclosure. That doesn’t mean that this low list price will actually be accepted by the short-selling bank. It’s simply a starting place to entice offers. If the ... more

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