Buyer 2: What should I offer on this house? 1:00 am Infomercial: Low ball it!!! Also, for $19.99 I can teach you how to purchase homes for pennies. Buyer2: I knew I should low ball it. My credit card number is….
How many offers have you submitted or signed only to have a swift rejection or even worse waiting six months in a short sale for the lien holder(s) to either reject or counter you by 20%? Would you accept that offer if you were the seller?
The fact of the matter is… Sellers are not uneducated and if they are they will hire someone who is educated.
In short sales the lien holder will hire agents to do 6 comp BPOs or appraisers for a full market value report. REO properties have already had numerous BPOs or appraisals done. Your typical home seller has received a full CMA from their listing agent and has more than likely scoured Zillow, Trulia, and public records to see what their home is worth.
Buyers, do yourself a favor and go over the comparables with your agent. As you’re deciding on what to offer always think about what you would do if you were the seller. Would you scoff at that low ball or would gladly accept that fair market offer?