I had a client today looking at a foreclosure in Highland Township that was listed too high. So what do you do when a Highland foreclosures is over priced? My clients liked the home, but the comps do not support the price of the home unless it was in excellent condition.
So what should my clients do? The home needed a new paint job. All the carpeting needed to be replaced. The wood floors needed to be sanded and re-varnished. There was no granite countertops. So there was at least $15,000 plus at least to make it comparable. It may even cost $20,000 to $25,000 to fix up.
So how do we get the bank to even counter an offer. Many times it takes an offer equally low to get to the price you want. So let's say the home in Highland Township was priced at $220,000. So if you want to buy the home at $200,000 you would have to put a bid in at $180,000 to get to the $200,000. Many times negotiations end up meeting in the the middle.
The problem of an overpriced home is to buy it to where it should be price according to the comps you have to put in a low ball offer. Many times the bank will just turn it down. So really your only option is to bid on it as a low ball offer. Or the second option is to sit back and watch it come down. The problem there is that there will be other people bidding on it at that point too.
I myself would keep sending in your realistic offer every time they bring the price down. Hopefully the bank will counter at some point. Best advice I can give you is not to bank on getting this Highland Michigan Foreclosure, keep looking at other houses.
There are several beautiful lakes in Highland Township. You may want to see if there are any:
- lakefront foreclosures on Duck Lake in Oakland County
- or a small home on Harvey Lake in Highland
- or a lake cottage on Knoblock Lake in Highland Township
I hope this Highland home buyer tips help you find a home that fits you. Remember we offer a great buyers bonus too.