How much above/below asking price should you offer on a HUD home?? We really like it, we don't want to lose the home.

Asked by Emily22, 55016 Wed Apr 13, 2011

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Ron Thomas, Agent, Fresno, CA
Mon Jun 10, 2013
Do you think it is still for sale?
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Steve Vennem…, Agent, Pine Springs, MN
Mon Jun 10, 2013
If the hud home has been for sale for a long time go 5% below. Bank owned homes dont like to drop the price alot during an offer unless they lower the price themselves. You can wait and take your chances.

If it is new alot of times the hud homes sells for more than full price in Minnesota Markets.
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Scott Hulen, , 64068
Sun May 15, 2011
You really need a good full time agent who has done at least 10 of these types of deals to help you through the process. If it is new to the market and in good condition it could go 10-15% above asking price. If it’s been on the market for a while 180+ plus days then an offer of under asking price by as much as 50% may be appropriate. A good agent can determine market value of the home and a range for the neighborhood which will guide you in what to offer. In our area if it’s priced well and in a desirable area there are several offers in the first week. When a multi offer situation arises and you want that home, a full time agent with experience in REO negotiations will provide good advice on various outcomes and strategies on negotiation with the banks. Cash offers and owner occupants carry some weight in the outcome. Good Luck!!
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Tom Ott, Agent, Woodbury, MN
Sun May 15, 2011
You need to have a detailed market study, it is rare that the asking price is at the current market price. It may be high or low, there are no rules of thumb. You need to have the work done first.
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Marie Souza…, Agent, Centerville, MA
Wed Apr 13, 2011
A home is worth what the Buyer is willing to pay! That being said, you need to see the comparables of the active, pending & sold homes in the same area to make an informed decision about what to offer. Sometimes a property is listed above market value & sometimes below. Once you see the comparables, you will know what the right answer is.
Best of luck!
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