Home Buying in 94544>Question Details

dungloan1998, Home Buyer in Hayward, CA

When it is a foreclosed house, the comp and the listed price is off $60 to 80K (the house is listed at $195, comp said at $265 to $275) offer at 20K?

Asked by dungloan1998, Hayward, CA Mon Jul 23, 2012

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You should never base your offer on an asking price, determine what the value is in todays market and then base your offer on that. If the asking price is much lower than the asking price, then determine if there is any other offers, if not then you may want to try asking price but if so, it may sell for more than asking price.
1 vote Thank Flag Link Mon Jul 23, 2012
Never base your offer price on the list price. The list price is merely a starting point, and it all depends on what the bank/agent uses as a pricing strategy.

Some will price the property aggressively and artificially low to attract attention
Others will price it with a little "padding" to allow for negotiation with low offers

Best that you engage a realtor to help you by getting comparables to determine the fair market value of the property. Then use THAT as to guide you in writing an offer. For example, if the property is priced well but hasn't received any offers, then you may want to offer a bit less.

But if your market is hot, hot, hot....you yourself may want to write an aggressive offer to be more competitive in a multiple offer situation.

If you're working with a realtor, put your realtor to work for you by getting you those comps. If not, give me the address of the property and I'll try to help.
0 votes Thank Flag Link Thu Jul 26, 2012
Scott is right. Make sure too that you have a qualified Realtor pull these comps for you. Websites such as a Trulia are a good tool to pull some comps but you need a local agent who understands the local market to derive a true market value. Sounds like this is too good to be true.
0 votes Thank Flag Link Tue Jul 24, 2012
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