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Buying in Lake Havasu City, AZ

If a property is not a foreclosure the buyer can make any offer they want within reason because the idea is that you want to get a dialog going with the seller and come to terms that you both can agree too.
The opposite is true when you are shopping foreclosures. Some banks do not negotiate at all. I do have a guideline and it is this: If the property is new on the market and a great deal it will sell within days and for equal to or more than the asking price in 99% of the cases. If a property is hot we can tell and we will tell you. If the property stays on the market for at least 3 weeks then it may not be a great deal and you can offer less and get it sometimes at your price.
Most banks do not lower the foreclosure price until about week 3.
The other point in which a foreclosure might get multiple offers or become a great deal is if one did not sell and the bank just lowered the price.
Note that if a foreclosure is new to the market or just reduced you won’t be the only one bidding if it is a great deal. Your best bet to buy is to get your offer in immediately.
Almost 100% of our buyers lose the first foreclosure property they try to buy because most of us have an issue with paying more than full price. We are all looking for a bargain and we fail to see the bargain in front of us.
This is the most missed point that we attempt to convey to our buyers.
Take a step back when you look at foreclosures. The bank wants to get the property off the books so they price under market value to do this in most cases. They are not pricing to entice you into making offers but to actually sell.
There are still those that got them for less but it is all about the house. We know the bargains and the bargains will not usually go cheaper than asking price. Day one the bank will hold out for full price in almost 100% of the cases. After a couple of weeks you have some power to bargain.
What is harder to see is that if you pay full price or in some cases more than full price it is still a great deal. Again the good ones go in the first few days on the market so timing is everything.
This could beg the question “Should I just wait until the price is reduced to buy it?” That depends if it is a bargain it won’t be there later. A bargain is a bargain, period.
If it is a good deal your Realtor can tell you and in that case we suggest you not wait.
I cannot stress enough it is not about you and your personal formula it is about the market and what the market is doing today and your Realtor is your best source for market data. Our code of ethics requires us to give you honest and fair representation.
See my site: http//www.YourLakeHavasuHome.com