Financing in Crestmont>Question Details

Trulia Oakla…, Home Buyer in Bronx, NY

How does one determine the initial offer for a new home?

Asked by Trulia Oakland, Bronx, NY Mon Apr 22, 2013

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4
Your agent can provide you with a guide on what to offer....

By doing a CMA, you can find out the market value of the home
By doing a report on what listed and sold in the area you're interested in, you'll also see the pricing strategy(ies) employed by the seller(s).

Finally, in this seller's market, there are ways to make your offer shine. Cash offers don't always win, What type of listing is it? If it's a short sale, there are terms and conditions that are important to the seller and seller's short sale lender.

Think of how offers are rejected even when they are higher than list price.
http://activerain.com/blogsview/3294865/why-was-my-offer-rej…

Hope this helps.
0 votes Thank Flag Link Sat Apr 27, 2013
I agree with the answers below. Your agent is your best friend when it comes to a strategy that works in this market. In the bay area it is a multiple offer situation that requires a thorough knowledge of the location and the current sold prices in the specific area where you are purchasing. It is important that you trust your realtor's knowledge of the market and that they understand your priorities and price range.

The initial offer depends on a how many offers are being presented. The agent needs to be in conversation with the listing agent in order to inform you the buyer as to the best price to offer in each situation.

I have been very successful in having offers accepted in a multiple offer situation. I can be reached at nancy@greenkeyrealestate.com
0 votes Thank Flag Link Fri Apr 26, 2013
That is where you Realtor can be your best advocate. They can pull comps in the area of like homes both recent sales and pending transactions to give you a sense of the market place. They can help to guide you in your decision of what is a good and reasonable offer. The market is moving very quickly right now, therefore you also want to use a local Realtor to the area so they can advise you what is the most current activity happening in that micro market. Things like are there multiple offers taking place, is the average two multiple offers or 17 offers? The strategy would be very different for each. The market has heated up quite a bit, strategies change based on this and the specific market area. There are a number of options on how to contruct an offer and make it competitve. Work with a Realtor you feel comfortable with and talk through the details.

If you are considering buying property in the Oakland/Bay Area, and I can be of any help, I can be reached at Fran.Donhue@BHGhome.com.

Good Luck!!
0 votes Thank Flag Link Mon Apr 22, 2013
My best suggestion is to listen to your agent - as long as you have a good agent that you trust. Those of us who take this business very seriously are in it to help our clients achieve their goals, not just to close deals. Last week I got an offer accepted for my client who listened to my suggestions 100%. Her offer was only $1,000 higher than the highest of the other 12 offers.
0 votes Thank Flag Link Mon Apr 22, 2013
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