We all wish we could buy a million-dollar home for pennies on the dollar, but the truth is, it doesn’t happen very often.
It may have happened at an auction when an investor paid cash for a foreclosed property. However, most homeowners will not consider offers that are so low that they are ridiculous. In today’s market, homes are often selling for more than the asking price. So, don’t risk losing your dream home by making an offer that is 30% below the asking price.
An appraisal will be performed on the property to determine the fair market value. If the appraisal comes in higher than your offer, great! You got a good deal.
On the other hand, if the appraisal comes in lower than your offer, you will have the opportunity to renegotiate with the seller or cancel the offer without losing your deposit in most cases. We can discuss the details in more detail. Contact us today for a free consultation!
Share this on social media:
We all wish we could buy a million-dollar home for pennies on the dollar, but the truth is, it doesn’t happen very often.
It may have happened at an auction when an investor paid cash for a foreclosed property. However, most homeowners will not consider offers that are so low that they are ridiculous. In today’s market, homes are often selling for more than the asking price. So, don’t risk losing your dream home by making an offer that is 30% below the asking price.
An appraisal will be performed on the property to determine the fair market value. If the appraisal comes in higher than your offer, great! You got a good deal.
On the other hand, if the appraisal comes in lower than your offer, you will have the opportunity to renegotiate with the seller or cancel the offer without losing your deposit in most cases. We can discuss the details in more detail. Contact us today for a free consultation!
