I am often asked the question, "Are the banks willing to negotiate on price?" So many things come in to play, here. Some of them are:
1. Condition of the house
2. Location of the house
3. Are there other offers on the house
4. The listing price of the house
5. The type of financing, ie: FHA, Conventional, Cash, and if they have to help with concessions
6. How long the house has been on the market
7. The area comparable sales
I recently did some research for a client who asked the same question. I was able to get the sold information for her on some of the houses she had inquired about in the past. Here is a picture of the house, the listing price and sold price are next to the picture:
28141584  Listed at $229,900 Sold at $320,000 29032230  Listed for $269,900 Sold for $240,000 cash 29077526  Listed $272,700 Sold $ 257,500 29074503  Listed $235,000 Sold $270,000 Well, you can see that there is no way to predict what a property will sell for by these results. The advice I always give clients is the same: based on the market, you bid the highest amount you feel you are willing to pay, and if you lose the bid by $500, feel alright that you lost it because someone else overpaid. |