what is a low ball amount for the price $199,000 Could I offer 100,000 and try to get it? It is already

Asked by Michael Danich, Bagdad, AZ Sat Feb 14, 2009

foreclosed on.

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Voices Member, , Wickenburg, AZ 85390
Mon Feb 16, 2009
Hi Michael. While I completely understand a buyer's desire to "get the best deal possible", my experience in submitting Low Offers on Bank Owned properties has shown that the Bank, (or it's intermediary) is also focused on getting the most possible for their assets. They DO WANT TO SELL, but they are not dropping drastically off their current list prices. When some of my clients have offered Low Balls, the good news is, that the Sellers Representatives usually respond... but they always respond in small increments. AND SOMETIMES WILL COUNTER AT FULL PRICE if they feel the original offer is not reasonable.

As some of the other Agents have said, Banks are constantly monitoring the market. I have Listings that are Bank owned and I have to submit new data on the current market every 3-4 weeks. That data includes, number of showings on the property; why the buyers didnt buy; other properties that have come on the market, as well as, any properties that have sold.

So they are VERY in tuned to the market.

I have not seen ANY of my clients get an acceptance to a Low Ball offer, and in a couple of instances, they have lost the property, because while they were Low Balling, other offers came in that were closer to asking...so they had to start all over again on another search.

I noticed that you are in Bagdad AZ. I just wanted to let you know that I live in Wickenburg, and lived in the Phoenix area for 17 years prior to moving here 9 years ago. So if you'd like assistance in the Wickenburg area or the valley, please feel free to contact me.
Happy Hunting!
0 votes
Lucinda Tkach, , Phoenix, AZ
Sat Feb 14, 2009

Many of the foreclosed homes are priced right! Any of my buyers that low ball them are missing out. After checking the comps and the property condition only then would you be able to decide a resonable offer.

If a buyer is trying to get to much of a deal in this market they will only find out that they have missed out on the great buys now!

Lucinda Tkach
Windermere Central
0 votes
Bill Eckler, Agent, Venice, FL
Sat Feb 14, 2009
While most buyers are looking for a great deal today it is equally important to present offers that are realistic and based on factual information. A real estate professional will be able to provide you with important information necessary to present reasonable offers that represent your needs and are based on realism.

Contact an agent for their support/
0 votes
Dallas Texas, Agent, Dallas, TN
Sat Feb 14, 2009
The bank knows the value of home has file of pictures.

Speak with your buyers agent determine how to submit a winning bid, Each property stands alone how to submit an offer. difficult to state unless entire research is completed on home, tour of property.

Web Reference:  http://www.lynn911.com
0 votes
Paul Welden, Agent, Scottsdale, AZ
Sat Feb 14, 2009
HI Micheal,

When determing an offer to buy a property, you must consider many things, including but not limited to:
- days on market
- date of most recent price reduction
- condition of property
- location of property
- amenities
- type of sale (REO, short sale, private seller, etc.)
- terms & conditions of your offer
- recent comparable sales

Also, lowball offers rarely get considered, much less accepted, unless you provide facts to the seller to back up your reason.

Buyer's Agent
Web Reference:  http://CheapPhoenixHomes.com
0 votes
David Chambe…, , Saint Petersburg, FL
Sat Feb 14, 2009
0 votes
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