What to offer in this market - 95% - 90% ?

[LarryLarry]

The 90% number was only a round, understandable number, not necessarily one I would use. I do think that a 95%-97% offer is generally reasonable when you are almost certain to get a counter offer. That leaves a little bit of room for negotiation.

What if the property is bank owned???

[lastminutemom]

Larry

I think that there are many factors that play into this decision. For example, if the property is just sitting empty and has been for a while, you are probably dealing with motivated sellers. Banked owned is probably the same.

You can always offer whatever you want, and if the seller refuses to negotiate and you are still interested, you can always come back with another offer.

[LarryLarry]

That's pretty much how I feel as well lastminutemom.

How about bidding on more than one house at a time with the intention of going for the best deal? I heard there are checkboxes on offer contracts where you can state that you are doing just that. New to 2007 I think?

[rcsteiner]

Originally Posted by brookdaleresident

Friends of mine just bought in Duluth and offered 90-95% and it was accepted. I think it depends on the seller's situation. There's a lot of vacant homes on the market, and I'm betting the sellers are pretty motivated, especially if they're carrying two mortgages.

Yeah, we took a 10% hit on our townhouse up in Minneapolis 18 months ago ago just to sell it. Paying two mortgages can be painful, even for a few months.

[LarryLarry]

So looking for bank owned properties is pretty easy. How can you determine if the owner of a property is paying 2 mortgages? Not so easy...

[lastminutemom]

Well, if it isn't bank owned or an estate sale (the owner died) and the house is empty, that is a pretty big clue that the owner owns two homes or at a minimum, is paying one mortgage payment and one rental payment.

[Radley]

Instead of what to offer, I would recommend focusing on what it is "worth." Pull the comps and get comfortable with them. From there, you can strategize an offer. Some areas in Atlanta have heavy inventory and some do not. I don't know much about Lawrenceville but in a nutshell, the desirable neighborhoods are doing very well right now.

[dncngrl1964]

Originally Posted by LarryLarry

What is the general thought right now on how much to offer on a single family resale home in the Lawrenceville/Duluth/Grayson general area. We are looking in the $275k-$350k range if that helps.

I know there are other factors related to individual houses and certain subdivisions, but I'm wondering how much of a buyer's market it really is...

go to other houses that are similar to the house you are looking at...
if the house you want is better than the others (upgrades, etc) then it is wise to offer asking price
if you have a realtor they should be able to help you with this

[dncngrl1964]

Originally Posted by LarryLarry

That's pretty much how I feel as well lastminutemom.

How about bidding on more than one house at a time with the intention of going for the best deal? I heard there are checkboxes on offer contracts where you can state that you are doing just that. New to 2007 I think?

this is something i would never recommend doing

[Yeorwned]

Originally Posted by Steven2149

I for one, would ignore an offer that was trying to buy a 300k home for 270k. That is very close to an insulting amount.

Good thing you're not trying to sell right now because you'd definitely have tough luck if you feel that is insulting...and to ignore and offer all together is just ignorant.