How much do I offer?

July 16, 2008 · Shokoofeh Nowbakht

Ok, you find a house and now like to make an offer, but how much? Don’t think just because it’s a short sale or REO that you can offer 20% or so lower than the asking price. Do your homework, study your market, and find out what the market value of the property is. Discuss it with your realtor. Generally, if the property has been on the market for months and specially if it hasn’t had a price reduction, you would have a stronger position to negotiate. Don’t be surprised to see multiple offers and overbidding on short sales and REOs in today’s market. Sometimes, the listing agents list the property at lower than the true market value to create activities and multiple offer situations. So, talk to your realtor and make a reasonable and realistic offer.

GOOD LUCK!

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