"What should I offer?" is a question that Realtors are often asked by their buyers. Unfortunately, there is no easy answer and a number of factors play into the decision of what to offer. It is a good idea when offering, for the buyer to ask his or her agent to research the recent sold properties in the same community as the property to be offered on. This will give an idea of what similar properties are selling for and the value of the property in question. The listing price can be higher or lower than the fair market value and the comparable solds will allow a buyer to see the market value. Once the buyer has an idea of the value it is up to him or her to determine how much he or she wants the property. Often I ask my buyers:
"If I were to call you tomorrow and tell you that your offer wasn't accepted and that the seller took someone else's, would you wish you had offered more?"
If the answer would be "no", then that's fine, you will have no regrets. If the answer would be "yes", then offer more today as generally you get one chance to make your highest and best offer.
Something to keep in mind is that as of July 2011 46% of bank owned homes in Kissimmee and Poinciana are selling above the listing price*. Up to as much as 130% of the list price!
*Percentage was calculated on bank owned homes sold in the last 30 days in Kissimmee and Poinciana with a listing price of between $60,000 and $120,000.
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