Hi Sergio,

If the listed price is in line with comparable sales and you love the bank repo, I suggest you offer at least the listed price.

Good luck in your house hunting,

Melanie
gmmrealty@gmail.com
949 514 1575

Hi Sergio,

If you are working with a REALTOR already you should ask him or her to provide you with the most recent comps in the area. Sold properties should be no more than 3 months old. All of the comps should be within 300 square feet of the subject property. And if possible, the comps should be within a mile of the home you are considering (the closer the better). Once you are armed with that information, you will have some idea of the value of the property. Remember, right now it is very common to have multiple offers on every active listing so if this is a home that you really like, your offer should be near the upper end of your value range. If it is a home that you are less enamored with then your offer should be a bit more conservative.

Another mitigating factor is the length of time that the home has been on the market. A newly listed property will most likely sell at or above asking price, one that has been on the market for an extended period of time may go for less. And finally, remember that most sellers (banks included) are paying for buyers closing cost so make sure that your offer includes that request if you need it. And if you don't that will make your offer stronger because it will enhance the bottom line of the seller.

I hope that this helps.
Frank

Sergio,
Your Realtor should be talking to the other Realtor about the status of this house for you. Finding out how many offers have they received, when the offers are going to be turned into the bank, comping it out to tell you what it should sell for, providing you with data from Trendgraphix Reports and negiotiating on your behalf.
Let me know if you need help. I'd be happy to help you with it!
Elizabeth Hardy
Prudential California Realty
951-768-0337

That is a really tough question to answer. If you offer to low, you run the risk of losing the property if there are multiple offers. If you have been putting in offers on properties and then losing out, you've got a pretty busy market and I would not offer too low. But, if you feel that this property will not get any additional offers, then you could make a lower offer. It helps to be able to gauge the market in that specific neighborhood where the property is located. Good luck!