Hello community, i am about to buy a house and i've had an agent but my question is how low usually you put in an offer to a HUD or bank own?

Asked by Newbii, West Jordan, UT Fri May 20, 2011

this is my 2nd question: my agent always advises me to put in about $5000 or less to a list price? is it right? i am expect to put in or buy about 5-8% less than list value. What do you think?

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Newbii, Home Buyer, West Jordan, UT
Tue May 24, 2011
8453 S 1590 W
West Jordan, UT 84088

this is the one i am interested in, can someone here tell me what is fair price to buy? thanks all.
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Newbii, Home Buyer, West Jordan, UT
Tue May 24, 2011
Thanks Shanna, i did CMA myself. My agent did not do it for me but i don't know it is accurated or not :). I just looked on trulia which property is same size, year and within 1 mile R and picked the lowest price.
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Shanna Rogers, Agent, Murrieta, CA
Fri May 20, 2011
Hi Newbii,

The best way to have your offer accepted by the seller (HUD or bank owned) is to have your Realtor do a Comparative Market Analysis (CMA) on the property and base your offer on the market value, not the list price. Some listing agents set the list price low to start what is known as a 'bidding war'. On the other hand, the list price may also be too high and market value won't support it.

Good luck!

Shanna Rogers
SR Realty
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