My how things change!

    Just a few years ago, you could offer 10% – 15% below asking price, and pick up a nice home cheap. Those were the days my friends, we thought they’d never end. Today, people are approaching their home buying with the same mindset. It’s a different process today. I study the MLS daily, and see many properties that get multiple offers, and sell for more than asking price. Several times a week, I see sold properties that sell for above asking price. How can this be, you may ask. The foreclosure and short sale properties are drying up. The few that are available, are asking similar prices are the regular sale homes, and they are selling the same as regular home sales. I just had an offer on a short sale fall through because my buyer offered about 6% below asking price. After 2 months, the bank countered for a higher offer. My buyer increased his offer by $5000, which was only $4000 less than asking price. After another month, the bank countered again, with the same wording. They need more money for the home. My buyer said he as not going any higher and passed on this home.
    My suggestion is when you see a home that you want to make an offer on, make it a serious offer, or take a chance on loosing it. The buying process offers protections against your paying too much for the home, usually in the form of an appraisal. So, just do it right the first time.

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