Subject: Sometimes. It is important to work with a Realtor that..... Author: sarasotarealtor as Sarasota : member since March, 2004 : 1808 posts Posted on: 2008-04-04 14:20:14

can give you all of the information on the neighborhoood - how many similar homes are for sale, how many under contract, how many have closed in the last six months, and the days on market. If all of the comparable homes are asking the same price and none of them are selling, then they are overpriced.

I am often finding that currently for sale properties are priced below recently sold properties.

In order to get a lower purchase price, keep the offer as clean as possible - at least $10K in escrow, a reasonable downpayment, and a 30 day close. Cash with a 15 day close is the best while 100% financing, $500 in escrow, and 45 day close is not so good.

If financing the property, submit the offer with a pre-approval letter from a direct lender such as Chase, Countrywide, Washington Mutual, Bank of America, etc. Many sellers do not like to see a pre-approval from a mortgage broker they have never heard of.

If paying cash, submit proof of funds with the offer - letter from your bank or account statement from bank or brokerage with the account numbers blacked out showing a suffcient balance for the purchase.

Do not limit yourself to bank owned properties. Many private sellers have also priced their homes to sell and will look at lower offers.

Emotion is your enemy. Remember that you do not NEED a house. You already have one. Treat it as a business decision. Be prepared to walk away at any time with no remorse. There is a ton of inventory available right now.

Happy shopping.

(The information contained in this message is general in nature and may not apply to every situation in every state. Please consult a real estate professional or an attorney in your area for specific guidance.)

Sarasota, Florida

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            • Sometimes. It is important to work with a Realtor that..... - Sarasota 2008-04-04 14:20:14 (77 views)