Tips, Talk & Tidbits from Platinum Properties of Pasco, LLC.

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Ok, so you finally found the house of your dreams and it's time to make an offer.  Buyers always want to know how low they should go.  Well, believe it or not, there is a simple answer to that question...it depends. 

It depends is a simple answer, but not really an answer at all.  Let me try to break it down in an "if & then" format:

• If the home is a short sale listing, and the list price is in line with area comparables, then the buyer should probably offer very close to the listing price. 
• If the home is a REO/Bank owned home, and the list price is lower than area comparables, then the buyer should probably offer more than the list price especially if there are other potential buyers submitting offers.
• If the home is just a regular resale, and the list price is somewhat in line with area comparables, then the buyer should offer lower than the asking price.  Tread carefully though, if the buyer offers a price that is too low (known as a low ball offer), then they run the risk of irritating the seller and having the offer completely refused with no counteroffer given in return. 

Making an offer is an art.  Every transaction is different.  Each seller has a different reason for selling and each buyer has a different reason for buying.   A good agent will try to process all the factors and give advice that will help the client get what they want.

Now get out there and make an offer!