I've been told that 20% under list is the very bottom line.
But there are caveats to that. Boy, are there. Banks use
Realtors ... typically, who comp the listing to find market value and then subtract an amount the agent
believes will be the cost of any repairs the property needs. Banks aren't in the property management
business, but they also hate to lose money. Don't we all?
I should also note that banks expect to get offers closer to list price on homes they are selling in popular areas and they can get it.
If we said there's a 6% spread would you try 6.25% ? Maybe 7%? And if you tried 7% and got the home would you think to yourself that you should have tried 8% ? Or 9%?
It will drive you nuts if you let it.
Find out what comparable sales are and make what you think is a reasonable offer.
ps: For Phoenix area, I heard lately that HUD AssetManagers are sending out words that they will not look at any thing less than 94%(offered) / 88% (COE) of listing. Any confirmation from local agents ?
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors