I showed a newly-listed foreclosure over the weekend on Lady's Island, one of Beaufort's most sought-after residential communities. The asking price was $62,000, which is an attention-getting price for this area.
My buyer loved it, and wanted to make an offer. By the time I called the listing agent to ask a quick question about the property, three offers had already been submitted.
All of these offers had been submitted on Day 1 of the listing.
Sometimes, offering full-price is not good enough.
Many buyers are uncomfortable with offering more than asking price. They shouldn't be, because asking price does not equal market value.
As we say in the real estate business, you can ask whatever you want.
In most cases, sellers ask more than market value, which results in extended listing periods and offers considerably lower than asking price.
But there are also cases where sellers offer a property below market value, as is almost certainly the case with the aforementioned Lady's Island home.
Not sure what to offer "over" list price? Discuss with your Realtor.
We won't know how much the winning buyer offered for a few weeks, but my guess is it will be considerably higher than asking price.
I'll keep you posted.