Finding the best deals in Real Estate in Metro Detroit
I am a buyers agent for The Mark Z. Real Estate Team, here at Coldwell Banker Schweitzer in Northville. I specialize in working with home buyers.
The market here in Michigan is excellent if you are a home buyer! I work with many families who are looking for the best deal out there. The misconception many buyers have is that you are will always be able to negotiate and get a better deal on a bank owned property than you will with a private seller. This has not been true in my experience this year. I have helped over 30 home buyers this year and a majority of them tried negotiating with the banks at first and found that they ended up getting a better deal on a home owned by "real people."
The bank usually prices the home aggressively after their appraisal, and if it is a nice home it will get multiple offers on it almost immediately. It's like ebay, nobody is going to let someone else steal it for a ridiculous price if there is still a deal to be had.
Banks under price the home considerably knowing that buyers will out bid each other and usually end up over paying on the house because of their emotions. When that happens the home actually sells for more than asking price! Most people think the bank is desperate and you can offer 50 cents on the dollare and they will accept it. I have had buyers who have offered as much as $40,000 - $50,000 over asking price and they were not the strongest offer!
When you are working with a buyers agent to negotiate for you, and the home you like is offered by a homeowner, the likeliness of negotiations is much greater and a LOT quicker also! I know this as this is what I do every day and see it almost daily.
So, if you are looking to be able to negotiate as much as possible off the asking price, in most cases bank owned are not the way to go. Negotiations with a private seller can be very quick instead of waiting days even WEEKS for the bank to even respond to your initial offer!
I hope this was helpful for many home buyers. I am here to help!
Sandy
Date: Thursday, September, 25th 2008 @ 11:33:55 AM
Views: 48
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