Don Mcdonald

70%???? Nothing in the entire market has closed for even 80% below asking price. The average closed transaction price compared to listed price is 6% below. Obviously this does not account for homes that are over priced in the first place. Nobody sells more real estate than RE/MAX and her in Solano County we close about twice as much as any other company. We have found that the most successful starting negotiation price is about 10% with an expectation of settling around 3%-6% off the price or in credits. People need to stop watching late night TV at 2:00 in the morning and to learn how to get rich in real estate by going from home to home offering 60 cents on the dollar for purchases. It is a waste of time and no seller including banks will take you serious. If you are serious about a purchase seek out a REALTOR and trust their advice. No one knows your local market better than a REALTOR who is living and experiencing it ever day! I hope this helps. - Tue May 13 2008, 15:25

One of the biggest miss conceptions with buyers of foreclosed property is that you can offer whatever amount and the bank will take extreme low prices. This simply is not the case! For those of you who watch too much TV at 2:00 am in the morning learning how to "Get Rich" from real estate foreclosures take note! REO property for the most part is already priced below market prices. Banks get appraisals and in many cases two different Broker/Agent opinions for pricing. Yes the bank wants the property sold. Trying to get as close to fair market value as they can get. Think about this! What would happen if the banks decided to just take whatever offers they got and sold off their inventory at $100k below their asking prices? The entire economy would fall to pieces. It's not just about satisfying their investors it's about maintaining market value and thus strength in our economy. What you can expect is 3%-5% off the price either in closing costs or price reduction. We all have a line of people out the door willing to pay $.50 cents on the dollar for a property. The best deals are foreclosed homes in many cases, just do your homework and work with an experienced REALTOR who can serve your best interest and show you the market values. Now Go Buy A House! - Wed Jan 30 2008, 13:34