I just attended an outstanding meeting sponsored by the Livingston County Women's Council of Realtors and let me share with you what I learned!
The panel consisted of several top notch, highly successful realtors. One in particular, works with lenders and lists only foreclosed properties. She discussed that lenders are pricing their properties to sell---the notion that you can purchase a home for 50% of the bank's listing price is false. You may be able to get the property for 2-3% under asking price but THOSE DAYS ARE OVER where you could "steal" a property--several agents spoke about writing offers on bank owned properties and offering up to an additional 25% over asking price for the property. In my experience, I have written offers on bank owned properties for OVER asking price and still have been outbid. Trust me--your realtor is not trying to squeeze you for a few extra sheckles to put into their pocket.....they are trying to help you acquire a home! As an agent, I don't enjoy making the phone call that tells the buyer YOU WERE OUTBID or worse yet, the lender thanks you for your offer but no counter. The next time you think about low-balling on a property, you better decide if you plan on just writing and submitting offers OR if you are a serious buyer!
Currently inventory in certain price points are drying up so be prepared to put your highest and best offer out there.
"Professionally Bringing Buyers and Sellers Together"
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