After looking at some sales comps, $425 is an excellent offer. There are houses much bigger than 1154 sq ft, up to 1500 sq ft, that have sold for $450k in the past 2 months. If you would like any further assistance getting a great deal on a nice home, please feel free to call me anytime at 310-350-4280
I am a Real Estate Broker (over 20 years) specializing in Foreclosures. I Know Lakewood very well--if you are not happy with the service your agent is providing--fire her and give me a call.
1. Comparative Market Analysis within a 1/4 mile radius of the home for the last three months
2. Inventory of homes on the market in the area now.
3. Absorption rate, i.e. how many homes sell within a particular period.
4. Days on the Market for the existing inventory
5. Market trend analysis - is the market going up or down and how quickly.
Only then, you can come up with a fair offer price. How much the seller paid or how many loans they have doesn't really matter.
It also depends on a few other factors like how motivated the seller is and how long its been on the market. If its been sitting on the market for a while, you may even have a chance at a lower price than 425. I would start at 410 and work your way up. They can always come back and counter with a higher number then it may be something you are ready for..maybe not?? I must add that about 3 weeks ago, our client offered 150k less than asking price. He was not the highest offer, but his offer was accepted beacuse he was the best offer, meaning he was ready to move and close escrow the fastest..its more like a bird in the hand is worth two in the bush!
Either way, in this market, you have nothing to lose, if you are ready to move, to make an offer.
Good Luck to you
Lou and Alex
LA Real Estate Group
Writing an offer requires investigation of public tax records.....AND A WHOLE LOT MORE!
Is it a short sale??
If so, R-U-N!! average market time.......10.67 months.....I'll explain why!
Is it an REO??
If so....LOOK HARD...average market time 1.85 months....I'll explain why!
What is the sold price per square ft nearby in the last 30 days??
This figure is vital when computing an offer......I'll explain why.
Does the owner have any equity??
Another critical factor in determining the seller's ability to deal!
What is the motivation of the seller??
Why searching public records can be the key to getting a deal!
Will the seller pay points to buy down the interest rate on your loan??
This allows you to have a lower payment OR allow you to buy MORE house.
Is it a family trust??
Why this can be another key to finding out the seller motivation??
Is the home sold as-is??
Important consideration when writing an offer!
Is the seller in denial about today's market??
A key in deciding whether to waste your time or not
If you would like answers to these and other important question contact me directly @ 714-365-6135
It's NOT about how much under the asking price we can go on a property.........It IS about how much can we go under the asking price on the RIGHT property!!! and GET IT!
Let me know how I can help.
As a courtesy, I would like to Email you listings that match what your looking for AND set you up to receive NEW listings the VERY SAME day that they hit the market!!........All based on your criteria.
Kurt @ Century 21 Orange County
FREE Do-It-Yourself OnLIne Property Searches: http://www.officialochomesearch.com
It is very often the case you will get countered back at a higher price than $425,000....other factors to consider are what does the current owner owe on the house, have they re-financed? etc.
Please contact me through my website below if you need any further assistance.
- Jeffrey White -
First Team Real Estate
If you don't have a REALTOR, I would be more than happy to assist you. You can reach me at 562-787-1101. I would also need the address of the property to do a thorough market analysis for you.